Mumbai, Nov. 15 The board of directors of UltraTech Cement has agreed to an exchange ratio of four shares of UltraTech (of Rs 10 each) to every seven shares of Samruddhi (of face value of Rs 5 each). The boards of UltraTech and Samruddhi Cement, a wholly-owned subsidiary of Grasim Industries, at their meetings held here on Sunday unanimously approved Samruddhi’s merger with UltraTech and the share exchange ratio, the companies said in a joint press release. The appointed date for amalgamation is July 1, 2010 and the entire process is expected to be completed by the following September.

Mr Kumar Mangalam Birla, Chairman, Aditya Birla Group, said the merger will achieve the group’s objective of consolidating its cement business into a single entity, thereby creating a platform that will help in pursuing aggressive growth going forward. Post-merger, Grasim shareholding in UltraTech will increase from 54.8 per cent to 60.3 per cent, Grasim and UltraTech shareholders will have 19.10 per cent and 20.57 per cent stake respectively in the merged entity.

Mr Adesh Gupta, Whole-Time Director and Chief Financial Officer, Grasim and a Director of Samruddhi, said “Upon effectiveness of the merger, Grasim will retain a strategic and controlling interest in UltraTech, while providing UltraTech flexibility for future fund raising.” Samruddhi Cement will be listed separately on the stock exchanges for a short period to provide an avenue for investors who are not convinced about the swap ratio.

The new combined entity will become the country’s largest cement manufacturer, with an annual production capacity of 48.8 million tonnes — ahead of Holcim group companies ACC and Ambuja Cement’s combined capacity of 44.6 mtpa. Mr K.C. Birla, Chief Financial Officer, UltraTech, said the combined profitability and cash flows of the resultant entity will provide an impetus to growth and will act as a force multiplier to increase market share. “The financial indicators post-merger will support UltraTech to maintain its credit rating. We expect UltraTech’s stock to be re-rated on completion of the merger process,” he added.

AHMEDABAD: If you thought only Sachin Tendulkar can play pranks and surprise friends and family, think again. There is another Tendulkar who has Anjali tricks or two up her sleeve. Sachin's better half Anjali surprised him when she turned up in the city on Sunday morning ahead of the first Test against Sri Lanka.

Anjali took an early morning flight on Sunday along with Sachin's long-time friends Sameer Dighe and Atul Ranade from Mumbai to be in Ahmedabad, a visit the master blaster had no idea about.

Anjali walked into the practice area to see her star husband sweat it out in the nets. Sachin practised for over 45 minutes and Anjali, like an avid fan, watched the proceedings. Although Sachin preferred to not mix business with pleasure and did not interact with his wife during practice, Anjali did exchange pleasantries with VVS Laxman. Anjali later joined Team India in a special celebration planned for Sachin for completing 20 years of international cricket. It was a small gathering with only select family members and friends invited apart from team members.

Given Sachin's weakness for seafood, the team hotel had prepared a special menu for the master blaster. "We have planned an oriental menu for Sachin which includes seafood like prawns and lobsters. The menu has been named S20 after Sachin and would be available from Sunday evening till they stay with us," a senior hotel functionary informed. Sachin also got a hand-made greeting card from daughter Sara which said, "Twenty years of awesome cricketing (sic). We are proud of you."

MUMBAI: Stocks opened higher on Monday in line with global peers. All sectoral indices were trading with gains led by realty and metal counters. The broader market posted significant gains as well.

National Stock Exchange’s Nifty was trading at 5051, higher by 1.04% or 52.05 points from the previous close. Bombay Stock Exchange’s Sensex climbed 168.58 points or 1% to 17,017.41.

"5030, a barrier which resisted markets ascent multiple time is likely to give way on the opening trade. Once above 5030, all bearish positions needs to be wound down and we should play for a bounce to 5200. Positive international markets and lack of any negative news flow on local front makes 5200 and beyond a distinct possibility. Winter session of parliament will begin from Thursday, November 19, where four important bills - Pension reform, SBI amendment, GST bill and Direct tax related bills are likely to be tabled. We expect State bank and its subsidiaries to be in the limelight for the week," said Anagram Stock Broking.

US stocks rose in light volume on Friday to achieve a second straight week of gains as upbeat retail news reinforced hopes for strong sales in the key holiday season. The Dow Jones Industrial Average added 73.00 points, or 0.72%, to end at 0,270.47. The Standard & Poor's 500 Index rose 6.24 points, or 0.57%, to 1,093.48. The Nasdaq Composite Index rose 18.86 points, or 0.88%, to close at 2,167.88. Asian markets were also on the rise taking cues from Wall Street. The Nikkei climbed 0.08%, Hang Seng surged 1.4% and Straits Times added 1.58%.

SINGAPORE: US President Barack Obama said on Sunday the world economy was on a path to recovery but warned that failure to re-balance the global economic system would lead to further crises.

Obama was addressing Asia Pacific leaders in Singapore, where officials removed any reference to market-oriented exchange rates in a communique after disagreement between Washington and Beijing over the most sensitive topic between the two giants.

The statement from the Apec forum endorsed stimulus measures to keep the global economy from sliding back into recession and urged a successful conclusion to the Doha Round of trade talks in 2010.

Obama told Apec leaders the world could not return to the same cycles of boom and bust that sparked the global recession recently. "We cannot follow the same policies that led to such imbalanced growth. If we do, we will continue to drift from crisis to crisis, a failed path that has already had devastating consequences for our citizens, our businesses, and our governments," Obama said. "We have reached one of those rare inflection points in history where we have the opportunity to take a different path — to pursue a new strategy for jobs and growth. Growth that is balanced. Growth that is sustainable." Obama's strategy calls for America to save more, spend less and reform its financial system.