23 Apr 07 Tata Power acquires Coastal Gujarat Power Limited, an SPV for 4000 MW Mundra-Ultra Mega Power Project
Tata Power limited, a TATA group company, acquired Coastal Gujarat Power Limited which is a Special Purpose Vehicle formed for Mundra Ultra Mega Power Project from the Power Finance Corporation. The signing of the Share Purchase agreement now allows Tata Power to go ahead with the various project development activities. Coastal Gujarat Power Limited has also signed Power Purchase Agreement with seven procurers for the sale of contracted capacity and supply of 4000 MW electricity to these licensees but it delineates responsibility of procurers and Company for the next important milestone. Tata Power also nominated the Gujarat Distribution Company as the lead procurer on behalf of all procurers
23 Apr 07 Reliance Capital FY07 Results and Dividend
Reliance Capital Limited, part of the multi billion dollar Anil Dhirubhai Ambani group has informed the Indian stock exchanges that, the Board of directors of Reliance Capital, at their meeting held on April 23, 2007 have recommended a dividend of 35%, which works out to Rs.3.50 per equity share of face value Rs.10 each. The dividend is subject to statutory approval by the shareholders of Reliance Capital at the ensuing AGM.
Reliance Capital also came out with its FY07 results today. Reliance Capital reported a consolidated income of Rs. 2158 Crores for the financial year ended march 2007. This is an increase of 128% on a sequential year on year basis. The Reliance Capital stock was marginally down by 0.63% today at Rs. 715.25 at the closing bell.
18 Apr 07 TV Today Network zooms after Reliance Capital announces open offer
TV Today Network zoomed 7.50% today to Rs 150.60, after an announcement of a open offer made by Reliance Capital to the shareholders of TV Today Network, was made during trading hours. TV Today is one of India’s leading media companies, which runs several popular television channels such as Aaj Tak, Tez and Dilli Aaj Tak in Hindi, and Headlines Today in English. Apart from this, the TV Today Network also runs the popular weekly magazine, India Today, and a business weekly magazine, Business Today.
17 Apr 07 L&T signs JV agreement with Mitsubishi heavy industries limited
L&T has announced that it had signed a JV agreement with Mitsubishi heavy industries limited to setup a manufacturing facility for manufacturing super critical boilers. Both the companies had earlier signed a technology transfer agreement. Super critical boilers are used in energy saving coal based thermal power plants.
17 Apr 07 Aventis Pharma’s announces Q1 2007 results
Sales increased by 6.2% to Rs.2,129 million in Q1 2007 compared to Rs.2,005 million in Q1 2006
PBT rose by 19.1% to Rs.649 million in Q1 2007 compared to Rs.545 million in Q1 2006
Earnings Per Share rose by 17.3% to Rs.18.83 in Q1 2007 compared to Rs.16.04 in Q1 2006
17 Apr 07 Sunil Hitech gets orders worth Rs. 820 million
Sunil Hitech Engineers Ltd has informed the bombay stock exchange that the Company has bagged two projects amounting to Rs. 820.00 million.ÂÂ
1. Sunil Hitech Engineers Ltd has been awarded three Hydro Power Projects in Himachal Pradesh. The total Value of this project is Rs. 450 Million
2. Sunil Hitech Engineers Ltd. has also been awarded structural fabrication erection work for Hissar Thermal Power Project at Hissar, Haryana by Reliance Energy Ltd. Sunil Hitech Engineers will errect two 600 MegaWatt units for a Contract value of Rs 370.00 Million.
The execution period of both these contracts is about eighteen months.
17 Apr 07 Sun TV changes its name to Sun TV Network Limited
Chennai based Sun TV ltd. has informed both the leading Indian stock exchanges that the name Sun TV Limited shall be changed to Sun TV Network Limited
17 Apr 07 Tata Steel’s board approves funding sources for Corus acquisition
At the board meeting held today, the Tata Steel Board of directors approved the sources of funding for the Company’s investment of $ 4.1 billion (about Rs.17,750 crores) in the Special Purpose Vehicle for acquiring Corus Group Plc, UK
17 Apr 07 Precision Containeurs Ltd. gets a Rs 113.25 million export order
Mumbai based Precision Containeurs Ltd. has announced that it received an export order worth Rs. 113 million from Swift Inter Trade international for its newly developed Packaging Products. These new packaging products were launched recently in the International market. The company announced that this order will be executed over a period of 12 months.
17 Apr 07 Bharat Electronics Limited (BEL) comes out with good Q4 AND FY 2007 results
BEL recorded a turnover of more than 3960 crores for the financial year ending march 2007. PBT increased by 22% to 1041 crores. Profit after tax (PAT) for the financial year ending march 2007 was 414 crores compared to 583 crores achieved in the previous financial year.
17 Apr 07 Dr.Reddy’s to participate in Pharmacopoeia’s New Pharmaceutical Ingredient Verification Programme
Dr. Reddy’s has informed both the leading Indian stock exchanges that it is the first Participant in United States Pharmacopoeia’s New Pharmaceutical Ingredient Verification Programme.
17 Apr 07 JET Airways in expansion mode – To expand and revamp its business
JET airways has announced its intention to expand and revamp its business by investing multi million dollars. The expansion plans include launching new seats, new in-flight service, new staff uniforms and a new corporate identity. The company said that the delivery of 20 wide body aircraft will commence by the end of this month. This included 10 Boeing B777-300 ER and 10 Airbus A330-200 aircraft. The total value of the order is over $2.1 billion.
17 Apr 07 Board of KS Oils to consider stock split
The shares of KS Oils zoomed 5% to Rs 318, after the company announced on Monday that its board would consider splitting the company’s shares at its next meeting. This announcement as well as very strong Q4 results, lifted the scrip by 5% on Monday, to Rs. 303.
17 Apr 07 Redington India signs a distribution agreement with Apple Computers
The stock of Redington India zoomed today after an announcement was made that Redington signed a distribution agreement with Apple Computers International, for distributing iPods, desktops and notebooks in India.
Redington India distributes IT products in the Middle East and Africa, apart from India. Redington India also provides support services for IT hardware and mobile phones.
17 Apr 07 Post IPO, ICRA up, up and away!
After its successful IPO, ICRA today surged nearly 14% to Rs 1088, extending its gain to Rs.758 since it listed in the Indian stock market. The ipo issue price was Rs.330 and the issue was oversubsribed by a massive 75 times. ICRA touched a high of Rs.1125 today, before settling at 1088.
ICRA is the No. 2 credit rating agency in India (after CRISIL), having an order book of 399 outstanding public issues under its belt. In addition to providing rating and grading services, ICRA provides research based information and outsourcing services. Once the BASEL-II norms are implemented in India, ICRA’s business is likely to double.
