SBI - Revision of Interest Rates on Domestic Term Deposits

State Bank of India (SBI) has informed BSE that the Bank has decided to revise interest rates on domestic term deposits rate with effect from August 16, 2008.

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Parsvnath Developers buys Rs 200cr New Delhi property

Parsvnath Developers has acquired property worth Rs 200 crore in Connaught Place in New Delhi. Pradeep Jain, Chairman, Parsvnath Developers said that they have already acquired the property and paid money for the land. Jain added that they will develop a luxury retail mall with office space property.

According to Jain, if any other property is available and any opportunity comes, they will definitely grab it, depending on the size and location of the property.

Results at glance for April 29 2008

> Aban Offshore has announced its March Ending 2008 Results. The company’s Q4 net profit was up at Rs 34.5 crore versus Rs 29.5 crore.
> Alok Industries has announced its March Ending 2008 Results. The company’s Q4 standalone net sales were up at Rs 724.79 crore from Rs 574.08 crore, YoY.
> Alstom Projects has announced its standalone results for the quarter ended March 2008 (Q4). Its standalone net profit was at Rs 1.50 crore versus Rs 36.20 crore on YoY basis.
> Bata India has declared its results for quarter ended March 2008 (Q1). The company’s standalone net profit stood at Rs 11 crore versus Rs 5 crore.
> Bhushan Steel has declared its March Ending 2008 Results. It net profit was at Rs 135 crore versus Rs 109.70 crore, YoY.
> Cairn India has announced its first quarter results. The company’s Q1 consolidated net sales were up at Rs 315.8 crore versus Rs 236.4 crore, YoY.
> Ceat has announced its FY08 results. The company’s FY08 net profit was up at Rs 149 crore from Rs 39 crore.
> Dwarikesh Sugar Industries has announced its results for the quarter ended March 2008 (Q2). Its operating profit was at Rs 16.4 crore versus Rs 8.13 crore. It’s net profit was at Rs 6.4 crore versus loss of Rs 28 lakh.
> Eicher Motors has announced its March Ending 2008 Results. The company’s Q4 net profit was down at Rs 19.5 crore versus Rs 20.8 crore.
> Grasim has announced its March Ending 2008 Results. Its consolidated net profits at Rs 881 crore.
> GSS America Infotech has declared its results for the quarter ended March 2008. The company’s net profit stood at Rs 18.4 crore versus Rs 13.7 crore on YoY basis.
> HUL has announced its first quarter results. The company’s Q1 net profit was up 16.5% at Rs 380.9 crore from Rs 327.08 crore, YoY.
> IFCI has announced its FY08 results. The company’s consolidated net profit was up at Rs 1,022.4 crore from Rs 898.6 crore, YoY.
> KPIT Cummins Infosystems has declared MTM Losses Of Rs 89.3 crore. The company’s FY07 net profit was at Rs 50.3 crore.
> Mahindra Ugine Steel has decalred its March Ending 2008 Results. The company’s Q4 net profit was down at Rs 5.53 crore from Rs 10.84 crore.
> Nagarjuna Fertilisers and Chemicals has declared its standalone results for the quarter ended March 2008 (Q4). The company’s standalone net profit was at Rs 1.25 crore versus Rs 1.86 crore on YoY basis.
> Network18’s consolidated Q4 revenues stood at Rs 231.92 crore as compared to Rs 186.09 crore, while net profit came in at Rs 33.74 crore as against Rs 19.5 crore, QoQ.
> Nirma has announce its March Ending 2008 Results. The company’s standalone net sales were at Rs 629.48 crore versus Rs 636.49 crore. YoY.
> Reliance Capital has announced its FY08 results. The company’s FT08 consolidated net profit was up at Rs 1009.06 crore versus Rs 703.21 crore.
> RNRL has decalred its FY08 results. The company’s consolidated net profit was up at Rs 68.58 crore versus Rs 29 crore.(15 months)
> Ruchira Papers has declared its standalone results for the quarter ended March 2008. The company’s net profit was at Rs 47 lakh versus loss of Rs 8 lakh on YoY basis.
> Sesa Goa has announced its fourth quarter and FY08 results. The company’s PAT at Rs 811.6 crore versus Rs 263.34 crore, YoY.
> Shiv Vani Oil & Gas Exploration Services has announced its results for the quarter ended March 2008 (Q1). The company’s net profit was at Rs 31.8 crore versus Rs 12 crore.
> Stride Arcolab has declared its consolidated results for the quarter ended March 2008 (Q1). Its net profit was at Rs 52.6 crore Rs 6.07 crore.
> Subex has announced its March Ending 2008 Results. The company’s net loss at Rs 50 crore versus loss of Rs 4.3 crore, QoQ.
> Sunil Hitech Engineers has declared its results for the quarter ended March 2008. Its operating profit was at Rs 14.3 crore versus Rs 7.3 crore. Its net profit was at Rs 7.22 crore versus Rs 3.3 crore.
> UTV has announced its March Ending 2008 Results. The company’s Q4 net profit was up at Rs 18.8 crore versus 17.7 crore, QoQ.
> Welspun Gujarat has announced its March Ending 2008 Results. Its net profit was at Rs 102 crore versus Rs 41.5 crore.
> XL Telecom has announced it’s Q4 results. It’s net profit was at Rs 14 crore versus 8.6 crore (QoQ).

