Gammon India not responsible for Flyover Accident
Saturday, September 29, 2007The government of Andhra Pradesh had constituted a high level committee to investigate the collapse of flyover @ Hyderabad. The findings of the report sent to us in a fax message is as follows,
The committee reported that the heavy rainfall in Hyderabad (on the day of the accident) and the trench dug near the temporary structures by HMWSSB resulted in the erosion of soil and subsequent loosening of the foundation of temporary structures of the flyover. The committee noted that the failure was not of the main structure but the temporary structure (due to rains) and hence absolved Gammon from any claims of negligence in handling the project.Thus Gammon India will have no impact on obtaining or bidding for further large tenders.
Published by Webmaster @ 12:38 PM IST.
SEBI relaxation fuels Atlanta
Friday, September 28, 2007The Securities and Exchange Board of India (SEBI) has allowed the company for conversion of warrants and listing of shares issued on conversion. The stock is currently locked in upward circuit at 10% @ Rs 345.15.
In February 2007, SEBI had asked the promoter group, which comprises 16 entities, of Atlanta, not to deal in Atlanta scrip. Rajoo Barot, Managing Director, and Sachin Jain, Company Secretary, also featured on the list. The share price of Atlanta rose abnormally after listing at Rs 170 on 25 September 2006 to Rs 1264.20 by 11 December 2006.
SEBI had advised the NSE and the BSE to conduct a probe into the abnormal price surge. The probe concluded that promoters group made large scrip purchases during the period.
Published by Webmaster @ 1:09 PM IST.
MCX Stake Sale to Merill lynch + Citigroup
Merrill Lynch and Citigroup have acquired 5% stake each in Multi Commodity Exchange of India (MCX) from Financial Technologies (India). Company plans to invest proceeds in green field ecosystem ventures such as - India Energy Exchange, National Spot Exchange (NSEL), National Bulk Handling Corporation (NBHC) and others towards the development of complete value chain.The company, as a part of its strategy, divests its stake in its ventures to key partners that can help propel the growth of its ventures to the next level. It plans to invest the proceeds from the same in organic and other growth opportunities including green field exchanges and ecosystem infrastructure ventures such as NSEL and NBHC among others, in local and global markets.
Published by Webmaster @ 12:08 PM IST.
Stone India + ICICI Bank
Stone India has executed a technical collaboration agreement with SMA Technologie AG, Germany for manufacturing of 180 KVA auxiliary power converter for Indian Railways.
This high value product will be manufactured in the new upcoming facility in Nalagarh, Himachal Pradesh.
ICICI Bank's Bahrain branch has raised $2 billion through a 5-year fixed rate note. The notes have been priced at 237 basis points (bps) over US Libor or at Libor plus 172 bps. The six-month Libor is currently at 5.14%. From an investor breakdown perspective, 32% of the notes were sold to banks, 53% to fund managers and 15% to pension funds and retail. The issue had an order book of $6.05 billion and received interest from 250 investors. Reportedly, this is the first major issuance by an Asian bank, post-subprime crisis.
Published by Webmaster @ 12:01 PM IST.
Yet another acquisition from Wipro
Wipro has entered an to acquire Oki Techno Centre (Singapore). The target company is based out of Singapore and is focused on wireless design in the areas of RF and baseband.The development center set up by Wipro will enable OKI to utilize design resource efficiently and enhance product development capabilities. This will enable OKI to expand its semiconductor business and increase its competitive edge in designing semiconductor products in the global market.
Earlier last month Wipro acquired Infocrossing in the US.
Published by Webmaster @ 9:03 AM IST.
Restructuring buzz electrifies Reliance Energy
Thursday, September 27, 2007Despite Citibank's SELL Recommendation on Reliance Energy, the stock is moving up. What's cooking ? Our Analyst has done an exclusive research and here are the findings.
Reportedly, Reliance Energy (REL) wants to be known as an infrastructure player rather than a pure power utility with forays into projects such as roads, metro rail and real estate.
Currently, REL has two key divisions, power and engineering, procurement and construction (EPC). The power division, which includes generation, transmission and distribution businesses, contributes about 64% of overall revenues while balance comes from the EPC division.
As per recent reports, REL's fast-growing EPC division may be spun off into a separate company.
Published by Webmaster @ 2:29 PM IST.
Lupin acquires pharmaceutical business of Rubamin
Lupin has acquired Rubamin Laboratories (RLL), a part of the Rubamin group. The pharmaceutical business of Rubamin group was operated through its subsidiary RLL, largely engaged in the manufacture of advanced intermediates for APIs under contract research and manufacturing (CRAMS) model.RLL has over a decade of experience in manufacturing advanced intermediates for APIs. RLL today has capabilities to participate in the value chain from drug development to commercial production of advanced intermediates for APIs. RLL has built a strong customer base and with company's strengths will be in a better position to support the global pharmaceutical industry.
Published by Webmaster @ 12:00 PM IST.
Suzlone Energy + BHEL
Suzlon Energy announced during market hours today, 27 September 2007, it has made a breakthrough into the Turkish wind energy market with an order for 31.5 Mega Watts (MW) of wind turbine capacity. The contract is for Ayen Enerji Co. Inc. and will be supplied through 15 units of Suzlon's S88 - 2.1 MW turbines, Suzlon said.
Suzlon's net profit had fallen 53.8% to Rs 89.40 crore on 10.1% decline in sales to Rs 839.19 crore in Q1 June 2007 over Q1 June 2006.
BHEL has secured an order from Steel Authority of India (Sail) for setting up a 62.2 mega watt (MW) captive power plant in Burnpur, West Bengal. The contract is worth Rs 765 crore. The plant will meet the power requirement of Sail's expansion plan of IISCO Steel plant at Burnpur.
This contract is one of the largest-value single orders secured by the government-owned Bhel. Its order book now stands at Rs 65,000 crore. The project will be completed within 29 months.
Published by Webmaster @ 10:03 AM IST.
EIH terminates Hilton alliance from Trident Hotels
Wednesday, September 26, 2007
EIH has decided to terminate its strategic alliance for marketing and co-branding with Hilton International for the Trident Hilton brand in India. EIH had given notice to Hilton of its decision to take effect from 31 March 2008.In consequence, the existing Trident Holton hotels in Gurgaon, Agra, Jaipur, Udaipur, Bhubaneshwar, Chennai and Cochin will be rebranded Trident hotels effective 01 April 2008. The Hilton Towers in Mumbai will also be rebranded as Trident Towers effective 01 April 2008.
Published by Webmaster @ 5:13 PM IST.
Ind Swift Labs + Glenmark Pharma receive MHRA (UK) approval
Ind Swift Labs has received the MHRA (UK) approval for its 100% export oriented global business unit located at village Jawaharpur, Punjab.Glenmark Pharmaceuticals has also received approval from MHRA of UK for its state of the art semi-solids (ointments & creams) manufacturing plant at Baddi, Himachal Pradesh. This is the 3rd of the company's manufacturing plants to have been approved for GMP by the UK regulatory agency - MHRA. This will enable the company's foray into supply of creams and ointments in Europe soon. The Baddi plant had already received GMP approval from TPD, Canada, and is well on course to receiving USFDA approval in the near future, which would enable the company to enter the niche segment of semi-solid dosages in most of the regulated markets of the world.
