Category: Breaking Corporate India Earnings News

Hanung Toys & Textiles announced during the market hours today, 20 August 2007 that the company has bagged an export order from home furnishing retailer IKEA Sweden, for exporting soft toys/kids furnishing to the extent of Rs 600 crore.

Net profit of Hanung Toys and Textiles rose 93.75% to Rs 9.30 crore 55.73% rise in sales to Rs 85.20 crore in Q1 June 2007 over Q1 June 2006.

Flashnews: The board of Ugar Sugar Works has discussed the matter of rights issue and recommended rights shares in the ratio of 1 share for every 4 shares held at a premium of Rs 7 per share (total Rs 8 per share including premium) subject to the approval of the shareholders in the general body meeting to be held on 28 September 2007.

All the sugar stocks including Balrampur Chini and Bajaj Hindustan have turned sour when it comes to their price – quoting almost at their 52 week lows.

Pantaloon Retail India Ltd is all set to raise Rs 200 crore by issuing 4,000,000 equity shares of Rs 2 each at a premium of Rs 498 to private equity and institutional investors.

The board has also decided to issue of 21,200,000 warrants at a price of Rs 500 per warrant aggregating to Rs 1060 crore to promoter group, Pantaloon Employee welfare trust and select employees of the company.

Pantaloon Retail stock currently trades at Rs 487 on the NSE. Check out this exclusive retail India website for more details on business and operations of all retailers in India.

Anil Ambani Insiders have leaked that Reliance Communications is in talks with Malaysia’s Maxis Communications to buy a controlling stake in its Indian unit Aircel Cellular. Maxis is Malaysia’s largest mobile operator. Reports suggest that the two firms were exploring options such as buyout or a joint venture. Aircel is valued at about $7 billion. Maxis holds 74% in Aircel while the owners of south India based Apollo Hospitals Enterprises control the rest.

Aircel has operations in very small circles such as Chennai & Tamilnadu and North East. Though they have PAN India license, they don’t have SPECTRUM to operate nor the required infrastructure. We at Dalal Street are negative about RCom if the deal sails through at $7 Billion and recommend a SELL on RCom stock.

Sobha Developers announced before the market hours today, 20 August 2007 that the company will be signing a memorandum of understanding (MoU) with the state government of Kerala today, 20 August 2007, for setting up the largest township development in Kerala, Sobha Hitech City. The draft of the MoU has already been approved by the state government.

Sobha Hitech City project will create an integrated city of world-class standards with a focus on research & development, knowledge dissemination, electronics, information technology and pure & applied sciences. It will involve an investment of Rs 5000 crore, the highest such development in the state and is expected to create 75,000 direct jobs. The project will come up near Maradu in Kochi in a land area of around 400 acres, out of which around 320 acres have already been acquired.

Infrastructure work will commence soon after the signing of the MoU. The project is expected to take 8 to 10 years for completion after receipt of necessary approvals.

Tata Power has sold 4.2% in Power Trading Corporation [PTC] India in the open market for about Rs 50 crore since April 2007.

Tata Power held 10.47% till March 2007. The company diluted its holding marginally during the April-June 2007 quarter. Thereafter, it sold an additional 3.35% in the open market over the past six weeks, report suggests.

PTC’s net profit fell 1.1% to Rs 11.88 crore on a 12.2% increase in sales to Rs 1158.55 in Q1 June 2007 over Q1 June 2006.