GSM-based cellular services firm added 6.3 million subscribers in August 2008, compared to 6.7 million they added in July 2008 (excluding figures of Reliance Communications). This has taken the total GSM user base to 225 million. Market leader Bharti Airtel added 2.7 million users in the month taking its total subscriber base to 74.8 million. Idea Cellular added 1 million users to increase its total user base to 29 million
Ramco Systems on Thursday, 11 September 2008, said it has altered terms of a previously announced rights issue. It will offer rights shares in the ratio of 1:1 priced at Rs 85 per share. The company will raise up to Rs 130.55 crore from the rights issue. The company has also decided to issue detachable warrants for the shares allotted under the rights issue. The terms and conditions of the rights issue will be finalized in due course.
Earlier on 23 July 2008, the company had announced a 3:2 rights issue priced at Rs 75 per share.
National Aluminium Company (Nalco) has reportedly cut aluminium prices by Rs4,000 per tonne to Rs1,36,000 a tonne, following a correction in aluminum price on the London Metal Exchange over the past few weeks.
Mahindra & Mahindra said on Thursday, it has decided to transfer the logistics business to Mahindra Logistics, a wholly owned subsidiary of the company for a consideration of Rs 32 crore.
Tata Communications on Thursday, 11 September 2008, announced the launch of a new Global VPN Extended Access Service (EAS). This new cost-effective solution extends VPN access to customer sites that do not require dedicated links as well as those located in hard-to-reach geographies. EAS complements Tata Communications Global VPN Service to provide an integrated solution that addresses the full range of customers' communications needs.
Kesar Enterprises said on Thursday, its board will meet on 19 September 2008 to consider a proposal of restructuring of the business of the company including demerger.
Shares of copper makers Hindaclo Industries and Sterlite Industries (India) may edge higher after global copper price rose on Thursday, 11 September 2008, on the London Metal Exchange.
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