Engineering company Thermax reported its June quarter results on Friday. Its results, which was for the first quarter of fiscal 2011-12, were better than expectations. Its share price rose by 2%, while the market was up by 1.6%.
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Larsen & Toubro’s order-book gets Rs 1,210 crore Qatari boost
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Engineering company Larsen & Toubro has got an Rs 1,210 crore order to set up a 13 power sub-stations in Qatar. Its power and transmission division has got this order which has to be executed between 18 and 26 months. This is a relatively small order compared to its existing book of Rs 130,217 crore worth of orders in hand.
Filed under: Companies, Infrastructure & Construction, Power, Quick News, L&T
Chambal’s shipping biz demerger ratio fixed at 1:8, promoters hike stake
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The board of Chambal Fertilisers and Chemicals approved the demerger of its shipping business to a subsidiary India Steamship. In March 2011, the company had announced its intention to restructure the shipping business and has now formalised the structure.
Filed under: Companies, Shipping & Logistics, Top News, Chambal Fertilisers and Chemicals, demerger, M&A
Apollo to invest Rs 1575 crore in Welspun Group
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Private equity company Apollo Global Management LLC proposes to invest Rs 2,250 crore in the Welspun group’s steel business –pipes and related projects. The transaction will be carried out through multiple transactions by the PE firm which has about $70 billion or Rs 31,500 crore assets under management as of March 2011.
Filed under: Companies, Top News, Apollo Management, M&A, Private Equity, Steel pipes, Welspun
Sebi’s bar on IDR redemption irks Standard Chartered’s IDR-holders
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Standard Chartered Plc’s Indian Depositary Receipt fell by as much as by 20% on Monday on the BSE, on news that capital market regulator Sebi will not allow redemption of IDRs, except if they were illiquid.
Filed under: Companies, News Analysis, IDR, Policy From the Regulators, Standard Chartered
Dr Reddy’s and Fresenius Kabi get US FDA approval for generic Femara
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The US Food and Drug Administration gave approval to Dr Reddy’s Laboratories and Fresenius Kabi Oncology, both listed Indian pharmaceutical companies, to market cancer drug letrozole or the generic version of Femara in the US. Novartis owns the patent for Femara, a drug used to treat breast cancer in post-menopausal women, which earned US-market sales of $682 million or Rs 3,100 crore in 2010.
Filed under: Companies, Quick News, Dr Reddy's Laboratories, Fresenius Kabi Oncology, Natco Pharma, Sun Pharma
Khazanah to partner IDFC to create road infrastructure
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Malaysia’s sovereign wealth fund Khazanah Nasional Berhad and Infrastructure Development Finance Company (IDFC) are setting up a joint venture to fund road construction in the country. After energy, road construction is one of the key areas for the government to lower the infrastructure defcit. Khazanah’s value of assets was Malaysian Ringitt (RM) 112.6 billion or about Rs 168,000 crore as of December 31. Continue Reading →
Filed under: Companies, Infrastructure & Construction, Top News, Companies International, IDFC, Khazanah, Roads
Hero Honda’s new name is Hero MotoCorp
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Hero MotoCorp will be the new name for Hero Honda Motors, a change necessitated by the end of the equity partnership between Hero Honda and Honda Motors of Japan. Honda sold its stake in the company to the Hero group and agreed to continue technical support for another 5 years.
Filed under: Companies, Quick News, Hero Honda, Honda, motorcycles
Tata Steel to prune UK long steel operations
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Tata Steel will undertake one more restructuring at its UK steel-making operations. Today, it announced a restructuring of its long steel operations, which it says has become unviable due and has been making losses for the past two years.
Filed under: Companies, Metals & Mining, Top News, Tata Steel
JB Chemicals to exit Russia-CIS market
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JB Chemicals & Pharmaceuticals Ltd plans to exit Russia and the CIS (Commonwealth of Independent States) markets, its largest overseas presence.