Corporate News Updates 15-Feb

Net profit of Software Technology Group International rose 200.00% to Rs 0.03 crore in the quarter ended December 2010 as against Rs 0.01 crore during the previous quarter ended December 2009. Sales declined 19.05% to Rs 1.02 crore in the quarter ended December 2010 as against Rs 1.26 crore during the previous quarter ended December 2009.

Net profit of Emami Paper Mills rose 1662.50% to Rs 2.82 crore in the quarter ended December 2010 as against Rs 0.16 crore during the previous quarter ended December 2009. Sales rose 8.93% to Rs 102.26 crore in thequarter ended December 2010 as against Rs 93.88 crore during the previous quarter ended December 2009.

Net profit of Su-Raj Diamonds & Jewellery rose 113.30% to Rs 29.99 crore in the quarter ended December 2010 as against Rs 14.06 crore during the previous quarter ended December 2009. Sales rose 34.19% to Rs 982.24 crore in the quarter ended December 2010 as against Rs 731.99 crore during the previous quarter ended December 2009.

State-owned Bharat Heavy Electricals (BHEL) today said it has bagged an $436 million (about Rs 2,000 crore) contract for setting up a gas-based power project in Yemen.

Anil Ambani-led Reliance Infrastructure (R-Infra) today said it would buy back Rs 1,000 crore worth of shares at a price of Rs 725 a piece.

Tata Group firms HV Transmissions and HV Axles today said they plan to merge into single entity -- TML Drivelines -- in order to become a total driveline solutions provider. The boards of HV Transmissions (HVTL) and HV Axles (HVAL) have decided to amalgamate HVTL into HVAL to harness synergies and make the two entities a total driveline solutions provider, backed with appropriate skills and expertise, the two firms said in a joint statement.

Engineering major Larsen & Toubro today said it has received a Rs 1,100 crore order from Gujarat State Electricity Corporation (GSECL) to set up a 375-MW gas-based power plant at Dhuvaran, near Baroda.

Engineering and construction firm Unity Infraprojects has emerged as the lowest bidder for 4 projects of about Rs 300 crore and expects them to be awarded in a month.

Tags: Corporate News, Corporate Updates, BSE/NSE Movers

Corporate News Updates 08-Feb

Net profit of Assam Company India rose 474.35% to Rs 10.97 crore in the quarter ended December 2010 as against Rs 1.91 crore during the previous quarter ended December 2009. Sales rose 2.59% to Rs 94.94 crore in the quarter ended December 2010 as against Rs 92.54 crore during the previous quarter ended December 2009.

Net profit of Sah Petroleums rose 521.74% to Rs 4.29 crore in the quarter ended December 2010 as against Rs 0.69 crore during the previous quarter ended December 2009. Sales rose 28.31% to Rs 97.08 crore in the quarter ended December 2010 as against Rs 75.66 crore during the previous quarter ended December 2009.

Net profit of Arora Fibres rose 157.69% to Rs 0.67 crore in the quarter ended December 2010 as against Rs 0.26 crore during the previous quarter ended December 2009. Sales declined 5.66% to Rs 5.17 crore in the quarter ended December 2010 as against Rs 5.48 crore during the previous quarter ended December 2009.

Net profit of Camlin Fine Chemical rose 168.89% to Rs 1.21 crore in the quarter ended December 2010 as against Rs 0.45 crore during the previous quarter ended December 2009. Sales rose 27.91% to Rs 42.35 crore in the quarter ended December 2010 as against Rs 33.11 crore during the previous quarter ended December 2009.

Amid concerns of alleged 'surrogate practices' of 'Big Four' accounting firms,regulator ICAI has asked PriceWaterhouseCoopers, KPMG , Ernst & Young and Deloitte to desist from acquiring Indian audit outfits.

State-run power equipment-maker BHEL today said it has signed an agreement with Spain's Abengoa to set up solar power projects in India.

JSW Steel on Monday reported 9% increase in its crude steel production in January to 5.8 lakh tonnes from 5.33 lakh tonnes a year earlier.

Entertainment firm Shree Ashtavinayaka is joining hands with a little-known business group LFS Global for a multi-billion dollar project to build India's largest film city near Mumbai modeled on the lines of Hollywood's Universal Studios.

Founders of Kavveri Telecom Products will launch an open offer to buy back a further 20% in the firm at 116.47 rupees each.

Tags: Corporate News, Corporate Updates, BSE/NSE Movers

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Corporate News Updates 07-Feb

Net profit of Rama Phosphates rose 2776.00% to Rs 7.19 crore in the quarter ended December 2010 as against Rs 0.25 crore during the previous quarter ended December 2009. Sales rose 49.08% to Rs 88.76 crore in the quarter ended December 2010 as against Rs 59.54 crore during the previous quarter ended December 2009.

·         Net profit of Finolex Industries rose 213.84% to Rs 35.59 crore in the quarter ended December 2010 as against Rs 11.34 crore during the previous quarter ended December 2009. Sales rose 27.61% to Rs 530.14 crore in the quarter ended December 2010 as against Rs 415.45 crore during the previous quarter ended December 2009.

