Category: Breaking Corporate India Earnings News

Indiabulls Real Estate announced before market hours today, 15 June 2007, that the company and Strabag Group’s Zublin International GmbH have entered into a memorandum of understanding to consolidate their resources and experience and jointly work on large infrastructure development projects. They have also agreed to set up a special purpose vehicle (SPV) to execute these projects.

Strabag Group is one of Europe’s leading construction groups with nearly 53,000 employees and a turnover of more than 10 billion euros in 2006.

Indiabulls Real Estate reported net profit of Rs 6.01 crore on total income of Rs 14.39 crore in the quarter ended March 2007. It reported a net profit of Rs 13.12 crore on total income of Rs 27.06 crore in the year ended March 2007 (FY 2007).

The Indiabulls Real Estate share price had declined from Rs 401.85 on 1 June 2007 to Rs 347.15 on 12 June 2007. It recovered over the next two trading sessions to Rs 358.25 on 14 June 2007

HFCL Infotel reported net loss of Rs 37.89 crore in the quarter ended March 2007 as against net loss of Rs 42.83 crore during the previous quarter ended March 2006. Sales declined 18.86% to Rs 60.16 crore in the quarter ended March 2007 as against Rs 74.14 crore during the previous quarter ended March 2006.

For the full year, net loss reported at Rs 116.32 crore in the year ended March 2007 as against net loss of Rs 113.04 crore during the previous year ended March 2006. Sales declined 5.48% to Rs 275.90 crore in the year ended March 2007 as against Rs 291.89 crore during the previous year ended March 2006.

Nagarjuna Construction Company has secured a building contract from National Institute of Technology (NIT), Warangal, Andhra Pradesh valued at Rs 61 crore.

The project comprises of construction of hall of residence for 1000 students and kitchen cum dining hall at NIT.

The work is to be completed over a period of 18 months.

Praj Industries and Aker Kvaerner, global provider of engineering and construction services finalised an agreement to form a joint venture company in Europe that will be called BioCnergy Europe B.V.

The company holds 60 percent in BioCnergy, while Aker Kvaerner holds 40 percent of the shareholding.

The joint venture will provide the technology package, engineering services, equipment and systems, project management services, construction and erection services, and commissioning, as well as turnkey biofuel plant.

Oil & Natural Gas Corporation has awarded Rs 877 crore turnkey project order to Larsen & Toubro for the NQ re-construction (NQRC) project in Mumbai High North fields.
This Project is the largest brownfield project of its kind awarded in the offshore oil & gas sector in India.

The company bagged the prestigious order on the strength of its proven track record in meeting several stringent requirements, including a tight project schedule.

The Project will be executed on a lump sum turnkey basis with the completion scheduled by 08 May 2009.

Net profit of Asian CERC Information Technology rose 239.13% to Rs 0.78 crore in the quarter ended March 2007 as against Rs 0.23 crore during the previous quarter ended March 2006. Sales rose 74.90% to Rs 4.18 crore in the quarter ended March 2007 as against Rs 2.39 crore during the previous quarter ended March 2006.

For the full year, net profit rose 52.60% to Rs 2.64 crore in the year ended March 2007 as against Rs 1.73 crore during the previous year ended March 2006. Sales rose 57.03% to Rs 13.96 crore in the year ended March 2007 as against Rs 8.89 crore during the previous year ended March 2006.

Shree Ashtavinayak Cine Vision reported net profit of Rs 5.46 crore in the quarter ended March 2007. Sales reported at Rs 8.40 crore in the quarter ended March 2007.
For the full year, net profit rose 89.56% to Rs 14.16 crore in the year ended March 2007 as against Rs 7.47 crore during the previous year ended March 2006. Sales rose 59.21% to Rs 96.07 crore in the year ended March 2007 as against Rs 60.34 crore during the previous year ended March 2006