Axis Bank has announced its unaudited results for Q3 2007-08 and for the nine months ended December 2007, following the approval of its Board of Directors in a meeting held in Mumbai on 9th January, 2008. The Net Profit for the third quarter was Rs. 306.83 crores, up by 66.20% over the Net Profit of Rs. 184.61 crores for the third quarter of last year. The Net Profit of the Bank for the nine months ended December 200 7 was Rs. 709.63 crores, up by 58.70% over the Net Profit of Rs. 447.14 crores during the first nine months of the previous year.
Year: 2008
TRF receives order worth Rs 961.63 million
TRF announces receipt of an order worth Rs 961.63 million from Tata Projects for design, manufacture, procurement, supply, delivery, transportation to the site, storage, construction, erection, testing, commissioning & handing over of the coal handling plant as required by Mahagenco on back to back basis.
Promoters to Increase Stake in Aditya Birla Nuvo
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.
Strong BUY HDIL – I-Sec
I-Sec has initiated coverage on Mumbai’s real Estate Developer HDIL with a Strong BUY Rating. On the back of strong project pipeline and imminent upsides from GVK Slum Rehabilitation Scheme (SRS) and upcoming special economic zones (SEZs). HDIL has presence across all key segments – residential, commercial, retail, SEZs and particularly SRS. Presence in prime Mumbai property market adds to the advantage. HDIL has development pipeline of ~120mn sqft (excluding GVK SRS and SEZs).
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Lehman Brothers Upgrades Indian IT
In a research report released just minutes ago, Lehman Brothers has upgraded the Indian IT stocks. The upgrade comes 3 months after their bold move to call a SELL on Indian IT.
Infosys Technologies:
Infosys’s recent multiple contraction has priced in negatives like an appreciating rupee, a rising tax rate and a slowdown in EPS CAGR to 18.4% in next five years. The stock price will be driven by revenue and earnings momentum, which is likely to continue in the next few quarters. Infosys is expected to report an EPS (more…)
Patel Engineering net profit up 31.87% at Rs 38.85 crore
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.