Author: CP

Moser Baer India has informed us that its wholly owned subsidiary, PV Technologies India, has signed a memorandum of understanding (MoU) with a leading global equipment supplier to secure supply of critical equipment for a 565 MW phased expansion of its thin film photo voltaic modules manufacturing capacity, which together with the current project capacity of 40 MW will take the total manufacturing capacity to over 600 MW by 2010.

Thin film solar modules are ideal for energy farms, rural applications and building integrated photo voltaic markets. Photovoltaic modules based on large area thin film technology provide a path to cost parity between solar grid power. According to market estimates, the thin film based solar modules will see large emerging applications and a robust demand that, according to industry estimates is expected to grow ten fold; from 250 MW currently to 2GW with a market size of $5 billion by 2010.

Simplex Castings has bagged an order worth one hundred and forty million rupee from Ministry of railway, Governemnt of India for supply of coco bogies (chasis for electrical locomotive, WDG-4). Also orders worth more than one thousand two hundred million rupees are in hand which includes export orders worth three hundred million rupees from the company’s valued clients like Indu steel – France, Arcellor – Spain, Ingersoll Rand – Italy, Sandwik Asia – Pune, Al – Nasar Company for coke & chemicals – Egypt, Hyundai Corporation – Korea. The company is in a position to meet the rising demand of its customers who are fully satisfied with its quality.

Due to growing demand & consumption of the company’s products, there are lots of growing prospect for the company and in current year the company expects better result in comparision to the last year.

Indian Overseas Bank reported net interest income of 8% growth to Rs 656 crore was slightly below expectations. Advances grew by a healthy 24% to Rs 54,621 crore and deposits registered a higher 33% growth to Rs 78,791 crore. A dip in NIM to 3.3% from 3.9% was on account of higher cost of funds as a result of falling CASA to 31% from highs of 36% a year ago. This led to low NII growth. However, surprise came from other income which grew 63% y-o-y to Rs.219.5 crore. Fee income grew 29% and trading gains were up 39%. Expect net interest income and non-interest income to grow at 18% and 19% respectively over FY07-09E.

PAT grew a healthy 24.5% to Rs 308.1 crore from Rs 246.8 crore in the corresponding quarter the previous year on account of a reversal in investment depreciation (change in method of amortization) resulting in overall provision coming down by 40% y-o-y for the quarter.