FMCG company Dabur India on Friday announced that its board has approved to increase the investment limit for foreign institutional investors (FIIs) from 24% to 30% of the total paid up capital of the company. According to PD Narang, group director of Dabur India, currently, FIIs hold around 21% shares of the company, which is likely to exceed 24% very shortly. ?With increased participation by FIIs in the Indian capital market, we have decided to increase the FII investment limit to 30% for investment in company?s capital under the Portfolio Investment Scheme (PIS). The board of directors, through a postal ballot, on Friday approved the proposal,? he added.
Detained Essar vessel released by Singapore
Essar Shipping on Friday said its vessel, detained by Singapore authorities, will sail out on Saturday following settlement of a dispute. ?Dispute settled. The vessel will sail out on Saturday,? a Essar spokesperson said when contacted about the arrest of the vessel. However, he refused to provide any further details. Essar Shipping?s bulk carrier MV Kishore was detained at Singapore following an alleged dispute with a fuel supplier while it was on way to China from Brazil, sources said. As per Singapore Supreme Court website, the vessel was detained on November 17 at 4.49 pm (local time). Sources said the ship had loaded iron ore at Itaguai port of Brazil in October and was heading to China.
Torrent Pharma plans bid for Elder Pharma units
Gujarat-based Torrent Pharmaceuticals said on Friday that it has submitted a non-exclusive bid for certain business of Mumbai-based Elder Pharmaceuticals, but added that at the stage, there was no crystalised proposal in place and the matter was premature. Torrent?s bid for acquiring Elder Pharma?s business comes close on the heels of reports that
French pharmaceutical company Sanofi is also keen in acquiring the company.
CNG versions of Tata Indigo, Indica launched
Tata Motors on Friday launched CNG versions of mid-sized sedan Tata Indigo and compact car Tata Indica under its emax series priced up to R5.27 lakh (ex-showroom Delhi). The new Tata Indigo emax price starts at R4.99 lakh and goes up to R5.27 lakh (ex-showroom Delhi), while the new Tata Indica emax is priced between R3.99 lakh and R4.26 lakh (ex-showroom Delhi), the company said in a statement. The new emax range has CNG and petrol bi-fuel system options, it added.
Alfa Laval starts work on unit, looks at acquisitions
Betting big on India?s potential, Swedish industrial group Alfa Laval on Friday said it has started work on its fourth manufacturing plant and is looking for acquisitions. ?India is a very important market for us and we will keep on expanding our presence and strength in India. The Indian market is slightly subdued now due to slower economic growth, but has the potential at a far rapid pace,? Alfa Laval (India) managing director Jan Hedemann said. The company offers products and solutions based on its key technologies of heat exchangers, separators and fluid handling which find application in sectors such as pharma, bio-fuels, chemicals crude oil food and beverages.
Som Mittal to join EXL Service?s board
Outgoing president of Nasscom Som Mittal has been elected to the board of Nasdaq-listed BPO firm EXL Service with effect from December 1. Mittal became Nasscom president in 2008 and will conclude his tenure in January 2014. He also serves as an independent director and chairman of the IT strategy committee of Axis Bank and is a member of board of governors the Indian Institute of Corporate Affairs.
Titan Eye Plus targets break-even by 2016
Titan Eye Plus, part of Titan Company, is targeting 30% revenue growth in the current fiscal and is aiming to break even by 2015-16. ?We are targeting revenue growth of 30% this financial year. We are seeing good growth coming from all segments. We expect to break-even by year 2015-16,? Titan Eye Plus CEO S Ravi Kant said. In 2012-13, the eye wear (Titan Eye Plus), accessories and precision engineering businesses contributed R414 crore to Titan Industries? total revenue of R10,213 crore, an increase of 25.9% over the previous year.
Intuit launches new version of QuickBooks
IT solutions firm Intuit has launched a new redesigned version of QuickBooks ? which provides small businesses and accountants with an easy-to-design platform. Intuit provides softwares for financial and accounting related services for small businesses, accountants and individuals. QuickBooks is its accounting software. The firm claims its next-generation QuickBooks provides small businesses and accountants with an intuitive and easy-to-use design, the firm said in a release.
