Year: 2007

Gremach Infrastructure Equipments & Projects has taken 75% controlling stake in 11 coal mine licenses in Mozambique having an aggregate 13,520 hectares in prime region of Moatize. This region falls in Karoo basin which is recognized as prime hard coking coal bearing area in Africa. There is a global shortage and crisis of hard coking coal and this will add huge value to the profitability of the company.

The company is planning to start prospecting of the area in the month of October, 2007 and will be complete by mid 2008. Expected reserves in the above mines are more than 200 million. With this acquisition, the company has entered into the list of selected club of few Indian companies like JSW, Tatas and Gujarat NRE Coke which has mines outside India.

The company’s group company Austral Coke & Projects is into manufacturing of low ash met coke and this acquisition will give raw material security which is a normal practice in Australia where Japanese and Chinese have invested for in-house captive consumption.

The board of Jai Corp has approved the proposal for acquisition of the manufacturing units of Pet Fibres producing PP HDPE woven sacks and bags and the manufacturing unit of prime wovens producing PP HDPE woven sacks, jumbo bags and PP staple fibres.

The board of Jai Corp has appointed Anand Jain as an additional director of the company.

Hindustan Construction Company has announced that Alpine-Samsung-HCC JV i.e. Alpine Mayreder Bau GMBH (ALPINE) – Samsung Corporation (SAMSUNG) and the company has been awarded a contract for design and construction of two underground stations and tunnel between New Delhi station and Talkatora Garden, from Delhi Metro Rail Corporation Lid, New Delhi.

The value of the contract is Rs 693.61 crore plus Euros 1.457 crore. The total value of the contract is Rs 774.64 crore. The company’s share in the total value of the contract is 33% i.e. Rs 255.63 crore.

Ansal Properties & Infrastructure has entered into joint venture / strategic sales with Pearl Global, for setting up a cyber park on about 8 acres of land on NH-8 at a very strategic location with an expected sales value of about Rs 350 to Rs 400 crore.

The company has entered into joint venture / strategic sales with Ashiana Retirement Village, for developing a group housing meant for senior citizens, to which about 14 acres of land in its Lucknow project has been sold.

Further, the company has entered into joint venture / strategic sales with Globosport India whereby they will provide sports infrastructure and coaching facilities at its Lucknow project and other places, wherein Mahesh Bhupati and Gaurav Natekar, renowned tennis players, will be involved.

There are rumors of Follow on Public Offering in Syndicate Bank stock. Government holds 66.47% in the bank. The scrip had touched a high of Rs 93.40, its 52-week high. It hit a low of Rs 88 so far during the day. The stock had hit a 52-week low of Rs 57 on 3 April 2007.

At the current price of Rs 92.35, the scrip trades at a PE multiple of 5.45, based on Q1 June 2007 annualised EPS of Rs 16.94. Syndicate Bank’s net profit rose 22.4% to Rs 221.03 crore on 47.3% rise in operating income to Rs 1999.34 crore in Q1 June 2007 over Q1 June 2006.

IVRCL Infrastructures & Projects has announced that the Pune region of the company has bagged building division and power division orders of an aggregate value of Rs 394.24 crore.

GTL, India’s leading network services player, has received the prestigious golden peacock global award for corporate governance, in the 8th international conference on corporate governance held in London on 21 September 2007.

Nearly 130 companies had applied for this prestigious award from across the world. The world council for corporate governance, UK, confers the award annually, to companies that have demonstrated benchmark standards of corporate governance. The company received the award with an appreciation for its good corporate governance practices that reflected in transparent, disclosures and compliance and voluntary audit of quarterly accounts, functioning of the board and corporate social responsibility activities.