Asian Paints + Dabur Results Review
Thursday, January 31, 2008
Asian Paints:ASPN is one of the best plays on domestic consumption demand in India and is firing on all cylinders - its domestic paints business is growing in excess of 20%, international business improvement is running ahead of management guidance. Potential duty cuts expected on raw material imports and price hikes are likely to drive margin expansion - management has indicated that a 1%-2% price hike is imminent.ASPN's domestic sales growth has been growing by 15%-25% over the last 8 quarters, demonstrating a strong improvement over the 10%-15% growth range earlier. Growth in the international business has also picked up, and margins have started to improve, driven by the Middle-East and South Asian markets. International business net margins are already in excess of 3%, ahead of management targets to achieve 3% in FY09E.
Dabur India:
Dabur 3QFY08 consolidated net profit growth of 19% was ahead of estimates; driven by a 14% sales growth. While flat EBITDA margins disappointed, sales growth was slightly ahead of estimates.
Foods and Consumer care division grew by 15%. In addition, consumer health business has shown improvement with growth increasing to 7%. Despite a 160bps reduction in raw material costs, margin were flat in 3QFY08 due to higher advertising and other expenses, mainly as other expenses were incurred for the H & B store rollout.
Dabur's health & beauty stores are expected to start operations by March this year. Management has earmarked funds of Rs1.4bn over the next three years with a target RoE of 30-40%. Management is also working on expanding its skin care portfolio with some launches expected over the next 2-3 quarters.
Published by Webmaster @ 11:09 AM IST.
Bank of Baroda + Yes Bank Q3 Result Review
Bank of BarodaBoB's 3Q08 net profit is up 52% yoy, well ahead of expectations and likely driven by strong treasury and asset recovery gains. Qualitatively, the quarter appears fairly robust in terms of both P&L and balance sheet quality and growth. While margins are down a bit yoy and qoq, this was expected with no meaningful surprises.BoB continues to grow loans rapidly, up 23% yoy and almost 6% qoq, and impressively continues to maintain asset quality. Deposits show fair momentum, 4% qoq growth, suggesting balanced balance sheet growth.
Yes Bank
Yes Bank's profits were driven by stable and relatively high margins, continued growth in fees - especially in treasury and a reduction in costs. Yes Bank's NIMs have remained largely stable at 290bps, helped by a stable interest rate and liquidity environment. Yes' high pace of asset accretion (14% qoq), with stable margins, nil NPLs (especially commendable given its mid-market exposure) suggests strong management focus on quality.
Overall, it was a strong quarter with Yes consistently delivering revenues, growth and quality ahead of estimates, supported by a benign funding environment.
Published by Webmaster @ 11:01 AM IST.
Thermax + Suzlon Result Analysis
Wednesday, January 30, 2008Thermax:Thermax reported Q308 consolidated PAT of Rs797mn, up 51% YoY, ahead of our estimate of Rs703mn. This was driven by strong revenue growth of 57% YoY, higher than expected other income and lower-than-expected taxes.
Thermax reported Q3 consolidated revenues of Rs9.3bn, up 57% YoY and ahead of our estimates of Rs9bn. Energy segment revenues grew 62% YoY and environment business revenues grew 30% YoY. Thermax Q3 EBITDA margin of 11.7% was down 69bps YoY and below our estimate of 12.2% primarily on account of higher than expected material costs.
Thermax's Q308 order backlog is Rs29.2bn, lower than the Rs32bn order backlog at the end of H108.
Suzlon Energy:
Suzlon had a disappointing quarter in our view with 3QFY08 PAT at Rs1.5bn down 13% YoY, which was 39% below CIR expectations of Rs2.5bn on the back of poor operating margins especially on the WTG side, higher depreciation and exceptionally high tax.
Suzlon took a hite of Rs 960 mn in Q3 FY08. However, an order backlog of Rs177bn, up 122% YoY, comprising Rs147bn of international orders. In MW terms Suzlon has a robust order backlog of 3,358MW comprising 2,917MW of international orders.
Published by Webmaster @ 3:47 PM IST.
Deccan Chronicle + Jagran Prakashan Result Analysis
Deccan Chronicle Holdings: DCHL's 3Q FY08 net profit was up 112%, driven by 48% sales growth and a 1,700bp margin expansion. Advertising revenues grew 46%, while circulation revenues grew 5%. The EBITDA margin of 65% was the strongest ever as DCHL continues to benefit from low raw material prices and an appreciating rupee.
DCHL has won the bid for the IPL's 10-year Hyderabad franchise for US$107m. Management has indicated breakeven or a modest profit in FY08 for IPL, but our base-case estimates for sponsorship revenues call for a loss of Rs80m in FY08 and FY09.
Jagran Prakashan: Advertising revenue growth of 29% in 3QFY08 was driven by an increase in the advertising space on the back of new edition launches (I-Next and CityPlus) as well as ad-rates hikes undertaken last year.
Newly launched bilingual newspaper format I-Next, which now operates through 6 editions, has gained the number two position in the cities of Kanpur and Varanasi. Jagran's 50:50 JV with Network18 is set to launch India's first Hindi language business daily, which will be followed by other language business dailies.
Published by Webmaster @ 12:43 PM IST.
Banks Slide as RBI Rates Unchanged
Tuesday, January 29, 2008Reserve Bank of India (RBI) today left key rates - repo, reverse repo, Bank Rate and CRR - unchanged in its third quarter review of annual statement on monetary policy for the year 2007-08. While Bank Rate has been left unchanged at 6%, reverse repo and repo rates have been held steady at 6% and 7.75%, respectively. Cash Reserve Ratio (CRR) has been left unchanged at 7.5%. The market was expecting the Reserve Bank of India to lower the short-term lending rate viz. the repo rate by 25 basis points, after a hefty US rate cut last week.
BSE Bankex slumped 3.27% to 11,144.79. BSE Auto index declined 1.53% to 4,850.77 and BSE Realty index down 1.01% to 10,580.98. Banking stocks plunged. ICICI Bank (down 3.35% to Rs 1,231), HDFC Bank (down 2.65% to Rs 1,535) and State Bank of India (down 1.7% to Rs 2,267) edged lower.
Published by Webmaster @ 2:58 PM IST.
Larsen & Toubro + Bharti Shipyard - Post Result Analysis
L&T had a solid 3QFY08 with PAT at Rs4.8bn up 40% YoY (8% above consensus estimates of Rs4.5bn and 7% below CIR estimates of Rs5.1bn). This was well supported by net sales growth of 55% YoY and a 48bps YoY margin expansion.
