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Ackruti City reported its consolidated results today, a month after it reported its standalone results. The real estate company’s operating income fell by 82% to Rs 40.9 crore during the June 2009 quarter, but lower operating expenditure and an increase in its inventory (unsold flats) ensured it still made profits during the quarter.
DIL is selling a 70% stake in its contract research subsidiary to a European company Evotec AG, headquartered in Germany. DIL was earlier known as Duphar Interfran and it changed its name after its pharmaceutical business was hived off to Solvay. Of its consolidated turnover of Rs 70 crore in 2008-09, bulk drugs/chemicals contributed to over half, while research and development contributed to about a third at Rs 22 crore.
IRB Infrastructure Developer’s bid for the Sindhudurg Airport has been accepted. The Maharashtra Industrial Development Corporation (MIDC), the special planning authority for the project, has selected it, said the company in a release to the BSE. The airport operator will have to design, build and operate the airport.
Private airlines called off their proposed strike on August 18. The Federation of Indian Airlines made no mention on its website of the strike or it being called off. A Reuters report quoted a statement by FIA saying that the airlines were calling off the strike as the government had asked them to come for talks.
Continue ReadingThe celebrations will have to wait longer for what has been touted as a major south-south corporate alliance. Bharti Airtel and
The opponents of free markets must be cheering. “We told you so.” Don’t hand over the skies to private players. Don’t destroy the monopoly that Indian Airlines enjoyed in domestic markets. So what if their fares were high, so what if their service oscillated between the pathetic to the barely tolerable and you were at their mercy, if your flight got cancelled.
Debt-laden pharmaceutical company Wockhardt continued its asset selling spree, handing over its nutritional foods business to Abbott. The US pharmaceutical company will pay $130mn or Rs 627 crore, for the business which will be distributed between Wockhardt, Carol Info Services, some subsidiaries of Wockhardt and associate companies.
Continue ReadingTrent’s sales in the June 2009 quarter fell by 8% over the previous corresponding period to Rs 119 crore (standalone results). The apparel retailer, promoted by the Tata group, had hived off its hypermarket business to a subsidiary effective August 1, 2008. The loss of revenue in its standalone results hit overall growth. The company runs stores under the Westside, Sisley and Fashion Yatra and also owns the Star India Bazaar stores, which are now run by a subsidiary.
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Continue ReadingSanofi Aventis is acquiring the 80% stake that Merieux Alliance held in Indian vaccine company Shantha Biotech. The Hyderabad-based 90mn euro (Rs 620 crore) turnover company makes vaccines and its flagship product, a hepatitis-B vaccine Shanvac-B brought it fame. The company says this is India’s first WHO-Geneva pre-qualified vaccine. It also makes other vaccines including those used in inoculation of infants.
Reliance Industries chose to focus on margins rather than improve volumes during the June 2009 quarter. Its performance was affected by a mix of factors. Export volumes dipped during a period when the rupee depreciated, which would have normally added extra rupees to RIL’s bottom line. The Jamnagar refinery voluntarily gave up its export oriented tax status as it wanted to focus on the domestic market. Gas production from its KG basin started, contributing to sales and profits, but also upped its depreciation outgo.
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