Reliance Industries results were largely in line with expectations. The petroleum major’s sales rose by 93% to Rs 58,848 crore in the December quarter, compared to the same period last year. Its net profit, however, rose by a more modest 16% to Rs 4,008 crore. There were a few reasons for the significantly higher growth in sales. The December 2008 quarter was a relatively bad one and RIL’s sales had fallen by 9%. Its refinery at Jamnagar had been commissioned in December 2008 and would have operated at much lower capacity, than in the current fiscal. Continue Reading →
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Unity Infraprojects plans a stock split
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Infrastructure and construction company Unity Infraprojects announced that it will consider a stock split when its board meets on January 29, to review its December quarter results. The company will also take enabling approval to allow foreign institutional investors to hold up to a 49% stake in the company, compared to a 24% stake at present.
Filed under: Companies, Quick News, Stock split, Unity Infraprojects
Lupin plant clears US FDA hurdle
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Lupin’s key manufacturing plant in Mandideep cleared what could have become a hurdle, after it addressed concerns raised earlier by the drug regulator. Earlier, the US drug regulator had issued a warning letter to the company for its cephalosporins facility, asking it to rectify deficiencies or face action. Unlike Ranbaxy Laboratories, Lupin’s drug supplies to the US were not affected. Continue Reading →
Filed under: Companies, Quick News, Lupin, Pharmaceutical, USFDA
Maruti Suzuki hikes prices to offset costs
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Spiralling prices of key input costs like steel, aluminium and tyres have forced Maruti Suzuki India to hike prices on some of its key models. But Maruti has kept the price hikes quite low, at about 1-2% per car, to ensure that there is no impact on demand. But car companies often give discounts, including finance and exchange discounts. So, Maruti has the option of trimming discounts too, to offset cost hikes.
Filed under: Companies, Quick News, Cars, Maruti Suzuki
Telenor hikes stake in Unitech Wireless to 60.1%
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Norwegian telecom company Telenor Asia Pte Ltd. pumped in Rs 1,493 crore into its Indian telecom joint venture with Unitech, Unitech Wireless. The money is through the fresh equity into a bunch of subsidiaries that operate in the various circles. With this infusion, Telenor owns a 60.1% stake in the company, against 49% earlier, making it the majority shareholder. Telenor’s total investment in the telecom business is Rs 4,113 crore so far, and will increase to Rs 5,606 crore after this investment.
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Filed under: Companies, Telecom, Top News, Companies International, Telenor, Unitech
Pipavav Shipyard loses $36mn shipbuilding order
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Ship-builder Pipavav Shipyard announced the loss of a $36mn (Rs 165 crore) contract to build a Panamax vessel. The company said that Setaf sas, a French company, cancelled its order for building a 75,000 dwt panamax vessel. The vessel, to be delivered in 2009, was delayed because a Goliath crane required during construction was not built on time. Chinese workmen needed to install the crane were not available due to the change in government policy on issuing visas to Chinese workers.
Filed under: Companies, Shipping & Logistics, Top News, Pipavav Shipyard
Maruti Suzuki’s December sales growth slower
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Automobile market leader Maruti Suzuki India reported its December 2009 sales today. This month’s sales need to be viewed in the context of the slowdown that gripped the car market in the Oct-Dec quarter in 2008-09. As the global financial crisis affected India too, local banks faced a liquidity crisis and bank finance for cars dried up which affected offtake and the economic slowdown also hurt real demand.
Filed under: Companies, Quick News, Cars, Maruti Suzuki
Keki Mistry to take over from Deepak Parekh as HDFC CEO
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Deepak Parekh will formally relinquish his position as the chief executive officer of Housing Development Finance Corporation (HDFC) on December 31. It is an important milestone in his career spent in first making HDFC one of India’s well-respected housing finance institutions and then transforming it into a diversified financial services conglomerate.
Filed under: Companies, Top News, Deepak Parekh, HDFC, Keki Mistry
PVR to share 15% revenues with DLF
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Multiplex company PVR has called an extraordinary general meeting to issue shares on a preferential basis to DT Cinemas, a subsidiary of real estate major DLF. It is separately seeking approval for issuing shares to Major Cineplex Group Public Company, a Thailand-based multiplex operator.
Filed under: Companies, Top News, DLF, DT Cinemas, M&A, Multiplex, PVR Cinemas
Jubilant Organosys in drug discovery alliance
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In its second tie-up in this month, Jubilant Organosys, which does contract research and manufacturing services, has linked up with the UAB Research Foundation, University of Alabama at Birmingham and Southern Research Institute, a non-profit research organisation. Continue Reading →