Coal India (CIL) board reached a consensus on supplying a minimum of 80 percent of the contracted quantity of the fuel to power firms, meeting 15 percent through imports. As a result, the state run firm will import around 20 million tonnes of coal this year. The board reached an agreement on supplying 65 percent of the requirement of power firms through domestic production and meeting the shortfall of 15 percent through imports. Accordingly, required changes will be made in fuel supply agreements (FSAs) done in April. The development follows a direction from the Prime Minister's Office to the coal giant early this month to sign the pacts with power firms for supply of 65-80 percent of the contracted quantity, amid delays in signing of the agreements.
Godrej Properties, through its wholly owned subsidiary Godrej Projects Development, has entered into an agreement to redevelop a private society owned property in Ghatkopar suburbs of Mumbai, the real estate development arm of the Godrej Group. The project, spread over 2.5 acres, will offer around 185,000 sq ft of free sale area and total 139 existing tenants will be rehabilitated as part of this project. The Godrej Properties' subsidiary has signed a development agreement with Mukund Co-operative Housing Society for this redevelopment project. This is the third redevelopment project the company has signed in the city this year.
Fortis Healthcare (FCH) has opened a super-specialty hospital 'Fortis Colorectal Hospital (FCH)' in Singapore to treat colorectal disorders. The facility is dedicated to the management of colorectal conditions including colorectal cancer which is amongst the highest in cancer affected patients in Singapore. FCH will also focus on education and research to improve the quality of colorectal disease treatment in the region. Besides, the company is also collaborating with the Institute of Bioengineering and Nanotechnology (IBN) to accelerate translational research in colorectal cancer. Fortis Healthcare currently has over 75 hospitals with more than 12,000 beds, 600 primary care centres, 191 day care specialty centres, over 210 diagnostic centres, with over 4,000 doctors and 23,000 employees.
US-based pharma major Bristol-Myers Squibb has filed a contempt suit against India's Natco Pharma for allegedly violating a court order that prevents it from selling a generic version of its patented cancer drug dasatinib. Hyderabad-based Natco, however, stated that it has not reneged on its undertaking as its version of the drug is different and does not infringe upon the patent for dasatinib. The generic firm has filed its own contempt petition for misinterpreting facts to the court. Natco Pharma was promoted as a private company to be in the business of research, developing, manufacturing and marketing of pharmaceutical substances and finished dosage forms for Indian and International markets. The company began its operations in 1984 in Andhra Pradesh.
To tide over the lean monsoon months, when airlines usually find it difficult to fill planes, budget airline SpiceJet has come up with an innovative plan: it is leasing out two of its Boeing aircraft to a Saudi Arabia-headquartered budget airline Nas Air. SpiceJet has 35 Boeing 737-800/900 in its fleet and is leasing excess capacity on the 737-800 aircraft type. SpiceJet surprised the market with a 56-crore profit for the first quarter of the current financial year, especially at a time when most airlines are struggling to keep their nose up. The airline is targeting about $4-5 million in revenues through the wet lease agreement it has entered into with the Saudi carrier for Haj operations. A wet lease is a short-term lease mechanism where cost of operating the aircraft and maintenance is borne by the airline leasing the aircraft.
Hindustan Unilever (HUL) will launch its premium hair care brand TRESemme in India to target salon-frequenting consumers in the urban market. India is the second market after Brazil where the company will launch TRESemme after inheriting the brand as part of its acquisition of Alberto Clulver for $3.7 billion in 2010. In a market flooded with hair care products, TRESemme will try to differentiate itself with its focus on salon like experience at home with its shampoo and conditioner range. HUL has been diversifying its personal care product portfolio across price-points through brand extensions.
A Rs 120-crore cash recovery has helped Allahabad Bank to report a more than expected 23% net profit growth even as its net interest margin or NIM fell by 23 basis points and asset quality deteriorated. The state-run lender wants to maintain the margin above 3% with a focus on retail and SME loans that yield more than large corporate loans. Its NIM for the quarter was 3.17% amid intense pressure on cost of deposits while the NIM was 3.40% for the June quarter in 2011. The bank grew its loan book by a modest 12% during the first quarter as the slowing economy has shrunk lending opportunity. The net profit was Rs 514 crore for the first quarter to June 30, 2012 as against Rs 418 crore in the corresponding period in 2011. The operation profit grew a modest 7.4% at Rs 956 crore while net interest income up 11.1%.
Operations in private steel major Tata Steel was affected with plants operating in a limited way following failure of the eastern power grid. Production has not been hampered as such as the company has made arrangements. Recently, the company had reported sales of 1.59 million tonnes in the first quarter of FY13, which remained unchanged as compared to the corresponding quarter previous year, as power cuts impacted downstream production. While, sales remained marginally lower on Q-o-Q basis, when it touched 1.79 million tonnes in Q4 FY12, on account of power outages which impacted downstream production.
Competition watchdog CCI has approved the proposal by Maruti Suzuki India (MSI) to merge its engine and transmission supplier Suzuki Powertrain India (SPIL) into itself. MSI and SPIL are subsidiaries of Japan's Suzuki Motor Corporation (SMC). In June, MSI had announced that it will merge engine and transmission maker Suzuki Powertrain with itself. SMC holds a 70 percent stake in SPIL, while the rest is held by MSI. Post the merger, SMC's stake in MSI will go up to 56.2 percent from 54.2 percent due to a share swap agreement with the domestic car market leader to acquire SPIL. Besides, the company is considering sacking all its A-shift workers, who are suspected to have played a role in the violence perpetrated on July 18 that led to the killing of Awanish Kumar, the 51-year-old HR manager, and left 96 staffers wounded. The 'A' or the first shift starts at 7 am and ends at 3 pm.