Tata Tea has announced its Q4 and FY07 results. The company's FY07 standalone net profit was up 63.6% to Rs 306 crore (Rs 3.06 billion) and consolidated net profit up by 48.2% at Rs 443 crore (Rs 4.43 billion).
Total income has gone up by 10.02% to Rs 1146 crore (Rs 11.46 billion) for FY07 and consolidated total income surged by 30.2% to Rs 4,103 crore (Rs 41.03 billion).
The company's Q4 standalone net profit stood at Rs 3.9 crore (Rs 39 million) versus Rs 19.3 crore (Rs 193 million) and total income was up by 6.6% to Rs 259 crore (Rs 2.59 billion).
Saturday, June 2, 2007
DLF, Fortis JV plan Rs 6,200 cr for setting up hospitals
Ahead of its initial public offer, real estate giant DLF has entered into an agreement for floating a joint venture with Ranbaxy group company Fortis Healthcare to set up hospitals across the country with about Rs 6,200 crore of investments.
Fortis Healthcare Managing Director Shivinder Singh told that Fortis will have a majority holding with 74 % and the rest will be with DLF in the proposed joint venture.
Industry sources said an agreement for the proposed JV has already been signed.
The JV plans to set up a chain of 200-450 bed hospitals in 31 cities in India within three to five years, the sources added.
While the joint venture will mark DLF's foray into the healthcare segment, for Fortis the move is a part of its strategy to become a pan-India player in the healthcare segment and resolve real estate problems for setting up new hospitals.
The planned investment of Rs 6,200 crore would go toward meeting cost of land, construction and medical equipments, the sources said.
The JV plans to build hospitals in cities where DLF has a presence. Already DLF has a land reserve of 10,255 acres in 31 cities.
Fortis Healthcare Managing Director Shivinder Singh told that Fortis will have a majority holding with 74 % and the rest will be with DLF in the proposed joint venture.
Industry sources said an agreement for the proposed JV has already been signed.
The JV plans to set up a chain of 200-450 bed hospitals in 31 cities in India within three to five years, the sources added.
While the joint venture will mark DLF's foray into the healthcare segment, for Fortis the move is a part of its strategy to become a pan-India player in the healthcare segment and resolve real estate problems for setting up new hospitals.
The planned investment of Rs 6,200 crore would go toward meeting cost of land, construction and medical equipments, the sources said.
The JV plans to build hospitals in cities where DLF has a presence. Already DLF has a land reserve of 10,255 acres in 31 cities.
Hero Honda May 2-wheeler sales at 2.85 lakh units
Hero Honda Motors has announced its May sales numbers. The company has sold 2.85 lakh 2-wheeler units in May 2007 as against 3.03 lakh units in May 2006.
Neyveli Lignite Q4 net profit at Rs 26.4cr
Neyveli Lignite has declared its fourth quarter results. The company has posted net profit of Rs 26.4 crore (Rs 264 million) as against loss of Rs 65.86 crore (Rs 658.6 million) in Q4 of FY06.
M&M May Auto sales up 50% to 18,116 units
Mahindra and Mahindra, M&M has come out with its May sales numbers. The company has posted a growth of 50% in auto sales by selling 18,116 vehicles in May 2007 versus 12,117 vehicles in May 2006 and 12,867 vehicles in April 2007.
Tractor sales surged by 2% to 8,142 units from 7,958 units and UV sales up 23% at 10,986 units versus 8,945 units.
LCV sales was up 65% to 1,006 units from 611 units. Its May Scorpio sales stood at 3,384 units versus 2,640 units.
Recently launched M&M's Logan sales was at 2,786 units.
Tractor sales surged by 2% to 8,142 units from 7,958 units and UV sales up 23% at 10,986 units versus 8,945 units.
LCV sales was up 65% to 1,006 units from 611 units. Its May Scorpio sales stood at 3,384 units versus 2,640 units.
Recently launched M&M's Logan sales was at 2,786 units.
Rolta India plans acquisition worth $ 50-60 m
Rolta India is looking for acquisition and is in talks with 2-3 companies. The company said acquisition will be in USD 50-60 million range and hopes to finish deal soon.
KK Singh, CMD, Rolta India, said higher exposure to the domestic market would help in reducing the rupee appreciation impact.
The company has a forex cover of $20-30 million and an orderbook of around Rs 900 crore.
KK Singh, CMD, Rolta India, said higher exposure to the domestic market would help in reducing the rupee appreciation impact.
The company has a forex cover of $20-30 million and an orderbook of around Rs 900 crore.
TV Today Q4 net profit at Rs 12.3cr
TV Today has announced its fourth quarter results. The company has reported net profit of Rs 12.3 crore (Rs 123 million) in Q4 of FY07 versus Rs 14.1 crore (Rs 141 million) in Q3 of FY07 and Rs 11 crore (Rs 110 million) in Q4 of FY06.
