Corporate News - 20 Feb 2008
Pfizer - FY07 results on Feb 25, 2008
Pfizer Ltd has informed that a meeting of the Board of Directors of the Company will be held on February 25, 2008, inter alia, to consider the Audited Statement of Accounts of the Company for the year ended November 30, 2007 and to recommend dividend thereon.
Listing of equity shares of OnMobile Global Ltd
Pfizer Ltd has informed that a meeting of the Board of Directors of the Company will be held on February 25, 2008, inter alia, to consider the Audited Statement of Accounts of the Company for the year ended November 30, 2007 and to recommend dividend thereon.
Reliance Power gains on bonus
Mumbai: Anil Ambani will not be disappointed from markets' immediate reaction to the announcement of the Reliance Powers bonus shares.On opening, it zoomed to Rs 436 in the mornings trade and is now hovering around the Rs 420 mark compared to the Rs 384 mark at which it closed on Friday. Reliance Power announced its decision on Sunday to issue bonus shares to shareholders.For the first time in the history of global capital markets, a company issued free shares to retail and institutional shareholders. This comes after the February 11 listing of the company which saw a less than positive reaction. Reliance sources said that bonus is not a face saving exercise and it will also consider methods other than bonus to compensate investors.
Tata Investment becomes arm of Tata Sons
Mumbai: Tata Investment Corp Ltd (TICL) has become a subsidiary of Tata Sons Ltd. TICL said Tata Sons has acquired five million of its equity shares from Tata Chemicals Ltd. Tata Sons Ltd now holds 54.98 percent of the paid-up capital of the company.
UBS likely to revive its bid for Stan Chart AMC
Mumbai: It seems no one is immune to the pressures of lobbying not even the staunchly independent Reserve Bank of India. Just months after the RBI rejected an application by Swiss bank UBS to acquire the asset management business of Standard Chartered Bank, UBS is now in a position to revive its bid for Stan Chart AMC after the RBI cleared its application for a full banking licence.
The RBI has allowed it to convert its representative office into a branch. For now UBS will be allowed to open one retail banking branch but henceforth, the Swiss bank will be allowed to apply to the RBI for more branches.While UBS declined to officially comment on the development sources indicate that UBS has received official communication from the RBI.
The RBI's volte-face on UBS has raised many questions about its failed bid for Standard Chartered AMC. The RBI had rejected that bid due to questions raised about certain transactions suspected of money laundering, which had led the RBI to say that UBS' proposal was not found to be fit and proper. However, sources say now that the RBI has cleared UBS's proposal for a full banking licence, the Swiss bank has sufficient grounds to re-open that bid. Following that exercise, UBS is likely to re-file its application for an Asset Management Business with SEBI and RBI.The change in UBS's fortunes in India comes a week after a high level delegation from the Swiss Bankers Association met with the RBI and finance ministry officials. The association has assured the RBI that Swiss Banks like UBS have stringent anti-money laundering systems in place and will comply with all rules and regulations set by the RBI. With those assurances in place UBS is now likely to be expand its presence in India substantially with a focus on retail operations.
ICICI Bank - Allotment of equity shares under ESOS
ICICI Bank Ltd has informed that the Bank has allotted 8,431 equity shares of face value of Rs 10/- each on February 11, 2008 under the Employees Stock Option Scheme, 2000 (ESOS).
BHEL to set up Libya power plant
New Delhi: BHEL, India's leading Power equipment maker, announced that it received a major order for setting up a 300 MW gas turbine-based power plant in Libya. According to a statement by BHEL, The order worth Rs 650 crore order to be executed on engineering, procurement and construction basis, has been placed by general electricity company of Libya for expansion of the 600 MW Western Mountain Power Project.
BHEL had recently completed execution of the Rs 1,400 crore project, the largest gas turbine-based power project installed by the company so far. The present contract for extension of western mountain power project envisages setting up two gas-turbine units of 150 MW each. The equipment for the 300 MW order would be supplied from Bhel`s manufacturing facilities at Haridwar, Bhopal, Jhansi, Bangalore, Chennai and Ranipet.
UTV expands alliance with Walt Disney
Mumbai: Hollywood media giant Walt Disney Company is all set to put in Rs 13.14 billion in two UTV group firms. An agreement has recently been reached between the two groups under which Disney, through its subsidiary The Walt Disney Company (Southeast-Asia) Pvt Ltd will invest Rs 13.14 billion in UTV Software Communications Ltd (USCL) and UTV Global Broadcasting Ltd (UGBL).
UGBL is the parent company for its two wholly owned subsidiaries, Genx Entertainment Ltd and UTV Entertainment Television Ltd. Genx has already launched successfully two youth entertainment channels through the Bindass brand while the latter just launched The World Movies channel and is about to start UTV Hindi Movies channel. The company would also keep its shareholders informed by a public announcement. The deal and the open offer of Rs 1.19 billion is subject to regulatory and shareholder approvals. The agreement, once sealed, will help Disney increase its stake in UTV from 13.7 per cent to 32.1 per cent.
