Need to Know | Tatas tie up with IOC, OIL for Azerbaijan oil bid

Need to Know | Tatas tie up with IOC, OIL for Azerbaijan oil bid

New Delhi: The Tatas have joined hands with state refiner Indian Oil Corp. (IOC) and exploration firm Oil India Ltd (OIL) to bid for Caspian Energy Group Llp.’s (CEG) interest in an Azerbaijan oil field.

Tata Petrodyne Ltd, a wholly-owned subsidiary of Tata Sons, along with IOC and OIL will make a bid to buy CEG’s 51% stake in the Shivran Oil Operating Co. that runs the Kyurovdag oil field in Azerbaijan.

Tata Petrodyne officials could not be reached for comment. The company is the vehicle for Tata group’s entry into the oil and natural gas industry.

ONGC-Mittal Energy Ltd, the joint venture of ONGC Videsh Ltd and steel baron Lakshmi N. Mittal’s group, had in May made a $300 million (Rs1,179 crore) bid for the stake but the deal was cancelled after reports of the bid appeared in the press. pti

Mumbai: The Bombay high court (HC) on Monday adjourned to 29 October the case filed by mobile phone services company Vodafone Essar Ltd challenging the income-tax (I-T) department’s right to levy capital gains tax.

The I-T department had issued a notice to Vodafone on 6 August asking to show cause as to why it should not be treated as “an agent" of Hong Kong-based Hutchison Telecom International (HTIL), which sold its 67% stake in Hutchison Essar to Vodafone for $11.2 billion (Rs49,414 crore) earlier this year.

The I-T department counsel Beni Chatterjee told the court that Vodafone petition was premature as capital gains tax has not yet been levied on the $11.2 billion deal between Hutchison International and Vodafone. pti

New Delhi: India may allow overseas mobile phone carriers to bid for licences to provide third generation (3G) services in the world’s fastest growing wireless market, telecom secretary D.S. Mathur said on Tuesday.

The government hasn’t decided if it will auction or allocate the airwaves, Mathur said. India also hasn’t set a deadline for issuing recommendations on providing spectrum for 3G services, he said.

“If we decide on auctioning, then anybody can bid, even foreign players," Mathur said. “There is space for three to four operators, including existing ones."

The proposal to allow overseas carriers to bid for 3G will be at odds with the recommendations of the Telecom Regulatory Authority of India which wants such frequencies to be auctioned only to Indian companies. bloomberg

Mumbai: State-owned Industrial Development Bank of India Ltd (IDBI) on Tuesday posted a net profit of Rs155.50 crore for the quarter ended 30 September.

The bank’s net profit in the corresponding period last year was Rs139.40 crore.

The net income of the bank stood at Rs2,363.72 crore for the quarter, while in the year ago period it stood at Rs1,641.24 crore, IDBI informed the Bombay Stock Exchange.

The results for the quarter are not comparable with that of the previous year as it includes the operations of the United Western Bank.

The unprofitable bank was merged with IDBI on 3 October 2006.

IDBI shares lost 4.09% to close at Rs141.70 on the Bombay Stock Exchange on Tuesday. PTI

Mumbai: GoAir proposes to launch its red-eye operations by end of October. As part of this proposed plan, the airline will operate four red-eye flights within its current network. These four flights are: Mumbai to New Delhi (11.10pm); Hyderabad to Mumbai (11.30pm); Mumbai to Ahmedabad (11.05pm); Ahmedabad to Mumbai (12.5am).

Commenting on the proposed plan, Jeh Wadia, managing director, GoAir said, “Our red-eye operations will find suitability among those passengers who do not mind travelling by the late night or early morning flights... We are optimistic about the passenger response to our red-eye flights." Staff Writer

Mumbai: Film distributor Eros International Plc is setting up a visual effects company in India called EyeQube Studios Pvt. Ltd with an initial investment of $5 -7 million (Rs19.65-27.51 crore).

The new venture is in association with Hollywood technician Charles Darby, who has worked on Titanic and The Matrix among others and will hold a minority stake in the company. sagar malviya

New Delhi: Motorcycle users in north India are more likely to upgrade to a car compared with other parts of the country, said a new study on the Indian two-wheeler market by market research firm Taylor Nelson Sofres Plc.

Close to 24% of current motorcycle owners across the country intend to upgrade to a four-wheeler, said the 2007 TNS Motorcycle Total Customer Satisfaction Study.

The study measured the responses of more than 7,000 motorcycle buyers. About 70% of consumers surveyed from the South indicated a desire to purchase higher-end motorcycles. Ravi Krishnan

New Delhi: Contract research and drugs manufacturing companyJubilant Organosys Ltd has reported a 102% rise in net profit to Rs110 crore for the quarter ended 30 September, on the back of foreign exchange gains and sales from contract manufacturing and research. The net profit in the corresponding year-ago period was Rs54.4 crore, according to a company release. Net sales grew 32.7% from Rs465.9 crore last year to Rs618.3 crore this quarter. Some members of the Bhartia family, which runs Jubilant, have a stake in HT Media Ltd, the publisher of Mint. Bhuma Shrivastava

New York: The media company controlled by Rupert MurdochNews Corp. promoted Gary Ginsberg as head of global marketing.

Ginsberg, 45, will coordinate the company’s marketing plans around the world, including investor and media relations and community outreach, New York-based News Corp. said on Tuesday in an emailed statement. He will also join the office of the chairman, reporting to Murdoch, News Corp.’s chief executive officer and chairman.

News Corp. shares, up 5.3% this year before today, fell 21 cents to $22.40 at 10:43 in New York Stock Exchange composite trading. Bloomberg