HCL Tech may bag $200m outsourcing deal
The company is likely to bag USD 200 million order for a five-year deal from a global dairy product company. The dairy company is among top 10 in the world, with sales of over USD 10 billion. The deal is for information services & applications development, sources said. It is at due diligence stage and likely to happen in couple of months,
Bajaj Auto total May sales at 1.93 lakh units
Bajaj Auto has come out May sales numbers. In all, the company has sold 1.93 lakh units in May 2007 compared to 2.25 lakh units in May 2006.
Its Bike sales also slipped to 1.69 units in May 2007 from 1.99 units in May 2006.
Its Bike sales also slipped to 1.69 units in May 2007 from 1.99 units in May 2006.
PFC to raise Rs 150 Cr via 3yr & 5 yr bonds
The Power Finance Corporation, or PFC, is going to raise Rs 150 crore via 3-year and 5-year bonds.
VK Garg, CMD, PFC, says the spread margins could be under pressure for shorter term. The money raised will be used for lending to borrowers for power projects.
VK Garg, CMD, PFC, says the spread margins could be under pressure for shorter term. The money raised will be used for lending to borrowers for power projects.
Vijay Mallya is Vice-Chairman of Deccan Aviation
UB Holdings will buy 26% stake in Deccan Aviation. They will also make a subsequent 20% open offer. The company will pay Rs 155 per share for the Deccan Avaiation stake and will pay a total of Rs 550 crore. While Rs 150 crore will be paid now, Rs 400 crore will be paid before June-end.
They Deccan Aviation board has approved of the stake sale and they will make a preferential allotment to UB Holdings. Kingfisher and Deccan Aviation will now hold 32 – 34 % of the market share. Deccan and Kingfisher will, meanwhile, continue as separate identities.
Captain Gopinath will remain the Chairman of Deccan Aviation while Vijay Mallya will be the Vice Chairman. CFO Ramki Sundaram will become the officiating CEO.
They Deccan Aviation board has approved of the stake sale and they will make a preferential allotment to UB Holdings. Kingfisher and Deccan Aviation will now hold 32 – 34 % of the market share. Deccan and Kingfisher will, meanwhile, continue as separate identities.
Captain Gopinath will remain the Chairman of Deccan Aviation while Vijay Mallya will be the Vice Chairman. CFO Ramki Sundaram will become the officiating CEO.
Inflation for week ended May 19 at 5.06%
Inflation for the week ended May 19 stood at 5.06% versus 5.27%.
The market had estimated it at 5.06%
The market had estimated it at 5.06%
TVS Motor May sales at 1.08 lakh units
TVS Motor has declared its May sales numbers. The company has sold 1.08 lakh units in May 2007 as against 1.24 lakh units in May 2006.
Maruti May sales above estimates, sells 59,400 units
Car market leader Maruti Udyog has announced its May sales numbers. The company has sold 59,400 vehicles in May 2007 as against 53,396 vehicles in May 2006. This includes 3,448 units of exports.
It has sold 55,952 vehicles in the domestic market in May 2007 versus 50,904 vehicles in May 2006.
Maruti’s volume in the domestic C segment grew by 22.7%. In the A3 segment, the sales grew by 103.8%, while the A2 segment posted a growth of 7.8% during the month, according to press release.
It has sold 55,952 vehicles in the domestic market in May 2007 versus 50,904 vehicles in May 2006.
Maruti’s volume in the domestic C segment grew by 22.7%. In the A3 segment, the sales grew by 103.8%, while the A2 segment posted a growth of 7.8% during the month, according to press release.
GE to set up India infra fund of over $300-500 m
GE will set up an India infrastructure fund of USD 300-500 million, which will double over time. Jeffrey Immelt, the company chairman, says the Indian market never offered more potential than today.
Immelt's visit coincides with the Indian economy achieving its highest growth in 18 years. That kind of pace is an aspiration for GE, says the CEO who has set the goal of making GE grow at two or three times the world GDP growth rate. He says, “If GE can grow at the same pace as Indian economy we will be a great company.”
To make the world's most admired company greater still, GE is betting on six broad themes. Infrastructure, which is a 4 trillion dollar business over the next 8 years is one of them. Demographics is another. The third is the emerging world. Since India has a fit in all these three, it will provide the jet fuel for GE's growth in the future. So far GE has sold from India but never in India. But now, that will change.
Immelt says, “The Indian market has never offered more potential than today.”
GE says it will be a voice for development of infrastructure in India. It will invest in green technologies, including nuclear energy, and is tapping the worldwide excess liquidity for India. Immelt adds, “It is inevitable that we will set up a USD 300-500 million infrastucure fund for India.”
