Year: 2008

Gitanjali Gems has informed us that in continuance of company’s policy towards strategic acquisition, company has acquired Trinity Watch Company through its wholly owned subsidiary Gitanjali Lifestyle.

Further the company has informed that, the Trinity Watch Company is engaged in the business of sale of watches under its registered premium brand ‘Iris’. The company also distributes various international watch brands under license from various principals.

The demand for premium watches is on the rise as we saw launch of Hamilton and Leon Hatot watches in India in October 2007.

L&T could incur loss of Rs 150 crore to Rs 200 crore from commodity hedging in the year ending March 2008 (FY 2008). The company expects overall margin expansion to offset the losses from commodity hedging.

Brokerage Motilal Oswal Securities had, in a client note, said Larsen & Toubro (L&T) International FZE, a wholly owned subsidiary of Larsen & Toubro, was expected to incur marked-to-market losses on commodity hedging transactions during FY 2008.

Motilal Oswal, which maintained its neutral rating on L&T stock, said it had downgraded its earnings forecast for L&T FZE and expected it to now report a net loss of Rs 92.4 crore in FY 2008, compared to a profit of Rs 85.10 crore a year earlier. It said it had also revised downward its consolidated net profit estimates for L&T to Rs 2400 crore in FY 2008 from a previous estimate of Rs 2590 crore.

Punj Lloyd just a while ago informed us that a consortium led by Punj Lloyd has been awarded the Sabah Sarawak gas pipeline project for an approximate value of US$ 500 million by Petronas Carigali Sdn Bhd, a subsidiary of Petronas, the State Oil and Gas Major in Malaysia.

The scope of the work involves engineering, procurement, construction and commissioning of a 512 km, 36″ diameter onshore natural gas pipeline from the proposed Sabah Oil and Gas Teminal in Kimanis, Sabah to Petronas Liquefied Natural Gas complex in Bintulu, Sarawak State and associated facilities.