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Maharashtra Seamless to join `BSE 200` from Jan 8, 2007
Maharashtra Seamless, a flagship company of the D.P. Jindal Group, will be included in `BSE-200` Index with effect from January 8, 2007 as per recent BSE meeting held on November 24, 2006.
Other companies to form a part of the BSE 200 league are Reliance Petroleum, Sun TV and Mahindra Gesco. Meanwhile, Glaxosmithline, NDTV, Novartis, Syndicate Bank and UCO Bank will exit to make place for these companies.
Maharashtra Seamless was recently accoladed as one of the 200 `Best Under A Billion` companies listed in Forbes Asia at Singapore.The company is consistently making significant inroads in the global market for supply of Seamless pipes and tubes with various international oil & gas companies. This has enabled it to increase the customer base globally.Now, the company is also considering to open the marketing / representative offices abroad to capture the rising opportunities currently prevailing in this sector.
During the quarter ended September 30, 2006 the company has posted a net profit of Rs 621.80 million as compared with Rs 283.70 million for the quarter ended September 30, 2005. This represents a growth of 119.71% over the comparable quarter.Total income (net of excise) has increased by 66.42% to Rs 3533.80 million for the quarter ended September 30, 2006, from Rs 2123.30 million for the quarter ended September 30, 2005.
The company manufactures a whole range of high-class, customizable and innovative seamless pipes and tubes using state-of-art technology. It also manufactures ERW pipes and seamless pipes.
NRIs can invest 100% in realty
In a bid to attract further investments by Non-Resident Indians (NRIs),Government of India has put in place a liberal and transparent investment policy structure for them.
As per the new guidelines, NRIs can now invest up to 100% via automatic route in housing and real estate sector involving construction of residential and commercial premises. They can also put in money in the development of townships and city and regional level urban infrastructure facilities such as roads and bridges.
Investment in participatory ventures in the aforesaid activities and investment in housing finance institutions too come within their ambit.
Further, NRIs can also invest up to 100% in Indian companies engaged in Air Taxi operation. For foreign companies, foreign direct investment (FDI) is permitted only up to 49% in this area. Other than investments under the FDI policy, NRI can also invest in various schemes of mutual funds and PSU Bonds, under the Foreign Exchange Management Act (FEMA) norms.
Interestingly, NRIs are permitted to invest up to 100% equity in partnership firms/ proprietary concerns, when foreign companies are restricted invest through such route. Agricultural/plantation activity or real estate business however are exceptions to this provision.
Under the portfolio schemes, NRIs are permitted to invest in shares and debentures through secondary market purchase from the stock exchanges. The investment limit for the shares and debentures stand at 5% and 10% respectively which is over and above the foreign institutional investors (FII) portfolio investments limits. This will ensure that NRI investment are not displaced by FIIs.
In addition to these, NRIs can acquire immovable property, other than agricultural land/ plantation property / farm house and transfer such property to a resident, another than NRI.
Maharashtra Seamless, a flagship company of the D.P. Jindal Group, will be included in `BSE-200` Index with effect from January 8, 2007 as per recent BSE meeting held on November 24, 2006.
Other companies to form a part of the BSE 200 league are Reliance Petroleum, Sun TV and Mahindra Gesco. Meanwhile, Glaxosmithline, NDTV, Novartis, Syndicate Bank and UCO Bank will exit to make place for these companies.
Maharashtra Seamless was recently accoladed as one of the 200 `Best Under A Billion` companies listed in Forbes Asia at Singapore.The company is consistently making significant inroads in the global market for supply of Seamless pipes and tubes with various international oil & gas companies. This has enabled it to increase the customer base globally.Now, the company is also considering to open the marketing / representative offices abroad to capture the rising opportunities currently prevailing in this sector.
During the quarter ended September 30, 2006 the company has posted a net profit of Rs 621.80 million as compared with Rs 283.70 million for the quarter ended September 30, 2005. This represents a growth of 119.71% over the comparable quarter.Total income (net of excise) has increased by 66.42% to Rs 3533.80 million for the quarter ended September 30, 2006, from Rs 2123.30 million for the quarter ended September 30, 2005.
The company manufactures a whole range of high-class, customizable and innovative seamless pipes and tubes using state-of-art technology. It also manufactures ERW pipes and seamless pipes.
NRIs can invest 100% in realty
In a bid to attract further investments by Non-Resident Indians (NRIs),Government of India has put in place a liberal and transparent investment policy structure for them.
As per the new guidelines, NRIs can now invest up to 100% via automatic route in housing and real estate sector involving construction of residential and commercial premises. They can also put in money in the development of townships and city and regional level urban infrastructure facilities such as roads and bridges.
Investment in participatory ventures in the aforesaid activities and investment in housing finance institutions too come within their ambit.
Further, NRIs can also invest up to 100% in Indian companies engaged in Air Taxi operation. For foreign companies, foreign direct investment (FDI) is permitted only up to 49% in this area. Other than investments under the FDI policy, NRI can also invest in various schemes of mutual funds and PSU Bonds, under the Foreign Exchange Management Act (FEMA) norms.
Interestingly, NRIs are permitted to invest up to 100% equity in partnership firms/ proprietary concerns, when foreign companies are restricted invest through such route. Agricultural/plantation activity or real estate business however are exceptions to this provision.
Under the portfolio schemes, NRIs are permitted to invest in shares and debentures through secondary market purchase from the stock exchanges. The investment limit for the shares and debentures stand at 5% and 10% respectively which is over and above the foreign institutional investors (FII) portfolio investments limits. This will ensure that NRI investment are not displaced by FIIs.
In addition to these, NRIs can acquire immovable property, other than agricultural land/ plantation property / farm house and transfer such property to a resident, another than NRI.
posted by SY at 9:29 PM
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