India Cements net profit zooms to Rs112-cr
Chennai: India Cements has posted a net profit of Rs112.59 crore for the quarter ended June 30, 2006, which the company says, "far exceeds even the highest ever annual profit registered by the company at Rs87 crore during 1998-99."

The company expects robust demand in its major markets and firm prices and is confident of wiping off its accumulated losses by the third quarter of this year.

The accumulated losses of the company as on March 31, 2006 stood at Rs260 crore, which would come down to Rs150 crore at the end of the first quarter.

Company officials said India Cements' performance on the back of strong demand and strengthening of prices in Andhra Pradesh and Karnataka. This demand had absorbed the slack in the southern region. In the April-June 2006 period, the company sold 18.52 lakh tonnes of cement compared to 17.66 lakh tonnes in the same period last year.

A press release from the company said the cement industry was going through a boom phase with substantial growth in demand. Cement consumption was growing at 9.5 per cent across the country, over and above the double-digit growth achieved last year. Pockets of shortages were emerging and the situation was likely to continue for the next three to four years.
Back to News Review index page  

Radha Madhav gets Rs40-cr order
Mumbai: Radha Madhav Corporation (RMCL), a leading manufacturer of various packaging applications, has bagged a Rs40-crore order from the Karnataka Milk Federation (KMF) to manufacture printed milk bag packaging. The order is for two years and the supply requirement is 250 tonnes of packaging a month. The packaging for the printed milk bags will be of the food grade, which will be made from high-performance, lower thickness plastic.

RMCL posted net profit of Rs3.02 crore for the year ended March 31, 2006. It recorded total income of Rs44.78 crore. Earnings per share (EPS) for stood at Rs3.27.

The RMCL scrip rose by 2.42 per cent to close at Rs27.55 on the BSE on Monday.
Back to News Review index page  

Suven receives Rs20-cr order
Hyderabad: Suven Life Sciences has received an order worth Rs20 crore for custom synthesis. A release said that one of its phase-II projects in contract research and manufacturing services (CRAMS) has moved into phase-III, resulting in the latest order.

As part of this order, the company has to supply an intermediate in six months. Since the inception of CRAMS business model in 1995, the company has initiated more than 300 projects.
Back to News Review index page  

Glenmark ties up with Generics UK
Mumbai: Glenmark Pharmaceutical wholly owned subsidiary in the UK has entered into an agreement with Generics UK, a unit of Germany's Merck KgaA, for eight dermatological products.

The deal between Glenmark Pharmaceutical [UK] Ltd and Generics is for the joint-development, filing and marketing of eight generic dermatological products for the European market. The products have annual sales of $225 million in the region, a note from Glenmark said.

The company had started its commercial operations in Europe through Glenmark Pharmaceuticals [UK] Ltd, set up in 2004. While both Glenmark and Merck would be responsible for their sales and marketing, Glenmark will develop, manufacture and supply the products. The first of these products has been filed and is slated for launch in 2007, the note said. The remaining products are likely to be launched by 2010.
Back to News Review index page  

Indo Rama enters retail sector
New Delhi: Polyester company Indo Rama has entered the fast expanding retail sector by entering into a franchise agreement with US-based Office 1 Superstore International to sell office supplies in the country.

Indo Rama has floated a separate company, Indo Rama Retail Holding (IRRHPL), for the venture and has already started two stores in Delhi and the NCR region. The company has made an investment of Rs25 crore-Rs30 crore for the entire project. The company is looking at opening 8-10 stores by the end of the year.

The first few stores would be company-owned, while the company would be looking at roping in partners in the franchisee format.
Through the tie-up with Office 1 Superstore, Indo Rama has acquired exclusive rights over the global brand name in India along with the right to appoint more franchisees. The company will be selling stationery and other office supplies including computers through its retail outlets.
Back to News Review index page  

ONGC up 52 points at 402 in Fortune listing
New Delhi: Oil and Natural Gas Corporation (ONGC) has moved up 52 points in the 2006 Fortune Global 500 listing. The company is now positioned 402 in the new Fortune tally, up from 454 last year.

