SpiceJet ties up with BillDesk for tickets

SpiceJet on Monday announced in Bangalore that it has tied up with BillDesk to provide its customers an additional option to purchase and pay for their tickets, through their Internet banking accounts online, on the SpiceJet’s website www.spicejet.com. SpiceJet is the first airline to provide this service to its customers.   

RPL refinery project is ahead of schedule

Reliance Petroleum Ltd (RPL) on Tuesday announced that it has successfully completed the second year of implementation of its complex refinery, coming up in a SEZ at Jamnagar. RPL has achieved 82 per cent overall progress in 24 months since the commencement of the project. Based on the progress so far, RPL is on course to complete the project ahead of its initial schedule of December 2008, said a company press release.

Wockhardt Hospitals IPO gets 4/5 grade

The proposed initial public offering (IPO) of Wockhardt Hospitals Ltd has been assigned an IPO grade of four out of five by Fitch Ratings India Pvt Ltd. Wockhardt Hospitals is planning to enter capital markets with an initial public offering (IPO) of 25,087,097 equity shares of Rs 10 each for cash at a price to be determined through a 100 per cent book building process. The company intends to utilise the proceeds to meet the cost of development and construction of greenfield and brownfield hospitals, pre-pay some of the short term loans and to meet general corporate expenses.

Toyota appoints new Managing Director

Toyota Kirloskar Motor (TKM) appointed Hiroshi Nakagawa as the new Managing Director on Wednesday. Hiroshi Nakagawa was formerly General Manager, Plant Administration Division at the Tsutsumi Plant, Toyota Motor Corporation, Japan. The appointment is with effect from January 11, 2008 and Mr Nakagawa takes up his board position immediately. He takes over from A Toyoshima. 

LIC invites bid for real estate portfolio

Life Insurance Corporation of India (LIC) on Wednesday said in New Delhi it plans to consolidate its real estate portfolio across the country. “Expression of interest is being invited from professional consultancy organisations for consolidating our real estate portfolio,” LIC said in an advertisement. The consultancy entails feasibility study, including techno-economic viability assessment of expected growth potential and investment opportunities in sectors like commercial, housing and retail for fresh acquisition, it said. The company also intend to develop existing vacant plots and redevelopment of old properties.

Bangalore to host Jewellery Show

The second edition of South India Jewellery Show (SIJS 2008) will be held from January 18 to 20, 2008 at the Sree Kanteerava Indoor Stadium, Bangalore. The B2B jewellery show is being organised by The Art of Jewellery, India, in association with World Gold Council. In addition to the World Gold Council, the event is supported by All India Gem and Jewellery Trade Federation (GJF). Over 10,000 retailers are expected to attend.

Verizon Business India receives licences

Verizon Business India has received licences for international and national long-distance services. The licences enhance Verizon Business’ delivery of advanced telecommunications services to multinational companies with operations in India, as well as to India-based multinationals. The company will offer range of services, including international private-leased circuits with multi protocol label switching and Internet protocol (IP) services. 

HDFC MF ties up with South Indian Bank

HDFC MF has entered into a strategic alliance with South Indian Bank to distribute its mutual fund schemes across India. South Indian Bank will offer the entire bouquet of HDFC MF products at its select 100 branches across the country. “SIB with 100 per cent CBS branches will add this new kitty in our financial supermarket for the benefit of our customers,” said a company release.

Oracle buys BEA for $8.5 billion

Oracle Corp has agreed to acquire business software maker BEA Systems Inc for $8.5 billion, the companies said on Wednesday, reports Reuters  from Boston.

Oracle will pay $19.375 per share, a premium to its offer last year of $17 per share, which BEA had rejected as too low. At the time, BEA  Systems said it was worth $21 a share and said it was willing to talk to potential buyers, though none emerged.

Oracle Corp said the deal, valued at $7.2 billion net of cash on hand of $1.3 billion, would increase its adjusted earnings per share by at least 1 cent to 2 cents in the first full year after closing."

JPMorgan takes $1.3 b writedown

JPMorgan Chase & Co said on Wednesday quarterly profit fell a worse-than-expected 24 per cent as it lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity and auto loans, reports Reuters from New York. The bank quadrupled to $1.1 billion the provision it needs to cover continued problems on home equity and subprime mortgage loans.

“We remain extremely cautious as we enter 2008,” JPMorgan Chief  Executive Officer Jamie Dimon said in a statement. He said a worsening US economy would boost consumer credit losses beyond current levels.

JPMorgan reported fourth-quarter income from continuing operations of $2.97 billion, or 86 cents.