Category: Breaking Corporate India Earnings News

Maruti Suzuki India (MSIL)’s domestic sales rose 24% to 65,216 units in November 2007 over November 2006. This is its highest ever monthly domestic sale posted by the company. The growth was propelled by newer models such as Zen Estilo, Swift and SX4 even as older models, including Wagon R and Alto, did well, the company said in a communique issued to Dalal Street reporter. However, the main purpose of this terrific sales was the Holiday shopping by Indians.

The company’s exports jumped 82% to 4,483 units in November 2007 over November 2006.

Gateway Distriparks has announced that the company’s subsidiary, Gateway Rail Freight (GRFL) has signed an agreement with Container Corporation of India (CONCOR) in March 2007 to form a joint venture company and operate the rail-linked inland container depot (ICD) at Garhi Harsaru, Gurgaon.

The parties to the above agreement reached closure of the terms of the agreement and the joint venture company, Container Gateway (CGL) has become operational with effect from 01 December 2007. GatewayRail and CONCOR have shareholding in the ratio of 51:49 respectively in Container Gateway.

Diamond Cables has invested in the financial & managerial restructuring of India’s one of the leading power and distribution transformer manufacturer, Apex Electricals in June 2007.
Apex Electricals Ltd. established in 1967, was India’s Leading Power Transformer manufacturer operating with collaboration with ELIN of Austria and manufactured power transformer upto 315 MVA, 220 KV class.

The company has informed that, pursuant to investment and management restructuring from Diamond Power Infrastructure and Financial Investment from Clearwater Capital Partners India, the power transformer manufacturing facilities at Vadodara was totally rewamped to bring to its world class manufacturing facility.

Further, the company pleased to announce the operations of the power transformer facility with 7500 MVA have commenced operations with effect from 03 December 2007 at 10.00 hrs.

Asian Oilfield has informed us that the company has won two orders, the first valued at Rs 44.55 crore is from ONGC Jorhat office for acquisition of 2D Seismic Data in Nagaland. The project is to be executed within 400 operating days.

The other contract valued at Rs 15.17 crore from ONGC Baroda office is for providing integrated seismic job services & shot hole drilling services. The work on this project will start in December 2007 and will continue for field season 2007-08 & 2008-09.

Punj Lloyd has informed us that Sembawang Engineers and Constructors, a wholly owned subsidiary of the company has won a major contract worth Rs 1272 crore for architectural, civil and structural work at the proposed Bayfront MRT station in Marina Bay in Singapore. The contract has been awarded by land transport authority of Singapore.

Moser Baer Photo Voltaic (MBPV), a wholly owned subsidiary of Moser Baer India just a while ago told us that it has signed a memorandum of understanding with the Government of Rajasthan for setting up of a large solar power project in the State with an estimated generation capacity of 1 – 5 MW. The project will be the largest grid-connected solar farm in India and entail an investment of around US $ 25 million (Rs 100 crores) at US $ 4.5 million per MW.

Clean Energy is the order of the day and even Internet Giants like Google have ventured into renewable Energy & Power. Google is already known for giving hefty discounts to its employees who drive Totyota Hybrid cars.

Moser Baer is also evaluating various options for setting up large sized solar farms across the SAARC region with strategic tie ups with some of the leading global solar PV companies and clean energy funds. Moser Baer Photo Voltaic plans to emerge as a leading technology driven PV equipment manufacturer in the world by implementing a capacity of 500 MW by FY10 through a mix of technologies in the crystalline silicon, concentrator and thin film domain. The company’s photovoltaic equipment manufacturing capacities for crystalline silicon, concentrator and thin film technologies are coming up in an SEZ in Greater Noida.

Tata Steel has informed us that Riversdale Mining and the company have signed an agreement to establish a special purpose joint venture vehicle to develop a hard coking and thermal coal project at key coal exploration tenements held by Riversdale in Mozambique. Mozambique is fast-becoming a region of global significance for the coal sector.

Under the terms of the agreement, Tata will pay AUD100 million (approximately US $ 88.2 million) to acquire a 35% Project Interest. For this consideration, Tata secures a key position in the joint venture formed to develop the Mozambique coal project, as well as a 40% share of the off-take for coking coal.

Tata will also have the option to participate above this level of tonnage, and may participate with Riversdale in future opportunities on Riversdale’s surrounding tenements. The joint venture comprises two licences and covers an area of 24,960 hectares. Riversdale Mining holds a total acreage of over 290,000 hectares in Mozambique.