L&T booked Rs130bn of orders in 3QFY08, up 37% YoY, led by the Rs55bn Mumbai Airport and the Rs13bn Cairn Energy orders. L&T ended 3QFY08 with an order backlog of Rs496bn up 39% YoY. Further the company has already booked Rs65bn of orders in the first month of 4QFY08.
Shipbuilding Ready to Roll at Ennore. The BTG (boiler-turbines-generator) facility is likely to be developed in Hazira and L&T is keen to get the clearance and land from the Gujarat government now that elections are over in the state.
Bharti Shipyard:
Bharati Shipyard's 3Q net income of Rs267m was up 51% yoy but below our expectations primarily due to: 1. lower-than-expected revenue recognition during the quarter, 2. lower subsidy recognition, and 3. operating loss in the windmill division.
EBITDA margins (ex-subsidy), the most important parameter to gauge performance in our view, remained robust at 20%, primarily driven by better utilization at the existing facilities. Subsidies came in a tad lower than expected. However, since Bharati accounts for subsidy on orders only on 70% completion, lower subsidy accounting during 3Q is purely a timing difference, likely to be corrected over the subsequent
quarters.
Published by Webmaster @ 12:21 AM IST.
CCS Zone Velachery, Chennai
Monday, January 28, 2008
CCS Infotech has informed us that the company has opened the its first multi brand IT showroom CCS Zone Retail in Velachery, Chennai. The CCS Zone is located at 34, Sakhti Vijayalakshmi Nagar, 2nd street, 100 feet by pass road, Velachery, Chennai. The showroom showcases and retails their products like PCs, laptops, servers and other advanced computer & mobile related accessories.This showroom was inaugurated by B Surya Narayanan, director, sales & marketing, South, Intel India
Published by Webmaster @ 11:19 AM IST.
TCS + Sony Pictures Sign SoA Deal
Tata Consultancy Services has signed an agreement with Sony Pictures Entertainment, Inc. to develop and deploy service-oriented architecture (SOA) solutions that allow Sony and its customers to better use all of its IT assets to advance their business goals. Based on industry best practices, the SOA solutions combine a set of best-of-breed technologies, tools, patterns and standards from Sony Pictures, TCS and BEA Systems to help enterprise organizations align business functions for greater flexibility and efficiency.Sony Pictures and TCS have created a world class SOA framework that enables enterprise organizations to quickly sense and respond to changing market conditions. Centered on the deployment of reusable and network-aware applications, the SOA framework leverages key business assets within and beyond enterprise boundaries, with interoperability, independent of platforms, languages and protocols. The framework benefits enterprise organizations across various industry verticals including media & entertainment, insurance, banking, retail, financial services and manufacturing.
Published by Webmaster @ 10:20 AM IST.
Dishman Pharma Results Analysis
Dishman reported 3Q FY08 numbers with revenue up 18% YoY while margins declined 939bps to 20% due to losses at subsidiaries. As a result, recurring net income (excluding MTM gains on foreign currency debt) declined 12% to Rs216m. However, we continue to be positive on Dishman and believe that 3Q FY08 was a blip due to some one-off expenses.
1) Some sales were postponed to Q4 FY08. We note this is not unusual in contract manufacturing. 2) Losses at Dishman's subsidiaries in Japan, the Netherlands and the Middle East - all of which are businesses in the nascent stage. Management expects these to be reversed in Q4. 3) Higher staff costs due to consolidation of the vitamins business and incentive payouts at Carbogen.
Expected Fully diluted EPS - Rs 14.44 [FY08] and Rs 19.59 [FY09].
Published by Webmaster @ 8:40 AM IST.
State Bank of India - Result Review
Friday, January 25, 2008
SBI has reported a very strong quarter, combining high growth, improving profitability, and stable asset quality. It's also a strong come-back from the previous quarter, in which growth was at the cost of profitability.The strong P&L is a mix of a) 35% fee growth (excluding one-offs), driven by FX revenues and 19% core fees b) Rebounding margins - up about 20bps qoq (boosted by investment yields), though still low at 284bps - with some strains ahead and c) Moderate cost growth, strong trading gains, and strong asset write-backs. Exone- offs and trading gains, pre-provisioning profit growth of 48% yoy and 33%qoq.
SBI also continues to gain market share with 26% loan growth, has improved its under-pressure deposit mix over the last quarter, and importantly, maintained asset quality.
Published by Webmaster @ 11:27 PM IST.
Ansal Properties + Educomp Agreement
Ansal Properties & Infrastructure [ANSAL API] has entered into a tripartite agreement with Edu Infrastructure, a subsidiary of Educomp Solutions and Knowledge Tree Infrastructure - its associate company.
As per the agreement the company / its associate would construct / develop the school properties in the various residential townships of the company and lease it out to the school operators for operating and managing the schools. Edu shall have the right to take minority interest in the associate. The agreement is expected to enable the Company to leverage the experience of Educomp to emphasize the education in its residential colonies.
Published by Webmaster @ 10:39 AM IST.
Canara bank - Result Review
Canara Bank - CanBank is recovering after a poor start to the year - profitability is beginning to claw back after having dipped sharply, the balance sheet continues to be in good shape and sustains improvements, and the quarter is boosted by strong trading gains.NIMs have now expanded on some loan/deposit restructuring - but at 240bps, are low, and still have some way to go, but management seems a lot more cognizant of this. Fee income is, however, a standout: up over 50%, and with another quarter of strong trading gains, provides the earnings impetus.
CanBank's asset book now matches with the best - limited deterioration, strong recoveries continue to keep net NPLs below 1%,in contrast to the sector, at average. Growth in the quarter is sub-20%, a little lower than industry.
Stock View on Canara Bank.
Published by Webmaster @ 8:44 AM IST.
Hindustan Construction Result Review
Thursday, January 24, 2008Hindustan Construction (HCC) reported strong turnover growth of 38% YoY. EBITDA improved by 43% YoY, on the back of rising margins. However, the rise in interest costs by 133% YoY resulted in adjusted PAT declining by 3% YoY to Rs213 mn.
HCC's EBITDA margins have improved YoY by 40 bps and QoQ by 170 bps. Management has indicated that since HCC is no longer booking losses in Bandra-Worli Sea Link project, EBITDA margins will be on an improving trend.
