Ramco Systems net loss widens in Q4 March 2007
Thursday, May 31, 2007
Ramco Systems posted net loss of Rs 18.02 crore in Q4 March 2007 as against net loss of Rs 3.82 in Q4 March 2006. Sales declined 42.61% to Rs 19.38 crore in Q4 March 2007 (Rs 33.77 crore).
The company posted a loss of Rs 32.20 crore in the year ended March 2007 (FY 2007) as against loss of Rs 34.07 in FY 2006. Sales dipped 33.1% to Rs 78.57 crore in FY 2007 ( Rs 117.47 crore).
On 12 April 2007, Ramco Systems’ board approved to divest its 100% stake in Ramco Infotech Solutions (RITS) to TVS Interconnect Systems (TVSICS), a wholly owned subsidiary of T V Sundaram Iyengar and Sons. The closure of the transaction is subject to satisfactory due diligence, execution of definitive documents and other approvals and regulatory clearances.
Published by DalalStreet Business @ 11:36 AM
McDowell Holdings hits the roof on debut
Wednesday, May 30, 2007
The listing McDowell Holdings (MHL) on the bourses follows a restructuring scheme undertaken at United Spirits (USL) whereby investment business of USL was transferred to MHL as a going concern. Stock exchanges had set Rs 163 as base price for calculating 20% daily circuit filter in the shares of McDowell Holdings (MHL) on day one of its listing today, 30 May 2007.
MHL had allotted equity shares to the shareholders of USL, in the ratio of 1 equity share for every five shares held in USL. The issued, subscribed and paid-up capital of the MHL stands at Rs 12.14 crore consisting of 1.21 crore shares of face value of Rs 10 each.
USL had fixed 26 October 2006, as the record date for giving effect to this restructuring scheme and accordingly dealing in the equity shares of USL was done on ex entitlement basis with effect from 17 October 2006
Published by DalalStreet Business @ 11:07 AM
L&T hits all time high on strong Q4 outcome
Tuesday, May 29, 2007
The shares of Larsen & Toubro hit an all time high at Rs 1874. Just a while ago the company announced its Q4 results which beat market expecations.
The net profit of Larsen & Toubro rose 50.11% to Rs 700.77 crore in the Q4 March 2007 as against Rs 466.85 crore Q4 March 2006. Sales rose 35.01% to Rs 6248.24 crore in the Q4 March 2007 as against Rs 4627.87 crore in previous Q4 March 2006.
Larsen & Toubro (L&T) is one of the largest engineering conglomerates. It manufactures a wide range of engineering products like earthmoving, industrial and chemical machinery, switchgears, valves and welding alloys .
Published by DalalStreet Business @ 2:46 PM
India Infoline Rises on CLSA Pouching and results
Monday, May 28, 2007
InfiaInfoline has posted good results.India Infoline's net profit soared 56.68% to Rs 16.06 crore in the quarter ended March 2007, from Rs 10.25 crore in the quarter ended March 2006. Sales soared 1296.42% to Rs 238.09 crore in the year ending March 2007 (Rs 17.05 crore).
Net profit advanced 96.90% to Rs 52.12 crore in the year ended March 2007, from Rs 26.47 crore in FY 2006. Sales galloped 503.53% to Rs 269.78 crore (Rs 44.70 crore).
The India Infoline Stock is up 40% today on BSE.
Just over the weekend, India Infoline has puched 4 key personnel from CLSA Securities at a whopping Rs 16 crore sign-on bonus, thing never heard off in the Indian stock broking industry. Lets see how logn this mania continues :-)
Published by DalalStreet Business @ 2:49 PM
Crompton Greaves to acquire Microsol Holdings
Crompton Greaves has concluded with an arrangement to acquire Microsol Holdings together with other companies in Microsol group. Microsol Holdings is based in Ireland with operations in UK, USA and Ireland.
Microsol Holdings is engaged in the business of providing sub-station automation for MV and HV sub-stations. Appromixate enterprise value of this acquisition is Euro 10.50-million.
This acquisition will increase Crompton Greaves' strengths in high-end engineering and sub-station automation capabilities.
Published by DalalStreet Business @ 11:31 AM
HDFC Preferential Issue
Friday, May 25, 2007
The board of Housing Development Finance Corporation has decided to issue 18-million equity shares of Rs 10 each on preferential basis at a price of Rs 1730 per share. The board also decided to increase the authorised share capital from Rs 275 crore to Rs 325 crore.
