New Product Launch ( Oct 27 , 2006 )
October 27, 2006
Hero Honda Launches 2 New Variants, The New Glamour And Passion Plus Ltd Edition (October 25, 2006 )
Delhi, Oct25: Hero Honda Motors Ltd has announced the launch of two new variants - the new Glamour and Passion Plus Limited Edition. The Company has recently undertaken a slew of initiatives in various fronts to consolidate its market share, with new product launches, augmenting capacity and innovative consumer campaigns. The Prime Minister Dr. Manmohan Singh last week laid the foundation stone of the Company’s new manufacturing plant in Haridwar, Uttaranchal. The plant will be operational by the middle of 2007 with an initial capacity of 500,000 units. This will further augment the existing installed capacity of the Company.
Passion Plus is a very important model for the Company with significant sales contribution, next only to Splendor. The new Passion Plus Limited Edition restates its position as the original style bike, and the initiative has been backed by strong communication through a new TVC. Hero Honda Glamour is being refreshed with stylish 5-spoke alloy wheels. Both these new models will further enhance sales growth for the Company in the deluxe segment where it enjoys clear leadership position.
Intex Intros 19-inch TFT LCD (Oct 27, 2006 )
Intex Technologies India has unveiled its 19-inch TFT LCD monitor, the 1901, described as an avant garde, suave, and elegant piece of work. The new monitor is intended to attract desktop users wanting a more quality digital/entertainment experience.
Commenting on the launch, Sanjay Kumar, PC product manager, Intex Technologies, said, “We are targeting SOHO, SMEs, and Corporates aggressively, especially in tier II cities. Keeping in sync with contemporary technology trends, Intex 1901 is a step ahead to keep our loyal customers contented with both value and quality.”
With its TFT LCD variants in 15-inch and 17-inch sizes already available in the market, Intex now plans to add 14-inch, 15-inch, and 17-inch models to its product portfolio.
The 1901 is available for a MOP of Rs 13,900. It comes along with a three-year warranty.
Gas policy likely to propose setting up of advisory body
The soon-to-be-announced policy for natural gas pipelines and city or local natural gas distribution networks is likely to suggest setting up of a National Gas Advisory Body (NGAB), which would advise the Central Government on the issue.
Business Line.27 0ctober 2006
Telecom FDI
The Government on Thursday said the national security will not be compromised while enhancing FDI in the sector from 49 per cent to 74 per cent.
The Union Communications and IT Minister, Mr Dayanidhi Maran, said, “National security is supreme. There cannot be any compromise on that. However, we should not over-react in the name of national security. We should follow what is happening in the world.”
Business Line 27 October 2006
India moves up in Press Freedom Index
India moved up one place and place and neighboring Pakistan moved one place down to seven places among 168 nations in the Press Freedom Index compiled by Global Media Watchdog.
Business Standard.27 Oct 2006
Change in the Cabinet Ministry
Prime minister has made a change in his ministry Mr. Pranab Mukharjee is re-designed as the minister of external Foreign Affairs. A. K. Antony is allotted as the Defence Minister and Oscer Farnendez is announced a the Labour Minister.
Economic Times 25 Oct.
NEW INVENTIONS/ HOT PROPERTIES
October 27, 2006
Mergers and Acquisitions (Oct 20 - Oct 27)
October 27, 2006
News Corp. eyeing Digg.com
October 26, 2006: News aggregation site Digg.com and News Corp. have been in engaged in acquisition negotiations but have yet to reach any agreements, according to TechCrunch.
By acquiring Digg, News Corp. would add another Internet hot-spot to its portfolio, which already includes MySpace. If the acquisition doesn’t occur, Digg is poised to persue a secound round of financing. The sticking point, Techcrunch says, is how much Digg is actually worth: The startup is asking for no less than $150 million, which doesn’t equal the company’s ad revenue
China Investment Vehicle Buys Kazakh Oil Assets
Oct 26,2006-9:43 am : China’s CITIC Group, a diversified investment vehicle with few oil interests, has agreed to buy the Kazakh oil assets of Nations Energy of Canada for $1.9 billion, the companies said on Thursday.
Staples Founder Buys Stake in Chicago Arcade Retailer
Oct 26,2006-9:09 am : A Boston venture capitalist who founded Staples and built it into a $14 billion office-supplies superstore chain is giving his financial seal of approval to a small Chicago-area retailer. Tom Stemberg, venture partner at Highland Capital, has bought a majority stake in Rec Room Furniture & Games, installed a new chief executive and taken two seats on its board of directors in hopes of creating another national merchant. Rec Room’s products include jukeboxes, bars and bar stools, arcade games and 35 different pool tables.
Allis-Chalmers to Buy Rental Services Concern for $345 Million
Oct. 26, 2006-8:14 am : Allis-Chalmers Energy, an oilfield services company, said on Thursday it had agreed to buy substantially all the assets of an equipment-rental company, Oil & Gas Rental Services, in a cash and stock deal valued at about $345 million.
Company News ( Oct 27th,2006)
October 27, 2006
ICICI Bank, SIXT India in financing tie-up
(26 October 2006 New Delhi) Leading Indian private sector bank ICICI Bank, and Delhi-based Sona Group company, Sixt India, today announced the ICICI Bank-Sixt Lease programme. Under the alliance, ICICI Bank will purchase the cars and Sixt would manage the rental operations with its corporate customers. The ICICI Bank-Sixt financial alliance will provide a complete vehicle leasing and fleet management solution, which includes residual value-based leasing, maintenance, repair, insurance management, accident management, fuel management, upgrade options and easy walkout options in case of employee severance for corporate clients. Commenting on the occasion, Sachin Khandelwal, head, vehicle finance, ICICI Bank said, “The Bank’s alliance with Sixt India will comprehensively address the growing requirements of corporates for leasing and fleet management of their vehicles. The leasing market is growing rapidly and provides a good business opportunity to both the partners.” Sunjay J Kapur, Vice Chairman & Managing Director Sixt India, said, “The corporate vehicle leasing market in India is pegged at Rs1,500 crore and is expected to grow at the rate of 30-40 percent ,Sixt AG has a presence in 85 countries.
Microsoft quarterly earnings up 11 pc
(Seattle, Oct. 27 (AP): Microsoft Corp’s fiscal first-quarter earnings rose by 11 per cent, exceeding Wall Street estimates, as the company said it benefited from stronger sales of server software and some cost savings. For the three months ended September 30, Microsoft said it earned $3.48 billion, or 35 cents per share. That compares with earnings of $3.14 billion, or 29 cents per share, in the same period a year earlier. The year-earlier results included a one-time legal charge of 2 cents per share. The Redmond-based company said revenue for its fiscal first quarter was $10.81 billion, an 11 per cent increase over $9.74 billion in the same period a year earlier.
