Tata Motors on March 26 acquired Ford’’s British marquees Jaguar and Land Rover for 2.30 billion dollars in an all cash deal, sealing a deal that it pursued for nine months. Under the deal, Tata will continue to source engine from Ford, which would be paying about 600 million dollars toward the pension liabilities of Jaguar-Land Rover employees. As part of the transaction, Ford will continue to supply Jaguar and Land Rover for differing period with powertrains, stampings and other vehicle components in addition to a variety of technologies such as environmental and platforms. Ford has also committed to providing engineering support, including Research and Development plus information technology, accounting and other services.

In addition, Ford Motor Credit Company will provide financing for JLR dealers and customers during a transitional period, which can vary by market, for up to 12 months. The deal would be funded through a mix of existing cash reserves and new debts. Recently, Tata Motors had announced that its Board has approved raising of Rs 4000 crore (about one billion dollar) from either overseas or domestic markets through issuance of securities. The company had said the funds to be raised would be utilised to part finance overall funding requirement to meet some of its strategic plans. Stating that its expansion plans through organic route over the next 3-4 years might incur expenditure; the company said the acquisition opportunities have to be financed upfront. The acquisition by the Tatas saves up to 40,000 British jobs. While the three Jaguar and Land Rover factories in Britain employ 16,000 people, the number swells to around 40,000 when ancillary units are taken into account, according to Andrew Dodgson of Unite.

The only question mark that surrounds the acquisition is one posed by some industry watchers in the US - over the branding of the two luxury brands, given that Tata Motors have unveiled the Nano, the world’’s cheapest car, this year. Tata Motors is India’’s largest automobile company, with revenues of $7.2 billion in 2006-07. With over 4 million Tata vehicles plying in India, it is the leader in commercial vehicles and the second largest in passenger vehicles. In the past few years, the Tata group has led the growing appetite among Indian companies to acquire businesses overseas in Europe, the United States, Australia and Africa - some even several times larger - in a bid to consolidate operations and emerge as the new age multinationals.
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Policy holders of pure term insurance products can look forward to more reasonable premiums as the Insurance Regulatory and Development Authority (IRDA) slashes the mandatory solvency margins by two-thirds for companies offering these products. The pure term products, which account for a little share in total insurance market, give simple life cover and companies could design products, which could achieve various segments of the population so as to meet their insurance requirements.

To improve the insurance penetration, the regulator had conceived various factors including the impact of life-insurers capital requirement under the solvency margin regulation and the need for reviewing the solvency margin required for pure term products. The proposed required solvency margin at a lower level for pure term products will give significant relief to life insurers, both under individual and group products. The Authority had modified the first factor and second factor, with respect to non-linked business, in working out the required solvency margin in such a way that it would be brought down by about two-thirds.

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Sun Pharmaceutical Industries Ltd has announced that USFDA has granted approval for Abbreviated New Drug Application (ANDA) to market a generic version of Medimmunes Ethyol®, amifostine for injection 500mg.

This generic amifostine for injection is therapeutically equivalent to Medimmunes Ethyol® amifostine for injection 500mg. Ethyol® has annual sales of approximately USD 80 million in the US.

Sun Pharma, being the first-to-file an ANDA for generic Ethyol® with a para IV certification, has a 180-day marketing exclusivity.

Ethyol® is covered under 3 patents - 471 (July 31, 2012), 731 (July 31, 2012) and 409 (Dec 08, 2017). This ANDA was filed with para IV certification against all the patents. Medimmune flied a suit in the District Court of Maryland and the case is under litigation.

Amifostine is used as an adjuvant in cancer treatment. Sun Pharmas amifostine for Injection will be indicated for the reduction of kidney damage in patients who have advanced ovarian cancer and are being given repeat doses of cisplatin.

Housing Development Finance Corporation Ltd (HDFC) has informed that the Corporation on March 13, 2008, allotted 1,57,036 equity shares of Rs 10 each, pursuant to exercise of stock options under its Employees Stock Option Scheme (ESOS).

Post the said allotment the paid-up equity share capital of the Corporation would stand at Rs 283,89,43,180 consisting of 28,38,94,318 equity shares of Rs 10 each.

Mahindra Intertrade Ltd (MIL), a wholly owned subsidiary of Mahindra & Mahindra Ltd (M&M), on March 12 opened an electrical steel processing plant here. The company has initially infused Rs 30 crore on the plant, set up in 10 acres, to operate as a one-stop shop for processed electrical steel requirements. It will manufacture laminations for transformer cores, giving a high-tech processing back-end for transformer OEMs located in Gujarat, which has recently saw soaring growth in the power sector led by MNCs such as ABB.

The plant’’s location near Vadodara ensures proximity of the facility to power transformer manufacturers most of whom are located in Central and Western India. The domestic transformer industry is set to gain from the strong demand hoped from reforms in the power sector. The Government has also transferred focus from adding generation capacities to strengthening the distribution system. MIL had opened the country’’s first steel service centre Mahindra Steel Service Centre, in 1993, near Pune together with its Japanese partners Mitsubishi Corporation and Nissho Iwai Corporation for home appliances and transformer industries.

