FACT's Q3FY10 loss at Rs 17.49 crore

Feb 8: 8Fertilizers And Chemicals Travancore Limited (FACT) has reported a loss of Rs 17.49 crore in Q3FY10 against the net profit of Rs 5.28 crore in Q3FY09. The company had garnered a net sales turnover of Rs 565.97 crore in the quarter under review which is lower by 21.11% over that of Rs 717.42 crore in the corresponding quarter of the previous fiscal.
 8The petrochemical division, during the quarter, generated a revenue worth Rs 119.60 crore while the capital employed in the division was Rs 70.80 crore. Besides, no investor complaints were received during the the quarter.
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Tata Chemicals Limited receives environmental nod

Feb 8: 8The Ministry of Environment and Forests (MoEF) has granted environmental clearance to the project of setting up an Ammonia Plant by Tata Chemicals Limited (TCL).  TCL has proposed for setting up a 2,200 Metric Tonne Per Day (MTPD) Ammonia Plant at its existing fertilizer complex, situated at Babrala in the Badaun district of Uttar Pradesh. The proposed plant is a part of the company's expansion drive for the fertilizer complex.
 8The plant will be installed within the existing premises of the company's fertilizer complex, enclosed within a land area of 1519.7 acres, out of which 409 acres have been earmarked for green belt development. Besides, the cost of the project has been estimated at Rs 4438.25 crore.
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Mysore Paper Mills Limited tender for Poly Aluminum Chloride procurement

Feb 8: 8Mysore Paper Mills Limited (MPML) has floated tenders for the procurement of 1,800 Metric Tonne (MT) of Poly Aluminum Chloride. The prospective bidders, as per the tender notification, should be manufacturers of the product, and, should have manufactured, tested and supplied at least 50% of the quoted quantity ( which is 900 MT) in the last two fiscals. And, the bidders should also possess a minimum annual turnover of Rs 0.35 crore in any of the last five fiscals.
 8The tender notification further reveals that the prospective bidders should not be associated or have been associated in the past, directly or indirectly, with a firm or any of its affiliates which have been engaged by MPML to provide consulting services for the preparation of the design, specifications and other documents, to be used for the procurement under this tender. Moreover, the bidders should not be under a declaration of ineligibility by the Government of Karnataka for corrupt or fraudulent practices.
 8The validity of the bid submitting period extends upto March 5,2010.
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Kerala Metals and Minerals Limited tender for Sodium Hexameta Phosphate procurement

Feb 8: Kerala Metals and Minerals Limited (KMML) has invited bids for the supply of 100 Metric Tonne (MT) of Sodium Hexameta Phosphate for a period of one year. The company, in its tender notification, has mentioned that the successful bidder will have to make his own arrangements for the supply of the product as per requirements. And, the supply has to be done in Polythene lined High Density Poly Ethylene (HDPE) bags of 50 kg capacities. Besides, each consignment should be accompanied by a test certificate. The last date for submission of the bids has been fixed as February 23, 2010.
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Steel Authority of India tender for Sulphuric Acid procurement

Feb 8: Steel Authority of India (SAIL) has invited online bids for the supply of 1,100 Metric Tonne (MT) of Sulphuric Acid at its Rourkela Steel Plant, situated in Orissa. SAIL has mentioned that the minimum concentration of the acid should be 95%. The prospective firms should be manufacturers or traders of the product, and, should have supplied at least 500 tonne of the product against a single order in any one of the preceding three fiscals. Besides, the participating firms should also be capable of supplying 150 tonne of the product per month. The validity of the bid submitting period remains intact upto February 22, 2010.
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Briefs I

Feb 8: 8The Board of Directors of Allied Resins and Chemicals Limited (ARCL) will consider the proposal of a merger of the company with ARCL Organics Limited (AOL) in a meeting scheduled for February 12, 2010. Moreover, the Directors, in the meeting, are also likely to consider and approve the unaudited financial results of the company for the third quarter of the current fiscal.
8The members of Punjab Chemicals and Crop Protection Limited (PCCL), in the Extra Ordinary Meeting on February 8,2010, have approved the proposal of the company to raise funds upto Rs 200 crore by means of warrants, debt instruments, private placements, structured debts , rights issue, global depository receipts (GDR) and foreign currency convertible bonds (FCCB).
8Polylink Polymers India Limited (PPIL) has recorded a loss of Rs 0.16 crore in Q3FY10 against the loss of Rs 4.17 crore in Q3FY09. Net sales for the company, in Q3FY10, were Rs 8.84 crore as compared with the net sales of Rs 11.39 crore in Q3FY09.    Details