Sales of apartments at Lavasa during October 2007 have clocked Rs3.21 bn. The management indicated that discussions are continuing for a possible private equity deal in Lavasa. Regarding the disputed Sawalkote hydropower project order of Rs19.4 bn, it is expected be settled by a favourable court verdict by the end of February 2008.
Published by Webmaster @ 10:59 PM IST.
Union Bank of India - Result Review
Union Bank of India's 3Q08 profits were strong and 16% ahead of estimates. Key highlights of the quarter were operational improvements - pick up in margins, continued fee income growth and strong asset quality, even as trading gains and recoveries boosted reported profits.Net interest margins improved to 283bps (+20bps qoq), while still lower than industry averages and off a disappointing quarter; this has not come at the cost of growth (loan growth at 27% yoy is above industry trends).
Union's core fee income growth remained strong and ahead of peers at 27% yoy, though overall non interest incomes increased sharply by 109% on higher trading gains and recoveries. Absolute reductions in NPLs; higher provisioning have reduced NPLs to 2.1% of loans.
Published by Webmaster @ 10:32 AM IST.
Reliance Energy gets Delhi Airport Metro Express Project
Wednesday, January 23, 2008
Reliance Energy in consortium with CAF of Spain has been awarded the Airport Metro Express Line, Delhi project on BOOT basis for a concession period of 30 years. The proposed 22.7 km of high speed metro rail link shall connect New Delhi railway station and New Delhi international airport through connaught place.The project has been awarded by Delhi Metro Rail Corporation (DMRC) through an international competitive bidding process. The estimated project cost for is about Rs 2,500 crore; the project is scheduled to be operational in July 2010.
Reliance Energy is already implementing the Mumbai Metro Line 1 Project (Versova - Andheri - Ghatkopar) in Mumbai in association with Mumbai Metropolitan Region Development Authority (MMRDA); in the Metro Sector. Mumbai Metro Line 1 and Airport Metro Express Line, Delhi are the only Projects to be undertaken on a PPP framework.
Published by Webmaster @ 2:06 PM IST.
Everest Kanto Cylinder - Strong Results
EKC's consolidated 3QFY08 net profit of Rs294m was up 44% yoy and exactly in line with expectations. EBITDA margin came in at 37%, substantially higher than the previous two quarters (28-31% range).
Average realizations on a consolidated basis remained strong at Rs8.0K/cyl, relatively flat on a qoq basis. CNG cylinders accounted for c.70% of sales. Total sales volumes from Dubai were sequentially higher and accounted for 30% of overall sales (typically 20-25%), primarily owing to inter-segmental transfers from Tarapur.
Citi reiterates a target of Rs 437 on Everest Kanto Cylinder on the back of 47% EPS CAGR. Our Analyst recommends a BUY with a Target Price of Rs 360.
Published by Webmaster @ 9:35 AM IST.
HDFC + Kotak Bank Results Review
HDFC Bank - HDBK has raised margins even further to 4.3% (4% previous quarter), fee income growth has jumped to over 35% (after a relatively modest sub 30% show over the last year), and while costs are a pressure point, pre-provisioning profit growth is a robust 67%. This is impressive and suggests HDBK could now be on a higher earnings growth path.HDBK's balance sheet, for all the above reasons, has for long been the best in the sector - this quarter is no exception. HDBK now appears to be leveraging it more aggressively – loans are up 48% yoy, the retail book is growing well above industry averages, asset quality remains under control with less than 1% NPAs.
Kotak Mahindra Bank - KTKM has recorded a bumper 3Q08 - quantitatively and qualitatively. Profits - well ahead of expectations; growth - strong and broad based across businesses; Strong and well-rounded show: margins are up (partly boosted by new capital), loan growth remains broad and 50%+, and healthy asset quality. Negative qoq deposit growth the only let-up. Distribution expansion ambitions are raised - seeking to roll out 250 branches (149 currently) by year-end.
KTKM sustains market leadership comfortably, record 76% securities revenue growth, though there is some loss in market share and yields. Expect Kotak Bank to report an EPS of Rs 24.35 and Rs 29.91 for FY08 and FY09 respectively.
Published by Webmaster @ 9:13 AM IST.
NBC Buys 26% in NDTV subsidiary
Tuesday, January 22, 2008New Delhi Television (NDTV) has announced that NDTV and an overseas subsidiary of NDTV have signed a MoA with NBC Universal, Inc. (NBCU) and a subsidiary of NBCU in respect of the sale / issue by an overseas subsidiary of NDTV of an effective 26% stake to an affiliate of NBCU for a consideration of US $ 150 million. The said subsidiary of NDTV is the indirect parent company of the following companies: NDTV Imagine, NDTV Convergence, NDTV Labs, NDTV Lifestyle, NDTV Emerging Markets B.V and the said subsidiary is a joint venture partner in NGEN Media Services.
The MoA also envisages that NBCU affiliates would have the option to acquire up to 50% of said subsidiary in the third year of the joint venture at the then fair market value. The MoA and the transaction contemplated therein are subject to receipt of all necessary approvals. The proposed joint venture shall not relate to news channels in India.
Published by Webmaster @ 5:51 PM IST.
ICICI Bank Results Reviews
Monday, January 21, 2008
ICICI's profits were ahead of expectations, if qualitatively a little mixed. Key takeaways: a) P&L pickup, on fairly broad-based gains; b) asset quality drift continues, and growth appears to be slipping away; c) business focus: subsidiaries to the fore, as its (questionable) international focus continues. Overall, the P&L shine was likely dulled a bit by the balance sheet and its direction.While margins are up (remaining low, but getting better positioned for expansion), fee income growth has accelerated to over 33% (in spite of slackening growth), and cost pressures appear to be stabilizing. There is some evidence of ICBK's potential to raise profitability (a long-held expectation) through its franchise.
Balance sheet issues are likely to take center stage as: a) domestic loan growth moderates further (retail 12% yoy), b) int'l ops remain a key focus, in spite of questionable economics, and challenging markets, and c) asset deterioration continues at a steady (expected) pace. In sum, there are more questions than answers.
Published by Webmaster @ 4:53 PM IST.