The board has also decided to grant 50,60,000 stock options in Employees Stock Option Scheme and Employee Stock Purchase Scheme.
These were decided in the board meeting held on 25 May 2007 and are subject to shareholders' approval.
Published by DalalStreet Business @ 6:23 PM
Banking Stocks under Pressure.
Banking stocks were under selling pressure on rumors of the Reserve Bank of India (RBI), which has already raised the cash reserve ratio thrice since December 2006, contemplating another hike, though only on incremental deposits this time.
There is a buzz in the market that the decision can come today evening. CRR is the percentage of deposits that banks are required to keep with the RBI.
Shares from the banking and financial space were down. ICICI Bank (down 1.16% to Rs 899.10), HDFC (down 0.99% to Rs 1737.50), and HDFC Bank (down 1.24% to Rs 1075.10) declined.
RBI is particularly concerned about absorbing excess liquidity since it has lowered the inflation target from 5-5.5% to 4-4.5% for 2007-08.
Published by DalalStreet Business @ 1:03 PM
Smallcap World Fund Inc raises stake in GVK Power
Wednesday, May 23, 2007
Smallcap World Fund Inc(SWF) has acquired an additional 2.94 lakh shares of GVK Power & Infrastructure. The shares were acquired on 18 May 2007 through open market purchase.
Following the acquisition,SWF's stake in GVK Power has gone upto 5.41% from 4.93%.
Published by DalalStreet Business @ 9:34 PM
Bonus move powers BHEL's rise
Tuesday, May 22, 2007
With renewed buying in BHEL, the stock has pulled up from Rs 2429.55 on 11 May 2007, to Rs 2644
Around Rs 3200 crore of investment is planned by Bhel during the Eleventh Five-Year Plan period to increase manufacturing capacity from the current 6,000 Mega Watt (MW) to 15,000 MW per annum. The state-owned company would be spending about Rs 1,200 crore to augment its capacity to 10,000 MW by the end of 2007.
Bhel would also replace ageing facilities for improving product quality, reducing cost and cycle time and enhancing productivity, besides modernising and upgrading equipment at various power plant sites for meeting enhanced erection load and shorter commissioning schedules.
Bhel has set a target of increasing revenues to $10 billion from $4 billion as part of its `Strategic Plan 2012.' The company has identified overseas business as one of its thrust areas in the plan, which is expected to be a key driver for turnover growth.
The order book is a healthy Rs 55,000 crore.
The current price of Rs 2644 discounts its FY 2007 EPS of Rs 97.40 (based on its provisional financial performance) by a PE multiple of 27.
Published by DalalStreet Business @ 11:34 AM
Ranbaxy, IVRCL Approvals
Monday, May 21, 2007
Ranbaxy Laboratories has received approval from Canadian authorities to sell Ran-Pravastatin, a cholesterol lowering drug, in Canada.
IVRCL Infrastructures & Projects has bagged irrigation projects worth Rs 551 crore from Andhra Pradesh Government.
Published by DalalStreet Business @ 1:00 PM
Sun Pharma to buy Israel's Taro Pharma
Sun Pharmaceutical Industries has signed definitive agreements to acquire Israel's Taro Pharmaceutical Industries, for an all-cash deal of $454 million. The acquisition will be funded through internal accruals and proceeds from its earlier $350 million FCCB.
Taro Pharmaceutical is a multinational generic manufacturer with established subsidiaries, manufacturing and products across the U.S., Israel, Canada. North America represents more than 90% of Taro's sates.
Published by DalalStreet Business @ 11:35 AM
HDFC Bank to raise Rs 4200 crore
Friday, May 18, 2007
HDFC Bank's board on 17 May 2007 had approved a proposal to raise additional Rs 4,200 crore. The above proposed equity issue will result in the reduction of the present shareholding of the promoter group, i.e. the HDFC Group which currently holds 21.56% stake.
With a view to maintain the promoter's shareholding at same levels, the company has proposed to offer 1,35,82,000 equity shares at Rs 1023.49 each to promoters. The balance amount of the proposed equity capital may be raised through domestic or international markets
Published by DalalStreet Business @ 9:02 AM
Usha Martin dividend, stock-split; Orient Paper rights issue
Thursday, May 17, 2007
Usha Martin's board just a while ago recommended a dividend of Rs 3.75 per share.
Further, the board also recomended for splitting each equity shares of Rs 5 each into five equity shares of Rs 1 each.