Published by Webmaster @ 12:36 PM IST.
IndiaBulls + Hazoor Multi Projects Fund Raising
The board of Indiabulls Real Estate has decided to issue up to 4,30,00,000 fully convertible warrants to the promoters and directors of the company on preferential basis for a sum of Rs 2,322 crore, which upon conversion would entitle them to acquire 4,30,00,000 equity shares of face value Rs 2 each at a conversion price of Rs 540 per equity share of the company for preferential issues.
The members of Hazoor Multi Projects have decided to increase the authorised share capital from Rs 10,00,00,000 to Rs 20,00,00,000.
The members have accorded their consent to the issue of 85,00,000 share warrants on preferential allotment basis, carrying an entitlement to subscribe to an equivalent number of equity shares of Rs 4 each, at a price of Rs 16 to promoter & its affiliates and non-promoter.
Published by Webmaster @ 12:12 PM IST.
Infosys Results + Wipro Contract
The board of Infosys Technologies will meet on 11 October 2007 to announce the Q2 results.
Wipro will provide integrated information technology (IT) services encompassing applications support, maintenance and infrastructure management services to Thames Water.
Meanwhile, yet another report suggests that Wipro’s business process outsourcing (BPO) arm is likely to buyout MarketRx, a pharma focused market analytics company. This acquisition will bolster Wipro BPO’s analytics practice, which at present accounts for less than 10% of its revenues. The New Jersey-headquartered $50-million MarketRx has over 25 clients, including Merck, Eli Lilly, Pfizer and Johnson & Johnson.
Published by Webmaster @ 9:56 AM IST.
Panacea Biotec + Sadbhav Engineering
Tuesday, September 25, 2007
Panacea Biotec has inaugurated its greenfield construction vaccine formulation plant (VFP) in Baddi, Himachal Pradesh. The plant has been commissioned with several filling lines for bacterial and viral vaccines complying with WHO, cGMP norms for liquid vaccines in pre-filled syringes, liquid & lyophilized Vaccines in vials. The total production capacity of this facility is one billion doses per annum.The company has also unveiled its new corporate identity on the occasion and the new identity displays a pole star and tag-line-innovation in support of life.
Sadbhav Engineering has been awarded the following project for contract price of Rs 245.24 crore for the work removal of over burden of first dig (solid) by hiring of HEMM such as excavators, dumpers, drills, dozers, graders and water tankers for composite work consisting of blast hole drilling, blasting, excavation, loading, transportation of broken rocks / soil / earth, dumping, spreading etc.
Complete including unloading spreading dozing, water sprinkling, grading etc. by mechanical means as per instruction of engineer in charge at specified places at Bina Extn OCP of Northen Coalfield (NCL).
Published by Webmaster @ 1:51 PM IST.
Gremach Infrastructure Equipments acquires 75% controlling stake
Gremach Infrastructure Equipments & Projects has taken 75% controlling stake in 11 coal mine licenses in Mozambique having an aggregate 13,520 hectares in prime region of Moatize. This region falls in Karoo basin which is recognized as prime hard coking coal bearing area in Africa. There is a global shortage and crisis of hard coking coal and this will add huge value to the profitability of the company.
The company is planning to start prospecting of the area in the month of October, 2007 and will be complete by mid 2008. Expected reserves in the above mines are more than 200 million. With this acquisition, the company has entered into the list of selected club of few Indian companies like JSW, Tatas and Gujarat NRE Coke which has mines outside India.
The company's group company Austral Coke & Projects is into manufacturing of low ash met coke and this acquisition will give raw material security which is a normal practice in Australia where Japanese and Chinese have invested for in-house captive consumption.
Published by Webmaster @ 12:01 PM IST.
Jai Corp to acquire manufacturing units
The board of Jai Corp has approved the proposal for acquisition of the manufacturing units of Pet Fibres producing PP HDPE woven sacks and bags and the manufacturing unit of prime wovens producing PP HDPE woven sacks, jumbo bags and PP staple fibres.
The board of Jai Corp has appointed Anand Jain as an additional director of the company.
Published by Webmaster @ 9:59 AM IST.
Hindustan Construction Company + Ansal Properties and Infra
Monday, September 24, 2007Hindustan Construction Company has announced that Alpine-Samsung-HCC JV i.e. Alpine Mayreder Bau GMBH (ALPINE) - Samsung Corporation (SAMSUNG) and the company has been awarded a contract for design and construction of two underground stations and tunnel between New Delhi station and Talkatora Garden, from Delhi Metro Rail Corporation Lid, New Delhi.
The value of the contract is Rs 693.61 crore plus Euros 1.457 crore. The total value of the contract is Rs 774.64 crore. The company's share in the total value of the contract is 33% i.e. Rs 255.63 crore.
Ansal Properties & Infrastructure has entered into joint venture / strategic sales with Pearl Global, for setting up a cyber park on about 8 acres of land on NH-8 at a very strategic location with an expected sales value of about Rs 350 to Rs 400 crore.
The company has entered into joint venture / strategic sales with Ashiana Retirement Village, for developing a group housing meant for senior citizens, to which about 14 acres of land in its Lucknow project has been sold.
Further, the company has entered into joint venture / strategic sales with Globosport India whereby they will provide sports infrastructure and coaching facilities at its Lucknow project and other places, wherein Mahesh Bhupati and Gaurav Natekar, renowned tennis players, will be involved.
Published by Webmaster @ 4:37 PM IST.
FPO buzz generates interest in Syndicate Bank
There are rumors of Follow on Public Offering in Syndicate Bank stock. Government holds 66.47% in the bank. The scrip had touched a high of Rs 93.40, its 52-week high. It hit a low of Rs 88 so far during the day. The stock had hit a 52-week low of Rs 57 on 3 April 2007.
At the current price of Rs 92.35, the scrip trades at a PE multiple of 5.45, based on Q1 June 2007 annualised EPS of Rs 16.94. Syndicate Bank's net profit rose 22.4% to Rs 221.03 crore on 47.3% rise in operating income to Rs 1999.34 crore in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 2:36 PM IST.
IVRCL Infra bags order + GTL wins golden peacock global award
IVRCL Infrastructures & Projects has announced that the Pune region of the company has bagged building division and power division orders of an aggregate value of Rs 394.24 crore.
GTL, India's leading network services player, has received the prestigious golden peacock global award for corporate governance, in the 8th international conference on corporate governance held in London on 21 September 2007.
Nearly 130 companies had applied for this prestigious award from across the world. The world council for corporate governance, UK, confers the award annually, to companies that have demonstrated benchmark standards of corporate governance. The company received the award with an appreciation for its good corporate governance practices that reflected in transparent, disclosures and compliance and voluntary audit of quarterly accounts, functioning of the board and corporate social responsibility activities.
Published by Webmaster @ 12:59 PM IST.
