Mumbai, Oct 28 : Reliance Industries today said it has shut down its polypropylene plant at the Jamnagar refinery complex "with the objective of improving product swing capability and increasing propylene yield."
"The shutdown is expected to last for approximately four weeks," Reliance Industries Ltd (RIL) said in a filing to the Bombay Stock Exchange.
However, all other units at the Jamnagar refinery are working at their normal throughputs, the company said.
"The rest of the units at the refinery are continuing to operate at their normal throughputs and product dispatches to customers will be unaffected through the duration of the shutdown," Reliance said.
Further, this opportunity will also be utilised to carry out other routine maintenance and turnaround activities, the company added.
Tuesday, October 28, 2008
Tuesday, October 21, 2008
Polaris Software Q2 PAT up by Rs 34.42 cr
Mumbai, Oct 21 : Polaris Software Lab on Tuesday said it has reported profit after tax of Rs 34.42 crore for the second quarter ended 30 September, an 88.91 per cent growth over the corresponding period a year ago.
The company had a profit after tax of Rs 18.22 crore for the same quarter last financial year, Polaris Software Lab Ltd said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 344.41 crore for the quarter under review, from Rs277.66 crore for the year-ago period.
For the six months ending 30 September, it posted a profit after tax of Rs61.43 crore, an 88.20% growth, against Rs32.64 crore for the same period in FY’08.
Total income in the same period rose to Rs 662.66 crore for the six-month period of the current fiscal, from Rs543.70 crore for the year-ago period.
Shares of the company surged 12.35 per cent after the announcement of results on Tuesday and were trading at Rs50.95 in the late afternoon trade on the BSE.
The company had a profit after tax of Rs 18.22 crore for the same quarter last financial year, Polaris Software Lab Ltd said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 344.41 crore for the quarter under review, from Rs277.66 crore for the year-ago period.
For the six months ending 30 September, it posted a profit after tax of Rs61.43 crore, an 88.20% growth, against Rs32.64 crore for the same period in FY’08.
Total income in the same period rose to Rs 662.66 crore for the six-month period of the current fiscal, from Rs543.70 crore for the year-ago period.
Shares of the company surged 12.35 per cent after the announcement of results on Tuesday and were trading at Rs50.95 in the late afternoon trade on the BSE.
LIC Housing Finance Q2 net up 16 pc at Rs 135 cr
Mumbai, Oct 21 : LIC Housing Finance Ltd on Tuesday announced a net profit of Rs 135.06 crore for the second quarter ended September 30, 2008, a 16 per cent growth over the corresponding period a year-ago.
The company had a net profit of Rs 116.37 crore for the same quarter last financial year, LIC Housing Finance Ltd said in a filing to the BSE.
The total income of the company rose to Rs 704.23 crore for the September quarter of the current financial year from Rs 523.22 crore for the year-ago period.
For the six months ended September 2008, the housing finance firm posted a net profit of Rs 239.73 crore, against Rs 163.07 crore for the same period of FY'08, up by 47 per cent.
The total income rose to Rs 1,323.92 crore in the same period from Rs 989. 53 crore a year-ago.
Shares of the company were trading at Rs 242.10, up 7.39 per cent in the afternoon trade on the BSE.
The company had a net profit of Rs 116.37 crore for the same quarter last financial year, LIC Housing Finance Ltd said in a filing to the BSE.
The total income of the company rose to Rs 704.23 crore for the September quarter of the current financial year from Rs 523.22 crore for the year-ago period.
For the six months ended September 2008, the housing finance firm posted a net profit of Rs 239.73 crore, against Rs 163.07 crore for the same period of FY'08, up by 47 per cent.
The total income rose to Rs 1,323.92 crore in the same period from Rs 989. 53 crore a year-ago.
Shares of the company were trading at Rs 242.10, up 7.39 per cent in the afternoon trade on the BSE.
Hindustan Construction bags Rs 360-cr order
Mumbai, Oct 21 : Infrastructure developer Hindustan Construction Company (HCC) on Tuesday said it has bagged an order worth Rs 360 crore from Lanco Infratech for construction-related works at Teesta Hydro Electro Power Project in Sikkim.
The scope of work includes construction-related works of 16.5-km long tunnels, HCC said in a filing to the Bombay Stock Exchange, adding that this project would be completed in forty-five months.
Earlier in April, the company had bagged an order worth Rs 303 crore for similar work at the Teesta Hydro Power Project.
Hindustan Construction surged 4.60 per cent and was trading at Rs 46.65 in the afternoon trade on the BSE.
The scope of work includes construction-related works of 16.5-km long tunnels, HCC said in a filing to the Bombay Stock Exchange, adding that this project would be completed in forty-five months.
Earlier in April, the company had bagged an order worth Rs 303 crore for similar work at the Teesta Hydro Power Project.
Hindustan Construction surged 4.60 per cent and was trading at Rs 46.65 in the afternoon trade on the BSE.
Wire and Wireless net loss widens at Rs 21.97 cr
Mumbai, Oct 21: Cable television distribution firm Wire and Wireless India Ltd today posted consolidated net loss from ordinary activities after tax of Rs 21.97 crore for the second quarter ended September 30, against a net loss after tax of Rs 22.69 crore in the corresponding period last year.
The total income rose to Rs 83.75 crore for the quarter under review, from Rs 63.51 crore in the second quarter of the previous fiscal, Wire and Wireless India Ltd (WWIL) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss from ordinary activities after tax of Rs 25.76 crore for the September quarter, against a net loss of Rs 27.12 crore in the corresponding period last fiscal.
The standalone total income of the firm rose to Rs 61.08 crore in the reviewed quarter, from Rs 50.04 crore in the same period a year-ago.
For six months ended September 30, the Essel group company announced a net loss of Rs 40.28 crore, while the net loss in the corresponding period last fiscal was at Rs 42.98 crore.
Subhash Chandra-led Wire and Wireless India Ltd is Zee's demerged cable television distribution company.
Shares of the company closed at Rs 12.05, down 524 per cent on the BSE.
The total income rose to Rs 83.75 crore for the quarter under review, from Rs 63.51 crore in the second quarter of the previous fiscal, Wire and Wireless India Ltd (WWIL) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss from ordinary activities after tax of Rs 25.76 crore for the September quarter, against a net loss of Rs 27.12 crore in the corresponding period last fiscal.
The standalone total income of the firm rose to Rs 61.08 crore in the reviewed quarter, from Rs 50.04 crore in the same period a year-ago.
For six months ended September 30, the Essel group company announced a net loss of Rs 40.28 crore, while the net loss in the corresponding period last fiscal was at Rs 42.98 crore.
Subhash Chandra-led Wire and Wireless India Ltd is Zee's demerged cable television distribution company.
Shares of the company closed at Rs 12.05, down 524 per cent on the BSE.
Monday, October 20, 2008
MIC Electronics Q2 net up two-fold at Rs 25.56 cr
Mumbai, Oct 20 : MIC Electronics today announced a consolidated net profit of Rs 25.56 crore for the second quarter ended September 30, more than two-fold growth over corresponding period a year-ago.
The company had a net profit of Rs 11.14 crore for the same quarter last year, MIC Electronics Ltd said in a filing to the Bombay Stock Exchange.
The consolidated total income of the company rose to Rs 99.38 crore in the quarter under review from Rs 87.38 crore in the year-ago period.
On the standalone basis, the company posted a net profit of Rs 23.44 crore for the September quarter of current fiscal, a more than two-fold per cent growth, against Rs 9.84 crore for the same period last financial year.
Shares of the company closed at Rs 50.65, down 594 per cent on the BSE.
Lanco Infratech to demerge subsidiary into 2 entities
Mumbai, Oct 20 : Diversified firm Lanco Infratech on Monday said its subsidiary company Lanco Hills Technology Park Private Ltd (LHTPPL) would be demerged into two separate entities.
Lanco Hills Technology Park took a decision in this regard during the meeting of its board of directors, Lanco Infratech said in a regulatory filing to the Bombay Stock Exchange.
“With the demerger of LHTPPL, special economic zone (SEZ) business would be retained by the existing LHTPPL and the Non-SEZ business would be demerged into separate company,” the company said.
The demerger, which is subject to statutory approval, would be effective from April 1, 2008, it added.
Shares of the company were trading at Rs 132.90, down 3.10 per cent in the late afternoon trade on the BSE.
Lanco Hills Technology Park took a decision in this regard during the meeting of its board of directors, Lanco Infratech said in a regulatory filing to the Bombay Stock Exchange.
“With the demerger of LHTPPL, special economic zone (SEZ) business would be retained by the existing LHTPPL and the Non-SEZ business would be demerged into separate company,” the company said.
The demerger, which is subject to statutory approval, would be effective from April 1, 2008, it added.
Shares of the company were trading at Rs 132.90, down 3.10 per cent in the late afternoon trade on the BSE.
HT Media Q2 net dips 49 pc at Rs 16.28 cr
Mumbai, Oct 20 : HT Media today announced a net profit of Rs 16.28 crore for the second quarter ended 30 September, a 49 per cent dip over the corresponding period a year ago.
The company had a net profit of Rs 31.94 crore for the same quarter in FY’08, HT Media said in a filing to the Bombay Stock Exchange.
