Month: January 2008

The board of Aditya Birla Nuvo has decided to issue 2,05,00,000 warrants of face value Rs 10 to promoter / promoter group on preferential allotment basis, entitling the holder of warrant to apply for and obtain allotment of one equity share against each warrant for an aggregate amount of Rs 4200 crore.

Further, the board has decided to convene extra ordinary general meeting for the approval of the aforesaid preferential issue / allotment on 06 February 2008.

Aditya Birla Nuvo is sort of Holding company for Kumar Birla. We don’t like and approve Kumar Birla’s style of functioning at Aditya Birla Nuvo because they have laundered big projects and money to group companies.

Patel Engineering Ltd., a civil-infrastructure construction company, has reported a 31.87 per cent jump in consolidated net profit at Rs 38.85 crore for the third quarter ended December 31, 2007 as compared to Rs 29.46 crore in the corresponding quarter previous year. Consolidated total income from operations for the quarter rose 33.34 per cent at Rs 378.85 crore as against Rs 284.12 crore during the same period previous year. The earning per share (basic and diluted of face value of Re 1) for the quarter stood at Rs 6.52 as on December 31, 2007 compared to Rs 5.09 in the corresponding quarter last year.

Meanwhile, the company has reported a 35.14 per cent jump in consolidated net profit at Rs 101.42 crore for the nine months ended December 31, 2007 as compared to Rs 75.05 crore in the corresponding quarter previous year. Total consolidated income from operations rose to 34.87 per cent at Rs 1132.87 crore as against Rs 839.95 crore during the same period previous year.

Patel Engineering order book position stood around Rs 5,508 crore as on December 31, 2007.

GMR Infrastructure has informed us that GMR Energy, the company’s 100% subsidiary company has acquired 80% stake of Himtal Hydro Power Co. on 02 January 2008. Himtal have subsisting survey licence issued by the Department of Electricity Development, Govt. of Nepal for undertaking the feasibility study and environmental impact assessment study for setting up a 250 MW upper marsyangdi—2, hydro power project, located in upper marsyangdi, Nepal.