Important News of the Week:

11/05/2007 MRO-TEK issues buy-back offer MRO-TEK has issued a public announcement to the shareholders of the company to buyback 25.60 lakh shares (12.34%) at Rs 55 per share from the open market.The offer opens on 21 May 2007 and closes on 29 March 2008. 12/05/2007 Kavveri Tele targets Rs 100-cr turnover Kavveri Telecom Products (Kavveri), a Bangalore-based telecom firm, is targeting Rs 100 crore in turnover this fiscal. It has invested Rs 15 crore in expanding its contract manufacturing plant in Jigani, Karnataka.This BSE-listed company manufactures antennae, RF products and solar panels in its four facilities The company hopes to make Rs 100 crore this fiscal and maintain the same percentage of profit, according to Mr D. Venkateswarulu, Company Secretary, Kavveri. It employs 250 people in India and 60 in Canada, through its subsidiary Kavveri Technologies.The company is planning significant expansion of its contract manufacturing plant in Jigani, Karnataka. An initial investment of Rs 15 crore has already commenced, said Mr Nicholas L., Director-R&D, Kavveri. The facility manufactures wireless antennae and other telecom products for public safety usage for two North American clients.The company currently makes Rs 2 crore from exports, but this is expected to go up substantially as the company enters the US telecom market with its recent acquisitions paving the way.Kavveri announced it has completed acquisition of Canada-based DCI Digital Communication Inc, which makes filters, for CAD$2 million.Frequency filters are getting increasingly important in a telecom network, with the emergence of new wireless technologies such as 3G and WiMAX. Electromagnetic spectrum is getting crowded. Filters are needed to ensure communication continues without overlapping of frequencies, said Col. T.S. Gururaj, General Manager, Business Development (Telecom), Kavveri. A GSM base station uses up to six filters.DCI will be headed by Ms Uma Reddy as President. With this acquisition, the company's product portfolio increases to encompass VHP and UHF bandpass filters, low pass filters, Wi-Fi filters, multiple-window filters, combiners, tower-top amplifiers, broadband duplexers and CDMA repeaters.The Indian filter market is worth Rs 50 crore, of which the company claims to have 50 per cent market share. Through this acquisition, Kavveri expects to increase the market share in India as well as its reach into North American market. Filters business contributes to 25 per cent of Kavveri's business. 14/05/2007 Sundaram Multi to merge two entities with itself On 14 May 2007, Sundaram Multi Pap had resolved to amalgamate Sihora Paper Mills and Vidarbha Paper Mills with itself.The amalgamation would increase the sales and profitability of the company. 15/05/2007 Cadila to complete buyout of Sarabhai joint venture Zydus group's Cadila Healthcare has entered into a share purchase agreement with Ambalal Sarabhai Enterprises to acquire the remaining 50% holding in their JV company, Sarabhai Zydus Animal Health. This acquisition will make the company a 100% subsidiary of Cadila Healthcare. The value of acquisition (50% stake) is yet to be finalised, said Cadila's spokesperson.Sarabhai Zydus Animal Health, formed in 2000, is among the leading animal healthcare companies in India that posted a turnover of Rs 88.87 crore in 2006-07. It markets a wide range of therapies and has a strong presence in the livestock, poultry and companion animal business. With 250 employees, the company has a countrywide marketing network. It also has alliances with Abic, a Teva group company, and Lillydale of UK.This year we expect to cross the Rs 100-crore turnover mark. Now, that Zydus group has full control of the company, we will consider setting up our manufacturing facilities, said Arun Atrey, managing director, Sarabhai Zydus Animal Health.Last year, the company's performance was hit by bird flu. This year, we do not expect it to recur and the preparedness on the part of the government and industry is much better, said Mr Atrey.The animal health business in India is still very small with an estimated turnover of Rs 1,100 crore, while the global market size is about $18 billion.But, with organised retailing growing in a big way and contract and corporate farming going to take off, the demand for animal health business is going to shoot up, said Mr Atrey.Currently, the company has very small export sales as it does not have its own manufacturing facilities. But, as there is a big global opportunity for outsourcing to India, we will now set up our production facilities in the future, he added.In 2000, the JV partners pooled the animal healthcare business of both the groups to create Sarabhai Zydus Animal Health one of the leading animal healthcare companies in India. The company commenced operations from April 2000.It is one of the leading player in the anti-infective segment, which is the largest segment in the animal healthcare industry. With a major presence in therapeutic areas of anti-bacterials, analgesics, antihelminthics, poultry vaccines, probiotics, tonics and feed supplements, Sarbhai Zydus Animal Health is exploring novel ways of reaching veterinarians and farmers. 15/05/2007 Sayaji Hotels denies Bangalore foray Sayaji Hotels has clarified to to the news item that appeared in leading financial daily.The company said that it does not have any immediate plan to construct 360 room five star hotel at Bangalore and it has not purchased any land, as stated in the newspaper article. The company is coming up with 247 room hotel at Pune and the construction has already been started and will be completed in the year 2008.The funds for the Pune hotel project is already been raised through preferential issue and FCCB, both in 2006 and the debts are already tied up with banks. 16/05/2007 Cupid gets order worth Rs 10.67 crore Cupid has received an order worth Rs 10.67 crore from Indian Ministry of Health and Family Welfare for suppy of 85 million condoms. 16/05/2007 Gujarat NRE to acquire Australia's Elouera Colliery Gujarat NRE Coke has signed an agreement with Illawarra Coal Holdings Pty for acquiring Elouera Colliery, Australia.Some of the key feature of this acquisition is that the mine is in operation and capable of producing coking coal on transfer to the company.The mine has substantial infrastructure for coal storage and transportation, which includes a private rail link to port and it would provide a cheaper option to access the NRE Avondale Colliery.Along with the mining lease the company will also acquire mining equipment, freehold title and land associated with the mining lease. 16/05/2007 Suryavanshi Spinning board okays amalgamation with Suryavanshi Textiles Suryavanshi Spinning Mills' board on 15 May 2007 had approved the company to amalgamate with Suryavanshi Textiles at a share exchange ratio of 54 equity shares for every 100 shares held in Suryavanshi Textiles.The company will hold an extraordinary general meeting on 14 June 2007 for obtaining consent of members in above decision. 17/05/2007 Arvind shifts exports focus to retail The Ahmedabad-based Arvind Mills will shift its focus from denim exports to branded retail after its profit dipped 75 per cent in the last quarter owing to falling margins in the cyclical global denimwear market.The company is one of the largest denim manufacturers in the world. During the quarter ended March 31, net profit fell to Rs 5.4 crore from the corresponding quarter's Rs 21.47 crore, while net sales grew 35 per cent to Rs 483 crore.Managing Director Sanjay Lalbhai said he expected Arvind brands to contribute 50 per cent to the company's business by 2010-end from the current 35 per cent.Arvind has over 14 brands. While it has licensing agreements to retail international brands such as Arrow, Lee, Wrangler, Kipling, Nautica and Jansport in India, it has formed joint ventures to retail brands like Tommy Hilfiger and Diesel. Arvind's homegrown brands include Excalibur, Flying Machine, Ruf & Tuf and Newport.To drive sales, Arvind recently repositioned Arrow, Excalibur and Flying Machine. It has also roped in actors Milind Soman and Abhishek Bachchan to promote these brands.'If sales have to increase, we need to tell people what is in vogue, and that can happen only if a celebrity, our customer identifies with, endorses our product. Our budgets for advertising is in the range of Rs 35-40 crore,' Lalbhai said. Please Also visit:

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