KOLKATA: Hindustan Copper Ltd on Saturday registered a 32 per cent decline in its net profit to Rs 60.97 crore in the Q4 period ended March 2011 over the corresponding period last year.
The turnover was also down by 30.38 per cent during the quarter to Rs 285.25 crore in comparison to the corresponding period previous year, the company said.
Speaking to reporters, HCL chairman and managing director Shakeel Ahmed said the delay of the proposed FPO would not impact the ongoing expansion projects.
"There is no need for funds for the next two years as we can manage from internal accruals," he said.
HCL failed to appoint five independent directors on the board, a pre-requisite for a company to hit the capital market.
HCL said the company is facing an investment gap of Rs 207 crore to implement the investment plan of Rs 3,677 crore by 2017.
The company said out of seven projects, six projects would be finalised by June.
The capacity by 2017 was expected to rise to 12.4 million tonne from 3.47 million tonne now if all projects sailed smooth.
Saturday, May 28, 2011
EBay, PayPal sue Google, execs over trade secrets
NEW YORK: EBay and its online payment unit, PayPal, on Thursday sued Google and two executives for stealing trade secrets related to mobile payment systems.
The two executives, Osama Bedier and Stephanie Tilenius, were formerly with Pay-Pal and led the launch of Google's own mobile payment system in partnership with MasterCard, Citigroup and phone company Sprint on Thursday.
The suit highlights the growing battle by a wide range of companies from traditional finance to Silicon Valley trying to take a major stake in what has been described as a $1 trillion opportunity in mobile payments. The mobile phone is seen as the digital personal wallet of the future.
The eBay suit said Bedier worked for nine years at Pay-Pal, most recently serving as vice-president of platform, mobile and new ventures. He joined Google on January 24 this year.
Tilenius was at eBay from 2001 to October 2009 and served as a consultant to the company until March 2010. The suit says Tilenius joined Google in February 2010 as vice-president of e-commerce.
Bedier is accused in the suit of having "misappropriated PayPal trade secrets by disclosing them within Google and to major retailers".
The suit accused Tilenius of recruiting Bedier, thereby breaking a contractual agreement with eBay. It also claims Bedier attempted to recruit former colleagues still at PayPal.
Ebay said PayPal and Google worked closely together for three years until this year on developing a commercial deal where PayPal would serve as a payment option for mobile application purchases on Google's Android phones.
It said Bedier was the senior PayPal executive leading and finalizing negotiations with Google on Android during this period.
It also claimed Bedier transferred up-to-date versions of documents outlining PayPal's mobile payment strategies to his non-PayPal computer just days before leaving PayPal for Google.
"By hiring Bedier, with his trade secret knowledge of PayPal's plans and understanding of Google's weaknesses as viewed by the industry leader (PayPal), Google bought the most comprehensive and sophisticated critique of its own problems available," the suit said.
Google spokesman Aaron Zamost said the company had not yet received a copy of the complaint would not be able to comment until it has had a chance to review it.
Google and PayPal have battled in the recent past in online payments via computers with the launch of Google Checkout in 2006, but Checkout has had a minimal impact on PayPal's market dominance.
The two executives, Osama Bedier and Stephanie Tilenius, were formerly with Pay-Pal and led the launch of Google's own mobile payment system in partnership with MasterCard, Citigroup and phone company Sprint on Thursday.
The suit highlights the growing battle by a wide range of companies from traditional finance to Silicon Valley trying to take a major stake in what has been described as a $1 trillion opportunity in mobile payments. The mobile phone is seen as the digital personal wallet of the future.
The eBay suit said Bedier worked for nine years at Pay-Pal, most recently serving as vice-president of platform, mobile and new ventures. He joined Google on January 24 this year.
Tilenius was at eBay from 2001 to October 2009 and served as a consultant to the company until March 2010. The suit says Tilenius joined Google in February 2010 as vice-president of e-commerce.
Bedier is accused in the suit of having "misappropriated PayPal trade secrets by disclosing them within Google and to major retailers".
