| Date:
6/29/2009 |
| Zee Entertainment consolidated net surges 25% |
| Zee Entertainment Enterprises has announced its audited results for the year ended March 31, 2009.
The company has posted net profit of Rs 309.74 crore for the year ended March 31, 2009 against a net profit Rs 295.12 crore for the year ended March 31, 2008, up 4.95%. Total income has increased from Rs 1,143.92 crore posted in the fiscal 2007-08 to Rs 1,315.33 crore for the fiscal 2008-09, a growth of 14.98%.
On consolidated basis, the company has posted a net profit of Rs 522.11 crore for FY09 against Rs 416.06 crore for FY08, a rise of 25.48%. Total income has increased from Rs 1,949.18 crore posted in financial year ended March 31, 2008 to Rs 2,334.53 crore for the financial year ended March 31, 2009, registering growth of 19.76%.
The board of the company has recommended dividend of Rs 2 per equity share of Re 1 each for the financial year ended March 31, 2009, subject to members’ approval.
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| Date:
6/29/2009 |
| KEI Ind cancels FCCBs worth $1.05 mn |
| KEI Industries has announced that it has repurchased and cancelled 300, 1% foreign currency convertible bonds (FCCBs) of $5,000 each totaling $1.50 million.
After this repurchase and cancellation, the principal amount of the outstanding bonds is worth $16.60 million.
KEI Industries is an established player in the power cable segment and among the largest cable manufacturing companies in India. It manufactures high and low tension cables (EHT, HT & LT), control and instrumentation cables, house wires and stainless steel wires. KEI is one of the few companies in the country to manufacture speciality cables including braided cables, fire survival and Zero halogen cables.
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| Date:
6/29/2009 |
| SBI enters into an agreement with Banca Popolare |
| The largest Indian commercial bank, State Bank of India (SBI) has entered into an agreement with Italian bank, Banca Popolare di Vicenza (BPVI). This agreement will help both bank's customers in exploring opportunities in the Indian and Italian market.
BPVI plans to expand its operations through acquisitions and continue with its traditional operation of offering services to private and corporate customers in next few years.
The Italian bank wants to focus on offering services to small-and-medium-sized companies. Thus, it expects that tie-up with SBI will provide opportunity to the both banks to assist more Indian and Italian entrepreneurs interested in forming tie-ups with companies in the European country.
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| Date:
6/29/2009 |
| M&M inks two deals with SBH for vehicle finance |
| Auto maker Mahindra & Mahindra (M&M) has entered into two agreements with State Bank of Hyderabad (SBH) to offer vehicle finance to its customers. Thus, SBH has become the preferred financier for Mahindra vehicles that will offer finance for commercial vehicles and passenger vehicles.
Under commercial vehicles, customers will be offered loans of up to 85% of the on-road price of the vehicle for a time frame of 3-5 years. Under passenger vehicles, customers will be offered finance for up to 85% of the on-road price of the vehicle costing below Rs 6 lakh, while for vehicles costing above Rs 6 lakh it will finance up to 70% for tenure of up to 7 years.
Presently, SBH has network 1,031 branches through which it offer financial assistance to M&M’s customers
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| Date:
6/29/2009 |
| BEML reports 19% NP growth in FY09 |
| BEML has announced its audited results for the quarter and year ended March 31, 2009.
The company has posted net profit of Rs 172.02 crore for the quarter ended March 31, 2009 against a net profit Rs 118.50 crore for the quarter ended March 31, 2008, up 45.16%. Total income has increased from Rs 1,099.43 crore posted in the fourth quarter of 2007-08 to Rs 1,282.27 crore during the fourth quarter of 2008-09, up 16.63%.
For entire fiscal the company has posted a net profit of Rs 268.84 crore for FY09 against Rs 225.65 crore for FY08, up 19.14%. Total income has increased from Rs 2,634.43 crore posted in financial year ended March 31, 2008 to Rs 2,907.14 crore for the financial year ended March 31, 2009, registering growth of 10.35%.
The board of the company has recommended dividend of Rs 12 per equity share of Rs 10 each for the financial year ended March 31, 2009.
