Briefly Business

Prime Minister Manmohan Singh today dedicated the Pipavav Shipyard to the nation.

Pipavav Shipyard dedicated to nation

NEW DELHI: Prime Minister Manmohan Singh today dedicated the Pipavav Shipyard to the nation. The PM said that with 95 per cent of Indian trade being sea-borne,the government has planned to invite investment of Rs 1 lakh crore to the sector in the next few years. The PM on Tuesday inaugurated the shipyard,which has been set up on the Saurashtra coast of Gujarat.

RelCap,MCX,Spice in race for stake in OTCEI

New Delhi: Anil Ambani group firm Reliance Capital,MCX SX and B K Modis Spice Group have evinced interest in picking up a stake in the Over-The-Counter Exchange of India OTCEI. MCX,Reliance Capital and Spice have submitted their bids for a stake in OTCEI, sources in the know of the development said. OTCEI is one of the oldest exchanges in the country,which was set up to help small and medium-size companies raise funds through the capital market.

Cafe Coffee Day aquires Cafe Emporio

New Delhi: Cafe retail chain Cafe Coffee Day has said it has bought out Czech Republic-based Cafe Emporio in a deal worth Rs 15 crore,as it looks to increase its footprint in overseas markets. Cafe Emporio operates a chain of 11 outlets in the Czech Republic. Cafe Emporio outlets will soon be co-branded as 8216;Cafe Coffee Day-Emporio8217; and will be gradually transformed to Cafe Coffee Day CCD outlets over a period of 18 months.

Sky Industries profit rises

MUMBAI: Sky Industries Limited,India8217;s largest manufacturer of Narrow woven fabrics,has posted a healthy jump in net profit from Rs 15 lakh in previous year to Rs 401 lakh for the year ended March 2010. The board of directors has recommended a dividend of Rs 0.50 per share. The company,which has manufacturing facilities at Navi Mumbai in Maharashtra and Vapi and Surat in Gujarat,is looking at different products to cement its position as a major player in narrow woven fabrics in India.

Asahi Songwon profit rises fourfold

MUMBAI: Asahi Songwon Colors Limited ASCL,a Gujarat-based company engaged in manufacturing of pigment,has achieved a gross turnover of Rs 127 crores for the financial year ended March 2010 registering an increase of 11.70 per cent. The net profit for the FY 2009-10 zoomed four times to Rs 9.54 crore from Rs 2.46 crore in FY 08-09.

Exim Bank opens office in Ethiopia

MUMBAI: Ethiopia and Export and Import Bank of India have signed an agreement to set up an office of Exim Bank in Addis Ababa. Its representative office in Addis Ababa will promote trade and investment smooth flows between India and the East African region,including Ethiopia in particular. Exim Banks office in Addis Ababa will be its seventh overseas regional office and third office in Africa.