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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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Continue ReadingEngineering 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.
Continue ReadingThe 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.
Continue ReadingHero 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.
Continue ReadingICICI Bank has issued foreign currency notes with a face value of $1 billion or about Rs 4,500 crore. This has been sold through the bank’s Dubai branch. The five and a half year tenure bonds will carry a coupon rate of 4.75%. They were issued at a price of 99.665% of the face value, which translates to a spread of 251.5 basis points over the London Inter-bank Offered Rate (Libor).
Continue ReadingLarsen & Toubro will build an offshore platform -process and living quarters- for Gujarat State Petroleum Corporation. The platform will be commissioned at KG6 at the Deen Dayal Field from where GSPC intends to start gas production from July 2013. Earlier, L&T had got the contract to construct the wellhead platform for the development of this field. The gas field will be able to generate 6 million standard cubic metres of gas per day.
Continue ReadingPunj Lloyd, an engineering and construction company, said it has acquired a stake in an Indonesian coal mining company, through a subsidiary. Sembawang Engineers and Constructors, a Singapore-based subsidiary of Punj Lloyd, has taken a 50% stake in a thermal coal mining company in Central Kalimantan, Indonesia.
Continue ReadingKotak Mahindra’s private equity group is raising about $300 million or about Rs 1,350 crore for an infrastructure fund. It has lined up Sumitomo Mitsui Banking Corporation and Brookfield Asset Management as cornerstone investors, and along with Kotak, will invest about $68 million as their contribution.
Continue ReadingAmrutanjan Health Care, a maker of ayurvedic over the counter medicines, has diversified into foods. It is buying out Siva’s Soft Drink Pvt Ltd, a Chennai-based company which sells fruit juices under the Fruitnik brand.
Continue ReadingThe Budget 2011-12 has made the New Pension System more attractive. It has made two rule changes which will help both individuals and their employers. The NPS is the pension system applicable to new government employees and is also open to all citizens, to save for their retirement, and is run as per the regulations of the Pension Fund Regulatory and Development Authority.
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