Idea Cellular Results Review
Idea's 3QFY08 EBITDA at Rs5,672m was in line driven by robust revenue growth (9.3%qoq) though offset by sustained increase in network opex. Idea has started accounting pre-paid revenues net of distributor discount which explains the qoq decline in marketing costs/SAC. Adjusting for this, revenues grew 12.5%qoq. Net profit at Rs2,368m was below expectations due to higher deferred tax provision.MOUs [Minutes of usage] which had dipped in 2Q due to inactive subs/seasonality bounced back to 377, up 5% qoq though still lower than 1QFY08. Though reported ARPUs were down 3%, the decline was negligible adjusting for the impact of the accounting change on commissions. The adjusted rev/min qoq decline at ~5% though slightly more than larger peers is broadly in line with the industry trend.
Published by Webmaster @ 4:50 PM IST.
S Kumars Nationwide Result Review
S Kumars Nationwide's 3QFY08 revenues increased 44% YoY, with earnings up a strong 72% YoY, better than our expected 56%. This was largely due to higher sales growth (8%) in luxury textile division benefiting from new capacities and lower than expected depreciation charge as expansions in high value cotton fabric and home textiles have been pushed back to Mar/Apr'08.
EBITDA margins grew 190bps YoY to 22.6% levels, in-line with estimates. However, growth has started to moderate; we see margins peaking at 23% in FY09E since high costs relating to brand promotion expenses and overheads relating to expansions in home
textiles and cotton fabric should limit further gains.
Company is expected to report an EPS of Rs 8.39 and Rs 9.87 for FY08 and FY09.
Published by Webmaster @ 4:48 PM IST.
Larsen & Toubro bags export order for reactors
Larsen & Toubro (L&T) has announced that Larsen & Toubro's (L&T) Heavy Engineering Division has been awarded an order to manufacture and supply 22 Hydrocracker & Atmospheric Residue Desulphurisation (ARDS) Reactors for Kuwait National Petroleum company's prestigious clean fuel project 2020.
The total value of the order is KWD 117.89 million, equivalent to US $ 421 million (Rs 1695 crore). This is the largest ever order placed with any single manufacturer in the world for such critical reactors. The order has been won against stiff international competition from Japanese and Italian reactor manufacturers.
These reactors will be manufactured from advanced technology steels containing chromium, molybdenum and vanadium, with thickness up to 300 mm and weights up to 1450 MT. The reactors for the clean fuel project 2020 have to conform to Chevron process design and specifications. L&T's heavy engineering division is amongst a select group of companies qualified for manufacture of such critical equipment.
Published by Webmaster @ 1:37 PM IST.
Satyam acquires Bridge Strategy Group
Satyam Computer Services net profit rose 28.58% to Rs 433.63 crore on 35.58% rise in total income to Rs 2266.05 crore in Q3 September 2007 over Q3 September 2006. The results are on a consolidated basis as per Indian GAAP.
Satyam Computer for fiscal 2008, under US GAAP, expects revenue between $2,119 million and $ 2,122 million, implying a growth rate of 45% to 45.2% over fiscal 2007. Basic earning per american depository shares (ADS) for fiscal 2008 is expected to be $ 1.27, implying a growth rate of 39.6% over fiscal 2007.
Corresponding revenue growth under Indian GAAP consolidated is expected to be between 29% and 29.2%. EPS for the full year is expected to be Rs 25.5, implying a growth rate of 18.9%.
For Q4 March 2008, under US GAAP, revenue is expected to be between $ 594 million and $ 597 million, implying a growth rate of 5.6% to 6.1%. Basic earning per ADS for the quarter is expected to be $ 0.36.
For Q4 March 2008, under Indian GAAP consolidated, corresponding revenue growth rate is expected to be between 5.3% and 5.8%; EPS for the quarter is expected to be between Rs 7.23.
Seperately, the company said it has entered into a definitive agreement to acquire Bridge Strategy Group, a Chicago based management consulting firm. In making the $35 million, all-cash purchase, Satyam significantly reinforces its strategy consulting and business transformation capabilities.
Published by Webmaster @ 11:30 AM IST.
KPIT Cummins + HT Media Result Review
KPIT Cummins Infosystems:
Company reported revenue of Rs1.51b (exp: Rs1.55b), - up 1.3% QoQ and 29% YoY; in US$ terms, revenue was US$37m - up 4.3% QoQ and 42% YoY. While net profit at Rs141m was also below expectation (Rs144m). This makes full year guidance challenging for the company.
Management expects to meet revenue guidance comfortably (US$145-148m) while for net profits, company hopes to meet lower end of guidance (Rs630m). In worst case of INR appreciating further to Rs38/USD, company expects to make profit of at least Rs.610m. Our estimate for FY08 was already at Rs557m.
KPIT gets just 7% of its revenue from BFSI sector where most of the investor concerns are centered. Also, ATS (auto-electronics and semiconductor) continue to show strong
traction – revenue from this segment has grown over 100% YoY during 9M08.
HT Media:
HTML's 3QFY08 profit growth of 9.8% yoy was 8% below our estimates, though EBITDA margins fared much better than expected. Declining raw material cost (newsprint) and stabilising employee expenses resulted in 71bps EBITDA margin expansion, despite investments in new ventures like Mint.
Advertising revenues grew 17.6% yoy, driven by 30% growth for Hindi newspaper, though English advertising seems to be slowing. HT Media is still largely dependent on its
flagship English newspaper 'Hindustan Times' Delhi edition for its advertising revenues (we estimate about 65%) and any increase in competitive intensity / slowdown in market in Delhi could hamper growth. The stock appears to be fully valued.
Published by Webmaster @ 10:57 AM IST.
Godrej Consumer Products + ITC Result Review
Godrej Consumer Products
Net profit for the quarter came at Rs430m, up 8.7% YoY driven by a 14.6% sales growth. On the EBITDA margin, GCP did well to absorb increased raw material costs. The soaps division outperformed the industry yet again this quarter driven by a 5-6% price hike and strong volume growth.
Keyline, GCP's UK business recovered after a poor performance last quarter, posting a 6.6% sales growth and 20% growth in net profit. Rapidol, GCP's subsidiary in South Africa showed flat growth, impacted adversely by the rupee appreciation.
ITC Ltd:
ITC's pricing strategy, loading price hikes in favor of mid-end cigarettes and not leaving any 'pricing gaps' across its cigarette portfolio, is paying off. Its cigarette EBIT profits increased 16% in 3QFY08 and 13.7% in 9mFY08 despite declining volumes. Volume trend is also improving, with 3Q volumes declining less than 1%.