Bonus bounty talks catapult GAIL (India) to new high
As per reports, the issue of bonus shares was discussed at the meeting of inter-ministerial comittee (IMC).At the current price of Rs 369, the scrip trades at a PE multiple of 11.38, based on Q1 June 2007 annualised EPS of Rs 32.41.
As per reports, the issue of bonus shares was discussed at the meeting of inter-ministerial comittee (IMC).
Report suggested that in terms of Department of Public Enterprises (DPE) guidlines, central public sector enterprises (CPSEs) having reserves and surplus more than three times of their paid up capital are expected to declare bonus shares.
On a paid up capital of Rs 845.65 crore, total reserves of GAIL (India) the company stood at Rs 10,547.26 crore, which is about 12.5 times of the paid up capital.
Published by Webmaster @ 12:05 PM IST.
Reliance Industries discovers oil in deepwater block KG-DWN-98/l (KG-D4)
Reliance Industries has announced an oil discovery in the deepwater block KG-DWN-98/l (KG-D4) located in the Krishna Basin. This is the first time an oil discovery has been made in the Krishna deep-water basin. This deep-water block was awarded to RIL under first round of NELP bidding. RIL holds 100% participating interest in this block, which spans over an area of 8100 sq kms.
The oil find in this exploration block marks a new beginning in this basin. The well was located in a depth of 565 meters and was drilled to a target depth of 3595 meters. The well encountered elastic reservoir with gross oil column of more than 20 meters in the Mesozoic section. During the Drill Stem Testing (DST), the well flowed 596 barrels of oil per day. This discovery namely 'Dhirubhai - 36' has been notified to Government of India and directorate general of hydrocarbons.
Encouraged by successes in the Godavari and Cauvery deeper Mesozoic plays, Reliance continued its exploration effort in Krishna offshore. This oil discovery comes after nearly two decades of exploration history with, more than 30 exploratory wells drilled by various operators in this geologically complex basin. The potential commercial interest of the discovery is being ascertained through integration of additional data and analysis.
Published by Webmaster @ 10:41 AM IST.
Tata Tea moves up on UK acquisition buzz
This move is aimed at expanding company's presence in the global beverages market. The reports suggest that the acquisition would help Tata Tea gain a larger share of the retail shelf space. Unlisted Liberty Tea is a popular brand in Europe.
In June 2007, Tata Tea bought Mount Everest Mineral Water for about Rs 210 crore. Tata Tea is the world's second-largest global branded tea player with presence in 40 countries. Some of its famous brands include Tetley and Good Earth.
Tata Tea's net profit fell 3.5% to Rs 43 crore on a 14% increase in sales to Rs 290.01 in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 10:07 AM IST.
Jet Airways partners with world's leading publications
Saturday, September 22, 2007Jet Airways India has announced that Jet Airways' frequent flyer programme - Jet Privilege in its constant endeavor to offer enhanced opportunities to earn and redeem JP miles, has now partnered with the world's leading publications TIME and FORTUNE magazines.
With this, members can earn Jet Privilege (JPMiles) only when they subscribe online either through the company's website or through the website of TIME www.time.com/jetairways. Similarly, members can earn JPMiles by subscribing online either through the company's website or through the website of FORTUNE magazine www.fortune.com/jetairways. Members can earn up to 1000 JPMiles for a 3 years subscription on these magazines.
Jet Privilege programme chose to partner with these two premium publications TIME and FORTUNE, keeping in mind its member profile and the preference of these two brands amongst its membership base.
TIME is the world’s leading newsweekly and is trusted by millions of readers for its insightful and reliable reporting on world politics, business, finance, technology, education and more. FORTUNE keeps readers abreast of the latest management thinking, changing technology at workplace, benefit from the experience across a diverse range of industries and gain valuable investment advice to increase one's wealth.
Published by Webmaster @ 11:12 AM IST.
Reliance Group rules the roost on bourses
Friday, September 21, 2007Mukesh Ambani-promoted Reliance Industries (RIL), which is India’s most valuable firm, shot up to Rs 2277.50. This is an all-time high.
The mid-cap construction firm Reliance Industrial Infrastructure (RIIL) was locked at upper limit of 10% at Rs 1043.10, which is a record high for the counter.
Reliance Petroleum (RPL), which is wholly-owned subsidiary of RIL, soared 12.89% to Rs 156.75. The stock hit a intra-day high of Rs 158.80, all-time high for the counter
Anil Ambani-controlled gas trading firm Reliance Natural Resources (RNRL) surged 34% to Rs 76.10. The stock hit a intra-day high of Rs 79.20, an all-time high.
Large cap financial services firm Reliance Capital (RCL) flared up 3.05% to Rs 1558. The stock hit a intra-day high of Rs 1574, which is a record high for the counter
India's second largest power generation firm by sales Reliance Energy (REL) moved up 3.17% to Rs 1019.05. The stock hit a intra-day high of Rs 1033, an all-time high.
India's second biggest listed telecom services provider by sales Reliance Communication jumped to Rs 580.50.
Published by Webmaster @ 3:08 PM IST.
Simplex Infra + Petron Engineering Rise
Simplex Infra has bagged various contracts in four different segments i.e. industrial structures - Rs 452 crore, urban utilities Rs 178 crore, piling Rs 112 crore and marine structures Rs 60 crore, aggregating Rs 802 crore, both in India and abroad.At the current price of Rs 414.95, the scrip trades at a PE multiple of 22.67, based on Q1 June 2007 annualised EPS of Rs 18.30. Simplex Infrastructures net profit rose 89% to Rs 19.69 crore on 68.9% rise in sales to Rs 594.43 crore in Q1 June 2007 over Q1 June 2006.
Petron Engineering's net profit rose 97.4% to Rs 2.29 crore on 15.8% rise in sales to Rs 63.51 crore in Q1 June 2007 over Q1 June 2006. The company declared the results after market hours yesterday (20 September 2007).
Petron Engineering Construction provides engineering and construction services for refineries, chemicals, cement, fertilisers, power and other industrial plants.
Published by Webmaster @ 11:53 AM IST.
Punj Lloyd builds on pre-IPO deals of Pipavav Shipyard
Punj Lloyd had informed the Bombay Stock Exchange (BSE) that it has now entered into a shareholders’ agreement with Pipavav Shipyard (PSL) and acquired 12.94 crore shares at Rs 27, aggregating to Rs 349.28 crore. It constitutes 28.8% of the present paid-up share capital of PSL and 25.6% of the diluted paid-up capital.As per reports, New York Life, 2i Capital and Trikona Capital have infused $25 million each in PSL. The company has now roped in US-based Citadel and is in final talks with AIG for $25 million each, to take the total pre-IPO private equity investments to $125 million.
PSL is lining up Rs 800 crore initial public offering (IPO) in the next 2-3 months. PSL will sell around 10% stake in the IPO. Post IPO, its paid-capital is expected to be around Rs 500 crore. IDBI, IL&FS and Exim will hold around 12% each in PSL. It is expected that Punj Lloyd may be looking at significant value unlocking through PSL.
