Category: Breaking Corporate India Earnings News

GMR Industries said that the High Court of Andhra Pradesh had sanctioned the scheme of arrangement of Bharat Sugar Mills and GMR Ferro Alloys & Industries with the company.
As per the scheme, the company will demerge its ferro alloys undertaking to GMR Ferro Alloys & Industries and amalgamate Bharat Sugar Mills with itself.

Aristocrat Luggage said its board would meet on 14 May 2007, to consider the proposal of amalgamating the company with VIP Industries.

It has been reliably learnt from Insiders that IndiaBulls Financial Services is exiting out of Retail Stock Broking to focus on High Networth Individuals and Portfolio Management Schemes. At the same time, IndiaBulls is venturing into Personal and Auto Loans.

Unitech, along with Videocon and Aditya Birla Nuvo will be included in popular index complier MSCI’s Standard Index series following an annual review. This changes in MSCI’s Standard Index will take effect from the close of 31 May 2007.

MSCI Barra, is a leading provider of benchmark indices and risk management analytics products, and announced changes today for the MSCI Standard Index Series. These changes result from the May 2007 Annual Full Country Index Review.

MSCI Barra’s risk models and analytics products help the world’s largest investors analyze, measure and manage portfolio and firm-wide investment risk.

Arvind Mills, Biocon, Bank of Baroda and Matrix Labs were eliminated from the MSCI Index.

ING Vysya Bank reported a net profit of Rs 18.39 crore for Q4 March 2007 against a net loss of Rs 24.65 crore in Q4 March 2006. Total income rose 34.1% to Rs 463 crore (Rs 345.17 crore).

For FY 2007 (year ended 31 March 2007), ING Vysya Bank reported a net profit of Rs 88.90 crore compared to a net profit of Rs 9.06 crore in FY 2006 (year ended 31 March 2006). Total income rose 17.2% to Rs 1595.70 crore (Rs 1361.61 crore).

Recently, the board of ING Vysya Bank had approved the raising of upper tier II capital through unlisted yen denominated bonds from the parent ING N V. The amount would be equivalent to Rs 100 crore and the bond would have a tenure of 15 years with a call option at the end of 10 years.

ING Vysya Bank has 136 ATMs in the country. The bank also has over six lakh debit card users.

There is no announcement from the company so far in this regard. The board meeting 17 May 2007, will consider FY 2007 (year ended 31 March 2007) results and a dividend.

Meanwhile, Bajaj Auto continued its downward spiral in motorcycle sales for the third consecutive month this year, with its April numbers, including exports, declining by 13% compared to the same month last year. The company said its bike sales in April stood at 1,64,304 units against 1,88,518 units (inclusive of exports) in the same month last year, down 13%. Total two-wheeler sales also registered a dip of 13% at 1,65,692 units against 1,90,964 units last year, BAL said.

Bajaj Auto’s demerger proposal, intended to unlock shareholder value by splitting the manufacturing and financial assets of Bajaj Auto into two separate companies, may also follow the provisions of the income tax legislation to ensure that both BAL and its shareholders are spared from capital gains tax, as per a media report.

Three-wheeler sales, however, were up by 15% at 24,360 units as against 21,159 units in the corresponding month last year, the company added. BAL said exports during the month jumped by 64%

The seven multi-screen cinema halls, one operational and six upcoming, have 23 screens in all.

Net profit of Adlabs Films rose to Rs 12.61 crore in the quarter ended March 2007 (Rs 8.07 crore). Sales rose to Rs 86.10 crore in the quarter ended March 2007 (Rs 34.33 crore). For the full year, net profit rose to Rs 67.01 crore in the year ended March 2007 (Rs 26.31 crore). Sales rose to Rs 264.16 crore in the year ended March 2007 (Rs 106.25 crore).

In January 2007, Adlabs acquired controlling stake in Synergy Communications, the premier television content company. The new entity is called Synergy Adlabs.

Earlier, Adlabs Films launched BIG 92.7 FM from Hyderabad, Delhi , Chennai and Bangalore, several other major towns of Jammu and Kashmir and Aligarh.

Adlabs Films owns a chain of multiplex theatres across the country, the IMAX Adlabs theatre complex in Mumbai the best known among them. The company produces, distributes and exhibits movies, and has some well-known productions to its credit.

Just a while ago, the Ministry of Company Affairs has sanctioned the scheme of amalgamation of Indian Oil Corporation and IBP, a subsidiary of Indian Oil.

The scheme of amalgamation provides for a swap ratio of 110:100, i.e, 110 equity shares of Rs 10 each of Indian Oil as fully paid for every 100 equity shares of Rs 10 each of IBP.