NHAI to raise Rs 3000 crore in FY09-10

The National Highways Authority of India (NHAI) plans to raise Rs 3,000 crore in 2009-10 through tax-free bonds to fund the road projects.

According to sources, the bonds are expected to hit the market very soon.

It should be noted that the company has earlier raised Rs 1,700 crore in the last fiscal (2008-09) to strengthen the sector.

In addition, the highways regulator was reported in talks with the Asian Development Bank for a loan of $400 million (about Rs 2,000 crore) to fund road projects.

Last year the highways' regulator had planned to bid out 60 projects worth Rs 70,000 crore but, most of these projects failed to generate any response in the wake of the economic slowdown.

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Sun Pharmaceutical gets USFDA nod for Oxycodone HCL tablets

Drug firm Sun Pharmaceutical Industries has informed that the US health regulator Food & Drug Administration (FDA) has finally granted its subsidiary an approval for its Abbreviated New Drug Application (ANDA) to market oxycodone hydrochloride tablets.

The drug is a generic version of Xanodyne Pharmaceuticals' Roxicodone tablet, which is used as a narcotic painkiller in the treatment of moderate to severe pain. The company said that it would launch the products in US market shortly, in the strength of 5mg, 15mg and 30mg.

According to reports, oxycodone tablets have annual sales of approximately US$160 million in the US.

Recently, Sun Pharmaceutical got U. S. Food & Drug Administration approval to make and sell generic versions of anticonvulsant topiramate tablets.

At 3:10 pm, the shares of company were trading at Rs 1148 on BSE, up by Rs 20.90 or 1.85%. The stock hit an intraday high of Rs 1163 and low of Rs 1127.10.

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Intex launches Dual SIM mobile ‘IN-5050’

Intex Technologies, a 12-year-old IT Hardware and Electronics company, has finally entered CDMA based mobile phones genre with the launch of much awaited dual SIM (GSM + CDMA) mobile handset- IN 5050.

Earlier, the company was operating in GSM genre only with 7 models.

The latest sleek candy-bar handset, which weight just 88 grams, allows the users to multi-task by installing two separate SIM cards belonging to two different service providers (GSM/CDMA) and make a smooth shift between them, without switching off the mobile phone.

IN 5050 is equipped with a 1.3 megapixel camera along with Bluetooth, through which one can record and share some unforgettable moments. It allows users to store upto 1000 number phonebook and 400 SMS memory. Furthermore, the device also features Dual Speakers for a clear, high quality audio output.

To make the deal more attractive, the latest gizmo comes with freebies like 1 GB memory card, an extra battery and a portable battery charger. The device offers upto 160 minutes of talk time on full charge and upto 130 hrs of standby time.

Intex has been expanding its existing product lines at a really fast pace. Recently the company had introduced IN 2020, IN 2222, IN 1210 and IN 3333 mobile phones in the market and had also unveiled nine notebooks targeting different consumer segments.

The phone is available at a price of Rs 7,200 through company’s channel network comprising of 1000+ distributors and 12,000+ dealers spread across the country.

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Nokia launches ‘N79’

Nokia, the world's biggest mobile phone maker, has launched the N79, a characteristic typical of the iconic Nseries that combines intelligent and customizable design with a fully-loaded multimedia device.

The newly launched handset is powered by Symbian OS 9.3, Series 60 v3.2 UI operating system, instead of the typical Windows Mobile OS. In addition, it comes equipped with a complete range of multimedia experiences such as AGPS with voice navigation, high-speed connectivity, superior web browsing experience, 10 pre-loaded N-Gage games.

Moreover, while many mobile phones only include a measly 1.3 megapixel camera, the Nokia N79 comes with an extra formidable 5 Megapixel camera, along with Carl Zeiss optics, autofocus, dual LED Flash, which captures sharp, clear images and videos that can be edited without even using a personal computer.

Combined with the device’s high-fidelity sound from its dual speakers, the device comes with the integrated FM Transmitter, which makes it a true companion for music lovers. As far as memory is concerned, the mobile uses microSD, which allow it an extendable memory of up to 8GB, on top of the 50 MB of internal memory.

Each Nokia N79 pack comes with two additional interchangeable Xpress-On smart covers in different colours, which have an inbuilt microchip that ensures that when the back cover is changed, the display theme changes automatically to match the colour of the cover.

