Indian Stock Market

Consumer durables major Videocon Industries has identified sites in more than 100 cities for setting up logistics centres under a new joint venture with Japanese firms Mitsui and Hitachi.     

The joint venture (JV), which is likely to be operational by the third quarter of this year will see Videocon offering its infrastructure for setting up back-up services like warehousing facility, transportation, information management and inventory control, while Mitsui and Hitachi will provide expertise and know-how, sources said.     
The finer details such as stake-holding in the JV are being worked out, the sources added.     
When contacted Videocon officials declined to comment.     
The sources, however, pointed out that work on logistics centres would start very soon with an aim to initially provide back-end support to Videocon’s retail business such as Next, the consumer electronics chain; Bolld (cash and carry) and Planet M (music store). Later on, the new JV could provide services to third parties.     
“The ultimate aim of the JV is to turn the logistics operation from a cost centre to a business centre in itself and offer expertise to third parties,” a source said.
 

Future Logistics eyeing 1000 cr turnover

The telecom industry added 8.74 million new users in January taking the total subscriber base to 281.62 million, according to figures released by Trai.

About 8.77 million wireless users were added during the month as against 8.17 million in December. The wireline segment saw a decline of 30,000 users.

The total number of wireless users in the country has now reached 242.4 million. The wireline subscriber base has declined slightly to 39.22 million in January from 39.25 million in the previous month.

Teledensity reached 24.63% at the end of January as against 23.89% in December 2007

Leading multimodal transport service provider, Allcargo Global Logistics announced on Friday that the board of directors today approved a fund raising programme up to Rs 3 billion through issue of equity shares and / or equity linked instrument / securities.

The company appointed CitiGroup, Collins, Stewart Inga and the investment banking arm of Kotak Mahindra Capital and as merchant bankers for this purpose.

Allcargo Global Logistics is a provider of multimodal transport solutions which includes operating CFS, handling project cargo, airfreight and road transportation logistics. The company covers over 4,000 destinations across the globe and has a pan-India presence, with 16 branches, nine franchisees and regional offices in Mumbai, Delhi, Chennai and Kolkata.

Shares of the company gained Rs 62.65, or 6.67%, to trade at Rs 1,001.55. The total volume of shares traded was 27,657 at the BSE. (2.05 pm, Friday)