Category: Breaking Corporate India Earnings News

IMP Powers has announced that the funds managed and advised by Motilal Oswal Venture Capital Advisors (MOVCAPL) have invested Rs 190 million in IMP Powers.

IMP Powers (IMP) offers an opportunity to invest in the high growth transformer sector. IMP is one of the oldest player in the power equipments segment with a product portfolio of various types of transformers, industrial meters and testing equipments. Transformers constitute about 95% of its financial year 2007 sales.

The company is undertaking an expansion project with a capital outlay of Rs 280 million including working capital. The project includes expansion of its manufacturing facilities situated at Silvassa (U.T) from existing 3,600 MVA to 6,000 MVA. The funds managed & advised by MOVCAPL have invested Rs 190 million to part finance the expansion project. Brescon Corporate Advisors, were the financial advisors to the company on this deal. Further, promoters of the company & Brescon Corporate Advisors have subscribed to warrants to finance the balance of the capex program.

Nagarjuna Construction Company in consortium with POSCO E & C of South Korea has bagged an EPC contract valued at Rs 1,558 crore from Steel Authority of India for IISCO steel plant at Burnpur, West Bengal. The project comprises of setting up of blast furnace complex to be completed over a period of 30 months. This will be the largest blast furnace in India and would be based on state-of-the-art technology of POSCO E&C. The company’s share of the order is Rs 1,100 crore approximately.

The Nagarjuna Constructions stock is up 10% at Rs 240.

Sage’s stock price witnessed heightened activity on the London Stock Exchange yesterday on talk that India’s leading IT company Infosys, may be interested in acquiring the company. Reports suggest that Infosys could be in talks with Sage for buying out certain divisions of the UK company in an effort to enlarge its European business in order to reduce its dependence on the US market.

The Sage Group is a supplier of accounting, payroll, CRM and business management software for large, medium and small size enterprises. The group posted a turnover of 936 million pounds during the last calendar year. Sage is estimated to have a market capitalization of over 3 billion pounds.

CapGemini and Microsoft may also be interested in Sage, said a broker on Dalal Street.

KEC International has bagged a major Asian Development Bank funded contract from Afghanistan’s Ministry of energy & water through an international competitive bidding process. Power Grid Corporation of India (PGCIL) is consultant to the project, which will be completed in 18 months. The value of the contract is Rs 317 crore.

The special feature of this prestigious win is its composite nature. To be executed in two lots in the North and Eastern regions of Afghanistan, this order in totality involves turnkey construction of 2 X 110 KV transmission lines totaling over l00 kms; 4 sub stations and; 8 power distribution systems of 20 KV each.

Jubilant Organosys will supply Pyridines and derivatives of the chemical compound, used in manufacturing of medicines and agricultural products, to Syngenta. The Swiss company will use it in its agriculture business. The new contract will start from early 2008. The company made this announcement after market hours on Tuesday, 18 September 2007.

Everest Industries is entering into business of design, manufacturing, supply and erection of pre-engineered steel buildings.

Pre-engineered steel buildings are accepted as an alternate to conventional buildings in the construction sector. Most of the industrial, infrastructure and commercial buildings are being made using this technology which saves lot of construction time. This technology is fast, efficient and cost effective compared to conventional building methods. The acceptance has been phenomenal across all segments in India. This business is in rapid growth mode and this concept is globally accepted. The existing players are growing very rapidly.

For undertaking this business, the company has commenced the setting up of its first plant at Bhagwanpur at Roorkee (Uttarakhand), which will be followed up by other plants based on market growth.

State Trading Corporation of India informed DalalStreet.Biz, that a meeting of the board of directors of the company will be held on 26 September 2007, to recommend bonus shares in a ratio of 1:1 . Shares of State Trading Corporation of India had hit a high of Rs 238.35, a record high for the scrip. The company’s current equity is Rs 30 crore. Face value per share is Rs 10.

Tata group company, Trent Ltd has announced partnership with Benetton India to introduce Luxury Retailing in India under the brand name Sisley.