Category: Breaking Corporate India Earnings News

Bharat Seats’ board would meet on 24 May 2007 to consider the sub-division of equity shares from Rs 10 per share into five equity shares of Rs 2 each. Accordingly, the board will accord the proposal to issue bonus shares in ratio of one equity share for every one equity share held (1:1)

Jet Airways has proposed a $400-million rights issue. It is expected to be completed in four months and the money would be utilised for funding aircraft acquisition, Jet Airways Chairman Naresh Goyal said.

Foreign fund Goldman Sachs Investments Mauritius (GSIM) has acquired additional 2.27 lakh shares of Indiabulls Financial Services. The shares were acquired through open market purchases on 04 May 2007. Following the latest acquisition, GSIM’s stake in Indiabulls Financial Services has gone up to 5.03% from 4.92%. Just within the past 2/3 weeks, Goldman Sachs had trimemd the IndiaBulls stake to less than 5% and now they have bought it back. Is SEBI watching the Goldman Game in India ?

Goldman Sachs Investments Mauritius (GSIM) has acquired additional 91.15 lakh shares of Indiabulls Real Estate. The shares were acquired between 24 April- 07 May 2007 through open market purchases.Following the latest acquisition, GSIM’s stake in Indiabulls Real Estate has gone up to 7.08% from 5.07%.

National Thermal Power Corporation (NTPC) has signed a joint venture (JV) agreement with The Singareni Collieries Company (SCCL). The aggrement is to form a 50:50 JV firm to undertake various activities in coal and power sectors.

The JV firm would undertake activities like acquisition of coal mines, developing integrated coal-based power plants and providing consultancy services.

Sobha Developers will commence its integrated township project, Sobha City, in Kerala.
The company and Tree Hill Estates will jointly develop the project with economic benefits in the ratio of 70:30 with an investment ratio of 33:67 respectively.

The township will be developed in 71 acres of land and would consist of residential as well as commercial complexes. This project is expected to complete within five years.

Market grapevine indicate that BP may even look at delisting its Indian subsidiary at a ‘much higher price’, in which it holds a majority 70.92% stake. However there was no clarification from the company in this regard

Castrol India advanced 25.43% to Rs 272.50 on 9 May, from Rs 215.65 on 9 April, as buying momentum continued on the back of such rumors.

The company manufactures and markets a range of automotive and industrial lubricants under two brands: Castrol and BP.

It has leadership positions in most of the segments in which it operates including passenger-car engine oils, premium two-stroke and four-stroke oils and multigrade diesel engine oils.

Castrol India posted rose 29.18% rise in net profit to Rs 41.52 crore in the fourth quarter ended March 2007, compared with Rs 32.14 crore in the fourth quarter ended March 2006. Sales rose 17.67% to 442.11 crore (Rs 375.73 crore)

Page Industries posted a 49% jump in its net profit to Rs. 17.02 crore in the year ended March 2007 compared to Rs 11.39 crore in FY 2006. Net sales shot up 34% to Rs 135.94 crore, from Rs 101.18 crore.

Page Industries is an exclusive licensee of the Jockey brand of inner wear for India, Sri Lanka, Nepal, Bangladesh and Maldives. The premium innerwear market is posting double-digit growth and the company intends to increase its market share to around 30%. The top line is expected to grow at a CAGR of 35% on the retail revolution, growing consumer sophistication, higher disposable income and urbanisation.

Page Industries expects to benefit from export opportunities emerging from Jockey International USA and Europe. The Page Industries stock had seen a pre-results rally, advancing from Rs 331.55 on 27 April 2007 to 366.65 by 9 May 2007 in anticipation of robust set of results.