3QFY08 net profit growth of 15.8% yoy were in-line with estimates. Positive surprise was 16% growth in cigarette EBIT profits, while growth hotels and agri-business have recovered.
ITC's foods portfolio (excluding 'Bingo' brand) has broken even in 3Q. EBIT loss margins for new FMCG business continue to decline, despite scaling up of expenses related to the launch of new personal care products under the 'Fiama di Willis' brand in 3Q.
Published by Webmaster @ 10:47 AM IST.
Ranbaxy + Biocon Result Analysis
Saturday, January 19, 2008
Ranbaxy:Following a steady 4Q (sales up 7%; EBIDTA margins up 65bps), it ended up with 9% and 20% YoY growth in sales
& operating PAT respectively. This came about despite multiple hurdles - viz. a stronger rupee, regulatory issues in Romania & growing competition - thus reflecting the benefits of Ranbaxy's restructuring & improved business model.
As Ranbaxy's strong guidance for CY08 indicates, it
looks well set to continue the recovery process that commenced last year.Ranbaxy guided to 18-20% growth in US$ sales, 17.5-18% EBIDTA margins & 20-25% growth in reported PAT.
Biocon Ltd:
Biocon's revenues declined 4% YoY in 3Q, primarily due to the sale of its enzymes business. However, continuing business growth was also tepid at 2%. Research services degrew 24% YoY; while this is due to a quarterly skew in licensing fees, it puts the high growth in 1H in the right
context. Biopharma continued to disappoint growing 11% YoY & declining 13% QoQ, as it felt the pinch of a rising rupee and the lack of product launches.
EBIDTA margins declined 665bps despite the sale of the low margin enzymes business, hit by rupee appreciation and increase in fixed costs. Although gross margins improved by 303bps YoY (on lower outsourcing), it declined by 291bps QoQ due to rupee appreciation.
Nicholas Piramal:
A 13% YoY growth in sales translated into a 43% YoY growth in net profit on the back of a 237bps expansion in EBIDTA margins - excluding NCE R&D spend from both periods. NPIL appears well on course to achieving its FY08 guidance on EBIDTA margins (18.7%) and EPS (Rs17.5) despite a shortfall on the revenues front (set to end with 16% growth vs. 20% guidance).
3Q results were strong, with margin improvement being much higher than anticipated. We expect this trend to continue on the back of aggressive restructuring in UK operations and help completely offset a shortfall in FY08 revenues.
Labels: Nicholas-Piramal
Published by Webmaster @ 7:34 PM IST.
HCL Technologies + Wipro Result Analysis
HCL Technologies:
Revenue for the quarter was $461m (exp: $462m), growth of 7.5% qoq. Net profit came in at Rs3.11 b (exp: Rs3.08 b), an increase of 9.6% qoq. On margins, HCL Tech did well to absorb the negative impact of the customer summit related costs and bonus amendment adjustment.
IT Services did well again with a growth of 8.4% qoq. Volumes increased ~7.4% qoq while pricing was up ~2% sequentially. EBIT margins improved slightly qoq to ~18.1%. HCL Tech's US revenues increased 9% qoq while BFSI revenues were up 9.3% qoq.
Wipro:
Wipro reported revenues of Rs.56.4b (our exp: Rs.56.6b), up ~11% QoQ and net profit of Rs.8.3b (our exp: Rs.8.4b), up ~2% QoQ. Global IT Services reported revenues of $910m, up 14% QoQ with a ~150bp EBIT margin decline (primarily due to Infocrossing integration).
Organic growth of 7.4% in Global IT - Organic revenues rose 7.4% QoQ; volumes increased 6.5% while pricing was up 0.5%. Onsite realizations were up 1.3% QoQ while offshore realizations remained stable in the quarter. Better pricing realization and employee mix resulted in stable margins for organic business - despite wage hikes and rupee appreciation.
Guidance of 5% revenue growth - Wipro Global IT Services revenue guidance for 4QFY08 is $955m, an increase of ~5% - is in line with the Infosys guidance for the quarter.
Published by Webmaster @ 7:24 PM IST.
Chowgule Ports Infra + Unity Infraprojects
Friday, January 18, 2008The board of Chowgule Steamships has passed an enabling resolution for making investment over a period of time up to Rs 28 crore in Chowgule Ports & Infrastructure, which proposes to undertake port and ship repair infrastructure projects in Jaigad.
Unity Infraprojects has received the letter of intent dated 16 January 2008 from Magarpatta Retail for civil construction works of the proposed building for Magarpatta Retail Mall Project at Magarpatta City, Hadapsar, Pune. The contract value is Rs 102.14 crore (exclusive of VAT (WCT) & service tax) and the project is to be completed with 9.5 months from commencement of work.
Published by Webmaster @ 11:18 AM IST.
Sunil Hitech raises Rs 81 crore
Thursday, January 17, 2008Sunil Hitech Engineers on which we had recommended a BUY has informed us that the company has successfully raised Rs 81 crores through Qualified Institutional Players (QIPs) route. A total of 22.50 lakh shares (face value of Rs 10) were placed with 5 top foreign and domestic institutional investors at Rs 360 per share. Avendus Capital was the sole Global Co-ordinator & Lead Manager to the QIP.
Following this placement the equity shares capital of the company has increased to Rs 12.28 crore from the existing Rs 10.03 crore. The market cap of the company is around Rs 374 crore.
Published by Webmaster @ 6:26 PM IST.
Reliance Industries Q3 Results
India's largest private sector entity by market capitalisation and oil refiner Reliance Industries' total income rose 23.01% to Rs 34,831 crore in Q3 December 2007 over Q3 December 2006. Substantially higher refining margins boosted the bottomline. RIL earned a refining margin of $15.4 per barrel in Q3 December 2007 compared to $11.7 per barrel in Q3 December 2006.
Reliance Industries Q3 PAT RS.3882CR VS RS.2799CR YOY. These numbers exclude the profit from sale of Reliance Petroleum Shares.
Published by Webmaster @ 12:32 PM IST.
Patel Logistics MOU with Eicher Motors
Patel Integrated Logistics (PILL) has announced that the company has entered into an exclusive MOU with Eicher Motors, to initially purchase 225 trucks for a consideration of about Rs 20 crore for various types of vehicles ranging from 3 tonners to 16 tonners. PILL will also be additionally acquiring & strengthening its own fleet in line with its vendor acquisition strategy in India.
