Bangalore: IDG Ventures India, the Bangalore-based early-stage venture capital firm that bankrolls technology companies, plans to raise a second India-specific fund of $300 million (Rs1,302 crore). The firm, part of IDG Ventures that manages more than $3.7 billion, expects to complete raising the money by 2009. Since it began operations in 2006, it has invested in eight Indian firms, including 3D Solid Compression, Kreeda, Aujas Networks, Manthan Systems, ConnectM, Ozone Media, iViz and Perfint. “India is a very attractive market. The entrepreneurs are not confined to domestic markets. They have more global approach, unlike entrepreneurs in China,” said Patrick J. McGovern, founder and chairman of International Data Group Inc., an IT-focused media company that backs IDG Ventures.
Reliance Mutual Fund sells 3.1% in NDTV
Mumbai: Reliance Mutual Fund has sold about 1.96 million shares, or a 3.1% stake, in broadcaster New Delhi Television Ltd, data on the National Stock Exchange showed on Tuesday. It did not mention the buyers.
First Winner drops around 29% on debut
Mumbai:First Winner Industries Ltd, a garments manufacturer, declined as much as 29% in its trading debut in Mumbai on Tuesday. The company sold shares at Rs125 apiece in an initial public offering last month. First Winner, based in Mumbai, raised Rs68.8 crore through the IPO to set up an apparel manufacturing and weaving unit at Tarapur in Maharashtra. Part of the fund will be used to repay loans. Shares closed at Rs89.2 on Tuesday, down Rs35.8 , or 29%.
Templeton, pioneer of global funds, dies at 95
Edinburgh:John Templeton, the billionaire US philanthropist who made his fortune as the pioneer of global investing in the post-war boom, has died. He was 95.
Templeton died on Monday at Doctors Hospital in Nassau, the Bahamian island that was his home, his spokesman, Don Lehr, said in a statement. The cause was pneumonia.
The Templeton Growth Fund was one of the first mutual funds to give Americans access to investments in companies abroad. Since it was founded in 1954, the fund has returned about 14.5 percent a year on average.
Like Warren Buffett, Templeton developed a cult following, with fund investors flocking to annual meetings to hear his pronouncements. Money magazine in 1999 called him “arguably the greatest global stock picker of the century.” A devout Presbyterian, Templeton may be remembered as much for financing the study of spirituality as for his canny investments. In 1972, he set up the $1 million-plus Templeton Prize. Mother Teresa was the first recipient, six years before she collected the Nobel Peace Prize. He always made sure that his award offered more money than the Nobel Prizes.
Capital inflow almost tripled in FY08 : NCAER
Mumbai: India’s capital flow almost tripled in fiscal 2008 than the capital it received during the same period last fiscal, the National Council of Applied Economic Research (NCAER) said in a recent report. “In the first nine months of 2007-08, the net capital flows rose to $83 billion (Rs3.6 trillion) from $30 billion the country received during the corresponding period of the previous year,” the report said. The country maintained the trend of attracting funds, it said, adding the flow also boosted the country’s forex reserves.
Network18 wraps up Rs91 cr for Homeshop?18
Mumbai: Media conglomerate Network18 Media and Investments Ltd on Tuesday said in a filing to the Bombay Stock Exchange, or BSE, it has completed equity funding of $21 million (around Rs91.14 crore) for Homeshop 18, its home shopping network business.
Out of the said amount, about $16 million was raised from SAIF Partners, a private equity firm that provides growth capital to companies in Asia and about $5 million was raised from Capital 18, an affiliate of Network18, the company said. HomeShop18 is the group’s online and on-air retail marketing and distribution venture, which launched the country’s first 24 hour Home Shopping TV channel on 9 April. The channel that allows customers to call and book order has over 200 reputed brands on board, including Motorola, Whirlpool, Philips, Sanyo, Tata, AIG, Disney, Gitanjali Gems and Tanishq.