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| Date:
6/29/2009 |
| G E Shipping allocates $1.2-bn towards capex |
| Great Eastern Shipping Company, a provider of shipping and offshore service, will allocate $1.2-billion towards its capital expenditure plan till 2012. The company plans to acquire eight ships, which comprises of six bulk carriers and two oil tankers along with 13 offshore supply boats and an oil drilling rig.
The capex plan of the company will funded partly through internal accruals and partly through borrowings.
Presently, the company's current fleet stands at 38 vessels, comprising 31 tankers (12 crude carriers, 18 product carriers, 1 LPG carriers) and seven dry bulk carriers (1 Capesize, 1 Panamax, 2 Supermax, 2 Handmax, 1 Handysize) with an average age of 10.1 years aggregating 2.85mn dwt.
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| Date:
6/29/2009 |
| S Kumars Nationwide acquires Hartmarx Corp |
| S Kumars Nationwide (SKNL) has announced the acquisition of clothing giant Hartmarx Corporation, Chicago (USA), for a gross enterprise value of around $120 million.
The acquisition was routed through company’s 100% subsidiary SKNL North America BV; along with its operating partner Emerisque UK. SKNL will directly be investing $35 million into this transaction.
This acquisition will add tremendous value to the SKNL Group as Hartmarx is the largest formal-wear clothing company in the US and directly owns and / or controls (through licenses) 34 clothing brands. Some of these brands are leaders in their category.
The deal will also enable the SKNL Group to establish a substantial footprint in the global clothing arena and will also bring significant volume of business to the existing SKNL Group operations in India through a 'front-end back-end synergy' strategy.
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| Date:
6/29/2009 |
| Vijay Textiles opens new furnishing mall |
| Vijay Textiles has opened a new furnishing mall with a base area of around 22,000 sq ft in the twin cities of Hyderabad and Secunderabad at Dilsukhnagar on June 25, 2009.
This is the fourth such mall opened by the company in the twin cities.
The new mall has been positioned as a unique and comprehensive furnishing destination offering a wide array of furnishing fabrics and will cater to the fast growing market in and around Dilsukhnagar area, which has shown immense growth potential as a result of rapid development of this area, the company added in its filing with the BSE.
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| Date:
6/29/2009 |
| Jyoti Cosmetics plans to raise Rs 44 cr |
| The members of Jyoti Cosmetics Exim have accorded their consent to the proposal of raising up to Rs 24 crore by offering, issuing and allotting 2.4 crore equity shares of Rs 10 each on a preferential basis.
Apart from this, the members have also approved raising not more than Rs 20 crore by issuing equity shares or through qualified institutional placement (QIP) and / or global depository receipts (GDR) and / or American depository receipts (ADR) and / or foreign currency convertible bonds (FCCB).
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| Date:
6/29/2009 |
| Kesoram Ind to ramp up tyre, cement capacities |
| Kesoram Industries, owned by the B K Birla Group, has drawn up an expansion plan involving an investment of Rs 1,500 crore over two years. The plan envisages enhancing its tyre and cement manufacturing capacities.
The project involves expanding the tyre capacity at Balasore at an investment of Rs 800 crore and cement capacity of Vasavadatta Cement by 1.65 million tonnes. The plan is yet to be approved by the company’s board.
Speaking of Kesoram Industries’ tyre business, commercial production at the company’s new plant at Haridwar with a capacity of 257 million tonnes has already begun. Besides, the off-the-road tyre facility at Balasore has been completed, the company added.
Also, the company is expected begin work on a Rs 190 crore motorcycle tyre project with a capacity of 70 tonnes per day. The B K Birla Group had recently slashed its tyre output owing to lack of demand from original equipment manufacturers (OEMs) on account of the slowdown in the auto industry.
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| Date:
6/29/2009 |
| Tata Power to cut power line to Reliance Infra |
| The power generation arm of the Tata Group – Tata Power Company – on Thursday announced its decision to stop supply of power to Reliance Infrastructure, which supplies electricity to Mumbai’s suburbs. The move is likely to add to the power woes faced by electricity consumers in Mumbai from April 2009 onwards.
Tata Power has been supplying 500 MW of power to the Anil Dhirubhai Ambani Group-owned Reliance Infra for a long time without any power purchase agreement in place. The former went on to quote a Supreme Court order stating that Reliance Infra had no legal right to insist on power from Tata Power.