Global Political Review (23rd oct-27th oct)
October 27, 2006
27th October
Global rights panel soon, says Colombo
COLOMBO: Sri Lanka on Thursday said an international independent panel of eminent persons would soon investigate allegations of human rights violations. The U.N.’s Special Rapporteur on extrajudicial, summary or arbitrary executions recently called for a “full-fledged international human rights monitoring mission.”
26th October
Pakistan presses U.S. for civil nuclear energy pact
ISLAMABAD: Pakistan has sent a top official to the U.S. to explain its nuclear programme in the wake of the North Korean nuclear tests and the resulting spotlight on the A.Q. Khan proliferation network, and to present Islamabad’s case for a civil nuclear energy pact with Washington, along the lines of the Indo-U.S. agreement.
25th oct
Anti-terror mechanism to be key item on agenda
ISLAMABAD: Discussions on a framework for the proposed anti-terrorism joint institutional mechanism will be a key item on the agenda at the coming talks between the Foreign Secretaries of India and Pakistan. Foreign Minister Khurshid Mahmud Kasuri told Dawn that Pakistan would propose that the “Additional Foreign Secretaries” head it, and that it “include two relevant people from each side.”
24th oct
Consortium bags Daewoo Electronics
SEOUL: Videocon on Monday said a consortium led by it had reached an agreement to acquire South Korea’s debt-burdened Daewoo Electronics for $700 million (Rs. 3,150 crore). The agreement was signed on October 20 by a consortium led by Videocon and creditors of the troubled South Korean firm, which was earlier part of the Daewoo group that wound up in 1999 after running up a debt of about $80 billion.
23rd oct
Choking terrorist funds needs global effort
NEW DELHI: With terrorism becoming a global problem, the international community faces a tough challenge to go after money that is used to finance terrorist cells across the world, said Professor Jimmy Gurule, a former United States Government official. Professor Gurule played a key role in evolving the anti-terrorism strategy of the U.S. in the post 9/11 scenario.
Financial News
October 27, 2006
Emergency LPG import ordered
After a fire at the Reliance Industries Ltd refinery, the government has decided to order emergency imports of LPG in order to avoid shortfall in cooking gas supplies. Speaking exclusively to CNBC-TV18 Petroleum Secretary M S Srinivasan said: “For the next few days the LPG availability maybe difficult but we have already initiated alternate arrangements, the expected shortfall in LPG is tune of 100,000 ton, which will be made up by us through imports.”Earlier in the day, the fire broke out at Reliance Industries Ltd’s Jamnagar refinery in
Gujarat. The refinery has been shut after the fire and is expected to be closed for at least 10 days, an official at the petroleum ministry said.
CEO Nooyi to diversify PepsiCo
PepsiCo Inc’s new chief executive, Indra Nooyi, said on Tuesday that the snack Food and Beverage Company’s diverse portfolio would enable it to extend its growth and that she did not see a need for any drastic shift in strategy.She told the audience not to expect drastic changes in strategy as she had been closely involved in formulating the plans over the past five years. PepsiCo includes the Frito-Lay snacks business and Pepsi beverages, the second biggest
US soft drink maker after the Coca-Cola Co.She said over time the company would adjust as circumstances demanded it. The strength of PepsiCo’s portfolio, she said, is built on developing more products for increasingly health-conscious consumers, and introducing more non-cola beverages.The company has diversified beyond its flagship cola products, which have been declining slightly, toward non-carbonated beverages such as Gatorade, Lipton ready-to-drink teas, Aquafina bottled water and its recently acquired Izze sparkling juice drinks.
Videocon to takeover S Korea’s Daewoo
A consortium led by India’s Videocon Industries Ltd has signed an initial contract to buy South Korean consumer electrical goods maker Daewoo Electronics Corp for about $700 million, Daewoo Electronics spokesman Kwon Dae-hoon said. The announcement confirmed a statement made to Dow Jones Newswires by an official at Woori Bank, Daewoo’s creditor bank, that the two sides signed an initial agreement last week and that a formal one would be signed in December after due diligence is conducted.Videocon, along with consortium partner RHJ International SA, a Belgium-based holding company ofUS equity fund Ripplewood Holdings LLC, emerged as the preferred buyer for Daewoo Electronics in September.Creditors, including Woori Bank and Korea Asset Management Corp., who collectively own 97.6 per cent of Daewoo, have been seeking to sell the controlling stake since November of 2005
Tea exports surge as Egypt cuts duty
India’s tea exports to Egypt have surged after the later slashed import duties recently, according to Tea Board Chairman Basudeb Banerjee. India exported one million kg of tea to Egypt in the first six months of 2006 as against 70,000 kg last year, Banerjee said.For the current year till December, the Tea Board is targeting around 3 million kg of exports to
Egypt. The exports to Egypt are expected to increase to 10 million kg in a couple of years, the Tea Board Chairman said.Egypt’s recent duty cut to five per cent for imports from countries outside Africa after lobbying by countries like India largely leveled the competition with major producer
Kenya.
Hello to bright future after Tata bid
Anglo-Dutch company Corus faces a “much brighter future” after the agreed £4.1 billion takeover bid from Tata Steel, a report said on Sunday even as Brazilian steel group CSN appointed top-flight investment bank Lazards to advise on its options for challenging the bid.Also circling is Thyssen Krupp, the German steel giant, which has a market value of £9.4 billion.Severstal, the Russian steel group tipped last week as a predator, is thought to be less likely to intervene because it is busy with its flotation in
London.According to a report in The Sunday Times, Tata is almost certain to withdraw if a bidding war develops. The Indian company is offering 455 pence (nearly Rs 161) a share for Corus. Once Corus’s debt is included, the deal is worth £5.1 billion. Any rival bid will face a tough obstacle in the shape of Corus’s pension trustees.
Commodities
October 20, 2006
OILSEEDS OUTPUT TO GO ON A DOWNWARD SPIRAL
With a massive one million hectare shrinkage in the total acreage under oilseeds cultivation during the Kharif season, both the edible oil industry and the union agriculture ministry believe that oil seeds output will fall compared to last years
VANILLA RUSTLES UP A NEW COCKTAIL
After ice creams Vanilla is planning to promote cocktail of vanilla ice cream vanilla syrup and a white run to encourage the use of naturall vanilla . Promoting the cocktail will not only encourage the use of natural vanilla but will also help to cut down hard driking.
KERC ANNOUNCES POWER TARRIF TO RURAL AREAS
Extending power tariff to consumers to rural areas Karnataka Electricity Commission has announced that power tariff for consumers in Bangalore remain unchanged. In view of the mixed reactions from consumers Kerc has decided to delay the introduction of company wise tarrifs till next year
HOT PROPERTIES/NEW INVENTIONS(13-20 OCT))
October 20, 2006
Monsanto files patent for new invention:
Geneva, Switzerland — it is official. Monsanto Corporation is out to own the world’s food supply, the dangers of genetic engineering and reduced biodiversity notwithstanding, as they pig-headedly set about hog-tying farmers with their monopoly plans. We’ve discovered chilling new evidence of this in recent patents that seek to establish ownership rights over pigs and their offspring.