Its total income rose 18.17 pc to Rs 334.17 crore for the quarter under review, from Rs282.77 crore in the year-ago period.
For the six months ending 30September, the media house reported a net profit of Rs53.98 crore, a decline of 18% compared with the year-ago period.
It had a net profit of Rs 66.10 crore in the same period a year ago. The total income during the six-month period rose to Rs661.40 crore, from Rs 559.11 crore in the same period last fiscal.
Founded in 1924, HT Media operates 19 printing facilities across India. Besides Hindustan Times and Hindustan, the company publishes Mint.
It also has a presence in electronic media through its subsidiary HT Music and Entertainment Company Ltd.
During the quarter, the company had pumped in Rs 12.50 crore by way of equity shares and advances in its subsidiary company Firefly-O-Ventures. It also gave Rs5 crore loan to another subsidiary -- HT Music and Entertainment Ltd.
The company had changed its accounting policy from 1April, 2008 to adjust the foreign exchange fluctuation on borrowings, the filing added.
HT Media was trading at Rs84, up 3.07 per cent in the late afternoon trade on the BSE.
The company had a net profit of Rs 31.94 crore for the same quarter in FY’08, HT Media said in a filing to the Bombay Stock Exchange.
Its total income rose 18.17 pc to Rs 334.17 crore for the quarter under review, from Rs282.77 crore in the year-ago period.
For the six months ending 30September, the media house reported a net profit of Rs53.98 crore, a decline of 18% compared with the year-ago period.
It had a net profit of Rs 66.10 crore in the same period a year ago. The total income during the six-month period rose to Rs661.40 crore, from Rs 559.11 crore in the same period last fiscal.
Founded in 1924, HT Media operates 19 printing facilities across India. Besides Hindustan Times and Hindustan, the company publishes Mint.
It also has a presence in electronic media through its subsidiary HT Music and Entertainment Company Ltd.
During the quarter, the company had pumped in Rs 12.50 crore by way of equity shares and advances in its subsidiary company Firefly-O-Ventures. It also gave Rs5 crore loan to another subsidiary -- HT Music and Entertainment Ltd.
The company had changed its accounting policy from 1April, 2008 to adjust the foreign exchange fluctuation on borrowings, the filing added.
HT Media was trading at Rs84, up 3.07 per cent in the late afternoon trade on the BSE.
Petronet LNG Q2 net dips 10 pc at Rs103.36 cr
Mumbai, Oct 20 : State-run Petronet LNG announced a net profit of Rs 103.36 crore for the second quarter ended 30 September, a 10.51 per cent decline over the corresponding period a year-ago.
The company had a net profit of Rs 115.51 crore for the same quarter in FY’08, Petronet LNG said in a filing to the Bombay Stock Exchange.
The total income of the company declined to Rs1,654.92 crore for the quarter under review from Rs 1,670.50 crore in the year-ago period.
For the six months ending 30 September, the public sector energy firm registered a net decline of 6.4% at Rs209.01 crore against Rs 223.53 crore in the year-ago period.
While the total income in six months rose to Rs 3,300.77 crore, from Rs 3,221.52 crore in the corresponding period last fiscal.
The company had a net profit of Rs 115.51 crore for the same quarter in FY’08, Petronet LNG said in a filing to the Bombay Stock Exchange.
The total income of the company declined to Rs1,654.92 crore for the quarter under review from Rs 1,670.50 crore in the year-ago period.
For the six months ending 30 September, the public sector energy firm registered a net decline of 6.4% at Rs209.01 crore against Rs 223.53 crore in the year-ago period.
While the total income in six months rose to Rs 3,300.77 crore, from Rs 3,221.52 crore in the corresponding period last fiscal.
Patel Engineering Q2 net up 20 pc at Rs 43 crore
Mumbai, Oct 20 : Construction firm Patel Engineering today announced a consolidated net profit of Rs42.58 crore for the second quarter ended 30 September, up 19.84 per cent over the corresponding period a year-ago.
The company had a consolidated net profit of Rs35.53 crore in the same quarter in 2007, Patel Engineering Ltd said in a filing to the Bombay Stock Exchange.
The consolidated net sales of the company rose to Rs441.81 crore for the quarter under review from Rs338.77 crore in the year-ago period.
For the six month ended 30 September, 2008, the company posted a consolidated net profit of Rs77.57 crore, against Rs 62.57 crore a year ago, up 23.97 per cent.
On a standalone basis, the company posted a net profit of Rs33.49 crore in the September quarter as against Rs32.44 crore during the same period last fiscal.
The standalone net income of the engineering firm rose to Rs 309.18 crore in the Q2 of the current financial year from Rs 235.77 crore over the same period previous fiscal.
Shares of the company were trading at Rs170.90, down 3.66% in the afternoon trade on the BSE.
The company had a consolidated net profit of Rs35.53 crore in the same quarter in 2007, Patel Engineering Ltd said in a filing to the Bombay Stock Exchange.
The consolidated net sales of the company rose to Rs441.81 crore for the quarter under review from Rs338.77 crore in the year-ago period.
For the six month ended 30 September, 2008, the company posted a consolidated net profit of Rs77.57 crore, against Rs 62.57 crore a year ago, up 23.97 per cent.
On a standalone basis, the company posted a net profit of Rs33.49 crore in the September quarter as against Rs32.44 crore during the same period last fiscal.
The standalone net income of the engineering firm rose to Rs 309.18 crore in the Q2 of the current financial year from Rs 235.77 crore over the same period previous fiscal.
Shares of the company were trading at Rs170.90, down 3.66% in the afternoon trade on the BSE.
Shree Renuka Sugars acquires 87 pc stake in Gokak Sugars
Mumbai, Oct 20 : Sugar major Shree Renuka Sugars today said it has acquired 87 per cent stake in the Karnataka-based Gokak Sugars for Rs 69.3 crore.
Gokak Sugars Ltd has a capacity to crush 2,500 tonnes cane per day and it owns a 14 mega watts co-generation power plant in Belgaum of Karnataka, Shree Renuka Sugars Ltd said in a filing to the Bombay Stock Exchange.
The 69.3 crore acquisition by the Renuka Sugars includes assumption of debt of Rs 65 crore, the filing said.
Further, the Karnataka government has awarded a 30-year lease of Raibag Sahakari Sakhar Karkhana Niyamit (Raibag SSKN) to the company, Renuka Sugars said.
Karnataka-based Raibag SSKN has a sugar manufacturing capacity of 2,500 tonnes crushed per day (TCD), the company said.
Apart from Sugar, Shree Renuka Sugars is also engaged in manufacturing and marketing of power and ethanol.
Last month, the company had entered in an agreement to form a company in joint venture with the public sector refinery Hindustan Petroleum Corporation Ltd (HPCL) to set up an integrated sugar plant in Maharashtra.
Friday, October 17, 2008
Mfg sector needs 10 pc growth for 5 pc of global share: KPMG
New Delhi, Oct 17 : The Indian manufacturing sector needs to sustain an annual growth rate of over 10 per cent till 2022, in order to capture a five per cent share of the global output, says a report by global consultancy KPMG.
The innovation and entrepreneurial confidence of Indian firms have helped them leap frog in the process of discovery and market leadership, the report said, adding Indian firms need to take bold steps into uncharted waters.
"If we are able to sustain this growth rate (10 per cent annually) till 2022, then we could reach a five per cent share of the global manufacturing output," the report stated.
Indian economy is expected to be the third largest in the world by 2020, KPMG's Manufacturing India @ 75 report said.
"The report envisions India at the forefront of global manufacturing and trade of good, a leader in skill-intensive sectors and a global hub of research and development (R&D) and design," said KPMG India's National Industry Director (Consumer Markets) Ramesh Srinivas.
India' share of global manufacturing has just crawled to 1.8 per cent in the current year from 1 per cent in 1995, the report said.
"Protectionism has been deeply rooted in the Indian society and we have not yet been able to completely change that culture. This is one of the key reasons for low productivity in Indian manufacturing," Srinivas added.
Emphasising the reason behind slow growth rate, report stated this is primarily because the Indian manufacturing has grown on the back of growth in internal demand.
However, in coming years there would be a huge demand for manufactured goods in India, mainly because of a large middle class and this will lead a faster growth rate for the sector, report added.
The innovation and entrepreneurial confidence of Indian firms have helped them leap frog in the process of discovery and market leadership, the report said, adding Indian firms need to take bold steps into uncharted waters.
"If we are able to sustain this growth rate (10 per cent annually) till 2022, then we could reach a five per cent share of the global manufacturing output," the report stated.
Indian economy is expected to be the third largest in the world by 2020, KPMG's Manufacturing India @ 75 report said.
"The report envisions India at the forefront of global manufacturing and trade of good, a leader in skill-intensive sectors and a global hub of research and development (R&D) and design," said KPMG India's National Industry Director (Consumer Markets) Ramesh Srinivas.
India' share of global manufacturing has just crawled to 1.8 per cent in the current year from 1 per cent in 1995, the report said.
"Protectionism has been deeply rooted in the Indian society and we have not yet been able to completely change that culture. This is one of the key reasons for low productivity in Indian manufacturing," Srinivas added.