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| Date:
6/29/2009 |
| TVS Motors drafts plans to outshine previous year |
| After achieving several important milestones in the financial year 2008-09, TVS Motor Company (TVS) has now charted new plans to do better than its past year’s performance. The company intends to expand its scooter platform to offer a large scooter and will introduce an all-new motorcycle in the executive segment. Also, in the three-wheeler segment, the company plans to come up four-stroke TVS King in Petrol, LPG and CNG versions. Similar to what it has done in the past, the company would continue to focus on futuristic technology, contemporary styling and superior quality for all new products. As far the future is concerned, the company believes that the consolidation in its three-wheeler business will be an added advantage.
The company has reported a 5% rise in sales during the year ended March 2009 with overall sales registering 13.42 lakh units against 12.77 lakh units in the previous financial year.
Motorcycles sales accounted for 6.45 lakh units against 6.10 lakh units in the year 2007-2008, registering a growth of 6%. Similarly, Scooters registered sales of 2.59 lakh units against 2.58 lakh units in the corresponding period of the previous year. The company’s total revenue stood at Rs 3741.18 crore for the year ended March 2009 as against previous year’s Rs 3310.35 crore.
Exports contributed substantially to the growth of the company registering a continuous growth of 44%. Exports accounted for 1.95 lakh units in 2008-2009 in comparison to 1.36 lakh units in 2007-08. During the year, the company added two new countries to its portfolio and products are now being exported to 55 countries.
The company introduced new models in the company’s premium motorcycle and scooter segments. The new launches include Apache RTR, TVS Flame, New Motorcycle, New Scooter and Four Stroke Three-Wheeler. It also expanded its footprint in the Indian three-wheeler market, adding CNG to the already-launched LPG and Petrol versions. The company also expanded its global presence to 55 countries and strengthened its dealership network in Indonesia.
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| Date:
6/29/2009 |
| Shree Renuka raises $100 mn via QIP route |
| Shree Renuka Sugars has raised $100 million worth of fresh funds through qualified institutional placement (QIP).
The company sold shares to the institutional investors at Rs 137 per share. The issue which closed on Friday was believed to be oversubscribed three times
DSP Merrill Lynch was acting as a sole lead manager for the issue.
Recently, Shree Renuka Sugars has announced that it is going to increase sugar refining capacity of its Athani unit located at Karnataka, from 1,000 tonne per day (tpd) to 2,000 tpd.
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| Date:
6/29/2009 |
| Tata Motors consolidated net turns negative |
| Tata Motors has announced its audited consolidated results for the year ended March 31, 2009.
The Group has posted a net loss of Rs 2,505.25 crore for the year ended March 31, 2009 against a net profit of Rs 2,167.70 crore for the year ended March 31, 2008. Total income for the fiscal stood at Rs 74,151.21 crore against Rs 40,340.79 crore posted in fiscal 2007-08.
This is the first time in almost eight years for the largest vehicle maker of the country to report an annual loss, mainly led by gloomy demand picture in world market due to the global meltdown and acquisition of Jaguar Land Rover (JLR) in June 2008. Therefore the results for the last fiscal are not comparable with those of financial year ended March 31, 2008.
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| Date:
6/29/2009 |
| Tantia Constructions bags contract worth Rs 13.50 |
| Tantia Constructions has announced that it has bagged a project in recent past worth Rs 13.50 crore.
The project is for the work of design, construction, commissioning, operation and maintenance of 14 MLD sewage treatment plant on turn-key basis at action area - IIB in new town Kolkata project, the company said in its filing with the BSE.
Last month, the company had bagged a bridge construction project worth Rs 58.15 crore to be built over the river Damodar in Bowichandi - Khana section of BDR Gauge conversion project of SE Railway in Kolkata.
Tantia Constructions is specialized in works like railway infrastructure, bridges, roads, highways, power transmission, pipelines, aviation, marine, urban development, and building hospitals.
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| Date:
6/29/2009 |
| Sterlite Technologies to enhance its optical fiber |
| Sterlite Technologies, a leading global provider of transmission solutions for the telecom and power industries, has received the approval from its board to enhance its optical fiber annual manufacturing capacity to 20 million km.