HCC PLANS FORAY INTO REAL ESTATE:
(THE ECONOMIC TIMES:20.10.06)
construction major hindustan construction company(HCC) has decided to foray into the burgeoning indian real estate market by floating-HCC real estate-a 100% subsidiary of the group.The company has also decided to transfer the development rights of its land at Vikhroli in mumbai and investments in lavasa corporation’s 10,000 acres hill station project to HCC real estate.
MERGERS AND ACQUISITIONS;NEW PRODUCT LAUNCHES
October 20, 2006
Mergers and Acquisition; and New product launches.
October 20, 2006
New product launches
Augmented reality games in India
Mauj telecom a wireless solutions provider is about to launch a series of 10 augmented reality games in
India the next two weeks. These type of games attempt to immerse the real world and environment into the game. This series of games is based on the mobile camera where instead of using joystick and screen player uses the camera.
Mobile phone cameras capture images and process them to make use of the properties in the games. The company has invested Rs 18 lakh to Rs 20 lakh on these games to be launched in 20 countries.In this user can pick up any colour for his real world environment. The company is specially focusing on U.K.Company has developed mobile content and applications for the
Wimbledon and mess world contest. The company has also tied up with Lakme fashion week and will take the event to global users.Mauj telecom was founded in the year 2003 and has many partnerships with more than 50 operators and portals. It also has marketing rights for about 800 international games.
Club Mahindra launches Fundays
Chennai based club Mahindra has launched a new holiday product Club Mahindra fundays.Companies that join as members can access to 15 resorts of Club Mahindra in places such as Goa,Manali,Coorg,Bangkok and 3700 resorts world wide. The key feature of Club Mahindra include easy point based monitoring and administration, single window access to fulfill all travel needs of an employee and flexibility of seasons. The company is targeting senior officials to add to its customer base.It will be launched in Mumbai,
Calcutta,
Delhi, Chennai
Intelligroup launches new tool Mergers and Acquisition
Intelligroup, a business technology and outsourcing service provider ahs launched its enhanced uptimizer tool in the Indian market. The tool makes SAP upgrades much faster and easier for enterprises according to a company statement.Uptimizer is compatible with the latest versions of the SAP software including my SAP ERP 2005.
Taj about to tie up with Naveen hotels
The 1127 crore Indian hotels company limited which operates under the Taj brand is likely to enter into a long term lease agreement with Bangalore based Naveen hotels to come up with a fifth property in and around the city.
Taj has already acquired a land near Whitefield for setting a luxury hotel. The group is also planning to set up a resort on
Bellary road in
Northern Bangalore with the help of Prestige group.
PERSONALITY QUOTES
October 20, 2006
A business has to be involving,it has to be fun, and it has to exercise creative instincts.
………..Richard Branson
Twenty years and $40 million.They seem like round numbers.
…………Michael Dell
My success ,part of it certaintly ,is that I have focused in on a few things.
………….Bill Gates
Our business is all about technology ,yes.But it’s also about customer relationships.
…….Micheal Dell
Little Workers of the World
While it may be an offence to hire a child under 14 ,there is no law,to the best of my understanding ,that a boy under 14 caanot earn a livelihood .Let us discourage the spirit of enterprise.
……. H.Y.Sharada Prasad
We have Put
Pakistan on notice
The India Pakistan ani-terrorism institutional mechanism will be a test of Pakistani intentions and capabilities to implement the assurances they have given us since January 2004.
……Dr.Manmohan Singh
Will
Israel Bomb
Iran
At this potentially cataclysmic moment in global politics it is good to see that one of the worlds leading broadcasters ,the BBC decided this week that it should air a documentary with the above title.But it addressed none of the important issues raised by Isreal’s increasingly belligerent posture towards
Tehran.
………Johnathan Cook
educaton is the foundation of success .Just as scholastic skills are vitally important ,so are financial skills and communication skills.
……..Robert Kiyoski
Financial News
October 20, 2006
TEMPTATIONS OF THE WEST:
HOW TO BE MODERN IN INDIA, PAKISTAN AND BEYOND
Pankaj Mishra
Publishers-Picador
Pankaj Mishra has borrowed the title of this book from an earlier book by the same name written by French novelist and statesman Andre Malraux. The book is divided into three parts. The main pat of the book is regarding the author’s early life, his travels in India, political scene and analysis as well as a lengthy essay on Bollywood. The remainder is devoted to the author’s reportage on India’s troubled neighbours- Afghanistan, Nepal and Tibet.
Mishra’s writings on India tread on an already trodden path and do not excite the reader. Considering his essay on Gandhi and Nehru one can see that apart from some bits of gossip it offers no new information.
His description of Bollywood is more interesting to read and the major part of it is devoted to Mahesh Bhatt and Mallika Sherawat. Some of her memorable and characteristic quotes have been described in the book.
However it is the author’s depiction of the situations in Afghanistan, Tibet and Nepal that really sustain the reader’s interest since people do not have a deep knowledge of the social and political situations in these countries. For several decades the Indian print media has been blindly publishing reports of our neighbouring countries by foreign news agency dispatches.
This book fails to make an impression as it appears to be merely a compilation of writings and not much intellectual input nor stimulation is there. On the whole the book is an average read but has nothing new to offer the discerning reader.
GLOBAL POLITICAL REVIEW ( Oct 20 , 2006 )
October 20, 2006
North Korean leader meets Chinese president’s envoy
North Koreas top leader Kim-Jong II met with Chinese president Hu Jintao onyang a senior Chinese official confirmed. Chinese state councilor has delivered an oral message .To the president Chinese foreign ministry spokesman Liu Jianchao told reporters. US secretary of state Condoleezza rice warned North Korea of further measures if it tests another atom bomb but said
Washington had no plans to invade the communist state. In interviews with Japanese media, Ms.Rice warned of a tightening of sanctions imposed under a UN Security Council resolution if
Pyongyang explodes another atom bomb.” We already have a very powerful resolution.Im quite certain there will be additional measures of some kind” if there is a second teatimes. Rice told public broadcast nuking a separate interview with a group of Japanese journalists she said:” if the north does test, then we have to consider further measures “North Korea tested its first atom bomb on October 9, saying it needed to build a deterrent in the face of
US hostility.
Mergers and Acquisitions (13 - 20th Oct , 2006 )
October 20, 2006
GTL acquires UK-based Genesis Consultancy
Revenue growth remains flat for the quarter
Telecom network services firm GTL Ltd has acquired Genesis Consultancy Ltd, a
UK based network services provider for $9 million (over Rs 40 crore) in an all-cash buyout.