Orient Paper & Industries board would meet on 24 May 2007 to consider the proposed rights issue of up to Rs 175 crore.
Suzlon Energy had launched a $ 300 million zero coupon foreign currency convertible bonds (FCCBs) issue with a conversion price of Rs 1800 per share. The bonds, which have a maturity of five years and one day, are expected to be listed on the Singapore Exchange
Published by DalalStreet Business @ 1:29 PM
Alfa Laval, Dena Bank Move Up
Wednesday, May 16, 2007
Alfa Laval AB, a world leader in heat transfer, centrifugal separation and fluid handling, had on 26 February 2007 announced a public offer to increase its holding in Alfa Laval India to 90% at Rs 875 per share. The Alfa Laval Group currently holds 64% in Indian company.
State run Dena Bank gained 11.62% to Rs 45.15 on market talks of its takeover by Canara Bank. The talks are at advanced stage and Canara Bank is reported to have appointed Ernst & Young to explore the possibility
Published by DalalStreet Business @ 10:13 PM
Texmaco Limited - ABN Trading Call
ABN Amro has recommended a BUY on Texmaco Limited with a price target of Rs 1090.
Key Triggers for the Stock are:
- Entry of private players into containerized freight segment and Indian Railways wagon business. Texmaco's wagon business accounts for approximately 50% of its revenues.
- New Steel foundry has commenced operations in FY07.
- Unlocking the value of idle land bank and business restructuring viz inorganic growth.
Published by DalalStreet Business @ 8:18 AM
Punj Lloyd, IVRCL Infra Bag Orders
Tuesday, May 15, 2007
Punj Lloyd has bagged a new order worth Rs 122.65 crore from GAIL India for panvel dabhol pipeline project.
IVRCL Infra has bagged two orders. The first project is worth Rs 376.14 crore awarded by Government of Andhra Pradesh for building a tunnel. The second project is worth Rs 6.91 crore awarded by Goa State Infrastructure Development Corporation to construct a swimming pool at Ponda sports complex.
Published by DalalStreet Business @ 8:08 PM
Bharat Seats - Bonus. Jet Airways -Rights Issue
Bharat Seats' board would meet on 24 May 2007 to consider the sub-division of equity shares from Rs 10 per share into five equity shares of Rs 2 each. Accordingly, the board will accord the proposal to issue bonus shares in ratio of one equity share for every one equity share held (1:1)
Jet Airways has proposed a $400-million rights issue. It is expected to be completed in four months and the money would be utilised for funding aircraft acquisition, Jet Airways Chairman Naresh Goyal said.
Published by DalalStreet Business @ 8:05 AM
Goldman Sachs raises stake in Indiabulls
Saturday, May 12, 2007
Foreign fund Goldman Sachs Investments Mauritius (GSIM) has acquired additional 2.27 lakh shares of Indiabulls Financial Services. The shares were acquired through open market purchases on 04 May 2007. Following the latest acquisition, GSIM’s stake in Indiabulls Financial Services has gone up to 5.03% from 4.92%. Just within the past 2/3 weeks, Goldman Sachs had trimemd the IndiaBulls stake to less than 5% and now they have bought it back. Is SEBI watching the Goldman Game in India ?
Goldman Sachs Investments Mauritius (GSIM) has acquired additional 91.15 lakh shares of Indiabulls Real Estate. The shares were acquired between 24 April- 07 May 2007 through open market purchases.Following the latest acquisition, GSIM’s stake in Indiabulls Real Estate has gone up to 7.08% from 5.07%.
Published by DalalStreet Business @ 12:16 PM
NTPC inks JV with SCCL
Friday, May 11, 2007
National Thermal Power Corporation (NTPC) has signed a joint venture (JV) agreement with The Singareni Collieries Company (SCCL). The aggrement is to form a 50:50 JV firm to undertake various activities in coal and power sectors.
The JV firm would undertake activities like acquisition of coal mines, developing integrated coal-based power plants and providing consultancy services.
Published by DalalStreet Business @ 4:08 PM
Sobha Developers township project in Kerala
Sobha Developers will commence its integrated township project, Sobha City, in Kerala.
The company and Tree Hill Estates will jointly develop the project with economic benefits in the ratio of 70:30 with an investment ratio of 33:67 respectively.
The township will be developed in 71 acres of land and would consist of residential as well as commercial complexes. This project is expected to complete within five years.