GE has an eight by ten strategy for India, which is USD 8 billlion each in revenues and assets by 2010. It projects revenues of USD 3 billion this year. That, however, is still a small amount for a company projected to earn USD 175 billion in revenues this year.
Immelt's visit coincides with the Indian economy achieving its highest growth in 18 years. That kind of pace is an aspiration for GE, says the CEO who has set the goal of making GE grow at two or three times the world GDP growth rate. He says, “If GE can grow at the same pace as Indian economy we will be a great company.”
To make the world's most admired company greater still, GE is betting on six broad themes. Infrastructure, which is a 4 trillion dollar business over the next 8 years is one of them. Demographics is another. The third is the emerging world. Since India has a fit in all these three, it will provide the jet fuel for GE's growth in the future. So far GE has sold from India but never in India. But now, that will change.
Immelt says, “The Indian market has never offered more potential than today.”
GE says it will be a voice for development of infrastructure in India. It will invest in green technologies, including nuclear energy, and is tapping the worldwide excess liquidity for India. Immelt adds, “It is inevitable that we will set up a USD 300-500 million infrastucure fund for India.”
GE has an eight by ten strategy for India, which is USD 8 billlion each in revenues and assets by 2010. It projects revenues of USD 3 billion this year. That, however, is still a small amount for a company projected to earn USD 175 billion in revenues this year.
Telecom Malaysia open to merge Spice with Idea
Telecom Malaysia Bhd, which has 49 per cent stake in Spice Communications, said that it would be open to the possibility of merging its Indian venture with Idea Cellular Ltd to get a larger share of the world's fastest-growing cellular phone market.
Idea Cellular and Spice Communications may be in talks with each other for a possible merger of their operations to create the country's fifth largest mobile entity. While Spice has operations in two circles, Idea Cellular has services in 11 circles.
Both companies are looking to expand their network to become a pan-India operator. Both the companies have applied for additional licences to expand their footprint to compete with the likes of Bharti Airtel, Reliance Communication and Vodafone.
Idea Cellular and Spice Communications may be in talks with each other for a possible merger of their operations to create the country's fifth largest mobile entity. While Spice has operations in two circles, Idea Cellular has services in 11 circles.
Both companies are looking to expand their network to become a pan-India operator. Both the companies have applied for additional licences to expand their footprint to compete with the likes of Bharti Airtel, Reliance Communication and Vodafone.
Finland firm Incap buys TVS Electronics unit
Incap Contract Manufacturing Services Pvt Ltd, a subsidiary of Incap Corporation, Finland, expects its electronics manufacturing services business in India to double in its first year of operations and sustain a 50-100 per cent growth in the coming years.
Incap Contract today finalised a Rs 41.12-crore deal acquiring the TVS Electronics Ltd contract manufacturing unit at Tumkur, 80 km west of Bangalore.
Briefing reporters on Incap Corporation's plans here, Mr Juhani Hanninen, President and CEO, Incap Corporation, said that this was the company's first facility outside Europe.
The € 89-million (Rs 480 crore) Incap Corporation expects to double its business by 2010 with more than half its revenues coming from facilities outside Europe. The company manufactures electronics and mechanical components and equipment for use in industrial electronics, electrical power technology, telecommunications, healthcare and security.
Incap Contract today finalised a Rs 41.12-crore deal acquiring the TVS Electronics Ltd contract manufacturing unit at Tumkur, 80 km west of Bangalore.
Briefing reporters on Incap Corporation's plans here, Mr Juhani Hanninen, President and CEO, Incap Corporation, said that this was the company's first facility outside Europe.
The € 89-million (Rs 480 crore) Incap Corporation expects to double its business by 2010 with more than half its revenues coming from facilities outside Europe. The company manufactures electronics and mechanical components and equipment for use in industrial electronics, electrical power technology, telecommunications, healthcare and security.
L&T investing Rs 2,500 cr in expansion
The company will set up new factories and expand its operations across the country over the next few years, said Mr A.M. Naik, Chairman & Managing Director.
Orders were growing at 35-40 per cent but execution was only at 19-20 per cent, owing to both paucity of skilled manpower and capacity constraints, he said.
L&T hopes to finalise a location for its shipbuilding operations. Currently, this business is operating out of its existing facility at Hazira where only smaller ships can be built. An investment of Rs 2,000 crore would be required for a new shipbuilding facility.
L&T also targets Rs 4,000 crore in revenues from its power in four or five years, from Rs 800 crore to Rs 1,000 crore currently.
Manpower constraints
To address its manpower constraints, especially for skilled workmen such as fitters, welders, masons and the like, the company is embarking on a massive training programme.