Emphasising the reason behind slow growth rate, report stated this is primarily because the Indian manufacturing has grown on the back of growth in internal demand.
However, in coming years there would be a huge demand for manufactured goods in India, mainly because of a large middle class and this will lead a faster growth rate for the sector, report added.
Thursday, October 16, 2008
Hindustan Construction bags Rs 1,688.28 cr contracts from AP govt
Mumbai, Oct 16 : Infrastructure firm Hindustan Construction Company (HCC) led consortium has bagged two contracts worth Rs 1,688.28 crore from Andhra Pradesh government for irrigation project.
The company has secured one contract along with two other companies -- Megha Engineering & Infrastructure (MIEL) and state-run Bharat Heavy Electriclas Limited (BHEL) from Andhra Pradesh government for lift irrigartion related works HCC said in a filing to the Bombay Stock Exchange.
The total value of contract is Rs 1,928 crore and Hindustan Construction Company counts a share of 51 per cent or Rs 983.28 crore in it, the company added.
The scope of work includes investigation, designs and execution of lift irrigation scheme in Karimnagar district of the state.
The company has been awarded another contract along with three other firms -- MIEL, SEW infrastructure Ltd and Austria-based Andritz AG-- from Andhra Pradesh government for construction of J Chokka Rao Devaadula Lift Irrigation scheme in the state.
The total value of this contract is Rs 1,410 crore and HCC's share is 50 per cent or 705 crore.
HCC at present is involved in the construction of Godavari Lift Irrigation project and is executing some other major projects in Andhra Pradesh.
The company has secured one contract along with two other companies -- Megha Engineering & Infrastructure (MIEL) and state-run Bharat Heavy Electriclas Limited (BHEL) from Andhra Pradesh government for lift irrigartion related works HCC said in a filing to the Bombay Stock Exchange.
The total value of contract is Rs 1,928 crore and Hindustan Construction Company counts a share of 51 per cent or Rs 983.28 crore in it, the company added.
The scope of work includes investigation, designs and execution of lift irrigation scheme in Karimnagar district of the state.
The company has been awarded another contract along with three other firms -- MIEL, SEW infrastructure Ltd and Austria-based Andritz AG-- from Andhra Pradesh government for construction of J Chokka Rao Devaadula Lift Irrigation scheme in the state.
The total value of this contract is Rs 1,410 crore and HCC's share is 50 per cent or 705 crore.
HCC at present is involved in the construction of Godavari Lift Irrigation project and is executing some other major projects in Andhra Pradesh.
Ranbaxy gets DCGI nod for anti-malaria clinical drug trials
Mumbai, Oct 16 : Pharmaceutical major Ranbaxy Laboratories today said it has received approval from Drug Controller General of India (DGCI) to initiate human clinical trials for its anti-malaria drug.
The Phase III clinical trial for its anti-malaria drug would be conducted on patients from India, Africa and South and South-east Asian nations, a company filing to the Bombay Stock Exchange said.
"Ranbaxy has successfully completed all the required regulatory safety and toxicity studies apart from a phase II clinical trial in India and Thailand with the drug candidate," the company said.
Further, the Indian drug maker is also planning to seek regulatory approval in countries outside India for the clinical trials of the drug.
"This is a landmark achievement for Ranbaxy's R&D (Research and Development) team," said Ranbaxy CEO and Managing Director Malvinder Mohan Singh adding "Ranbaxy's synthetic molecule will be safer and more effective than the existing drugs and will also have a clear cost advantage.
The Phase III clinical trial for its anti-malaria drug would be conducted on patients from India, Africa and South and South-east Asian nations, a company filing to the Bombay Stock Exchange said.
"Ranbaxy has successfully completed all the required regulatory safety and toxicity studies apart from a phase II clinical trial in India and Thailand with the drug candidate," the company said.
Further, the Indian drug maker is also planning to seek regulatory approval in countries outside India for the clinical trials of the drug.
"This is a landmark achievement for Ranbaxy's R&D (Research and Development) team," said Ranbaxy CEO and Managing Director Malvinder Mohan Singh adding "Ranbaxy's synthetic molecule will be safer and more effective than the existing drugs and will also have a clear cost advantage.
Finolex Q2 net dips 93 pc to Rs 1.8 cr
Mumbai, Oct 16 : Leading cable maker Finolex on Thursday registered a net profit of Rs 1.8 crore for the second quarter ended September 30, a decline of 93.28 per cent over the same period a year ago.
The company had a net profit of Rs 26.8 crore for the second quarter ended September 30, 2007, Finolex said in a filing to the Bombay Stock Exchange.
The net sales rose to Rs 374.21 crore for the quarter under review, from Rs 334.06 crore in FY'08.
For the six months ended on September 30, Finolex posted 84.25 per cent decline in its net profit at Rs 9.23 crore, against Rs 58.61 crore in the corresponding period of FY'08.
Shares of the company closed at Rs 30.90, down 6.22 per cent on the BSE.
The company had a net profit of Rs 26.8 crore for the second quarter ended September 30, 2007, Finolex said in a filing to the Bombay Stock Exchange.
The net sales rose to Rs 374.21 crore for the quarter under review, from Rs 334.06 crore in FY'08.
For the six months ended on September 30, Finolex posted 84.25 per cent decline in its net profit at Rs 9.23 crore, against Rs 58.61 crore in the corresponding period of FY'08.
Shares of the company closed at Rs 30.90, down 6.22 per cent on the BSE.
Chettinad Cement Q2 net dips 32 pc to Rs 34.18 cr
Mumbai, Oct 16 : Cement manufacturer, Chettinad Cement Corporation on Thursday registered a net profit of Rs 34.18 crore for the second quarter ended September 30, a decline of 32.66 per cent over the corresponding period a year ago.
The company had a net profit of Rs 50.76 crore for the second quarter ended September 30, 2007, Chettinad Cement said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 283.79 crore for the quarter under review, from Rs 234.99 crore in the same period last fiscal.
For the six months ended on September 30, Chettinad Cement reported a 9.4 per cent growth in its net profit at Rs 77.7 crore, against a net profit of Rs 85.8 crore in the corresponding period in FY'08.
Further, total income during the six month ended September 30, rose to Rs 568.32 crore from Rs 434.75 crore in the corresponding period last fiscal.
Shares of the company closed at Rs 485, up 1.04 per cent on the BSE.
The company had a net profit of Rs 50.76 crore for the second quarter ended September 30, 2007, Chettinad Cement said in a filing to the Bombay Stock Exchange.
Total income of the company rose to Rs 283.79 crore for the quarter under review, from Rs 234.99 crore in the same period last fiscal.
For the six months ended on September 30, Chettinad Cement reported a 9.4 per cent growth in its net profit at Rs 77.7 crore, against a net profit of Rs 85.8 crore in the corresponding period in FY'08.
Further, total income during the six month ended September 30, rose to Rs 568.32 crore from Rs 434.75 crore in the corresponding period last fiscal.
Shares of the company closed at Rs 485, up 1.04 per cent on the BSE.
Wednesday, October 15, 2008
L&T Q2 net up 32 pc at Rs 460 cr
Mumbai, Oct 15 : Engineering firm Larsen and Toubro on Wednesday announced a profit after tax of Rs 460.26 crore, a 32.25 per cent growth over the corresponding period a year-ago.
The company had a net profit of Rs 348.02 crore for the second quarter of FY'08, L&T said in a filing to the Bombay Stock Exchange.
The total income rose 40 per cent to Rs 7,842.26 crore for the quarter under review, from Rs 5,614.51 in the same period last fiscal.
For the six months ended on September 30, L&T reported a net profit of Rs 962.7 crore, a 32.87 per cent growth over the same period a year-ago. It had a net profit of Rs 724.87 crore in the corresponding period in FY'08.
Further, net sales during the six month ending September 30, increased 46 per cent to Rs 14,583.63 crore.
Shares of the company were trading at Rs 904.95, down 9.83 per cent in the afternoon trade on the BSE.
The company had a net profit of Rs 348.02 crore for the second quarter of FY'08, L&T said in a filing to the Bombay Stock Exchange.
The total income rose 40 per cent to Rs 7,842.26 crore for the quarter under review, from Rs 5,614.51 in the same period last fiscal.
For the six months ended on September 30, L&T reported a net profit of Rs 962.7 crore, a 32.87 per cent growth over the same period a year-ago. It had a net profit of Rs 724.87 crore in the corresponding period in FY'08.
Further, net sales during the six month ending September 30, increased 46 per cent to Rs 14,583.63 crore.
Shares of the company were trading at Rs 904.95, down 9.83 per cent in the afternoon trade on the BSE.
Tuesday, October 14, 2008
Gemini Communication to consider share buy back on Oct 22
Mumbai, Oct 14 : IT firm Gemini Communication today said it has fixed the date to consider equity shares buy back of the company.
"A meeting of board of directors of the company will be held on October 22, to consider and discuss buy back of equity shares," Gemini Communication said in a regulatory filing to the Bombay Stock Exchange.
"A meeting of board of directors of the company will be held on October 22, to consider and discuss buy back of equity shares," Gemini Communication said in a regulatory filing to the Bombay Stock Exchange.
