INVESTMENT WORLD

BUY:BARTRONICS

2008-12-10T05:08:00.000-08:00

Bartronics India aims to cross turnover of Rs 1000 crore by 2010. This growth will be associated with higher realisations. "There is a possibility of achieving around Rs 500 crore as the topline for the current financial year."

50% order from indian gov and another 50% from U.S gov.

Smart card usage will increase drastically coming year.

Jyoti Structures net profit rises 18.50% in the September 2008 quarter

2008-10-24T22:16:00.002-07:00

Sales rise 32.37% to Rs 421.15 crore
Net profit of Jyoti Structures rose 18.50% to Rs 20.11 crore in the quarter ended September 2008 as against Rs 16.97 crore during the previous quarter ended September 2007. Sales rose 32.37% to Rs 421.15 crore in the quarter ended September 2008 as against Rs 318.15 crore during the previous quarter ended September 2007

HEG net profit declines 25.15% in the September 2008 quarter

2008-10-24T22:16:00.001-07:00

Sales rise 5.60% to Rs 295.39 crore
Net profit of HEG declined 25.15% to Rs 31.49 crore in the quarter ended September 2008 as against Rs 42.07 crore during the previous quarter ended September 2007. Sales rose 5.60% to Rs 295.39 crore in the quarter ended September 2008 as against Rs 279.72 crore during the previous quarter ended September 2007.

Bharat Electronics net profit rises 0.73% in the September 2008 quarter

2008-10-24T22:15:00.001-07:00

Sales rise 11.12% to Rs 787.72 crore
Net profit of Bharat Electronics rose 0.73% to Rs 123.74 crore in the quarter ended September 2008 as against Rs 122.84 crore during the previous quarter ended September 2007. Sales rose 11.12% to Rs 787.72 crore in the quarter ended September 2008 as against Rs 708.92 crore during the previous quarter ended September 2007.

Bharat Heavy Electricals net profit declines 10.45% in the September 2008 quarter

2008-10-24T22:14:00.000-07:00

Sales rise 34.73% to Rs 5342.63 crore
Net profit of Bharat Heavy Electricals declined 10.45% to Rs 615.77 crore in the quarter ended September 2008 as against Rs 687.66 crore during the previous quarter ended September 2007. Sales rose 34.73% to Rs 5342.63 crore in the quarter ended September 2008 as against Rs 3965.36 crore during the previous quarter ended September 2007.

ABB net profit declines 9.42% in the September 2008 quarter

2008-10-24T22:13:00.002-07:00

Sales rise 12.97% to Rs 1556.22 crore
Net profit of ABB declined 9.42% to Rs 104.79 crore in the quarter ended September 2008 as against Rs 115.69 crore during the previous quarter ended September 2007. Sales rose 12.97% to Rs 1556.22 crore in the quarter ended September 2008 as against Rs 1377.55 crore during the previous quarter ended September 2007.

Aptech net profit rises 1550.00% in the September 2008 quarter

2008-10-24T22:13:00.001-07:00

Sales rise 22.10% to Rs 33.32 crore
Net profit of Aptech rose 1550.00% to Rs 2.31 crore in the quarter ended September 2008 as against Rs 0.14 crore during the previous quarter ended September 2007. Sales rose 22.10% to Rs 33.32 crore in the quarter ended September 2008 as against Rs 27.29 crore during the previous quarter ended September 2007.

Dabur Pharma reports net loss of Rs 33.68 crore in the September 2008 quarter

2008-10-24T22:12:00.001-07:00

Sales decline 6.53% to Rs 58.24 crore
Dabur Pharma reported net loss of Rs 33.68 crore in the quarter ended September 2008 as against net profit of Rs 8.54 crore during the previous quarter ended September 2007. Sales declined 6.53% to Rs 58.24 crore in the quarter ended September 2008 as against Rs 62.31 crore during the previous quarter ended September 2007.

Webel Sl Energy Systems net profit rises 109.90% in the September 2008 quarter

2008-10-24T22:10:00.002-07:00

Sales rise 23.01% to Rs 37.85 crore
Net profit of Webel Sl Energy Systems rose 109.90% to Rs 4.03 crore in the quarter ended September 2008 as against Rs 1.92 crore during the previous quarter ended September 2007. Sales rose 23.01% to Rs 37.85 crore in the quarter ended September 2008 as against Rs 30.77 crore during the previous quarter ended September 2007.

CRISIL net profit rises 84.86% in the September 2008 quarter

2008-10-24T22:10:00.001-07:00

Sales rise 6.39% to Rs 96.58 crore
Net profit of CRISIL rose 84.86% to Rs 45.07 crore in the quarter ended September 2008 as against Rs 24.38 crore during the previous quarter ended September 2007. Sales rose 6.39% to Rs 96.58 crore in the quarter ended September 2008 as against Rs 90.78 crore during the previous quarter ended September 2007.

PVR net profit rises 26.88% in the September 2008 quarter

2008-10-24T22:09:00.001-07:00

Sales rise 27.39% to Rs 78.84 crore
Net profit of PVR rose 26.88% to Rs 7.93 crore in the quarter ended September 2008 as against Rs 6.25 crore during the previous quarter ended September 2007. Sales rose 27.39% to Rs 78.84 crore in the quarter ended September 2008 as against Rs 61.89 crore during the previous quarter ended September 2007.

Graphite India net profit rises 25.56% in the September 2008 quarter

2008-10-24T22:08:00.000-07:00

Sales rise 44.17% to Rs 382.03 crore
Net profit of Graphite India rose 25.56% to Rs 47.65 crore in the quarter ended September 2008 as against Rs 37.95 crore during the previous quarter ended September 2007. Sales rose 44.17% to Rs 382.03 crore in the quarter ended September 2008 as against Rs 264.99 crore during the previous quarter ended September 2007.

Tata Steel net profit rises 50.13% in the September 2008 quarter

2008-10-24T22:07:00.000-07:00

Sales rise 43.14% to Rs 6850.67 crore
Net profit of Tata Steel rose 50.13% to Rs 1787.81 crore in the quarter ended September 2008 as against Rs 1190.83 crore during the previous quarter ended September 2007. Sales rose 43.14% to Rs 6850.67 crore in the quarter ended September 2008 as against Rs 4785.90 crore during the previous quarter ended September 2007.

PTC India net profit rises 187.19% in the September 2008 quarter

2008-10-24T22:05:00.000-07:00

Sales rise 38.44% to Rs 2031.26 crore
Net profit of PTC India rose 187.19% to Rs 32.74 crore in the quarter ended September 2008 as against Rs 11.40 crore during the previous quarter ended September 2007. Sales rose 38.44% to Rs 2031.26 crore in the quarter ended September 2008 as against Rs 1467.21 crore during the previous quarter ended September 2007.

Rural Electrification Corporation net profit rises 35.91% in the September 2008 quarter

2008-10-24T22:04:00.002-07:00

Sales rise 35.31% to Rs 1118.02 crore
Net profit of Rural Electrification Corporation rose 35.91% to Rs 308.79 crore in the quarter ended September 2008 as against Rs 227.21 crore during the previous quarter ended September 2007. Sales rose 35.31% to Rs 1118.02 crore in the quarter ended September 2008 as against Rs 826.26 crore during the previous quarter ended September 2007.

Alstom Projects India net profit rises 143.84% in the September 2008 quarter

2008-10-24T22:04:00.001-07:00

Sales rise 47.50% to Rs 587.18 crore
Net profit of Alstom Projects India rose 143.84% to Rs 59.01 crore in the quarter ended September 2008 as against Rs 24.20 crore during the previous quarter ended September 2007. Sales rose 47.50% to Rs 587.18 crore in the quarter ended September 2008 as against Rs 398.10 crore during the previous quarter ended September 2007.

Hindustan Unilever net profit rises 33.95% in the September 2008 quarter

2008-10-24T22:03:00.000-07:00

Sales rise 22.18% to Rs 4110.91 crore
Net profit of Hindustan Unilever rose 33.95% to Rs 546.61 crore in the quarter ended September 2008 as against Rs 408.06 crore during the previous quarter ended September 2007. Sales rose 22.18% to Rs 4110.91 crore in the quarter ended September 2008 as against Rs 3364.63 crore during the previous quarter ended September 2007.

Monsanto India Net Profit jumps to Rs 15.71 Crores

2008-10-24T22:01:00.001-07:00

Monsanto India Limited has announced the standalone Results for the quarter ended on 30-SEP-2008. The Net Sales was at Rs. 7880 lacs for quarter ending on 30-SEP-2008 against Rs. 7062 lacs for the quarter ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 1571 lacs for the quarter ending on 30-SEP-2008 against Rs. 1183 lacs for the quarter ending on 30-SEP-2007.The Net Sales was at Rs. 31864 lacs for half year ending on 30-SEP-2008 against Rs. 24892 lacs for the half year ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 8791 lacs for the half year ending on 30-SEP-2008 against Rs. 6961 lacs for the half year ending on 30-SEP-2007.The Stock closed the day at Rs.1175.15, down by Rs.104.05 or 8.13%. The stock hit an intraday high of Rs.1277.95 and low of Rs.1150.The total traded quantity was 4508 at an average price of Rs.1220.38 resulting in a turnover of Rs.55.01 Lakhs.

Monsanto declares interim dividend of Rs 12

2008-10-24T22:00:00.000-07:00

The Directors of Monsanto India Limited have declared an interim dividend of Rs.12/- per share.The Shareholders, whose name appears on the members register on the "Record Date" i.e. November 11, 2008 will be entitled for the interim dividend.The Dividend will be paid on or after November 11, 2008.The Stock closed the day at Rs.1175.15, down by Rs.104.05 or 8.13%. The stock hit an intraday high of Rs.1277.95 and low of Rs.1150.The total traded quantity was 4508 at an average price of Rs.1220.38 resulting in a turnover of Rs.55.01 Lakhs.

GlaxoSmithKline Consumer Healthcare Profit up at Rs 53.03 Crores

2008-10-24T21:59:00.002-07:00

GlaxoSmithKline Consumer Healthcare Limited has announced the standalone Results for the quarter ended on 30-SEP-2008. The Net Sales was at Rs. 42248 lacs for quarter ending on 30-SEP-2008 against Rs. 35160 lacs for the quarter ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 5303 lacs for the quarter ending on 30-SEP-2008 against Rs. 5050 lacs for the quarter ending on 30-SEP-2007.The Stock closed the day at Rs.598.50, down by Rs.6.50 or 1.07%. The stock hit an intraday high of Rs.602.90 and low of Rs.581.05.The total traded quantity was 10644 at an average price of Rs.597.34 resulting in a turnover of Rs.63.58 Lakhs.

GlaxoSmithKline Pharmaceuticals Net Profit falls to Rs 131.97 Crores

2008-10-24T21:59:00.001-07:00

GlaxoSmithKline Pharmaceuticals Limited has announced the standalone Results for the quarter ended on 30-SEP-2008. The Net Sales was at Rs. 45695 lacs for quarter ending on 30-SEP-2008 against Rs. 42080 lacs for the quarter ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 13197 lacs for the quarter ending on 30-SEP-2008 against Rs. 24901 lacs for the quarter ending on 30-SEP-2007.The Stock closed the day at Rs.981.60, down by Rs.57.35 or 5.52%. The stock hit an intraday high of Rs.1040 and low of Rs.945.The total traded quantity was 18757 at an average price of Rs.973.88 resulting in a turnover of Rs.182.67 Lakhs.

Crisil declares interim dividend of Rs 25

2008-10-24T21:58:00.001-07:00

The Board of Directors of Crisil Limited at its meeting held on October 24, 2008 has declared 2nd interim dividend of Rs.25 per share having nominal value of Rs.10 each.The Stock closed the day at Rs.2236.10, down by Rs.183.90 or 7.60%. The stock hit an intraday high of Rs.2460 and low of Rs.2090.15.The total traded quantity was 1307 at an average price of Rs.2249.23 resulting in a turnover of Rs.29.4 Lakhs.

