Mar 12, 2008

Corporate News 12th March 2008

BILT aims big in power sector

Ballarpur Industries Ltd (BILT), wants electrifying growth in his group businesses quite literally so after paper it is now power. Most of the 100 megawatt that the company produces now is used for captive consumption by the 2 BILT plants but now Thapar is ready with a blueprint to energise his power subsidiary, BILT Power. BILT Power will soon be renamed Avantha Power and Infrastructure Ltd. The company plans to double capacity from the existing 100 megawatts by 2008 end and by 2011 hike capacity to 1500 megawatts. To achieve such targets BILT Power is already bidding for 2 IPP projects worth a hugely sum of Rs 5000 crore. A debt equity ratio of 70:30 is what the management would be comfortable with and organising finance for it should not be a challenge.

The entire paper space is extremely attractive and worst case; people are looking at 12-15 per cent growth for BILT. At this point the way markets treated some of these companies, it will be a little adventurous on part of co to do something like that but overall, BILT on its core biz looks quite attractive. In the past BILT has had limited exposure in merchant power but now it wants to ride on the power bandwagon.

 

Tata Steel announces Consolidated Q3 results

Tata Steel Ltd has announced the following Consolidated unaudited results for the quarter ended December 31, 2007:

The Company has posted a Profit after minority Interest & Share of Profit of Associates of Rs 14155.40 million for the quarter ended December 31, 2007 as compared to Rs 10546.10 million for the quarter ended December 31, 2006. Total Income has increased from Rs 60717.60 million for the quarter ended December 31, 2006 to Rs 320960.30 million for the quarter ended December 31, 2007.

 

Birla Corporation declares suspension of operations

Birla Corporation has declared suspension of operations with effect from 10.00 p.m. yesterday night i.e. 11 March 2008 at the company's units: Durgapur cement works and Durga hitech cement, Durgapur in view of persistent acts of lawlessness and continuous defiance of lawful & reasonable instructions of the management by the workmen.

The company made this announcement during the trading hours today, 12 March 2008.

 

Federal Bank ties up Birla Sun Life

Kochi: Federal Bank and Birla Sun Life Asset Management Company on March 11, declared a strategic alliance under which Birla Sun Life's mutual fund products will be distributed via the bank's select branches. The distribution of mutual fund products of Birla Sun Life is one more step in that direction.

         

Listing of equity shares of Rural Electrification Corporation Ltd

Trading Members of the Exchange are hereby informed that effective from March 12, 2008, the equity shares of Rural Electrification Corporation Ltd (Scrip Code: 532955) are listed and admitted to dealings on the Exchange in the list of 'B' Group Securities. For further details please refer to the notice no 20080310-25 dated March 10, 2008 & notice no 20080311-18 dated March 11, 2008.

         

ITD Cementation fixes Book Closure for Dividend & AGM

ITD Cementation India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from April 25, 2008 to April 30, 2008 (both days inclusive) for the purpose of payment of dividend & Annual General Meeting (AGM) of the Company to be held on April 30, 2008.

         

Uttarakhand cancels MoU with ICICI Lombard within hrs

The Uttarakhand Government today signed a Memorandum of Understanding with ICICI Lombard for providing cover to farmers, but cancelled it on technical grounds within hours. Principal Secretary Rural Development Vibha Puri Das signed the MoU with ICICI Lombard for providing insurance cover to farmers in the presence of Cooperative Minister Bishan Singh Chufal. Under 'Narayan Krishak Kavach Yojna', the family of farmers were to be given Rs 50,000 in the event of his death due to any unnatural cause like road accident. However, within hours of signing the MoU, Cooperative Minister Bishan Singh Chufal canceled it on technical grounds. Some points in the MoU were not clear, a press note said quoting Chufal. An inquiry will also be conducted to ascertain as to why competitive bids were not invited in this regard, Chufal said. Interestingly, the minister during the signing of MoU termed the scheme as very good for the farmers.

 

Fulford India fixes Book Closure for Dividend & AGM

Fulford India Ltd has informed that the Register of Members & Share Transfer Books of the Company will remain closed from April 09, 2008 to April 16, 2008 (both days inclusive) for the purpose of payment of dividend & Annual General Meeting (AGM) of the Company to be held on April 16, 2008.

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