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Maruti to roll out new M800 `Uniq`

New Delhi, July 25: Country's largest carmaker Maruti Suzuki is turning to a 'Uniq' way to give further impetus to its oldest brand M800, with plans of launching a limited edition of the car.

Christened 'M800 Uniq', the new car will come at an extra cost of Rs 5,200 extra over the regular model.

Currently, regular M800 AC model is priced at Rs 2,11,176 (ex-showroom Delhi).

Maruti Suzuki India has already started the dispatch of the car, which will come only in AC variants, to its nationwide sales network, started from yesterday.

"The idea is to make it an automatic choice of people, who love 'Uniq' things in life," the company wrote to its dealers.

It will be formally available in company showrooms from August 4.

The company has loaded the limited edition of Maruti 800 Uniq with a range of new features such as body graphics, all new beige upholstery, trendy door trims with fabric patch, smart lower console box, rear package tray, stylish dome decal to attract young consumers.

Recently, the company introduced LPG variant of Maruti 800.

Almost an iconic brand in India the M800, launched 25 years ago, has sold over 25,00,000 units till date. Besides, the company has exported over 183,000 units of this model.

The new launch is expected to boost sales of M800, which saw a decline of 13.72 per cent at 5,362 units as against 6,214 units in the same month last year. So far, in April to June period this year, the company has sold 16,649 units as against 17,994 units in the corresponding period a year-ago, down by 7.47 per cent.

Reliance, Tata among 22 firms in race for CTL project

New Delhi, July 25: Reliance Industries, Tata Group and Anil Ambani's Reliance Power are among the nearly two dozen firms that have bid for setting up projects to convert coal into oil.

"In all, 22 applicants have applied for allocation of coal blocks for coal-to-liquid (CTL) project. Some of them have submitted multiple applications through more than one firm," a senior official in the Coal Ministry told a news agency.

Among the private players that have expressed interest in the project, include Mukesh Ambani-led RIL, Anil Ambani's Reliance Power and Reliance Infrastructure, Tata Group, Essar Oil, JSPL, JSW Steel, GMR, Vedanta Aluminium, Sterlite Energy, Indiabulls, Welspun and Strategic Energy.

The public sector undertakings, which have submitted applications for the CTL, include SAIL, GAIL and Indian Oil.

In their applications, a couple of the companies have said their proposed CTL plants would have a capacity to produce 80,000 barrels of oil a day.

Sources said an inter-ministerial group would soon examine the proposals received for allocation of coal blocks for the CTL project.

The ministry of coal is offering three coal blocks in Orissa with cumulative reserves of about six billion tons for the project.

"Though there are three coal blocks on offer, only one would be actually allocated for the CTL project. Companies, however, can give their choices for the block," the Coal Ministry official added.

On its website, the ministry said a 1.5-billion tonne coal block should enable mining operations of 28-31 million tons of run-of-mine coal per annum for 30 years.

Since the expected investment for a 3.5 million tons oil and oil products project is expected to be around USD 6-8 billion, the ministry has fixed stringent eligibility criteria, one of which is that the applicant company should have minimum net worth of Rs 4,000 crore.

The ministry has also sought details of collaboration or tie-ups with technology providers from the bidders to be eligible for the CTL, saying the technology required for the project may not be indigenously available.

Jindal Steel Q1 net up 61%

Mumbai, July 25: Steel major Jindal Steel and Power today announced a net profit of Rs 402.30 crore for the quarter ended June 30, a 60.85 per cent growth over the corresponding period a year ago.

The firm had a net profit of Rs 250.11 crore in the first quarter of FY'08, Jindal Steel said in a filing to the Bombay Stock Exchange.

The total income rose to Rs 1,902.74 crore in the latest quarter, from Rs 1,232.73 crore in the same period last fiscal.

Shares of the company closed at Rs 1,955.50, down 1.01 per cent on the BSE.

RIL losses Rs 23,000 cr in market cap; shares dip 7%

Mumbai, July 25: Shares of Mukesh Ambani-led Reliance Industries on Friday plunged nearly seven percent, leading to a loss of over Rs 23,000 crore in its market capitalisation in a single day.

