Category: Breaking Corporate India Earnings News

Close to 15,000 acres would be released in Mumbai for development following the repeal of Urban Land Ceiling and Regulation Act. The bill for the repeal of Urban Land Ceiling and Regulation Act (ULCRA) had been on the agenda of the state legislature for the last two sessions. In April this year, the Maharashtra government moved a resolution to repeal ULCRA on the last day of the Assembly session.

Shree Ram Urban Infrastructure (up 10.38% to Rs 395), Anant Raj Industries (up 12.89% to Rs 359), Housing Development & Infrastructure (up 5.11% to Rs 798.80), Peninsula Land (up 5.22% to Rs 133), Unitech (up 5.24% to Rs 378.25), Bombay Dyeing & Manufacturing Company (up 4.38% to Rs 697), Phoenix Mills (up 3.45% to Rs 2,300) and DLF (up 1.65% to Rs 894) edged higher.

Visesh Infotecnics is declared has a winner in the Deloitte Technology Fast 50 India 2007 program a ranking of the 50 fastest growing technology companies in India. This was announced during the Deloitte Technology Fast 50 India 2007 ceremony held at Taj Mahal Hotel & Resorts, Mumbai on 22 November 2007.

Sical Logistics has received approval from the Government for investment to be made by Old Lane Mauritius IV , an investment vehicle of Old Lane India Opportunities Funds (Old Lane). It is aimed to fund the growing infrastructure business of the company and Sical’s newly formed subsidiary Sical Infra Assets.

Old Lane Mauritius IV will be issued compulsorily convertible debentures (CCDs) worth $26 million in Sical Infra, which will subsequently be converted into equity shares of Sical Infra.

Sical Infra was formed to house Sical Logistics’s asset-heavy, capital-intensive, longer gestation infrastructure based businesses like the road and rail terminals at Nagpur, Sical iron ore terminal at Ennore, the container rail project, the container terminals at Tuticorin and Chennai in joint venture with PSA Singapore as well as Sical Distriparks.

Wipro Technologies, the global IT services vertical of the company has informed us that it has been recognized for the second time as a winner of the 2007 global MAKE award and was ranked first in the information technology sector in creating an environment for collaborative knowledge sharing and creating a learning organization categories, thereby delivering value based on customer knowledge MAKE stands for most admired knowledge enterprises and the awards were established in 1998.

The MAKE Winners are chosen by a panel of fortune 500 business executives and leading knowledge management and intellectual capital experts after an initial short-listing based on nominations by the panel. The global MAKE study recognizes organizations which are world leaders in creating shareholder wealth by transforming new as well as existing enterprise knowledge and intellectual capital into superior products / services / solutions.

Wipro Technologies has also won the 2007 Asian MAKE award, fifth time in a row, which was presented in a glittering ceremony in the world knowledge forum held at Seoul, South Korea. In addition, Wipro Technologies also received the 2007 Indian MAKE award third time in a row in KM India 2007.

GMR Infrastructure has announced that GMR Energy, the company’s 100% subsidiary company had entered into a share purchase and joint venture agreement to acquire 80% stake of Himtal Hydro Power Co. Himtal have subsisting survey licence issued by the department of electricity development, Government 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.

Bharat Heavy Electricals (BHEL), the country’s largest manufacturer of power equipment, will initially invest Rs 275 crore for upgrading the manufacturing facilities of Vishakhapatanam-based loss making Bharat Heavy Plate & Vessels (BHPV).

According to the scheme, the central government will waive and write-off loans and interest amounting to Rs 414.95 crore of BHPV up to 31 March 2007 this year. Besides, the government will settle all outstanding liabilities of BHPV amounting to Rs 263.97 crore.

Post-acquisition, BHPV would become a subsidiary of Bhel. The restructuring scheme also envisages increasing the authorized capital of BHPV to Rs 70 crore. Bhel will subscribe Rs 34 crore as additional equity of BHPV.

GVK Power & Infrastructure told us that Mumbai International Airport, an associate company of the company on 27 November 2007 has awarded the duty free contract to DFS Ventures Singapore for a period of three years with an option to extend for another year.

Mundra Port and SEZ which had recently concluded its IPO had a big bang listing with 125% appreciation on day one to successful allottees. Our IPO Analyst had a Subscribe recommendation on the IPO.