New Delhi: Two months after launching UTVi, the business news channel of UTV Software Communications Ltd , Arun Anant, chief executive of UTV News Ltd, has quit. “I enjoyed working at UTV and I’m leaving to pursue some personal dreams,” Anant said. He refused to discuss his future plans.
Shantonu Aditya, executive director of UTV Global Broadcasting Ltd, the holding company of the group’s broadcast ventures, will take on additional charge as chief executive at the news subsidiary.
“I’ll hold the charge till we name a new CEO,” Aditya said.
BAG Films posts Q4 net loss of Rs88 lakh
New Delhi:BAG Films and Media Ltd, a content production house that diversified into broadcasting and FM radio during this fiscal year, said it posted a net loss of Rs88 lakh for the fourth quarter due to new investments, compared with a profit of Rs76.3 lakh a year ago.
“These numbers reflect the one-time expenses during our investment stage. We launched two new channels during this quarter and made substantial investments in equipment. As a result, depreciation has gone by about 400%, resulting in a net book loss,” said Anurradha Prasad, managing director, BAG Films.
On Thursday, BAG shares closed at Rs34.90 each, up 1.90%, on the Bombay Stock Exchange, on a day when the benchmark Sensex gained 1.42%. Staff Writer
Ranbaxy MD gets hefty hike from new owner
New Delhi:Ranbaxy Laboratories Ltd’s managing director, Malvinder M. Singh has got a hefty pay hike from the new owners and will be drawing up to Rs25 crore yearly—an increase of 27.63% from his previous pay packet of Rs19.58 crore.
According to a notice on the Bombay Stock Exchange, Singh’s remuneration is part of the resolution that will be put before Ranbaxy’s shareholders in an extraordinary general meeting, scheduled for 16 July in Chandigarh.
Singh, part of the promoter family that owns Ranbaxy, had sold his 34.8% equity in the company for almost Rs10,000 crore to Tokyo-based Daiichi Sankyo Co. Ltd a fortnight ago.
Daiichi intend to hold a controlling stake and will be making an open offer in August. Bhuma Shrivastava
Axis Bank picks up 2.5% stake in Lavasa Corp
Mumbai:Axis Bank Ltd has picked up 2.5 % stake for Rs250 crore in Lavasa Corp. Ltd, a subsidiary of Hindustan Construction Co. Ltd, or HCC, by subscribing to its convertible preference shares and convertible debentures. Based on this investment, the equity valuation of Lavasa works out to Rs10,000 crore, a Lavasa release said.
“The bank sees good value for money considering that the land acquisition is in place. This is in unlisted company. The company is expected to go public in three years time,’’ said Siddharth Rath, senior vice-president and head of capital markets, Axis Bank.
“This investment by Axis Bank is an endorsement of our vision for Lavasa and the solid foundation we have already built,” Ajit Gulabchand, chairman and managing director, HCC.
Lavasa hill station development is being led by HCC, holding 65% stake, along with the Avantha Group (LM Thapar Group) and Venkateshwara Hatcheries Ltd. Anita Bhoir
BK Birla rules out split in Kesoram Industries
Kolkata:B. K. Birla’s daughter Manjushree Khaitan is going to play a key role in managing Kesoram Industries Ltd, even though the company might be given after his death to his grandson Kumar Mangalam Birla.
The diversified company, which has business interests in cement, tyre, spun pipes and rayon, will also not be split as indicated earlier.
“Kumar and Manjushree will jointly run the company,” B. K. Birla said, addressing the media after Kesoram’s annual general meeting in Kolkata on Thursday. “It is up to them to decide who’ll run the company as chairman, and who’ll be the vice-chairman after my exit. Kumar isn’t even willing to talk about it now,” he added.
About a year ago, B. K. Birla had said the cement and tyre units would be carved out of the company and given to Kumar Mangalam Birla, who heads the Aditya Birla Group. But on Thursday, the 87-year-old chairman of the company said all units would remain together, though Kesoram would focus on its cement and tyre businesses.
Kesoram is raising it cement production capacity by 1.6 million tonnes (mt) to 5.7mt by December. Tyre production capacity is also being ramped up from 252 tonnes per day to 862 tonnes per day by 2009. The company will be spending Rs550 crore on boosting cement capacity, and more than Rs1,000 crore on the tyre unit expansion. Santanu Chakraborty
Icra arm ties up with US firm to offer services
Mumbai: Icra Management Consulting Services Ltd (IMaCS), a wholly-owned subsidiary of rating agency Icra Ltd, and Virtus Global Partners Inc. (VGP) on Thursday entered into an alliance to jointly offer advisory and consulting services to clients based in the US and India. Staff Writer