Category: Breaking Corporate India Earnings News

Jet Airways India has announced that the introduction of a new Mumbai-Chandigarh service and additional daily services to Kochi and Bhopal, thus expanding its domestic network. This follows the induction of two classic and next generation boeing 737-700/800 aircraft into its fleet, effective 17 October 2007.

The company will operate its first ever daily flight from Mumbai to Chandigarh with a boeing 737-700 aircraft with 20 seats in premiere and 102 seats in economy class.

Jet Airways also announces the enhancement of its frequencies to Kochi and Bhopal from Mumbai. This will allow Jet Airways’ Kochi passengers to connect onto our international flights to London, Brussels and Newark with ease.

The new Reliance Petroleum has set a blistering pace on all implementation fronts and achieved over 70% overall progress in implementation of its large and complex refinery, coming up in a special economic zone at Jamnagar. Based on the progress made till date, in the engineering, procurement and construction activities, RPL expects to complete the project ahead of December 2008.

Procurement and contracting for equipments, tagged items and bulk materials is now complete. There is a barrage of equipment deliveries at site, with over 1,000 equipments, including several critical and long lead heavy equipments delivered during the quarter alone. With this, over 50% of all equipments / tagged items required for the project have already been received at site. Nearly all the bulk materials, including pipes and fittings for the project as well as substantial part of electrical and instrumentation bulks have also been delivered at site.

The construction activities have also peaked with aggregate volume of concrete poured at the project site crossing the 1.5 million cubic meter mark during the quarter. Most of the civil work is complete. This has enabled structural steel / pipe erection and equipment installation activities to progress rapidly as well. Over 20% of equipments are installed and over 40% of project scope for pipe laying and erection is complete. Underground piping is nearing close out. Nearly 75% of structural steel fabrication, 85% of tankage fabrication and over 60% of pipe fabrication work has also been completed.

Orbit Corporation reported a net profit of Rs 1.85 crore on sales of Rs 13.11 crore in Q2 September 2007. On consolidated basis, the company posted net profit of Rs 39.88 crore on sales of Rs 97.55 crore in Q2 September 2007. The comparable figures of previous corresponding year were not available.

As per reports, the company has a total land bank of 1.1 million square feet and it targeting sales of Rs 800 crore in the year ending March 2008.

At the current price of Rs 662.50, the scrip trades at a PE multiple of 324.75, based on Q2 September 2007 annualised EPS of Rs 2.04.

Bharati Shipyard and Apeejay Shipping, one of the largest private ship owners announced that they have sign a 50:50 joint venture agreement for setting up a large modern ship building yard along the eastern coast of the country. The company and Apeejay Shipping are in the process of jointly finalizing the site and shall announce the location in the coming weeks.

The proposed joint venture which is the first if its kind in India to bring synergy between a reputed ship builders and a leading shipping company, is excepted to commence operation by 2009.

The company and Apeejay would jointly invest in the state of the art technology and modern ship building and ship repair facilities and would have the capacity to build and repair vessels of all sizes up to VLCC.

Housing Development & Infrastructure (HDIL) has received a letter of intent dated 15 October 2007, for the airport slum rehabilitation project, for removal of slums from encroached airport land, which has been awarded by Mumbai International Airport to the company. The company has also executed an agreement dated 15 October 2007 for rehabilitation and development of slums around the Chhatrapati Shivaji International Airport and development of part of the cleared land.

Our Coverage on HDIL:
HDIL has tied up with Lehman Brothers.
Religare – Stock Recommendation on HDIL

It took just 4 Trading sessions for the Mumbai Stock Exchange SENSEX 30 to hit a new high of 19,092.

Easing of political worries and improved Index of Industrial Production (IIP) figures for August 2007 boosted the bourses today. India’s industrial output in August 2007 rose 10.7% from a year earlier, higher than upwardly revised annual growth of 7.5% in July 2007 due to mining, manufacturing and electricity production, data released by the government showed on Friday, 12 October 2007.

Emerging markets-dedicated equity funds posted strong inflow for yet another week. For the third consecutive week, emerging markets equity funds recorded inflow in excess of $5 billion at $5.1 billion, in the week ended 10 October 2007. Funds dedicated to emerging Asia had the most inflows in the seven-day period, or $2.13 billion.