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Pharmaceutical company Unichem Laboratories reported a 14% increase in its standalone revenues to Rs 197 crore in the December quarter, over the same period last year. Its domestic business revenues rose by 12% to Rs 155 crore while its exports business revenues rose by 24%.
Its raw material costs rose at a much faster rate however, with material consumption rising by 18% to Rs 67 crore.
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CMC Ltd, a mid-sized Rs 708 crore IT solutions company has announced its results for the quarter ended December 2010. Its consolidated sales have risen by 29% to Rs 274 crore, over the same quarter last year. Its net profit has risen by 25% in this period.
Sintex Industries, the plastics and textile major, has logged impressive growth of 28% in revenues to Rs 1,186 crore, in the December quarter over the preceding quarter, and about 42% year on year. It has been strong on the profit front too, with the net profit crossing the Rs 100 crore mark, to Rs 113 crore.
Birla Corporation, the Rs 2,160 crore revenue flagship of the MP Birla group, announced the setting up a 1 million tonne cement plant. It has signed a memorandum of understanding with the Assam government, to set up a plant at Umransu in the North Cachar Hills district. The project cost will be Rs 450 crore and will be implemented through a joint venture.
One of India’s youngest media houses, Reliance Broadcast Network Limited, has announced plans to acquire Imagine Showbiz Limited, the television channel specialising in Bollywood music and entertainment. The size of the deal is estimated to be Rs 15-20 crore, according to this story on www.economictimes.com.
Tata Communications has announced that it intends to acquire 100% of BitGravity, a company in which it already holds a stake, for an undisclosed amount. Tata Communications and Allen & Company (a financial investor) are the two main stakeholders in the company. Thus, Tata Communications will be buying out the company and any residual stake held by the company’s employees.
India has become an integral part of the global capital markets, forming a key part of the emerging markets portfolio for large investors. Domestic investors have benefited as the incoming tide of foreign capital flows has swelled investor wealth, over a longer period of time. While foreign investors can hedge their bets across the world, it was not as easy for domestic investors to do so. Increasingly, domestic investors will feel the need to hedge against an unfavourable movement in domestic markets. Continue Reading →
Mahindra & Mahindra announced that it has signed a memorandum of understanding with South Korea’s Ssangyong Motor Company, to acquire a majority stake in the aot-maker. Earlier, it had announced its selection as a preferred bidder for the loss-making company which sells sports utility vehicles under brands such as Rexton, New Kyron and Actyon.
The US Food and Drug Administration (FDA) has approved Aurobindo Pharma Ltd’s application to market generic ampicillin sodium in the US market. The regulator has approved the pharmaceutical company’s application to market the drug in injection form, in six dosage strengths of 10g, 1g, 2g, 125mg, 250mg and 500mg.
Telecom services operator, Bharti Airtel has tied up financing of $8.3bn for its $10.7bn or about Rs 49,000 crore bid to acquire Zain’s African operations. After the failure of its proposed acquisition of MTN, which attracted a lot of media coverage, Airtel has been keeping a low profile over the Zain Africa acquisition, with deal news coming out only at specific times.