Category: Breaking Corporate India Earnings News

Punjab Chemicals & Crop Protection’s wholly owned SD Agchem (Europe) NV entered into a share purchase agreement with Pevobel N.V. and Gevobel N.V. to acquire 100% equity shares in Pegevo Bcheer BV (Pegevo), a company incorporated under the laws of The Netherlands. The transaction is based on an enterprise value of about euro 39.5 million for Pegevo. The company made this announcement before market hours on Monday, 27 August 2007.

Pegevo undertakes substance formulation for crop protection. Its product range includes herbicides, insecticides and fungicides. Pegevo’s products are registered in The Netherlands, Belgium, UK, France, Germany, Ireland, Denmark, Italy, Slovakia, Czech Republic, Belarus and Switzerland.

KLG Systel announced that the company has acquired a 51% stake in Atlantis Lab, a dedicated engineering solutions company. With this acquisition, Atlantis has now become a subsidiary of KLG Systel.

Incorporated in 2001, Chennai based Atlantis Lab is one of the fastest growing engineering services companies providing mechanical design solutions to worldwide manufacturers such as General Electric, Whirlpool, Atlas Copco, Tata Motors, John Deere, Schneider Electric and Cummins, to name a few.

Northgate Technologies has announced that Social Media India, India based subsidiary company has been formed.

Social Media India is focused to tap the online advertising and other internet transaction services industry in India.
Vishnu Vardhan Induri, head of Bharatstudent.com has been appointed as Managing Director of Social Media India.

BharatStudent.com a social networking site for Indian students has been severely criticized by bloggers for spamming and hosting Adult content. Our analysts are of the opinion that Social Media India is a SHELL company because of it being bogged into controversy and the management of BharatStudent.com deciding to remain silent on the issue.

The board of Canara Bank has permitted the Bank to acquire differential shares so as to hold 51% stake in Can Fin Homes in order to convert the sponsored entity into a subsidiary, through the process of open-offer.

Ind Bank Merchant Banking Services, Chennai are the merchant banker to the open-offer scheme.

SEL Manufacturing Company has received export order for exporting readymade garments to the extent of US $ 18 million (approximately Rs 73.80 crore). The order is to be executed in three stages upto January, 2008 commencing from September 2007.

The above said order is in addition to the regular business transactions of the company and will bring greater strength to the company. The order strengthens the customer’s confidence in the company’s progress in textile sector.

Areva T&D India has announced that AREVA Transmission & Distribution (T&D) India has bagged its first Turnkey AIS sub station contract from ESSAR Steel at a value of 630 MINR.

This 3.9 MTPA Expansion project at Hazira entails the complete design, supply, erection, testing & commissioning of 220 kV Switchyard on Turnkey basis and also the supply of 160 MVA, 220 kV, 90 MVA, and 220 kV power transformers.

Maharashtra State Electricity Transmission (MSETCL) has also placed its first Gas Insulated Switchgear (GIS) complete turnkey solutions order on AREVA T&D India. This order is valued is at 339 MINR. This project endeavours to improve the power quality and reliability for the Infotech city of Pune.

The scope includes turnkey execution of the 132/22/11 kV rasthapeth substation involving design, supply, civil work, erection, testing and commissioning of multiple bays of 132 kV GIS, 50 MVA and 25 MVA transformers, control relay panels and numerical bay control system. AREVA T&D offers state-of-the-art GIS technology along with Spring operating mechanism and aluminium enclosure. The product offering also provides an undoubted advantage of compactness, modularity and reliability for the customers.

Chambal Infrastructure Ventures (CIVL), a fully-owned subsidiary of Chambal Fertilisers & Chemicals (CFCL), a KK Birla group company, is likely to sign a memorandum of understanding (MoU) with the Orissa government for setting up a 2,000-mega watts thermal power project with an investment of Rs 8,000 crore in the state. The project will come up at Saria in Dhenkanal district.

The project proposal is now being considered by the single-window clearance committee of the Orissa government.

CIVL has applied to the state-owned Industrial Investment Promotion Corporation of Orissa (IPICOL) for 2,000 acres for the project. It has also applied to the coal ministry for allotment of a coal block. The project could be taken up jointly with the state government as the Orissa Hydro Power Corporation and Orissa Mining Corporation have coal blocks, reports suggest.

Chambal Fertilisers’ net profit rose 93% to Rs 61.71 crore on 11.7% rise in sales to Rs 595.11 crore in Q1 June 2007 over Q1 June 2006.