Godrej Industries is seeking shareholder approval to form a special purpose vehicle to implement a real estate project along with its subsidiary Godrej Properties. Godrej Industries is the listed holding company of the Godrej group, with subsidiaries in varied businesses such as foods, consumer products, chemicals and real estate projects.
Companies
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Mahindra is the preferred bidder for Ssangyong
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South Korea’s Ssangyong Motor Company announced that Mahindra & Mahindra (M&M) was the preferred bidder in its quest to find a strategic investor. It was one among six bidders for the failing auto company, whose prime attraction for bidders would be its product line-up, mainly sports-utility vehicles, and global sales network. M&M will now enter into a memorandum of understanding with Ssangyong, undertake due diligence followed by the final agreements. Continue Reading →
Filed under: Companies, Top News, Companies International, M&A, Mahindra & Mahindra, Ssangyong Motor Company
ABG Shipyard makes big investment plans
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ABG Shipyard is asking its shareholders to approve Rs 800 crore of investments and Rs 1,750 crore of corporate guarantees. That is a sizeable investment for the company which had a net worth of about Rs 1,080 crore as of March 31 2010. The company’s debt position as of March 31 2009 was Rs 1,771 crore. It has not indicated how it proposes to fund the investments but is taking shareholder approval because they exceed the limits approved under corporate law. Continue Reading →
Filed under: Companies, Shipping & Logistics, Top News, ABG Shipyard, Companies Funding
Bharti Airtel ties up funds to buy Zain’s Africa assets
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Telecom services operator, Bharti Airtel has tied up financing of $8.3bn for its $10.7bn or about Rs 49,000 crore bid to acquire Zain’s African operations. After the failure of its proposed acquisition of MTN, which attracted a lot of media coverage, Airtel has been keeping a low profile over the Zain Africa acquisition, with deal news coming out only at specific times.
Filed under: Companies, Quick News, Telecom, Bharti Airtel, M&A
HSIL buys faucets unit from Havells India
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HSIL Ltd, formerly Hindustan Sanitaryware & Industries, which has a 40% share in the sanitaryware products market, has acquired the faucet business of Havells India. HSIL had entered the faucets business in 2008-09, as part of its effort to be seen as a complete wellness solutions provider. So it diversified into bathroom solutions and kitchen solutions, providing designs, financing, delivery and installation of the products.
Filed under: Companies, Quick News, Havells India, HSIL, M&A, Sanitaryware
Maruti Suzuki’s domestic sales up 21% in January 2010
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- Maruti Suzuki’s car sales are settling down into more normal growth rates. During the October-December period, sales growth was quite high because of a low base effect, due to a decline in sales in both domestic and export markets.
- In January 2010, the car major’s sales rose by 33.3% to 95,649 vehicles. In December, its sales had risen by 50.6%. On a sequential basis, sales are up by a strong 13%.
Filed under: Companies, Quick News, Cars, Maruti Suzuki
Berger Paints net profit up by 86%, demand outlook improving
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Britannia Industries net profit falls by 37% on higher costs
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Biscuits maker Britannia Industries Ltd reported a 37% drop in standalone operating profit and net profit as higher prices of commodities like sugar, wheat and milk have led to higher costs. Edible oil prices, which were ruling softer compared to a year ago period, too are seeing an increase. Inflation seems to have hit demand for its products too, as overall revenues (including other operating income) grew by just 8% during the quarter. Continue Reading →
Filed under: Companies, Food products, Top News, Britannia Industries, December 2009, Results
Transgene Biotek’ share price up 5% on Aids vaccine update
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Transgene Biotek, an Andhra Pradesh-based biotechnology company promoted by Dr K Koteswara Rao, has announced that a vaccine for AIDS that it is working on has passed a key milestone. The drug has proved its effectiveness by selectively killing more than 75% of the gp120 specific B cells within 48 hours of administration, said the company in a statement. Continue Reading →
Filed under: Companies, Quick News, Biotechnology, Transgene Biotek
Force Motors net profit at Rs 7 crore versus loss
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Force Motors, the Abhay Firodia promoted light commercial vehicles maker, reported its December 2009 quarter results with a smart growth in sales and maintained profitability seen in the previous quarter.
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