Published by Webmaster @ 6:24 AM IST.
Educomp + SREI Infrastructure
Thursday, September 20, 2007Educomp Solutions has acquired 70.05% equity in Savvica Inc. based out of Toronto, Canada, Savicca is a leading e-learning company focused on web based learning management and education communities. Savicca own a next generation platform for rapid creation and deployment of scaleble education communities.
The company's investment in savicca is to leverage its internet based competencies in the areas of community building, online tutoring, web based learning, and digital content.
The board of SREI Infrastructure Finance has proposed a preferential issue up to 250,00,000 warrants to promoter group, which on conversion will increase their holding to over 35% from the existing level of 20%. Further, the board has decided to convene extraordinary general meeting on 15 October 2007.
Published by Webmaster @ 11:28 AM IST.
Maruti Suzuki India new venture
The report suggested Maruti Suzuki India will set up a 100-acre auto component park for its suppliers at Manesar, Delhi. The Foreign Investment Promotion board would soon take up the proposal of a Rs 182.16 crore joint venture between Futuba Industrial Company and Maruti Suzuki, it added.
Reportedly, Maruti will hold a 49% stake in the joint venture. This will be Futuba's first project outside Japan.
Meanwhile, the Registrar of Companies has approved the name change of Maruti Udyog to Maruti Suzuki India with effect from 17 September 2007. The Suzuki tag will help Maruti in global markets when the company launches a models for export.
Published by Webmaster @ 10:15 AM IST.
Motilal Oswal Venture Capital invest in IMP Powers
Wednesday, September 19, 2007IMP Powers has announced that the funds managed and advised by Motilal Oswal Venture Capital Advisors (MOVCAPL) have invested Rs 190 million in IMP Powers.
IMP Powers (IMP) offers an opportunity to invest in the high growth transformer sector. IMP is one of the oldest player in the power equipments segment with a product portfolio of various types of transformers, industrial meters and testing equipments. Transformers constitute about 95% of its financial year 2007 sales.
The company is undertaking an expansion project with a capital outlay of Rs 280 million including working capital. The project includes expansion of its manufacturing facilities situated at Silvassa (U.T) from existing 3,600 MVA to 6,000 MVA. The funds managed & advised by MOVCAPL have invested Rs 190 million to part finance the expansion project. Brescon Corporate Advisors, were the financial advisors to the company on this deal. Further, promoters of the company & Brescon Corporate Advisors have subscribed to warrants to finance the balance of the capex program.
Published by Webmaster @ 2:34 PM IST.
Nagarjuna Construction with POSCO E&C bags Rs 1,558 crore contract
Nagarjuna Construction Company in consortium with POSCO E & C of South Korea has bagged an EPC contract valued at Rs 1,558 crore from Steel Authority of India for IISCO steel plant at Burnpur, West Bengal. The project comprises of setting up of blast furnace complex to be completed over a period of 30 months. This will be the largest blast furnace in India and would be based on state-of-the-art technology of POSCO E&C. The company's share of the order is Rs 1,100 crore approximately.
The Nagarjuna Constructions stock is up 10% at Rs 240.
Published by Webmaster @ 1:26 PM IST.
Infosys hardens on European acquisition buzz
Sage's stock price witnessed heightened activity on the London Stock Exchange yesterday on talk that India's leading IT company Infosys, may be interested in acquiring the company. Reports suggest that Infosys could be in talks with Sage for buying out certain divisions of the UK company in an effort to enlarge its European business in order to reduce its dependence on the US market.The Sage Group is a supplier of accounting, payroll, CRM and business management software for large, medium and small size enterprises. The group posted a turnover of 936 million pounds during the last calendar year. Sage is estimated to have a market capitalization of over 3 billion pounds.
CapGemini and Microsoft may also be interested in Sage, said a broker on Dalal Street.
Published by Webmaster @ 11:00 AM IST.
KEC International + Jubiliant Organosys
KEC International has bagged a major Asian Development Bank funded contract from Afghanistan's Ministry of energy & water through an international competitive bidding process. Power Grid Corporation of India (PGCIL) is consultant to the project, which will be completed in 18 months. The value of the contract is Rs 317 crore.
The special feature of this prestigious win is its composite nature. To be executed in two lots in the North and Eastern regions of Afghanistan, this order in totality involves turnkey construction of 2 X 110 KV transmission lines totaling over l00 kms; 4 sub stations and; 8 power distribution systems of 20 KV each.
Jubilant Organosys will supply Pyridines and derivatives of the chemical compound, used in manufacturing of medicines and agricultural products, to Syngenta. The Swiss company will use it in its agriculture business. The new contract will start from early 2008. The company made this announcement after market hours on Tuesday, 18 September 2007.
Published by Webmaster @ 10:38 AM IST.
Everest Industries enters pre-engineered steel buildings
Everest Industries is entering into business of design, manufacturing, supply and erection of pre-engineered steel buildings.
Pre-engineered steel buildings are accepted as an alternate to conventional buildings in the construction sector. Most of the industrial, infrastructure and commercial buildings are being made using this technology which saves lot of construction time. This technology is fast, efficient and cost effective compared to conventional building methods. The acceptance has been phenomenal across all segments in India. This business is in rapid growth mode and this concept is globally accepted. The existing players are growing very rapidly.
For undertaking this business, the company has commenced the setting up of its first plant at Bhagwanpur at Roorkee (Uttarakhand), which will be followed up by other plants based on market growth.
Published by Webmaster @ 8:07 AM IST.
State Trading Bonus + Trent Sisley
Tuesday, September 18, 2007State Trading Corporation of India informed DalalStreet.Biz, that a meeting of the board of directors of the company will be held on 26 September 2007, to recommend bonus shares in a ratio of 1:1 . Shares of State Trading Corporation of India had hit a high of Rs 238.35, a record high for the scrip. The company's current equity is Rs 30 crore. Face value per share is Rs 10.
Tata group company, Trent Ltd has announced partnership with Benetton India to introduce Luxury Retailing in India under the brand name Sisley.
Published by Webmaster @ 1:56 PM IST.
Indo Asian Fusegear to enter Power Distribution Business
Indo Asian Fusegear corporate communications has told us that the company is foraying into power distribution business. It is setting up a new company Indo Asian Power Distribution and Infrastructure (IAPDIL) with an investment of Rs 25 crore.
Initially the company is planning to work on projects in north India including Uttrakhand, Uttar Pradesh, Rajasthan, Haryana, Punjab and Madhya Pradesh. The initial investment will be made through internal accruals of the company.
Indo Asian Fusegear is a manufacturer of electrical switchgear and lighting equipment.
Published by Webmaster @ 9:39 AM IST.
Indian Hotels acquires stake in US hotel chain
Tata's controlled, Indian Hotels [owners of Taj Brand] have bought stake in Orient Express. The acquisition was done through its wholly owned subsidiary Samsara Properties. The Indian Hotels management plans to discuss a global alliance with Orient-Express to leverage each other's strengths. The company has started talks with Orient-Express for a partnership to expand its network globally, the reports suggested.Orient Express currently owns or has investments in 49 businesses: 39 highly individual hotels, two restaurants, six tourist trains (including Venice Simplon-Orient-Express, British Pullman, and Eastern & Oriental Express) and two river cruise operations, located in 25 countries worldwide.