Genesis undertakes network-engineering projects in the Europe, the
US and the Asia-Pacific region. The company has no debt in its books, and has $1.9 million in cash; its revenues for calendar year 2006 are expected to be $14 million and are estimated to grow at 35 per cent in 2007.
With this acquisition, it is expected that the network management and operations business of the group will grow substantially and that this revenue stream will contribute between 15 per cent and 20 per cent to the top line over a period of three to five years.
On a standalone basis GTL Ltd has reported a 9 per cent increase in net profit, at Rs 7.64 crore, for the first quarter ended September 30,2006, up from Rs 7 crore posted during the corresponding quarter of the previous fiscal. Net income has gone up from Rs 135.06 crore to Rs 145.06 crore in the current quarter, logging a 7.3 per cent rise.
The consolidated net profit of the company rose 76.9 per cent to Rs 18.24 crore, while total revenues increased by 15.6 per cent to Rs 235.56 crore. The revenue growth remained flat for the quarter as a result of GTL’s decision to exit certain businesses in the IT sector. GTL ended down 1.33 per cent at Rs 145 on the BSE.
Client Logic to acquire Sitel
Client Logic Corp, a subsidiary of the $15-billion Canadian Onex Corp, is set to acquire Sitel Corp, a US-based business process outsourcing services provider with significant presence in
India. The deal is valued at about $450 million and the merger process is likely to be completed by early 2007, according to information available on Client Logic’s Web site.
Sitel employs about 39,000 people worldwide and the combined revenues are around $1.7 billion. Sitel
India, a joint venture of Sitel and the Tata group, employs about 3,000 people at three centres.
Orascom keen to hike holding in Hutchison
Tough to find local partnerThe Egypt-based telecoms service provider Orascom is looking to increase its stake in Essar Hutchison by hiking its holding in Hong Kong-based Hutchison Telecom. Orascom is interested in increasing its presence in the booming cellular market in the country through this route as its attempts to find a local partner had failed.
Orascom is very much interested in the Indian market and is hoping to increase its stake in Hutchison. They had tried in the past to invest in
India through a local partner but found it difficult.
Orascom currently holds about 9 per cent in the Indian cellular venture Hutchison Essar after it had acquired nearly 19 per cent in Hutchison Telecom. Orascom’s indirect entry into the Indian telecom market was earlier raked up by the Essar Group, which had pointed out that its consent had not been taken before the international deal between Orascom and Hutchison took place.
Essar had said that such international deals could bring in investments from companies in unfriendly countries. Some of the security agencies had also expressed concerns with investment. The Government has, however, given its approval to the investment, which paves the way for Orascom to further increase its stake. Foreign Direct Investment level in Hutchison Essar is currently at 68 per cent.
Orascom was not lucky enough to find a partner in India unlike TM (formerly Telekom
Malaysia) and Sing Tel who have partnered with Spice and Bharti respectively. They have decided to invest in Hutchison Telecom because it has operations in countries such as India and
Vietnam where they had failed to make an entry due to local circumstances.
NEW PRODUCT LAUNCHES (Oct 13th-20th)
October 20, 2006
Nakamichi launches high-end LCD and Plasma TVs in
India
Japanese consumer electronics giant Nakamichi is introducing its high-end LCD and Plasma range of televisions in
India. The base price for Nakamichi LCDs in
India will be Rs.2 lakhs and that of the plasma TVs will be Rs. 2.37 lakhs. The decision to enter the Indian market was taken by the company due to the upsurge in demand for the LCD and Plasma TVs among household.
NEW TVS ELECTRONICS PRODUCTS
TVS Electronics a Chennai based IT peripheral manufacturer has launched TVS Champ multimedia Keyboard and an optical mouse combo pack on 17th October. The price of the pack is Rs 900/- and had a one year replacement warranty. The internet ready keyboard has 18 hot keys and three special keys.
HP LAUNCHES STORAGE SOLUTION
Hewlett Packard has launched a new product for the SMB segment in the storage space on 17th October. It is called AIO (All in One), this storage will address the needs ranging from application storage management and protection.
IOL AND MTNL LAUNCHES FIRST IPTV
IOL Broadband launched
India’s first IPTV on 14th October in Mumbai which enables the subscriber to access digital television services through Internet protocol. It was done with the association of MTNL. The service will be commercially launched on Diwali. MTNL has entered into a strategic tie up with IOL Broadband and would provide service for Rs 199/- a month.
YAHOO
INDIA LAUNCHES INDICHAT
Yahoo! India has launched Yahoo! Indichat plug-in which enables the user to chat in Hindi, Tamil without any need for a keyboard. It also offers other plug-ins which facilitates chat in other Indian languages such as Telugu, Marathi, Bengali, Gujarathi and Malayalam.
NEW LG CHOCOLATE
LG electronics has launched a new handset model in
seoul on October 18th aimed at repeating the success of its premium ‘Chocolate’ phone . the new version of the chocolate phone has current consumer preference for metal casings.
Nokia launches new N-Series
Nokia the leading brand in
India hereby declared on Oct-11 that it is launching new N70, N73 Music edition and N91 with 8GB memory. It also announced that it would introduce 10 new multimedia handsets in the N-Series division. Its new concept is known as “my connected life” covering the trend of convergence among Internet, PC’s and electronics. Mr.Vineet Taneja, Director, Multimedia, Nokia
India said that the price would even cross 33,000/- mark.
Sources :
The Hindu
Business Line
Business Standard
Economic Times
Retail Finance (Oct 13-20)
October 20, 2006
Bancassurance pact renewed
Businessline ,Oct. 19
Syndicate Bank renewed its bancassurance arrangement with Bajaj Allianz Life Insurance Co Ltd on Thursday for a further period of three years. A Syndicate Bank release said that the MoU renewing the corporate agency relationship was signed here on Thursday. The corporate agency was originally started on 21st October 2003. The bank during first six months of this fiscal has mopped up over Rs 115 crore premium.
SIA ties up with ICICI Lombard
Businessline, Oct. 18
Singapore Airlines has joined hands with ICICI Lombard to provide travel insurance to its passengers travelling to Australia and New Zealand. In a statement the airline has said that the tie-up would enable passengers having a valid airline ticket to get a 10 per cent discount on travel insurance. The discount offer is valid from November 2006 till the end of February 2007 and is only for passengers travelling to Australia and New Zealand.
UTI Mutual Fund to merge two hybrid schemes
Oct. 18
UTI Asset Management Co. (P) Ltd. said on Wednesday it will merge UTI US 2002 into its Rs 5.71 bn UTI Balanced Fund, an equity-oriented hybrid scheme. Investors of the debt-oriented hybrid fund opting out of the merger might redeem their investments between Oct. 23 and Nov. 21, the fund house said.