Crisil declares interim dividend of Rs 25

2008-10-24T21:58:00.000-07:00

The Board of Directors of Crisil Limited at its meeting held on October 24, 2008 has declared 2nd interim dividend of Rs.25 per share having nominal value of Rs.10 each.The Stock closed the day at Rs.2236.10, down by Rs.183.90 or 7.60%. The stock hit an intraday high of Rs.2460 and low of Rs.2090.15.The total traded quantity was 1307 at an average price of Rs.2249.23 resulting in a turnover of Rs.29.4 Lakhs.

Tata Steel Net Profit at Rs 1787.81 Crores

2008-10-24T21:57:00.002-07:00

Tata Steel Limited has announced the standalone Results for the quarter ended on 30-SEP-2008. The Net Sales was at Rs. 674416 lacs for quarter ending on 30-SEP-2008 against Rs. 478509 lacs for the quarter ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 178781 lacs for the quarter ending on 30-SEP-2008 against Rs. 119083 lacs for the quarter ending on 30-SEP-2007.The standalone Net Sales was at Rs. 1283425 lacs for half year ending on 30-SEP-2008 against Rs. 898267 lacs for the half year ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 327621 lacs for the half year ending on 30-SEP-2008 against Rs. 241294 lacs for the half year ending on 30-SEP-2007.The Stock closed the day at Rs.178, down by Rs.30 or 14.42%. The stock hit an intraday high of Rs.204 and low of Rs.173.15.The total traded quantity was 9590961 at an average price of Rs.185.22 resulting in a turnover of Rs.17764.38 Lakhs.

NTPC Profit up at Rs 2110.51 Crores

2008-10-24T21:57:00.001-07:00

NTPC Limited has announced the standalone Results for the quarter ended on 30-SEP-2008. The Net Sales was at Rs. 966142 lacs for quarter ending on 30-SEP-2008 against Rs. 801690 lacs for the quarter ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 211051 lacs for the quarter ending on 30-SEP-2008 against Rs. 192550 lacs for the quarter ending on 30-SEP-2007.The Net Sales was at Rs. 1920089 lacs for half year ending on 30-SEP-2008 against Rs. 1697570 lacs for the half year ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 383704 lacs for the half year ending on 30-SEP-2008 against Rs. 429540 lacs for the half year ending on 30-SEP-2007.The Stock closed the day at Rs.130.45, down by Rs.12.75 or 8.90%. The stock hit an intraday high of Rs.142.50 and low of Rs.8.90.The total traded quantity was 10493403 at an average price of Rs.134.25 resulting in a turnover of Rs.14087.39 Lakhs.

Alstom Projects India Net Profit soars to Rs 59.01 Crores

2008-10-24T21:45:00.000-07:00

Alstom Projects India Limited has announced the standalone Results for the quarter ended on 30-SEP-2008. The Net Sales was at Rs. 58120 lacs for quarter ending on 30-SEP-2008 against Rs. 39810 lacs for the quarter ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 5901 lacs for the quarter ending on 30-SEP-2008 against Rs. 2420 lacs for the quarter ending on 30-SEP-2007.The Net Sales was at Rs. 94569 lacs for half year ending on 30-SEP-2008 against Rs. 63940 lacs for the half year ending on 30-SEP-2007. The Net Profit / (Loss) was at Rs. 7732 lacs for the half year ending on 30-SEP-2008 against Rs. 4170 lacs for the half year ending on 30-SEP-2007.The Stock closed the day at Rs.210.50, down by Rs.9.50 or 4.32%. The stock hit an intraday high of Rs.224 and low of Rs.200.10.The total traded quantity was 102260 at an average price of Rs.208.28 resulting in a turnover of Rs.212.99 Lakhs.

Morgan, Merrill, Citigroup sell stakes in Indian companies

2008-10-09T20:21:00.000-07:00

Even as Japanese investment bank Nomura extended a lifeline by agreeing to buy the India operations of Lehman Brothers, the bankrupt US investment bank is holding on to its stake in many Indian companies, especially in infrastructure. However, its peer Morgan Stanley, which decided to convert itself into a bank holding company following US financial crisis, is selling stakes big time. An analysis of select stocks show that apart from Morgan, Merrill Lynch, Citigroup and Goldman Sachs too have been selling stakes in Indian companies. Morgan, which was the largest FII investor in S Kumars Nationwide, a leading textile firm with a 7.92% holding (as on June 30) sold 6.13% (1.31 crore shares) of that stake on September 18. It has offloaded 15 lakh shares in Lakshmi Energy and Foods on the same day bringing its stake down from 4.06% to 2.37%. Citigroup reduced its exposure in Ruchi Soya from 3.64 % to 2.63 % by selling 19.02 lakh shares on August 8.
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Goldman Sachs, another ibank that escaped the global meltdown, pared down its exposure in Prajay Engineers from 5.02% to 2.64% by selling 9.47 lakh shares on June 30. Merrill Lynch, which was taken over by Bank of America amidst the turmoil, brought down its stake in Panacea Biotech from 3.95% (as on June 30) to 1.35% by selling 18.69 lakh shares on September 23. Lehman, on the other hand, has held on to its stakes in KSK Energy, KPIT Cummins, Cranes Software and Fedders Lloyd. In some cases, companies had to come out with clarifications stating that they have not taken any hit as a result of Lehman going down under. Hyderabad-based KSK Energy had said that the i-bank cannot sell any of its holdings as the shares have a one year lockin from July 5, 2008.

Asian Stocks Plunge, Set for Worst Week Since 1987; Banks, Neptune Slump

2008-10-09T19:52:00.000-07:00

Asian stocks tumbled, driving Japan's Nikkei 225 Stock Average down as much 11 percent, and U.S. futures fell on concern the deepening credit crisis will push the global economy into recession.
Mizuho Financial Group Inc. fell 9.6 percent after Japanese bank lending growth slowed. Neptune Orient Lines Ltd., Southeast Asia's largest container shipping company, plunged 11 percent after Goldman Sachs Group Inc. slashed its target price. BHP Billiton Ltd. lost 7.2 percent after crude oil declined to the lowest level in a year.
``It's a financial panic,'' said Choi Min Jai, who oversees the equivalent of $2.1 billion at KTB Asset Management Co. in Seoul. ``The recession can only get worse. You can't find the link that will break the vicious cycle.''
The MSCI Asia Pacific Index lost 4.9 percent to 87.86 as of 10:33 a.m. in Tokyo. The measure is poised to drop 16 percent this week, the biggest slump since the index was created on Dec. 31, 1987. Only four stocks gained in the 990 member gauge. S&P 500 index futures lost 2 percent.
All Asian benchmark indexes dropped. Japan's Nikkei plunged 9.8 percent to 8,264.65. Australia's S&P/ASX 200 Index tumbled 5.7 percent. Today's slump left the Nikkei valued at 9.9 times earnings and the S&P/ASX 200 at 11 times profit, the lowest for both indexes since at least April 2000, when Bloomberg started keeping track of the data.
Indonesia's stock exchange is set to resume trading today after a two-day halt. Taiwan is shut for a holiday.
MSCI's Asian index is down 42 percent this year as mounting mortgage-related losses at financial firms caused credit to dry up, toppling banks including Lehman Brothers Holdings Inc. and slowing global demand for Asia's exports.
U.S. stocks tumbled yesterday, wiping out almost $900 billion in market value, with the Dow Jones Industrial Average closing below 9,000 for the first time since 2003. The Standard & Poor's 500 Index slid 7.6 percent to 909.92, capping a seven-day decline, the longest losing streak since 1996.

GM stock trading at 60 years low

2008-10-09T19:18:00.000-07:00

General Motors Corp. tumbled to its lowest in New York trading in 58 years and Ford Motor Co. fell to almost a 26-year low as the U.S. auto-sales outlook worsened and Standard & Poor's said it may cut their debt deeper into junk.
Market researcher J.D. Power & Associates today estimated that car and light-truck sales will fall to 13.6 million this year and 13.2 million in 2009. The total was 16.1 million last year and hasn't been as low as the 2009 projection since 1992.
``These companies certainly wouldn't choose to file bankruptcy but they could find themselves at a point where their liquidity reached the point where they no longer could run their businesses,'' S&P analyst Robert Schulz said on Bloomberg Television. ``We think they could be pushed into that.''
The pressure on GM and Ford, the largest U.S. automakers, comes after the industry's auto sales tumbled 27 percent in September, the biggest monthly drop since 1991. The credit crisis has reduced access to loans for potential buyers, after sales already had been hurt by gasoline prices that rose to a record in July and by the housing slump that sapped consumer confidence.
S&P, which rates debt of GM and Ford six steps below investment grade at B-, said in statements that both automakers have ``adequate liquidity'' for this year while facing a ``serious challenge'' during 2009. The ratings company put both on Creditwatch with a negative outlook and said it's also reviewing GMAC LLC, the finance company 49 percent-owned by GM.
``We were fortunate to go to the markets at the right time,'' Ford spokesman Mark Truby said, referring to $23.4 billion borrowed in late 2006. The Dearborn, Michigan-based company is reviewing its liquidity and will give an update when it releases third-quarter financial results, he said. Ford hasn't said when the release, typically later in October, will be.
`Not an Option'
Renee Rashid-Merem, a GM spokeswoman, said that ``we face unprecedented challenges related to uncertainty in the financial markets globally and weakening economic fundamentals in many key markets. But bankruptcy is not an option GM is considering.''
She reiterated that Detroit-based GM is moving to push savings to this year, rather than 2009, under a July 15 plan to boost available funding by $15 billion by the end of next year.
GM fell $2.15, or 31 percent, to $4.76 in New York Stock Exchange composite trading at 4:15 p.m. That was the lowest close since March 30, 1950, according to Global Financial Data in Los Angeles. Ford slid 58 cents, or 22 percent, to $2.08, the lowest since Oct. 25, 1982, according to Bloomberg data.
Potential `Collapse'
``Buyers are both voluntarily and involuntarily exiting the U.S. new-vehicle market,'' Jeff Schuster, executive director of automotive forecasting for Westlake Village, California-based J.D. Power, said in a statement. ``The global market in 2009 may experience an outright collapse.''
Shares of GM and Ford were on the list for the U.S. Securities and Exchange Commission's three-week ban on short selling, which ended last night. In a short sale, traders borrow shares, sell them and hope to make a profit by buying back the stock at a lower price and returning it.
GM's 8.375 percent note due July 2033 fell 3.5 cents to 24.5 cents on the dollar, yielding 34 percent. Ford's 7.45 percent note due July 2031 declined 0.4 cent to 34 cents on the dollar, yielding 22 percent.
``People aren't sure they're going to be able to get their U.S. distribution and sales in line with their projections,'' said Peter Kenny, a managing director for institutional sales at Knight Equity Markets in Jersey City, New Jersey. ``That's what's killing them.''
Kevin Tynan, an analyst at New York-based Argus Research Corp., said the auto industry before the financial crisis ``was perceived as the most troubled sector. Investors are circling back and saying this is pretty bad.'' He rates shares of GM and Ford ``sell.''
`Fragile' Balance Sheets
GM and Ford shares this week were cut to ``sell'' by Citigroup Inc.
``Declining global credit conditions are complicating what are already fragile U.S. automotive balance sheets,'' Citigroup analysts including Itay Michaeli wrote in a note dated Oct. 7. Without a recovery, ``U.S. automakers might be forced to consider pursuing either drastic spending cuts and/or broader workout scenarios sooner than previously contemplated,'' they wrote.
The J.D. Power estimate for 2009 industry sales comes after consulting firm Global Insight Inc. last week trimmed its projection for next year to 13.4 million cars and light trucks from its previous figure of 14 million.
GM hasn't posted a full-year profit since 2004, while Ford hasn't done so since 2005. Both automakers have lost sales as high fuel prices caused a consumer shift away from large pickup trucks and sport-utility vehicles. Neither automaker has said when it expects to return to profit.