The board of Indian Hotels last month approved a plan to raise Rs 1,920 crore by selling securities to existing shareholders for funding new properties.
Published by Webmaster @ 9:34 AM IST.
Nagarjuna Constructions + L&T Bag Orders
Monday, September 17, 2007
Nagarjuna Construction Company that it has bagged new orders totaling Rs 150 crore. Out of this, the major order comprises of a project for construction of IV phase bridges in Karnataka for Karnataka Road Development Corporation (KRDCL) valued at Rs 109 crore. Another order is for construction of water treatment plant for Ahmedabad Municipal Corporation, Ahmedabad valued at Rs 32 crore.The current price of Rs 222.50 discounts Q1 June 2007 annualised EPS of Rs 6.91 by a PE multiple of 32.19.
Larsen & Toubro (L&T) has announced that the company has been awarded an order for methanol reformer package as a part of trombay methanol revamp project for Rashtriya Chemicals and Fertilizers (RCF), Chembur.
This project is of paramount importance to RCF in order to enhance overall energy efficiency, reliability and life of the methanol plant along with augmentation of capacity from present 180 TPD to 220 TPD of methanol product. The owner has retained Haldor Topsoe A/S of Denmark as the process licensor and Projects & Development India (PDIL) as the project consultant.
This order valued at Rs 77 crore comprises the detailed engineering, procurement, supply, transportation, storage, fabrication, inspection, construction, installation, testing, mechanical completion and assistance for pre-commissioning, commissioning and performance guarantee test runs for the said project.
The order was bagged by the company against stiff competition from internationally reputed reformer suppliers, on the strength of its track record in execution of similar projects meeting strict quality requirements and conforming to stringent delivery schedule.
Published by Webmaster @ 12:20 PM IST.
IVRCL Infra bags Chennai Water Supply Project
IVRCL Infrastructures & Projects just a while ago told us that the Chennai region of IVRCL has bagged various water supply and sewage projects worth Rs 368.14 crore in Chennai.Net profit of IVRCL Infrastructures & Projects rose 80.59% to Rs 37.96 crore on a 58.92% surge to Rs 690.20 crore in sales in Q1 June 2007 over Q1 June 2006. The current price of Rs 379.75 discounts Q1 June 2007 annualised EPS of Rs 11.71 by a PE multiple of 32.42.
The Stock is up 1.96% at Rs 380 and is of Face Value Rs 2.
Published by Webmaster @ 11:00 AM IST.
Tata Investment open offer at premium
Tata Sons, made an open offer at Rs 600 a share to buy up to 28.39% stake from other shareholders of the firm who presently hold 39.39%. The offer price is at a 33 % premium to Friday's closing price of Rs 450.10. Tata Sons and other Tata group companies hold 60.61% in Tata Investment.Net profit of Tata Investment Corporation rose 8.61% to Rs 39.59 crore on 6.01% rise in total operating income to Rs 43.57 crore in Q1 June 2007 over Q1 June 2006.
Tata Investment Corporation, which is promoted by Tata Sons, is a non banking financial company that handles a portfolio of investments and it also acts as a promoter of new companies and projects of Tata Group.
The current price of Rs 540.10 discounts Q1 June 2007 annualised EPS of Rs 45.95 by a PE multiple of 11.75.
Published by Webmaster @ 10:08 AM IST.
Spanco Telesystems demerger
Reports indicates that the new subsidiary will also act as a holding company for all its joint ventures in the BPO business, including railways project Bharat BPO Services, in which it holds a 50% stake. Spanco's Middle East joint venture, in which it holds 51%, its call centre business in the UK and the international BPO business from Respondez will now come under Spanco BPO Ventures
Spanco’s net profit rose 106.7% to Rs 9.26 crore on 68.8% rise in sales to Rs 102.14 crore in Q1 June 2007 over Q1 June 2006. At the current price of Rs 230.95, the scrip trades at a PE multiple of 12.87, based on Q1 June 2007 annualised EPS of Rs 17.94.
Published by Webmaster @ 10:00 AM IST.
Zenith Birla to hive off tools manufacturing division
Saturday, September 15, 2007The board of Zenith Birla India has considered a proposal to hive off the company's tools manufacturing division.
The board discussed the proposal of de-merger / hive off of tools division at length. After having discussion at length, it was decided to obtain detailed study report from an independent consultant for the purpose before finalizing any proposal.
The board also considered the proposal of merger / acquisition of Tungabhadra Holdings which is also into the manufacturing of steel pipes and with its operations at Murbad and Tarapur and having synergy with the steel pipes business of Zenith.
Published by Webmaster @ 12:27 PM IST.
Unity Infraprojects receives orders
Friday, September 14, 2007Unity Infraprojects has received orders aggregating to Rs 134.15 crore. Construction of shopping centre at Koregaon Park, Pune from Anuttam Developers with the total contract value of Rs 112.40 crore to be completed by the company within 17 months.
The company has been awarded the contract for construction of BIG MALL, Thane form Serendipity Buildtech, New Delhi with a contract value of Rs 21.75 crore.
Published by Webmaster @ 3:06 PM IST.
Dharvi Slum Development Real Estate project
The Godrej Properties-L&T joint venture (JV) will reportedly bid for the redevelopment of all the five sectors of Dharavi, which the government has identified. The JV has already submitted the expression of interest (EoI) to bid for the project.
The project includes replacing 57,000 slum structures spread over 500 acres. The entire area has been divided into five sectors of about 1.5 crore squre feet (sq ft) each. The project is expected to generate close to Rs 25,000 crore for the Maharashtra government.
The interested companies will be allowed to bid for as many sectors as they like. Each bidder will get only one sector to develop. Selected companies will then rehabilitate slum-dwellers in about 60 lakh sq ft in each sector while the remaining area can be sold commercially.
Two other Mumbai-based developers, Housing Development and Infrastructure (HDIL) and Akruti Nirman, have reportedly formed JVs with Lehman Brothers and Limitless, an arm of Dubai World, to bid for Dharavi.
Published by Webmaster @ 12:16 PM IST.
L&T bags Rs 762 crore order
Larsen & Toubro's ECC division in consortium with Outotec GmbH, Germany have bagged a Rs 762 crore sinter plant order from Steel Authority Of India (SAIL). This plant of 2 X 204 square metre grate area with a capacity of 3.80 million ton per annum is to be executed on a turnkey basis at the IISCO steel plant (ISP) of SAIL, at Burnpur, West Bengal.
The order value for the company is Rs 639.99 crore and Euro 22.08 million for Outotec. The new sinter plant will be part of SAIL's ambitious programme of expanding its capacity at ISP by 2.5 MTPA crude steel. The turnkey sinter plant project is to be completed in 29.5 months.