RIL, the most valued firm in the country in terms of market capitalisation, lost over Rs 23,000 crore on Friday in its valuation which fell to Rs 3,12,149.23 crore. Its market cap yesterday stood at about Rs 3,35,305.85 crore.

RIL closed the day at Rs 2,147. 35, down by 6.90 percent, after dipping to an intra-day low of Rs 2,132.25, on Bombay Stock Exchange.

As much as 20.47 lakh shares of the company changed hands at the bourse today.

Marketmen said RIL fell after it posted below than expected 13 percent rise in net profit at Rs 4,011 crore for the first quarter ended June 30. Revenue of the company grew 36 percent due to increase in prices and 2 percent growth in volumes.

Another Mukesh Ambani group firm Reliance Petroleum closed at Rs 159.65, down by over 4 percent, on BSE. Its market cap stood at Rs 71,842.50 crore.

Market capitalisation of Reliance Industrial Infrastructure stood at Rs 1,355.68 crore after scrip of the company settled down 2.24 percent at Rs 897 on the bourse.

Last week, RIIL had announced a net profit of Rs 5 crore for the first quarter this fiscal, a growth of 6.81 percent over the corresponsing period last year.

SBI Q1 net up at Rs 1,641 cr

Mumbai, July 26: Country’s largest lender State Bank of India on Saturday announced a consolidated net profit of Rs 1,640.92 crore for the quarter ended June 30, 2008, against Rs 1,426 crore in the corresponding period last fiscal.

The total income rose to Rs 23,747.43 crore in the latest quarter, from Rs 18,882.57 crore in the same period previous year, SBI said in a filing to the Bombay Stock Exchange.

The figures are not comparable with that of the year-ago period as the bank, with effect from March 31, 2008, has changed its accounting policies in respect of recognition of dividend on shares of corporate bodies and accounting of Mark-to-Market gains or losses in case of forex options, the filing added.

On a standalone basis, SBI reported a first quarter net profit of Rs 1,640.79 crore, against a net profit of Rs 1,425.81 crore in the same period previous fiscal.

The standalone total income rose to Rs 16,203.07 crore in the latest quarter, from Rs 12,229.09 crore a year-ago.

State Bank, which has more than 10,000 branches across India and overseas, has the lowest cost of funds among the nation's lenders. The bulk of its funds come from savings bank deposits that cost about 3.5 percent in annual interest payments.

Shares of SBI closed at Rs 1,448.75, down two percent on the BSE on Friday.

ICICI Q1 net dips over 6 pc at Rs 728 cr

Mumbai, July 26: Country's largest private sector lender ICICI Bank on Saturday announced an over six percent decline in net profit in the April-June quarter at Rs 728.01 crore against Rs 775.08 crore in the year-ago period

"Sharp increase in interest rate and adverse market conditions during the quarter had a negative impact of Rs 594 crore on the bank's trading portfolio and Statutory Liquidity Ratio (SLR) and its treasury income in Q1 FY'09," the bank said in a filing with the BSE.

The total income rose to Rs 9,429.98 crore in the latest quarter, from Rs 9,281.42 crore in the year-ago period.

The bank's net interest income increased 41 percent to Rs 2,090 crore in the latest quarter, from Rs 1,479 crore in the same period previous fiscal.

During the quarter ended June 30, the bank, including its subsidiaries, had a total assets worth Rs 4,84,643 crore.

Shares of ICICI Bank closed at Rs 656.85, down 9.62 percent on the BSE on Friday.

Zee News net up 48 % at Rs 9.5 cr

Mumbai, July 24: Subhas Chandra-led Zee News on Thursday announced a standalone net profit of Rs 9.50 crore for the first quarter ended June 30, a 48.44 per cent growth over the corresponding period a year ago.

The firm had a net profit of Rs 6.4 crore in the first quarter of FY'08, Zee News said in a filing to the Bombay Stock Exchange.

The revenue rose 47 per cent to Rs 109.60 crore in the latest quarter, from Rs 74.45 crore in the year-ago period.

