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17 FCCB violations investigated, says govt
The Reserve Bank of India (RBI) has found and took action against 17 cases of irregularities by companies that raised foreign currency convertible bonds (FCCBs) since April 2005, Minister of State for Finance Namo Narain Meena said today.

India, emerging economies to be on growth path: report
The economic and financial status of emerging market economies like India will continue to improve in the days to come and the recent downturn will help accelerate the trend, says a report.

News of the day

Eveready PAT at Rs 11.03crore
Eveready Industries India has recorded a profit after tax of Rs 11.03 crore in the third quarter ended December 31, 2009, an increase of 31 per cent over the same period last year on the back of higher sales. Net sales for the quarter stood at Rs 245.96 crore, an increase of 15 per cent. Prices of zinc, a key input material, was higher during the quarter compared to the same period last year, but was compensated by the appreciating rupee during the quarter. Battery and flashlights turnover registered a growth of seven per cent and 24 per cent during the current quarter. An overseas company, Everspark Hong Kong Private Limited has been incorporated by the company for commercial benefits on the company’s sourcing of input materials and goods from China.
Public Company

Ruia Group acquires 60% stake in Henniges Automotive Grefrath

Kolkata-based Pawan Kumar Ruia Group, which owns Dunlop India, today said that it had acquired a 60 per cent stake in Germany"s Henniges Automotive Grefrath GmbH, a supplier of automotive sealing systems to leading carmakers, for an undisclosed sum. - 25 suspended workers reinstated at Dunlop"s Sahaganj unit - Dunlop shares to be traded again after seven years - Ruias to raise Rs 100 cr for Falcon, dilute 10% in Dunlop - Dunlop Bengal unit re-opens - Dunlop to restart plant, but wage issues persist - Ruia threatens to shelve reopening of Dunlop unit The German firm, which had a turnover of Euro 83.5 million last year and counts Daimler, BMW, Audi and Volkswagen amongst its clients, is the group"s largest overseas buy, so far. Last year, the Ruia Group had acquired UK"s Schlegel Automotive Europe, also an automotive sealing systems company. The acquisition was undertaken by a Mauritius-based special purpose vehicle (SPV) of the Ruia group, Wealth Sea, which bought a 60 per cent share in Draftex, a German-registered company. Draftex, in turn, purchased the assets of Henniges Automotive Grefrath GmbH. “This acquisition will ensure synergy with Schlegel Automotive and position the group as a global leader in the automotive sealing systems space. Although there will be technology sharing between the two companies, they will remain separate,” the group"s chairman Pawan K Ruia said today. Hit by slowdown, Henniges Automotive was sick for a sustained period and eventually went for liquidation last year. Subsequently, it has undergone substantial restructuring, including the trimming of its workforce by over 50 per cent, before being acquired by Draftex. “After the heavy restructuring, we are very competitive now. Daimler, BMW, Audi and Volkswagen have already given us advances against orders which will be readjusted with future sales. Although we are now only manufacturing for high-end cars, we will explore opportunities to sell to the mass market,” Draftex director Juregen Hein said. Hein 23 per cent equity of Henniges Automotive through his stake in Draftex, while the remaining 15 per cent is with Wolf Von Der Fecht, the administrator of the component maker.


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