Good times ahead for mkts: How soon?

The Sensex was making lower tops and lower bottoms it seems now it has breached that phenomenon and as we saw yesterday it closed at a higher high ahead of 16,127 odd levels and then from that level it has breached and currently it is trading at about 16,300 levels.

Is this a positive sign? What we have seen early is that Sensex tried to break through from its phenomenon. So newer highs were created. But then again a bigger fall came and every time then the Sensex is making lower tops over here, it is always making lower bottoms also.

Reliance Q4 net seen up 31%, ONGC 61%

Reliance, India's most valuable firm at $93 billion and its leading private oil company, is expected to ride on strong refining margins and natural gas sales in the coming quarters. The company, which may sell a stake in its D6 gas block off India's east coast to an oil major, is expected to produce up to 80 million cubic metres of gas per day from its deep-sea fields in the region from the second half of 2008/09.
ONGC State-run oil and gas explorer ONGC is expected to report net profit grew by nearly two-thirds to Rs 4314 crore ($1.1 billion) from Rs 2682 crore a year ago. ONGC, which produces 80 percent of India's crude, is required by the government to sell oil from its domestic output at heavy discounts to subsidise state-run refiners in order to keep retail fuel prices low, which eats into the company's profits.

Hero Honda to invest Rs 150cr in Haridwar plant by Dec

At a time when the two-wheeler industry is going through a slowdown, market leader- Hero Honda has taken a bold step by starting a new plant in Haridwar. It is a gamble that Hero Honda is taking in its silver jubilee year.
The company will invest Rs 600 crore in the plant by December this year. A hundred ancillary makers will also set up base here over next 2 years.

The plant has started with an initial annual capacity of 500,000 units which will be ramped up to 1.5 million units by 2010. But the return on investment by Hero Honda for the additional capacity will be decided by the way the two-wheeler market behaves over the next few months.

Inflation at 3-year high, hits 7 pc

India’s annual inflation rose to a three year high at 7 %, 2 % more than the 5 % comfort level. The wholesale prices index for the week to March 22 increased more than the market estimate of 6.62 % and the previous week’s 6.68 % .Market is down by 3 %.

On Monday, the government decided to abolish import duty on crude form of edible oils, cut rate on refined edible oils and ban non-basmati rice exports among other measures to ease the pressure off prices.

Suzlon bags $200-220m order from Horizon Wind Energy

Suzlon Energy has bagged 200 MW order from US-based Horizon Wind Energy. Tulsi Tanti, CMD at Suzlon Energy informed that total deal size is estimated to be around USD 200-220 million.

Emco Ltd Rs 92 Crores Order for 400 kV Transmission Line

Emco Ltd has informed BSE that the Company has bagged a single prestigious order from M/s. Corporate Power Ltd, Ranchi, Jharkhand for Supply, Erection, Testing & Commissioning of 400 kV Double Circuit / Double Strung Transmission Line on Turnkey basis from Hempur to PGCIL Grid Substation at Namkum (near Ranchi), Route Length being 108 KM. The value of this project is Rs 92 Crores.

REC IPO Allotment Status

REC IPO which opened between February 19, 2008 and closed on February 22, 2008 and also got subscribed by 27 times or on whole and 7 time or so on the retail side is ready with IPO allotment status,

click here for REC IPO allotment status

BGR Energy Turnkey contract of Rs 793 Crores

BGR Energy Systems Ltd has secured a Turnkey contract from Andhra Pradesh Power Generation Ltd (APGENCO) for the execution of Balance of Plant (BOP) for the 1 x 500 MW, Stage VI — Unit XI Kothagudem Thermal Power Station valued at Rs 793 Crores. The contract scope of work includes Design, Engineering, Procurement and Construction of complete Mechanical, Electrical, Instrumentation and Plant Civil works for project. This contract will be executed over a period of 26 months.

BGR Energy has emerged as the largest EPC contractor of Power Plant — Balance of Plant in the Country for large Power Plants of 500 MW and above. The Company is currently executing three Balance of Plant contracts for 500 MW capacity coal based power projects and this contract is the Fourth contract.