"Going forward with our regional expansion, we will be launching Zee Tamil and Zee Telegu News by the second quarter of FY'09. With the launch of these two channels, Zee News Ltd will further strengthen its position in the news and regional entertainment genres," Zee News Chairman Subhash Chandra said.

The subscription revenue stood at Rs 21.20 crore in the June quarter, a growth of 55 per cent as compared to the corresponding period last fiscal.

The channel's advertisement revenue increased 55 per cent to Rs 85.80 crore for the quarter ended June 30.

"We continued to deliver strong results and recorded a 47 per cent growth in EBIDTA of Rs 17.50 crore, against Rs 11.90 crore in the corresponding period last year," Chandra said.

"The re-launch of Zee News has started showing positive results. To further drive the performance of our Hindi channel, we are planning a re-launch of Zee Business in the coming months," Zee News CEO Barun Das said.

Shares of Zee News closed at Rs 48.05, up 1.16 per cent on the BSE.

PNB to exit from PNB Gilts

New Delhi, July 26: Public sector lender Punjab National Bank will exit from its primary dealership subsidiary PNB Gilts Ltd by selling its entire 74 percent stake. The bank will invite bids from those interested in buying the stake, PNB sources said.

"In the next two days we will invite bids through a public notice. We at present hold 74 percent, we are going to divest the entire stake," sources said.

Earlier, media reports have said the state-run bank would sell only 26 percent stake in PNB Gilts. The sources also said the bank has appointed Enam Securities as the merchant banker for the sale process.

In a filing on the Bombay Stock Exchange, PNB said the bank has initiated the process of selling its stake in PNB Gilts Ltd.

The same information was also filed by PNB Gilts on the exchange.

PNB Gilts, a subsidiary of PNB, is a primary market dealer. It derives its revenue from brokerage arising out of dealing in government securities and interest income besides from trading profit in the same.

The sources said PNB can undertake these activities through the bank itself. As such, there is no relevance in having a subsidiary for the purpose.

PNB Gilts shares were down 1.54 percent at Rs 19.15 on BSE on Friday.

Idea Q1 net dips 17%

Mumbai, July 24: Aditya Birla group firm Idea Cellular on Thursday posted a 17.26 per cent decline in the net profit for the first quarter ended June 30 at Rs 263.10 crore, due to the expiry of concessions in the licence fee in seven circles.

The firm had a net profit of Rs 308.50 crore in Q1 of FY 2008.

The company, which just announced its decision to merge with regional operator Spice Communications, said its EBIDTA, profit before tax and PAT were negatively impacted by Rs 29 crore due to the expiry of the period of 2 per cent concession in license fee for seven areas, Idea Cellular said in filing to the Bombay Stock Exchange.

During the quarter, the company also witnessed a forex loss of Rs 15.20 crore, against a gain of Rs 32.90 crore in the corresponding period a year-ago.

The total revenue rose to Rs 2,178.10 crore in the latest quarter, from Rs 1,477.50 crore in the same period a year-ago.

Idea ended the quarter with a subscriber base of 27.19 million in its operations in 11 circles and a market share of 9.6 per cent.

Shares of Idea Cellular closed at Rs 87.65, down 3.84 per cent on the BSE.

SBI, HSBC, ICICI Pru may manage PF

New Delhi, July 26: Leading private financial players HSBC and ICICI Prudential along with country's largest bank State Bank of India (SBI) have been shortlisted to manage about Rs 25,000 crore in Provident Fund of about four crore employees annually.

"Three asset management companies, including HSBC, ICICI Prudential and SBI have qualified in the financial bid round," a member of the finance and investment committee (FIC) of Employees Provident Fund Organisation (EPFO) said.

Earlier, 10 companies, including Reliance, Birla Sun Life, HDFC, had qualified in the technical round, and later seven companies submitted financial bids.

He said HSBC and ICICI Prudential have been selected as they quoted the lowest fee of one basis point, or 0.01%, of the fund to be managed. Though, the fee quoted by SBI and Reliance were almost same, but SBI qualified the financial bid round as it had scored more points on technical grounds.