3i Infotech - Allotment of equity shares under ESOS
3i Infotech Ltd has informed that the Company has allotted 8,300 equity shares on February 18, 2008, to the applicants under Employee Stock Option Scheme (ESOS), 2000.
Balasore Alloys allots equity shares
Balasore Alloys has announced that 2,00,00,000 equity shares of Rs 5 each at a premium of Rs 7.75 per share issued and allotted to the promoters of the company on preferential basis pursuant to the corporate debt restructuring package of the company have become fully paid up and there is no partly paid shares of the company existed as on date. The necessary corporate action has already been taken for credit of fully paid up shares in their respective accounts.
The company made this announcement during the trading hours today, 19 February 2008.
Jaiprakash Hydro Power's director resigns
The board of Jaiprakash Hydro Power has accepted the resignation of D N Davar from the office of director of the company with effect from 25 January 2008.
The company made this announcement during the trading hours today, 19 February 2008.
Ansal Housing & Construction allots equity shares & warrants
The board of Ansal Housing & Construction has allotted 1,50,000 equity shares at Rs 225 per share after receipt of 100% payment due on the equity shares to the independent parties and 29,50,000 warrants at Rs 225 per warrant, each warrant convertible into one equity share after receipt of 10% payment due on the warrants to the independent parties and promoters of the company.
These shares and warrants were allotted at the board meeting held on 19 February 2008.
Berger Paints India to issue convertible warrants
The board meeting of Berger Paints India will be held on 26 February 2008 to consider issue of convertible warrants to the promoters of the company / promoter group.
The company made this announcement during the trading hours today, 19 February 2008.
ACC allots shares
The committee of ACC has allotted 2,805 shares against exercise of employee stock options under various ESOS.
Consequently, the paid-up share capital of the company has increased from 18,76,30,028 shares to 18,76,32,833 shares of Rs 10 face value, as of date.
The company made this announcement during the trading hours today, 19 February 2008.
Ranbaxy Laboratories' board clears scheme of de-merger of New Drug Discovery Research unit
The board of Ranbaxy Laboratories has cleared a scheme of de-merger of the company's New Drug Discovery Research (NDDR) unit into a subsidiary, Ranbaxy Life Science Research (RLSRL). This is subject to requisite approvals.
Ranbaxy believes that this is a significant step in creating an independent pathway for NDDR with dedicated resources and an enhanced focus for long-term growth. Ranbaxy has state of the art research infrastructure and a highly skilled scientific talent pool. These strengths can be more effectively leveraged through an independent vehicle that better aligns assets with priorities to accelerate the company’s drug discovery programmes. The resulting operational freedom and flexibility will also help to open up new growth opportunities while providing a platform for increased collaboration. The demerger will result in cost savings of approx. US$ 25 million in the current year for Ranbaxy, a recurring expense, likely to increase significantly in the coming years.
Under the scheme, the shareholders of Ranbaxy will be entitled to receive one equity share of Re.1 each of RLSRL, without any payment for every four equity shares of Rs 5 each held in Ranbaxy, as on the Record date, to be fixed for this purpose, after receipt of requisite approvals. All assets, liabilities, research personnel and pipeline related to the NDDR unit will be transferred to RLSRL.
Ranbaxy has subscribed to redeemable preference shares of RLSRL aggregating Rs 200 crore, to meet its business needs. Post the de-merger, the equity capital of RLSRL will be approx. Rs 12.6 crore. Ranbaxy and RLSRL employees welfare fund trust will respectively hold 19.8% and 4.9% of the equity share capital of RLSRL. The balance will be held by the shareholders of Ranbaxy.
This was decided at the board meeting held on 19 February 2008.
CMC's director resigns
CMC has announced that C B Bhave has sent his resignation letter dated 15 February 2008 from the board of directors of the company on being appointed by the Government of India as chairman of Securities Exchange Board of India.
The company made this announcement during the trading hours today, 19 February 2008.
Infosys Technologies signs MoU with Nihon Unisys, Japan
Infosys Technologies has announced that it has signed a MoU for alliance of strategic business deployment and joint development for sales and solution service offering with Nihon Unisys, Japan.
This alliance is the maturing of the June 2007 partnership between Nihon Unisys and Infosys to execute large-scale system upgrades of Oracle e-business suite for Nihon Unisys' customers. The alliance will also explore mutually beneficial areas where the global delivery model can be leveraged to jointly go to market. These include joint solution / product development and application development/ maintenance.
The alliance brings together Nihon Unisys' experience in the Japanese market and Infosys' global delivery model, its experience in open systems, and its cuffing-edge technologies and methodologies to deliver high-quality and high-value solutions to Nihon Unisys’ customers in the Japanese market.
The company made this announcement during the trading hours today, 19 February 2008.