The suit accused Tilenius of recruiting Bedier, thereby breaking a contractual agreement with eBay. It also claims Bedier attempted to recruit former colleagues still at PayPal.
Ebay said PayPal and Google worked closely together for three years until this year on developing a commercial deal where PayPal would serve as a payment option for mobile application purchases on Google's Android phones.
It said Bedier was the senior PayPal executive leading and finalizing negotiations with Google on Android during this period.
It also claimed Bedier transferred up-to-date versions of documents outlining PayPal's mobile payment strategies to his non-PayPal computer just days before leaving PayPal for Google.
"By hiring Bedier, with his trade secret knowledge of PayPal's plans and understanding of Google's weaknesses as viewed by the industry leader (PayPal), Google bought the most comprehensive and sophisticated critique of its own problems available," the suit said.
Google spokesman Aaron Zamost said the company had not yet received a copy of the complaint would not be able to comment until it has had a chance to review it.
Google and PayPal have battled in the recent past in online payments via computers with the launch of Google Checkout in 2006, but Checkout has had a minimal impact on PayPal's market dominance.
US says China yuan undervalued, but not manipulated
WASHINGTON: The US treasury department ruled on Friday China was not manipulating its currency to gain an unfair trade advantage, but said Beijing still needs to allow the yuan to rise much faster in value.Although the Obama administration has often used blunt language to warn China over its currency practices, the semiannual report issued by treasury on Friday maintained its practice of avoiding the harsher step of naming it a currency manipulator.
The department said it concluded China did not meet the US legal definition of a currency manipulator due to the appreciation of its currency -- known as the yuan or renminbi -- since June 2010 and recent Chinese statements that it would continue to promote exchange rate flexibility.
But a number of factors, including China's continued rapid accumulation of dollar reserves and a projected widening of its current account surplus, "all indicate that the real effective exchange rate of the renminbi remains substantially undervalued," the department said.
"Treasury's view ... is that progress thus far is insufficient and that more rapid progress is needed," the department said in the report.
The report had originally been due on April 15 but was delayed ahead of a key meeting with senior Chinese officials in Washington earlier this month. China says it is moving to revalue the yuan, but will proceed at its own pace.
The yuan closed at 6.4917 to the dollar on Friday, little changed on the day, but up 5.15 percent since it was loosened from a peg to the dollar in June 2010.
Treasury's decision came as no surprise, even though the US trade gap with China hit a record $273 billion in 2010.
President Barack Obama's Democratic administration has declined to name China as a currency manipulator in five consecutive reports now, following the pattern set by the Republican administration of former President George W. Bush.
Many US lawmakers and import-sensitive manufacturers, such as steel and textiles, claim that China's currency is undervalued by as much as 40 percent, giving Chinese companies an unfair price advantage in international trade.
But Erin Ennis, vice president of the US-China Business Council, which represents roughly 230 American companies that do business in China, said Treasury made the right call.
"While USCBC has advocated repeatedly that China should allow its exchange rate to better reflect market forces, designating China as a 'manipulator' would achieve nothing," Ennis said.
Congress has threatened for years to pass legislation to pressure China to revalue its currency, but so far no bill has reached the president's desk.
Commerce secretary Gary Locke, tapped to be the next US envoy to China, told the Senate Foreign Relations Committee on Thursday that a more flexible Chinese currency was key to US-China economic rebalancing.
"We are seeing movement on the currency," he said, referring to a roughly 5 percent increase since China slightly loosened the yuan peg to the dollar in June 2010.
"We believe it should float more and faster," Locke said. By preventing the yuan from rising more rapidly, China imposes an unfair burden on other emerging economies with more flexible exchange rates and eliminates a tool it could be using to counter domestic inflation, treasury said.
Derek Scissors, a research fellow with the Heritage Foundation, said he agreed with treasury's decision not to cite China because it should be focused on other Chinese policies that are much more damaging to the United States.
However, the department has turned the report into a "minor joke" by repeatedly delaying its release, he said.