As a special offer for Indian consumers, the Nokia N79, comes preloaded with ‘Anthems 1998-2008’, a compilation of 19 all-time favorite classic club songs and 17 new age music videos, presented by the Ministry of Sound.

The company claims that it’s newly launched ‘Nokia N79’ offers up to 372 hours of battery time in standby, and 5 and a half hours while talking.

The Nokia N79 is available at a price tag of Rs 22,939 through Nokia outlets, across the country.

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Gitanjali to open 30 new jewels outlets

Gitanjali Jewels, owned by the Gitanjali Group, has planned over 30 Gitanjali Jewels outlets across the country in the next four months.

The company, a leading manufacturer of diamond jewellery and known for its Gili and Nakshatra brands of ornaments, said that these branded jewellery outlets would be over and above the 30 Gitanjali Jewels outlets, and came at various locations across the country.

According to the sources, these proposed outlets are expected to come up Tier-III towns of the country, as the firm believes that there is a huge potential for sale of branded jewellery items in these locations.

Currently, Gitanjali Group has 125 outlets throughout the country out of which 38 were branded jewellery outlets, while the remaining outlets of the group catered to fashion, lifestyle and luxury products.

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Pantaloon soars 22%

Pantaloon Retail India board meeting for mulling over the restructuring of the company's business and raising funds through equity, its stock soared nearly 22 percent at the Bombay Stock Exchange on Monday, touching an intra-day high of Rs 207.80. The shares of the company - part of the Kishore Biyani-promoted Future Group - were up 16.41 percent at 199 rupees.

In January this year, Pantaloon Retail had announced its intentions of skim off four of its business entities - which also include Big Bazaar and Food Bazaar - into sovereign ancillaries, thereby keeping open their future prospects of being listed independently.

According to a Pantaloon Retail a regulatory filing to the stock exchanges last week, the agenda of the proposed board meeting was to deliberate upon the restructuring of its business, "by realigning the business lines as per verticals and considering to create separate legal entities for the same."

The filing also added that, at the meeting, the board of the company would also reflect on the issuance of securities - including issuing shares or warrants, on preferential basis to potential promoters or investors - along with thinking about "changing the name of the company in view of its new structure."

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Universal Cables inks ‘JV pact’ with Japan-based Furukawa Electric

Universal Cables, part of the M P Birla group, has informed that it has signed a JV pact with Japan-based Furukawa Electric Co. Ltd.

Under the arrangement, Universal Cables, in technical and financial collaboration with The Furukawa Electric Co. Ltd, Japan, would incorporate, establish operation of a Joint Venture Company, for manufacture of Optical Fibre and allied businesses in the country.

According to an official release, the company will be incorporated with an authorized capital of Rs 200 million.

Universal Cables Limited engages in the manufacture and sale of power cables, capacitors, and optical fiber in India and internationally.

The scrip of the company today closed at Rs 41, up 3 per cent compared to previous close of Rs 40.

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Tech Mahindra wins Satyam

Scam-hit IT major Satyam has informed that its board of directors has selected Venturbay Consultants Pvt. Ltd., a subsidiary controlled by Tech Mahindra Ltd. as the highest bidder to acquire the controlling stake in the company.

However, the decision is yet subject to the approval of the Company Law Board (CLB).

Tech Mahindra, which is a joint venture between British Telecom and the Indian conglomerate Mahindra & Mahindra, today emerged as bid winner by bidding at Rs 58 per share, defeating bids of rivals viz. engineering firm Larsen & Toubro (Rs 45.90/share) and billionaire investor Wilbur Ross (Rs 20/share).

Just after declaration of result, Tech Mahindra has executed a share subscription agreement with the company, under which the company has agreed to subscribe to 30.28 crore shares of the company, representing 31% of the share capital of the company.

The company will infuse Rs 1757 crore into the company through equity shares, to acquire controlling stake at quoted price.

Reacting to latest development, market analysts said that latest acquisition deal will definitely help the company, to diversify into new areas instead of just depending on the telecom sector.

During intraday session, shares of Tech Mahindra today surged as much as 25 per cent on the BSE after the software firm emerged as the highest bidder. The scrip of the company finally settled the day at Rs 359, up 12% compared to previous close.

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