Indiabulls Real Estate net profit declines 69.78% in the September 2008 quarter

2008-10-08T20:48:00.000-07:00

Sales rise 127.33% to Rs 14.64 crore
Net profit of Indiabulls Real Estate declined 69.78% to Rs 6.88 crore in the quarter ended September 2008 as against Rs 22.77 crore during the previous quarter ended September 2007. Sales rose 127.33% to Rs 14.64 crore in the quarter ended September 2008 as against Rs 6.44 crore during the previous quarter ended September 2007.

Warren Buffett announces plan to invest $5 bn in GS

2008-09-24T22:32:00.000-07:00

Warren Buffett's has announced plans to invest USD 5 billion in Goldman Sachs. This investment works out to nearly 9% stake in Goldman. Buffett called the credit crisis as the economic Pearl Harbour.

Buffett said "I don't try and time things, but I do try and price things. I have got a formula, bet on brains, and bet on them when it is the right type of deal. In this case, there is no better firm on Wall Street. The price was right, the terms were right and I decided to write a cheque."

Earlier, Goldman Sachs had said that it will raise at least USD 7.5 billion from Warren Buffett's Berkshire Hathaway and public investors in a bid to quell concerns that pushed up the Wall Street firm's borrowing costs. It also said it planned to sell USD 2.5 billion in common stock through a public offer.

US financial crisis set to impact India's real estate sector

2008-09-17T19:44:00.000-07:00

The crisis in the US financial market will hit the Indian real estate sector hard. The sector was already reeling under tremendous pressure as RBI increased the interest rates to contain inflation, besides restricting the fund flow in it. Consultants said that in the present circumstances the real estate prices will go for a sharp correction in the short to medium term. The financial crisis in the global market will affect the availability of fund for the domestic realty sector. As RBI has already put restriction on Indian banks to finance real estate companies in the country, they are depended on foreign funds through FDI route for their fund requirements. But, a senior consultant said following the development in US, many of the private equity funds are returning back to their mother countries. The source said that many of these private equity funds were launched by investment banks. But, now as the fate of these investment banks is uncertain, their capability to raise funds in their country is doubtful. This will put severe constraint on availability of funds in India. A large player in the sector said that as the availability of funds from banking sector is restricted for the realty sector, they are forced to borrow from the high net worth individuals at high interest rates at around 20%.

At the same time, the crisis in the global market has affected the demand for the real estate space in India. The development in US has affected the global economy, which has forced many of the global majors to either postpone or cut the expansion plan. According to a source in the industry, Google has cut its expansion plan substantially in the NCR region. Earlier, the global major has expressed intention to take lease of 5 lakh sq feet of the office space. But now, it is learnt, it has cut its requirement to only 3 lakh sq feet.

Similarly, German major SAP, which had shown interest to open its operation in Gurgaon in the NCR region, has now postponed the plan. A number of small and medium size companies, the source said, has followed the wait and watch policy as the global economy has facing the turmoil. This has affected the demand of the real estate space. Global consultancy firm now predict with the cancellation and postponement of the expansion plan of companies, many of the regions like NCR, Bangalore and Pune will face the situation of oversupply in the office space. The rentals in these areas are projected to fall by 25 to 30% in the next 12 months. The worsening condition in the demand for office space indicates the slowing down in the economic activities in the country. This will affect the demand for the residential space also. Further dip in the demand for real estate will affect the sector very badly. This will starve them of fund. The fund flows from all the possible ways are getting constrained. Funds from banks are already not available. Private equity source has also dried up. And the demand from end users is also getting affected.

ICSA India secures work orders worth Rs 236.14 crore

2008-09-13T03:26:00.000-07:00

From Mahavitaran & M P Paschim Kshetra Vidyut Vitaran

ICSA India has secured work orders for a total contract value of Rs 236.14 crore from Mahavitaran and M P Paschim Kshetra Vidyut Vitaran.

The company made this announcement during the trading hours today, 08 September 2008.

ICSA India Board recommends dividend of 60%

2008-08-29T06:39:00.000-07:00

ICSA India Ltd has announced that the Board of Directors of the Company at its meeting held on August 29, 2008, inter alia, has recommended Dividend @ 60% for the Financial Year 2007-2008.

Consumer Spending in U.S. Slowed in July as Prices Rose Most in 17 Years

2008-08-29T06:29:00.000-07:00

Spending by U.S. consumers slowed in July as the impact of the tax rebates faded and a pickup in inflation eroded Americans' buying power.
The 0.2 percent rise in purchases matched forecasts and followed a 0.6 percent increase in June, the Commerce Department said today in Washington. Prices rose by the most in 17 years.
Americans, faced with rising unemployment, soaring food and fuel costs and falling home values, are cutting back on big- ticket items like automobiles and furniture. The federal tax rebates, the bulk of which have now gone out, will no longer keep spending, the biggest part of the economy, going, economists said.
``We are looking for a clear slowdown in the economy,'' said Nigel Gault, chief U.S. economist at Global Insight Inc. in Lexington, Massachusetts, who accurately forecast the gain in spending. ``Inflation has been eating into spending power.''
Treasuries were little changed after the report, with yields on benchmark 10-year notes at 3.77 percent at 8:33 a.m. in New York, compared with yesterday's close of 3.78 percent. Futures on the Standard & Poor's 500 Stock Index were down 0.2 percent at 1,295.50.
Economists forecast spending would rise 0.2 percent, according to the median of 75 estimates in a Bloomberg News survey. Projections ranged from gains of 0.8 percent to a drop of 0.1 percent.
Incomes Slide
Incomes dropped 0.7 percent, the first decrease since August 2005, reflecting the end of the rebates. That was after a 0.1 percent gain the prior month, today's report showed. The median forecast was a decline of 0.2 percent.
The report's price gauge tied to spending patterns jumped 4.5 percent from July 2007, the biggest 12-month gain since 1991.
The Federal Reserve's preferred gauge of prices, which excludes food and fuel, climbed 0.3 percent for a second month. The so-called core price measure was up 2.4 percent from a year before, the most since February 2007.
Adjusted for inflation, spending plunged 0.4 percent, the biggest drop in four years. Price-adjusted purchases of durable goods, such as autos, furniture, and other long-lasting items, dropped 1.6 percent. Spending on non-durable goods decreased 0.9 percent, and services, which account for almost 60 percent of all outlays, were unchanged.
Holding Rates
Concern over both slower growth and rising prices led Fed policy makers to hold the benchmark interest rate at 2 percent this month.
Rising unemployment, falling stock and house prices and stricter lending rules ``were viewed as pointing towards weak growth in personal consumption expenditures during the second half of 2008,'' minutes of the Fed's Aug. 5 meeting released this week showed.
The drop in incomes pushed the savings rate down to 1.2 percent from 2.5 percent the prior month.
Disposable income, or the money left over after taxes, decreased 1.1 percent. Adjusted for inflation, it fell 1.7 percent after declining 2.6 percent in June.
Other reports indicate purchases of big-ticket items are weakening. Sales of autos and light trucks plunged in July to a 12.5 million annual pace, the lowest since 1993, according to Bloomberg calculations based on industry data.
Williams-Sonoma
The real-estate slump in also hurting purchases of household goods. Williams-Sonoma Inc., the biggest U.S. gourmet- cookware chain, said yesterday that second-quarter earnings dropped 29 percent and reduced its annual sales forecast.
Weakening trends continued through August and are worst in cities most affected by the housing slump, Chief Executive Officer Howard Lester said on a conference call. At Pottery Barn and West Elm, for example, purchases have suffered in Southern California, Nevada and south Florida, he said.
``It is extremely difficult to know how the consumer will respond in the back half of the year,'' Lester said in a statement. ``We are also looking forward to 2009 with a very cautious outlook.''
The longest expansion in consumer spending on record will probably end this year, according to economists surveyed by Bloomberg earlier this month. Retail sales fell in July for the first time in five months, led by a slump in auto purchases, according to Commerce data.

U.S. Economy Grew Faster Than Estimated in Second Quarter on Export Gains

2008-08-28T08:10:00.000-07:00

The U.S. economy expanded at a faster pace than previously estimated in the second quarter, helped by surging exports and a smaller decline in inventories.
The 3.3 percent annualized increase in gross domestic product from April through June was higher than forecast and compares with an advance estimate of 1.9 percent issued last month, the Commerce Department said today in Washington. The economy grew 0.9 percent in the first quarter.
Record exports and the temporary stimulus from the tax rebates prevented the economy from stalling as housing slumped and companies cut expenditures. Consumer spending is now waning and slower growth abroad dims the outlook for foreign sales, signaling last quarter will be the year's highpoint.
``Outside of trade, the economy is considerably weaker,'' said Carl Riccadonna, an economist at Deutsche Bank Securities Inc. in New York. ``When you look at the spending, it looks terrible for the second half of the year.''
The Labor Department said separately that initial claims for unemployment insurance dropped to 425,000 last week, matching economists' forecasts, from 435,000 the previous week. The level remains well above the 321,000 average of last year, and continues to indicate a weakening job market.
Treasuries Drop
Treasuries dropped after today's reports, sending benchmark 10-year note yields up to 3.80 percent at 9 a.m. in New York, from 3.77 percent late yesterday. Futures on the Standard & Poor's 500 Stock Index rose 0.7 percent to 1,291.
Economists had forecast the economy expanded 2.7 percent in the second quarter, according to the median of 78 estimates in a Bloomberg News survey. Projections ranged from 2.2 percent to 3.1 percent.
Last quarter's gain was the biggest since the third quarter of 2007.
The smallest trade deficit in eight years was the biggest contributor to growth. The trade gap narrowed to a $376.6 billion annual pace and added 3.1 percentage points to growth, the most since 1980. Excluding trade, the economy would have expanded at a 0.2 percent pace after growing 0.1 percent in the first three months of the year.
The boost from trade may wane in the rest of the year as growth among some of the U.S.'s biggest trading partners slows. Europe and Japan both shrank last quarter.
Fed Forecast
Private economists aren't the only ones taking a dimmer view. Federal Reserve staff also ``marked down'' the central bank's forecast for growth in the second half of 2008, according to minutes of the Federal Open Market Committee's Aug. 5 meeting released this week.
Fed policy makers also said recent reports pointed to ``softer export demand,'' according to the minutes.
Consumer spending, which accounts for more than two-thirds of the economy, grew at a revised 1.7 percent annual rate in the second quarter, compared with the 1.5 percent estimated last month and 0.9 percent for the first three months of the year.
The longest expansion in consumer spending on record will probably end this year, according to economists surveyed by Bloomberg earlier this month. Retail sales fell in July for the first time in five months, led by a slump in auto purchases, according to Commerce data.
`In a Recession'
``We are in a recession,'' Farooq Kathwari, chief executive officer at Ethan Allen Interiors Inc., said in an interview with Bloomberg Television this week. ``Our industry has been impacted. Conditions are still tough.''
The Danbury, Connecticut-based home-furnishings retailer said last month that sales fell 8.7 percent in the second quarter compared with the same period last year.
A weakening labor market is one reason consumer spending is likely to slow after the government sent out about $92 billion in tax rebate checks. The U.S. has lost 463,000 jobs so far this year and wages haven't kept up with inflation, according to Labor Department data.
``We don't have a lot of demand out there on the part of consumers, so there is a worry,'' Joel Naroff, chief economist at Commerce Bancorp Inc. in Holland, New Jersey, said in a Bloomberg Radio interview. ``What we're looking at is an economy that's bouncing around, but when you really average it out we're just muddling along -- still some growth but nothing special.''
Weaker Salaries
Smaller increases in paychecks are another reason Americans are likely to cut back. Wages and salaries increased by $52.5 billion in the first three months of the year, $20.2 billion less than previously estimated, according to today's revised estimates.
The reduction caused total personal income to grow at a 3 percent annual pace in the first quarter, compared with a previous estimate of 3.7 percent.
Today's revisions showed housing continued to slump and companies invested less in new equipment. Residential construction decreased at a 15.7 percent pace, more than previously estimated.
The slide in residential construction has continued this quarter. Housing starts last month fell 11 percent and building permits also declined, the government said Aug. 19.
A smaller decline in stockpiles contributed to the larger- than-forecast gain in growth. Inventories fell at a $49.4 billion annual rate from April through June, down from a $62.2 billion first estimate. Still, the draw-down subtracted 1.44 percentage points from growth.
Today's report also included a first look at corporate profits for the second quarter. Earnings adjusted for the value of inventories and depreciation of capital expenditures, known as profits from current production, decreased 2.4 percent to an annual rate of $1.56 trillion. Earnings were down 7 percent from the same time last year, the biggest decrease since the 2001 recession.

