Category: Breaking Corporate India Earnings News

Kavveri Telecom Products has acquired Technology, Intellectual Property Rights and Patents of Cellular Infrastructure Base Station Antenna Line of erstwhile M/s. Sigma Wireless, Ireland from M/s. PCTEL INC., Chicago, Illinois, USA. along with the Technology, IPR and Patents.

The board of Financial Technologies India has decided to raise upto $ 100 million plus a green shoe option of upto $ 15 million through issue of Global Depository Receipts (GDRs) to overseas investors. Financial Technologies recently sold stake in MCX to Merill Lynch.

Bharat Heavy Electricals (BHEL), the country’s biggest power equipment maker, plans to scale up its manufacturing capacity to 20,000MW by 2012 at an investment of about Rs 6,500 crore as it seeks to gear up for the massive requirement of the electricity sector in the next few years.

Anil Ambani- managed Reliance Energy (REL) announced that its wholly owned subsidiary Reliance Power will go public soon. Reliance Power is expected to mop up $3.5 billion (Rs 14,000 crore) from the market, which will be the biggest public float in recent times after the DLF IPO.

Citigroup has a SELL on the stock of Reliance Energy. Even on Sum of Parts Valuation the stock is quoting at abnormally high price and we agree with Citi’s recommendation of SELL. Book profits only if you hold, don’t short because operators in the counter are directly backed by Ambani circles said company sources.

India’s third largest blended lubricant manufacturer, has firmed up plans for two construction projects in Bangalore and Hyderabad and it is eying a couple of mining projects as well this year.

The 100-acre knowledge city in Hyderabad will need an investment of Rs 800 crore. It will be used for the company’s in-house R&D work on robotics for the explosives division and research for the speciality chemicals division. The construction cost of the Bangalore IT and IT enabled services hub, covering 40 acres, is estimated at around Rs 1,000 crore.

Reportedly, the company also plans to invest around Rs 400 crore in two mining projects that it hopes to bag during this fiscal.

The report indicated that the long-term plan of the company is to strengthen the four verticals and hive them off into separate entities

The government of Andhra Pradesh had constituted a high level committee to investigate the collapse of flyover @ Hyderabad. The findings of the report sent to us in a fax message is as follows,

The committee reported that the heavy rainfall in Hyderabad (on the day of the accident) and the trench dug near the temporary structures by HMWSSB resulted in the erosion of soil and subsequent loosening of the foundation of temporary structures of the flyover. The committee noted that the failure was not of the main structure but the temporary structure (due to rains) and hence absolved Gammon from any claims of negligence in handling the project.

Thus Gammon India will have no impact on obtaining or bidding for further large tenders.

The Securities and Exchange Board of India (SEBI) has allowed the company for conversion of warrants and listing of shares issued on conversion. The stock is currently locked in upward circuit at 10% @ Rs 345.15.

In February 2007, SEBI had asked the promoter group, which comprises 16 entities, of Atlanta, not to deal in Atlanta scrip. Rajoo Barot, Managing Director, and Sachin Jain, Company Secretary, also featured on the list. The share price of Atlanta rose abnormally after listing at Rs 170 on 25 September 2006 to Rs 1264.20 by 11 December 2006.

SEBI had advised the NSE and the BSE to conduct a probe into the abnormal price surge. The probe concluded that promoters group made large scrip purchases during the period.

Merrill Lynch and Citigroup have acquired 5% stake each in Multi Commodity Exchange of India (MCX) from Financial Technologies (India). Company plans to invest proceeds in green field ecosystem ventures such as – India Energy Exchange, National Spot Exchange (NSEL), National Bulk Handling Corporation (NBHC) and others towards the development of complete value chain.

The company, as a part of its strategy, divests its stake in its ventures to key partners that can help propel the growth of its ventures to the next level. It plans to invest the proceeds from the same in organic and other growth opportunities including green field exchanges and ecosystem infrastructure ventures such as NSEL and NBHC among others, in local and global markets.