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News Presentation
NEWS "EAD#INES 1) The government to allow Insurance Company to get l sted over !"#$I)% "ecur t es #&change $oard o' Ind a. 2) $()*TI+,T- deal o' .2/0n s ready to 0e s gned. /) Tatas to launch 1reelander "23 on "eptem0er 22. 4) ( ndalco plans 2 ra se 4000n.. 4)5ell agrees to a6u re Perot "ystem 'or *s. ./.9 0n. 7) CI8% Coal Ind a 8td. and -TPC% -at onal Thermal Power Corporat on to s gn 9o nt 3enture deal 0y the end o' th s month.
-ews 1st :
The $overn%ent to allo& Ins'ran(e )o%*any to $et listed over +SEBI,- Se('rities E.(han$e Board o/ India.
Ind an nsurance compan es play a ;ey role n Ind a<s ' nanc al sector. = th Ind a<s populat on 0ecom ng more a''luent and glo0al >ed% nsurance s grow ng rap dly. Th s ncreas ng mar;et s creat ng cons dera0le compet t on among Ind an nsurance compan es n an ndustry that 20 years ago was relat vely small. To date% Ind a<s Insurance *egulatory and 5evelopment )uthor ty !I*5))% has granted reg strat on to 12 pr vate l 'e nsurance compan es and n ne general nsurance compan es. Count ng the e& st ng pu0l c sector nsurance compan es% there are currently 1/ Ind an nsurance compan es n the l 'e s de and 1/ Ind an nsurance compan es operat ng n general nsurance. ?eneral Insurance Corporat on has 0een approved as the Ind an re nsure 'or underwr t ng only re nsurance 0us ness.
Part culars o' the Ind an nsurance compan es nclud ng 0oth l 'e nsurance compan es and general nsurance compan es.
-ews 2nd+
Duest ons were ra sed earl er th s month a0out the deal a'ter the "outh )'r can government !wh ch nd rectly holds over 21 per cent n ,T-) sa d t was unw ll ng to sacr ' ce the telecom companys @"outh )'r can characterA and ra sed the ssue o' dual l st ng as a comprom se ahead o' a merger. "en or o'' c als 'rom the "outh )'r can government are v s t ng Ind a th s wee; to meet o'' cers n the ' nance m n stry% *eserve $an; o' Ind a and the "ecur t es E #&changes $oard o' Ind a !"#$I) to d scuss th s ssue.
The team w ll 0e meet ng+ 1) F'' c als 'rom "#$IG 2) F'' c als 'rom *$IG /) , n stry o' ' nance.
-ews /rd+
The "23 w ll attract an mport duty o' more than 100 per cent% as t w ll 0e sold n Ind a as a completely 0u lt un t. The 1reelander s sold at a0out *s 1C la;h !I21%294) n the 2H. Tata ,otors sells three models o' the 8and *over 0rand n Ind a J *ange *over% *ange *over "port and 5 scovery /. The 5 scovery / s currently the cheapest o' the three models% sold at *s 7/ la;h% wh le the other two cost up to *s K4 la;h !all pr ces e&+showroom ,um0a ).
The company has also drawn up an annual cost reduct on plan o' a0out .140 m ll on at -ovel s. $ rla d d not spec 'y 'or how many years th s cost+cutt ng s e&pected to cont nue. ( ndalco s e&pected to ma;e a cap tal e&pend ture o' *s 4%72/ crore n the current ' nanc al year and w ll spend *s 10%44K crore n the ne&t ' nanc al year as ts green' eld proBects come onstream. The company has set a product on target o' /40%000 tones o' copper 'or the current ' nanc al year on the 0ac; o' demand 'rom the 'ast+grow ng power ndustry. The company s also loo; ng at ncreas ng ts e&port to /4 per cent o' ts revenue th s year. It also e&pects ts overall revenue to grow 0y 10 per cent. Its revenue 'or the last ' nanc al year stood at o' *s 74%414 crore% wh le net pro' t was reported at *s 4K4 crore J down 'rom *s 2%19/ crore n the prev ous year. ( ndalco s l ;ely to ra se .400 m ll on n a DIP or 0y other routes th s ' nanc al year to ' nance ts e&pans on plans. The companys 0oard approved ra s ng o' add t onal ' nance 0y ssue o' secur t es n domest c or nternat onal mar;ets.
$ rla sa d ( ndalco has 'ormulated a team 'or ' nanc al restructur ng to deal w th var ous costs assoc ated w th ts organ c and norgan c growth plans. The recent econom c downturn% part cularly n the commod t es space% s e&pected to result n the mpa rment or d m nut on n value o' certa n assets and nvestments% he sa d. )ccord ngly% *s K%74C crore has 0een trans'erred to a 0us ness reconstruct on reserve% o' wh ch *s 7C crore has 0een ut l sed n a standalone account and *s 4%717 crore n a consol dated account% he sa d. $ rla also sa d the company has 0een a0le to leverage the 0ene' t o' 0rown' eld e&pans on and earl er norgan c ac6u s t ons to t de over the macro+econom c challenges n 200K+09.
-ews 4th :
computer systems% nclud ng standards+0ased networ; servers% and n the 'ast+grow ng segment o' data+storage hardware.
-ews 6th -
)I#- )oal India #td. and NTP)- National Ther%al Po&er )or*oration to si$n :oint 5ent're deal by the end o/ this %onth.
-TPC 8td may enter nto a 40L40 Bo nt venture w th Coal Ind a 8td 'or sett ng up a 4%000+,w power generat on plant n Fr ssa. The plans 'or the proposed plant have gathered momentum w th the appl cat on 'or land clearance 0e ng ' led. The 93 w ll 0e made 'unct onal n the 'orm o' a spec al purpose veh cle that leverages the two ' rms core competenc es. @=e have appl ed 'or land clearances 'or the proposed s te n Fr ssa. )s o' now% th s s the only plant that we are wor; ng on w th Coal Ind a%A a sen or -TPC o'' c al told $us ness "tandard.
The coal p t+head proBect w ll nvolve an nvestment o' around *s 17%000 crore% w th C0 per cent o' t 0e ng 'unded through de0t and the rema n ng through e6u ty. $oth compan es w ll put n *s 2%400 crore as the r e6u ty contr 0ut on 'or the project. @)s Coal Ind a has an e&haust ve supply o' coal% t ma;es sense to Bo n hands w th them 'or a read ly ava la0le coal supply. Th s w ll lead to 'uel secur ty n terms o' coal 6uant ty as well as the pr ce%A the o'' c al added. -TPC 8td 0uys 100 m ll on tones o' coal 'rom CI8.