Category: Breaking Corporate India Earnings News

Sun Pharmaceutical Industries has signed definitive agreements to acquire Israel’s Taro Pharmaceutical Industries, for an all-cash deal of $454 million. The acquisition will be funded through internal accruals and proceeds from its earlier $350 million FCCB.

Taro Pharmaceutical is a multinational generic manufacturer with established subsidiaries, manufacturing and products across the U.S., Israel, Canada. North America represents more than 90% of Taro’s sates.

HDFC Bank’s board on 17 May 2007 had approved a proposal to raise additional Rs 4,200 crore. The above proposed equity issue will result in the reduction of the present shareholding of the promoter group, i.e. the HDFC Group which currently holds 21.56% stake.

With a view to maintain the promoter’s shareholding at same levels, the company has proposed to offer 1,35,82,000 equity shares at Rs 1023.49 each to promoters. The balance amount of the proposed equity capital may be raised through domestic or international markets

Usha Martin’s board just a while ago recommended a dividend of Rs 3.75 per share.
Further, the board also recomended for splitting each equity shares of Rs 5 each into five equity shares of Rs 1 each.

Orient Paper & Industries board would meet on 24 May 2007 to consider the proposed rights issue of up to Rs 175 crore.

Suzlon Energy had launched a $ 300 million zero coupon foreign currency convertible bonds (FCCBs) issue with a conversion price of Rs 1800 per share. The bonds, which have a maturity of five years and one day, are expected to be listed on the Singapore Exchange

Alfa Laval AB, a world leader in heat transfer, centrifugal separation and fluid handling, had on 26 February 2007 announced a public offer to increase its holding in Alfa Laval India to 90% at Rs 875 per share. The Alfa Laval Group currently holds 64% in Indian company.

State run Dena Bank gained 11.62% to Rs 45.15 on market talks of its takeover by Canara Bank. The talks are at advanced stage and Canara Bank is reported to have appointed Ernst & Young to explore the possibility

ABN Amro has recommended a BUY on Texmaco Limited with a price target of Rs 1090.

Key Triggers for the Stock are:

• Entry of private players into containerized freight segment and Indian Railways wagon business. Texmaco’s wagon business accounts for approximately 50% of its revenues.
• New Steel foundry has commenced operations in FY07.
• Unlocking the value of idle land bank and business restructuring viz inorganic growth.

The stock is trading above 200 DMA.

Punj Lloyd has bagged a new order worth Rs 122.65 crore from GAIL India for panvel dabhol pipeline project.

IVRCL Infra has bagged two orders. The first project is worth Rs 376.14 crore awarded by Government of Andhra Pradesh for building a tunnel. The second project is worth Rs 6.91 crore awarded by Goa State Infrastructure Development Corporation to construct a swimming pool at Ponda sports complex.