Apollo plans JV with German firm for health insurance foray
11
Apollo Hospitals is to enter the health insurance sector through a joint venture with Germany-based Deutsche Krankenversicherung (DKV), a market leader in health insurance business in Europe. The JV will have a capital of Rs 100 crore, with Apollo Group picking up 20% stake, have been seriously looking at entering the health insurance business for three-four years now. The Indian corporate hospital group informed the Bombay Stock Exchange (BSE) on Tuesday that Prathap C Reddy, chairman of the group, will sign the pact with DKV, on October 11. Mr Padmanabhan said, DKV will bring in expertise covering general insurance across the entire spectrum of services.
Group 8 Batch 15-A
OUTSOURCING(10-19TH OCT)
October 20, 2006
HTMT Looks To Tap Tier-II Cities For BPO Operations:
HTMT part of Hinduja group, sensing the opportunities they, within next 18 months planning to give employment to 3000 people. In future, 40% of India’s total india’s work force is from the tier-II cities. A demerger was being announced with IT/ITeS sector in US.
Source: The Economics Times 10th October 2006.
BPO, Lift Wipro Q2 Net to 46%:
A 37% growth in global IT business, 46%net profit rice, giving the company maximum profit. Their BPO status is considerably improved and customer reinforcing especially when its moving in the right direction of delivery giving high growth. Resulting the value chain.
Source: The Economic Times 19th October, 2006.
BPOs Use Web to Stay Nible:
The value chain is moved to increase margins. IBM Daksh have changed its business model to ensure the stability. This increased their revenue to 100%. Dell have launched its Dell Connect which aim to help and fix customer’s problem.
Source: The Economic Times 16th October 2006
Bell Canada Outsources Job to Sitel:
Bell Canada, a telecommunication company have outsourced to Sitel India- third vendor after IBM- Daksh and Sutherland providing 300 employment opportunities.
Source: Business Line 17th October, 2006.
Famous Business Personality-Azim Premji
October 20, 2006
FAMOUS BUSINESS PERSONALITY
Azim Hasham Premji
Azim Premji was named the ‘Corporate Citizen of the Year’ for the Premji Foundation’s tireless work in educating primary school children . Wipro’s Azim Premji to the second position with a net worth of about Rs 64,700 crore….”…
Azim Hashim Premji (born July 24, 1945) is an Indian businessman and Chairman& CEO of one of the largest software companies in
India, Wipro Technologies He was rated the richest person in the country from 1999 to 2005 by Forbes.
· Mr. Premji ranked as the world’s 6th richest IT Titan in the Forbes List.
· Azim Premji amongst the 100 most influential people in the world - Time, April, 2004
· Azim Premji voted the 15th most powerful man in the world - Asia Week, Power 50, 2000
· The Indian
Institute of
Technology, Roorkee and the Manipal Academy of Higher Education have both conferred honorary doctorates on him.
· He is also a member of the Prime Minister’s Committee for Trade and Industry in
India.
· Mr. Premji conferred with ‘Padma Bhushan’ award - Times Group, 2005
Azim Premji named Business Leader of the Year - Times Group, 2004
· “Businessman of the Year” - Business
India, December 11 to 24, 2000
Azim is an absolute workaholic .According to him the only way to success and survival in a competitive world is work. Premji’s success shows his determination, perseverance , clear vision, proper planning and knowledge. He is a straight forward person who doesn’t believe in resorting to bribery. Premji had great tolerance for eccentricity and dissent. Premji has impressed many business leaders with his honesty, financial discipline etc. .
Following are the tips for success
• Never compromise on fundamental values, no matter what the situation.
• Build up self-confidence, always look ahead.
• Always have the best around you, even if they are better than you are.
• Have an obsessive commitment to quality.
• Play to win.
• Leave the rest to the force beyond
Azim Premji is a graduate in Electrical Engineering from
Stanford University, USA. On the sudden demise of his father in 1966, Premji took on the mantle of leadership of Wipro at the age of 21. Premji started off in Wipro with a simple Vision – to build an organization on a foundation of Values.. Over the years, Azim Premji has received many honors and accolades, which he believes are recognitions for each person who has contributed to Wipro. He was adjudged the Business Man of the Year 2000 by Business India and as the Business Leader of the Year 2004 by the Economic Times. Financial Times included him in the list of top 25 billionaires who have done most to bring about significant and lasting social, political or cultural changes (November 2004). Time listed him (April 2004) as one amongst 100 most influential people in the world. He was named by Fortune (August 2003) as one of the 25 most powerful business leaders outside the US, Forbes (March 2003) listed him as one of ten people globally, who have the most “power to effect change” and Business Week (October 2003) featured him on their cover with the sobriquet “
India’s Tech King”.
The Indian
Institute of
Technology, Roorkee and the Manipal Academy of Higher Education have both conferred honorary doctorates on him. He is also a member of the Prime Minister’s Committee for Trade and Industry in
India. In January 2005, the Government of India conferred upon him the Padmabhushana, one of the highest civilian awards in the country.
Mergers and Acquisitions
October 20, 2006
Mergers&cquisitions
Punj Lloyd stakeThe Hndu Businessline,oct,20NEW DELHI: Punj Lloyd Ltd on Thursday said it has acquired the balance 12 per cent stake in Sembawang Engineers & Constructors through its wholly owned subsidiary, Punj Lloyd Pte Ltd, for about Rs 14 crore.
Centurion, LKB merger challengedThe Hndu Businessline, Oct. 20A shareholder of Lord Krishna Bank on Wednesday approached the Kerala High Court challenging the decision taken at the AGM of the bank to merge it with Centurion Bank of
Punjab. The merger resolution was passed in violation of the provisions of Section 44A of the Banking Regulation Act, 1949.This section prescribes the presence of two-thirds of shareholders either in person or by proxy for passing amalgamation resolution.The petitioner also alleged that the voting was not conducted in a free and fair manner.
Govt mulls Kanpur mill, NTC mergerThe Hndu Businessline
New Delhi , Oct. 20The Government is seriously considering the merger of the British India Corporation Mill of Kanpur with National Textile Corporation (NTC), according to Union Textile Minister Mr Shankersinh Vaghela.Ministry is also trying to get extension of the Technology Upgradation Fund Scheme for the textile sector. Members were apprised of the successful self-financing revival scheme of the NTC mills.A sum of Rs 530 crore has been earmarked for modernization of the NTC’s22 mills, which is in progress and is expected to be completed by December 2007.Tata Steel to acquire 100% stake in Corus tata steel the largest private steel maker has made their first formal move to acquire CORUS,a british steel giant.The dollar 3.2 billion Indian co: on Tuesday announced that they had made an indicative non binding offer of 455 pence per share to acquire 100% equity in the Corus group.