Outotec's scope covers basic engineering, supply of proprietary and special equipment as well as technical services while the Company's scope covers detail engineering, supply of indigenous mechanical, electrical and instrumentation works and complete site services including civil, structural and erection works.
Published by Webmaster @ 12:14 PM IST.
Reliance Industries to enter Ship Building
Reliance Industries (RIL) is reportedly entering shipbuilding and dredging business with two separate companies. It plans to invest around $1 billion each in two companies and has begun talks with international majors for a strategic tie-up for the dredging business. The shipyard will come up at Rewas, where RIL is setting up a mega port and a special economic zone (SEZ). The company is also looking at a ship repair yard at Kakinada for servicing offshore/platform vessels and rigs.Separately, the empowered group of ministers have approved the pricing formula proposed by Reliance Industries (RIL) for its Krishna-Godavari (K-G) basin gas, with minor modifications that reduced the delivered price of gas. The revised formula lowers the proposed price of the gas at Kakinada to $4.20 per million British thermal unit (mmBtu) from $4.33 mmBtu that was proposed by RIL. The price at which RIL will sell its gas from the KG basin to consumers will be valid for five years, after which it will be open for revision.
Published by Webmaster @ 9:46 AM IST.
Expansion plans charge up Suzlon Energy
Thursday, September 13, 2007
Suzlon Energy is reportedly planning to invest around 1 billion euro (Rs 5,600 crore) to nearly triple its production capacity by 2009. The expansion plan would raise Suzlon's turbine production capacity in India from 2,700 mega watt (MW) now to 5,700 MW by the close of fiscal March 2009.The report suggested that company also plans to raise its capacity to produce wind gearboxes, made by its unlisted Belgian subsidiary Hansen Transmissions, to 9,300 MW by 2009.
Suzlon's order book stands at around $3.5 billion, up from $3.3 billion in July 2007, with most of the orders from outside India.
At the current price of Rs 1392.85, the scrip trades at a PE multiple of 112.05, based on Q1 June 2007 annualised EPS of Rs 12.43.
Published by Webmaster @ 1:15 PM IST.
Diamond Cables + Harita Seating
Diamond Cables has announced the receipt of orders for 2750 transformers, out of which 1350 transformers are for 63 KVA, and 1400 transformers for 16 and 10 KVA. These orders are to be executed by company's wholly owned subsidiary Diamond Power Transformers (western transformers) before 31 March 2008. The company's wholly owned subsidiary order booking position exceeds Rs 70 crore and the capacity is totally booked till 30 June 2008.
Harita Seating Systems, a leading seat manufacturer for tractors, passenger busers etc in the country has announced issue of bonus shares in the ratio of [1:1] one equity share of Rs 10 each for every one-equity share of Rs 10 each held.
Published by Webmaster @ 12:37 PM IST.
Banco Products + Batliboi Stock Split
Banco Products India has scheduled a meeting of the board of directors to on 26 September 2007 to consider sub-division of the face value of the equity shares.
Recently the company had issued bonus shares in the ratio 1:1.
Batliboi announced during the market hours today, 13 September 2007 that it has fixed 4 October 2007 as the record date for the purpose of stock split from the present face value of Rs 10 to Rs 5 each.
Net profit of Batliboi rose 39.90% to Rs 2.77 crore on a 24.98% rise in sales to Rs 30.52 crore in Q1 June 2007 over Q1 June 2006.
Published by Webmaster @ 12:33 PM IST.
Lupin wins product patent challenge
Lupin Labs has announced that the court of appeals for the federal circuit on 11 September 2007 reversed a district court decision on Ramipril in its favor, finding the Aventis patent on Ramipril invalid. Aventis owns the 722 patent in question and king pharmaceuticals markets Altace.
Ramipril is one of the ACE inhibitors, which are useful for treating high blood pressure and Altace revenues were over US $ 900 million in the US (IMS MAT Jun 2007).
Dr Reddys Laboratories has announced that the U.S. Food and Drug Administration (USFDA) has granted final approval for the company’s Abbreviated New Drug Application (ANDA) for Ranitidine (Zantac) 150mg tablet (over-the-counter). The company is the only generic manufacturer to receive FDA approval for this product following the expiry of innovator's patents. This is the first approval for the company's U.S. OTC business unit following an announcement in mid-May, to launch a store brand OTC division in the U.S.
Published by Webmaster @ 10:32 AM IST.
Peninsula Land Deal With Alok
Wednesday, September 12, 2007Real estate firm Peninsula Land struck a deal to sell 5,75,000 square feet of land at its Dawn Mills premises to Alok Infrastructure, a unit of Alok Industries for Rs 1050 crore. ENAM has a BUY on Peninsula Land with a price target of Rs 719.
Peninsula Land (PLL), formerly known as Morarjee Realties, is known for its concept-based architecture in the commercial, retail and residential sectors. Some of the company's real-estate projects are Crossroads, CR2, Peninsula Corporate Park, Peninsula Technopark, Peninsula Business Park, Ashok Towers and Ashok Gardens.
Published by Webmaster @ 12:20 PM IST.
3i Infotech + Essel Propack Acquisition Buzz
3i Infotech acquired a strategic stake of 26% in Taxsmile.com India (Taxsmile), with a commitment to acquire a majority stake over a period. Taxsmile is a company engaged in Internet-based tax filing and tax advisory space for individuals.
3i Infotech's principal activity is to provide a range of software and information technology solutions including packaged applications for the banking, financial services and insurance, manufacturing, contracting and retail and distribution industries.
Mumbai-based Essel Propack is reportedly in talks Alcan for acquiring its packaging unit, Alcan Packaging Beauty. Montreal-based Alcan, which is the world's third-largest aluminium company, has said it plans to sell its packaging unit as part of a restructuring exercise.
Reports suggest that Alcan Packaging Beauty, which includes packaging for food and beverage, medical and pharmaceutical, cosmetics and tobacco, had posted sales of $800 million last year.
Alcan Packaging Beauty is present in 11 countries and has some of the world's leading cosmetics and beauty companies as its customers. If the deal is struck, it would be in line with Alcan's objective of becoming a focused company that is strong in mining, smelting and high-end aluminium products, reports suggest.
Published by Webmaster @ 10:01 AM IST.
Blure Dart Expansion + ICRA's MoU with Indian Overseas Bank
Tuesday, September 11, 2007
Air express and courier firm Blue Dart Express said today, that it plans to invest about Rs 1000 crore in the short- to medium-term to expand its air infrastructure. The company will expand its aircraft fleet, add material handling equipment and ramp up ground handling facilities.The company now operates four Boeing 737s and two Boeing 757s. Blue Dart also plans to launch a new ground express service which will expand its capacity to 17,500 locations from 14,600 locations now.
Blue Dart Express is South Asia's leading integrated air express carrier and premium logistics-services provider. The company has the most extensive domestic network covering over 14,000 locations, and services more than 220 countries and territories worldwide through sales alliance with DHL, the global brand name in express distribution services.
ICRA and Indian Overseas Bank, a premier nationalised bank headquartered in Chennai, have signed a MoU under which the company will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's new capital adequacy framework for basel-II. Last week we had reported in news flash that ICRA would rate loans of India's largest bank, the State Bank of India.
