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Infrastructure Development Finance Company had sought to raise funds from investors for funding infrastructure projects through a second bonds issue. The government has permitted infrastructure finance companies to raise funds, from investors, for funding long term infrastructure projects. These bonds will be eligible for a tax exemption of Rs 20,000 from the taxable income, under section 80ccf of the Income Tax Act.
Jain Irrigation Systems reported good growth and stable margins in the quarter ended December 2010.
Its sales rose by 15% to Rs 736 crore, over the September quarter or on a sequential basis. Its net profit too rose by 15% to 71 crore. Compared to the same period a year ago, its net profit rose by 25%.
Continue ReadingMedia and entertainment company, Balaji Telefilms, turned the corner in the December 2010 quarter, compared to the September quarter or sequential basis. It earned a net profit of Rs 1.2 crore, compared to a loss of Rs 6.4 crore.
This is despite sales rising by a relatively low 3%. Compared to the December 2009 quarter, its sales growth is flat, but net profit has fallen by 33%.
R Systems International, a software company with revenues of Rs 320 crore, acquired Computaris International, a UK-based telecom software services company. It will pay £9 million or about Rs 70 crore to buy the company, with about half the sum being paid upfront and the remaining being paid over a period of two years, tied in to performance. The company’s share price was up by about 6% at the time of posting.
Continue ReadingReliance Mediaworks, an entertainment and media company, announced the redemption of about €21 million or Rs 130 crore worth of foreign currency convertible bonds. It said that of the total FCCBs of €84 million issued in 2006, a total of about €63 million were converted into equity shares. The remaining debentures were redeemed on January 25, at a premium of 122%, that is it would have repaid a sum of about Rs 160 crore these debenture holders.
Continue ReadingLarsen & Toubro and Kobe Steel will make rubber processing machinery in India. The two companies will collectively invest about Rs 60 crore in L&T Kobelco Machinery Pvt. Ltd, with L&T owning a 51% stake with the rest owned by Kobe. The company will make internal mixers and twin screw rollerhead extruders used in tyre production.
Continue ReadingTVS Motor Company’s results do not show an improvement over the September quarter, as sales and net profit rose by just 2% each. But it has done much better over the year ago period.
TVS Motors, the Chennai-based two-wheeler company, with a market capitalization of Rs 2,947 crore saw its December 2010 quarter sales increase by just 2% over the September quarter to Rs 1,647 crore. Net profit too rose by 2% sequentially to Rs 56 crore.
Continue ReadingPharmaceutical company FDC’s board is considering a buyback of its shares. This will be its second attempt in recent times, after its previous one failed to get any shares. In December 2010, the company had announced the completion of the buyback of its shares, announced in Jan 2010. FDC is a mid-sized, Rs 660 crore company with products in niche segments such as ophthalmology and is famous for the Electral brand of oral rehydration salts.
Continue ReadingNutrition and wellness products maker Zydus Wellness has done well in the December quarter. The company sells products such as Sugar Free, an artificial sweetener, Ever Yuth, a skin cream, Nutra Lite, a low-fat butter substitute and has recently introduced ActiLife, a malt-based food drink with additives. The company’s stated objective is to become a Rs 500 crore by 2013-14, while its current annualised sales is about Rs 350 crore.
Continue ReadingJaiprakash Power Ventures (JPVL), a large private sector hydropower company reported a 52% increase in sales to Rs 181 crore, in the December 2010 quarter. Its sales slipped 36% sequentially, which should be seen in the light of the business being a seasonal one.
JPVL’s net profit is 35% up at Rs 23 crore, compared to the December 2009 quarter and one-fourth the previous quarter’s level.
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