It will establish 10 training centres across the country and may tie up with ITIs as well. The company currently has 28,000 employees, 60 per cent of whom are engineers. Along with its subsidiaries (mainly L&T Infotech) L&T will recruit around 10,000 persons this fiscal.
To raise $300 m
L&T plans to raise $300 million by way of either syndicated loan or private placement of debt, said its Chief Financial Officer, Mr Y.M. Deosthalee. The company wants an increased tenure of about 10 years for the loan, he said.
Orders were growing at 35-40 per cent but execution was only at 19-20 per cent, owing to both paucity of skilled manpower and capacity constraints, he said.
L&T hopes to finalise a location for its shipbuilding operations. Currently, this business is operating out of its existing facility at Hazira where only smaller ships can be built. An investment of Rs 2,000 crore would be required for a new shipbuilding facility.
L&T also targets Rs 4,000 crore in revenues from its power in four or five years, from Rs 800 crore to Rs 1,000 crore currently.
Manpower constraints
To address its manpower constraints, especially for skilled workmen such as fitters, welders, masons and the like, the company is embarking on a massive training programme.
It will establish 10 training centres across the country and may tie up with ITIs as well. The company currently has 28,000 employees, 60 per cent of whom are engineers. Along with its subsidiaries (mainly L&T Infotech) L&T will recruit around 10,000 persons this fiscal.
To raise $300 m
L&T plans to raise $300 million by way of either syndicated loan or private placement of debt, said its Chief Financial Officer, Mr Y.M. Deosthalee. The company wants an increased tenure of about 10 years for the loan, he said.
Crude trading at $64.22/bbl
Crude prices rose to above the USD 64 mark on concerns that US refiners aren't increasing production fast enough to restore fuel stockpiles for the summer.
In after hours access trading, crude was trading on the Nymex at USD 64.22 up 21 cents.
In after hours access trading, crude was trading on the Nymex at USD 64.22 up 21 cents.
Friday, June 1, 2007
Mallya flies Deccan, gets 26% stake for Rs 550 cr
The Air Deccan Board has approved stake sale to UB Holdings, reports CNBC-TV18. UB Holdings will get 26% stake in Air Deccan at Rs 550 crore.
Ravi Nedungadi, President & CFO of UB Group confirmed the development in an exclusive interview to CNBC-TV18. The group will buy 26% stake of Deccan Aviation at Rs 155/share, thereby pipping ADAG's Rs 135/share offer.
Out of the Rs 550 crore, Rs 150 crore will be paid immediately; the rest will follow later. UB Holdings is expected to make subsequent open offer to the Air Deccan shareholders, about which the stock exchanges have already been informed.
On the management side, Captain Gopinath would continue as Chairman of Deccan Aviation.
Ravi Nedungadi, President & CFO of UB Group confirmed the development in an exclusive interview to CNBC-TV18. The group will buy 26% stake of Deccan Aviation at Rs 155/share, thereby pipping ADAG's Rs 135/share offer.
Out of the Rs 550 crore, Rs 150 crore will be paid immediately; the rest will follow later. UB Holdings is expected to make subsequent open offer to the Air Deccan shareholders, about which the stock exchanges have already been informed.
On the management side, Captain Gopinath would continue as Chairman of Deccan Aviation.
GDP growth to be close to 8.2-8.3% in FY08: Crisil
Q4 GDP growth in FY07 is seen at 9.1% as compared to 10% in the same period last year. For FY07, GDP growth was 9.4% as against 9.2% last year.
The manufacturing sector grew 12.4% in Q4 FY07 as compared to 9% in the same period last year. Growth in the farm sector fell to 3.8% in Q4 FY07 as against 6.2% last year. GDP growth in construction sector fell to 11.2% in Q4 FY07 as compared to 16.1% in the same period last year.
The manufacturing sector grew 12.4% in Q4 FY07 as compared to 9% in the same period last year. Growth in the farm sector fell to 3.8% in Q4 FY07 as against 6.2% last year. GDP growth in construction sector fell to 11.2% in Q4 FY07 as compared to 16.1% in the same period last year.
Q4FY07 GDP growth seen at 9.1%
Q4 GDP growth in FY07 is seen at 9.1% as compared to 10% in the same period last year. For FY07, GDP growth was 9.4% as against 9.2% last year
Manufacturing grew 12.4% in Q4 FY07 as compared to 9% in the same period last year. Growth in the farm sector fell to 3.8% in Q4 FY07 as against 6.2% last year. GDP growth in construction sector fell to 11.2% in Q4 FY07 as compared to 16.1% in the same period last year.
Manufacturing grew 12.4% in Q4 FY07 as compared to 9% in the same period last year. Growth in the farm sector fell to 3.8% in Q4 FY07 as against 6.2% last year. GDP growth in construction sector fell to 11.2% in Q4 FY07 as compared to 16.1% in the same period last year.