Punj Lloyd builds on overseas deal buzz

2008-08-27T03:43:00.000-07:00

Punj Lloyd rose 1.66% to Rs 284.10 at 14:44 IST on BSE on reports the company plans to bid for Singapore's maiden liquefied natural gas terminal for which it has tied-up with an Italian firm Saipem.

Saipem is a leading global engineering procurement and construction (EPC) contractor.

The cost of the project is estimated at S$1 billion and is to be commissioned by 2011. Besides Punj Lloyd and Saipem, three other global players are reported to be in the race for the terminal project. If Punj Lloyd bags the project, it would be executed through its Singapore subsidiary.

On 18 July 2008, Punj Lloyd received an order worth $108 million from Spain's Tecnicas Reunidas for a project in Abu Dhabi.

On 4 July 2008, the company bagged an order worth Rs 1005 crore from GVK Power for its Govindwal Sahib coal fired thermal power plant project in Punjab.

On 6 June 2008, Punj Lloyd secured an order worth Rs 649 crore for motor spirit quality upgradation project from Indian Oil Corporation for its Barauni Refinery, Bihar.

Punj Lloyd’s net profit surged 296.8% to Rs 84.12 crore on 120.5% increase in net sales to Rs 1558.58 crore in Q1 June 2008 over Q1 June 2007.

The company provides engineering, designing, procurement, construction and project management services for energy industry and infrastructure sector.

BGR Energy gains on new order win

2008-08-27T03:40:00.000-07:00

BGR Energy Systems gained 2.09% to Rs 305 at 9:55 IST on BSE after the company said it bagged a Rs 39.60 crore order for supply air fin coolers to Essar group's refinery expansion project at Jamnagar in Gujarat.

In June 2008, BGR Energy Systems’ oil & gas division bagged a contract worth $9.29 million for manufacture of 70 oil product storage tanks for Aumara oil products depot in Iraq.

BGR Energy Systems’ net profit rose 17.4% to Rs 17.23 crore on 32% growth in net sales to Rs 306.83 crore in Q1 June 2008 over Q1 June 2007.

BGR Energy Systems is a supplier of systems and equipment for the power, oil and gas, petrochemical and process industries.

Geodesic Info Systems entering to NET TELEPHONY

2008-08-20T04:26:00.000-07:00

Farhan Ashhar, Chief Architect Net Telephony at Geodesic Info Systems said that the company is looking forward to developing low cost devices to provide IP phone services. ‘We expect a whole new bunch of Internet users to come in, precisely, because they would like to use Internet telephony as opposed to email, etc.’, said Ashhar.

The company, he said, is looking at a fairly large user base considering the fact that 14 million homes in India already have Internet service, and this will facilitate the provision of Internet telephony and converged telephon by Geodesic Info Systems.

For more information:

http://www.moneycontrol.com/india/news/business/geodesic-info-systems-set-to-rollindia-farhan-ashhar/16/50/352661

Lincoln Pharmaceuticals Board recommends dividend of 12%

2008-08-20T04:25:00.000-07:00

Lincoln Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on August 20, 2008, inter alia, has Recommended the payment of Dividend @ 12% for the year 2007-08.To consolidate the equity shares of face value of Rs 2/- each to face value of Rs 10/- each subject to approval of shareholders at ensuing AGM.The stock closed the day at Rs.6.36, up by Rs.0.03 or 0.47%. The stock hit an intraday high of Rs.6.48 and low of Rs.6.32.The total traded quantity was 25580 compared to 2 week average of 36465.

GMR Hyderabad gets govt nod to charge Rs 375 on domestic fliers

2008-08-20T04:22:00.000-07:00

GMR Hyderabad International Airport Ltd on Wednesday said it has received government approval to charge Rs 375 each from all domestic outbound passengers at the new airport in Hyderabad from August 22 onwards.
“Consequent to the approval received from the Union Ministry of Civil Aviation, GMR Hyderabad, the developer and operator of Rajiv Gandhi International Airport in Hyderabad will be levying a User Development Fee (UDF) of Rs 375 per head to all domestic o utbound passengers,'' the company said in a filing to the Bombay Stock Exchange.
“The levy of UDF has become necessary in view of the huge investments made by the GMR-led consortium for creating the world class facilities for the passengers who use the greenfield airport,'' GMR HIAL Chief Commercial Officer Viswanath Attaluri said.
The company has developed the first phase of the airport with an investment of Rs 2,478 crore. The UDF would be collected at the airport before issue of boarding pass from all those passengers who have not been charged UDF as part of the ticket issued to them.
“The collection of UDF is as per the business plan approved by Union Ministry of Civil Aviation prior commissioning of airport operations and as per the terms and conditions in the financial closure of the project,'' Attaluri said, adding that the chargi ng of UDF is a common feature levied globally on all greenfield airports.
Shares of the company were trading at Rs 104.60, up 1.75 per cent on the BSE in morning trade. - PTI

India to add 6,000 MW wind power by 2012

2008-08-12T06:12:00.000-07:00

India is expected to expand its wind-based power plant capacity by 6,000 MW by 2012, but this could still be below the eleventh plan target for this period, a latest report says.

The Ministry of New and Renewable Energy (MNRE) has fixed a target of 10,500 mega watts between 2007-12, but an additional generation capacity of only about 6,000 MW might be available for commercial use by 2012, as per research and project investment database firm ProjectsToday.

This assumption is based on the progress at the ongoing projects and the plans announced by public and private sectors, it said.

"The shortfall in wind power generated could be due to lack of availability of land for wind farms and the currently planned captive consumption could be used by others if government provides transmission facilities," ProjectsToday CEO Shashikant Hegde said.

During the 10th Plan (2002-2007), India saw installation of 5,426 MW of wind power generation capacity, as against the target of 2,200 MW.

However, accountancy major KPMG Advisory Services' Associate Director Santosh Kamath said that the 11th plan period target of 10,500 additional capacity seems "feasible" as the country is currently adding 1,800-2,000 MW per year.

"The robust growth in the country's wind power generation is largely driven by the incentives provided by the government to companies which set up wind power farms," he added.

India is currently the fourth largest generator of wind power in the world with a capacity of 8,696 MW, even ahead of China's 5,899 MW, ProjectsToday said.

UBS posts Q2 losses, writedowns of $5.1 bn

2008-08-12T06:10:00.000-07:00

UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said on Tuesday that it had further losses and writedowns of US$5.1 bn during the second quarter of 2008.

Switzerland's largest bank, which also announced further management changes, said its net loss attributable to shareholders for the three months ended June 30 was 358 Swiss francs (US$331 mn), compared with a profit of 5.5 bn francs during the year-earlier period.

``The positive sentiment seen at the end of first quarter 2008 that the credit crisis may be easing was short-lived as trading conditions deteriorated significantly in the second half of May, in particular for assets related to US residential real estate as well as other structured credit positions,'' a bank statement said.

The new results come on top of writedowns totaling US$37.4 bn over the previous nine months. The bank said it had net new money outflows during the quarter of 43.8 bn francs (US$40.5 bn), compared with inflows of 34 bn francs in the second quarter 2007.

``This occurred in the context of continuing credit market turbulence and its impact on the firm's operating performance and reputation,'' the statement said. It said that at the end of the quarter total invested assets stood at 2.8 trillion francs billion (US$2.6 trillion), 15 per cent down from the 3.3 trillion francs invested in the same quarter a year earlier. UBS shares rose 2.2 per cent to 23.70 francs (US$21.92) on the Zurich exchange. The bank said its staff declined by 2,387 people to a total of 81,452 during the quarter, with most of the reduction in the investment bank, blamed for most of the bad investments in US subprime securities. UBS said it was making changes in its strategic direction and launching ``a comprehensive program to re-engineer its business,'' making its divisions autonomous and more agile in managing trends in the financial industry. This, it said, would enable it better to navigate ``the uncertain near-term outlook for global financial markets and potential changes in regulatory capital requirements.'' ``Our review has clearly revealed the weaknesses associated with the integrated 'one firm' business model,'' said Chairman Peter Kurer. ``Some of these weaknesses, such as the blurring of the true risk-reward profile of individual businesses, are the source of substantial risk, as we have seen in the past few months.'' Chief Executive Marcel Rohner said UBS had already reduced risk exposure, costs and personnel of the investment bank. ``I am determined to make the management of UBS more effective,'' said Rohner. The bank announced four new candidates for the board of directors to be selected at a shareholders meeting Oct 4 - William G Parrett, retired chief executive officer of Deloitte Touche Tohmatsu; Bruno Gehrig, chairman of Swiss Life Holding and vice chairman of Roche Holding AG; Sally Bott, group human resources director of BP plc; Rainer-Marc Frey, who has held senior positions in a number of investment management companies. ``These candidates bring specific and relevant experience to UBS, namely in global financial services, the fields of change management and regulation and the perspectives of institutional shareholders,'' UBS said. Their selection is part of the new corporate governance framework started July 1 to strengthen the oversight role of the board. UBS also announced the appointments of Markus Diethelm as group general counsel and John Cryan as group chief financial officer.

L&T Consortium Bags EPC Orders worth Rs 3816 Crores from the Steel and Zinc Industry

2008-08-12T06:08:00.000-07:00

Larsen & Toubro Limited (L&T), in consortium with Global technology partners, has secured EPC orders aggregating Rs. 38,160 million (Rs. 3,816 crore) from various customers in the metals industry.

L&T in consortium with Outotec, GmbH of Germany for pellet plant and Paul Wurth, Italia for Blast Furnace has bagged EPC orders worth Rs. 25,450 million (Rs. 2,545 crore) from Tata Steel for 6 MTPA Pellet Plant and 3,800 CuM Blast Furnace at Jamshedpur. L&T's portion is valued at Rs. 15,780 million (Rs. 1,578 crore).

L&T, in consortium with Outotec has been awarded the largest pellet plant of 768 sqm grate area, marking L&T's entry into EPC business for pellet plants. Outotec is the industry leader in pelletizing technology using travelling grate and when completed, this will be the world's largest plant as on date. The pellet plant is scheduled for commissioning in 33 months.

In another significant development, L&T in consortium with Paul Wurth of Italy has been awarded an order for 2.5 MTPA Blast Furnace on EPC basis, scheduled for commissioning in 30 months. L&T has recently successfully commissioned the largest Blast Furnace H for TATA STEEL at Jamshedpur. The repeat order for similar size Blast Furnace from Tata Steel reinforces the faith reposed by Tata Steel on L&T-Paul Wurth consortium.

