Category: Breaking Corporate India Earnings News

Stone India has executed a technical collaboration agreement with SMA Technologie AG, Germany for manufacturing of 180 KVA auxiliary power converter for Indian Railways.
This high value product will be manufactured in the new upcoming facility in Nalagarh, Himachal Pradesh.

ICICI Bank’s Bahrain branch has raised $2 billion through a 5-year fixed rate note. The notes have been priced at 237 basis points (bps) over US Libor or at Libor plus 172 bps. The six-month Libor is currently at 5.14%. From an investor breakdown perspective, 32% of the notes were sold to banks, 53% to fund managers and 15% to pension funds and retail. The issue had an order book of $6.05 billion and received interest from 250 investors. Reportedly, this is the first major issuance by an Asian bank, post-subprime crisis.

Wipro has entered an to acquire Oki Techno Centre (Singapore). The target company is based out of Singapore and is focused on wireless design in the areas of RF and baseband.

The development center set up by Wipro will enable OKI to utilize design resource efficiently and enhance product development capabilities. This will enable OKI to expand its semiconductor business and increase its competitive edge in designing semiconductor products in the global market.

Earlier last month Wipro acquired Infocrossing in the US.

Despite Citibank’s SELL Recommendation on Reliance Energy, the stock is moving up. What’s cooking ? Our Analyst has done an exclusive research and here are the findings.

Reportedly, Reliance Energy (REL) wants to be known as an infrastructure player rather than a pure power utility with forays into projects such as roads, metro rail and real estate.

Currently, REL has two key divisions, power and engineering, procurement and construction (EPC). The power division, which includes generation, transmission and distribution businesses, contributes about 64% of overall revenues while balance comes from the EPC division.

As per recent reports, REL’s fast-growing EPC division may be spun off into a separate company.

Lupin has acquired Rubamin Laboratories (RLL), a part of the Rubamin group. The pharmaceutical business of Rubamin group was operated through its subsidiary RLL, largely engaged in the manufacture of advanced intermediates for APIs under contract research and manufacturing (CRAMS) model.

RLL has over a decade of experience in manufacturing advanced intermediates for APIs. RLL today has capabilities to participate in the value chain from drug development to commercial production of advanced intermediates for APIs. RLL has built a strong customer base and with company’s strengths will be in a better position to support the global pharmaceutical industry.

Suzlon Energy announced during market hours today, 27 September 2007, it has made a breakthrough into the Turkish wind energy market with an order for 31.5 Mega Watts (MW) of wind turbine capacity. The contract is for Ayen Enerji Co. Inc. and will be supplied through 15 units of Suzlon’s S88 – 2.1 MW turbines, Suzlon said.

Suzlon’s net profit had fallen 53.8% to Rs 89.40 crore on 10.1% decline in sales to Rs 839.19 crore in Q1 June 2007 over Q1 June 2006.

BHEL has secured an order from Steel Authority of India (Sail) for setting up a 62.2 mega watt (MW) captive power plant in Burnpur, West Bengal. The contract is worth Rs 765 crore. The plant will meet the power requirement of Sail’s expansion plan of IISCO Steel plant at Burnpur.

This contract is one of the largest-value single orders secured by the government-owned Bhel. Its order book now stands at Rs 65,000 crore. The project will be completed within 29 months.

EIH has decided to terminate its strategic alliance for marketing and co-branding with Hilton International for the Trident Hilton brand in India. EIH had given notice to Hilton of its decision to take effect from 31 March 2008.

In consequence, the existing Trident Holton hotels in Gurgaon, Agra, Jaipur, Udaipur, Bhubaneshwar, Chennai and Cochin will be rebranded Trident hotels effective 01 April 2008. The Hilton Towers in Mumbai will also be rebranded as Trident Towers effective 01 April 2008.