Month: November 2007

Wanbury Limited, world’s largest producer of both Metformin, a diabetes management product and Salsalate an anti inflammatory drug has declared excellent results for the quarter ended 30th Sept 2007.

Wanbury’s consolidated turnover is up 146 % at Rs. 90.73 crore for the quarter ended 30th Sept 2007 against Rs. 36.84 crore for the same period last year. The Earning before Interest, Depreciation and Tax (EBIDTA) has appreciated 274 % to Rs. 20.50 crore over Rs. 5.48 crore, last year. The Profit After Tax has gone up 150 % to Rs. 8.89 crore as against Rs. 3.57 crore for the corresponding period last year.

During the quarter the company completed the acquisition of the generic division of Industrial Farmaceutica Cantabria. S.A. Spain. Also the company allotted 2,06,674 equity shares of Rs 10/- each at a premium of Rs. 128.43 per equity share, upon the conversion of 50 bonds of Foreign Currency Convertible A Bonds.

In a currency report released just a while ago, UBS expects a weaker USD against the Indian Rupee in 2008. Here is the chart that details its expectations.

Here is another prediction of Rupee Vs Dollar from the world’s local bank – HSBC.

MindTree Consulting has signed a definitive agreement to acquire 100% of the equity in TES-PV Electronic Solutions, the India-based fully-owned subsidiary of TES Electronic Solutions SA, the global electronic design and manufacturing services company based in France.

MindTree will acquire Purple Vision in an all-cash deal of $ 6.55 million. The transaction will become effective upon completion of certain closing conditions, as is customary in such circumstances. The company expect to complete the closing conditions in 4-6 weeks.

Purple Vision is a 150-person subsidiary of TES Electronic Solutions, providing differentiated services in the IC design area.

The solid rally in the stock materialized on reports the private sector diesel and petrol seller has increased prices of auto fuels by Rs 4.5 to Rs 5 a litre even as the high international crude oil prices are worrying the government.

As per reports, government owned companies make a loss of Rs 6 per litre on petrol while at an increased price, private players such as Essar Oil will earn Rs 1.50 per litre more than what they would have earned by exporting it. Besides, private players get duty benefits on account of being exporters. If despite the price increase they do not gain Rs 1.5 per litre, they then chose not to sell in the domestic market.

The BSE SENSEX is up by whopping 900 points. HDFC and ICICI Bank followed by Reliance Industries are the major gainers in the SENSEX stocks.

In a FAX received just a while ago from Mumbai, The board of Orient Paper & Industries has decided to split / sub-divide the existing equity shares of Rs 10 each into 10 shares of Re 1 each.

KEC International (KEC), the RPG Group transmission line EPC major has bagged two major projects one each in Middle East and North Africa aggregating Rs 637 crore. The order from Abu Dhabi Transmission & Despatch Company is worth Rs 391 crore involving erection of 400 KV double circuit and quad circuit transmission lines of 173 kms. length connecting Fujairah substation to Sweihan substation on turnkey basis. And the order from SONELGAZ of Algeria is worth Rs 246 crore for erection of 400 KV single circuit transmission line from Cheffia to Ain Bedia and from R. Djamel to Djendouba also on turnkey basis. The Abu Dhabi order has to be completed in 24 months and the Algerian order has to be completed in 15 months.