The MOU also entails acquisition of additional trucks for its 126 vendors who supply about 756 vehicles, which is exclusively deployed for PILL's requirements. PILL will have an understanding with its vendors to only use mainly Eicher Trucks for all its new routes, which is being contemplated & implemented. Further more, PILL will ensure that any trucks over 3 - 4 years will be replaced with new Eicher Trucks, for all its long haul routes. This will make Eicher Motors our preferred supplier of vehicles, for the range of vehicles manufactured by them Vehicles being purchased from Eicher Motors.
Published by Webmaster @ 11:09 AM IST.
Gandhi Special Tubes Stock Split
Wednesday, January 16, 2008
The board meeting of Gandhi Special Tubes will be held on 23 January 2008 to consider and approve the un-audited financial results for the quarter ended on 31 December 2007. They will also consider and declare interim dividend for the financial year ending on 31 March 2008 and to consider stock split.The board meeting of Anjani Synthetics will be held on 18 January 2008 to allot bonus equity share in proportion of 1:1 to the shareholders of the company.
Labels: Anjani-Synthetics-Bonus
Published by Webmaster @ 10:31 AM IST.
Reliance Petroleum Project 82% Complete
Reliance Petroleum has informed us that the company has successfully completed the second year of implementation of its complex refinery, coming up in a special economic zone at Jamnagar. The company has achieved 82% overall progress in just 24 months since commencement of the project. Based on the progress so far, the company is on course to complete the project ahead of its initial schedule of December 2008.
During the quarter, the project engineering activities were completed with all drawings for concreting, structural steel, underground piping as well as electrical and instrumentation released for construction. Residual engineering activities to support ongoing construction are continuing. Successful completion of this massive engineering effort in less than two years has set a new global record in the refining sector: It also reflects the success of a team effort that involved over 7,500 engineers, working from several interconnected locations across the world.
The quarter witnessed near completion of procurement activities for the project as well. The procurement and contracting for equipments, tagged items and bulk materials is now complete. Equipment deliveries have gained enhanced momentum with over 3,800 equipments, including several ODCs and super heavy equipments, delivered at site already. Nearly all the bulk materials, including pipes and fittings as well as substantial part of electrical and instrumentation bulks have also been received at site. Thrust on vendor follow- up for the balance equipments is continuing. Simultaneously, focus is shifting towards procurement close-out during the coming quarter.
Published by Webmaster @ 10:29 AM IST.
HCL Technologies competency center for retailers
Tuesday, January 15, 2008HCL Technologies informed us that the company has launched service-oriented architecture (SOA) competency center for retailers at this week's National Retail Federation Convention. The competency center is designed to guide retailers in the areas of SOA tool selection, development methodology and project execution, leveraging an industry-specific set of services and the deep expertise of HCL team members in areas relevant to SOA and BPM.
HCL Technologies' Middleware and SOA practice is comprised of more than 750 professionals with experience in all leading integration technologies and products including SOA, BPM and BAM. The practice focuses on addressing problems for enterprise customers that impact key horizontal business processes such as supply chain visibility, consistent customer experience, partner integration, and identity and provisioning management. HCL has also executed projects using the SOA competency center for customers in financial services, life sciences and other key vertical markets.
Published by Webmaster @ 5:33 PM IST.
Power Grid + IL&FS Agreement
State-run Power Grid Corporation of India entered into a shareholder's agreement with Infrastructure Leasing & Financial Services. The new joint venture company named 'Powergrid IL&FS Transmission' has since been incorporated. Both, the company and IL&FS will have 50% stake in the company. The main objective of company is to undertake activities of project development of intra transmission and sub-transmission works for State power utilities, under public-private-partnership route within India and abroad including interconnection with neighboring countries subject to bilateral agreement between the countries.
The joint venture company board in its 1st meeting have approved that the company will broaden its scope of development of transmission projects in India and abroad including interconnection with neighboring countries.
Published by Webmaster @ 10:59 AM IST.
IQMS Software bags contract
Monday, January 14, 2008IQMS Software has bagged a contract for the outsourcing of 35 seater equity research on 24*7 basis. The contract value is directly linked to the output of the research work churned by the company.
To meet the requirement, the company has already started the recruitment process for equity research analysts to be stationed at its state of the art center located at Hyderabad. The equity research outsourcing (ERO) set up by the company is going to cater to the requirements of FII's / FI's / institutions and mutual funds.
The ERO is getting equipped to do the trend tracking of world markets, Indian markets, sectoral analysis, fundamental and technical analysis in all the active sectors of the markets. The technical know-how for the operations is supported by Mumbai based leading equity research firm Firstcall India equity advisors.
Published by Webmaster @ 11:31 AM IST.
MIC Electronics subsidiary in Korea and Singapore
The board of MIC Electronics has accorded its consent to the company for setting-up of subsidiary companies in Singapore and Korea for development and marketing of LED display and lighting related products.
Further, the board has considered and approved the acquisition of two companies, up to 51% equity of a power electronics company to strengthen the LED lighting products business, and up to 74% equity of an entertainment company to build LED based digital theme parks.
Published by Webmaster @ 10:50 AM IST.
Quintegra Solutions launches KPO - Knowledge Process Outsourcing
Quintegra Solutions has informed us about the launch of its Knowledge Process Outsourcing Services (KPO) with an initial investment infusion of Rs 27 crore consequent to the approval of shareholders at the extra ordinary general meeting held on 10 January 2008. The company plans to set up a new office in Chennai, dedicated to the new vertical, slated to be ready by the end of this quarter March 2008.The company plans to focus its KPO services on the telecommunication, healthcare and BSFI industries to begin with. The company enjoys strong foothold with the clients in BFSI, telecom, health care in US market, which will continue to be the target for the new segment to start with. Later, the company would expand the services to clients at Europe in the first quarter of next financial year 2008-09.
Published by Webmaster @ 10:09 AM IST.
ICICI Bank - Listing of subsidiaries
Thursday, January 10, 2008
India's Worst Bank, ICICI Bank is planning to list its subsidiaries on the Indian bourses.As per reports, the process would commence within six months, starting with ICICI Bank's brokerage arm ICICI Securities, followed by two insurance arms -- life insurance unit ICICI Prudential Life Insurance and general insurance arm ICICI Lombard General Insurance, and the bank's housing finance arm. The other subsidiaries that may list on the bourses are the mutual funds assets management business, home finance business, and also ICICI Ventures, which is its private equity arm.