Parsvnath Developers launches Parsvnath Eleganza
Parsvnath Developers has launched the first of its kind mega mall cum multiplex, Parsvnath Eleganza in Dehradun. The company will invest Rs 40 crore in developing the complex.
Parsvnath Eleganza is the first such mall-cum-multiplex being developed in the city. Located at prime location of Rajpur Road, the mall comes with an added advantage of a 4-screen multiplex within the complex, which gives another reason to visit the complex. Having a saleable area of 1.5 lacs square feet, the mall is spread over four floors, will be fully air-conditioned and will have 100% power back-up at all times.
Glass fronted lifts, aesthetic architecture and modern design will provide for complete comfort and a pleasurable shopping experience for its customers. The mall is designed for optimum space utilization for its shop owners. Latest fire alarm, fire fighting systems and round-the-clock security systems will ensure complete safety. The mall also provides a reserved area to accommodate parking needs of visitors.
The mall will boast of premium national and international brands, departmental stores, retail chains and fashion stores and will be a one stop for branded lifestyle products. Food courts in the mall will provide a comfortable venue for the window shoppers and also those who are looking at outlets for meetings and get to-gathers. The entire complex for which the construction has commenced is expected to be completed and operational with in one years.
The company made this announcement during the trading hours today, 19 February 2008.
ABB net profit rises 33.97% in the December 2007 quarter
Net profit of ABB rose 33.97% to Rs 180.79 crore in the quarter ended December 2007 as against Rs 134.95 crore during the previous quarter ended December 2006. Sales rose 28.97% to Rs 1839.45 crore in the quarter ended December 2007 as against Rs 1426.31 crore during the previous quarter ended December 2006.
For the full year, net profit rose 44.48% to Rs 491.67 crore in the year ended December 2007 as against Rs 340.31 crore during the previous year ended December 2006. Sales rose 38.75% to Rs 5930.31 crore in the year ended December 2007 as against Rs 4274.01 crore during the previous year ended December 2006.
Housing Development Finance Corporation allots equity shares
Housing Development Finance Corporation (HDFC) has allotted 78,416 equity shares of Rs 10 each pursuant to conversion of FCCBs by bondholders and exercise of stock options by employees.
Post the above allotment, the paid-up equity share capital of the corporation would stand at Rs 283,50,23,360 consisting of 28,35,02,336 equity shares of Rs 10 each.
These shares were allotted by the corporation on 19 February 2008.
Microsoft and Satyam strengthen strategic relationship with enhanced focus on collaborative growth
Satyam Computer Services has announced various strategic initiatives to further expand the scope and scale of its multi-dimensional relationship with Microsoft Corp., including the selling up of a 350 seater dedicated delivery center in Hyderabad to deliver futuristic solutions using cutting edge Microsoft technologies. The facility was inaugurated by Moorthy Uppaluri, CEO, Microsoft IT-Global, on 16 February 2008.
Satyam is a global strategic service partner to Microsoft's global IT sourcing and product development outsourcing. Satyam's engagement involves building Microsoft IP and solutions in futuristic products and / or yet-to-be-released versions. Satyam's experience in serving Microsoft's global IT sourcing organization (MSIT), the foremost consumer of newly-released / yet-to-be-released products in the world, ensures that Satyam brings the best and most current development, integration and sustenance skills on the MS platform to its customers. Satyam also collaborates with Microsoft to address needs of common enterprise customers and provide enhanced business value.
CRISIL recommends dividend
The board of CRISIL has recommended dividend at the rate of Rs 25 per share. This was recommended at the board meeting held on 18 February 2008.
CRISIL net profit rises 291.74% in the December 2007 quarter
Net profit of CRISIL rose 291.74% to Rs 27.50 crore in the quarter ended December 2007 as against Rs 7.02 crore during the previous quarter ended December 2006. Sales rose 102.54% to Rs 84.68 crore in the quarter ended December 2007 as against Rs 41.81 crore during the previous quarter ended December 2006.
For the full year, net profit rose 89.06% to Rs 70.67 crore in the year ended December 2007 as against Rs 37.38 crore during the previous year ended December 2006. Sales rose 73.99% to Rs 255.32 crore in the year ended December 2007 as against Rs 146.74 crore during the previous year ended December 2006.
Castrol India net profit rises 49.05% in the December 2007 quarter
Net profit of Castrol India rose 49.05% to Rs 56.76 crore in the quarter ended December 2007 as against Rs 38.08 crore during the previous quarter ended December 2006. Sales declined 1.15% to Rs 474.99 crore in the quarter ended December 2007 as against Rs 480.53 crore during the previous quarter ended December 2006.
For the full year, net profit rose 41.39% to Rs 218.43 crore in the year ended December 2007 as against Rs 154.49 crore during the previous year ended December 2006. Sales rose 7.75% to Rs 1888.26 crore in the year ended December 2007 as against Rs 1752.41 crore during the previous year ended December 2006.