·         Net profit of Narendra Properties rose 254.17% to Rs 1.70 crore in the quarter ended December 2010 as against Rs 0.48 crore during the previous quarter ended December 2009. Sales declined 10.38% to Rs 2.33 crore in the quarter ended December 2010 as against Rs 2.60 crore during the previous quarter ended December 2009.

·         Net profit of Walchand Peoplefirst rose 484.62% to Rs 0.76 crore in the quarter ended December 2010 as against Rs 0.13 crore during the previous quarter ended December 2009. Sales rose 23.96% to Rs 3.88 crore inthe quarter ended December 2010 as against Rs 3.13 crore during the previous quarter ended December 2009

·         Favouring outright sale of closed PSUs, Heavy Industries Minister Praful Patel today said the ailing Scooters India (SIL) could be considered for complete privatisation.

·         FMCG major Hindustan Unilever (HUL) today said there could be further price hikes in its products as input costs, particularly that of commodities continue to rise.

·         Ramaraju Surgical Cotton Mills net profit rose 4466.67% to Rs 5.48 crore in the quarter ended December 2010 as against Rs 0.12 crore during the previous quarter ended December 2009. Sales rose 25.41% to Rs 50.30 crore in the quarter ended December 2010 as against Rs 40.11 crore during the previous quarter ended December 2009.

·         World number two truck maker Volvo posted a smaller-than-expected rise in fourth-quarter earnings on Friday, hit by problems as output was ramped up, but raised its market outlook for its main markets.

Tags: Corporate News, Corporate Updates

Corporate News Updates 04-Feb

Net profit of Laurel Organics rose 1233.33% to Rs 0.40 crore in the quarter ended December 2010 as againstRs 0.03 crore during the previous quarter ended December 2009. Sales rose 33.80% to Rs 1.90 crore in thequarter ended December 2010 as against Rs 1.42 crore during the previous quarter ended December 2009.

Net profit of Atharv Enterprises rose 250.00% to Rs 0.07 crore in the quarter ended December 2010 as against Rs 0.02 crore during the previous quarter ended December 2009. Sales rose 21.30% to Rs 1.31 crore in thequarter ended December 2010 as against Rs 1.08 crore during the previous quarter ended December 2009.

Net profit of Midas Pharmasec rose 366.67% to Rs 0.14 crore in the quarter ended December 2010 as against Rs 0.03 crore during the previous quarter ended December 2009. There were no sales reported in the quarter ended December 2010 and during the previous quarter ended December 2009.

Net profit of RSWM rose 312.51% to Rs 39.89 crore in the quarter ended December 2010 as against Rs 9.67 crore during the previous quarter ended December 2009. Sales rose 22.96% to Rs 478.89 crore in the quarterended December 2010 as against Rs 389.47 crore during the previous quarter ended December 2009.

Net profit of Diamines & Chemicals rose 746.88% to Rs 2.71 crore in the quarter ended December 2010 as against Rs 0.32 crore during the previous quarter ended December 2009. Sales rose 91.73% to Rs 21.80 crore in the quarter ended December 2010 as against Rs 11.37 crore during the previous quarter ended December 2009.

Jet Airways (India) Ltd, India's top carrier by market share, plans to repay about Rs 1,000 of debt each fiscal and is also looking to prepay some of its high-cost rupee debt.

Jain Irrigation Systems, which makes dehydrated onions, is in advanced talks with two to five entities, including private equity players, to sell 30% stake in its non-banking financial venture

The Hinduja Group is in talks with Italian companies, including Autostrada, for partnerships as it eyes to tap the infrastructure sector in the country.

National Aluminium Company (Nalco), the country's second-largest aluminium producer, may invest about Rs 700 crore for picking up stake in two mines of state-run Hindustan Copper and a detailed framework on strategic alliance is likely next week.
ADR (03-02-2011)

Corporate News Updates 03-Feb

Net profit of Essar Shipping Ports & Logistics rose 129.94% to Rs 4.07 crore in the quarter ended December 2010 as against Rs 1.77 crore during the previous quarter ended December 2009. Sales declined 11.72% to Rs 252.09 crore in the quarter ended December 2010 as against Rs 285.57 crore during the previous quarter ended December 2009.

Net profit of Vardhman Textiles rose 183.68% to Rs 135.57 crore in the quarter ended December 2010 as against Rs 47.79 crore during the previous quarter ended December 2009. Sales rose 42.50% to Rs 996.38 crore in the quarter ended December 2010 as against Rs 699.21 crore during the previous quarter ended December 2009.

Drug major Wockhardt had net profit of Rs 141.7 crore for the quarter ended December. It had a net loss of Rs 181.2 crore for the corresponding quarter of the previous financial year, due to mark to market losses (writing down securities to current value) and financial turmoil in global markets.

Net profit of SMC Global Securities rose 292.42% to Rs 2.59 crore in the quarter ended December 2010 as against Rs 0.66 crore during the previous quarter ended December 2009. Sales rose 7.26% to Rs 55.52 crore in the quarter ended December 2010 as against Rs 51.76 crore during the previous quarter ended December 2009.