Its turnover considered by Fortune is $16,609 million, up 20.8 per cent from last time. The credit of ONGC moving up is all the more commendable as the turnover of the upstream company has been under pressure due to heavy subsidy pay-out for the last three years, a statement issued by the company said.
Back to News Review index page  

HAL ranked 45th in among aerospace companies
Bangalore: Hindustan Aeronautics, ranked 45, figures among the global league of top 50 aerospace companies moving up six slots up since last year's rank of 51, a company release said.

The US-based Defense News released the list of top 100 aerospace companies at the Farnborough International air show, which opened on Monday.

The US aircraft major Lockheed Martin is at the top of the list, followed by Boeing (the US), Northrop Grumman (the US), BAe Systems (the UK) and Raytheon (the US) in the top five dominated by US aerospace and defence majors.

The rating was based on the company's sales and turnover, which, for HAL, was Rs5,335 crore during the fiscal year ended March 2006. Its net profit grew 32 per cent to Rs1,250 crore.
Back to News Review index page  

Titan Q1 net down 25 per cent
Mumbai: Watch maker Titan Industries has registered a 25 per cent dip in net profit at Rs4 crore for the quarter-ended June 30, (Q1FY07) as compared to Rs5 crore for Q1FY06.

The total income (net of excise) increased 50 per cent from Rs293 crore in Q1FY06 to Rs442 crore for Q1FY07.

According to sources, last year there was a deferred tax credit of Rs3.63 crore and tax payable was Rs1.25 crore. Profit after taxes at Rs5.02 crore, was higher than the PBT for the quarter. This year, the deferred tax credit is only Rs0.67 crore and taxes payable for the quarter stand at Rs1.84 crore. Thus, profit after taxes at Rs4.09 crore, is lower than in the first quarter of the previous year.
Back to News Review index page  

Wipro plans e-waste disposal facility
Mumbai: Wipro is planning to offer an e-waste disposal services to its customers from September 1, 2006. Wipro says its customers can avail of the facility free-of-cost by paying nominal freight charges. It says it is pioneering this service in India.

On the issue raised by Greenpeace with reference to Wipro, an official company release said: The issue highlighted by Greenpeace is about the disposal of scrapped devices by owners and users of computers and electronics goods.

This involves all users and owners of computers, the entire installed base of computers and all vendors/manufacturers in India.

Wipro has been actively working on the issue since August, 2005 and had set up an environment management team to lead Wipro's initiatives on this front. Over the last one year, the company has defined the process, identified suitable disposal mechanisms, created service points across the country, identified technically competent disposal agencies and setup a process for disposal of e-waste.

Additionally, Wipro is voluntarily driving efforts to maximize the usage of RoHS compliant components, the release said.
Back to News Review index page  

Heidelberg to buy Mysore Cement
Mumbai: Having entered India four months ago through a joint venture with Indorama Cement, HeidelbergCement is set to consolidate its presence through acquisition of a 51 per cent stake in the SK Birla group managed-Mysore Cements.

Sources close to the development said the price of the acquisition would be at about a 15 per cent premium over today's close of Rs47.95 on the Bombay Stock Exchange.

At this price, the total acquisition cost will be about $100 million. A large chunk of this fund will be utilised to clear Mysore Cement's institutional debt.

Shares of Mysore Cements rose 4.1 per cent against the last close of Rs46.10 in a bearish stock market. It touched the upper end of the circuit filter at Rs48.40.

The Mysore Cement board will meet tomorrow in Kolkata to approve the private placement of preferential shares to Heidelberg. The board will also issue equity shares to IFCI for part conversion of loan and interest.

Sources said Mysore Cements being a sick company with an accumulated loss of Rs461 crore, the takeover code norms may not be applicable in this case.

Going by the takeover code guidelines, any acquisition of 15 per cent and above must be followed by an open offer for acquiring another 20 per cent.
Back to News Review index page  

India Today ties up with Bloomberg for TV
Mumbai: The India Today group will soon launch a business channel in association with Bloomberg, the US-based data, business news and analysis provider.

Sources close to the development said the business news channel would be introduced shortly.

It is not clear whether Bloomberg will have equity participation in the venture.

It is also learnt that the top team for the venture is being put in place.
Back to News Review index page  

GoAir buys ten A320 planes
Mumbai: European aeroplane manufacturer Airbus has said that budget airline Go Air was buying 10 of its A320 planes, worth $670 million at list prices and has an option to buy 10 more A320 planes. The planes would be powered by CFM International engines.
Back to News Review index page