L&T-Outotec consortium has also bagged Rs. 7,530 million (Rs. 753 crore) order on EPC basis for 360 sqm sinter plant, scheduled for commissioning in 30 months for SAIL-RSP expansion of 3.7 MTPA. L&T's portion is valued at Rs. 5,880 million (Rs. 588 crore). With this order, L&T-Outotec is concurrently executing six sinter plants on EPC basis in India and has established itself as the most preferred supplier in the steel industry.

L&T has also bagged a repeat order from Hindustan Zinc for 2.1 Lakh TPA Leaching, Purification and Zinc Electrolysis plant on EPC basis, valued at Rs. 5,180 million (Rs. 518 crore), scheduled for commissioning in 17 months. This repeat order from HZL is a statement of their confidence and reliance in the capabilities of L&T to execute EPC jobs in record schedules.

The slew of projects in the metallurgical space has positioned L&T as a significant player in the Indian ferrous and non-ferrous industry.

Panacea Biotec pre-qualified by WHO for supply of Pentavalent Vaccine, EasyFive* to UN agencies

2008-08-12T06:07:00.000-07:00

Panacea Biotec has received WHO prequalification for its fully liquid innovative combination Pentavalent vaccine, EasyFive* against five deadly infectious diseases (DTwP+ Hep B+ Hib) of early childhood. This feat comes close on heels of Panacea Biotec's pre-qualification by WHO for two other combination vaccines, EasyFour (DTP + Hib) and Ecovac (DTP + Hep B) in January this year. In a notification, WHO has advised the UN procuring agencies regarding the acceptability of these vaccines world-wide. Panacea Biotec is already a pre-qualified supplier of OPV and Hepatitis-B vaccines to UN agencies.

This makes Panacea Biotec as the first Indian company & one of three companies in the world to have been prequalified by WHO for a pentavalent vaccine. Pentavalent vaccines are used by UN agencies (Unicef, Paho etc.) to vaccinate & save precious lives of millions of children in the developing World.

Panacea Biotec has been playing an important role in immunization through its novel and innovative, world's first fully liquid vaccine with brands such as, â€˜Easy Four' & â€˜Easy Five', for over 3 years. It has partnered with WHO & UNICEF with a mission of supporting the cause of maximizing coverage of vaccines under the Expanded Program on Immunization (EPI) for more than a decade.

Developing countries would need a combination vaccine to the tune of around 300 Mio doses annually. The combined demand of all combination pediatric vaccines worldwide was valued at USD 600 million in 2005 and is estimated to grow up to USD 1.6 billion by 2012. Pentavalent vaccine market is estimated to cross a mark of $1 Billion out of which UN agencies are likely to procure this vaccine worth more than Rupees 1,500 crore (>$ 350Mio), by 2009 itself. The WHO prequalification for Easy Five makes Panacea Biotec a strong contender in this important market segment.

"India is responding to globalization faster than people think. Encouraging innovation from India to develop vaccines for the developing countries is good for the world and will help to reduce the overall costs of healthcare, a cause close to our heart", said Mr. Rajesh Jain speaking on the occasion.

Panacea Biotec inaugurated its ultra modern, Greenfield construction, vaccine production plant at Baddi, H.P., with over Rs.100 Crore (approx. USD 25 million) investment in Sept'07, having capacity of more than 1 billion doses per annum, to cater to domestic and global markets. With this latest state-of-art facility, the total capacity to produce vaccines by Panacea Biotec would be doubled to two billion doses per annum. The commercial production has already commenced in April this year.

Hexaware Technologies Declares Interim Dividend of 25% for 2008

2008-08-12T06:06:00.001-07:00

Hexaware Technologies Ltd has announced that the Board of Directors of the Company on August 08, 2008 passed a resolution by circulation for payment of interim dividend @ 25% to shareholders / members of the Company.

Biocon fixes Record Date for Bonus Issue

2008-08-12T03:46:00.000-07:00

Biocon Ltd has announced that the members at the Annual General Meeting of the Company held on July 18, 2008 approved the issue of Bonus Shares in the ratio of one fully paid equity share for every equity share held in the Company.Further to the same, the Board has fixed September 12, 2008 as the record date for determining the eligibility and other conditions pursuant to the aforesaid approval by the members.The stock was trading at Rs.395, up by Rs.11.80 or 3.08%. The stock hit an intraday high of Rs.398.40 and low of Rs.379.05.The total traded quantity was 35357 compared to 2 week average of 33840.

Economic Slump in U.S. to Worsen as Consumers Get `Squeezed'

2008-08-10T22:20:00.000-07:00

(Source Bloomberg) -- The U.S. economic slump will extend into 2009 as the longest expansion in consumer spending on record comes to an end, according to a Bloomberg News survey.
The world's largest economy will grow at an average 0.7 percent annual pace from July through December, half the gain in the first six months of the year, according to the median forecast of 50 economists surveyed from Aug. 1 to Aug. 8.
Household spending, which has grown every quarter since 1992, is projected to stall in the last three months of the year as the impact of tax rebates fades, wages fail to keep up with inflation and property values fall. The jobless rate, now at 5.7 percent, will reach a five-year high of 6 percent in early 2009.
``The consumer is very much squeezed,'' said John Lonski, chief economist at Moody's Investors Service Inc. in New York. ``The downside risks swamp whatever the economy's upside potential would be.''
Spending is likely to grow at a 0.6 percent annual pace from July through September, down from a 1.5 percent pace in the previous three months when the arrival of almost $78 billion in tax rebates helped Americans overcome the surge in fuel and food prices. Most of the remaining rebate checks were sent out by mid July.
Analysts say the impact of the rebates, part of a $168 billion economic stimulus plan President George W. Bush signed in February, will be gone by the fourth quarter.
`Lower Spending'
``What's it going to look like once that stimulus runs out?'' said Jonathan Basile, an economist at Credit Suisse Holdings USA Inc. in New York. ``The profile that we think consumers are going to follow over the remainder of the year is one of lower spending.''
Economists anticipate economic growth will keep slowing next year, with gross domestic product expanding 1.5 percent compared with the 1.6 percent projected for 2008. Last month, economists said the economy would grow 1.7 percent in 2009.
The odds of a recession occurring within the next 12 months are 51 percent, little changed from last month's projection, after climbing as high as 70 percent in the April survey.
Slower growth may ease inflation concerns. Consumer prices will rise 4.3 percent this year, the most since 1990, before drifting down to 2.5 percent by the end of the third quarter of 2009, the survey showed.
``The inflation rate is going to come down,'' said Michael Hanson, a senior economist at Lehman Brothers Holdings Inc. in New York. ``The rapid increases in the oil price that we saw earlier in the year are not likely to continue.''
Inflation, Wages
Household incomes will suffer as salaries fail to keep up with inflation. The Labor Department last month said wages in June decreased 0.9 percent after adjusting for inflation, the biggest drop since September 2005, and were down 2.4 percent over the last 12 months.
The decline in buying power is one reason economists forecast spending will slow.
Retailers are feeling the pinch as consumers spend a greater share of their income on food and fuel. Sales at U.S. stores open more than a year grew 2.6 percent last month, the smallest gain since March, the International Council of Shopping Centers said Aug. 7.
Wal-Mart Stores Inc., the world's largest retailer, last week said August sales won't grow as quickly as July's. The company's stock fell the most since 2002 following the announcement.
Rising Unemployment
A weakening labor market also is weighing on consumers. The survey indicates that after rising to 6 percent in early 2009, the unemployment rate will remain at that level through the first nine months of the year. Economists last month forecast unemployment would peak at 5.8 percent.
Payrolls dropped in July for a seventh month, for a total of 463,000 jobs lost so far this year.
The increase in the jobless rate will not prevent Federal Reserve policy makers from raising the benchmark interest rate, economists said.
``The unemployment rate will probably drift upwards, but if it doesn't accelerate, the Fed will probably feel like it can begin safely raising rates,'' said Tom Fullerton, professor of economics at The University of Texas at El Paso. ``It would be surprising if the Fed did not raise short-term interest rates.''
The Fed will keep its benchmark interest rate at 2 percent through March 2009 and then raise it by three-quarters of a percentage point by the end of September, according to the survey. That forecast is unchanged from last month's survey.

INDIA: ABHINAV BINDRA WINS OLYMPIC GOLD

2008-08-10T22:14:00.000-07:00

Beijing Abhinav Bindra won India's first-ever individual Olympic gold medal when he claimed the men's 10m Air Rifle shooting title here on Monday.
Athens Games champion Zhu Qinan of China won the silver and Henri Hakkinen of Finland took the bronze at the Beijing Shooting Hall on the outskirts of the Chinese capital.
Bindra, the 25-year-old businessman from the northern city of Chandigarh, followed his world championship title two years ago to finally win a landmark gold medal for his country.
In one of the most thrilling shooting finals in Olympic history, Bindra overcame a two-point deficit against Hakkinen and one point against Zhu after the qualification rounds to annexe the title.
The Indian trumped his rivals with the best finish of 104.5 in the 10-shot final as he went into the last shot level with Hakkinen on 689.7 points.
While Bindra secured his best score of 10.8 in the deciding shot, Hakkinen managed only 9.7 to concede the silver to Zhu, whose last shot was 10.5.
Bindra finished with a combined tally of 700.5, a fair distance behind Zhu's Olympic record of 702.7 set in Athens.
Zhu came in with 699.7 this time and Hakkinen, a member of Finland's armed forces who is taking part in his first Olympics, scored 699.4 points.
India, winners of eight field hockey gold medals, had never won an individual Olympic title before Bindra's feat.
The previous best was trap shooter Rajyavardhan Rathore's silver at Athens, while there were bronze medals for wrestler Khasaba Jadhav (1952), tennis star Leander Paes (1996) and woman weightlifter Karnam Malleswari (2000).

Tata Steel is placed at 231 on list of Global 500 Companies

2008-08-07T06:08:00.000-07:00

Tata Steel, India’ first and largest integrated private steel company of India which celebrated its centenary year has made its maiden entry in the list of Global 500 Companies released by the Fortune magazine. In an official clarification issued on the Website of Fortune magazine, Tata Steel now ranks 231 in the list of Global 500 Companies and not 315 as mentioned in the Fortune magazine.

Based on the consolidated 9 months financial results of Tata Steel, Fortune magazine ranked Tata Steel at 315th position. However, post the announcement of the Annual Results of Tata Steel, which was after the deadline of the publication of the Fortune magazine listing the Global 500 Companies, Fortune in a clarification on its website mentions that the Company would have been placed at the 231st position on the list and not 315.

To quote the website of Fortune magazine, Tata Steel's revenue for fiscal year end March 31, 2008 -- released by the company after the Global 500 publication deadline -- was $32.8 billion. Had the information been available, the company would have placed 231 on the list. The company ranked 315th in the listing, based on revenue for the four quarters ended Dec. 31, 2007, of $25.7 billion.

This is the first time that the company has made an entry into the prestigious list of top 500 Companies of the World. Of all the Companies featured in the list Global 500 companies, Tata Steel has registered the biggest increase in revenues with a percentage change of 353.2 % from 2006. Tata Steel has registered revenue of $ 32.8 billion dollars.

Singh is King (Hindi Movie)

2008-08-07T05:27:00.000-07:00

Vipul Shah expects record earnings from 'Singh is Kinng'With an overwhelming response to "Singh is Kinng" at the ticket windows for advance booking, the makers are expecting a record collection from the romantic comedy which is releasing on Friday.

"We have put 100 percent into the film and we want the audience to bless the film by watching it. We are very confident that the audience will love the film. I'm expecting a record-breaking collection from all over the world," Vipul Shah, producer of the film said on phone from Mumbai.

Trade analyst Taran Adarsh added: "We have tremendous expectations from the movie. A combo like Vipul Shah and Anees Bazmee can't go wrong. The movie has a huge box office turnover too. It is a very big film and since it is the solo release this week, it faces no competition either and should be a huge hit."