NDTV Q2 net loss widens to Rs 119.38 cr
Mumbai, Oct 14 : Media conglomerate NDTV today announced a consolidated net loss after tax of Rs 119.38 crore for the quarter ended September 30, as against a net loss after tax of Rs 25.27 crore in the year-ago quarter.
The company also said it has embarked upon a cost-cutting and rationalisation exercise in its news business and expects advertisement revenue growth to slow down.
The total income rose 65 per cent to Rs 127.91 crore for the quarter under review, from Rs 77.49 crore in the second quarter of the previous fiscal, New Delhi Television (NDTV) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss of Rs 13.04 crore for the September quarter, against a net loss of Rs 39.50 crore in the corresponding period last fiscal.
The stand-alone total income of the firm rose to Rs 76.2 crore in the reviewed quarter from Rs 67.91 crore in the same period a year ago.
Besides, the company said in a press release that its board has decided to split NDTV into two groups - one to carry out news and other businesses, and the second for the entertainment and allied businesses.
"We expect some amount of consolidation going forward in the news coupled with a slowdown in advertisement revenue growth linked to the macro environment," NDTV said.
Noting that staying out of debt and having adequate cash reserves was critical in the current market scenario, NDTV said it has Rs 660 crore of cash to meet business expense needs.
Shares of NDTV closed at Rs 156.90, up 3.84 per cent on the BSE.
The company also said it has embarked upon a cost-cutting and rationalisation exercise in its news business and expects advertisement revenue growth to slow down.
The total income rose 65 per cent to Rs 127.91 crore for the quarter under review, from Rs 77.49 crore in the second quarter of the previous fiscal, New Delhi Television (NDTV) said in a filing to the Bombay Stock Exchange.
On the standalone basis, the media firm reported a net loss of Rs 13.04 crore for the September quarter, against a net loss of Rs 39.50 crore in the corresponding period last fiscal.
The stand-alone total income of the firm rose to Rs 76.2 crore in the reviewed quarter from Rs 67.91 crore in the same period a year ago.
Besides, the company said in a press release that its board has decided to split NDTV into two groups - one to carry out news and other businesses, and the second for the entertainment and allied businesses.
"We expect some amount of consolidation going forward in the news coupled with a slowdown in advertisement revenue growth linked to the macro environment," NDTV said.
Noting that staying out of debt and having adequate cash reserves was critical in the current market scenario, NDTV said it has Rs 660 crore of cash to meet business expense needs.
Shares of NDTV closed at Rs 156.90, up 3.84 per cent on the BSE.
Subhash Projects forms JV, bags Rs 95.80 cr contract
Mumbai, Oct 14 : Construction firm Subhash Projects & Marketing today said its newly formed joint venture Insituform Pipeline Rehabilitation has bagged two orders worth Rs 95.80 crore from Delhi Jal Board for construction related works.
The scope of the projects include restoration of trunk sewer lines of the Delhi Jal Board, Subhash Projects said in a filing to the Bombay Stock Exchange.
About the formation of JV, the company today said it has has tied up with US-based Insituform Technologies.
The new venture Insituform Pipeline Rehabilitation Pvt Ltd would undertake sewer rehabilitation jobs in India, the company added.
Shares of the company were trading at Rs 75.65, down 4.48 per cent in the late afternoon trade on the BSE.
The scope of the projects include restoration of trunk sewer lines of the Delhi Jal Board, Subhash Projects said in a filing to the Bombay Stock Exchange.
About the formation of JV, the company today said it has has tied up with US-based Insituform Technologies.
The new venture Insituform Pipeline Rehabilitation Pvt Ltd would undertake sewer rehabilitation jobs in India, the company added.
Shares of the company were trading at Rs 75.65, down 4.48 per cent in the late afternoon trade on the BSE.
Jubilant Organosys Q2 net loss at Rs 69.57 cr
Mumbai, Oct 14 : Pharmaceutical firm Jubilant Organosys today announced a consolidated net loss of Rs 69.57 crore for the second quarter ended September 30, 2008.
The company had a net profit of Rs 109.6 crore in the year-ago period.
The total income of the company rose to Rs 947.58 crore for the quarter under review, from Rs 656.8 crore in the corresponding period last fiscal, Jubilant Organosys said in a filing to the Bombay Stock Exchange.
On standalone basis, the company posted a net loss of Rs 24.39 crore for the second quarter of the FY09, while it had a net profit of Rs 111.7 crore in the same period last fiscal.
The standalone total income of the pharma company rose to Rs 685.28 crore in the Q2 of FY09, from Rs 524 crore in the year-ago period.
The company had a net profit of Rs 109.6 crore in the year-ago period.
The total income of the company rose to Rs 947.58 crore for the quarter under review, from Rs 656.8 crore in the corresponding period last fiscal, Jubilant Organosys said in a filing to the Bombay Stock Exchange.
On standalone basis, the company posted a net loss of Rs 24.39 crore for the second quarter of the FY09, while it had a net profit of Rs 111.7 crore in the same period last fiscal.
The standalone total income of the pharma company rose to Rs 685.28 crore in the Q2 of FY09, from Rs 524 crore in the year-ago period.
Monday, October 13, 2008
RBS to raise 20 bn pounds to strengthen capital base
London, Oct 13 : Financial services major Royal Bankof Scotland (RBS) today said it will raise 20 billion pound by issuing shares to strengthen its capital base, amid deteriorating market condition.
The bank would raise 15 billion pound by issuing ordinary shares in open market at a price of 65.5 pence per share, RBS said in a regulatory filing to the London Stock Exchange.
It would raise another 5 billion pound by issuing preferential shares to the UK government, it added.
"The steps we have announced today, taken in conjunctionwith the government, will secure a stronger future for the RBS Group. We regret having to raise new capital but believe that decisive action is necessary in this unprecedented market environment," RBS Chairman Tom McKillop said.
Following the recapitalisation, RBS will be one of the best-capitalised banks in the world, enabling us to supportour customers, while pursuing our refocused strategic goals," McKillop added.
The filing, however, said Tom McKillop would retire as Chairman at RBS' Annual General Meeting in April 2009.
Further, Chief Executive of the bank Fred Goodwin would step down and be replaced by Stephen Hester, at present Chief Executive of British Land and a non-executive director of theGroup, RBS said.
The capital raising would increase RBS's pro-forma coretier I and II ratios by about three and four percentage points respectively, on a proportionally consolidated basis.
And would significantly enhance the Group's financial flexibility in the face of continuing turbulence and uncertainty in the financial markets.
At the time of the launch of the offer, RBS shareholders would be invited to subscribe to all or part of their entitlements, while any new shares not taken up by them would be placed with HM Treasury at a fixed price of 65.5 pence pershare.
New institutional investors may also be permitted tosubscribe for new shares under the offer, the filing added.
The offer, which is expected to close in November, is subject to shareholder's approval, the bank added.
On the subject of dividend, RBS announced that, "No dividend will be paid on ordinary shares until the preference shares have been repaid."
Another board member Johnny Cameron, who is the Chairmanof the Global Markets would step down from the Board withimmediate effect, it added.
Besides, the Treasury would work with the board on itsappointment of up to three new independent Non-ExecutiveDirectors, RBS said.
On October 8, 2008, the UK government had announced arange of measures, which should ease both the cause and the symptoms of the current difficulties, which include the provision of liquidity and funding support and facilities toenable banks to raise new capital to strengthen their capital base.
The bank would raise 15 billion pound by issuing ordinary shares in open market at a price of 65.5 pence per share, RBS said in a regulatory filing to the London Stock Exchange.
It would raise another 5 billion pound by issuing preferential shares to the UK government, it added.
"The steps we have announced today, taken in conjunctionwith the government, will secure a stronger future for the RBS Group. We regret having to raise new capital but believe that decisive action is necessary in this unprecedented market environment," RBS Chairman Tom McKillop said.
Following the recapitalisation, RBS will be one of the best-capitalised banks in the world, enabling us to supportour customers, while pursuing our refocused strategic goals," McKillop added.
The filing, however, said Tom McKillop would retire as Chairman at RBS' Annual General Meeting in April 2009.
Further, Chief Executive of the bank Fred Goodwin would step down and be replaced by Stephen Hester, at present Chief Executive of British Land and a non-executive director of theGroup, RBS said.
The capital raising would increase RBS's pro-forma coretier I and II ratios by about three and four percentage points respectively, on a proportionally consolidated basis.
And would significantly enhance the Group's financial flexibility in the face of continuing turbulence and uncertainty in the financial markets.
At the time of the launch of the offer, RBS shareholders would be invited to subscribe to all or part of their entitlements, while any new shares not taken up by them would be placed with HM Treasury at a fixed price of 65.5 pence pershare.
New institutional investors may also be permitted tosubscribe for new shares under the offer, the filing added.
The offer, which is expected to close in November, is subject to shareholder's approval, the bank added.
On the subject of dividend, RBS announced that, "No dividend will be paid on ordinary shares until the preference shares have been repaid."
Another board member Johnny Cameron, who is the Chairmanof the Global Markets would step down from the Board withimmediate effect, it added.
Besides, the Treasury would work with the board on itsappointment of up to three new independent Non-ExecutiveDirectors, RBS said.
On October 8, 2008, the UK government had announced arange of measures, which should ease both the cause and the symptoms of the current difficulties, which include the provision of liquidity and funding support and facilities toenable banks to raise new capital to strengthen their capital base.