The MoU between ICRA and the Bank seeks to deliver benefits to the Bank as well its clients. For the Bank, ICRA's line of credit ratings would assist in implementing RBI's new capital adequacy framework under basel-II. For the client, an ICRA rating may place the rated entity in a superior position in terms of faster loan processing and to obtain competitive credit terms from the Bank.
Published by Webmaster @ 2:25 PM IST.
Motilal Oswal had decent Debut
Motilal Oswal stock was listed at Rs 970 a 17% premium to its offer price. At the current price of Rs 970, PE works to 37.30, based on the consolidated year ended March 2007 EPS of Rs 26. All the Financial Firms / Stock Broking stocks listed on the BSE had a steep jump yesterday. Book Partial profits now. Operators in this counter are strong and they will take the stock to higher orbit.Motilal Oswal Financial Services (MOFSL) is the Motilal Oswal group's holding company with stake in four group companies: Motilal Oswal Securities (MOSL – the stock broking arm), Motilal Oswal Commodities Brokers (MOCB - the commodity business arm), Motilal Oswal Venture Capital Advisors (MOVC - the venture capital advisory arm) and the Motilal Oswal Investment Advisors (MOIAPL - the investment banking arm).
Published by Webmaster @ 10:02 AM IST.
Moser Baer forays into PC peripherals market
Moser Baer India has announced the launch of its Optical Disk Drive (ODD) i.e. Combo drive and writer, which also marks the company's foray into the PC peripherals industry. The company in partnership with Taiwan's Philips & Lite-On Digitil Solutions tarp., the world's largest OEM / ODM optical disc drive manufacturer has launched their ODDs in India in the name of 'Moser Baer-Lite-on'.Having established itself as a global leader in the high technology manufacturing space and the global blank optical storage media industry, the company is now leveraging upon its existing synergies, established brand equity and large distribution network in the domestic market to enter the PC Peripherals market.
The company brand is recognized for high quality products which the company now plans to extend into the fast growing PC Peripherals market in India, given its credibility amongst the drive manufacturers. The company plans to enter this market by launching products in five metros and create a niche for itself.
Published by Webmaster @ 9:56 AM IST.
BHEL MoU + Ranbaxy WHO Qualification + Anant Raj Stock Split
Monday, September 10, 2007Bharat Heavy Electricals Ltd [BHEL] and NTPC have signed a MOU to form a joint venture company with the propose to work jointly to complement their respective strength and to carry out engineering procurement and construction (EPC) activities in the power sector.
Ranbaxy Laboratories has announced that the WHO, Geneva, has included three more Anti Retroviral (ARV) products of the company in its pre-qualification list taking the total to 15 ARVs.
These ARVs are made available in compliance Kit packs, designed to enhance patient compliance for medication and are the company's latest additions to the WHO list. These packs contain two fixed dose combination tablets of lamivudine / zidovudine or lamivudine / stavudine with a single tablet of efavirenz. Among these, lamivudine / stavudine + efavirenz formulations are the first by any company on the WHO list.
Anant Raj Industries approves stock split. Each 1 equity share of Rs 10 each will be split into 5 equity shares of Rs 2 each.
Published by Webmaster @ 1:49 PM IST.
US Recision Fear hits Infosys and other IT Stocks
IT pivotals edged lower today after data released on Friday, 7 September 2007, showed US payrolls shrank in August 2007 for the first time in four years, raising fears that the world's largest economy was headed into a recession. IT stocks derive a large part of their revenue from the US. In the first quarter of current financial year, IT Slave Trading Companies such as Infosys and TCS who are purely dependent on currency arbitrage were hit badly due to the strengthening of Indian rupee.The BSE IT index had underperformed the market over the last one month to 7 September 2007, declining 1.57% compared to the Sensex's return of 3.25%. It had also underperformed the market over the past quarter, falling 6.56% compared to the Sensex’s gain of 10.85%.
Published by Webmaster @ 11:56 AM IST.
Lloyd Metals Stock Split + RTS Power - Order
The board of Lloyds Metals & Engineers approved the sub - division of existing equity capital of the company of nominal value of Rs 10 each fully paid up forming part of the subscribed and paid-up capital of the company into nominal value of Rs 2 each credited as fully paid up.
The board has approved the issue of 10,00,000 warrants convertible into equity shares of Rs 10 each to, individual non promoters on preferential basis.
The board has approved the issue of 10,00,000 warrants at a price of Rs 90 per warrant entitling the holders of warrants to apply for and obtain allotment of equity share against each warrant within a period of 18 months.
RTS Power Corporation announced before market hours today, 10 September 2007, it has got Rs 35.11-crore orders for supply of transformers, conductors and cables to power utilities.
Published by Webmaster @ 9:53 AM IST.
ICRA to Rate SBI Loans
Friday, September 07, 2007
ICRA and State Bank of India (SBI) have signed a MoU under which the company will assign ratings to the bank's loans and its other exposures under the standardized approach of RBI's new capital adequacy framework for Basel-II.To assist potential and existing borrowers of SBI in obtaining ratings, ICRA is offering special terms to the clients of SBI covered by the MoU.
The MoU between ICRA and SBI seeks to deliver a number of benefits to the SBI as well its clients. For SBI, ICRA's line of credit ratings would assist in implementing RBI's new capital adequacy framework under Basel-II.
Published by Webmaster @ 1:45 PM IST.
Aurobindo Pharma + Fortis Health Care
Aurobindo Pharma has announced that the UK-MHRA has issued a certificate of GMP Clearance for its unit-VIII situated at Kazipally, near Hyderabad Andhra Pradesh. With this clearance, the API site completes one of the important formalities of supplies to be made in the European Union and observer states. The certificate is also recognized by several other regulatory agencies and customers globally. The facility has already been inspected successfully in the past by US-FDA and WHO-Geneva as well.
Fortis Healthcare has announced that International Hospital,a wholly owned subsidiary of the company has together with Oscar Investments entered into an agreement for acquisition of equity shares of Malar Hospitals, Chennai. 39,00,000 equity shares from promoters of Malar Hospitals representing approximately 28% of its present paid-up equity capital.
Allotment of 46,66,666 equity shares of Malar Hospitals representing 25.10% of the fully expanded voting equity capital, by way of preferential allotment consequent to conversion of loan into equity.
Published by Webmaster @ 12:43 PM IST.
Kirloskar Brothers receives orders
Kirloskar Brothers has announced that the joint ventures formed by the company have received contracts from the Government of Andhra Pradesh, irrigation & CAD department.
Hindri Niva Sujala Sravanthi (HNSS) project main canal for stage II of Phase I on EPC Turnkey system, in respect of investigation, design, manufacture, supply of pumps, motors and pressure mains at site of work including erection, commissioning and testing of 8 numbers at each pumping station of hydro mechanical, electro mechanical and other accessories and maintenance of 12 pumps at each pumping station and the system for 15 years. The total contract value is Rs 761.24 crore. KBL portion of contract value: Rs 114.16 crore.