Written and directed by Anees Bazmee, the film, starring Akshay Kumar and Katrina Kaif, got unexpected publicity when Prime Minister Manmohan Singh pulled off a decisive win in the trust vote in parliament July 22.

"Congratulations India... Singh is King!" was the SMS circulated in Punjab and elsewhere soon after the result was announced.

Also, when Harbhajan Singh took six wickets last week to help India gain a lead on the third day of the second Test against Sri Lanka in Galle, the national dailies were flooded with headlines that said: "Singh is King".

"The unexpected publicity that the movie has got proves that Singhs are the real kings. It is the most appropriate title for the movie as it is the Singhs who are making the country proud at present," said Shah.

Made with a budget of Rs.500 million, the film is being distributed by Adlabs with about 2,000 prints worldwide. The film's USP is said to be the Akshay-Katrina pair who featured in last year's hits "Namastey London" and "Welcome".

International rapper Snoop Dogg and British bhangra band RDB also add a special attraction to the film. The music for the film has already sold over 500,000 CDs and cassettes worldwide.

A source from PVR cinemas informed IANS: "The advance bookings are getting a tremendous response at the ticket counter and most of the shows are already housefull till mid next week on an average. PVR is also organising a paid premiere for the movie a day before its release." Munish Sharma of Satyma Cineplex echoes the observation saying: "People are going crazy for the movie. Also, due to long weekends ahead with national holidays like Raksha Bandhan and Independence day, I'm sure the box office sales will go high." Joginder Mahajan, a Delhi-based distributor, predicts a grand opening for the film. "The film will do a business of more than Rs.80 million in the first two weeks itself. The advance booking scene is very good and all multiplexes in Delhi would be playing more than 10 shows of the movie in a day," said Mahajan. "It is an entertaining and enjoyable picture. The Akshay-Katrina pair is also the reason for its appeal. It will also do well in international countries like Canada and Britain where you have a lot of Sikh population," he added. "Singh..." is the second movie after Rahul Rawail's "Jo Bole So Nihaal" that will focus on the Sikh community on the whole. While "Jo Bole..." faced the angst of the Sikh community for the weak portrayal of the Sikhs and tanked at the box office, "Singh..." too got into trouble for Akshay's trimmed beard. But Shah says that he has resolved the issue. "We have already shown the film to the community leaders and they suggested some changes in the film. We came out with the movie only after making the changes and they have given us a written certificate of approval for the movie," Shah said. Although everybody is positive about the movie, Bazmee is feeling uneasy. "My entire team is very excited and Vipul is over-excited for the movie. However, I somehow always feel uneasy before my every release and thus I visit the Ajmer Sharif before a movie comes out. I would be doing the same before 'Singh...' releases," said Bazmee.

Hindusthan National Glass & Industries net profit rises 38.88% in the June 2008 quarter

2008-08-07T05:15:00.000-07:00

Sales rise 106.71% to Rs 316.68 crore
Net profit of Hindusthan National Glass & Industries rose 38.88% to Rs 22.04 crore in the quarter ended June 2008 as against Rs 15.87 crore during the previous quarter ended June 2007. Sales rose 106.71% to Rs 316.68 crore in the quarter ended June 2008 as against Rs 153.20 crore during the previous quarter ended June 2007.

Steel Exchange India net profit rises 123.86% in the June 2008 quarter

2008-08-07T05:13:00.000-07:00

Sales rise 30.53% to Rs 156.89 crore
Net profit of Steel Exchange India rose 123.86% to Rs 6.85 crore in the quarter ended June 2008 as against Rs 3.06 crore during the previous quarter ended June 2007. Sales rose 30.53% to Rs 156.89 crore in the quarter ended June 2008 as against Rs 120.19 crore during the previous quarter ended June 2007.

Himalya International net profit rises 80.92% in the June 2008 quarter

2008-08-07T05:11:00.000-07:00

Sales rise 23.62% to Rs 12.30 crore
Net profit of Himalya International rose 80.92% to Rs 3.13 crore in the quarter ended June 2008 as against Rs 1.73 crore during the previous quarter ended June 2007. Sales rose 23.62% to Rs 12.30 crore in the quarter ended June 2008 as against Rs 9.95 crore during the previous quarter ended June 2007.

Reliance Chemotex Industries net profit rises 58.54% in the June 2008 quarter

2008-08-07T05:09:00.000-07:00

Sales rise 22.95% to Rs 37.77 crore
Net profit of Reliance Chemotex Industries rose 58.54% to Rs 0.65 crore in the quarter ended June 2008 as against Rs 0.41 crore during the previous quarter ended June 2007. Sales rose 22.95% to Rs 37.77 crore in the quarter ended June 2008 as against Rs 30.72 crore during the previous quarter ended June 2007.

VXL Instruments reports net loss of Rs 1.86 crore in the June 2008 quarter

2008-08-07T05:08:00.000-07:00

Sales rise 3.94% to Rs 12.39 crore
VXL Instruments reported net loss of Rs 1.86 crore in the quarter ended June 2008 as against net loss of Rs 1.71 crore during the previous quarter ended June 2007. Sales rose 3.94% to Rs 12.39 crore in the quarter ended June 2008 as against Rs 11.92 crore during the previous quarter ended June 2007.

Plan BSNL IPO price at Rs 300-400/sh: A Raja

2008-08-07T00:35:00.000-07:00

The Telecom Minister, A Raja has requested the BSNL Trade Unions to have healthy discussions on the impending BSNL IPO. Raja said that the listing would be beneficial for the State-owned BSNL. He assured that BSNL employees to be given shares in the IPO. Each BSNL employee would get 500 shares at Rs 10 each, listed at Rs 300-400 per share.
There is no time-frame fixed for the BSNL IPO, Raja said.

BEL eyes opportunities in nuke energy sector

2008-08-07T00:31:00.000-07:00

The country’s largest defence electronic company Bharat Electronic Ltd (BEL) is looking at tapping the lucrative business potential in the atomic energy sector.
The Navratna defence PSU said it was exploring opportunities at the instrumentation part of the nuclear technology as part of its diversification plans.
“BEL is looking at instrumentation part of the nuclear technology as one of our diversification areas,” the Chairman and Managing Director of the company, Mr V.V.R. Sastry, told PTI here.
He said the Indo-US nuclear deal will open up huge technological advantage and investment opportunities for Indian companies and that the BEL was working eagerly to tap the benefits.
“We are actively and eagerly working on this scenario and we want to take advantage out of it for our business diversification plans,” Mr Sastry said. Asked whether the company would be interested in entering into any joint ventures with foreign compani es, he said the company was looking at “all alternatives.”
Engineering major Larsen and Toubro (L&T), Anil Ambani's Reliance Power, Bharat Heavy Electricals, Infosys, Wipro and TCS and many other companies are also looking at opportunities to exploit possible opportunities in the nuclear energy sector.
Mr Sastry declined to divulge details on how much money the company plans to pump in for diversification in the area. - PTI

ICSA:BUY

2008-08-06T07:31:00.000-07:00

ICSA, a Hyderabad-based solution provider in power distribution segment, supplies customized products for power utilities in the filed of energy management, energy audit and control, data acquisition system using GSM technology. ICSA offers products like intelligent automatic meter reading, distribution transformer monitoring system, agriculture load management etc.

ICSA has diversified into Oil & Gas sector, where it provides solutions for checking pipeline spill offs, corrosion etc. It does EPC work for the distribution sector but is fast consolidating as a technology solution provider.

ICSA’s Apr-Jun 2008-09 results were above the brokerage estimates, with revenue growing 13.8 per cent over Jan-Mar 2007-08, which is seasonally the strongest quarter. Revenue posted for the quarter is Rs 240 crore, EBIDTA at Rs 61.9 crore and profit after tax at Rs 40.4 crore.

ICSA’s order book at the beginning of the fiscal stood at Rs 900 crore and out of the order pipeline of Rs 1,350 crore, it has bagged order worth Rs 225 crore taking its order book to over Rs 1,000 crore. The current order book stands at 1.68X FY08 revenue.

ICSA has been awarded permission by the board of non- conventional energy development corporation of Andhra Pradesh to set up a 20 MW capacity wind power project in Anantpur, Andhra Pradesh and is in the process of setting up wind farm, later which it would enter into the power purchase agreement with DISCOM. However the brokerage has not accounted for capital expenditure for the said project as well as revenue and tax benefits accruing out of it, for their 2008-09 estimates.

ICSA has secured patent registration for two of its designs, automatic meter reading apparatus protector for pipeline for Oil & Gas.

The brokerage has revised upward revenue estimates for 2008-09 by 15.62 per cent to Rs 1,155 crore.

At the market price of Rs 312 , ICSA is trading at 8x FY09E EPS of Rs 41.6.

Aban Offshore receives order for deployment of new jack-up rig

2008-08-06T07:27:00.000-07:00

Aban Offshore Ltd has announced that a Letter of Intent has been received for deployment of the new built jack-up rig "Deep Driller 8" offshore India for a two firm well + two optional well program.The firm period of the Contract, expected to commence following the delivery of the rig from the yard in the first quarter of 2009, is likely to last for 150 days with an estimated revenue of USD 30 million during the firm period.The stock was trading at Rs.2600, up by Rs.31.90 or 1.24%. The stock hit an intraday high of Rs.2610 and low of Rs.2565.The total traded quantity was 15552 compared to 2 week average of 91531.

Acquisition powers ICSA India

2008-08-06T02:40:00.000-07:00

ICSA India was locked at upper limit of 5% at Rs 377 at 14:08 IST on BSE after the firm signed a deal with ECE Industries to buy the latter's machineries and equipment along with available drawings, designs and data.

The company made the announcement during market hours today, 6 August 2008.
Meanwhile, the BSE Sensex was up 356.75 points, or 2.38%, at 15317.20 on strong cues from global markets. US stocks soared on Tuesday, 5 August 2008, after the Federal Reserve signaled that it is in no rush to raise interest rates and oil prices tumbled further.
On BSE, 1.67 lakh shares were traded in the counter. The scrip had an average daily volume of 44,167 shares in the past one quarter.
The stock hit a high of Rs 377.40 and a low of Rs 362.70 so far during the day. The stock had a 52-week high of Rs 648.80 on 28 December 2007 and a 52-week low of Rs 254 on 08 July 2008.
The scrip had outperformed the market over the past one month till 5 August 2008, rising 35.11% compared to the Sensex’s 10.61% gain. It had, however, underperformed the market in the past one quarter, falling 19.11% compared to Sensex’s 13.72% fall.
The mid-cap firm has an equity capital of Rs 8.81 crore. Face value per share is Rs 2.
The current price of Rs 377 discounts its Q1 June 2008 annualised EPS of Rs 37.25, by a PE multiple of 10.12.
The transaction would enable ICSA to manufacture the energy meters on its own capacity. The deal also allows ICSA to use the brand name of ECE for a period of six months. Both the parties have also signed a 5-year non-compete agreement.
Net profit of ICSA India rose 9.36% to Rs 40.97 crore on a 14.03% increase in sales to 241.50 crore in Q1 June 2008 over Q4 March 2008. The net profit rose 71.3% to Rs 40.97 crore on a 96.9% rise in sales to Rs 241.50 crore in Q1 June 2008 over Q1 June 2007.
ICSA India provides software development services and technology solutions for the power, telecommunication and other sector.