"It is no longer ever issued when scheduled because that time is always wrong for some reason. ... At this point no one should take the report seriously," Scissors said.
Altogether, treasury reviewed the exchange rate practices of 10 major trading partners in the semi-annual report. It concluded none was manipulating their currency to gain an unfair trade advantage or to prevent an effective balance of payments adjustment.
Nano drives into Lankan, priced at Rs 3.80L
NEW DELHI: Tata Motors on Saturday said it has begun exporting Nano with the official launch of the small car in Sri Lanka, with a price tag starting at LKR 9.25 lakh (about Rs 3.80 lakh).
"Sri Lanka has become the first international market for the Tata Nano, with the people's car being commercially launched in the country today," the company said in a statement.
The car will be sold through its 50-year old distributor in the country -- Diesel & Motor Engineering PLC (DIMO).
"Tata Motors has already established a firm footprint in international markets...The Tata Nano will play a major role in the next phase of growth of our international business," Tata Motors Managing Director and Group CEO Carl-Peter Forster said.
A company spokesperson said the three variants of the car will be available at ex-showroom prices between LKR 9.25 lakh (about Rs 3).
"Sri Lanka has become the first international market for the Tata Nano, with the people's car being commercially launched in the country today," the company said in a statement.
The car will be sold through its 50-year old distributor in the country -- Diesel & Motor Engineering PLC (DIMO).
"Tata Motors has already established a firm footprint in international markets...The Tata Nano will play a major role in the next phase of growth of our international business," Tata Motors Managing Director and Group CEO Carl-Peter Forster said.
A company spokesperson said the three variants of the car will be available at ex-showroom prices between LKR 9.25 lakh (about Rs 3).
Reliance Mediaworks to make rights issue for raising Rs 500 cr
NEW DELHI: Reliance Mediaworks today said it will raise up to Rs 500 crore through an issue of equity shares to its existing shareholders.
In a filing to the Bombay Stock Exchange, the company said: "The board of directors has approved raising an amount not exceeding Rs 500 crore by way of rights offer of equity shares to the company's shareholders, subject to necessary sanctions, approvals and applicable provisions of law."
The company, however, said the price, share entitlement ratio, timing of the issue would be decided later.
"The board of directors has empowered its committee to decide upon the terms and conditions including the price, share entitlement ratio, timing and other details and modalities for the issue, which shall be informed in due course," it said.
The company posted a consolidated net loss of Rs 328.86 crore for the year ended March 31, 2011. In the previous fiscal, the company's net loss was Rs 143.51 crore, the filing said.
The company's consolidated net sales for the period under review increased 10.42 per cent to Rs 781.46 crore, as against Rs 707.69 crore in 2009-10.
Reliance Mediaworks is engaged in the business of film/television production and distribution and theatrical exhibition.
In a filing to the Bombay Stock Exchange, the company said: "The board of directors has approved raising an amount not exceeding Rs 500 crore by way of rights offer of equity shares to the company's shareholders, subject to necessary sanctions, approvals and applicable provisions of law."
The company, however, said the price, share entitlement ratio, timing of the issue would be decided later.
"The board of directors has empowered its committee to decide upon the terms and conditions including the price, share entitlement ratio, timing and other details and modalities for the issue, which shall be informed in due course," it said.
The company posted a consolidated net loss of Rs 328.86 crore for the year ended March 31, 2011. In the previous fiscal, the company's net loss was Rs 143.51 crore, the filing said.
The company's consolidated net sales for the period under review increased 10.42 per cent to Rs 781.46 crore, as against Rs 707.69 crore in 2009-10.
Reliance Mediaworks is engaged in the business of film/television production and distribution and theatrical exhibition.
Air India to combine 13 flights to tackle fresh financial crisis
NEW DELHI: Faced with a twin attack from oil PSUs and operators of Delhi and Hyderabad airports asking it to clear their dues, Air India on Saturday drew up plans to combine 13 flights spread over a few sectors till the start of the lean season from mid-June.In a bid to face the fresh financial crisis, the ailing national carrier sent a letter to the Civil Aviation Ministry urging the government to clear an estimated Rs 1,150 crore worth of dues on account of VVIP movements and evacuation flights including those to Libya.