BRAND STORY- CADBURY
October 20, 2006
BRAND STORYCADBURY
The Cadbury story is, covering well over a century and a half. A small family business developed into an international company combining the most sophisticated technology with the highest standards of quality, one-man business, opened in 1824 by a young Quaker, John Cadbury, in Bull Street Birmingham, was to be the foundation of Cadbury Limited, now one of the world’s largest chocolate producers. By 1831 the business had changed from a grocery shop and John Cadbury had become a manufacturer of drinking chocolate and cocoa, the start of the Cadbury manufacturing business as it is known today,technical skills and innovation.
The leader in the
UK confectionery market , Cadbury Limited is the confectionery division of Cadbury Schweppes plc, a major force in the confectionery and soft drinks international market. Quality has been the focus of the Cadbury business from the very beginning, as generations have worked to produce chocolate with the taste, smoothness and snap characteristic of Cadbury chocolate.
Cadbury Limited had a humble growth from scratch in 1824 to a market leader in the
UK confectionery market today.
CADBURY DIARY MILK
When Cadbury Dairy Milk chocolate was first introduced in the early 1900s it made an immediate impact quickly becoming the market leader. The success story has continued. It is still the top selling chocolate brand in the country and the Cadbury Mega Brand’s broad family of products today has an international retail value approaching US$1billion.As an international brand Cadbury Dairy Milk carries the same distinctive image all over the world. Wherever you buy a bar of Cadbury Dairy Milk the pack design will be exactly the same, only the language will be different.
The famous slogan “glass and a half of full cream milk in every half pound” with the picture of milk pouring into the chocolate bar, is one of the all-time greats of British advertising.
The first two additions to the Cadbury Megabrand family were Fruit & Nut in 1928 followed by WholeNut in 1933. The family has since been extended and there are now 10 varieties of Cadbury Dairy Milk bars in the rangeIn addition to Cadbury Dairy Milk, Fruit & Nut and WholeNut are two of the best loved varieties of the Cadbury Megabrand.
Australia, for example, offers 23 varieties including Snack, Caramello and Breakaway.
Cadbury Dairy Milk is enjoyed in over 30 countries.
MARKETING (OCT 14-20)
October 20, 2006
Tata Indicom Motorola handset
SOURCE: BUSINESS LINEDATE: OCTOBER 19, 2006Tata Indicom launches Motorola W150i mobile handset for Rs 1,099. This phone comes with the Go Active plan. Under this plan, customers will enjoy the benefit of 2,000 minutes of free local outgoing calls from Tata to Tata phones and two years of free incoming calls. Tata Indicom has also introduced Go Life 79 voucher, which is available for just Rs 79 with one month’s validity.
LG expands refrigerator range
SOURCE: BUSINESS LINEDATE: OCTOBER 19, 2006Consumer electronics major LG Electronics India has expanded its refrigerator range, as it anticipates a turnover of Rs 1,400 crore from the category in the current fiscal. This is in line with its plans to touch consolidated revenues of Rs 10,000 crore in the next two years. The company plans to achieve Rs 8,500 crore above the line revenues by the end of this fiscal. LG has strengthened its premium product portfolio with this launch. It also aims to capture a 35 per cent share in the domestic market.
VF Arvind plans mass-market jeans foray with Rider, Hero
SOURCE: BUSINESS LINEDATE: OCTOBER 19, 2006VF Arvind Brands will launch denim wear brands Riders and Hero in the first quarter of 2007 to take advantage of the growing pace of modern retail. Mr Darshan Mehta, the CEO of the company, said these were mass market brands that were sold in the Wal-Marts and the Targets of the West and that when mass modern retail takes off on the scale it promises to, these brands would find a market in the country. A total of 100 million jeans are sold in
India, but most of them are in the unorganised sector. Based in Bangalore, VF Arvind Brands is a joint venture between VF and Arvind Brands, designing, marketing and distributing Lee, Wrangler, Nautica, Kipling and Jansport brands in
India and its neighbouring countries.
New version of Stinger
SOURCE: BUSINESS LINEDATE: OCTOBER 19, 2006McAfee has released a new version of McAfee Stinger, which targets two Windows-based threats that are still being identified on video iPod and MP3 devices. McAfee Stinger is a free stand alone utility tool that can detect and remove specific viruses, including the W32/RJump.worm, also named RJump.worm and the W32/QQPass.worm.
Discovery Channel leads the pack
SOURCE: BUSINESS LINEDATE: OCTOBER 19, 2006Discovery Channel has taken the top slot amongst the international channels broadcast in
India as per TAM viewership data for the last 13 weeks. According to a company release, the channel has earned itself 1.5 times higher channel share than HBO and almost twice that of NDTV 24×7. Quoting the TAM ,the channel claimed a 12 per cent share, putting it ahead of Star Movies, HBO, MTV, National Geographic, CNBC TV18 and NDTV 24×7.
Wipro Consumer to re-launch Santoor brand
SOURCE: BUSINESS LINEDATE: OCTOBER 19, 2006Wipro Consumer Care and Lighting (WCCL), the FMCG arm of Wipro Ltd, plans on re-launching its flagship brand Santoor. The company has signed up celebrities Saif Ali Khan and Madhavan as brand ambassadors to promote Santoor in North and South regions respectively and is unleashing a new campaign. The new Santoor has undergone a product change in terms of perfume ingredients and oil mix for better lather. Santoor is almost a Rs 500-crore brand and commands a fourth place in the Rs 5,000-crore market.
Japan CBM Corp unveils Q&Q watches in
India
SOURCE: BUSINESS LINEDATE: OCTOBER 19, 2006As part of its plans to expand in the BRIC (Brazil, Russia, India and China) nations, Japan CBM Corporation has launched its Q&Q brand of watches in ‘ in the country in
India. The company opened its first exclusive outlet `
Q Square
Bangalore today. Positioned as an affordable watch brand (in the Rs 450-4,000 price bracket), Q&Q watches and clocks for men, women and children will soon be launched in Chennai and Hyderabad before moving onto West Bengal, Orissa and Gujarat. The target is to open 50 exclusive stores in the country in three years. The demand for economy watches (priced below Rs 2,000) is 20 million units. Mr Akihiko Suzuki, President, Japan CBM Corporation said that the company plans to capture 5 per cent of that market (1 million units) in three years.
BRAND STORYCADBURY
The Cadbury story is, covering well over a century and a half. A small family business developed into an international company combining the most sophisticated technology with the highest standards of quality, one-man business, opened in 1824 by a young Quaker, John Cadbury, in Bull Street Birmingham, was to be the foundation of Cadbury Limited, now one of the world’s largest chocolate producers. By 1831 the business had changed from a grocery shop and John Cadbury had become a manufacturer of drinking chocolate and cocoa, the start of the Cadbury manufacturing business as it is known today,technical skills and innovation.
