Category: Breaking Corporate India Earnings News

Hindustan Construction Company has announced that Alpine-Samsung-HCC JV i.e. Alpine Mayreder Bau GMBH (ALPINE) – Samsung Corporation (SAMSUNG) and the company has been awarded a contract for design and construction of two underground stations and tunnel between New Delhi station and Talkatora Garden, from Delhi Metro Rail Corporation Lid, New Delhi.

The value of the contract is Rs 693.61 crore plus Euros 1.457 crore. The total value of the contract is Rs 774.64 crore. The company’s share in the total value of the contract is 33% i.e. Rs 255.63 crore.

Ansal Properties & Infrastructure has entered into joint venture / strategic sales with Pearl Global, for setting up a cyber park on about 8 acres of land on NH-8 at a very strategic location with an expected sales value of about Rs 350 to Rs 400 crore.

The company has entered into joint venture / strategic sales with Ashiana Retirement Village, for developing a group housing meant for senior citizens, to which about 14 acres of land in its Lucknow project has been sold.

Further, the company has entered into joint venture / strategic sales with Globosport India whereby they will provide sports infrastructure and coaching facilities at its Lucknow project and other places, wherein Mahesh Bhupati and Gaurav Natekar, renowned tennis players, will be involved.

There are rumors of Follow on Public Offering in Syndicate Bank stock. Government holds 66.47% in the bank. The scrip had touched a high of Rs 93.40, its 52-week high. It hit a low of Rs 88 so far during the day. The stock had hit a 52-week low of Rs 57 on 3 April 2007.

At the current price of Rs 92.35, the scrip trades at a PE multiple of 5.45, based on Q1 June 2007 annualised EPS of Rs 16.94. Syndicate Bank’s net profit rose 22.4% to Rs 221.03 crore on 47.3% rise in operating income to Rs 1999.34 crore in Q1 June 2007 over Q1 June 2006.

IVRCL Infrastructures & Projects has announced that the Pune region of the company has bagged building division and power division orders of an aggregate value of Rs 394.24 crore.

GTL, India’s leading network services player, has received the prestigious golden peacock global award for corporate governance, in the 8th international conference on corporate governance held in London on 21 September 2007.

Nearly 130 companies had applied for this prestigious award from across the world. The world council for corporate governance, UK, confers the award annually, to companies that have demonstrated benchmark standards of corporate governance. The company received the award with an appreciation for its good corporate governance practices that reflected in transparent, disclosures and compliance and voluntary audit of quarterly accounts, functioning of the board and corporate social responsibility activities.

As per reports, the issue of bonus shares was discussed at the meeting of inter-ministerial comittee (IMC).

At the current price of Rs 369, the scrip trades at a PE multiple of 11.38, based on Q1 June 2007 annualised EPS of Rs 32.41.

As per reports, the issue of bonus shares was discussed at the meeting of inter-ministerial comittee (IMC).

Report suggested that in terms of Department of Public Enterprises (DPE) guidlines, central public sector enterprises (CPSEs) having reserves and surplus more than three times of their paid up capital are expected to declare bonus shares.

On a paid up capital of Rs 845.65 crore, total reserves of GAIL (India) the company stood at Rs 10,547.26 crore, which is about 12.5 times of the paid up capital.

Reliance Industries has announced an oil discovery in the deepwater block KG-DWN-98/l (KG-D4) located in the Krishna Basin. This is the first time an oil discovery has been made in the Krishna deep-water basin. This deep-water block was awarded to RIL under first round of NELP bidding. RIL holds 100% participating interest in this block, which spans over an area of 8100 sq kms.

The oil find in this exploration block marks a new beginning in this basin. The well was located in a depth of 565 meters and was drilled to a target depth of 3595 meters. The well encountered elastic reservoir with gross oil column of more than 20 meters in the Mesozoic section. During the Drill Stem Testing (DST), the well flowed 596 barrels of oil per day. This discovery namely ‘Dhirubhai – 36’ has been notified to Government of India and directorate general of hydrocarbons.

Encouraged by successes in the Godavari and Cauvery deeper Mesozoic plays, Reliance continued its exploration effort in Krishna offshore. This oil discovery comes after nearly two decades of exploration history with, more than 30 exploratory wells drilled by various operators in this geologically complex basin. The potential commercial interest of the discovery is being ascertained through integration of additional data and analysis.

This move is aimed at expanding company’s presence in the global beverages market. The reports suggest that the acquisition would help Tata Tea gain a larger share of the retail shelf space. Unlisted Liberty Tea is a popular brand in Europe.

In June 2007, Tata Tea bought Mount Everest Mineral Water for about Rs 210 crore. Tata Tea is the world’s second-largest global branded tea player with presence in 40 countries. Some of its famous brands include Tetley and Good Earth.

Tata Tea’s net profit fell 3.5% to Rs 43 crore on a 14% increase in sales to Rs 290.01 in Q1 June 2007 over Q1 June 2006.