Category: Breaking Corporate India Earnings News

Mahindra & Mahindra (M&M) is reportedly planning to introduce its utility vehicle, Scorpio, in the quality-conscious US market, which is also the largest in the world with 15 million vehicles in annual sales.

The reports suggest that the company already has firm orders for 45,000 units of Scorpio for the first year, which is more than the 40,000 it sold in India in the last financial year.

Around 285 US dealers have signed up to sell the vehicle and are investing $178 million in setting up sales and service outlets, the report added.

Sundram Fasteners has acquired 100% equity share capital of Upasana Engineering (UEL), a step-down wholly-owned subsidiary at cost from Sundram Fasteners Investments, a wholly-owned subsidiary of the company.

Consequent to acquisition of the equity shares, UEL has become a wholly-owned subsidiary of the company with effect from 12 December 2007. UEL manufacture spokes and nipples, tools and other and components at its two units located in Chennai and Hosur, both in the State of Tamil Nadu.

Leading Global Investor Eton Park will invest Rs 500 crore in Reliance Capital AMC for a 5% stake in the company. At this valuation, the Reliance AMC valuations amounts to Rs 400 / share of Reliance Capital Ltd.

Reliance AMC is valued at Rs 10,000 crore, approximately 13% of the valuation of total Assets Under Management under the AMC.

Punj Lloyd has secured a Rs 590 crore contract for building delayed coker unit & coker LPG merox block for the residue upgradation project of Indian Oil Corporation at its Vadodara refinery in Gujarat.

The scope of work includes a 3.7 MMTPA delayed coking unit and a 160 TMTPA LPG Merox unit. The project is scheduled to be completed within 28 months. The company has extensive experience in refinery process units including hydrocracker, sulphur recovery units, hydrogen generation unit and motor spirit quality (MSQ) upgradation projects for all the major PSUs in India. This project adds to this vast portfolio in refinery processing. With this, the order backlog for the Punj Lloyd group on consolidated basis has gone up to Rs 18,484 crore.

The board of Bank of Rajasthan has approved to increase the limit of investment in bank’s equity by FIIs upto 49% and by NRIs upto 24%, both taken together 49% of the total paid up capital of the bank.

Further, the board has decided to convened an extra ordinary general meeting on 11 January 2008.

Diamond Cables’ conductor division has e-mailed us that the company is in receipt of order from India’s two larger EPC contracting firm for manufacture and supply of transmission and distribution conductors aggregating 5447 kms valued at Rs 800 million.

Ansal Properties and Infrastructure Ltd has informed that the Uttar Pradesh (UP) government has doubled its project size from an earlier approved 2500 acres to 5000 acres. The total investment is tipped to be around Rs 21000 crore