Corporate News 23 Feb 2008
- GlaxoSmithKline net rises 19 per cent
- HDFC - CBoP to ink deal soon
- ICICI Bank to foray into Germany
- Nestle India to announce financial results
- Hon'ble High Court approves scheme of amalgamation of JSW Steel
- Kirloskar Brothers to grant stock options
- ITC allots shares
- Spice Communications to announce financial results
- Dish TV India withdraws the proposal for issue of equity shares & warrants
GlaxoSmithKline net rises 19 per cent
Net profit of GlaxoSmithKline Pharma rose 19.34% to Rs 80.90 crore in the quarter ended December 2007, as against Rs 67.79 crore during the previous quarter ended December 2006.Sales rose 8.77% to Rs 339.23 crore in the quarter ended December 2007 as against Rs 311.89 crore during the previous quarter ended December 2006. For the full year, net profit declined 1.44% to Rs 537.66 crore in the year ended December 2007, as against Rs 545.51 crore during the previous year ended December 2006. Sales rose 2.07% to Rs 1570.30 crore in the year ended December 2007, as against Rs 1538.42 crore during the previous year ended December 2006.
HDFC - CBoP to ink deal soon
After a marathon six month long negotiation, HDFC Bank and Centurion Bank of Punjab are putting final touches to their merger deal which could be inked on Feb 22. The boards of the two banks will meet in Mumbai on Saturday to work out modalities of the deal. The merger is expected to be an all-share deal worth more than Rs 10,000 crore and the share swap ratio is expected to be in the region of 1: 29.
While the two managements have agreed to the deal in principle, the share swap ratio remains a sticking point. HDFC Bank's parent company HDFC is reluctant to accept a share swap deal which will push its holding below 20 per cent. At the same time, FII holding in HDFC Bank is close to the maximum and may need to be adjusted to account for shares allotted to foreign investors in CboP.
The boards will meet at HDFC's Mumbai headquarters as HDFC Bank prepares to kick off the much-awaited consolidation in the banking sector. The deal, which is near finalized, will help HDFC Bank consolidate its position and come closer to its rival ICICI Bank.The deal will lead to a 19 per cent increase in the balance sheet size of HDFC Bank but more importantly add more than 390 branches to HDFC Bank's 754-strong branch network.
ICICI Bank to foray into Germany
ICICI Bank of India is set to open for business in Frankfurt, the German financial capital, next week, the institution's chief executive, Kundapur Vaman Kamath, said in an interview published on Feb 22.
He said previous plans to commence operations last November had been held up by negotiations with German regulators."Germany is the right jumping-off point to seek out alliances, partnerships and opportunities in Europe," he said, according to the German text printed in the newspaper Frankfurter Allgemeine Zeitung.
He said ICICI would offer online retail and business banking to German residents starting Thursday next week, offering savers higher rates of interest than its competitors.Kamath said this was possible because the bank would save costs by managing all its electronic operations from India, not Germany.It also expected to serve business customers active in rising German-Indian trade.
Nestle India to announce financial results
The board meeting of Nestle India will be held on 04 March 2008 to consider and approve the audited financial results of the company for the year ended 31 December 2007 and recommendation of final dividend for the year 2007, if any.
Hon'ble High Court approves scheme of amalgamation of JSW Steel
JSW Steel has announced that the Hon'ble High Court of Judicature at Mumbai has sanctioned the scheme of amalgamation of Southern Iron & Steel with the company. The order sanctioning the scheme was pronounced in the court on 22 February 2008.
The company made this announcement after the trading hours on Friday, 22 February 2008.
Kirloskar Brothers to grant stock options
The committee of Kirloskar Brothers has approved grant of further 32050 stock options to permanent employees of the company under the employees' share a vision - stock option scheme, 2007 (ESOS 2007).
Under the scheme, each option is convertible into one equity share (face value Rs 2) of the company upon vesting, at an exercise price of Rs 200 per share. This was approved by the committee of directors on 19 January 2008.
ITC allots shares
ITC has issued and allotted 6,43,090 ordinary shares of Re 1 each, upon exercise of 64,309 options by optionees under the ITC ESOS.
Consequently, with effect from 18 February 2008, the issued and subscribed share capital of the company stands increased to Rs 376,72,79,690 divided into 376,72,79,690 ordinary shares of Re 1 each.
These shares were allotted by the company on 18 February 2008.
Spice Communications to announce financial results
The board meeting of Spice Communications will be held on 01 March 2008 to consider and approve the audited financial results of the company for the financial year ended 31 December 2007.
Dish TV India withdraws the proposal for issue of equity shares & warrants
Dish TV India has announced the cancellation and withdrawal of the company's proposal for issue of 12,500,000 equity shares of Re 1 each for cash at a price of Rs 100 per share and 9,615,385 equity warrants which would entitle to seek and convert these warrants in to equity shares of Re 1 each for cash at a price of Rs 130 per share on preferential basis to Indivision India Partners.
The company made this announcement after the trading hours on Friday, 22 February 2008.
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