Category: Breaking Corporate India Earnings News

Maruti Udyog said it sold 65,958 vehicles in August 2007, up 27% from 51,855 vehicles sold in the same month last year. The company sold 60,229 units in the domestic market, up 25% percent from 48,259 units a year earlier. Maruti’s exported 5,739 units, up from 3,596 units last year.

Maruti Udyog’s net profit rose 35.2% to Rs 499.60 crore on an 25.8% rise in sales to Rs 3930.82 crore in Q1 June 2007 over Q1 June 2006

JSW Steel announced that the company has posted the highest ever crude steel production with 32% growth in August 2007. The company has created a new milestone with the highest production record in the month in all product categories except galvanized product.

The company has also shown 21% growth in volumes sequentially in crude steel, 11% growth in hot rolled (HR) Coils and 19% growth in HR plate products in August 2007 over July 2007.

JSW’s net profit rose 151.2% to Rs 427.78 crore on a 37.2% increase in sales to Rs 2190.72 in Q1 June 2007 over Q1 June 2006.

Bajaj Auto, the country’s second largest two wheeler manufacturer reported 6% fall in overall sales volume for the month of Aug ’07 to 195707 vehicles. The sales volume of two wheelers consisting of motorcycles and scooters declined by 6% yoy to 170203 vehicles with sales of motorcycles was down by 7% yoy at 167483 vehicles. Product fatigue in 100 CC motorcycle segment continue to plague the overall motorcycle volumes of the company. The sales of three-wheeler for the month was 25504 vehicles, down by 2% yoy. However on the positive side the exports volume was up by sharp 75% to 56452 vehicles for the month August’07.

National launch of its new 125 CC DTS-SI motorcycle is scheduled in Sep ’07. The company have commenced production of this new 125 cc DTS-Si motorcycle at its Waluj (Aurangabad) plant and targets a sales of 20,000 units in September 2007. And by November ’07 the company expects to notch volume of 50000 units. The new bike volume is expected to power the monthly sales volume figures of motorcycles on year on year growth commencing Nov’07. With launch of this new model the company expects almost 75% of its motorcycle portfolio would be in the more profitable 125 cc – 250 cc segment

The members of Ahluwalia Contracts India has passed resolution that the existing equity shares of the face value of Rs 10 each in the share capital of the company be sub-divided such that each equity share of the face value of Rs 10 each is sub-divided into face value of Rs 2 each and consequently, the authorised share capital of the company be divided into 10,00,00,000 equity shares of Rs 2 each and present issued, subscribed and paid up share capital of the company be divided into 6,27,62,560 equity shares of face value Rs 2.

That pursuant to the sub-division of the equity shares of the company, the issued, subscribed and paid up equity shares of face value Rs 10 each shall stand sub-divided into equity shares of face value Rs 2 each fully paid up.

The board of Vipul has considered and approved the sub-division / split of existing equity share of the company from 1 equity share of Rs 10 into 5 equity shares of Rs 2 each, subject to approval of the shareholders at the ensuing annual general meeting.

Further, the board has approved the scheme of amalgamation/merger of Metex Finance, Pushpendra Investments, DN Sons Agro, Landmark Suit, Meadows Golf Villas and PCMJ Buildcom wholly owned subsidiaries with the company.

Omaxe has announced that tender offer of the company to the tender floated by Delhi Metro Rail Corporation (DMRC) for commercial development of chawri bazar metro station, has been accepted by DMRC.

The tender offer comprises of the company’s quoted amount of Rs 25,51,001 per quarter for 1529 sq mtr for the work of commercial development of chawri bazar metro station. The license period is for 12 years from the date of handover of the site by DMRC. The total contract amount for 12 years is Rs 18,43,25,280.40 considering 20% increase on compounding basis after competition of every three years.

IT People’s follow-on public issue (FPO) was to raise Rs 42.25 crore. The FPO, scheduled to close on 31 August 2007, had a price band of Rs 30 to Rs 32 per share. The FPO was subscribed a mere 0.30 times till 30 August 2007.

The company said it would refund the entire amount received via applications.

At the current price of Rs 31.55, the scrip trades at a PE multiple of 38.47, based on Q1 June 2007 annualised EPS of Rs 0.82.

Sun TV Network announced that the company, through its subsidiary South Asia FM (SAFL) has entered into a strategic alliance with Red FM to expand its FM radio broadcasting business in the north, west and east Indian markets.

As part of the transaction, SAFL has taken up a 48.9% beneficial interest in Red FM by acquiring equity of the holding companies of Red FM at par. The promoters of Red FM would continue to hold 51.1% in Red FM.

SAFL owns 23 FM radio licenses all over India (except the southern states of Tamilnadu, Karnataka, Andhra Pradesh and Kerala). It currently has two operational radio stations at Jaipur and Bhubaneshwar. Red FM, one of the fastest growing FM Radio Companies in India, operates 3 radio stations in Mumbai, Delhi and Kolkata. It is the number 2 player in two of the largest FM radio markets in India viz. Mumbai and Delhi. This alliance enables Sun TV to boost its presence in the fast-growing Radio market in India, Sun TV said in a statement.