Category: Breaking Corporate India Earnings News

Diamond Cables has announced the receipt of orders for 2750 transformers, out of which 1350 transformers are for 63 KVA, and 1400 transformers for 16 and 10 KVA. These orders are to be executed by company’s wholly owned subsidiary Diamond Power Transformers (western transformers) before 31 March 2008. The company’s wholly owned subsidiary order booking position exceeds Rs 70 crore and the capacity is totally booked till 30 June 2008.

Harita Seating Systems, a leading seat manufacturer for tractors, passenger busers etc in the country has announced issue of bonus shares in the ratio of [1:1] one equity share of Rs 10 each for every one-equity share of Rs 10 each held.

Banco Products India has scheduled a meeting of the board of directors to on 26 September 2007 to consider sub-division of the face value of the equity shares.

Recently the company had issued bonus shares in the ratio 1:1.

Batliboi announced during the market hours today, 13 September 2007 that it has fixed 4 October 2007 as the record date for the purpose of stock split from the present face value of Rs 10 to Rs 5 each.

Net profit of Batliboi rose 39.90% to Rs 2.77 crore on a 24.98% rise in sales to Rs 30.52 crore in Q1 June 2007 over Q1 June 2006.

Lupin Labs has announced that the court of appeals for the federal circuit on 11 September 2007 reversed a district court decision on Ramipril in its favor, finding the Aventis patent on Ramipril invalid. Aventis owns the 722 patent in question and king pharmaceuticals markets Altace.

Ramipril is one of the ACE inhibitors, which are useful for treating high blood pressure and Altace revenues were over US $ 900 million in the US (IMS MAT Jun 2007).

Dr Reddys Laboratories has announced that the U.S. Food and Drug Administration (USFDA) has granted final approval for the company’s Abbreviated New Drug Application (ANDA) for Ranitidine (Zantac) 150mg tablet (over-the-counter). The company is the only generic manufacturer to receive FDA approval for this product following the expiry of innovator’s patents. This is the first approval for the company’s U.S. OTC business unit following an announcement in mid-May, to launch a store brand OTC division in the U.S.

Real estate firm Peninsula Land struck a deal to sell 5,75,000 square feet of land at its Dawn Mills premises to Alok Infrastructure, a unit of Alok Industries for Rs 1050 crore. ENAM has a BUY on Peninsula Land with a price target of Rs 719.

Peninsula Land (PLL), formerly known as Morarjee Realties, is known for its concept-based architecture in the commercial, retail and residential sectors. Some of the company’s real-estate projects are Crossroads, CR2, Peninsula Corporate Park, Peninsula Technopark, Peninsula Business Park, Ashok Towers and Ashok Gardens.

3i Infotech acquired a strategic stake of 26% in Taxsmile.com India (Taxsmile), with a commitment to acquire a majority stake over a period. Taxsmile is a company engaged in Internet-based tax filing and tax advisory space for individuals.

3i Infotech’s principal activity is to provide a range of software and information technology solutions including packaged applications for the banking, financial services and insurance, manufacturing, contracting and retail and distribution industries.

Mumbai-based Essel Propack is reportedly in talks Alcan for acquiring its packaging unit, Alcan Packaging Beauty. Montreal-based Alcan, which is the world’s third-largest aluminium company, has said it plans to sell its packaging unit as part of a restructuring exercise.

Reports suggest that Alcan Packaging Beauty, which includes packaging for food and beverage, medical and pharmaceutical, cosmetics and tobacco, had posted sales of $800 million last year.

Alcan Packaging Beauty is present in 11 countries and has some of the world’s leading cosmetics and beauty companies as its customers. If the deal is struck, it would be in line with Alcan’s objective of becoming a focused company that is strong in mining, smelting and high-end aluminium products, reports suggest.

Air express and courier firm Blue Dart Express said today, that it plans to invest about Rs 1000 crore in the short- to medium-term to expand its air infrastructure. The company will expand its aircraft fleet, add material handling equipment and ramp up ground handling facilities.

The company now operates four Boeing 737s and two Boeing 757s. Blue Dart also plans to launch a new ground express service which will expand its capacity to 17,500 locations from 14,600 locations now.

Blue Dart Express is South Asia’s leading integrated air express carrier and premium logistics-services provider. The company has the most extensive domestic network covering over 14,000 locations, and services more than 220 countries and territories worldwide through sales alliance with DHL, the global brand name in express distribution services.

ICRA and Indian Overseas Bank, a premier nationalised bank headquartered in Chennai, have signed a MoU under which the company will assign ratings to the Bank’s loans and its other exposures under the standardized approach of RBI’s new capital adequacy framework for basel-II. Last week we had reported in news flash that ICRA would rate loans of India’s largest bank, the State Bank of India.

The MoU between ICRA and the Bank seeks to deliver benefits to the Bank as well its clients. For the Bank, ICRA’s line of credit ratings would assist in implementing RBI’s new capital adequacy framework under basel-II. For the client, an ICRA rating may place the rated entity in a superior position in terms of faster loan processing and to obtain competitive credit terms from the Bank.