Oil falls to three-month low of $118

2008-08-05T10:11:00.000-07:00

Oil fell to $118 a barrel on Tuesday, a three-month low, as investors focused on rising OPEC supply and declining demand in the United States and Europe.
The loss extends a slide from the July 11 record high of $147.27 a barrel, despite a Gulf of Mexico storm that has curbed oil output, and is prompting some to say that oil's rally has run its course for now.
"Most of the hedge funds have been taking profits," said Angus McPhail of British-based investment firm Alliance Trust.
Asked how far prices could fall, he said: "Probably to about $100 within the next month if you keep on getting weak demand data."
U.S. crude was down $1.89 at $119.52 a barrel by 1310 GMT and fell as far as $118.00, the lowest price since May 5. London Brent crude lost $2.10 to $118.58.
Other commodities such as copper, gold and platinum also fell, hit by concern slower economic growth will limit demand and as the dollar rose, making commodities priced in dollars more expensive for holders of other currencies.
Tropical Storm Edouard has curbed Gulf of Mexico oil production, shipping and refining. But traders were discounting the risk of wider disruption to oil facilities.
"It seems that the market is losing interest in geopolitical and weather-induced 'props', and instead is becoming more aware of growing supply/demand imbalances," said Edward Meir, analyst at MF Global.
Monday's losses came after Reuters survey showed OPEC oil supply rose for a third consecutive month in July mainly because of increased output from the world's top exporter Saudi Arabia.
The boost in production from OPEC, source of two in every five barrels, coincides with soaring energy prices and an economic slowdown that has eroded consumption in the United States and Europe.
Investors awaited the outcome of a Federal Reserve meeting later in the day. The Fed is expected to leave its benchmark interest rate at 2.0 percent as it faces higher inflation risks and threats to economic growth.
Tension between major oil exporter Iran and the West over Tehran's nuclear work, and supply losses and violence in Africa's top producer Nigeria, provided support for oil prices.
Iran has handed European Union officials its written reply to a proposal backed by six world powers aimed at defusing a row over the nuclear programme, Iran's Fars News Agency said on Tuesday.

Falcon Tyres Board recommends dividend of 35%

2008-08-05T10:08:00.000-07:00

Falcon Tyres Ltd has announced that the Board of Directors of the Company at its meeting held on July 30, 2008, inter alia, has recommended a Dividend of 35% for the year ended March 31, 2008, subject to approval of shareholders.

ONGC supports windfall profit tax demand

2008-08-05T10:05:00.000-07:00

Oil and Natural Gas Corp has offered to pay a super profit tax (SPT) on any financial gains above $50 per barrel, but wants the present ad-hoc system of sharing fuel subsidies to be scrapped.
As per the offer, which backs the demand of the Left and the Samajwadi Party for levy of windfall profit tax from refiners and crude oil producers, the company is willing to pay three-fourths of anything above $50 a barrel as SPT.
ONGC, which earned $125.85 per barrel on crude oil it produced in April-June quarter, has suggested to the B K Chaturvedi Committee that the Rs 2,500 per tonne cess on domestic crude oil be converted into ad-valorem rates so that the government gets incr emental revenues whenever crude prices rise.
“Base price of crude oil be fixed at $50 per barrel on which there would be no subsidy sharing... ONGC further proposes that beyond this crude oil price, additional tax may be levied” ONGC said.
“The same may be 75 per cent of the incremental revenues beyond the crude price of $50 a barrel,'' it added.
Of the $125.85 a barrel gross realisation on crude oil produced, ONGC got a net revenue of only $69.14 a barrel after paying for subsidies on domestic cooking gas (LPG), kerosene, petrol and diesel.
Upstream firms like ONGC bear one-third of the revenue losses on fuel sales retailers IOC, BPCL and HPCL suffer on not being allowed to raise prices in line with cost.
ONGC wants this subsidy-sharing scheme to be replaced by the WPT or super profit tax regime. – PTI

Bajaj Steel Industries net profit rises 1204.76% in the June 2008 quarter

2008-08-05T10:00:00.001-07:00

Sales rise 23.64% to Rs 45.39 crore
Net profit of Bajaj Steel Industries rose 1204.76% to Rs 2.74 crore in the quarter ended June 2008 as against Rs 0.21 crore during the previous quarter ended June 2007. Sales rose 23.64% to Rs 45.39 crore in the quarter ended June 2008 as against Rs 36.71 crore during the previous quarter ended June 2007.

Tulsyan NEC net profit rises 261.17% in the June 2008 quarter

2008-08-05T09:59:00.001-07:00

Sales rise 97.75% to Rs 191.34 crore
Net profit of Tulsyan NEC rose 261.17% to Rs 9.86 crore in the quarter ended June 2008 as against Rs 2.73 crore during the previous quarter ended June 2007. Sales rose 97.75% to Rs 191.34 crore in the quarter ended June 2008 as against Rs 96.76 crore during the previous quarter ended June 2007.

Insutech India net profit rises 400.00% in the June 2008 quarter

2008-08-05T09:57:00.000-07:00

Sales rise 8487.50% to Rs 6.87 crore
Net profit of Insutech India rose 400.00% to Rs 0.15 crore in the quarter ended June 2008 as against Rs 0.03 crore during the previous quarter ended June 2007. Sales rose 8487.50% to Rs 6.87 crore in the quarter ended June 2008 as against Rs 0.08 crore during the previous quarter ended June 2007.

R J Shah & Company net profit rises 162.50% in the June 2008 quarter

2008-08-05T09:56:00.000-07:00

Sales rise 397.22% to Rs 1.79 crore
Net profit of R J Shah & Company rose 162.50% to Rs 0.21 crore in the quarter ended June 2008 as against Rs 0.08 crore during the previous quarter ended June 2007. Sales rose 397.22% to Rs 1.79 crore in the quarter ended June 2008 as against Rs 0.36 crore during the previous quarter ended June 2007.

Balaji Galvanising Industries net profit rises 100.00% in the June 2008 quarter

2008-08-05T09:55:00.000-07:00

Sales decline 14.83% to Rs 2.01 crore
Net profit of Balaji Galvanising Industries rose 100.00% to Rs 0.04 crore in the quarter ended June 2008 as against Rs 0.02 crore during the previous quarter ended June 2007. Sales declined 14.83% to Rs 2.01 crore in the quarter ended June 2008 as against Rs 2.36 crore during the previous quarter ended June 2007.

Venus Ventures net profit rises 481.82% in the June 2008 quarter

2008-08-05T09:54:00.000-07:00

Sales rise 201.18% to Rs 5.12 crore
Net profit of Venus Ventures rose 481.82% to Rs 0.64 crore in the quarter ended June 2008 as against Rs 0.11 crore during the previous quarter ended June 2007. Sales rose 201.18% to Rs 5.12 crore in the quarter ended June 2008 as against Rs 1.70 crore during the previous quarter ended June 2007.

Cochin Minerals & Rutile net profit rises 210.53% in the June 2008 quarter

2008-08-05T09:53:00.000-07:00

Sales rise 23.84% to Rs 24.31 crore
Net profit of Cochin Minerals & Rutile rose 210.53% to Rs 0.59 crore in the quarter ended June 2008 as against Rs 0.19 crore during the previous quarter ended June 2007. Sales rose 23.84% to Rs 24.31 crore in the quarter ended June 2008 as against Rs 19.63 crore during the previous quarter ended June 2007.

Ceeta Industries net profit rises 700.00% in the June 2008 quarter

2008-08-05T09:52:00.000-07:00

Sales rise 43.45% to Rs 3.83 crore
Net profit of Ceeta Industries rose 700.00% to Rs 0.64 crore in the quarter ended June 2008 as against Rs 0.08 crore during the previous quarter ended June 2007. Sales rose 43.45% to Rs 3.83 crore in the quarter ended June 2008 as against Rs 2.67 crore during the previous quarter ended June 2007.

JSL Industries net profit rises 57.14% in the June 2008 quarter

2008-08-05T09:51:00.000-07:00

Sales rise 20.58% to Rs 7.09 crore

Net profit of JSL Industries rose 57.14% to Rs 0.11 crore in the quarter ended June 2008 as against Rs 0.07 crore during the previous quarter ended June 2007. Sales rose 20.58% to Rs 7.09 crore in the quarter ended June 2008 as against Rs 5.88 crore during the previous quarter ended June 2007.

Ceenik Exports (India) net profit rises 166.67% in the June 2008 quarter

2008-08-05T09:38:00.000-07:00

Sales rise 30.56% to Rs 2.82 crore
Net profit of Ceenik Exports (India) rose 166.67% to Rs 0.16 crore in the quarter ended June 2008 as against Rs 0.06 crore during the previous quarter ended June 2007. Sales rose 30.56% to Rs 2.82 crore in the quarter ended June 2008 as against Rs 2.16 crore during the previous quarter ended June 2007.

Brels Infotech net profit rises 2725.00% in the June 2008 quarter

2008-08-05T09:07:00.000-07:00

Sales rise 83.61% to Rs 5.60 crore
Net profit of Brels Infotech rose 2725.00% to Rs 1.13 crore in the quarter ended June 2008 as against Rs 0.04 crore during the previous quarter ended June 2007. Sales rose 83.61% to Rs 5.60 crore in the quarter ended June 2008 as against Rs 3.05 crore during the previous quarter ended June 2007.

Allsoft Corporation net profit rises 350.00% in the June 2008 quarter

2008-08-05T09:05:00.000-07:00

Sales rise 4047.37% to Rs 7.88 crore
Net profit of Allsoft Corporation rose 350.00% to Rs 0.09 crore in the quarter ended June 2008 as against Rs 0.02 crore during the previous quarter ended June 2007. Sales rose 4047.37% to Rs 7.88 crore in the quarter ended June 2008 as against Rs 0.19 crore during the previous quarter ended June 2007.

Classic Electricals net profit rises 100.00% in the June 2008 quarter

2008-08-05T09:04:00.000-07:00

Sales reported at Rs 0.38 crore
Net profit of Classic Electricals rose 100.00% to Rs 0.28 crore in the quarter ended June 2008 as against Rs 0.14 crore during the previous quarter ended June 2007. Sales reported to Rs 0.38 crore in the quarter ended June 2008. There were no sales reported during the previous quarter ended June 2007.

Haryana Leather Chemicals net profit rises 86.36% in the June 2008 quarter

2008-08-05T09:03:00.000-07:00

Sales rise 9.57% to Rs 6.64 crore
Net profit of Haryana Leather Chemicals rose 86.36% to Rs 0.41 crore in the quarter ended June 2008 as against Rs 0.22 crore during the previous quarter ended June 2007. Sales rose 9.57% to Rs 6.64 crore in the quarter ended June 2008 as against Rs 6.06 crore during the previous quarter ended June 2007.

India Cements Capital net profit declines 83.33% in the June 2008 quarter

2008-08-05T09:01:00.000-07:00

Sales decline 16.00% to Rs 1.26 crore
Net profit of India Cements Capital declined 83.33% to Rs 0.02 crore in the quarter ended June 2008 as against Rs 0.12 crore during the previous quarter ended June 2007. Sales declined 16.00% to Rs 1.26 crore in the quarter ended June 2008 as against Rs 1.50 crore during the previous quarter ended June 2007.

Rathi Steel & Power net profit rises 85.54% in the June 2008 quarter

2008-08-05T06:47:00.000-07:00

Sales rise 60.35% to Rs 171.35 crore
Net profit of Rathi Steel & Power rose 85.54% to Rs 6.16 crore in the quarter ended June 2008 as against Rs 3.32 crore during the previous quarter ended June 2007. Sales rose 60.35% to Rs 171.35 crore in the quarter ended June 2008 as against Rs 106.86 crore during the previous quarter ended June 2007.