The leader in the
UK confectionery market , Cadbury Limited is the confectionery division of Cadbury Schweppes plc, a major force in the confectionery and soft drinks international market. Quality has been the focus of the Cadbury business from the very beginning, as generations have worked to produce chocolate with the taste, smoothness and snap characteristic of Cadbury chocolate.
Cadbury Limited had a humble growth from scratch in 1824 to a market leader in the
UK confectionery market today.
CADBURY DAIRY MILK
When Cadbury Dairy Milk chocolate was first introduced in the early 1900s it made an immediate impact quickly becoming the market leader. The success story has continued. It is still the top selling chocolate brand in the country and the Cadbury Mega Brand’s broad family of products today has an international retail value approaching US$1billion.As an international brand Cadbury Dairy Milk carries the same distinctive image all over the world. Wherever you buy a bar of Cadbury Dairy Milk the pack design will be exactly the same, only the language will be different.
The famous slogan “glass and a half of full cream milk in every half pound” with the picture of milk pouring into the chocolate bar, is one of the all-time greats of British advertising.The first two additions to the Cadbury Megabrand family were Fruit & Nut in 1928 followed by WholeNut in 1933. The family has since been extended and there are now 10 varieties of Cadbury Dairy Milk bars in the rangeIn addition to Cadbury Dairy Milk, Fruit & Nut and WholeNut are two of the best loved varieties of the Cadbury Megabrand.
Australia, for example, offers 23 varieties including Snack, Caramello and Breakaway.
Cadbury Dairy Milk is enjoyed in over 30 countries.
BRAND STORYCADBURY
The Cadbury story is, covering well over a century and a half. A small family business developed into an international company combining the most sophisticated technology with the highest standards of quality, one-man business, opened in 1824 by a young Quaker, John Cadbury, in Bull Street Birmingham, was to be the foundation of Cadbury Limited, now one of the world’s largest chocolate producers. By 1831 the business had changed from a grocery shop and John Cadbury had become a manufacturer of drinking chocolate and cocoa, the start of the Cadbury manufacturing business as it is known today,technical skills and innovation.
The leader in the
UK confectionery market , Cadbury Limited is the confectionery division of Cadbury Schweppes plc, a major force in the confectionery and soft drinks international market. Quality has been the focus of the Cadbury business from the very beginning, as generations have worked to produce chocolate with the taste, smoothness and snap characteristic of Cadbury chocolate.
Cadbury Limited had a humble growth from scratch in 1824 to a market leader in the
UK confectionery market today.
CADBURY DAIRY MILK
When Cadbury Dairy Milk chocolate was first introduced in the early 1900s it made an immediate impact quickly becoming the market leader. The success story has continued. It is still the top selling chocolate brand in the country and the Cadbury Mega Brand’s broad family of products today has an international retail value approaching US$1billion.As an international brand Cadbury Dairy Milk carries the same distinctive image all over the world. Wherever you buy a bar of Cadbury Dairy Milk the pack design will be exactly the same, only the language will be different.
The famous slogan “glass and a half of full cream milk in every half pound” with the picture of milk pouring into the chocolate bar, is one of the all-time greats of British advertising.The first two additions to the Cadbury Megabrand family were Fruit & Nut in 1928 followed by WholeNut in 1933. The family has since been extended and there are now 10 varieties of Cadbury Dairy Milk bars in the rangeIn addition to Cadbury Dairy Milk, Fruit & Nut and WholeNut are two of the best loved varieties of the Cadbury Megabrand.
Australia, for example, offers 23 varieties including Snack, Caramello and Breakaway.
Cadbury Dairy Milk is enjoyed in over 30 countries.
Company News (14 - 20 Oct , 2006)
October 20, 2006
Intel ships 5 Million Dual Core chips in 60 days . (Wednesday, October 18, 2006)
Intel company says that it has shipped 5 million Duel Core Processors in the first two months of its sales , amid signs of strong demand for laptops’ this quarter. The company’s new Core Duo chipset marked the sales . Intel gave the sales figure as other executives forecast a strong forth quarter for notebook PCs’. Companies like Sony , Hewlett Packard , Toshiba , Dell were not feeling a major outfall from the issues regarding the new batteries used ..Intel is the midst of a major outhaul including price and job-cut.
Toyota to set up second plant in Karnataka . (Wednesday, October 18, 2006)
Toyota Motors id likely to come set up its second plant in Bidadi. The managing director KK Swamy says that they are still waiting to take a decision on where to set up the plant and what products will be manufactured there which is likely near Bangalore.
Sony cuts profit forecast by two thirds (Friday October 20, 2006)
Sony slashed its annual profit forecast by 62% yesterday, blaming it on the heavy cost of recalling potentially faulty PC batteries from around the world. The company also said its decision to reduce the price of its long-awaited new game console, PlayStation 3, ahead of its launch in Japan next month had affected earnings. Sony’s chief financial officer, Nobuyuki Oneda, conceded that the number of recalled batteries could rise to more than 9.6m. It is earmarking 51bn yen (£230m) to pay for the recall, having earlier estimated the cost at up to ¥30bn. The company said its group operating profit for the year to March 2007 would come to ¥50bn - well down on its forecast in July of ¥130bn. Group net profit is expected to fall by 38% to ¥80bn. It left its annual sales outlook at ¥8.23 trillion.
COMPANY PROFILE (OCT 14-20) …RANBAXY LABORATORIES LTD
October 19, 2006
Company ProfileOverviewRanbaxy Laboratories Limited is India’s largest pharmaceutical company which is headquartered in
India, is an international pharmaceutical company, producing a wide range of affordable generic medicines of good quality. It is ranked amongst the top ten generic companies worldwide. The Company has manufacturing operations in 8 countries with a ground presence in 49 countries and its products are available in over 125 countries.Ranbaxy was incorporated in 1961 and went public in 1973. The Company’s Global Sales were at US $1178 Mn in the year ended December 31, 2005. 76% of global sales where from the overseas market. The Company’s largest market USA with the sales of US $ 328 Mn, accounted for 28%, while Europe and BRIC (Brazil, Russia, India,
China) countries contributed 17% and 29% to global sales.It has offices across the globe with a presence in 23 of the Top 25 pharma markets of the world. Additionally the Company has a presence in 21 of the 25 EU countries. Ranbaxy has robust operations in USA, UK, France, Germany, Russia, India, Brazil and South Africa, and is strengthening its business in Japan, Italy,
Spain and several other markets in the Asia Pacific.
HistoryRanbaxy was envisioned by Late Dr Parvinder Singh, Chairman and Managing Director, Ranbaxy in early 90’s.In 1977, Ranbaxy’s first joint in
Lagos was setup.
Mr. Tejendra Khanna was elected Chairman of Ranbaxy Laboratories Limited. Mr. Khanna was former Commerce Secretary to the Government of India, and a former Lieutenant Governer of
Delhi is widely regarded as an expert in International Trade and Public Administration.
