Non-ferrous metals producer Hindalco Industries plans to start its 1.5 million tonnes per annum (mtpa) alumina refinery in Orissa by the end of March 2013, a company official said on Wednesday. The plant, in Orissas Rayagada district, was scheduled to start operations in January, but has been delayed due to slow progress of project work. We hope to commission the plant by end of March, SK Mishra, a senior advisor at Utkal Alumina International, a wholly-owned unit of Hindalco, said. Hindalcos bauxite mining in the state, which was scheduled to start in October 2012, has also been delayed and may start by the end of this month, Mishra said. The company initially aims to mine 4.3 to 4.4 mtpa of bauxite for the refinery, though it has permission to mine 8.5 million tonnes.
India is reviewing Dreamliner safety: DGCA
India is reviewing the safety situation of Boeing Dreamliners and will also talk to component makers of the US aircraft but there are no plans to ground the planes, the aviation regulator said on Wednesday. We are not having any problem with our Dreamliners. The problems we had earlier were fixed, Arun Mishra, Director General of Civil Aviation, told Reuters. Air India owns six Dreamliners. We are reviewing the situation now ... we will have to talk to component companies, Mishra said.
Cognizant bags 5-year Robobank contract
IT major Cognizant has announced that it has been selected by Rabobank to deliver a broad portfolio of application services to drive operational efficiencies and improve productivity. The finanicial details of the deal were not disclosed. Under the five-year agreement, Cognizant will provide application development, maintenance, and testing services to Rabobank, leveraging its consulting capabilities and proven financial industry expertise. Cognizant will combine its global talent base to help Rabobank reduce the total cost of ownership, and ensure quality and consistency across its applications portfolio. Cognizant optimise Robobanks strategic IT investments.
Jindal Steel & Power ends Afferro takeover talks
Jindal Steel & Power ended talks to buy Afferro Mining after assessing its Cameroon iron ore reserves and will negotiate instead with two other African miners, said two people with knowledge of the matter. Indias most valuable steelmaker may have to invest as much as $2 billion to build railway lines and related infrastructure for the project, which it now judges to be too expensive, said the people, who asked not to be identified, citing confidentiality terms. The exclusivity period for talks with a potential acquirer has ended, London-listed Afferro said in a statement. The deadline was set for January 13.
TTK Prestige posts 28% jump in Q3 net profit
Home appliances firm TTK Prestige, on Wednesday, posted a 28% jump in net profit for the third quarter ended December. The company recorded a profit of R44.1 crore against R34.6 crore, recorded a year ago. Revenues grew by 31% during the quarter to R437.1 crore from R334.3 crore due to festival season benefits and higher focus on up country markets. Ebitda growth has been slower at 18% y-o-y, while margins were at 14.2% showing a decline of 158 basis points y-o-y.Higher input costs and other expenses have impacted operational performance marginally during the quarter, analysts noted.
Somany Ceramics Q3 net up 72.51% at R8.16 crore
Tiles maker Somany Ceramics on Wednesday reported a 72.51% rise in its net profit at R8.16 crore for the quarter ended December 31, 2012, mainly on account of value added products. The company had posted a net profit of R4.73 crore for same period previous fiscal, Somany Ceramics said. Net sales of the company stood at R266.23 crore for the quarter under consideration as against R216.46 crore for the corresponding period last fiscal.
R Shankar appointed TVS Logistics CEO
TVS Logistics has appointed R Shankar as its chief executive officer with immediate effect. Prior to his new role, Shankar served at Eicher Motors, Tata Motors Commercial Vehicles and as the managing director, Foton Motors India, a company statement said. Shankar would be entrusted with expansion of business verticals across India, it said.
Now, Fortuner with 5-speed automatic transmission
Toyota Kirloskar Motor on Wednesday said it has launched a new variant of sports utility vehicle Fortuner in five-speed automatic transmission, priced between R22.33 lakh and R22.93 lakh (ex-showroom, Delhi). Further adding to Fortuners strength of unmatched road presence and luxury, we have now introduced the five-speed automatic transmission... The five-speed AT will further add to the drive quality and comfort, Toyota Kirloskar Motor (TKM) deputy managing director and COO (marketing and commercial) Sandeep Singh said in a statement.