Shipping Corporation to acquire 110 vessels by 2020

Shipping Corporation of India plans to acquire 110 vessels of 5.21 million gross tonnage at an estimated cost of Rs27,668 crore in next 10 years

Shipping Corporation of India Ltd (SCI) plans to acquire 110 vessels of 5.21 million gross tonnage (GT) at an estimated cost of Rs27,668 crore in next 10 years, Parliament was informed today.

Among these vessels, the Shipping Corporation is likely to place orders for 26 vessels by 2011-12, shipping minister GK Vasan said in a written reply to Lok Sabha.

He added that the acquisition of the vessels would take SCI's total tonnage to about 7.21 million GT by 2020.

Gross tonnage is a unitless index related to a ship's overall internal volume and is calculated based on the moulded volume of all enclosed spaces of the ship.

The shipping minister further said that SCI has placed orders for 36 vessels so far against the target of acquiring 62 vessels in 11th Five Year Plan, which includes acquisition of one resale vessel.

On Monday, SCI ended 1.27% down at Rs104.60 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.43% to 18,222.67.

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DB Realty accepts Shahid Balwa’s resignation

DB Realty Ltd has accepted the resignation of its managing director and director of the company Shahid Balwa with effect from 9 February 2011

DB Realty Ltd today said that it has accepted the resignation of its managing director and director of the company Shahid Balwa with effect from 9 February 2011.

"The Board of Directors of the company on 5 March 2011 has noted and accepted the resignation of Shahid U Balwa, as managing director and also as director of the company in view of his preoccupations relating to certain investigations as per his letter of the same date," DB Realty said in a filing to the Bombay Stock Exchange (BSE).

The CBI had arrested Dynamix Balwas (DB) group managing director Shahid Usman Balwa in connection with the 2G spectrum allocation scam on 8th February.

"The company continues its business in the normal course under managing director Vinod K Goenka with the guidance of the board," the filing added.

On Monday, DB Realty ended 3.74% down at Rs113.25 on the BSE, while the benchmark Sensex declined 1.43% to 18,222.67.

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Jamna Auto to set up two new plants in South India

Jamna Auto will set up two new manufacturing units at Hosur and Chennai to produce parts for commercial vehicles, entailing a total investment of Rs80 crore

Auto component maker Jamna Auto Industries Ltd said it will set up two new manufacturing units at Hosur and Chennai to produce parts for commercial vehicles, entailing a total investment of Rs80 crore.

The Hosur facility is being set up to manufacture parabolic springs and the plant is expected to go on-stream in December 2011, the company said in a statement.

The new plant at Chennai will manufacture air suspension, bogey suspension and lift axles and commercial production is expected to commence from July 2011, it added.

"Both the plants are being set up at a project cost of Rs80 crore," the company said.

Jamna Auto has gone for major capacity expansion for parabolic springs to meet the demand of major commercial vehicle manufacturers-Daimler India, Renault-Nissan, Leyland-Nissan and Ashok Leyland-it said.

On Monday, Jamna Auto ended flat at Rs131 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.43% to 18,222.67.

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