The company has received additional order for supply of pumps & pumping system from Megha Engineering & Infrastructures in respect of the aforesaid project at a contract value of Rs 145.84 crore.
Published by Webmaster @ 11:02 AM IST.
Sintex enters Plastic Auto Components Business
Sintex will acquire ownership of Bright Brothers' all five automotive component manufacturing plants located in close proximity to major automobile production hubs like Chennai, Sohna, Pune, Pithampur and Nashik.The newly-formed entity will retain all 400 employees from the existing workforce of the automotive division.
Bright Brothers' plastics unit makes consoles, trims, bumpers, seating and cockpit systems. Sintex primarily makes fuel tanks in its auto plastics division. The acquisition represents a significant step towards establishing a strong presence in the domestic plastic auto component market, Sintex said.
Published by Webmaster @ 10:07 AM IST.
Ranbaxy + Cadila US FDA Nod for Carvedilol
Thursday, September 06, 2007Ranbaxy Laboratories has announced that the company has received approval from the U.S. FDA to manufacture and market carvedilol tablets, 3.125 mg, 6.25 mg, 12.5, and 25 mg. The office of generic drugs, U.S. FDA, has determined the Ranbaxy formulations to be bioequivalent and have the same therapeutic effect as that of the reference listed drug coreg tablets, 3.125 mg, 6.25 mg, 12.5 mg, and 25 mg, respectively, of GlaxoSmithKline. Total annual market sales for carvedilol tablets were $ 1.6 billion.
Carvedilol is indicated for the treatment of mild-to-severe heart failure of ischemic or cardiomyopathic origin, usually in addition to diuretics, ACE inhibitor, and digitalis. Carvedilol is also indicated to reduce cardiovascular mortality in clinically stable patients who have survived the acute phase of a myocardial infarction, as well as in the management of essential hypertension, alone or in combination with other antihypertensive agents.
Cadila Healthcare has also received an approval from the US FDA to market carvedilol tablets 3.125 mg, 6.25 mg, 12.5 mg. and 25 mg, in the US market. The drug falls in the cardiovascular segment.
Published by Webmaster @ 7:00 PM IST.
Hindustan Dorr Oliver + Sical Logistics
Hindustan Dorr Oliver has been awarded contract for design, residual basic engineering, detailed engineering, procurement, erection, construction and commissioning of HRDs & DCWs including flocculant preparation unit and cauticisation unit along with associated facilities and auxiliaries for Rs 770 million as a part of National Aluminium Company (NALCO) process of expansion of their alumina refinery at Damanjodi, Orissa from 1.575 million TPY to 2.1 million TPY capacity, by adding one more production line of 525 KTPY capacity. This expansion project is designated as NALCO phase — 2 expansion.
NALCO has appointed Engineers India, New Delhi (EIL) as their consultant and HDO will be executing the above mentioned HRD & DCW package — II on lumpsum turnkey basis in 16 months.
Sical Infra Assets was formed to park the Sical Logistics' asset-heavy, capital-intensive, longer gestation infrastructure-based business. These capital-intensive business include the logistics hub at Nagpur, the iron ore terminal at Ennore port, the company's container rail project, and the business of container terminals at Tuticorn and Chennai ports.
Old Lane Mauritius IV, a vehicle of Old Lane Opportunities Funds, has invested $26 million (Rs 107 crore) for a 26% stake in Sical Infra Assets, a new unit of Sical Logistics.
Reportedly, Sical Logistics also plans to list its new subsidiary on the stock exchanges to raise funds to finance the company’s growing infrastructure business.
Here is our report on Logistics Scenario in India.
Published by Webmaster @ 2:41 PM IST.
Punj Lloyd ventures into Defence Equipment
Punj Lloyd has applied for an industrial licence to make guns, rockets and missile artillery systems in a bid to expand its businesses. The Indian defence equipment market is worth Rs 1,00,000 crore.
Reportedly, the licensing committee of the ministry of commerce is expected to take a decision on this soon. Leading companies such as Larsen & Toubro, Tata Group, Mahindra & Mahindra, and others have already secured licenses from the government to produce defense equipment, reports suggest.
Citigroup has a BUY recommendation on Punj Lloyd with a target price of Rs 350.
Published by Webmaster @ 12:38 PM IST.
Blackstone + Warburg + General Atlantic interested in Infomedia India
Private equity funds General Atlantic, Blackstone and Warburg Pincus have shown interest in ICICI Venture's 63% stake in Infomedia India. Infomedia India is Google's authorized Adwords resellers in India.
Reportedly, the firm buying the stake will have to make an open offer and also pay a controlling premium. The buyer will have to put in more than Rs 400 crore for the acquisition.
Infomedia's market capitalisation is Rs 505.98 crore, based on its current price of Rs 256.45 at the BSE.
Published by Webmaster @ 12:01 PM IST.
KS Oils + Punjab Chemicals and Crop Protection
KS Oils has entered into joint venture in Malaysia with a stake of 49% for the purpose of investments / acquisitions of palm plantations / manufacture of crude palm oil.
This joint venture would enable the company's long term objective of backward integration and to secure raw materials sourcing for its crude palm oil requirement from South East Asia. The joint venture company is also in the process of acquiring its first plantation in Malaysia for a negotiated consideration up to 11.50 Malaysian ringitt.
Punjab Chemicals and Crop Protection is in the final round of negotiations to acquire a 30% stake in PSD Chemicals, a privately-held firm in the US. Reportedly, the total deal size could be around Rs 100 crore.
The acquisition will give the company an access into the North America’s $7 billion agrochemicals market, which is largest in the world.
Published by Webmaster @ 11:09 AM IST.
Reliance Energy to Spin off EPC Division
ADAG group company, Reliance Energy is planning to spin off EPC division into a separate company.The engineering, procurement and construction (EPC) division's revenue was Rs 2094.56 crore in the the year ended March 2007 (FY 2007), almost a third of REL’s total revenue of Rs 5836.62 crore in the same phase. The EPC division contributed about 27% of the profit before interest & tax (PBIT) of Rs 446.12 crore in FY 2007.
When elder brother Mukesh wants a centralized holding company [RIL] , Anil Ambani is doing the opposite - creating more and more companies to get listed on the exchanges and have a bigger daily Satta :-)
Published by Webmaster @ 9:20 AM IST.
MRPL signs supply agreement with Shell
Wednesday, September 05, 2007Mangalore Refinery & Petrochemicals (MRPL) and a subsidiary of ONGC, has signed a 4-year product supply agreement, extendable by another two years, with Shell India Marketing. The products include all grades of MS and HSD. The company started offering products to Shell in 2004 and since then, their off-take has been steadily rising, which reiterate the confidence reposed by Shell on the company's products, in terms of quality and service. Shell India is presently uplifting almost all of their fuel requirements from the company since 2004 under a product supply pact valid till October 2007.
The new agreement which will become operational from October 2007 covers not only fuel supply but also infrastructure sharing & hospitality and collaboration on health, security, safety and environmental management procedures & practices.
Published by Webmaster @ 7:24 PM IST.