Cummins India Q4 net up 20% to Rs 65cr
Cummins India has announced its fourth quarter results of FY07. The company has posted net profit of Rs 65 crore (Rs 650 million) in Q4 of FY07 versus Rs 54.09 crore (Rs 540 million) in Q4 of FY06, a growth of 20.17%.
Tata Tea to acquire majority stake in Mt Everest
Mt Everest will be making a preferential allotment to Tata Tea, reports CNBC-TV18. The company’s promoters also plan to sell 11% stake to Tata Tea. With this, Tata Tea is set to acquire majority stake in the company.
Tata Tea will also make an open offer to Mt Everest shareholders at Rs 145-150 per share. The board will convene on June 1 to approve the acquisition. It will invest nearly Rs 250 crore for the stake buy.
Tata Tea will also make an open offer to Mt Everest shareholders at Rs 145-150 per share. The board will convene on June 1 to approve the acquisition. It will invest nearly Rs 250 crore for the stake buy.
Welspun India Q4 net profit at Rs 10.3 cr
Welspun India declared its Q4 FY07 result. The company's Q4 net profit was at Rs 10.3 crore versus Rs 10.7 crore on YoY basis. The other income figure during the corresponding quarters stood at Rs 16.5 crore versus Rs 9 crore on YoY basis.
Shriram Transport Finance Q4 net up at Rs 48.4 cr
Shriram Transport Finance declared its Q4 FY07 result. The company's net profit was at Rs 48.4 crore in Q4 versus Rs 31.1 crore on YoY basis. The net income figure stood at Rs 427 crore versus Rs 235.4 crore on YoY basis.
Lloyds Steel Q4 net profit down at Rs 8.67 cr
Lloyds Steel declared Q4FY07 result. The company's Q4 net profit was down at Rs 8.67 crore versus Rs 46.8 crore on YoY basis. During the coresponding quarters the company posted net sales at Rs 534.7 cr vs Rs 339 cr.
Hindustan Motors Q4 net up at Rs 53 cr
Hindustan Motors declared its Q4FY07 result. The company's net profit was at Rs 53 crore in Q4 versus Rs 13.8 crore on QoQ basis. The net sales figure stood at Rs 154.8 crore versus Rs 167.4 crore on QoQ basis. During the corresponding quarters the company had other income at Rs 67.9 cr vs Rs 1.40 cr. Its operating loss was at Rs 4.94 crore versus Rs 4.3 crore.
Motorola to cut 4,000 jobs
Cell-phone maker Motorola will cut 4,000 more workers during 2008. The company said it is on track to save USD 400 million annually.
Motorola posted its first loss in three-years in its first quarter earnings, thus forcing the management to undertake cost cutting measures.
Motorola posted its first loss in three-years in its first quarter earnings, thus forcing the management to undertake cost cutting measures.
Tata Power Q4 net profit down at Rs 69.9 cr
Tata Power announced its Q4FY07 result. The company's Q4 net profit was down at Rs 69.9 crore versus Rs 138.8 crore on YoY basis. During the corresponding quarters, the net sales figure stood at Rs 947.4 crore versus Rs 1171 crore.
Operating profit margin was down at 0.53% versus 13.4% in the corresponding quarters. The company also registered Q4 other income at Rs 178.7 crore versus Rs 75 crore on YoY basis.
Operating profit margin was down at 0.53% versus 13.4% in the corresponding quarters. The company also registered Q4 other income at Rs 178.7 crore versus Rs 75 crore on YoY basis.
Indian Oil gets nod to build refinery in Turkey
Indian Oil Corporation Ltd will undertake a detailed feasibility study on the plans to build a $4.9-billion refinery in southern Turkey. This moves follows the approval from Turkey's energy market regulator to IOC and Turkish builder Calik Holding to build a refinery in that country.
IOC in collaboration with Calik proposes to set up a 15 MMTPA grassroots integrated refinery-cum-petrochemicals complex at Ceyhan in Turkey. This is part of IOC's plans for expanding business in Turkey, Africa, West Asia and Commonwealth of Independent States. This approval marks the entry of IOC in Turkey and also this would be first time that a non-state company of Turkey will build a refinery there.
IOC in collaboration with Calik proposes to set up a 15 MMTPA grassroots integrated refinery-cum-petrochemicals complex at Ceyhan in Turkey. This is part of IOC's plans for expanding business in Turkey, Africa, West Asia and Commonwealth of Independent States. This approval marks the entry of IOC in Turkey and also this would be first time that a non-state company of Turkey will build a refinery there.
Crude trades at $63/bbl
Crude
prices rose yesterday amid speculations that increased gasoline output won't push US fuel prices much lower.