Published by Webmaster @ 11:42 AM IST.
L&T bags Rs 2000 crore orders for office & residential building in Mumbai
Larsen & Toubro (L&T) has announced that Larsen & Toubro's (L&T) construction division has recently secured orders on design and build / turnkey basis from leading developers / owners. Prominent amongst these include Rs 2000 crore order from Kingston Properties for construction of various office & residential buildings in Mumbai, to be developed in a span of 4 years.Apart from this project the buildings and factories (B&F) business unit of L&T's construction division (ECC) has secured orders for many assignments including Rs 665 crore design & build contract from Cognizant Technology for their development centres in Chennai and Kolkatta.
L&T has also bagged a Rs 187 crore turnkey order from ITC Hotels for their Grand Chola Hotel at Chennai. The scope involves construction of 1.52 million sq ft area to house 600 rooms.
The company has secured a Rs 408 crore contract from ICICI Bank for construction of their office building at Hyderabad. The scope involves construction of 4.0 million sq ft building area, having basement plus 16 floors.
Published by Webmaster @ 11:33 AM IST.
Hindustan Construction Company incorporates special purpose vehicle
Wednesday, January 09, 2008Hindustan Construction Company has incorporated a special purpose vehicle (SPV) company i.e. HCC Singapore Enterprises as a wholly owned Subsidiary of the company for promoting its business including those of the group companies.
HCC Real Estate (HREL), the wholly owned subsidiary of the company has also incorporated a special purpose vehicle (SPV) company i.e. Charosa Wineries for undertaking wine business.
Published by Webmaster @ 5:51 PM IST.
Axis Bank Q3-2008 Results
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.
Published by Webmaster @ 2:09 PM IST.
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.
Published by Webmaster @ 1:15 PM IST.
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.
Published by Webmaster @ 11:08 AM IST.
Patel Engineering net profit up 31.87% at Rs 38.85 crore
Tuesday, January 08, 2008Patel 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.
Published by Webmaster @ 12:12 PM IST.
GMR acquires 80% stake of Himtal Hydro Power Co
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.
Published by Webmaster @ 9:21 AM IST.
Sun TV Hikes Advertising Rates
Monday, January 07, 2008
Sun TV Network operates satellite television channels across four languages--Tamil, Telugu, Kannada and Malayalam.The company will increase the ad rates on the Tamil channel Sun by 10-21%, Telugu Channel Gemini TV by 15%, Kannada Channel Udaya TV by 10-20%, Malayalam Channel Surya TV 3-13%. The hike in advertisement rates is over 30% for two programmes whose television rating points (TRPs) are high.
For other channels like Sun Music, Sun News, Gemini Music, Gemini News, Teja, Udaya Movies, Udaya Varthagalu, Udaya II, Kiran, the increase in advertisement rates range from 10% to 25%. Simultaneously, the slot fees (broadcast fees) received from the content producers has been increased proportionately from 15 February 2008.
Published by Webmaster @ 2:39 PM IST.
Advanta India acquires business of Unicom Seeds
Advanta India has acquired the business of Unicom Seeds (Unicom) by acquiring 100% shares in the company for a consideration that includes deferred payment based on achievement of performance related milestones. Unicom has a strong presence in the domestic and export markets of vegetable seeds. Unicom also undertakes the custom production of vegetable seeds for the customers all around the globe. The Revenue size of the business of Unicom for the last financial year was about Rs 25 crore. The business has the EBITDA earning capacity of about 30%.With this acquisition, company's platform in vegetable seeds will become stronger with added crops to its current vegetable product portfolio (golden). With the added products like melons and cucumber from Unicom the combined vegetable portfolio (golden and Unicom) will make company a significant player in the vegetable seed market.
Published by Webmaster @ 12:10 PM IST.
Larsen & Toubro secures order from Cairn India
Larsen & Toubro (L&T) has informed us that the engineering and construction division of the company has been awarded two major contracts for the construction of civil works and the consolidated construction works for the Northern area development project located near Barmer in Rajasthan as Cairn India and its joint venture partners ONGC get ready for first oil production in 2009.The order was secured by L&T against both domestic and international competition, and the project completion schedule is estimated to be 18 months.The size of the order is more than Rs 1,300 crore.
The scope of work covers the development of infrastructure facilities, the construction of 18 well pad structures, detailed engineering and construction of all civil and electromechanical works at the Mangala and Raageshwari Fields, Offsite infrastructure facilities, supply, installation and commissioning of 33 KVA high voltage power line system and the telecom network.
Published by Webmaster @ 11:14 AM IST.
Tax Treatment as Investor or Trader
A friend of mine was subjected to Income Tax Scrutiny. The assessing officer treated my
friend's profession as "Trader" and subjected him to 30% tax [Short Term].
Strategy: What we advice our clients is choose one family member who doesn't TRADE or have any other business income in their name. Do all long term investments in this family member's name and you will not be liable for 30% tax [even if you had to SELL the stock in SHORT TERM] and be just liable for short term gains of 10%. Long Term will be exempt.
Remember it is the discretionary of the Income Tax officer scrutinizing your case. Some people said they maintain a different TRADING Account and INVESTMENT account but if both are in the same name, the IT Officer can still make you liable for 30% tax on short term. So use the strategy we have suggested or whatever your Chartered Accountant / Tax Consultant suggests.
Published by Webmaster @ 9:26 AM IST.
Cranes Software acquires Engineering Technology Associates Inc., USA
Saturday, January 05, 2008The board of Cranes Software International has approved the acquisition of 100% of the equity shares of Engineering Technology Associates Inc., USA (ETA), through its Wholly owned subsidiary Cranes Software Inc., USA and will invest Rs 720 million approximately in acquisition cost and immediate investments in product upgrades / alliances / infrastructure modernization, expansion, etc.
Published by Webmaster @ 11:38 PM IST.
Flawless Diamond India get export order worth Rs 32 crore
Friday, January 04, 2008
Flawless Diamond India received export order for its exclusive designer jewellery from Fine Jewellery, Hong Kong. The company has received this order due to exclusivity of its design and purity. The order has to be full filled within the next three months.Further the company is now concentrating more into retailing of branded designer Jewellery and also looking at export potential in Europe and Middle East countries. The company has already opened showrooms and retails outlets and further the retail expansion programme is progressing according to the retail plan which the company had decided.
With the launch of different series of Aum Diamond Jewellery, like AUM Classic, AUM Signature and other brands. The company is receiving good response from the local and export market.