Aurobindo Pharma gets USFDA nod for Fluconazole
Mumbai, Oct 13 : Aurobindo Pharma today said it has received US regulatory approval for manufacturing and marketing of Fluconazole tablets, used as an anti-fungal drug.
In a filing to the Bombay Stock Exchange, Aurobindo Pharma said it has received approval from the US Food and Drug Administration (USFDA) for Fluconazole tablets, in strengths of 0.25, 0.5, 1, 2, 3 and 4 mg.
Fluconazole is an anti-fungal drug used in the treatment and prevention of fungal infections.
This approval takes the number of Abbreviated New Drug Application approval for Aurobindo Pharma to 81, it said.
Last week, the company had received approval for Fluconazole tablets in 50, 100, 150 and 200 mg variants.
Shares of Aurobindo Pharma were trading at Rs 195.50, up 0.26 per cent in afternoon trade on the BSE.
In a filing to the Bombay Stock Exchange, Aurobindo Pharma said it has received approval from the US Food and Drug Administration (USFDA) for Fluconazole tablets, in strengths of 0.25, 0.5, 1, 2, 3 and 4 mg.
Fluconazole is an anti-fungal drug used in the treatment and prevention of fungal infections.
This approval takes the number of Abbreviated New Drug Application approval for Aurobindo Pharma to 81, it said.
Last week, the company had received approval for Fluconazole tablets in 50, 100, 150 and 200 mg variants.
Shares of Aurobindo Pharma were trading at Rs 195.50, up 0.26 per cent in afternoon trade on the BSE.
Himalya International Q2 net up by 31 pc at Rs 3.33 cr
Mumbai, Oct 13 : The food-processing exporter Himalya International on Monday announced a net profit of Rs 3.33 crore for the second quarter ended September 30, an increase of 31 per cent from the corresponding period a year-ago.
The company had a net profit of Rs 2.54 crore for the second quarter ended September 30, 2007, Himalya International said in a filing to the Bombay Stock Exchange.
The total income of the company rose to Rs 13.69 crore in the quarter under review from Rs 10.76 crore of the September quarter of last fiscal.
The company had a net profit of Rs 2.54 crore for the second quarter ended September 30, 2007, Himalya International said in a filing to the Bombay Stock Exchange.
The total income of the company rose to Rs 13.69 crore in the quarter under review from Rs 10.76 crore of the September quarter of last fiscal.
Sunday, October 12, 2008
Nokia seeks India patent for multimedia sharing technology
New Delhi, Oct 12 : World's largest mobile phone maker Nokia has filed a patent application in India for its networking solution which allows a user group to share multimedia contents during a group communication.
Nokia, which is planning to launch its latest touchscreen mobile phone in India in coming days, has approached Controller General of Patents, Designs and Trade Marks for the patent.
Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice.
In its patent application filed on August 21 this year, the company has said, "An object of the present invention is to provide a solution to how to implement sharing of multimedia contents from a media server to participants."
During a group communication all participants may take turns to speak and listen to each other and it include data calls, audio calls, video calls, multimedia calls, messaging and emails.
According to Nokia, any kind of data can be shared in real-time or near real-time by using this multimedia sharing technique.
Importantly, the content sharing method skips user terminal (phone network) and data reaches directly to the communication server (internet protocol medium) from media server (a device that stores and shares contents), the company said.
Nokia, which is planning to launch its latest touchscreen mobile phone in India in coming days, has approached Controller General of Patents, Designs and Trade Marks for the patent.
Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice.
In its patent application filed on August 21 this year, the company has said, "An object of the present invention is to provide a solution to how to implement sharing of multimedia contents from a media server to participants."
During a group communication all participants may take turns to speak and listen to each other and it include data calls, audio calls, video calls, multimedia calls, messaging and emails.
According to Nokia, any kind of data can be shared in real-time or near real-time by using this multimedia sharing technique.
Importantly, the content sharing method skips user terminal (phone network) and data reaches directly to the communication server (internet protocol medium) from media server (a device that stores and shares contents), the company said.
Friday, October 10, 2008
Motilal Oswal Financial Services PAT dips 17 pc at Rs 27.1 cr
Mumbai, Oct 10 : Diversified financial services firm Motilal Oswal Financial Services today announced a profit after tax of Rs 27.1 crore for the second quarter ended September 30, a 17 per cent decline corresponding the same period a year-ago.
The company had a profit after tax of Rs 32.6 crore for the quarter ended September 30, 2007, Motilal Oswal Financial services said in a filing to the Bombay Stock Exchange.
The total revenues of the company declined to Rs 138.3 crore in the quarter under review from Rs 153.2 crore for the second quarter of the last fiscal.
"We believe that every slowdown is an opportunity to strengthen businesses through greater emphasis on processes, productivity and cost optimization," Motilal Oswal Financial Services CMD Motilal Oswal said.
Shares of the company closed at Rs 75.55, down 3.02 on the BSE.
Hong Kong injects HKD 1.2 mn to support crisis hit people
Beijing , Oct 10 : Hong Kong Government has announced that it will pump in 1.2 million Hong Kong Dollar to extend support to people facing family-related and other emotional problems on account of all-pervasive global financial crisis.
" Like other economies, Hong Kong is being affected by the global financial turmoil to a certain extent. Some people may face personal financial crisis as a result of investment failure and unemployment as well as difficulties with their emotions, family relationship and accommodation etc," Social Welfare Department (SWD) of Hong Kong said in a statement.
To address their needs, the CEASE Crisis Centre and the Family Crisis Support Centre would each be allocated a HKD 6,00,000 to set up a Financial Crisis Emotional Support Hotline to provide counseling service," it further added.
CEASE Crisis Centre is operated by the Hong Kong's Tung Wah Group of Hospitals whereas Caritas, an organisation working worldwide for eradication of poverty and social inequality, operates the Family Crisis Support Centre.
Commencing from Monday, hotlines would be manned by registered social workers around the clock, it said.
"In addition, social workers will provide face-to-face counseling and organise support groups to help individuals and families with emotional or family problems arising from personal financial crisis by strengthening their skills in coping with stress and working out positive ways to manage their problems," the statement added.
Besides, social workers would also refer cases to appropriate welfare services for follow-up, SWD added.
The Hang Seng Index of the Hong Kong Stock Exchange today closed down 7.19 per cent at 14,796.87 points.
" Like other economies, Hong Kong is being affected by the global financial turmoil to a certain extent. Some people may face personal financial crisis as a result of investment failure and unemployment as well as difficulties with their emotions, family relationship and accommodation etc," Social Welfare Department (SWD) of Hong Kong said in a statement.
To address their needs, the CEASE Crisis Centre and the Family Crisis Support Centre would each be allocated a HKD 6,00,000 to set up a Financial Crisis Emotional Support Hotline to provide counseling service," it further added.
CEASE Crisis Centre is operated by the Hong Kong's Tung Wah Group of Hospitals whereas Caritas, an organisation working worldwide for eradication of poverty and social inequality, operates the Family Crisis Support Centre.
Commencing from Monday, hotlines would be manned by registered social workers around the clock, it said.
"In addition, social workers will provide face-to-face counseling and organise support groups to help individuals and families with emotional or family problems arising from personal financial crisis by strengthening their skills in coping with stress and working out positive ways to manage their problems," the statement added.
Besides, social workers would also refer cases to appropriate welfare services for follow-up, SWD added.
The Hang Seng Index of the Hong Kong Stock Exchange today closed down 7.19 per cent at 14,796.87 points.
Thursday, October 9, 2008
Sony Ericsson seeks India patent for new audio headset
New Delhi, Oct 9 : Sony Ericsson Mobile Communications has filed a patent application in India for its new audio headset, which can be connected with various devices using bluetooth technology.
The company, established in a 50:50 joint venture by Sony and Ericsson in October 2001, has approached Controller General of Patents, Designs and Trade Marks filing patent application on August 18 this year.
Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice.
Sony Ericsson, has a research and development (R&D) site in India and manufacturing units in China.
In its patent application, the company has said, "A general object of invention is to simplify the management of an audio headset, which is connectable to two or more audio sources."
More specifically, it is an object to provide a headset which is configured to handle voice call by wireless connection to a phone and also to receive streaming audio such as music from a streaming audio source, it added.
The object is fitted with an audio headset, comprising signal transceiver, wirelessly connectable to a plurality of devices, including a voice call device and an audio device. The device uses Bluetooth technology.
Bluetooth is basically a wireless personal area network technology, which is an open standard for short-range transmission of digital voice and data between predominantly mobile devices, such as laptops and mobile phones.
However, Sony Ericsson further adds, "Other communication protocols and systems (other than Bluetooth) could be employed for communicating between the headset and the connected audio devices."
The company, established in a 50:50 joint venture by Sony and Ericsson in October 2001, has approached Controller General of Patents, Designs and Trade Marks filing patent application on August 18 this year.
Approving authorities have published the claims made by the company in their latest Patent Office Journal, giving a public notice.
Sony Ericsson, has a research and development (R&D) site in India and manufacturing units in China.
In its patent application, the company has said, "A general object of invention is to simplify the management of an audio headset, which is connectable to two or more audio sources."
