Ship-builder Pipavav Shipyard announced the loss of a $36mn (Rs 165 crore) contract to build a Panamax vessel. The company said that Setaf sas, a French company, cancelled its order for building a 75,000 dwt panamax vessel. The vessel, to be delivered in 2009, was delayed because a Goliath crane required during construction was not built on time. Chinese workmen needed to install the crane were not available due to the change in government policy on issuing visas to Chinese workers.
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Keki Mistry to take over from Deepak Parekh as HDFC CEO
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Deepak Parekh will formally relinquish his position as the chief executive officer of Housing Development Finance Corporation (HDFC) on December 31. It is an important milestone in his career spent in first making HDFC one of India’s well-respected housing finance institutions and then transforming it into a diversified financial services conglomerate.
Filed under: Companies, Top News, Deepak Parekh, HDFC, Keki Mistry
PVR to share 15% revenues with DLF
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Multiplex company PVR has called an extraordinary general meeting to issue shares on a preferential basis to DT Cinemas, a subsidiary of real estate major DLF. It is separately seeking approval for issuing shares to Major Cineplex Group Public Company, a Thailand-based multiplex operator.
Filed under: Companies, Top News, DLF, DT Cinemas, M&A, Multiplex, PVR Cinemas
Jubilant Organosys in drug discovery alliance
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In its second tie-up in this month, Jubilant Organosys, which does contract research and manufacturing services, has linked up with the UAB Research Foundation, University of Alabama at Birmingham and Southern Research Institute, a non-profit research organisation. Continue Reading →
Filed under: Companies, Top News, Jubilant Organosys, Pharmaceutical, R&D, Southern Research Institute, University of Alabama
Hindalco fixes floor price at Rs 130.90 per share for QIP issue
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Aditya Birla-group metal firm Hindalco will raise Rs 2,900 crore through a qualified institutional placement route.
The company has determined the floor price for the share (face value: Re 1) at Rs 130.90 as prescribed by the SEBI formula.
The stock closed on the BSE at Rs 133.80 on November 23.
Earlier, Hindalco had increased the FII investment limit from 24% to 40%, and also raised the target amount from the QIP issue from Rs 2,400 crore to Rs 2,900 crore.
Filed under: Companies, Top News, Aditya Birla, Hindalco, QIP
Techno Electric acquires Simran Wind Project
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Techno Electric & Engineering Company, a listed company with Rs 486 crore of revenues in 2008-09, is acquiring Simran Wind Project. Simran is listed in Suzlon Energy 2008-09 Annual Report as a company which is a promoter group entity. Techno Electric is an engineering, procurement and construction company with a focus on the power sector. During the half year ended September 2009, its revenues rose by 11% to Rs 272 crore and its net profit increased by about 60% to Rs 58 crore.
Filed under: Companies, Power, Top News, Suzlon, Techno Electric
Network18 downsizes business news operations
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Network18 is recasting its broadcasting business to lower its cost base. The company will merge the logistics, backend and broadcasting operations of its two business channels, the flagship CNBC TV18 and the Hindi business news channel CNBC Awaaz. Both channels are 10 years and 5 years old respectively.
Filed under: Companies, Media, Top News, CNBC, Haresh Chawla, Network18, TV18
Exide stock falls 5% after equity dilution news
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The stock price of battery manufacturer Exide Industries was holding up well on November 18, pretty close to its 52-week high of Rs 124.
But in the afternoon at around 1:30pm IST the Exide stock started sliding and closed the day 5% lower than its Tuesday’s close.
The reason? The market didn’t seem pleased with the news that the company would raise Rs 500-600 crore, by way of equity or convertibles, through a qualified institutional placement (QIP) to qualified institutional buyers.
Filed under: Companies, Finance+Markets, Top News, batteries, Exide Industries, fund raising, placement, QIP
Inflation at 1.34% in October; may touch 3% in November
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The base effect that held inflation to near zero levels has ended. Higher inflation also coincides with a period when the government has changed the frequency of inflation reporting from weekly to monthly. Now, only the primary articles (fuel and agricultural products) are reported on a weekly basis. Manufactured products’ inflation will be available only on a monthly basis. October 2009 is the first month after the reporting frequency changed. Till now, inflation rates have been hovering around the zero mark and even turning negative, due to a high base effect in the previous year.
Continue Reading →
Filed under: Economy+Policy, Top News, Economic Stimulus, Inflation, WPI
Infosys acquires McCamish; gives a boost to BPO biz
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Infosys Technologies is acquiring an America business process outsourcing (BPO) company, McCamish Systems LLC. Infosys will pay $38mn with an additional earn-out of $20mn to acquire the company, which had a turnover of $38.2mn in calendar 2008. The additional consideration will be paid depending on the company achieving certain financial targets. Continue Reading →