FinancialsThe unaudited results for the quarter ended September 30,2006 shows that Profit After tax is Rs.1,404 Mn.EBIDTA margins is at 16.4% to sales versus 3.3% in the corresponding quarter . Consolidated Sales up by 26% at Rs. 16,404 Mn.
BUSINESS PERSONALITY
October 19, 2006
MR.L.N. MITTAL
MR.L.N.Mittal was born in sadulpur, rajastan. His father was a business man .His father had small business relating to ispat. At the tender age of 26 Lakshmi Mittal was dispatched to
Indonesia to oversee the family’s mill now called Ispat Indo. Lakshmi Mittal parted ways with his father’s in 1995. In the late ’80s, Mittal moved into acquisition mode and bought mills in places like Trinidad and followed that up inCanada. The greatest coup was when he snapped up the loss-making Sibalsa Mill in
Mexico for $220 million in 1992. The 20-year-old facility was originally built by the Mexican Government for around $2 billion. Most steel industry analysts say the deal was extremely favorable and till recently the plant was the mainstay of the LNM Empire. Says Mittal: “The major companies in eastern Europe are now privatized. The opportunities now lie in the enlargement of the EU into central and eastern Europe.” London-based Ispat International (now Mittal Steel) and its founder Lakshmi Niwas Mittal recently became the world’s biggest steel maker, and have been named by Forbes magazine as the world third richest business man. At the time of accelor agreement mittal had two options. Either he will have seized the global crown or he will be a million tones or so behind accelor the current world number one. But there is a vital difference between MITTA‘s LMN group & ACCELOR. Four years ago, as the steel industry slumped into one of the worst recessions in modern times, it was belt-tightening time at the LNM Group. He attempted to marry technology and steel by setting up an e-exchange where steel could be traded, but the effort was aborted, in 2003 Mittal is triumphantly reaching for the top. Despite the recession, he bought stakes in four companies in three years and has almost doubled capacity. In the process the LNM Group has moved from 6th position in the industry to the second slot. It has pulled this off in the face of mounting competition from other industry giants who are now trying to emulate Mittal’s tactics .MITTAL told that “there have been a number interesting opportunities over the past three years , as the result of which we have we have grown considerably in the relative short period of time .” As the LNM Group turns around smartly the profits have also poured in. In 2002 on revenues of $8.7 billion the group made net profits of $613 million. The biggest profits are coming from Mittal’s riskiest and most ambitious buy. The giant Karmet steelworks in
Kazakhstan bought in 1995 was reckoned to be a knife-edge gamble when it was bought. Famously, when the LNM Group bought the plant, it also inherited the local branch of the KGB and the steel town’s tram service. Today production has climbed from 2.2 million tones when the LNM Group took over to 5.2 million tones. Mittal has a remarkable eye for a bargain and has figured the art of turning around rundown steel mills — also he is willing to walk away from a deal if the price is not right. Once LNM takes over a plant — whether in Kazakhstan or in Canada — it flies in a crack team that always includes large numbers of Indian executives .LNM Groups got profit of $ 775 million IPO was seven times oversubscribed and its shares opened at $28.5. That year The Sunday Times reckoned that Mittal was one of
Britain’s richest tycoons worth around £2.2 billion. ONGC, L.N. MITTAL group ink pacts for energy businessIn July 23 the state owned oil & natural gas corporation & Mittal investment sarl, one of the investment arms of the Mittal group enter into two memorandum of understanding to from two oversees joint venture companies ongc Mittal energy ltd & ongc Mittal service ltd. The two groups will corporate in exploration ,development,evalution,& related consequential progress of hydrocarbon in the form of oil ,condensates, gas, in various countries.Mittal is a world renowned entrepreneur & investor .
Financial News ( Oct 13- 20th , 2004 )
October 13, 2006
Brand Story
October 13, 2006
BRAND STORY - GOOGLE
October 13th, 2006 by group315a
According to Google lore, company founders Larry Page and Sergey Brin were not terribly fond of each other when they first met as Stanford University graduate students in computer science in 1995. Larry was a 24-year-old University of Michigan alumnus on a weekend visit; Sergey, 23, was among a group of students assigned to show him around. They argued about every topic they discussed. Their strong opinions and divergent viewpoints would eventually find common ground in a unique approach to solving one of computing’s biggest challenges: retrieving relevant information from a massive set of data.
By January of 1996, Larry and Sergey had begun collaboration on a search engine called BackRub, named for its unique ability to analyze the “back links” pointing to a given website. Larry, who had always enjoyed tinkering with machinery and had gained some notoriety for building a working printer out of Lego™ bricks, took on the task of creating a new kind of server environment that used low-end PCs instead of big expensive machines. Afflicted by the perennial shortage of cash common to graduate students everywhere, the pair took to haunting the department’s loading docks in hopes of tracking down newly arrived computers that they could borrow for their network.
A year later, their unique approach to link analysis was earning BackRub a growing reputation among those who had seen it. Buzz about the new search technology began to build as word spread around campus.
Unable to interest the major portal players of the day, Larry and Sergey decided to make a go of it on their own. All they needed was a little cash to move out of the dorm — and to pay off the credit cards they had maxed out buying a terabyte of memory. So they wrote up a business plan, put their Ph.D. plans on hold, and went looking for an angel investor. Their first visit was with a friend of a faculty member.
Andy Bechtolsheim, one of the founders of Sun Microsystems, was used to taking the long view. One look at their demo and he knew Google had potential — a lot of potential. But though his interest had been piqued, he was pressed for time. As Sergey tells it, “We met him very early one morning on the porch of a Stanford faculty member’s home in Palo Alto. We gave him a quick demo. He had to run off somewhere, so he said, ‘Instead of us discussing all the details, why don’t I just write you a check?’ It was made out to Google Inc. and was for $100,000.”
The investment created a small dilemma. Since there was no legal entity known as “Google Inc.,” there was no way to deposit the check. It sat in Larry’s desk drawer for a couple of weeks while he and Sergey scrambled to set up a corporation and locate other funders among family, friends, and acquaintances. Ultimately they brought in a total initial investment of almost $1 million.
In September 1998, Google Inc. opened its door in Menlo Park, California. The door came with a remote control, as it was attached to the garage of a friend who sublet space to the new corporation’s staff of three. The office offered several big advantages, including a washer and dryer and a hot tub. It also provided a parking space for the first employee hired by the new company: Craig Silverstein, now Google’s director of technology.
Already Google.com, still in beta, was answering 10,000 search queries each day. The press began to take notice of the upstart website with the relevant search results, and articles extolling Google appeared in USA TODAY and Le Monde. That December, PC Magazine named Google one of its Top 100 Web Sites and Search Engines for 1998. Google was moving up in the world
SOURCE: http://www.google.com/corporate/