More specifically, it is an object to provide a headset which is configured to handle voice call by wireless connection to a phone and also to receive streaming audio such as music from a streaming audio source, it added.
The object is fitted with an audio headset, comprising signal transceiver, wirelessly connectable to a plurality of devices, including a voice call device and an audio device. The device uses Bluetooth technology.
Bluetooth is basically a wireless personal area network technology, which is an open standard for short-range transmission of digital voice and data between predominantly mobile devices, such as laptops and mobile phones.
However, Sony Ericsson further adds, "Other communication protocols and systems (other than Bluetooth) could be employed for communicating between the headset and the connected audio devices."
Wednesday, October 8, 2008
BT seeks India patent for computer telephony system
New Delhi, Oct 8 : UK-based telecom major British Telecom has filed a patent application in India for its invention computer telephony system, which could make a phone call through internet more secure, a development particularly more useful for call centres.
BT, which is one of the largest communication companies in the world, has approached the Controller General of Patents, Designs and Trade Marks for patenting the invention.
Admitting the application, the authorities have published the claims made by the company in their Patent Office Journal, giving a public notice.
BT has presence in India and it has collaborations with five domestic players - Tech Mahindra, HCL, Infosys, TCS and Wipro.
In its patent application filed on May 29 this year, the company has claimed that the "invention provides a method of securely registering an association between a computer terminal and a selected one of a plurality of communications terminals in a computer telephony system".
CTS is particularly useful in call centres, where it can arrange an automatic call distribution (ACD) suite for a secured incoming and outgoing call.
In common, at large call centres, there arises some common problems in making call to a potential target due to non-secured identity and similar case happens in incoming calls but CTS minimises it by using some codification methods.
Jointly developed by David Peter Thorpe and Jon Laurence Booton, the CTS has already been granted a patent by the World Intellectual Property Organisation (WIPO).
BT, which is one of the largest communication companies in the world, has approached the Controller General of Patents, Designs and Trade Marks for patenting the invention.
Admitting the application, the authorities have published the claims made by the company in their Patent Office Journal, giving a public notice.
BT has presence in India and it has collaborations with five domestic players - Tech Mahindra, HCL, Infosys, TCS and Wipro.
In its patent application filed on May 29 this year, the company has claimed that the "invention provides a method of securely registering an association between a computer terminal and a selected one of a plurality of communications terminals in a computer telephony system".
CTS is particularly useful in call centres, where it can arrange an automatic call distribution (ACD) suite for a secured incoming and outgoing call.
In common, at large call centres, there arises some common problems in making call to a potential target due to non-secured identity and similar case happens in incoming calls but CTS minimises it by using some codification methods.
Jointly developed by David Peter Thorpe and Jon Laurence Booton, the CTS has already been granted a patent by the World Intellectual Property Organisation (WIPO).
IGH Holding hikes stake in Hindalco, acquires 21.88 lakh shares
Mumbai, Oct 8 : Hindalco Industries, the flagship company of Aditya Birla Group, today said one of its promoter IGH Holding has increased its stake in the company by acquiring an additional 21.88 lakh equity shares.
IGH Holding has acquired 21,88,462 equity shares of the company on October 7 from the Stock Exchanges, Hindalco Industries said in a regulatory filing to the Bombay Stock Exchange.
Till the end of the June quarter, IGH Holding, held 8,83,07,573 equity shares in the company, representing 7.20 per cent stake in the A V Birla group company.
Earlier, the company on October 7 had announced that IGH Holdings has acquired 1,968,213 shares of the company from stock exchanges.
This is the third announcement of Hindalco in three consecutive days since October 6 regarding the acquisition of equity shares by IGH Holdings.
On October 6 also, Hindalco Industries had said that IGH Holdings has acquired 9,40,000 shares of the company from stock exchanges.
Shares of the company were trading at Rs 90.80, down 4.22 per cent on the BSE.
IGH Holding has acquired 21,88,462 equity shares of the company on October 7 from the Stock Exchanges, Hindalco Industries said in a regulatory filing to the Bombay Stock Exchange.
Till the end of the June quarter, IGH Holding, held 8,83,07,573 equity shares in the company, representing 7.20 per cent stake in the A V Birla group company.
Earlier, the company on October 7 had announced that IGH Holdings has acquired 1,968,213 shares of the company from stock exchanges.
This is the third announcement of Hindalco in three consecutive days since October 6 regarding the acquisition of equity shares by IGH Holdings.
On October 6 also, Hindalco Industries had said that IGH Holdings has acquired 9,40,000 shares of the company from stock exchanges.
Shares of the company were trading at Rs 90.80, down 4.22 per cent on the BSE.
Indiabulls Real Estate Q2 net dips 76 pc at Rs 7.99 cr
Mumbai, Oct 8 : Indiabulls Real Estate on Wednesday announced a consolidated net profit of Rs 7.99 crore for the second quarter ended September 30, a 76.60 per cent decline over the corresponding period a year-ago.
The company had a consolidated net profit of Rs 34.15 crore in the second quarter ended September 30, 2007, Indiabulls Real Estate said in a filing to the Bombay Stock Exchange.
The consolidated total income of the company rose to Rs 143.82 crore in the quarter under review from Rs 78.21 crore of the corresponding period last fiscal, it said.
On a standalone basis, Indiabulls Real Estate posted a net profit of 6.87 crore in the quarter ended September 30, a 69.82 per cent decline over the corresponding period a year-ago.
The company had posted a standalone net profit of 22.77 crore in the second quarter ended September 30 in 2007-08.
The standalone total income of Indiabulls Real Estate rose to Rs 49.61 crore in the latest quarter from Rs 37.34 crore of corresponding period last fiscal.
Shares of the company were trading at Rs 106, down 19.21 per cent in the afternoon trade on the BSE.
The company had a consolidated net profit of Rs 34.15 crore in the second quarter ended September 30, 2007, Indiabulls Real Estate said in a filing to the Bombay Stock Exchange.
The consolidated total income of the company rose to Rs 143.82 crore in the quarter under review from Rs 78.21 crore of the corresponding period last fiscal, it said.
On a standalone basis, Indiabulls Real Estate posted a net profit of 6.87 crore in the quarter ended September 30, a 69.82 per cent decline over the corresponding period a year-ago.
The company had posted a standalone net profit of 22.77 crore in the second quarter ended September 30 in 2007-08.
The standalone total income of Indiabulls Real Estate rose to Rs 49.61 crore in the latest quarter from Rs 37.34 crore of corresponding period last fiscal.
Shares of the company were trading at Rs 106, down 19.21 per cent in the afternoon trade on the BSE.
Tuesday, October 7, 2008
Spanco-Spice JV to merge BPO business
Mumbai, Oct 7 : Information technology and hardware firm Spanco Telesystems and Solutions today said it has entered into an agreement with Spice Group to merge their domestic BPO businesses.
Bharat BPO, a 50:50 joint venture between the company and Omnia BPO Services (a Spice Telecom group company), would merge domestic business process outsourcing businesses with itself, Spanco said in a regulatory filing to the Bombay Stock Exchange.
“Each of these BPOs specialises in specific market and vertical segments and their coalition will lead to a synergistic value proposition for clients, enabling them to address diverse target segments through one organisation,” the company said.
The joint venture has currently around 7,000 seats and under its robust growth plans it would increase to around 15,000 in future, it added.
Shares of the company were trading at Rs52.30, down 5.60% in the afternoon trading on the BSE.
Bharat BPO, a 50:50 joint venture between the company and Omnia BPO Services (a Spice Telecom group company), would merge domestic business process outsourcing businesses with itself, Spanco said in a regulatory filing to the Bombay Stock Exchange.
“Each of these BPOs specialises in specific market and vertical segments and their coalition will lead to a synergistic value proposition for clients, enabling them to address diverse target segments through one organisation,” the company said.
The joint venture has currently around 7,000 seats and under its robust growth plans it would increase to around 15,000 in future, it added.
Shares of the company were trading at Rs52.30, down 5.60% in the afternoon trading on the BSE.
IGH Holding hikes stake in Hindalco
Mumbai, Oct 7 : Hindalco Industries, the flagship company of Aditya Birla Group, today said one of its promoter IGH Holding has increased its stake in the company by acquiring an additional 19.68 lakh equity shares.
In a regulatory filing to the Bombay Stock Exchange, Hindalco said that IGH Holding has acquired 19,68,213 equity shares of the company on 6 October, from the Stock Exchanges.
Till the end of the June quarter, IGH Holding, held 8,83,07,573 equity shares in the company, representing 7.20% stake in the company.
Earlier on 6 October, Hindalco Industries had said that IGH Holdings has acquired 9,40,000 shares of the company from stock exchanges.
Shares of the company were trading at Rs 95.15, down 1.25% in the afternoon trade on the BSE.
In a regulatory filing to the Bombay Stock Exchange, Hindalco said that IGH Holding has acquired 19,68,213 equity shares of the company on 6 October, from the Stock Exchanges.
Till the end of the June quarter, IGH Holding, held 8,83,07,573 equity shares in the company, representing 7.20% stake in the company.
Earlier on 6 October, Hindalco Industries had said that IGH Holdings has acquired 9,40,000 shares of the company from stock exchanges.
