Top news

SRF board approves buy back
SRF Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 25, 2008, inter alia, have approved:
1. Buy-back through open market route (stock exchange route).
2. Buy-back at a price not exceeding Rs 160/- per equity share.
3. Buy-back offer shall remain open upto April 24, 2009 or such earlier date as may be determined by the Board at any time even if the maximum limit of Buy-back of shares has not been reached, by giving an appropriate notice for such earlier date, if any, whichever is earlier.
4. The proposed Buy-back could absorb a maximum of Rs 70.00 crores which is less than 10% of the paid up capital and free reserves of the Company.
The actual number of shares bought back would depend upon the average price paid for the shares bought back and the actual amount deployed in the Buy-back, subject to the limit specified in point No. 4 above.
Pyramid Saimira opens food court
Pyramid Saimira Theatre Ltd has informed BSE that Pyramid Saimira Group inaugurated its food court at TDI Mall, Rajouri Garden, New Delhi, on April 25, 2008. This is the group's second food court in North India, after Faridabad. The food court was inaugurated by Shri. Ramesh Lamba, MLA, Rajouri Garden, New Delhi, in the presence of Mr. Saminathan, Group Chairman, Pyramid Saimira Group and Mr. N Narayanan, Director, Pyramid Saimira Group.
Speaking at the launch of the food court, Mr. P S Saminathan, Group Chairman, Pyramid Saimira Group, said, "Pyramid Saimira focuses on 360 degrees entertainment, which includes food & beverages. We are evolving into a full scale food chain and our food offering also will focus on 360 degrees expansion from canteens in screens, food courts in theatrical locations, high street restaurants, institutional catering etc.
As a practice, we scale up in an aggressive manner and in just three months of start, we are inaugurating our second food court in the North India. We will be investing close to Rs 100 crore In the F&B division, over the next year and we expect that this will contribute close to 25% of our top-line. We will be scaling up operations extensively in the NCR, and Delhi is a pivotal market for us.
With increase in disposable income of consumers, rapid urbanization, and increasing popularity of convenience foods, food and beverage sector is expected to grow at an incredible pace and Pyramid Saimira will capitalize on this boom.
"Commenting on Pyramid Saimira Group's strategy, Mr. N Narayanan, Director, said "We are the only organised food court operator, who is not sub-contracting the food with various vendors, but has developed various genres of food offering and has organically owned about so von distinctive brands, each catering to a specific cuisine.
"Commenting on the exclusivity of the Pyramid Saimira food court, Mr. Alok Kumar, Vice - President, Food & Beverage, Pyramid Saimira Group, said, "Our paramount focus at Pyramid Saimira food court will be food safety, hygiene and consistent quality. All our employees are undergoing pre employment, as well as periodical medical examinations, as per international food handling guidelines Pyramid Saimira food court will offer its customers, high quality and safe food, without compromising on taste.
"Pyramid Saimira is creating a niche for itself in the F&B segment with 2 food courts in operation with the following brands - Apple Tree, Red Curry, Shivalay, augrita, Tahal, Beverage & More and the latest being Brahmin's Kitchen, an initiative to bring traditional Brahmin food in the modern format. Another segment of F&B, under the brand name, Cineteria is operating at 106 theatres, across South India.
Reliance power fixes date for bonus
Reliance Power Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from June 03, 2008 to June 05, 2008 for the purpose of Issue and allotment of Bonus shares
Court orders benifits for essar oil
Essar Oil Ltd has informed BSE that on April 24, 2008 the Company has received a judgment passed by a Division Bench of the Hon’ble High Court of Gujarat at Ahmedabad, restoring eligibility of the Company to avail Sales Tax / Value Added Tax deferment benefits to the extent of 125% of eligible capital investment in the Company’s Refinery Project at Vadinar, District Jamnagar, under the New Capital Incentive Policy — Capital Investment Incentive to Premier / Prestigious Unit, Scheme 1995-2000.
The High Court has directed the Government of Gujarat to grant the above benefits and issue Final Eligibility Certificate within one month subject to certain concessions from the Company
Gokul Refoils and solvents IPO to hit market on may 8
Gokul Refoils and Solvent plans to enter the capital market on May 8 with its initial public offering of 71,58,392 equity shares of Rs 10 each for cash, at a price to be decided through 100 per cent book building process.
The company has fixed a price band of Rs 175-Rs 195 per share. The issue will close on May 13. The issue comprises a reservation of upto 75,000 equity shares for employees and a net issue to the public of 70,83,392 equity shares. The issue will constitute 27.14 per cent of the fully diluted post issue paid-up capital of the company. Qualified institutional buyers shall be allocated 50 per cent of the issue. From and out of the QIB portion 5 per cent for mutual funds, 15 per cent to non-institutional bidders and 35 per cent to retail investors.
The company is primarily engaged in the business of solvent extraction, refining of edible oils and vanaspati manufacturing. At present the company has 680 TPD of seed processing, 600 TPD of solvent extraction, 1200 TPD of refining and 200 TPD of vanaspati manufacturing capacities. The company plans to utilize the proceeds for - setting up a new 1500 TPD Soyabean processing plant near Gandhidham, Gujarat; expansion of the existing edible oil refinery at Surat; investment in Singapore subsidiary; funding part of the long term working capital; brand building activities; investment in increasing warehousing capacities and continuous capex for exising units; general corporate purposes and for public issue expenses.
ICRA has assigned Grade "3/5" to the IPO. The shares will be listed on Bombay Stock Exchange and National Stock Exchange of India. The book running lead managers to the issue are Anand Rathi and Intensive Financial Services.
Fixed line telephony to be exempted from licence fee
The government on Friday said that fixed-line telephony will be exempted from licence fee to encourage service providers, especially those in the private sector, to go to the rural areas. BSNL will be the largest beneficiary of this move as it will save up to Rs 1,200 crore annually. Private operators such as Airtel, Reliance and Tata have minimum presence in the landline space.
“I have already asked the Telecom Commission to deliberate on the issue to exempt fixed-line telephony from licence fee, charged as percentage of Adjusted Gross Revenue (AGR),” telecom minister A Raja said at a function organised by the Cellular Operators Association of India (COAI).
Currently, telecom operators pay 6-10% of their total revenues, including revenue from landline and braodband, towards licence fees. Due to this announcement, state-run BSNL will be the biggest gainer as the state run PSU has over 90% market share in the fixed-line space. BSNL gets an annual revenue of about Rs 15,000 crore from its fixed-line operations and the PSU pays on an average, 8-9% of AGR as license fee to the government.