Category: Breaking Corporate India Earnings News

UTI Bank has successfully priced its offering of 14.13 million GDRs, aggregating US $ 218.07 million. Each GDR, representing one underlying share, was priced at US $15.43 and will be listed on the London stock exchange. This represents a discount of 1.7% to the closing price of the bank’s GDR on 20 July 2007.

In addition, the bank has determined the issue price of the equity shares to be offered in the proposed qualified institutional placement (QIP) to be Rs 620 per share. The size of the QIP will be Rs 1,752 crore.

Further, the bank proposes to allot, on a preferential basis, 2,56,21,076 shares to its promoters at Rs 620 per share aggregating to Rs 1,588 crore.

The stock of Sasken Communications dropped 5.11% to Rs 459 on the NSE.

On a sequential basis, Sasken’s consolidated net profit dropped 45.43% to Rs 6.39 in Q1 June 2007 over Q4 March 2007. Sales declined 5.46% to Rs 128 crore in Q1 June 2007 over March 2007.

The net profit declined 26.12% to Rs 6.39 crore in Q1 June 2007 over Q1 June 2006. Sales moved up 40.47% to Rs 128 crore in Q1 June 2007 over Q1 June 2006.

The board of Exide Industries has given approval for acquisition of 26% stake in a joint venture company in Australia for marketing of traction batteries. Further, the board has also approved the acquisition of the balance 49% shareholding in its existing 51% subsidiary company, Caldyne Automatics.

Rain/CII Holdings, a subsidiary of Rain Calcining, has completed its acquisition of CII Carbon, L.L.C., USA for a cash purchase price of approximately US $ 595 million on 19 July 2007 (New York time). With this acquisition of CII, the company has become the largest manufacturer of calcined petroleum coke in the world.

Larsen and Toubro and Arun Excello Infrastructure on Thursday, 19 July 2007, announced the launch of an IT SEZ. The project coming up at Vallancheri, Tamil Nadu will have a total built up area of 2.70 million squre feet (sq. ft.), spread over eight blocks, ranging from 2.5 lakh sq. ft. to 4.50 lakh sq. ft. and would be completed in two phases. Construction of the first phase is expected to begin in August end this year and would constitute 1.5 million sq. ft.

The scrip had hit a high of Rs 2455, also a all time high for the scrip, and a low of Rs 2390.15 so far during the day.

SEZ in India is the Largest Real Estate Scam in the world. I have never heard of this place called Vallancheri and I wonder how many IT Exporting companies will move into that place. Don’t panic, L&Ts major role will be in construction by virtue of which it will get stake 🙂

BT Revenue Disappoints Tepid sales; margin above expectations – Revenue grew ~7% qoq to US$211mn – below expectation of US$218mn. Revenue in INR terms was flat at Rs.8.76b. EBITDA margin declined 340bps (vs. our expectation of 410bps decline). Lower taxes led to net profit of Rs.1.7b – marginally ahead in spite of lower sales growth.

Tech Mahindra’s consolidated net profit declined 13.1% to Rs 170.30 crore in Q1 June 2007 over Q4 March 2007. Revenue rose 0.2% to Rs 876.30 crore over March 2007.

The stock is down to Rs 1428. However, its a good BUY on decline.

Gateway Distriparks has announced its first quarter results. Consolidated PAT declined 6% Y/Y. This research report has complete analysis of Gateway Distriparks results.

Zee Entertainment announced Strong 1QFY08; Ad Growth Rocking, Pay Growth Yet to Fully Kick In. Here is future recommendation for Zee Entertainment.