Ballarpur Ind raises coated paper price
Mumbai: Papermaker Ballarpur Industries Ltd will hike coated paper prices by Rs2,000 a tonne, effective 15 July, for the second time this month, a senior official said on Tuesday. The company had increased prices on 1 July. The increase in the coated variety—used in premium magazines, photographs and packaging—is due to high input costs and to maintain international price parity, chief general manager Anil Pahwa said. With this hike, the price of coated paper will be Rs48,500-49,000 a tonne.
Novartis buys 25% of Alcon’s eye care unit
Frankfurt:Novartis AG took a 25% stake in Nestle SA’s Alcon Inc. eye care unit in the first step of a transaction aimed at giving Switzerland’s second-largest drug maker majority ownership. Novartis purchased the stake from Nestle, the world’s largest food company, on Monday for about $10.4 billion (around Rs45,136 crore) in cash, $200 million less than the figure stated in April when they first announced the transaction, Basel-based Novartis said in a statement.
The maker of the Diovan heart pill agreed to buy 77% of the world’s biggest eye-care company, gaining contact lenses and treatments for glaucoma.
Reliance Retail to open optical chain stores
New Delhi: On Tuesday, Reliance Retail Ltd said it will launch the first outlet of its optical chain stores Vision Express, under a joint venture with Pearle Europe, by September this year in Bangalore. “We have already got the necessary approval from FIPB (foreign Investment Proposal Board) . The first outlet will be opened by September,” Reliance Retail president and chief executive (Lifestyle) Bijou Kurien said on the sidelines of the FICCI Ladies Organization symposium on retail here.
SC asks govt to help decongest Capital
New Delhi: The Supreme Court on Tuesday linked the strain on the Capital’s infrastructure to unchecked migration and asked the government to find a way out for decongesting the city and preventing people from other states from settling here.
The bench headed by justice Arjit Pasayat passed the observation and asked agencies such as the National Capital Region Development Board (NCRDB) to examine the “feasibility” of shifting some of the offices and residential complexes in Delhi to neighbouring areas such as Faridabad, Noida and Ghaziabad.
No tax on referral fees paid to foreign firms
New Delhi: In a relief to firms that procure clients on referral basis, the Authority for Advance Ruling (AAR) has said that ‘referral fees´paid to overseas clients will not be subject to taxes in India. “The receipt on account of the referral fee arising to the applicant would not be taxable in India...,” AAR said, while ruling on a reference made by Singapore-based real estate consultant Cushman and Wakefield Pte.
“Although the AAR ruling is binding only between the foreign company and the tax department, it will create a persuasive precedent and benefit companies in several sectors like engineering and management consultancy, advertisement and real estate,” senior partner of corporate law firm Titus and Co., Diljeet Titus, said.
343 licence applications pending with DoT
New Delhi: The department of telecom, or DoT, which has granted 120 new telecom licences to 575 firms, is now giving the cold treatment to 343 other applications that are pending with it.
Persons familiar with the matter said DoT is unlikely to take action on these applications, which came between 26 September and 1 October last year, as each circle now has over 10 players and the scarcity of spectrum is also a factor to deal with. DoT has to first allocate spectrum to those who have already been given the licence and even if it does, there is no way 15-16 players can survive in a circle—which would be the scenario if the pending applications are cleared.
India investigates blast as Pakistan denies role
Sydney: Indian officials arrived in Afghanistan to investigate a suicide bombing at their embassy that killed at least 40 people, even as Pakistan denied its intelligence services were involved in the attack. Afghan officials have evidence that foreigners were behind a massive suicide bombing against India’s embassy in Kabul, President Hamid Karzai’s spokesman said on Tuesday, implying Pakistan orchestrated the attack. The spokesman, Humayun Hamidzada, did not name Pakistan’s intelligence agency but told reporters it was “pretty obvious” who was behind Monday’s bombing.