indiabusinessview

Aditya Birla Money up 5% on stake sale to group company

February 16, 2010August 20, 2014Editor

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.

Maruti Suzuki’s domestic sales up 21% in January 2010

February 1, 2010August 20, 2014Editor

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%.

Berger Paints net profit up by 86%, demand outlook improving

January 30, 2010August 20, 2014Editor

Highlights

RBI lowers liquidity but leaves rates unchanged

January 29, 2010August 20, 2014Editor

The Reserve Bank of India announced its quarterly monetary policy today. It left benchmark rates unchanged, like the repo rate (the rate at which banks borrow from the RBI) and the reverse repo rate (the rate at which banks park their surpluses with the RBI. What it did was to hike the cash reserve ratio by a good 75 basis points, taking out Rs 36,000 crore from the banking system. Cash reserve ratio is the proportion of deposits that banks must set aside as a reserve. Apart from this, the RBI has not made any changes and the Annual Policy will be announced on April 20.

Britannia Industries net profit falls by 37% on higher costs

January 29, 2010August 20, 2014Editor

Biscuits maker Britannia Industries Ltd reported a 37% drop in standalone operating profit and net profit as higher prices of commodities like sugar, wheat and milk have led to higher costs. Edible oil prices, which were ruling softer compared to a year ago period, too are seeing an increase. Inflation seems to have hit demand for its products too, as overall revenues (including other operating income) grew by just 8% during the quarter.

Transgene Biotek’ share price up 5% on Aids vaccine update

January 26, 2010August 20, 2014Editor

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.

Force Motors net profit at Rs 7 crore versus loss

January 25, 2010August 20, 2014Editor

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

Reliance Industries’ higher output offset by lower margins in the December 2009 quarter

January 22, 2010August 20, 2014Editor

Reliance Industries results were largely in line with expectations. The petroleum major’s sales rose by 93% to Rs 58,848 crore in the December quarter, compared to the same period last year. Its net profit, however, rose by a more modest 16% to Rs 4,008 crore. There were a few reasons for the significantly higher growth in sales. The December 2008 quarter was a relatively bad one and RIL’s sales had fallen by 9%. Its refinery at Jamnagar had been commissioned in December 2008 and would have operated at much lower capacity, than in the current fiscal.

Unity Infraprojects plans a stock split

January 21, 2010August 20, 2014Editor

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.

Power exchanges get new regulations

January 20, 2010August 20, 2014Editor

After stock exchanges came commodity exchanges and now you have power trading exchanges. Their life just got more interesting, with the Central Electricity Regulatory Commission (CERC), the central power sector regulator, notifying a host of regulations they have to adhere to. The current exchanges too have been set up under the purview of the regulator, but these were in the form of guidelines.