The company’s current manufacturing capacity is 6 million km and is presently working on expanding to 12 million km this expansion will get commissioned in current fiscal.
Sterlite’s plan to increase its capacity to 20 million km would be functional by 2011 and will require the capital outlay of Rs 250 crores ($ 52 million). This expansion will position Sterlite Technologies amongst top 3 manufacturers globally.
The expanded facility would be capable of manufacturing the company’s existing range of optical fiber products as well as have the intrinsic capability to manufacture new products that would cater to high bandwidth applications required by global markets. This expansion would be conduct through a combination of brown-field expansion at its existing facility in Aurangabad and a greenfield unit to be set up at a location that is yet to be finalised.
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| Date:
6/29/2009 |
| Max India net slips into red during Q4 |
| Max India has announced its audited results for the quarter & year ended March 31, 2009.
The company slipped into the red with a net loss of Rs 6.76 crore for the quarter ended March 31, 2009 against a net profit Rs 20.22 crore for the quarter ended March 31, 2008. Total income has decreased from Rs 111.43 crore posted in the fiscal 2007-08 to Rs 91.42 crore for the fiscal 2008-09, down 17.95%.
For entire fiscal the company has posted a net profit of Rs 21.84 crore for the year ended March 31, 2009 against Rs 61.90 crore for the year ended March 31, 2008, a plunge of 64.71%. Total income has increased from Rs 375.37 crore for FY08 to Rs 419.93 crore for FY09, registering growth of 11.87%.
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| Date:
6/29/2009 |
| Unitech may sell stake in low-cost housing project |
| Realty major, Unitech is believed to be in advance talks with some private equity (PE) players to offload its stake in low-cost housing projects it is developing under the ‘Uni Homes’ brand.
If the sources are to be believed the company is looking to raise $200 mn in the coming quarter and it is in talks with PE firms like IL&FS, Warburg Pincus, Sun Apollo, TPG, etc.
Sources also added that one of the global realty major focusing mainly on affordable housing projects is also looking to buy a stake in Uni Homes.
The funds raised through the process are expected to be used to develop affordable houses. The company has already announced that it is going to develop 20,000 low-cost houses while shelling out Rs 1,700 crore and it plans to sell around 15,000 homes by the end of this financial year.
In April this year, Unitech had raised around Rs 1,625 crore through QIP route.
The company has reported 28% fall in its net profit for the year ended March 31, 2009, which stood at Rs 739.66 crore against Rs 1,030.68 crore for the fiscal ended March 31, 2008.
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| Date:
6/29/2009 |
| Tech Mahindra forms a strategic alliance with WIN |
| Tech Mahindra, a global systems integration and business transformation specialist, has entered into strategic alliance with WINplc, the leading provider of interactive mobile information and entertainment services.
Tech Mahindra will work with WIN to develop the company’s next generation mobile platform. This platform will provide increased functionality, new payments solutions and faster throughput of transactions across a broad range of media services.
As part of the broader agreement WIN will have access to Tech Mahindra’s applications and outsourcing services including development resources for large scale projects. This will enable WIN to focus its own development team on core product and services enhancement.
Both the companies will develop joint go-to-market strategies in key territories, notably Tech Mahindra’s strong Asian market.
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| Date:
6/29/2009 |
| ONGC Videsh assigns capex of Rs 9,000 cr |
| ONGC Videsh (OVL), a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), has assigned capital expenditure of Rs 9,000 crore for FY 2009-10. The company intends to drill exploratory wells and develop blocks in Vietnam, Syria, Nigeria, Egypt and Brazil.
The company has allocated Rs 45,000 crore towards capex in the Eleventh Five Year Plan (2007-2012). The overseas investment company has already drilled 4 wells in North Ramadan block in Egypt. This block is an offshore block located in the Gulf of Suez in an area of about 290 square km with OVL holding 70% participating interest (PI). The company holds 60% PI in Block XXIV located in central-eastern part of Syria and is exploring the same.
OVL is planning to drill one more well in Nigeria in second half of FY’10. It also has plans to spud wells in the offshore deepwater blocks 127 and 128 in Vietnam and blocks BM-S-73 and BM-ES-42 in Brazil in which company holds 100% PI.
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