Allied Digital Services Ltd has informed that the Board of Directors of the Company at its meeting held on March 11, 2008, inter alia, has approved the following:

1. Enhance the borrowing limit of the Company from the existing limit of Rs 100 Crores to Rs 750 Crores subject to the approval of the Shareholders of the Company.

2. Increase the Authorised Share Capital of the Company from Rs 20 Crores to Rs 25 Crores subject to the approval of the Shareholders of the Company.

3. Issue Foreign Currency Convertible Bonds, Depository Receipts and /or other appropriate securities up to an amount not exceeding USD 100 Million or its equivalent in International or Domestic currency subject to the approval of the Members and subject to the approval of the concerned authorities as applicable

4. Issue Equity Shares or Fully Convertible Debentures, partly Convertible Debentures or any security other than warrants which are convertible into or exchangeable with the Equity Shares for an aggregate sum upto USD 100 Million or its equivalent in International or Domestic Market to qualified Institutional buyers (as defined by SEBI (DIP) Guidelines, 2000) pursuant to a qualifies Institutions placement, as provided in the Chapter XIII A of SEBI (DIP) Guidelines, 2000.

5. Invest in the Equity Shares of Digicomp Complete Solutions Pvt Ltd, a Company based in Bangalore and engaged in the business of Technical BPO, Reverse Logistics, Asset Recovery and RMA Services, so as to acquire at least 51% controlling interest in the said Company.

6. Ratification of the Employee Stock Option Scheme 2007 (ESOP 2007) of the Company (pre-IPO scheme) by the members, pursuant to Regulation 22.2A (a)(ii) of the SEBI (Employee Stock Option Scheme And Employee Stock Purchase Scheme) Guidelines, 1999.

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ICICI Bank Ltd’’s Sri Lanka Branch was able to procure salary accounts of over 50 Corporates within one year, a product that was made available to the local corporate sector in Sri Lanka. The Bank felicitated its customers at a recent gathering over this achievement. Sachin Sikka, Sri Lanka’’s Senior Vice President and Head of Retail Libilities, ICICI Bank said that since they launched this product to the top corporate management and decision makers in Sri Lanka one year ago they have received a good response in the market resulting in over 50 partnerships with the corporates.

Those Corporates, who wished to open salary accounts of their employees with ICICI BANK, could have their salaries credited to the account at no cost, with the concept of ”Single Debit Multiple Credits”. The concept of Drop Boxes was explained to the gathering in Colombo, which was attended by representatives of leading Corporates. The Bank’’s customers took the opportunity to speak of their experiences and recounted how this particular product had helped their day to day operations. Since the commencement of operations in Sri Lanka, the Bank has been highly successful in attracting a growing number of customers through its unique retail and corporate products, including an exceptional ATM network totaling 800 island-wide [regardless as to whether its an ICICI ATM or not], personal loans, and speedy remittance services. ICICI Bank’’s international ATM-cum-Debit card is also accepted at any VISA enabled point of sale terminal in Sri Lanka as well as globally, to provide customers with the dual convenience of cash free transactions and greater security.

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Infrastructure Development Finance Company Ltd (IDFC) has informed that on March 05, 2008, pursuant to IDFC Employee Stock Option Scheme 2007, the Company had granted 2,030,000 options to its employees to subscribe 2,030,000 equity shares at a price of Rs 146.06 per equity shares. The vesting of options is spread over a period of 3 years at the ratio detailed below:

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Date of VestingEnd of the 1stEnd of the 2ndEnd of the 3rdYearYearYear

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Options (%)303040

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European and US banks will move more IT work to cheaper countries to cut budgets, according to the head of Infosys, the Indian software giant. The move could herald further job cuts in the City. Wages for computer programmers have spiralled upwards in London in recent years amid fierce competition among banks and a dearth of domestic talent. The trend helped fuel a 6 per cent rise in global spending on IT by banks last year, to an estimated £170 billion. Lower-skilled call-centre work may also be affected.

Budget decisions are being delayed as firms across all sectors tighten spending and decide whether they can make do without upgrading the technology that underpins their businesses, he added. Those banks where leading executives have been forced to step down in the wake of the US sub-prime crisis are being especially indecisive, he said.

HEG Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 03, 2008, have unanimously approved the following:

1. By way of special resolutions:-

To create, offer, allot and issue on preferential basis

i. 60,00,000 Warrants of Rs 365/- each aggregating to Rs 2,19,00,00,000/- (Rupees Two Hundred Nineteen Crores Only) with option of conversion of each Warrant into One Equity Share of Rs 10/ each within a period of 18 months from the date of issue and allotment to Promoters, Directors and Persons acting in concert, which includes Associates, Relatives and Friends of such Promoters and Directors.

ii. 3,40,000 Warrants of Rs 365/- each aggregating to Rs 12,41,00,000/- (RupeesTwelve Crores Forty One Lacs Only) with option of conversion of each Warrant into One Equity Share of Rs 10/- each within a period of 18 months from the date of issue and allotment to Employees of the Company, Group Companies and Associates Companies;subject to the compliance of applicable laws and provisions in this regard.

2. By way of ordinary resolution:-

Appointment of Mr. R C Surana, Executive Director of the Company for a period of 5 (Five) years w.e.f. January 29, 2008.
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