Category: Breaking Corporate India Earnings News

Advanta India has acquired the business of Unicom Seeds (Unicom) by acquiring 100% shares in the company for a consideration that includes deferred payment based on achievement of performance related milestones. Unicom has a strong presence in the domestic and export markets of vegetable seeds. Unicom also undertakes the custom production of vegetable seeds for the customers all around the globe. The Revenue size of the business of Unicom for the last financial year was about Rs 25 crore. The business has the EBITDA earning capacity of about 30%.

With this acquisition, company’s platform in vegetable seeds will become stronger with added crops to its current vegetable product portfolio (golden). With the added products like melons and cucumber from Unicom the combined vegetable portfolio (golden and Unicom) will make company a significant player in the vegetable seed market.

Larsen & Toubro (L&T) has informed us that the engineering and construction division of the company has been awarded two major contracts for the construction of civil works and the consolidated construction works for the Northern area development project located near Barmer in Rajasthan as Cairn India and its joint venture partners ONGC get ready for first oil production in 2009.

The order was secured by L&T against both domestic and international competition, and the project completion schedule is estimated to be 18 months.The size of the order is more than Rs 1,300 crore.

The scope of work covers the development of infrastructure facilities, the construction of 18 well pad structures, detailed engineering and construction of all civil and electromechanical works at the Mangala and Raageshwari Fields, Offsite infrastructure facilities, supply, installation and commissioning of 33 KVA high voltage power line system and the telecom network.

A friend of mine was subjected to Income Tax Scrutiny. The assessing officer treated my
friend’s profession as “Trader” and subjected him to 30% tax [Short Term].

Strategy: What we advice our clients is choose one family member who doesn’t TRADE or have any other business income in their name. Do all long term investments in this family member’s name and you will not be liable for 30% tax [even if you had to SELL the stock in SHORT TERM] and be just liable for short term gains of 10%. Long Term will be exempt.

Remember it is the discretionary of the Income Tax officer scrutinizing your case. Some people said they maintain a different TRADING Account and INVESTMENT account but if both are in the same name, the IT Officer can still make you liable for 30% tax on short term. So use the strategy we have suggested or whatever your Chartered Accountant / Tax Consultant suggests.

The board of Cranes Software International has approved the acquisition of 100% of the equity shares of Engineering Technology Associates Inc., USA (ETA), through its Wholly owned subsidiary Cranes Software Inc., USA and will invest Rs 720 million approximately in acquisition cost and immediate investments in product upgrades / alliances / infrastructure modernization, expansion, etc.

Flawless Diamond India received export order for its exclusive designer jewellery from Fine Jewellery, Hong Kong. The company has received this order due to exclusivity of its design and purity. The order has to be full filled within the next three months.

Further the company is now concentrating more into retailing of branded designer Jewellery and also looking at export potential in Europe and Middle East countries. The company has already opened showrooms and retails outlets and further the retail expansion programme is progressing according to the retail plan which the company had decided.

With the launch of different series of Aum Diamond Jewellery, like AUM Classic, AUM Signature and other brands. The company is receiving good response from the local and export market.

Yellojobs.com conducted an online survey covering thousands of jobseekers in India to understand the real reasons behind why people quit. Yellojobs.com is a joint venture between Singapore-based online advertising company Yello Pvt. Ltd, and London-headquartered recruitment company Contact Recruitment Ltd, which has a strong presence in India.

Most Indians Quit and Move in their jobs due to Bad Bosses and Office Politics.

• 42% employees stated that they changed jobs due to non co-operating and bad superiors
• 34% per cent said that they had left their previous job as the organization could not provide any further growth and remuneration;
  
• Uninteresting job profile, office politics and work environment were the other reasons cited for changing jobs

It is time that managements spend sometime training managers rather than fresh hires.