It also wanted the government to take an expeditious decision on releasing Rs 1,200 crore worth of equity infusion, the provision for which has been made in the 2011-12 budget. This would enable the national carrier to face the crisis which has started adversely hitting its operations, sources said.
Three oil PSUs, Indian Oil Corporation , Bharat Petroleum Corporation Limited and Hindustan Petroleum Corporation , decided to slash supply of about 500 kilolitres of jet fuel per day to the airline, sources said.
To meet this situation, Air India has decided to fill the tanks of its aircraft from Dubai, London, Paris, Frankfurt and Bangkok where the prices are much cheaper than in India.
According to latest figures, Air India owes a total of Rs 2,250 crore to the three oil PSUs. The airline's daily fuel bill was Rs 13.5 crore in December when the oil firms stopped the credit line. It has now risen to Rs 18.5 crore due to the global crude price hike, from $70 to $120 a barrel.
To meet the fuel restrictions, the airline decided to curtail 13 of its services by combining flights on certain sectors, including Delhi-Mumbai and Chhattisgarh, they said.
During the lean season from June 15 till September, number of flights would in any case be curtailed due to low traffic and, therefore, there would be less fuel uplift.
Air India, which cancelled six flights yesterday, did not cancel any flight today, they said.
The oil PSUs and airline have reached an understanding that ATF supply would not be curtailed at all airports but at select major metros to give the airline the leeway to combine flights and adjust its loads and daily flight schedules.
On top of this crisis, the GMR-led Delhi International Airport Limited (DIAL) and GMR Hyderabad International Airport Limited (GHIAL) have also stopped their credit line and asked the national carrier to pay the landing, parking and navigation charges upfront or face restrictions on these services from June one.
Air India owes Rs 217.08 crore to DIAL and Rs 35.89 crore to GHIAL on account of these airport charges.
DIAL and GHIAL have also placed similar restrictions on Kingfisher Airlines which owes Rs 67.98 crore and Rs 21.98 crore respectively to DIAL and GHIAL.
The airport operators said Air India and Kingfisher would be allowed to operate their flights "only on cash and carry basis" from midnight of June one and had "significant amount of dues".
Gold, silver advance on global cues
MUMBAI: Gold and silver advanced further at the domestic bullion market here on Saaturday on sustained buying by stockists and speculators amid rising global trend.
In overseas market, the precious metals rose in overnight trade over a weaker dollar and renewed concerns about Middle East and North African unrest as well as European debt crises.
Silver ready (.999 fineness) climbed by Rs 295 per kg to finish at Rs 58,000 from Friday's closing level of Rs 57,705 per kg.
Standard gold (99.5 purity) hardened by Rs 120 per 10 grams to end at Rs 22,565 from Rs 22,445 previously.
Pure gold (99.9 purity) also strengthened by a similar margin of Rs 120 per 10 grams to close at Rs 22,665 as against Rs 22,545 yesterday.
In New York, gold for August delivery gained USD 13.60 to USD 1,537.30 an ounce on the Comex division of the NYMEX.
July silver moved up by 53 cents to USD 37.86 an ounce.
In overseas market, the precious metals rose in overnight trade over a weaker dollar and renewed concerns about Middle East and North African unrest as well as European debt crises.
Silver ready (.999 fineness) climbed by Rs 295 per kg to finish at Rs 58,000 from Friday's closing level of Rs 57,705 per kg.
Standard gold (99.5 purity) hardened by Rs 120 per 10 grams to end at Rs 22,565 from Rs 22,445 previously.
Pure gold (99.9 purity) also strengthened by a similar margin of Rs 120 per 10 grams to close at Rs 22,665 as against Rs 22,545 yesterday.
In New York, gold for August delivery gained USD 13.60 to USD 1,537.30 an ounce on the Comex division of the NYMEX.
July silver moved up by 53 cents to USD 37.86 an ounce.
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