Published by DalalStreet Business @ 12:45 PM
Buy-back rumors keep Castrol India hot
Thursday, May 10, 2007
Market grapevine indicate that BP may even look at delisting its Indian subsidiary at a ‘much higher price’, in which it holds a majority 70.92% stake. However there was no clarification from the company in this regard
Castrol India advanced 25.43% to Rs 272.50 on 9 May, from Rs 215.65 on 9 April, as buying momentum continued on the back of such rumors.
The company manufactures and markets a range of automotive and industrial lubricants under two brands: Castrol and BP.
It has leadership positions in most of the segments in which it operates including passenger-car engine oils, premium two-stroke and four-stroke oils and multigrade diesel engine oils.
Castrol India posted rose 29.18% rise in net profit to Rs 41.52 crore in the fourth quarter ended March 2007, compared with Rs 32.14 crore in the fourth quarter ended March 2006. Sales rose 17.67% to 442.11 crore (Rs 375.73 crore)
Published by DalalStreet Business @ 3:47 PM
Page Industries races on galloping numbers
Page Industries posted a 49% jump in its net profit to Rs. 17.02 crore in the year ended March 2007 compared to Rs 11.39 crore in FY 2006. Net sales shot up 34% to Rs 135.94 crore, from Rs 101.18 crore.
Page Industries is an exclusive licensee of the Jockey brand of inner wear for India, Sri Lanka, Nepal, Bangladesh and Maldives. The premium innerwear market is posting double-digit growth and the company intends to increase its market share to around 30%. The top line is expected to grow at a CAGR of 35% on the retail revolution, growing consumer sophistication, higher disposable income and urbanisation.
Page Industries expects to benefit from export opportunities emerging from Jockey International USA and Europe. The Page Industries stock had seen a pre-results rally, advancing from Rs 331.55 on 27 April 2007 to 366.65 by 9 May 2007 in anticipation of robust set of results.
Published by DalalStreet Business @ 3:46 PM
Export orders illuminate Sterlite Optical Technologies
Sterlite Optical Technologies (SOTL), an integrated manufacturer of optical fibres and telecom cables, has enhanced its Sterlite Optical FTTH (fiber-to-the-home) concept in India with the introduction of six new products. The company is banking on the broadband revolution in India, and attempts to offer innovative products.
Sterlite Optical Technologies' net profit fell 13.70% to Rs 19.32 crore in Q4 March 2007 compared to Rs 22.40 crore in Q4 March 2006. Net sales jumped 192.90% to Rs 386.27 crore (Rs 131.87 crore).
Based on the delivery schedules required by its customers, the company anticipates to complete deliveries within the next 6-8 months.
Published by DalalStreet Business @ 10:54 AM
Voltamp Transformers Surges on Strong Q4 results
Wednesday, May 09, 2007
Voltamp reported a 70.1% growth in net profit to Rs 39.16 crore in FY 2007 (year ended 31 March 2007), from Rs 23.02 crore in FY 2006 (year ended 31 March 2006). Net sales rose 62.7% top Rs 404.89 crore (Rs 248.79 crore).
The current price of Rs 688 discounts its FY 2007 EPS of Rs 38.70 by a PE multiple of 17.7. Recently, the company's board had approved capital expenditure of up to Rs 15 crore to increase installed capacity at the existing unit.
Voltamp Transformers manufactures transformers. It is a supplier to Reliance Industries, Jindal Steel, Siemens, ABB, Larsen & Toubro and Suzlon Energy. In late August 2006, Voltamp Transformers came out with a public issue comprising offer for sale by some its existing shareholders and there was no fresh issue of equity by the company. The issue was priced at Rs 345 per share, at the upper end of the Rs 295 - Rs 345 price band.
Published by DalalStreet Business @ 5:54 PM
Stake sale in Sundaram Finance Auto and Home Finance
Sundaram Home Finance is a subsidiary of Sundaram Finance. A few months ago, Sundaram Finance had bought out the 25% stake held by multilateral lending agencies, FMO of Netherlands and IFC, Washington, in Sundaram Home Finance for Rs 48.52 crore.
Sundaram Finance's net profit jumped 54.5% to Rs 22.65 crore in Q3 December 2006, from Rs 14.66 crore in Q3 December 2005. Net sales rose 41.4% to Rs 167.67 crore (Rs 118.54 crore).