On the Nymex crude was trading at USD 63.36 down 13 cents.
prices rose yesterday amid speculations that increased gasoline output won't push US fuel prices much lower.
On the Nymex crude was trading at USD 63.36 down 13 cents.
Wednesday, May 30, 2007
Bush picks Zoellick as new World Bank President
US President George W. Bush has chosen Robert Zoellick, a former US trade representative to replace Paul Wolfowitz as President of the World Bank.
Bush will announce his selection later today and expects the Bank's board to accept Zoellick. However, World Bank Directors have never blocked a nomination in the past.
Bush will announce his selection later today and expects the Bank's board to accept Zoellick. However, World Bank Directors have never blocked a nomination in the past.
Birla Corp Q4 net profit at Rs 101cr
Birla Corporation has announced its fourth quarter results. The company has posted net profit of Rs 101 crore versus Rs 67 crore in Q4 of FY06.
Tata Chem posts Q4 net profit at Rs 94cr
Tata Chemicals has come out with fourth quarter results of FY07. The company has posted net profit of Rs 94 crore in Q4 of FY07 compared to Rs 64 crore in Q4 of FY06.
Net sales stood at Rs 803 crore (Rs 8.03 billion) versus Rs 754 crore (Rs 7.54 billion).
Net sales stood at Rs 803 crore (Rs 8.03 billion) versus Rs 754 crore (Rs 7.54 billion).
Crompton Greaves FY07 net profit at Rs 192.4cr
Crompton Greaves has declared its FY07 results. The company has posted net profit of Rs 192.4 crore (Rs 1.92 billion) versus Rs 163 crore (Rs 1.63 billion) in FY06.
FY07 net sales stood at Rs 3,660 crore (Rs 36.60 billion).
FY07 net sales stood at Rs 3,660 crore (Rs 36.60 billion).
Kamat Hotels Q4 net profit at Rs 9.5cr
Kamat Hotels has announced its Q4FY07 results. The company has reported net profit of Rs 9.5 crore (Rs 95 million) in Q4 of FY07 versus Rs 5.8 crore (Rs 58 million) in Q4 of FY06.
Net sales for Q4 stood at Rs 35.8 crore (Rs 358 million) as against Rs 25.3 crore (Rs 253 million).
Net sales for Q4 stood at Rs 35.8 crore (Rs 358 million) as against Rs 25.3 crore (Rs 253 million).
Madras Cement FY07 net profit at Rs 308cr
Madras Cement has announced its FY07 results. The company has posted net profit of Rs 308 crore (Rs 3.08 billion) in FY07 as against Rs 79 crore (Rs 790 million) in FY06.
JSW Steel to raise USD 325 million via FCCB
JSW Steel has lined up USD 325 million FCCB programme, priced at a premium of 50% over yesterday's close.
The FCCB issue is for USD 325 million with the conversion price of Rs 953.40 per share and the conversion price is at 50% premium over yesterday's close. This hasn’t come as a big surprise as it was mentioned in their result press conference that the company is looking to raise money via FCCB or ADR route.
Their 5-year, zero coupon convertibles are at annual YTM of 7.25%. The company is also looking to list on Singapore Stock Exchange and the closing date is on June 27 with ABN AMRO, Rothschild and Citigroup as joint book runners. The conversion price of Rs 953.40 per share would lead to an equity dilution of 7.8%.
The company is raising money for capex plan and is looking at increasing capacity from 3.8 mtpa to 10 mtpa by September 2010. The company has announced a capex of Rs 7,000 crore for expansion plans out of which Rs 2,000 crore is through internal accruals while Rs 5,000 crore will be financed via debt and quasi-debt instruments.
The FCCB issue is for USD 325 million with the conversion price of Rs 953.40 per share and the conversion price is at 50% premium over yesterday's close. This hasn’t come as a big surprise as it was mentioned in their result press conference that the company is looking to raise money via FCCB or ADR route.
Their 5-year, zero coupon convertibles are at annual YTM of 7.25%. The company is also looking to list on Singapore Stock Exchange and the closing date is on June 27 with ABN AMRO, Rothschild and Citigroup as joint book runners. The conversion price of Rs 953.40 per share would lead to an equity dilution of 7.8%.
The company is raising money for capex plan and is looking at increasing capacity from 3.8 mtpa to 10 mtpa by September 2010. The company has announced a capex of Rs 7,000 crore for expansion plans out of which Rs 2,000 crore is through internal accruals while Rs 5,000 crore will be financed via debt and quasi-debt instruments.
Britannia Q4 net profit up at Rs 39.8 cr
Britannia announced its Q4FY07 result. The company's Q4 net profit was at Rs 39.8 crore versus Rs 27.8 crore on YoY basis. Its net sales figure was up at Rs 599 crore versus Rs 454 crore during the corresponding quarters. Its OPM stood at 6.45% in Q4FY07 versus 4.95% in Q4 of last fiscal. FY07 EPS stood at Rs 44.
