Category: Breaking Corporate India Earnings News

As per reports, the Tata Tea is examining a number of acquisition targets in the US beverage market. Topping the list is AriZona Beverages, in which the Tatas have been interested for almost three years now.

AriZona Beverages operates a portfolio of tea, coffee, water and juice brands, besides beer and snacks. Reportedly, if a bid goes through, the Tatas will keep both the bottled and powder beverage operations and may divest the beer and snack businesses of AriZona Beverages.

Last year, Tata Group paid about $677 million for a 30% stake in Glaceau — makers of enhanced water in the US. But it was forced to sell its stake in the company to Coke after the US giant made an aggressive offer.

The scrip touched a high of Rs 744.90 and a low of Rs 724.10 so far during the day. On BSE, 20,044 shares were traded in the scrip.

Sical Logistics has sold the manufacturing facilities and assets of its auto components division, indrad auto components, for Rs 14.69 crore to Lucas TVS, one of India’s largest auto electrical manufacturing companies.

With this asset disposal, the total funds realized by the company since the start of the dis-investment process, in 2006, have gone upto Rs 90.18 crore. The exit from the facilities of the auto components division, part of the non logistics business of the company, is in continuation of the company’s strategy to exit its non core businesses and focus on the core business of logistics. The company had been in talks with a number of global majors but zeroed in on the TVS group because of business synergies and the fit of the facilities to TVS’s growing needs.

Jai Corp Limited announced before the market hours today, 8 August 2007 that a meeting of the board of directors of the company will be held on 09, August 2007 to consider issue of bonus shares. The book value per share is a healthy Rs 392.63.

The company’s current equity is Rs 8.63 crore, with 86.3 lakh outstanding shares of a face value of Rs 10.

The current market price of Rs 5061.70 discounts its Q1 June 2007 annualised EPS of Rs 157.78, by a PE multiple of 32.08.

Strides Arcolab has announced its first ANDS approval for ondansetron injection 2 mg / ml. Ondansetron is a first amongst various sterile submissions the company has submitted with health Canada and the product is licensed to an undisclosed partner in Canada and expects sales to commence in Q4 2007.

Kale Consultants has announced the company’s acquisition of privately held Zero Octa, the largest and leading provider of airline revenue assurance, protection and audit services world wide.

Zero Octa, headquartered in London, is a strategic addition to the company’s revenue management portfolio aimed specifically at the airline industry. The acquisition will extend the company’s revenue management, protection and revenue integrity service capabilities and also significantly increases the company’s airline client base. Zero Octa offers a fully managed end-to-end solution that works in conjunction with an airlines’ existing processes to maximize the efficiency of their systems, processes and personnel.

The acquisition will make Kale Consultants not only the leading, but also the largest provider of revenue management and accounting solutions globally. With over 200 domain, technology and software professionals and 1100 processing staff the company will have the largest pool of expertise in this space globally.

Nitin Fire Protection Industries has announced that Nitin Cylinders, a wholly owned subsidiary of the company has signed a MOU for the supply CNG gas cylinders to IRAN worth Rs 650 million. The execution of the order shall be done within this current financial year.

Further the plant of the company at Himachal Pradesh has started operation for manufacturing of fire protection equipments.

Punj Lloyd has secured a Rs 590 crore contract for building a sulphur block at Bina Refinery of Bharat Oman Refineries at Bina, Madhya Pradesh. The lump-sum turnkey contract entails engineering, procurement, construction and commissioning assistance (EPCC) services and has been bagged amidst stiff International competitive bidding. Order Book of Punj Lloyd now stands at Rs 16,400 crore.

GMR Infrastructure announced during market hours today, 6 August 2007, that it had entered into a memorandum of understanding (MOU) with Tamil Nadu Industrial Development Corporation (TIDCO) for the development of a multi product special economic zone (SEZ) in the Krishnagiri District, Tamil Nadu. GMR Infrastructure reported a net profit of Rs 0.73 crore on sales of Rs 7.07 crore in Q1 June 2007. The current market price of Rs 816 discounts its Q1 June 2007 annualised EPS of Rs 0.09, by a PE multiple of 9066. We recommend a SELL on GMR Infrastructure.