Published by DalalStreet Business @ 5:45 PM
Tech Mahindra walloped despite strong Q4 show
Tuesday, May 08, 2007
Tech Mahindra's consolidated net profit (excluding exceptional items) surged 120% to Rs 196.1 crore compared with Rs 89.1 crore in the corresponding quarter of the previous financial year. Revenue surged 108% to Rs 874.5 crore compared with Rs 421.2 crore in the fourth quarter of the previous year.
The company incurred a one-time exceptional charge towards an upfront payment of Rs 524.9 crore to a customer and reported a net loss of Rs 328.9 crore in Q4 March 2007.
For the year ended 31 March 2007 (FY 2007), Tech Mahindra’s consolidated net profit, excluding exceptional and prior period items, at Rs 612.6 crore, registered an increase of 160% over the last financial year. Its consolidated revenues grew 136% and stood at Rs 2929 crore.
We expect Tech Mahindra to join the bigger league of IT companies this year and grow higher than Infosys and Satyam.
Published by DalalStreet Business @ 10:17 AM
Ispat Ind, Mahindra Gesco, Jindal Photo
Monday, May 07, 2007
It was the top-gainer from the 'A' group. Steel companies are expected to post strong results in the March 2007 quarter on the back of higher steel prices. Ispat Industries is yet to announce the date for its March 2007 quarter results.
Mahindra Gesco Developers said the FII holdings in the company has reached 27.47% of the paid-up equity capital, as on 4 May 2007.
Jindal Photo reported a 326.3% growth in net profit in Q4 March 2007 at Rs 9.55 crore (Rs 2.24 crore). Net sales rose 5.7% to Rs 110.32 crore (Rs 104.40 crore). For FY 2007 (year ended 31 March 2007), the net profit rose 41.7% to Rs 27.59 crore (Rs 19.47 crore). Net sales declined 5.4% to Rs 360.67 crore (Rs 381.25 crore). The current price of Rs 110.90 discounts its FY 2007 EPS of Rs 26.89, by a PE multiple of 4.12.
Published by DalalStreet Business @ 6:01 PM
Rupee’s continued rise intimidates IT pivotals
IT stocks have turned volatile in the past few days. After a solid surge to 5,150.28 on 16 April from 4,808.08 on 11 April 2007, owing to Infosys’ strong guidance for FY 2008, the BSE IT Index eased and moved between 4,954 and 5,124 up to 4 May 2007.
The rupee rose to a fresh nine-year high against the dollar on Monday, as the market tested how far the central bank would let it appreciate before intervening. By 9:14 IST, the partially convertible rupee was at 40.5450 per dollar, its highest level since May 1998, and gaining from Friday's close of 40.8450/8600.
The rupee's surge is a cause of concern for IT firms, as it directly impacts their revenue and profits, a lion’s share of which is accounted for by exports. At the time of announcing Q4 March 2007 results, Infosys had pointed out that its operating margins will be impacted by about 150 - 160 basis points (bps) due to the rupee's inflation and by 300 bps on account of wage inflation. The company plans to compensate the impact through improved utilisations, lower losses in subsidiaries and scaled benefit from selling & general as well as administration expenses.
IT companies use the tool of hedging to mitigate risks associated with currency movements. TCS is said to have obtained a $1 billion hedge at a price range of Rs 43.50 - Rs 44. Infosys has a forex cover of $ 470 million. Satyam Computer has hedged a position of $ 460 million with a policy to hedge at least 50% position. Wipro has forward hedge contracts (options & futures) of $195 million at an exchange rate between Rs 44 – Rs 45.77.
Published by DalalStreet Business @ 5:59 PM
GMR, Aristrocrat, IndiaBulls
Sunday, May 06, 2007
GMR Industries said that the High Court of Andhra Pradesh had sanctioned the scheme of arrangement of Bharat Sugar Mills and GMR Ferro Alloys & Industries with the company.
As per the scheme, the company will demerge its ferro alloys undertaking to GMR Ferro Alloys & Industries and amalgamate Bharat Sugar Mills with itself.
Aristocrat Luggage said its board would meet on 14 May 2007, to consider the proposal of amalgamating the company with VIP Industries.
It has been reliably learnt from Insiders that IndiaBulls Financial Services is exiting out of Retail Stock Broking to focus on High Networth Individuals and Portfolio Management Schemes. At the same time, IndiaBulls is venturing into Personal and Auto Loans.