Published by Webmaster @ 11:49 AM IST.
Bad Managers everywhere in Corporate India
Yellojobs.com conducted an online survey covering thousands of jobseekers in India to understand the real reasons behind why people quit. Yellojobs.com is a joint venture between Singapore-based online advertising company Yello Pvt. Ltd, and London-headquartered recruitment company Contact Recruitment Ltd, which has a strong presence in India.Most Indians Quit and Move in their jobs due to Bad Bosses and Office Politics.
- 42% employees stated that they changed jobs due to non co-operating and bad superiors
- 34% per cent said that they had left their previous job as the organization could not provide any further growth and remuneration;
- Uninteresting job profile, office politics and work environment were the other reasons cited for changing jobs
Published by Webmaster @ 11:44 AM IST.
Ahluwalia Contracts India bags 3 new projects
Ahluwalia Contracts India has bagged 3 prestigious contracts worth Rs 387 crore.
A project of Rs 229.7 crore from CPWD for Upgradation and Renovation of S P M swimming pool complex (talkatora stadium), New Delhi. The stadium would be venue for commonwealth games to be held in 2010. Recently company had also bagged the Rs 688 crore commonwealth games 2010 village residential project.
A project of Rs 111.6 crore order from Chalet Hotels for civil & structural work for hotel Renaissance at Powai, Mumbai.
A project of Rs 45.89 crore order from Phoenix Mills to build hotel in Mumbai. With inclusion of above orders, the total order book of the company currently stands at around Rs 3150 crore.
Published by Webmaster @ 11:25 AM IST.
BHEL + NPCIL to form JV for nuclear reactors Manufacturing
We have just received reports that Bharat Heavy Electricals Limited and the Nuclear Power Corporation of India Limited is likely to form a 50:50 JV for manufacturing nuclear reactors. As per report, the board of directors of BHEL and NPCIL has given consent for the proposed JV.
The new JV will produce reactors of 700 MW and 1,000 MW for nuclear power projects and the initial investment is estimated to be around INR 500 crore
Published by Webmaster @ 10:21 AM IST.
Jindal Saw bags orders for US $ 250 million
Thursday, January 03, 2008Jindal Saw has received various orders aggregating to approximately US$ 250 million for supply of spiral pipes / longitudinal submerged arc welded (LSAW) pipes and seamless pipes.
The company has, inter received the prestigious order of (a) app. US$ 80 million from Saudi Aramco, Saudi Arabia for supply of spiral pipes which shall be supplied in 2008 (b) order of app. US $ 40 million from Iraq for supply of seamless pipes and order of more than US $ 95 million from Abu Dhabi Government-owned International Petroleum Investment Co (IPIC).
Abu Dhabi has awarded an order of aggregate value of US$ 460 million for pipe supply to the company, besides Japan's Sumitomo and Germany's Salzgitter for the balance portion. The company is the only Indian company which has been considered for and awarded this order. With these orders, the company's present order book exceeds US$ 850 million. These orders are scheduled to be completed by January 2009
Published by Webmaster @ 10:50 PM IST.
Nelcast bags exports Rs 40 crore export orders
Nelcast has received letter of indent worth Rs 40 crore from European manufacturer for supply of components for heavy commercial vehicles. This order is on long term basis and the vompany needs to supply for next four years.
Meanwhile, the company has completed its phase I expansion plan at its new unit at Gudur. This expansion will result in increase of installed capacity from 1,02,000 tonnes to 1,26,000 tonnes per annum. This expansion will help the Company to cater to the growing demand from its existing customers including Ashok Leyland, Tata Motors, Tata Cummins, and Tafe in the field of Automotive and Tractor segments.
Published by Webmaster @ 9:06 AM IST.
Sonata Software Receives Order from Lycos
Wednesday, January 02, 2008
Sonata Software has announced that TUI InfoTec GmbH, Germany, a joint venture between Sonata Software, India and TUI AG, Germany has gained a new client (i.e. LYCOS Europe) outside of TUI group. From February 2008 LYCOS Europe, one of the continent's leading providers of Internet portals and online advertising, will be using TUI InfoTec as its outsourcing partner for its office IT operations. Migration of the existing set-up to an MPLS network is due to begin this month.As part of another contract TUI InfoTec has already been looking after LYCOS Europe local area and international WAN networks since 01 December 2007. TUI InfoTec successfully beat off several competitors in the selection process.
Published by Webmaster @ 11:52 AM IST.
Tech Reliance sends Tremors at Infosys + TCS + Satyam
Anil Ambani has finally made it public about his IT Consulting ambitions. Fueled with synergies from RCom + Yipes, Anil Ambani has hand picked a team of 15 professionals to scale the IT business.The company will operate in the domains of consultancy, infrastructure management, application development, management and domestic SME market.
With falling dollar and margins under heavy pressure, Sr executives at Infosys, TCS and Satyam are already looking towards Anil Ambani's Tech Reliance to make their last Stock Options bounty. Hyderabad, Kolkata, Mumbai and Gurgaon IT centers will open for business within the next 6 weeks.
Published by Webmaster @ 8:45 AM IST.
Venus gets European GMP certification
Tuesday, January 01, 2008
Venus Remedies has been accredited with the European GMP certification for its cephalosporin and carbapenem plants at Baddi, India, a rare and most coveted certification for regulated markets.The cephalosporin and carbapenem plants of the company were inspected by the European authorities and found to be complying with the manufacturing and quality control standards as per the European good manufacturing practice.
The European - GMP certification is a pre-requisite for Export to European union. Venus is the only company in India to have an EU-GMP certified plant for carbapenems, which the have huge market potential across the globe. With this accreditation, the company can now freely export to not only 36 countries of European union, but also to Canada and Australia, which recognize European GMP. Now the company can surge ahead in the regulated European and Canadian markets, as per its strategy, in sync with its subsidiary Venus Pharma GmbH, Germany and realize its export targets as per projections.
Published by Webmaster @ 2:58 PM IST.
Marksans Pharma acquires Hale Group
The board of Marksans Pharma has decided to enter into share purchase agreement with Hale Group, U.K. for acquiring its entire share capital along with its subsidiary company Bell, Sons & Co. (Druggists) and authority to Mark Saldanha, managing director to execute the same. The above acquisition shall be through companies 100% subsidiary, Marksans Pharma U.K.
Published by Webmaster @ 12:13 PM IST.