Hindustan Construction Company Ltd. (HCC), India's leading infrastructure construction and development company has been awarded a Rs 345.30 crore worth engineering, procurement and construction (EPC) contract by Sardar Sarovar Narmada Nigam Ltd. (SSNNL), a Government of Gujarat undertaking. The project entails construction of a 57 kms of Kutch branch canal (package II) in Gujarat.

British oil giant BP Plc intends to sell its giant Texas city sprawling 1,200-acre plant, where 15 people died in a 2005 explosion that became symbolic of safety deficiencies in its culture. The company announced plans to sell the two refineries as part of a strategy to cut its US refining capacity in half and focus more on oil and gas exploration.

Australia's Whitehaven Coal expects to receive non-binding offers from Chinese, Indian and Korean parties but several potential suitors have dropped out of the process as bidders raise concern about price.

The government today said India's textiles industry, employing over 90 mn people, is likely to triple and touch $220 bn by 2020.

Corporate News Updates 02-Feb

Net profit of Parshwanath Corporation rose 1400.00% to Rs 0.60 crore in the quarter ended December 2010 as against Rs 0.04 crore during the previous quarter ended December 2009. Sales reported to Rs 0.19 crore in the quarter ended December 2010. There were no sales reported during the previous quarter ended December 2009.

Net profit of Symphony rose 254.30% to Rs 10.31 crore in the quarter ended December 2010 as against Rs 2.91 crore during the previous quarter ended December 2009. Sales rose 108.61% to Rs 53.57 crore in the quarter ended December 2010 as against Rs 25.68 crore during the previous quarter ended December 2009.

Net profit of Hasti Finance rose 2800.00% to Rs 0.29 crore in the quarter ended December 2010 as against Rs 0.01 crore during the previous quarter ended December 2009. Sales rose 966.67% to Rs 0.32 crore in the quarter ended December 2010 as against Rs 0.03 crore during the previous quarter ended December 2009.

Net profit of Chettinad Cement Corporation rose 783.26% to Rs 37.98 crore in the quarter ended December 2010 as against Rs 4.30 crore during the previous quarter ended December 2009. Sales rose 40.64% to Rs 416.33 crore in the quarter ended December 2010 as against Rs 296.02 crore during the previous quarter ended December 2009.

Net profit of Hittco Tools rose 350.00% to Rs 0.18 crore in the quarter ended December 2010 as against Rs 0.04 crore during the previous quarter ended December 2009. Sales rose 66.67% to Rs 2.15 crore in the quarterended December 2010 as against Rs 1.29 crore during the previous quarter ended December 2009.

Hero Honda Motors, India's largest motorcycle maker, said its sales in January rose almost a fifth from a year earlier to 466,524 units.

Construction firm RPP Infra today said it has entered into a joint venture (JV) in West Africa with a Gabonese company, Resurgent Gabon, for a road project worth Rs 100 crore.

In an integrated joint venture with the Russian giant Transtonnelstroy Limited, Afcons Infrastructure Limited, a group company of Shapoorji Pallonji, has successively secured two metro projects in Chennai, amounting to Rs 2,598 crore.

Corporate News Updates 01-Feb

• Net profit of Parenteral Drugs India rose 140.00% to Rs 15.00 crore in the quarter ended December 2010 as against Rs 6.25 crore during the previous quarter ended December 2009. Sales rose 58.95% to Rs 127.54 crore in the quarter ended December 2010 as against Rs 80.24 crore during the previous quarter ended December 2009.
• Net profit of Suryalata Spinning Mills rose 286.81% to Rs 5.57 crore in the quarter ended December 2010 as against Rs 1.44 crore during the previous quarter ended December 2009. Sales rose 54.57% to Rs 66.34 crore in the quarter ended December 2010 as against Rs 42.92 crore during the previous quarter ended December 2009.
• Net profit of HSIL rose 176.63% to Rs 27.58 crore in the quarter ended December 2010 as against Rs 9.97 crore during the previous quarter ended December 2009. Sales rose 35.59% to Rs 276.88 crore in the quarter ended December 2010 as against Rs 204.20 crore during the previous quarter ended December 2009.
• Net profit of Nidhi Polyester rose 1300.00% to Rs 0.42 crore in the quarter ended December 2010 as against Rs 0.03 crore during the previous quarter ended December 2009. There were no sales reported in the quarter ended December 2010 and during the previous quarter ended December 2009.
• The US-based GE Energy today said it would supply gas turbines to Sravanthi Energy for its 450 MW power project at Kashipur in Uttarakhand. GE will supply four gas turbines and associated generators for the Sravanthi project, which is expected to be developed in two 225 MW phases.
• Aditya Birla Group has reached an agreement to buy US-based Columbian Chemicals for about $800 million, a business daily reported on Monday, citing unnamed sources with direct knowledge of the deal.
• Global energy demand will jump by 35 per cent by 2030 vis-a-vis 2005 levels amid rapid economic growth and an improvement in living standards in developing nations, an Exxon Mobil Corp forecast shows.
• State-run explorer Oil and Natural Gas Corporation (ONGC) may take part in development of Russia's Trebs and Titov Arctic oilfields together with mid-size Russian group Bashneft.