Shares of the company were trading at Rs 95.15, down 1.25% in the afternoon trade on the BSE.
Monday, October 6, 2008
UK's Lewis to invest Rs 56.97 cr in Provogue subsidiary
Mumbai, Oct 6 : Fashion garments maker Provogue India today said UK-based Lewis Trust Group would invest Rs 56.97 crore for over three per cent stake in one of its subsidiary.
In a filing to the Bombay Stock Exchange Provogue India said it has entered into an agreement with Lewis promoted LTG International to invest 56.97 crore in the step down subsidiary of Prozone Enterprises Pvt Ltd (Prozone-Liberty).
The step down subsidiary is a joint venture between Provogue (India) Ltd and Liberty International Plc.
The investment would give Lewis a 3.36 per cent holding in the company, the filing added.
Shares of the company closed at Rs 137.55, down 179 per cent on the BSE.
In a filing to the Bombay Stock Exchange Provogue India said it has entered into an agreement with Lewis promoted LTG International to invest 56.97 crore in the step down subsidiary of Prozone Enterprises Pvt Ltd (Prozone-Liberty).
The step down subsidiary is a joint venture between Provogue (India) Ltd and Liberty International Plc.
The investment would give Lewis a 3.36 per cent holding in the company, the filing added.
Shares of the company closed at Rs 137.55, down 179 per cent on the BSE.
Thermax bags Rs 450 cr order for power plant
Mumbai, Oct 6 : Engineering firm Thermax today said it has bagged an order worth Rs 450 crore from an integrated steel unit for setting up a 60 mw captive power plant in Andhra Pradesh.
The scope of order includes the supply and commissioning of boilers and turbines, fuel and ash handling system, civil works, water treatment plant, pollution control system and storage reservoirs, Thermax said in a regulatory filing to the Bombay Stock Exchange.
However, the company has not disclosed the identity of the integrated steel unit from which it has bagged the order.
"The 60 mw power plant will be built and commissioned on a turnkey basis for a green field integrated steel complex in Andhra Pradesh," the company said.
Shares of the company closed at Rs 364.10, down 9.11 per cent on the BSE.
The scope of order includes the supply and commissioning of boilers and turbines, fuel and ash handling system, civil works, water treatment plant, pollution control system and storage reservoirs, Thermax said in a regulatory filing to the Bombay Stock Exchange.
However, the company has not disclosed the identity of the integrated steel unit from which it has bagged the order.
"The 60 mw power plant will be built and commissioned on a turnkey basis for a green field integrated steel complex in Andhra Pradesh," the company said.
Shares of the company closed at Rs 364.10, down 9.11 per cent on the BSE.
Dynamatic Technologies acquires UK-based aeronautic firm
Mumbai, Oct 6 : Diversified engineering firm Dynamatic Technologies today said it has acquired a UK-based aeronautic firm for USD 16 million (about Rs 76.34). However, the company has not disclosed the identity of acquired firm.
"The acquired company is profitable and the acquisition was made for a total consideration of approximately USD 16 million," Dynamatic Technologies said in a regulatory filing to the Bombay Stock Exchange.
The acquired UK company manufactures highly engineered components and tools, it said.
The customers of aeronautic company include Airbus, Boeing, Lockheed Martin and Agusta Westland, the company added.
Shares of the company closed at Rs 920, down 6.87 per cent on the BSE.
"The acquired company is profitable and the acquisition was made for a total consideration of approximately USD 16 million," Dynamatic Technologies said in a regulatory filing to the Bombay Stock Exchange.
The acquired UK company manufactures highly engineered components and tools, it said.
The customers of aeronautic company include Airbus, Boeing, Lockheed Martin and Agusta Westland, the company added.
Shares of the company closed at Rs 920, down 6.87 per cent on the BSE.
Friday, October 3, 2008
Qualcomm seeks patent for mobile altitude measuring device
New Delhi, Oct 3 : Qualcomm Inc, a US-based pioneer of CDMA based mobile telephony, has filed a patent application in the country for its recent invention of a device, which could be used to determine altitude of a mobile phone in any environment, more accurately than GPS.
Qualcomm, leading developer and innovator of the mobile devices and chips, has approached the Controller General of Patents, Designs and Trade Marks by filing patent application.
Admitting the application, the authorities have published the claims made by the company in their latest patent journal (PJ) giving a public notice.
The company has already presence in India and its other technologies are being used by leading domestic CDMA players such as Anil Ambani group firm RCom, Tata Indicom and Shyam Telelinks.
In its patent application filed on June 30 this year, it has claimed that the present invention can trace the altitude of mobile phone in any environment by using information from dead reckoning sensors, such as accelerometers, gyroscopes and geomagnetic sensors.
"The method and apparatus herein consist of combining the pressure information with information from dead reckoning sensors, such as accelerometers, gyroscopes and geomagnetic sensors and information from temperature sensors to separate what constitutes a change in altitude from a change in environmental pressure or temperature," the company claimed.
Geneva-based UN agency World Intellectual Property Organisation (WIPO) has already granted patent for this invention, which is developed by Thomas G Wolf of Qualcomm.
Position determination is an important and growing feature of cellular telephones and other handheld mobile devices. The ability to determine the location of a cellular telephone is desirable for emergency calls and for a variety of commercial purposes, generally called Location Based Services.
The most prevalent approach to determine location is to embed Global Positioning System (GPS) navigation receiver capability into the mobile device. However, GPS-based positioning has limitations. GPS systems cannot resolve altitude accurately, it said.
Comparing its invention with GPS technique, the company explains that the GPS-based position determination is based upon determining the distance that the signal travels from the GPS satellites.
So, it is not very accurate in indoor environments and other locations, where satellite signals can be blocked, distorted or reflected. In addition, because the satellites are usually high in the sky, the GPS-based position is less accurate in altitude, than in the horizontal position.
However, the present method and apparatus of US chipmaker minimises the effects of changes in environmental and temperature pressure on the determination of altitude, it claimed.
"An object of the present invention is to accurately determine the altitude of a mobile device taking into consideration environmental changes," the company said.
Qualcomm, leading developer and innovator of the mobile devices and chips, has approached the Controller General of Patents, Designs and Trade Marks by filing patent application.
Admitting the application, the authorities have published the claims made by the company in their latest patent journal (PJ) giving a public notice.
The company has already presence in India and its other technologies are being used by leading domestic CDMA players such as Anil Ambani group firm RCom, Tata Indicom and Shyam Telelinks.
In its patent application filed on June 30 this year, it has claimed that the present invention can trace the altitude of mobile phone in any environment by using information from dead reckoning sensors, such as accelerometers, gyroscopes and geomagnetic sensors.
"The method and apparatus herein consist of combining the pressure information with information from dead reckoning sensors, such as accelerometers, gyroscopes and geomagnetic sensors and information from temperature sensors to separate what constitutes a change in altitude from a change in environmental pressure or temperature," the company claimed.
Geneva-based UN agency World Intellectual Property Organisation (WIPO) has already granted patent for this invention, which is developed by Thomas G Wolf of Qualcomm.
Position determination is an important and growing feature of cellular telephones and other handheld mobile devices. The ability to determine the location of a cellular telephone is desirable for emergency calls and for a variety of commercial purposes, generally called Location Based Services.
The most prevalent approach to determine location is to embed Global Positioning System (GPS) navigation receiver capability into the mobile device. However, GPS-based positioning has limitations. GPS systems cannot resolve altitude accurately, it said.
Comparing its invention with GPS technique, the company explains that the GPS-based position determination is based upon determining the distance that the signal travels from the GPS satellites.
So, it is not very accurate in indoor environments and other locations, where satellite signals can be blocked, distorted or reflected. In addition, because the satellites are usually high in the sky, the GPS-based position is less accurate in altitude, than in the horizontal position.
However, the present method and apparatus of US chipmaker minimises the effects of changes in environmental and temperature pressure on the determination of altitude, it claimed.
"An object of the present invention is to accurately determine the altitude of a mobile device taking into consideration environmental changes," the company said.
Aban Offshore bags Rs 1,133 cr contract in Malaysia
Mumbai, Oct 3 : Drilling and oil field services provider Aban Offshore today said it has secured a contract worth USD 241 mn (about Rs 1,133 crore) in Malaysia for deployment of rig deep driller.
".. A letter of award has been received for the continued deployment of the rig dip driller 3 offshore Malaysia for a four-year period in direct continuation of its present contract," Aban Offshore said in a filing to the Bombay Stock Exchange.
Last month, the company has entered into an agreement with Husky Oil for leasing its jack up rig for a drilling operation in China.
The three-month contract would yield an estimated revenue of USD 38.70 mn (Rs 178 crore) for Aban Offshore, the company had announced in its earlier filing with the BSE.
Shares of the company were trading at Rs 1,945, down 4.68 per cent on the BSE.
Thursday, October 2, 2008
Financial crisis a blessing in disguise for LPOs
New Delhi, October 2: Seeing a silver lining in the ongoing global economic crisis, Indian legal process outsourcing firms expect to get more litigation jobs-related projects due to the turmoil in US banking and financial markets.
