Posts Tagged ‘Hitachi’

Equity News Round UP

Economy

•The annual rate of inflation based on the wholesale price index of food articles shot up to 17.70 per cent during the week ended 27 March 2010 from 16.35 per cent during the previous week.

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•India’s automobile industry reported a 26.41 per cent growth in sales in 2009-10 riding on the government’s stimulus packages that perked demand, making it the second fastest growing market in the world after China.

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•India’s first-ever auction of spectrum for third generation (3G) telephony services began on a cautious note. For a pan-India licence, the highest offer was Rs 3,919 crore on the first day, just 12 per cent higher than the base price of Rs 3,500 crore. There are six companies in the race for a pan- India licence, which spans 22 circles. These are Bharti Airtel, Vodafone Essar, Reliance Communications, Idea Cellular, Tata Teleservices and Aircel.

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Capital Goods

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•Bharat Heavy Electricals Limited is setting up a centre of excellence for nanotechnology with an investment of Rs 8.27 crore to explore applications in power systems and products relevant to the company.

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•Suzlon Energy said its subsidiary REpower Systems AG has bagged a contract from an Italian company for supplying 18 wind turbines. RE power has concluded a contract for the supply of 18 wind turbines to Daunia Savignano, a subsidiary of Italian Tozzi Group.

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•Elecon Engineering Company has bagged an order worth Rs 49.90 crore from Sical Logistics for material handling equipment. The scope of the contract includes design, engineering and commissioning of material handling equipments for New Mangalore Iron Ore Terminal.

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•BGR Energy Systems has entered into an agreement with the Orissa government for setting up a 1,320-MW power project at an investment of Rs 6,287 crore. The company has signed a MoU with Orissa government for setting up a 1,320 MW independent power producer at Bhapur in Nayagarh district of the state at an investment of about Rs 6,287 crore.

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Pharmaceutical

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•Aurobindo Pharma announced that it has received final approval for Venlafaxine Hydrochloride Tablets 25 mg, 37.5 mg, 50 mg, 75 mg and 100 mg from the US Food & Drug Administration (USFDA).

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•Cipla Limited, among the largest pharmaceutical companies in the country, is understood to be closing in on a strategic investment in Bangalore-based Stempeutics Research, a stem cell company developing stem cell-based medicinal products. Stem cells are used to replace or initiate the production of other cells that are damaged or missing.

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•Biocon has fully acquired the joint venture Biocon Biopharmaceuticals from its Cuban partner CIMAB. Under the business restructuring plan, Biocon will pick up CIMAB’s 49% stake and will make Biocon Biopharmaceuticals (BBPL) a wholly owned subsidiary of Biocon.

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Media & Entertainment

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•PVR Ltd, a retail entertainment company, has earmarked around Rs 120 crore for setting up 60 multiplex screens across the country. Of this, 14 are already operational and the remaining will be opened by the end of this fiscal.

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Realty & Construction

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•IVR Prime Urban Developers has raised Rs 63 crore by selling land near Pune and Chennai. The company has sold 87.52 acres of land near Loanavala and 28 acres of land near Chennai.

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Oil & Gas

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•Reliance Industries (RIL) has announced that its subsidiary, Reliance Marcellus LLC has executed definitive agreements to enter into a joint venture with United Sates based Atlas Energy, Inc, of Pittsburgh, Pennsylvania under which Reliance will acquire a 40% interest in Atlas’ Core Marcellus Shale acreage position.

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•Aban Offshore has bagged a contract valued at $159 million (about Rs 716 crore) from Brunel Shell Petroleum Sendirian Berhad for the deployment of the jack-up rigs.

NEWS ROUND UP 29th March – 02nd April

Economy

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·India’s annual food price index stood at 16.22% as on week ended March 13, slower than the 16.30% growth recorded last week. A year ago, food prices were up 7.46%. At the same time, primary articles inflation rose to 13.88% from 4.91% last year, while fuel, power, light & lubricants prices climbed to 12.68%.

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Power

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·NTPC, the state owned power generator, has evinced interest to set up solar and wind projects in Orissa with aggregate generation capacity of 500 Mw.

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The company has sent a draft MoU for approval of the Orissa government in this regard.

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·GMR Energy will soon raise over Rs 1,600 crore from a group of private equity players led by Singapore-based Temasek Holdings and banks to fund its expansion. The company is a subsidiary of the G M Rao-led GMR Infrastructure that has interests in highways, airports, agri-business and urban infrastructure.

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Oil & Gas

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·ONGC has approved investing Rs 3,240 crore ($712 million) for the first phase development of three marginal fields located in Mumbai offshore on the western coast.

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Capital Goods

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·L&T has been awarded a contract by the Ministry of Defense for the design and construction of 36 high speed interceptor boats for the Indian Coast Guard. The contract is valued at Rs 977 crore. The design is being carried out in house by the Company and its ship design center, that is a part of the Company’s Heavy Engineering division. The boats are planned to be constructed at the Company’s existing shipyard at Hazira and at its new shipyard coming up at Katupalli near Ennore.

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·L&T bagged six orders worth Rs 1,181 crore for construction of power transmission line and sub-station works. Three of these six orders worth Rs 741 crore have been secured from the Gulf markets and the other orders worth Rs 440 crore are for domestic projects. These orders will be executed by electrical and gulf projects operating company, a part of L&T’s construction division.

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Automobile

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·Tata Motors, India’s largest vehicle manufacturer by revenue, is selling a third of its stake in the construction equipment-making subsidiary, Telcon, to its joint venture partner, Hitachi, for Rs 1,000 crore.

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·Tata Motors had signed an agreement with the Myanmarese government for setting up a heavy truck plant in the South-East Asian nation, with an installed capacity of up to 5,000 units annually.

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·TVS Motor Company has announced the launch of its new model TVS Jive, India’s first auto-clutch motorcycle, in Chandigarh. With this launch, the company expects that it sales in Punjab will grow significantly from 2,000 motorcycles to 3,600 motorcycles per month.

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Realty/ Construction

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·Patel Engineering has been awarded the contract to develop the largest waterfront project in the southern hemisphere. The project, an integrated township in Port Louis, the capital of Mauritius, is valued at $1 billion.

Spread over more than 24 hectares, the project involves residential, commercial, entertainment and real estate.

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·Punj Lloyd plans to sell its 19.4 per cent stake in Pipavav Shipyard to co-promoter Skil Infrastructure through an inter se promoter transfer. The stake is valued at Rs 825 crore at the company’s current market
capitalisation of Rs 4,251 crore. The Nikhil Gandhi-promoted Skil Infrastructure has an 18.27 per cent stake in Pipavav Shipyard.

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Telecommunication

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·Kuwait-based Zain Telecom’s board cleared Bharti Airtel’s proposal to buy its African assets for $10.7 billion (around Rs 48,600 crore), marking the Indian company’s first successful attempt to acquire operations in Africa after two failures.

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Cement

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·Shree Cement has got the Central Electricity Regulatory Commission’s (CERC) approval to start inter-state trading business in power it produces at its merchant plant. The company has 260 MW installed captive power generation capacity and is in the process of putting up additional 300 MW merchant capacity, which is set to go on stream in a few days.