Published by DalalStreet Business @ 9:05 AM
Unitech Enters Morgan Stanley Capital Index
Friday, May 04, 2007
Unitech, along with Videocon and Aditya Birla Nuvo will be included in popular index complier MSCI’s Standard Index series following an annual review. This changes in MSCI's Standard Index will take effect from the close of 31 May 2007.
MSCI Barra, is a leading provider of benchmark indices and risk management analytics products, and announced changes today for the MSCI Standard Index Series. These changes result from the May 2007 Annual Full Country Index Review.
MSCI Barra's risk models and analytics products help the world's largest investors analyze, measure and manage portfolio and firm-wide investment risk.
Arvind Mills, Biocon, Bank of Baroda and Matrix Labs were eliminated from the MSCI Index.
Published by DalalStreet Business @ 5:35 PM
ING Vysya Bank upbeat on strong Q4 outcome
ING Vysya Bank reported a net profit of Rs 18.39 crore for Q4 March 2007 against a net loss of Rs 24.65 crore in Q4 March 2006. Total income rose 34.1% to Rs 463 crore (Rs 345.17 crore).
For FY 2007 (year ended 31 March 2007), ING Vysya Bank reported a net profit of Rs 88.90 crore compared to a net profit of Rs 9.06 crore in FY 2006 (year ended 31 March 2006). Total income rose 17.2% to Rs 1595.70 crore (Rs 1361.61 crore).
Recently, the board of ING Vysya Bank had approved the raising of upper tier II capital through unlisted yen denominated bonds from the parent ING N V. The amount would be equivalent to Rs 100 crore and the bond would have a tenure of 15 years with a call option at the end of 10 years.
ING Vysya Bank has 136 ATMs in the country. The bank also has over six lakh debit card users.
Published by DalalStreet Business @ 10:07 AM
Bajaj Auto Sales Dip; Demerger Plan
Thursday, May 03, 2007
There is no announcement from the company so far in this regard. The board meeting 17 May 2007, will consider FY 2007 (year ended 31 March 2007) results and a dividend.
Meanwhile, Bajaj Auto continued its downward spiral in motorcycle sales for the third consecutive month this year, with its April numbers, including exports, declining by 13% compared to the same month last year. The company said its bike sales in April stood at 1,64,304 units against 1,88,518 units (inclusive of exports) in the same month last year, down 13%. Total two-wheeler sales also registered a dip of 13% at 1,65,692 units against 1,90,964 units last year, BAL said.
Bajaj Auto’s demerger proposal, intended to unlock shareholder value by splitting the manufacturing and financial assets of Bajaj Auto into two separate companies, may also follow the provisions of the income tax legislation to ensure that both BAL and its shareholders are spared from capital gains tax, as per a media report.
Three-wheeler sales, however, were up by 15% at 24,360 units as against 21,159 units in the corresponding month last year, the company added. BAL said exports during the month jumped by 64%
Published by DalalStreet Business @ 12:08 PM
Adlabs swings into action
The seven multi-screen cinema halls, one operational and six upcoming, have 23 screens in all.
Net profit of Adlabs Films rose to Rs 12.61 crore in the quarter ended March 2007 (Rs 8.07 crore). Sales rose to Rs 86.10 crore in the quarter ended March 2007 (Rs 34.33 crore). For the full year, net profit rose to Rs 67.01 crore in the year ended March 2007 (Rs 26.31 crore). Sales rose to Rs 264.16 crore in the year ended March 2007 (Rs 106.25 crore).
In January 2007, Adlabs acquired controlling stake in Synergy Communications, the premier television content company. The new entity is called Synergy Adlabs.
Earlier, Adlabs Films launched BIG 92.7 FM from Hyderabad, Delhi , Chennai and Bangalore, several other major towns of Jammu and Kashmir and Aligarh.
Adlabs Films owns a chain of multiplex theatres across the country, the IMAX Adlabs theatre complex in Mumbai the best known among them. The company produces, distributes and exhibits movies, and has some well-known productions to its credit.
Published by DalalStreet Business @ 11:26 AM
IBP-Indian Oil Merger Approved
Wednesday, May 02, 2007
Just a while ago, the Ministry of Company Affairs has sanctioned the scheme of amalgamation of Indian Oil Corporation and IBP, a subsidiary of Indian Oil.
The scheme of amalgamation provides for a swap ratio of 110:100, i.e, 110 equity shares of Rs 10 each of Indian Oil as fully paid for every 100 equity shares of Rs 10 each of IBP.
Published by DalalStreet Business @ 11:51 PM
