Category: Breaking Corporate India Earnings News

Kirloskar Brothers has announced that the joint venture formed by the company with PLR have received Ganga Project, Kadapa in respect of investigation, design, construction of micro-irrigation lift system comprising civil, steel pressure mains, pump houses and electro mechanical works and including other necessary ancillary works to supply water by lift from foreshore to Reservoirs and providing distributory system for 8,750 acres of ayacut in Anantapaur District on EPC Turnkey system – total contract value 118.27 crore from Government of Andhra Pradesh, irrigation & CAD department.

The scrip had touched a high of Rs 477.70, its 52-week high.

Larsen & Toubro has secured two major contracts cumulatively valued at Rs 267 crore from Indian Oil Corporation (IOCL) and Liaoning Huajin Chemical Corporation, China for their capacity expansion projects. The orders have been won against stiff international competition and will be executed by the company’s heavy engineering division (HED).

One of these contracts is for coke drums of foster wheeler design, for the residual upgradation & MS/HSD improvement project at IOCL Gujarat. Each of these coke drums weigh 520 MT & is made up of special grade steel, viz., Cr-Mo steel with stainless steel (SS410) overlay. The company had earlier manufactured & supplied critical Hydrocracker Reactor & VSS Reactor for IOCL, Gujarat.

Paramount Communications has announced the acquisition of the business of AEI cables in an all cash deal on 03 September 2007. AEI cables has a turnover of approximately GBP 65 million.

Elara Capital Plc, a London- based mid-market advisor, was the sole corporate finance adviser to the company for this transaction. This is Elara Capital’s first cross border transaction involving two listed companies.

The acquisition of AEI cables by the company will make the company the largest listed Indian company in the cable industry with an annual turnover of over Rs 1,100 crore.

The acquisition is substantially funded through borrowings by the company’s new wholly-owned UK subsidiary against the AEI cables assets which it has acquired, without recourse to the company. The company is only infusing Rs 25 crore out of the proceeds of FCCBs.

Unprofessionally managed Adlabs owned by Anil Ambani has suffered its first setback in the Bollywood – RGV’s Aag is a flop show. RGV is said to have lost Rs 15 crore whil Anil Ambnai’s AdLabs is expected to lose Rs 7 crore only on this film.

AdLabs could have been more careful while risking shareholders money, but unfortunately they were not. So weigh every penny before you invest with such companies.

India’s top bus and truck maker, Tata Motors’ vehicle sales in August fell 0.4% to 45,144 units from 45,325 units a year earlier. Commercial vehicle sales in the domestic market rose 1.6% to 23,431 units from 23,069 units a year earlier, while sales of cars and utility vehicles fell 5% to 16,620 units. Exports in August 2007 rose 8% to 5,093 units from 4,715 units a year earlier.

Chairman Ratan Tata confirmed on Friday, 24 August 2007, that he is interested in acquiring Jaguar and Land Rover from their parent, Ford. Tata’s interest in Jaguar and Land Rover stems from a desire to expand Tata Motors’ global presence.

Financial services firm Cholamandalam DBS Finance announced during the market hours today, 3 September 2007 that it has approved the issue of three rights shares for every eight shares held in the company at Rs 140 each. The total rights issue size is Rs 200 crore.

Net profit of Cholamandalam DBS Finance rose 136.83% to Rs 8.36 crore on 177.41% rise in operating income to Rs 168.11 crore in Q1 June 2007 over Q1 June 2006.

Freshtrop Fruits advances ahead of board meet for bonus. The company that its board will meet on Monday, 3 September 2007 to consider the issue of bonus shares.