Piaggio, SBI in pact for vehicle finance
Targeting a 30 per cent jump in the sales of its `Ape' range of three-wheelers this year, Piaggio Vehicles Pvt Ltd has tied up with State Bank of India (SBI) for extending finance options to the customers.
As part of the tie-up, SBI would offer finance to customers on both commercial and passenger vehicles of Ape range of three-wheelers in all branches across the country, Mr Simon Fernandes, Deputy General Manager (SME Division), SBI, told newspersons here on Tuesday.
"The finance schemes are being offered with an interest rate of Rs 11.5 per cent. However, if we see in the market terminology of flat rates, the interest would work out to around 8 per cent and there are no hidden charges," he said. The bank would extend 85 per cent of the on-road price of the vehicle as loan.
Mr S. Ramachandra, Head of Institutional Sales, Piaggio, said the target was to sell 6,000 Ape vehicles through SBI finance in Andhra Pradesh before December. "Soon, we will also launch gas-run three-wheelers and also foray into four-wheeler segment," he said. The vehicles are priced between Rs 1.29 lakh and Rs 1.32 lakh.
During the last fiscal, Piaggio had sold over 1.37 lakh and 37,000 vehicles in the country and Andhra Pradesh, respectively. "Now, there are over five lakh Ape three-wheelers on the road in the country and we have a 50 per cent market share," he added.
As part of the tie-up, SBI would offer finance to customers on both commercial and passenger vehicles of Ape range of three-wheelers in all branches across the country, Mr Simon Fernandes, Deputy General Manager (SME Division), SBI, told newspersons here on Tuesday.
"The finance schemes are being offered with an interest rate of Rs 11.5 per cent. However, if we see in the market terminology of flat rates, the interest would work out to around 8 per cent and there are no hidden charges," he said. The bank would extend 85 per cent of the on-road price of the vehicle as loan.
Mr S. Ramachandra, Head of Institutional Sales, Piaggio, said the target was to sell 6,000 Ape vehicles through SBI finance in Andhra Pradesh before December. "Soon, we will also launch gas-run three-wheelers and also foray into four-wheeler segment," he said. The vehicles are priced between Rs 1.29 lakh and Rs 1.32 lakh.
During the last fiscal, Piaggio had sold over 1.37 lakh and 37,000 vehicles in the country and Andhra Pradesh, respectively. "Now, there are over five lakh Ape three-wheelers on the road in the country and we have a 50 per cent market share," he added.
Software exports from AP up 48%
Software exports from Andhra Pradesh topped Rs 18,582 crore (about $4.5 billion), registering a growth of 48 per cent over last year (Rs 12,521 crore), thereby, accounting for 14 per cent of the country's total exports estimated at Rs 1,34,000 crore (preliminary).
Crude prices fall below $64/bbl
Crude prices fell below USD 64 amid speculations that US refiners have raised operating rates to an eight-month high to increase fuel stockpiles for the fourth week.
On the Nymex, crude was trading at USD 63.28 up 13 cents.
On the Nymex, crude was trading at USD 63.28 up 13 cents.
RIL to supply gas to Gail
Reliance Industries Ltd, or RIL, is going to supply 5-10 m cu meter gas/day to Gail.
The public sector unit is going to buy the gas from RIL at the rate of $4.25-4.75/mbtu.
The public sector unit is going to buy the gas from RIL at the rate of $4.25-4.75/mbtu.
Ranbaxy wins 4 Atorvastatin patents in Norway
Ranbaxy has won four patents in Norway. However, the world's largest drugmaker Pfizer says that it will appeal against the ruling.
Ranbaxy has won four Atorvastatin patents in Norway. The Atorvastatin branded Lipitor has a USD 40-50 million market size in Norway.
Ranbaxy has won four Atorvastatin patents in Norway. The Atorvastatin branded Lipitor has a USD 40-50 million market size in Norway.
Bharti Fieldfresh to enter ready-to-eat biz
Rakesh Mittal, Vice-Chairman of Bharti Enterprises stated that Bharti Fieldfresh will get into the processing of fruits and vegetables and it will launch products in the ready-to-eat segment in the next two years, reports CNBC-TV18.
Mittal said that the company will get into an arrangement with the farmer, whereby, "once the producer is ready on a predetermined formula, that produce will be bought by us for the domestic market and for my exports. Going forward, Fieldfresh is looking at avenues of getting into processing, whether it is vegetables or fruits, ready-to-eat salads or ready-to-eat fruits. I believe, in the next 18-24 months, as the organised retail starts kicking in, the consumers will require these products.”