The current order book of the Company stands : Rs 3715 Crores

Godawari plans foray into thermal power

Godawari Power and Ispat (GPIL), an integrated steel manufacturer based in Chhattisgarh, is mulling foray into commercial power generation with projects in Chhattisgarh or Jharkhand with capacities ranging between 300 to 1,000 mw with coal and coal rejects as fuel.

GMR to enter into air charter services

GMR Infrastructure is foraying into air charter services and will enter into the corporate jet market with a capital expenditure plan of Rs 7 billion, reports Economic Times.

GMR Aviation, set up to drive this charter venture, will have an initial fleet size of 6 nine-seater aircraft and two choppers. The company is looking at tapping the growing corporate jet market in India. The company has already obtained a license to operate charter services and has met with encouraging response in its test-marketing phase.

The company, which has already acquired two nine-seater Falcons, will have a total fleet size of six aircraft and two choppers. The company will spend Rs 1.20 billion on each of the four Falcons, Rs 1.60 billion on two other aircraft and Rs 600 million on two choppers. The Rs 7-billion fleet acquisition would be funded through debt: equity in the mix of 80:20. The company has already placed the orders for enhancing the fleet strength.

The charter services for a nine seater Falcon aircraft will be priced at Rs 2,50,000 per hour. Two of the Falcons are high-end and long-range aircraft. Apart from long haul, the company is also pitching the services for the domestic circuit. So routes such as Bangalore-Chennai/Hyderabad are very much on the radar and so are intra-city routes such as connectivity to upcoming BIAL airport in Devanahalli in Bangalore.

Reliance Energy buyback plan

Reliance Energy shares were up 3.5 per cent after the company said its board will meet on March 5 to consider a share buyback. At 10:29 am, the share was up 3.5 per cent at Rs 1,680 with volume traded at 1,63,872 against two week average of 10,99,946 shares.

Punjab National Bank - Change of BPLR

Punjab National Bank has informed BSE that the Bank has reduced the BPLR from existing level of 13% p.a. to 12.50% p.a. effective from March 01, 2008.

In addition, Bank has also selectively reduced its interest rates by 50 bps on loan, which are not linked to BPLR such as housing Loans above Rs 20 lacs where interest rate will be in the range of 9.5% to 10.5% (against the existing rates ranging from 10% to 11%). Further, the interest rates in respect of loans granted for second house have also been reduced by 50 basic point (bps). Bank has also reduced rates of interest on Car loans consumer loans (personal loans) by 50 bps to 100 bps.

Reliance joint venture with iconic UK fashion retailer M&S

Reliance Industries chairman Mukesh Ambani’s deal-making spree to get the best domain expertise in the retail sector is poised for the big one now. His retail arm, Reliance Retail (RRL), is locked in ‘substantial’ discussions to float an equal joint venture with iconic UK fashion retailer Marks & Spencer (M&S) for apparel, gourmet food and cafes, multiple sources familiar with the situation said.

According to a source close to the deal, the gourmet food format is likely to be integrated with Reliance Fresh “wherever possible,” (upmarket localities) as a shop-in-shop format. This would help M&S get immediate scale in food business. There are 491 Reliance Fresh stores that sell food, FMCG and fruits and vegetables and this figure is likely to touch 1,400 by the end of next fiscal.

The $16-billion M&S, operating in the country through a franchisee arrangement with Planet Retail since 2001, is in the midst of charting a new India strategy aimed at accelerating expansion in the domestic market. It recently slashed prices by 20% to attract more footfalls in the stores and taking prime space in malls to open more stores.

Reliance Power Bonus Issue

Reliance power shareholders , they informed today that they will give 3 bonus shares for 5 shares already holded in reliance power .

HDFC Bk, CBoP Boards okay swap ratio of 1:29

The Boards of both banks, HDFC and Centurion Bank of Punjab have okayed a swap ratio of 1 share of HDFC Bank for every 29 shares of CboP, reports CNBC-TV18.

The merger ratio has come in favour of HDFC Bank at current market price.

HDFC Bank will make a preferential issue to HDFC after the merger to maintain 23.28% stake. The merger values CBoP at Rs 50.80 per share and current market price at Rs 56.35.

Future Ventures files DRHP for IPO

Kishore Biyani-promoted Future Group company, Future Ventures, The company plans to

373.62 crore equity shares

Rs 10 each equity shares

2,660,750,000 issue to the public
50,000,000 equity shares for eligible employees
250,000,000 equity shares for eligible shareholders
100 % book building process.

The net issue would constitute 66.52 % of the post issue paid up capital of the company, it added.

REC IPO 23.69 times in retail

REC IPO Finally got subscribed by almost 23.69 times. will update when i get the information.
The net issue to the public is for 15.22 crore shares, constituting 18.18 per cent of the fully diluted post-issue capital of the PSU power major. The issue closes today.
Post issue, the government’s holding in the company will fall to 81.00% from 100 % at present.