HSIL Ltd, formerly Hindustan Sanitaryware & Industries, which has a 40% share in the sanitaryware products market, has acquired the faucet business of Havells India. HSIL had entered the faucets business in 2008-09, as part of its effort to be seen as a complete wellness solutions provider. So it diversified into bathroom solutions and kitchen solutions, providing designs, financing, delivery and installation of the products.
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Aditya Birla Money up 5% on stake sale to group company
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Aditya Birla Money announced a proposed block deal, in which its parent company Aditya Birla Nuvo is selling a 75% stake to Aditya Birla Financial Services Pvt Ltd. The deal will be done on February 20 through a block deal on the stock exchanges, which will be done at around the market price on that day. It will sell 4.16 crore shares that are valued at Rs 220 based on today’s price which is locked up 5% at about Rs 52.
Filed under: Finance+Markets, Quick News, Aditya Birla, Aditya Birla Money, Aditya Birla Nuvo, M&A, Markets Stock Markets
Maruti Suzuki’s domestic sales up 21% in January 2010
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- Maruti Suzuki’s car sales are settling down into more normal growth rates. During the October-December period, sales growth was quite high because of a low base effect, due to a decline in sales in both domestic and export markets.
- In January 2010, the car major’s sales rose by 33.3% to 95,649 vehicles. In December, its sales had risen by 50.6%. On a sequential basis, sales are up by a strong 13%.
Filed under: Companies, Quick News, Cars, Maruti Suzuki
Berger Paints net profit up by 86%, demand outlook improving
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Transgene Biotek’ share price up 5% on Aids vaccine update
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Transgene Biotek, an Andhra Pradesh-based biotechnology company promoted by Dr K Koteswara Rao, has announced that a vaccine for AIDS that it is working on has passed a key milestone. The drug has proved its effectiveness by selectively killing more than 75% of the gp120 specific B cells within 48 hours of administration, said the company in a statement. Continue Reading →
Filed under: Companies, Quick News, Biotechnology, Transgene Biotek
Force Motors net profit at Rs 7 crore versus loss
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Force Motors, the Abhay Firodia promoted light commercial vehicles maker, reported its December 2009 quarter results with a smart growth in sales and maintained profitability seen in the previous quarter.
Highlights
Filed under: Companies, Quick News, Force Motors, Light commercial vehicle, Results
Unity Infraprojects plans a stock split
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Infrastructure and construction company Unity Infraprojects announced that it will consider a stock split when its board meets on January 29, to review its December quarter results. The company will also take enabling approval to allow foreign institutional investors to hold up to a 49% stake in the company, compared to a 24% stake at present.
Filed under: Companies, Quick News, Stock split, Unity Infraprojects
Lupin plant clears US FDA hurdle
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Lupin’s key manufacturing plant in Mandideep cleared what could have become a hurdle, after it addressed concerns raised earlier by the drug regulator. Earlier, the US drug regulator had issued a warning letter to the company for its cephalosporins facility, asking it to rectify deficiencies or face action. Unlike Ranbaxy Laboratories, Lupin’s drug supplies to the US were not affected. Continue Reading →
Filed under: Companies, Quick News, Lupin, Pharmaceutical, USFDA
Maruti Suzuki hikes prices to offset costs
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Spiralling prices of key input costs like steel, aluminium and tyres have forced Maruti Suzuki India to hike prices on some of its key models. But Maruti has kept the price hikes quite low, at about 1-2% per car, to ensure that there is no impact on demand. But car companies often give discounts, including finance and exchange discounts. So, Maruti has the option of trimming discounts too, to offset cost hikes.
Filed under: Companies, Quick News, Cars, Maruti Suzuki
Maruti Suzuki’s December sales growth slower
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Automobile market leader Maruti Suzuki India reported its December 2009 sales today. This month’s sales need to be viewed in the context of the slowdown that gripped the car market in the Oct-Dec quarter in 2008-09. As the global financial crisis affected India too, local banks faced a liquidity crisis and bank finance for cars dried up which affected offtake and the economic slowdown also hurt real demand.