Mittal said that the company will get into an arrangement with the farmer, whereby, "once the producer is ready on a predetermined formula, that produce will be bought by us for the domestic market and for my exports. Going forward, Fieldfresh is looking at avenues of getting into processing, whether it is vegetables or fruits, ready-to-eat salads or ready-to-eat fruits. I believe, in the next 18-24 months, as the organised retail starts kicking in, the consumers will require these products.”
Thermax Q4 net up at Rs 69.73cr
Thermax has announced its Q4 and FY07 results. It has posted net profit of Rs 69.73 crore in Q4 of FY07 versus Rs 41.97 crore in Q4 of FY06.
Its Q4 net sales were up at Rs 804 crore as compared with Rs 469 crore in the corresponding quarter previous year.
Its Q4 net sales were up at Rs 804 crore as compared with Rs 469 crore in the corresponding quarter previous year.
HPCL Q4 net profit at Rs 549cr
HPCL has announced its Q4 and FY07 results. It has posted net profit of Rs 549 crore (Rs 5.49 billion) in Q4 of FY07 versus Rs 2,013 crore (Rs 20.13 billion) in Q4 of FY06.
The company has reported net profit of Rs 1571 crore (Rs 15.71 billion) in FY07 compared to Rs 405.6 crore (Rs 4.05 billion) in FY06 and net sales of Rs 89,041 crore (Rs 890.41 billion) versus Rs 71,037.9 crore (Rs 710.37 billion).
The company has reported net profit of Rs 1571 crore (Rs 15.71 billion) in FY07 compared to Rs 405.6 crore (Rs 4.05 billion) in FY06 and net sales of Rs 89,041 crore (Rs 890.41 billion) versus Rs 71,037.9 crore (Rs 710.37 billion).
Sebi bans Adani Enterprises from mkts
Sebi has banned the promoters of Adani Enterprises, formerly known as Adani Exports, from the stock market for a period of two years.
Sebi's action was based on an investigation which revealed that the promoters of Adani Exports were involved in circular trading with Ketan Parekh and his entities and aided them in manipulating the Adani scrip.
Sebi alleges that Adani Enterprises was involved in manipulative activities to influence the price of Adani scrip. The manipulative activities include synchronised trading, circular trading and creation of artificial volume. It observes that there was a movement of shares and funds between Adani Group and KP Entities and the funds were used by KP for manipulating stock markets and settlements.
Sebi's action was based on an investigation which revealed that the promoters of Adani Exports were involved in circular trading with Ketan Parekh and his entities and aided them in manipulating the Adani scrip.
Sebi alleges that Adani Enterprises was involved in manipulative activities to influence the price of Adani scrip. The manipulative activities include synchronised trading, circular trading and creation of artificial volume. It observes that there was a movement of shares and funds between Adani Group and KP Entities and the funds were used by KP for manipulating stock markets and settlements.
L&T Q4 net profit at Rs 700.8cr
Larsen and Toubro, L&T has come out with fourth quarter and FY07 numbers. It reported net profit of Rs 700.8 crore (Rs 7 billion) in Q4 of FY07 as against Rs 458.8 crore (Rs 4.58 billion) in Q4 of FY06 and net sales of Rs 6,248.24 crore (Rs 62.48 billion) versus Rs 4,616.9 crore (Rs 46.16 billion).
For FY07, the net profit stood at Rs 1,403 crore (Rs 14.03 billion) versus Rs 942.4 crore (Rs 9.42 billion) in FY06 and net sales at Rs 17,578.8 crore (Rs 175.78 billion) as against Rs 14,734.8 crore (Rs 147.34 billion).
Operating profit margin was at 12.96% in Q4FY07 versus 11.83% in Q4 FY06.
For FY07, the company posted growth of 70.06% in consolidated net profit to Rs 2240.14 crore (Rs 22.40 billion) from Rs 1317.21 crore (Rs 13.17 billion) and 23.93% growth in revenues to Rs 20347.85 crore (Rs 203.47 billion) from Rs 16418.31 crore (Rs 164.18 billion).
For FY07, the net profit stood at Rs 1,403 crore (Rs 14.03 billion) versus Rs 942.4 crore (Rs 9.42 billion) in FY06 and net sales at Rs 17,578.8 crore (Rs 175.78 billion) as against Rs 14,734.8 crore (Rs 147.34 billion).
Operating profit margin was at 12.96% in Q4FY07 versus 11.83% in Q4 FY06.
For FY07, the company posted growth of 70.06% in consolidated net profit to Rs 2240.14 crore (Rs 22.40 billion) from Rs 1317.21 crore (Rs 13.17 billion) and 23.93% growth in revenues to Rs 20347.85 crore (Rs 203.47 billion) from Rs 16418.31 crore (Rs 164.18 billion).
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