Category: Breaking Corporate India Earnings News

The board meeting of Dewan Housing Finance Corporation will be held on 20 November 2007 to invest in Wadhawan Food-Retail, one of the promoter group company.

Well known brand name Spinach is a fully owned retail venture of Wadhawan Food-Retail. Dewan housing was up 7% after the announcement even in otherwise a dull market.

Parle Software is engaged in exports of software products and software development services to countries like USA, U.K., & Far East country like Hong Kong & for effective overseas marketing, the company had set-up its own overseas marketing office in U.K. & representative marketing offices in U.S.A. & Hong Kong. These overseas marketing offices will help the company to increase its market shares in these countries and provide a platform for the effective marketing of its software products.

Ranbaxy Laboratories has announced that the company has reached an agreement with Astellas / Boehringer Ingelheim to stipulate a remand of the pending federal circuit appeal and subsequent vacatur of the District court decision in regards to Flomax (Tamsulosin capsules). The case between the company and astellas / boehringer ingelheim has been dismissed without prejudice. The lawsuit in the U.S. was related to Astellas’ U.S. patent No. 4,703,063, covering Tamsulosin and its use in the treatment for functional symptoms of BPH (benign prostatie hyperplasia).

On June 20, 2007, the company received tentative approval from the U.S. FDA in regards to its Tamsulosin ANDA No. 77-451. The company will continue to pursue a strategy to effectively optimize its pipeline of First-to File (FTF) opportunities. The company believes that it has a FTF status on approximately 17 paragraph IV ANDA filings representing a market size of US $ 26 billion valued at innovator prices.

Ranbaxy Pharmaceuticals Inc. (RPI) based in Jacksonville, Florida, USA, is a wholly owned subsidiary of the company. RPI is engaged in the sale and distribution of generic and branded prescription products in the U.S. healthcare system.

The Kurdish Regional Government (KRG) announced seven new production-sharing contracts (PSCs), of which Reliance Industries Ltd got Rovi and Sarta in northern Iraq. The blocks measuring 450-500 square kilometer have an oil-bearing structure of almost 80%, and Reliance is confident of making a discovery soon. RIL paid a signing amount of $15.5-17.5 million for the two blocks.

Also RIL made new gas discovery in a block in the Krishna Godavari offhsore basin. The company is still evaluating the commerciality of the discovery.

Firstsource Solutions has launched US $ 275 million FCCBs at an conversion price of Rs 92.2933 per share.

The issue of FCCBs is firmly underwritten and is subject to approval of shareholders of the company at the extra-ordinary general meeting to be held on 22 November 2007.

Larsen & Toubro has priced its US$ 400 million GDS offering represented by GDRs at US$ 100 per GDS. Each GDS represents one equity share of the company of nominal value of Rs 2 each. The issue was priced after market hours on 06 November 2007. The GDS are proposed to be listed on the Luxembourg stock exchange. Lehman Brothers International (Europe) and UBS are acting as the joint global co-ordinators and joint bookrunners for the offering.

Amtek Auto has acquired one of the largest automotive precision machining companies Triplex- Ketlon Group, which was also Amtek’s strongest competitor running close to 185 different machining lines and a multi-location presence in the UK. Triplex-Ketlon manufacturing facilities are located in Paddock Wood, Stratford-upon-Avon and Hereford all in UK.

At sales revenue of $152 million per annum, Triplex-Ketlon was one of UK’s large but independent precision machining companies. This acquisition further consolidates the position of Amtek presence in Europe’s automotive scene and makes Amtek’s combined precision machining operations the largest in the UK and probably one of the largest in Europe as well.

This acquisition comes as an expansion for Amtek’s precision machining operations, which currently comprises of two large precision machining facilities in Coventry and Letchworth in the UK besides their machining operations in India and Germany.

This acquisition will be another milestone for the Amtek Group and a step forward in direction of consolidating its customer and product portfolio as well as attaining world class technological edge in automotive manufacturing.