Category: Breaking Corporate India Earnings News

Gitanjali Gems has acquired Rogers, a retail jewelry chain in United States. The company has acquired 100% stake in this specialty retailer, which operates 46 stores in US with current revenues equivalent to US $ 80 million. Rogers Inc. is headquartered in middletown, Ohio and operates under brand names rogers jewelers and andrews jewelers.

This acquisition by Gitanjali in organized US jewellery market is a landmark step for the industry and a significant step towards moving up the industry value chain, which will offer a range of synergies to Gitanjali’s existing operations. Gitanjali will not only have access to a large US consumer base, but leveraging Rogers’ existing retail infrastructure will give Gitanjali a better control over the entire value chain in the jewelry business.

By way of this acquisition Gitanjali has taken one more step ahead in the direction of getting control over in the value chain, which will boost the company’s plans to expand its retail presence in India and overseas.

Mukesh Ambani’s friend Anand Jain’s company Jai Corp has suddenly risen on the Streets with backing from RIL, mainly for SEZ projects.

The members of Jai Corp have approved to issue of 59,10,610 fully paid-up equity shares of face value Re 1 each at a premium of Rs 1,034 each on preferential / private placement basis.

The members have approved to issue 1,50,00,000 fully paid-up preference shares of face value Re 1 each at a premium of Rs 99 each on preferential basis to promoter group.

We don’t understand the differential pricing between the promoter group and private placement. Come on its a Ambani backed company, have you forgotten how Mukesh, Paramod Mahajan and his friends got Reliance Infocomm shares at Rs 1 each 🙂

Suzlon Energy has informed us that Suzlon Energy Australia, Australia; the step-down wholly owned subsidiary of the company has signed two major new orders in Australia. The contracts totaling over 200 MW of capacity were signed with Sydney’s renewable power ventures and utility major AGL Energy.

The contract with RPV calls for delivery of 63 units of Suzlon S88-2.1 MW wind turbines translating to 132 MW capacity and the wind farm project pertaining to the said supply is scheduled for completion in the first half of 2009. Whereas the contract with AGL Energy calls for delivery of 34 units of Suzlon S88-2.I MW wind turbines and is scheduled for completion by 2009.

RTS Power Corporation has bagged new orders worth Rs 526.76 million for the supply of 4735 transformers and 1621.6 km cables from a number of turnkey orojects and other private sector players and SEBs.

The company has bagged orders worth about Rs 240 million from Kalpataru power transmission for the supply of transformers. Apart from this, the company has bagged orders from Sterling & Wilson, Nagarjuna Construction, Ramky Infrastructure and Associated Transrail Infrastructure. However, the total orders in hand at present stands at Rs 1244.86 million.

To expand new business dimensions, the company has successfully been able to rope in leading private players in the field of T & D namely Kalpataru Power, Nagarjuna Construction, Bajaj Electricals, Emco, Genus Infra, Subhash Projects, Associated Transrail, Jyoti Structures, Indo Power, Sterling & Wilson, Angelique International, K B Const, Samad Engg (Dhaka), etc.

Larsen & Toubro in consortium with Paul Wurth has bagged a Rs 580.74 crore order from SAIL for Up gradation of blast furnace No 2 at Bokaro steel plant on a turnkey basis. ECC, the company’s construction division will execute this order and the company’s portion of this order its valued at Rs 355.02 crore.

Paul Wurth’s scope covers basic engineering, supply of proprietary and special equipment as well as technical service while the company’s scope includes detail engineering, supply of indigenous mechanical, electrical equipment and instrumentation works as well as complete site services encompassing civil, structural and erection works.

The turnkey project is to be completed in a stringent schedule of 21 months including shutdown of 150 days. The company has core expertise in rebuilding blast furnaces and is reputed for timely execution of similar projects in the past.

This partnership is expected to generate significant returns targeting the first premium income of Rs 100 crore after one year of the launch of operations. Cholamandalam MS, General Insurance Company is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance of Japan.

In the first phase of the rollout plan, IndusInd Bank plans to enable at least 150 of its 172 branches to sell Cholamandalam MS policies.

IndusInd Bank’s net profit rose 30% to Rs 22.34 crore in Q2 September 2007 over Q2 September 2006.

Wanbury Limited, world’s largest producer of both Metformin, a diabetes management product and Salsalate an anti inflammatory drug has declared excellent results for the quarter ended 30th Sept 2007.

Wanbury’s consolidated turnover is up 146 % at Rs. 90.73 crore for the quarter ended 30th Sept 2007 against Rs. 36.84 crore for the same period last year. The Earning before Interest, Depreciation and Tax (EBIDTA) has appreciated 274 % to Rs. 20.50 crore over Rs. 5.48 crore, last year. The Profit After Tax has gone up 150 % to Rs. 8.89 crore as against Rs. 3.57 crore for the corresponding period last year.

During the quarter the company completed the acquisition of the generic division of Industrial Farmaceutica Cantabria. S.A. Spain. Also the company allotted 2,06,674 equity shares of Rs 10/- each at a premium of Rs. 128.43 per equity share, upon the conversion of 50 bonds of Foreign Currency Convertible A Bonds.