India and UK decide to increase bilateral trade

Feb 7: During the sixth session of the Indo-UK Joint Economic and Trade Commission (IUJETC), concluded recently, India and the UK have mutually agreed to enhance the respective Foreign Direct Investment inflows to increase the volume of bilateral trade between both the sides. Both the sides have also agreed upon the urgent necessity for the improvement in the existing regulatory environment, which is affecting the bilateral trade and investment flows.
 8The session was attended by Anand Sharma, India's Union Minister of Commerce and Industry, and, Lord Peter Mandelson, the Secretary of State for Business, Innovation and Skills, in the Government of UK.
 8India recognizes UK as one of its major trading partners. And, India's trade with UK, in FY09 alone, stood at USD 12 billion.
 8Sharma, in the session, said that the massive infrastructure development programmes undertaken in India present huge opportunities for foreign investments in the country.It was further agreed in the session that senior officials will review the progress of the implementation of the decisions of the IUJETC, once in every six months.
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RCFL tender for Potassium Nitrate procurement

Feb 7: Rashtriya Chemicals and Fertilizers Limited (RCFL) has floated tenders for the procurement of 609 Metric Tonne (MT) of Potassium Nitrate. RCFL, in its tender notification, has mentioned that the successful bidder will have to supply the product in Low Density Poly Ethylene (LDPE) Heat Sealed Liner Bags, which are again have to be packed in High Density Poly Ethylene (HDPE) bags of 25 kg capacities. And, the labels on the bags should have the following information: name of the product, purity level in percentage, manufacturing date and net weight. The last date for submission of the bids has been fixed as February 22,2010.
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IOCL tender for Wax Hydro Finishing Unit Catalyst procurement

Feb 7: Indian Oil Corporation Limited (IOCL) has invited bids for the supply of Wax Hydro Finishing Unit Catalyst and Alumina Balls at its Haldia Refinery in West Bengal.
 8The eligibility criteria for the prospective bidders, as mentioned in the tender notification, include successful execution of, during the five preceding fiscals, three similar works worth at least Rs 0.16 crore each, or, two similar works worth at least Rs 0.22 crore each, or, one similar work worth at least Rs 0.27 crore. And, the prospective bidders also should respectively possess a minimum annual turnover of Rs 0.33 crore during any of the last three fiscals.
 8The last date for submission of the bids has been fixed as March 3, 2010.
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CRISIL assigns BB and P4 ratings to Riviera Polymers Private Limited's bank facilities

Feb 7: The domestic credit rating agency, CRISIL, has assigned a 'BB' rating to the Rs 10 crore cash credit of Riviera Polymers Private Limited (RPPL). Moreover, CRISIL has further assigned a 'P4+' rating to the Rs 3.5 crore bank guarantee of the company.
8The ratings are reflexive of the company's moderate financial risk profile which is marked by a low net worth alongwith high gearing, exposure to risks related to geographical concentration in revenue profile, and, small scale of operations.
8However, these weaknesses of the company are partly countered by the benefits the company derives from its established track record as a distributor of polymers for GAIL. Furthermore, ratings also reflect the company's satisfactory risk management policies.
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Briefs I

Feb 7: 8Jayshree Chemicals Limited (JCL) has fixed February 18,2010 as the Record Date for the issue of 3,29,94,374 equity shares, of Rs 10 each, for cash and at a premium of Rs 15 each to the existing equity shareholders of the company on Rights Basis.
 8Chemfab Alkalis Limited (CAL) has obtained the approval of its shareholders to remunerate its Non-Executive Directors, by means of commissions, not exceeding 10% of the net profit of the company. 
 8Reliance Industries Limited (RIL) has allotted 1,23,280 equity shares, of Rs 10 each, on January 31,2010, as per its Employee Stock Option Scheme (ESOS).   Details

Briefs II

Feb 7: 8India Glycols Limited (IGL) has reported a net profit of Rs 6.82 crore in Q3FY10 against the Q3FY09 loss of Rs 70.87 crore. IGL has recorded a net sales turnover of Rs 281.49 crore in the third quarter of the current fiscal, while, the net turnover for the company in the corresponding quarter of the previous fiscal stood at Rs 198.83 crore.
 8Axel Polymers Limited (APL) has recorded a loss of Rs 0.08 crore in Q3FY10 against the Q3FY09 loss of Rs 0.26 crore. Net sales turnover for the company, in Q3FY10, stood at Rs 0.41 crore as compared with those of Rs 3.44 crore in Q3FY09.   Details