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Indian-Commodity  :  Top News  :  Hero MotoCorp, Coal India and Jet Airways may witness some action today

Hero MotoCorp, Coal India and Jet Airways may witness some action today (05-Feb-2013)

Hero MotoCorp, the world's largest two-wheeler manufacturer is planning to launch its products in 8-10 new markets in Latin America and Africa by March. The company has already started initial operations in some Latin American nations like Honduras, Guatemala and El Salvador and is getting ready to start its business in four to five African markets. Further the company has started dispatching its two-wheelers to three countries in Latin America. The first consignment to these markets was dispatched just a few weeks back. Meanwhile, the company has also finalized distributors and channel partners in some markets in Africa. The company plans to set up assembly units in some of these markets once the volumes pick up. The Latin American market is dominated by Japanese makers such as Honda, Yamaha, Suzuki and Kawasaki. While there are also some Asian firms present from China and Taiwan.

Coal India (CIL) has signed fuel supply pacts with three power firms - Maithon Power, Rosa Power Supply and Adhunik Power and Natural Resource - and agreements are yet to be made in case of eight others. So far, the coal miner had entered into agreements with 54 power generation firms - excluding these three. O f the 11 power generation firms, FSAs have been officially executed with 3 of the firms - Maithan Power; Rosa Power Supply Company and Adhunik Power and Natural Resource. While 8 firms have already achieved their respective qualifying milestones, FSAs are yet to be inked with them. However, Memorandum of Understanding has been entered into with 2 of those 8 firms awaiting formal signing of the FSAs. They are NCCP, Dadri Stage-II 2nd Unit (NTPC) and Damodar Valley Corporation Mejia TPS Unit 7.

India's second-biggest carrier Jet Airways, which announced a profit of Rs 85 crore ahead of striking an equity alliance with Gulf carrier Etihad, plans to increase capacity by 10-12% by next year. Jet will add around six narrow-bodied aircraft in addition to 12 B-777 planes by the end of the next third or fourth quarter. A reduction in staff and debt costs, among others, has enabled the company to reduce its expenditure by almost 9% this quarter against the previous one, in spite of high fuel cost and a weak rupee. Meanwhile, Jet Airways' debt has come down from Rs 13,855 crore in March 2012 to Rs 11,510 crore in February 2013, again helping the airline to reduce expenditure.

Ahmedabad-based Asian Granito India plans to double its turnover to Rs 1,500 crore in the next four years through new products and aggressive retail expansion. The company also plans to increase its export turnover to Rs 100 crore from existing Rs 20 crore.  The company currently owns 40 showrooms in India and it will add 60 more showrooms in the current calendar year. The company will use its own manufacturing facilities to produce high-value products and will rely on outsourcing for regular tiles products. It has created new brand identity 'AGL' to achieve fast growth in India and abroad. The company has also launched a new series of tiles with extremely hard surface with scratch-shield technology.

Ruchi Soya Industries aims to expand the Nutrela brand five-fold to Rs 5,000 crore in the next five years. Nutrela was a small brand compared to the Ruchi brand which accounted for sale of Rs 7,000-8,000 crore and the company wants to make Nutrela a Rs 5,000 crore brand in the next five years from Rs 1,000-1,200 crore now. The existing business of Nutrela would grow by around 20 percent year on year and the company is planning to introduce more products to achieve the above desired target. In 2008, the company had made an attempt to foray into beverage from soya but failed to get the desired response.

Drinks giant Diageo has readied plans to take charge at United Spirits (USL), where it is buying a more than $2-billion stake in multiple stages. The London-listed maker of Johnnie Walker and Smirnoff is setting up a project team to link up USL with its global practices, kicking off an eagerly watched transition process with ramifications for the Indian alcoholic beverage sector. Diageo intends to acquire up to 53.4% stake in the Indian liquor heavyweight and is awaiting nod from Competition Commission of India (CCI) and the Securities Exchange Board of India (Sebi). This is the first clear signal from the acquirer about impending changes at India's largest liquor company, with more than 50% share of domestic branded spirits sales, and also a big contributor to federal exchequers in taxes.

In a setback to Bombay Dyeing & Manufacturing Company, the Maharashtra government has informed the Bombay High Court that the textiles major had obtained approval for using a mill land in central Mumbai for commercial development illegally and unlawfully with the connivance of a government officer not vested with the authority. According to government's affidavit, the approval granted to Bombay Dyeing for modifying its proposal to utilize 33,545 sq m of its 41,895 sq m mill land in Dadar-Naigaon for commercial development by a section officer working in the state's department of Co-operation, Marketing and Textiles was without any authority. The affidavit was filed in December last year in response to a petition by Bombay Dyeing challenging the stop work notice issued by the Brihanmumbai Municipal Corporation (BMC) in June 2012 following a letter to them by the state government stating that no official approval was granted to the company to modify its proposal.

Nestle India has entered into an agreement for acquiring 26% minority stake in Indocon Agro and Allied Activities, engaged in milk collection business in Western India. The acquisition is subject to the parties fulfilling their respective obligations. This business investment will contribute to Creating Shared Value with farmers engaged in milk. Nestle has its presence in India for around nine decades, making it one of the oldest company in India. Nestle has created brands like Nestle Milkmaid, Nestle Everyday, Maggi Noodles, Maggi Soups, Polo, Kit Kat, Nescafe and many more.

Gateway Distriparks' subsidiary, Gateway Distriparks (South) has acquired 100% of the paid up equity share capital of Chandra CFS and Terminal Operators for a net cash consideration of Rs 26.50 crore. Chandra CFS has been operating a Container Freight Station (CFS) at Nallur Village, Chennai for about 5 years - constructed on a 10.5-acre free-hold land with warehouses and container handling equipments. Gateway Distriparks is engaged in the business of warehousing, container freight stations, providing handling and clearance of sea borne export-import trade in containerized form. The company operates CFS located at Dronagiri, Navi Mumbai, New Manali, Chennai, Vishakapatnam and Inland Container Depot at Garhi Harsaru (near Delhi) and Haryana.

 


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