NTPC, ADB, GE Energy join hands for renewable power generation

2008-08-05T06:45:00.000-07:00

State-run NTPC Ltd, Asian Development Bank (ADB), GE Energy Financial Services, Kyushu Electric Power Co and Brookfield Renewable Power will form a joint venture company to undertake renewable power generation, an official statement said on Tu esday.
The companies on Tuesday signed a Memorandum of Understanding (MoU) to form a joint venture company for generating renewable power. NTPC would hold a 40 per cent stake in the company while the remaining would be equally shared by other entities. The joi nt venture company would develop greenfield and under-utilised potential sites to establish 500 MW of renewable power generation sources in the country.
The company would seek to develop projects in the country and may consider investing abroad in the near future. Initially, the company would concentrate on wind power, mini and micro-hydro electric power. The Chairman of the joint venture entity would b e nominated by NTPC. - PTI

Prithvi Info adds 8 new clients in Q1

2008-08-04T07:34:00.000-07:00

Key takeaways from Prithvi Information Solution Ltd
Company added 8 new clients in Q1.
Net sales up 60.7% at Rs 383 Cr; PAT up from Rs 28.3 Cr to Rs 43.26 Cr
Company ecoects order book of $ 22-25 mn in FY09 fom India
EBDITA margin of 13.4%
Major customers from India & Middle East
$ 50 mn hedge for FY09; Range $ 41-42. Company will makle losses on hedging if rupee goes beyond 42.93.
Employees: offshore: 89.5; onshore: 10.5
Major chunk of revenue comes from telecom

Linc Pen & Plastics net profit rises 10.53% in the June 2008 quarter

2008-08-04T07:13:00.000-07:00

Sales rise 7.73% to Rs 42.91 crore
Net profit of Linc Pen & Plastics rose 10.53% to Rs 1.68 crore in the quarter ended June 2008 as against Rs 1.52 crore during the previous quarter ended June 2007. Sales rose 7.73% to Rs 42.91 crore in the quarter ended June 2008 as against Rs 39.83 crore during the previous quarter ended June 2007.

Z F Steering Gear (India) net profit rises 6.24% in the June 2008 quarter

2008-08-04T07:12:00.000-07:00

Sales rise 14.76% to Rs 56.99 crore
Net profit of Z F Steering Gear (India) rose 6.24% to Rs 6.30 crore in the quarter ended June 2008 as against Rs 5.93 crore during the previous quarter ended June 2007. Sales rose 14.76% to Rs 56.99 crore in the quarter ended June 2008 as against Rs 49.66 crore during the previous quarter ended June 2007.

Southern Ispat net profit rises 500.00% in the June 2008 quarter

2008-08-04T06:28:00.000-07:00

Sales rise 238.88% to Rs 19.96 crore
Net profit of Southern Ispat rose 500.00% to Rs 0.12 crore in the quarter ended June 2008 as against Rs 0.02 crore during the previous quarter ended June 2007. Sales rose 238.88% to Rs 19.96 crore in the quarter ended June 2008 as against Rs 5.89 crore during the previous quarter ended June 2007.

Jyoti net profit rises 63.49% in the June 2008 quarter

2008-08-04T05:58:00.000-07:00

Sales rise 73.25% to Rs 43.52 crore
Net profit of Jyoti rose 63.49% to Rs 1.03 crore in the quarter ended June 2008 as against Rs 0.63 crore during the previous quarter ended June 2007. Sales rose 73.25% to Rs 43.52 crore in the quarter ended June 2008 as against Rs 25.12 crore during the previous quarter ended June 2007.

Torrent Cables net profit declines 53.08% in the June 2008 quarter

2008-08-04T05:57:00.000-07:00

Sales decline 8.03% to Rs 51.54 crore
Net profit of Torrent Cables declined 53.08% to Rs 3.43 crore in the quarter ended June 2008 as against Rs 7.31 crore during the previous quarter ended June 2007. Sales declined 8.03% to Rs 51.54 crore in the quarter ended June 2008 as against Rs 56.04 crore during the previous quarter ended June 2007.

Gayatri Projects net profit rises 74.84% in the June 2008 quarter

2008-08-04T05:56:00.000-07:00

Sales rise 55.93% to Rs 207.17 crore
Net profit of Gayatri Projects rose 74.84% to Rs 11.26 crore in the quarter ended June 2008 as against Rs 6.44 crore during the previous quarter ended June 2007. Sales rose 55.93% to Rs 207.17 crore in the quarter ended June 2008 as against Rs 132.86 crore during the previous quarter ended June 2007.

Garware Marine Industries net profit declines 63.64% in the June 2008 quarter

2008-08-04T05:54:00.000-07:00

Sales decline 11.74% to Rs 2.63 crore
Net profit of Garware Marine Industries declined 63.64% to Rs 0.08 crore in the quarter ended June 2008 as against Rs 0.22 crore during the previous quarter ended June 2007. Sales declined 11.74% to Rs 2.63 crore in the quarter ended June 2008 as against Rs 2.98 crore during the previous quarter ended June 2007.
For the full year, net profit declined 35.82% to Rs 0.43 crore in the year ended June 2008 as against Rs 0.67 crore during the previous year ended June 2007. Sales declined 5.26% to Rs 11.34 crore in the year ended June 2008 as against Rs 11.97 crore during the previous year ended June 2007.

State Bank of Travancore revises lending rate to 14%

2008-08-04T04:51:00.000-07:00

State Bank of Travancore has announced that the Bank has decided to enhance the Benchmark PLR from 13.50% to 14.00% with effect from August 04, 2008.The Stock closed on Friday at Rs.3210, up by Rs.7 or 0.22%. The stock hit an intraday high of Rs.3210 and low of Rs.3200.The total traded quantity was 30 compared to 2 week average of 373.

Gati Board recommends dividend of 40%

2008-08-04T04:50:00.001-07:00

Gati Ltd has announced that the Board of Directors of the Company at its meeting held on August 01, 2008, inter alia, has recommended a dividend of 40% for the year ended June 30, 2008 (previous year 40%).

Thermax receives order worth Rs 415 crore

2008-08-04T04:49:00.000-07:00

Thermax Ltd has announced that the Company has received an order of Rs 415 crore, from a leading steel making Company, for setting up a captive power plant for their upcoming Blast Furnace Complex on an EPC basis. The captive power plant will use the waste gas from the furnace to produce power.

This order is a part of the 4.2 MTPA Steel capacity expansion of the customer. Thermax scope includes design, engineering, manufacture, supply, erection and commissioning of captive power plant with blast furnace gas fired boilers, steam turbine generators and balance of plant.

The stock closed the day at Rs.451.15, up by Rs.14.55 or 3.33%. The stock hit an intraday high of Rs.456.85 and low of Rs.434.

The total traded quantity was 21015 compared to 2 week average of 36173.

Warren Tea net profit rises 131.52% in the June 2008 quarter

2008-08-04T04:46:00.001-07:00

Sales rise 9.66% to Rs 23.05 crore
Net profit of Warren Tea rose 131.52% to Rs 3.82 crore in the quarter ended June 2008 as against Rs 1.65 crore during the previous quarter ended June 2007. Sales rose 9.66% to Rs 23.05 crore in the quarter ended June 2008 as against Rs 21.02 crore during the previous quarter ended June 2007.

Rishi Laser net profit rises 32.50% in the June 2008 quarter

2008-08-04T04:44:00.001-07:00

Sales rise 104.43% to Rs 33.69 crore
Net profit of Rishi Laser rose 32.50% to Rs 1.06 crore in the quarter ended June 2008 as against Rs 0.80 crore during the previous quarter ended June 2007. Sales rose 104.43% to Rs 33.69 crore in the quarter ended June 2008 as against Rs 16.48 crore during the previous quarter ended June 2007.

Gati net profit rises 1.80% in the year ended June 2008

2008-08-04T04:42:00.002-07:00

Sales rise 20.71% to Rs 552.07 crore
Net profit of Gati rose 1.80% to Rs 23.78 crore in the year ended June 2008 as against Rs 23.36 crore during the previous year ended June 2007. Sales rose 20.71% to Rs 552.07 crore in the year ended June 2008 as against Rs 457.37 crore during the previous year ended June 2007.

Timex Group India net profit declines 15.89% in the June 2008 quarter

2008-08-04T04:42:00.001-07:00

Sales decline 6.59% to Rs 32.88 crore
Net profit of Timex Group India declined 15.89% to Rs 3.23 crore in the quarter ended June 2008 as against Rs 3.84 crore during the previous quarter ended June 2007. Sales declined 6.59% to Rs 32.88 crore in the quarter ended June 2008 as against Rs 35.20 crore during the previous quarter ended June 2007.

Chartered Capital & Investment net profit declines 91.10% in the June 2008 quarter

2008-08-04T04:40:00.000-07:00

Sales decline 81.67% to Rs 0.55 crore
Net profit of Chartered Capital & Investment declined 91.10% to Rs 0.21 crore in the quarter ended June 2008 as against Rs 2.36 crore during the previous quarter ended June 2007. Sales declined 81.67% to Rs 0.55 crore in the quarter ended June 2008 as against Rs 3.00 crore during the previous quarter ended June 2007.

Hindustan Fluoro Carbons reports net loss of Rs 1.86 crore in the June 2008 quarter

2008-08-04T04:39:00.000-07:00

Sales decline 62.57% to Rs 1.37 crore
Hindustan Fluoro Carbons reported net loss of Rs 1.86 crore in the quarter ended June 2008 as against net loss of Rs 1.55 crore during the previous quarter ended June 2007. Sales declined 62.57% to Rs 1.37 crore in the quarter ended June 2008 as against Rs 3.66 crore during the previous quarter ended June 2007.

Aditya Birla Nuvo net profit rises 57.37% in the June 2008 quarter

2008-08-04T04:37:00.000-07:00

Sales rise 45.61% to Rs 1078.93 crore
Net profit of Aditya Birla Nuvo rose 57.37% to Rs 41.64 crore in the quarter ended June 2008 as against Rs 26.46 crore during the previous quarter ended June 2007. Sales rose 45.61% to Rs 1078.93 crore in the quarter ended June 2008 as against Rs 740.96 crore during the previous quarter ended June 2007.

Areva T&D draws up Rs 500-cr capex plan

2008-08-03T20:35:00.000-07:00

Future plans
The company’s focus is to increase the market share in the transmission and distribution sector.
In next three years, the company wants to increase its market share by another 20 per cent from on the current share of 15 per cent,

Power equipment major Areva T&D India Ltd, part of the French nuclear giant Areva, has capex plans of Rs 500 crore for the current financial year. In the next financial year, it would be investing another Rs 200 crore.
The company is keen to expand its footprint in the rapidly expanding power transmission and distribution sector.
Talking to Business Line, Mr Y.C. Easwaramurthy, Deputy Regional Finance Director, Areva T&D India, said the company’s focus is to increase the market share in the transmission and distribution sector. It has already made sizeable investment in scaling up its facilities. In next three years, the company wants to increase its market share by another 20 per cent fromthe current 15 per cent, he said.
He said that the company wants to further enhance the market share in products such as circuit breakers and voltage transformers, where it already has a leadership position.

Mega power projects
Mr Karim Vissandjee, Chief Financial Officer, Areva T&D Global, said the company was bullish on the ultra mega power and transmission projects. It foresees good potential in transmission projects which deploy 760 KVA transmission lines and HVDC lines. “We are keen on ultra mega power projects as the future of stable power supply will depend on these power projects” he said.
He added that the mega projects could be facing problems in the short run but in the long run, the projects are here to stay.
Mr Vissandjee said the company is deploying more personnel from its offices in Europe and China so as to serve the India market which has a huge customer base. “We have decided to set up an engineering hub in India, which will understand the market needs. Currently, about 80 engineers are deployed in the R&D activity and by 2012, we plan to increase this figure to 400. Research expertise would be brought in for transformers and circuit breakers” he said.

Nuclear Power
ar Power On the emerging opportunities in India’s nuclear power sector, Mr Vissandjee said, “We are waiting for more political developments to take place in India. We are keenly waiting and watching the scenario. Globally, we are number one in nuclear energy field and if we want to continue that position, then, we will have be present in India.”