In the light of the US economic recession and breakdown of established firms like Lehman Brothers, Washington Mutual and Merrill Lynch, LPO firms in the country are gearing up their risk-assessment teams in anticipation of a surge in jobs related to scrutinising of their clients' financial transactions and corporate governance.
Mumbai-based LPO major Pangea3 Co-CEO Sanjay Kamlani said that LPOs are expecting a large quantum of work for services such as corporate governance, corporate complaints and contract drafting.
"With respect to the subprime crisis itself, we are seeing a surge in electronic litigation work," Kamlani said. Traditionally, the nature of jobs in the LPO sector are more focused on litigation and contracts management-related jobs. Litigation involves document reviews and assisting in investigations, whereas in the field of contracts management, firms are mainly supposed to do supporting contract procurement and drafting related works.
"These two continue to be the main focus areas but I think there will be an increased need for assistance in internal and regulatory investigations, as regulators and companies try to probe further into the reasons for the crisis and determine strategies for avoiding them in the future," another LPO major QuisLex's COO Sirisha Gummaregula said.
"Assistance in document reviews are arising as a result of crisis-related litigations. Assistance in internal and regulatory investigations are arising during and after the crisis," she added.
In the ongoing crisis, financial institutions are hurrying up for due diligence exercises for their outstanding liability, which involves professional services of attorneys.
Typically, like most professional services in the US, attorneys charge their clients on an hourly basis. According to Pangea3, the difference is that the hourly rates for lawyers in the US are probably the highest, ranging from USD 250 per hour for an associate to more than USD 500 for senior lawyers and partners.
"During this rather severe slowdown, there is tremendous pressure on in-house counsel departments and in turn on their law firms to reduce the costs of legal services by outsourcing to LPOs in India where the rates can be as low as 10 per cent of the top US law firm bill rates," Kamlani adds.
When asked about the reason behind speedy growth of LPOs in India, Gummaregula said, LPOs provide higher value-added services at reduced costs without any compromise on quality.
According to a prediction by Forrester Research, about 35,000 lawyer jobs would shift offshore by 2010 and it will increase to about 79,000 by 2015.
Stating roughly about the capital size of this growing industry in India Kamlani says, "If you take the low end of the LPO bill rate, say USD 30 per hour and assume an average LPO lawyer bills 1,800 hours per year, then 35,000 LPO lawyers would generate approximately USD 1.75 billion."
"We have seen an increase of over 100 per cent in our volumes in the last six months and presently witnessing an extraordinary influx of work both directly and indirectly related to the sub-prime crisis and more generally to the US recession," he added.
In the light of the US economic recession and breakdown of established firms like Lehman Brothers, Washington Mutual and Merrill Lynch, LPO firms in the country are gearing up their risk-assessment teams in anticipation of a surge in jobs related to scrutinising of their clients' financial transactions and corporate governance.
Mumbai-based LPO major Pangea3 Co-CEO Sanjay Kamlani said that LPOs are expecting a large quantum of work for services such as corporate governance, corporate complaints and contract drafting.
"With respect to the subprime crisis itself, we are seeing a surge in electronic litigation work," Kamlani said. Traditionally, the nature of jobs in the LPO sector are more focused on litigation and contracts management-related jobs. Litigation involves document reviews and assisting in investigations, whereas in the field of contracts management, firms are mainly supposed to do supporting contract procurement and drafting related works.
"These two continue to be the main focus areas but I think there will be an increased need for assistance in internal and regulatory investigations, as regulators and companies try to probe further into the reasons for the crisis and determine strategies for avoiding them in the future," another LPO major QuisLex's COO Sirisha Gummaregula said.
"Assistance in document reviews are arising as a result of crisis-related litigations. Assistance in internal and regulatory investigations are arising during and after the crisis," she added.
In the ongoing crisis, financial institutions are hurrying up for due diligence exercises for their outstanding liability, which involves professional services of attorneys.
Typically, like most professional services in the US, attorneys charge their clients on an hourly basis. According to Pangea3, the difference is that the hourly rates for lawyers in the US are probably the highest, ranging from USD 250 per hour for an associate to more than USD 500 for senior lawyers and partners.
"During this rather severe slowdown, there is tremendous pressure on in-house counsel departments and in turn on their law firms to reduce the costs of legal services by outsourcing to LPOs in India where the rates can be as low as 10 per cent of the top US law firm bill rates," Kamlani adds.
When asked about the reason behind speedy growth of LPOs in India, Gummaregula said, LPOs provide higher value-added services at reduced costs without any compromise on quality.
According to a prediction by Forrester Research, about 35,000 lawyer jobs would shift offshore by 2010 and it will increase to about 79,000 by 2015.
Stating roughly about the capital size of this growing industry in India Kamlani says, "If you take the low end of the LPO bill rate, say USD 30 per hour and assume an average LPO lawyer bills 1,800 hours per year, then 35,000 LPO lawyers would generate approximately USD 1.75 billion."
"We have seen an increase of over 100 per cent in our volumes in the last six months and presently witnessing an extraordinary influx of work both directly and indirectly related to the sub-prime crisis and more generally to the US recession," he added.
Synchronica to provide mobile email solution in India
London, Oct 2 : UK-based Synchronica on Thursday said it has entered into an agreement with an Indian firm, without revealing the identity, to provide mobile email solution in India.
Synchronica develops and markets mobile email and synchronisation solutions for mobile operators and device manufacturers. The firm's products include the push email and synchronisation solution Mobile Gateway.
Even though the identity of the company was not revealed, Synchronica said that the Indian reseller has a contract with a major mobile operator in country, who is one of the top 10 operators worldwide with a base of more than 50 million subscribers.
The UK firm has signed the licence agreement. The company will start the mobile solution facility by the end of current 2008, Synchronica said in a regulatory filing to the London Stock Exchange.
"This agreement represents an important step in the growth of Synchronica as it again demonstrates our ability to succeed in emerging markets, where the growth in mobile subscribers is at its highest and our product has a unique appeal," Synchronica CEO Carsten Brinkschulte said.
According to the company, the Indian firm would initially purchase a 50,000 user licence for Synchronica Mobile Gateway at a list price of USD 2.43 per user.
"Phase two is scheduled for the end of this year and will include an expansion order for an additional 250,000 licences. A third phase scheduled for 2009 would be for a further 500,000 licences," the filing added.
Synchronica develops and markets mobile email and synchronisation solutions for mobile operators and device manufacturers. The firm's products include the push email and synchronisation solution Mobile Gateway.
Even though the identity of the company was not revealed, Synchronica said that the Indian reseller has a contract with a major mobile operator in country, who is one of the top 10 operators worldwide with a base of more than 50 million subscribers.
The UK firm has signed the licence agreement. The company will start the mobile solution facility by the end of current 2008, Synchronica said in a regulatory filing to the London Stock Exchange.
"This agreement represents an important step in the growth of Synchronica as it again demonstrates our ability to succeed in emerging markets, where the growth in mobile subscribers is at its highest and our product has a unique appeal," Synchronica CEO Carsten Brinkschulte said.
According to the company, the Indian firm would initially purchase a 50,000 user licence for Synchronica Mobile Gateway at a list price of USD 2.43 per user.
"Phase two is scheduled for the end of this year and will include an expansion order for an additional 250,000 licences. A third phase scheduled for 2009 would be for a further 500,000 licences," the filing added.
Wednesday, October 1, 2008
Omaxe bags Rs 90.71-cr contract from Hindustan Zinc
Mumbai , Oct 1 : Realty firm Omaxe today said it has bagged a contract worth Rs 90.71 crore from Hindustan Zinc for development and construction of township at Udaipur.
" Omaxe Infrastructure and Construction Pvt Ltd, a subsidiary of the company has bagged a contract for development and construction of township for Hindustan Zinc Ltd's new zinc smelter plant in Udaipur," Omaxe said in a regulatory filing to the Bombay Stock Exchange.
The contract involves the construction and development of houses, hostels, club and shopping centres apart from other infrastructure related work, the company said.
" Omaxe Infrastructure and Construction Pvt Ltd, a subsidiary of the company has bagged a contract for development and construction of township for Hindustan Zinc Ltd's new zinc smelter plant in Udaipur," Omaxe said in a regulatory filing to the Bombay Stock Exchange.
The contract involves the construction and development of houses, hostels, club and shopping centres apart from other infrastructure related work, the company said.
Alfa Laval bags Rs 102-cr order from Vedanta Aluminum
Mumbai, Oct 1 : Engineering firm Alfa Laval India today said its Swedish promoter has bagged a 150 mn-Swedish Kronor (Rs 102.1 crore) order from Vedanta Aluminum Ltd.
In a regulatory filing to the Bombay Stock Exchange, Alfa Laval said its promoter group Alfa Laval AB has won the order for three thermal evaporation systems from Vedanta Aluminum.
The thermal evaporation systems are scheduled to be delivered by 2009, the filing added.
Shares of the company were trading at Rs 746, up 3.50 per cent in the afternoon trade on the BSE.
In a regulatory filing to the Bombay Stock Exchange, Alfa Laval said its promoter group Alfa Laval AB has won the order for three thermal evaporation systems from Vedanta Aluminum.
The thermal evaporation systems are scheduled to be delivered by 2009, the filing added.
Shares of the company were trading at Rs 746, up 3.50 per cent in the afternoon trade on the BSE.
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