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Tag Archives: Business

Strides Arcolab sells its Australian unit to Watson

January 24, 2012   Himmat Mehra

As per latest reports, the giant Drug manufacturer company Strides Arcolab Ltd has recently announced that the company has sold its 94 percent shareholding in Ascent Pharmahealth Ltd, its subsidiary with operations in Australia and Southeast Asia, to United States generic drug company Watson Pharmaceuticals Inc.

Meanwhile, the deal was from Watson values Ascent at the market value of around A$375 million.

Further, the reports have said that the transaction includes that the Watson has taken-over the other 6 percent shareholding associated with Ascent’s chief executive officer Dennis Bastas. The deal was inked and closed at the same time.

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Bajaj Auto third quarter net up 19% yoy

January 19, 2012   Himmat Mehra

As per the latest reports, the giant auto sector company, Bajaj Auto has recently announced its third quarter earning reports, showing a growth of 19.19 percent in net profit at Rs 795 crore in the quarter ended December last year.

In the same period of 2011, the company reports a growth of Rs 667 crore.

Bajaj Auto reports a growth of Rs 4840 crore for the quarter under review. However, a loss on derived hedging is announced as Rs 59 crore.

The major automobile company announced high sales of over 1 million units for the third successive time in a row, and reported a revenue of around Rs 5154 crore and export revenue of Rs1710 crore.

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Govt. allows 49% stake in Domestic carriers by Foreign Airlines

January 18, 2012   Himmat Mehra

Decision to allow international carriers to invest up to 49% in domestic airlines has been approved except saying ‘yes’ by cabinet.

This step would really sort out the cash flow management related problems in Indian aviation sector that are at present a big headache for Indian airlines like Kingfisher and Go Air.

After attending a meeting with Pranabh Mukhrjee, the Civil Aviation Minister Ajit Singh informed to Media, “49% FDI is already there.

The question was to allow foreign airlines to participate in FDI. I discussed the matter with the finance minister and he agreed. We will move a note for the cabinet now.”

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Reliance Com ties-up $1.18 bn fund for FCCBs

January 17, 2012   Himmat Mehra

According to the latest news from the business sector of India, Reliance Communications Ltd. (R-Com), the major mobile telephony company of the Anil Ambani-headed Reliance Group, has recently announced a tied up foreign debt to refund the redemption of outstanding foreign currency convertible bonds (FCCB) issued by the firm.

In a statement issued by the company during the stock exchange filing, it announced that the company had managed to gain around $1.18 billion from Industrial and Commercial Bank of China, China Development Bank and Export Import Bank of China and few more lenders to refund the FCCBs that are due for redemption on 1 March.

As per the statement issued by the company, it is said, “R-Com will benefit from extended loan maturity of seven years and attractive interest cost of about 5 percent.”

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Agni-V will be tested soon, says DRDO

January 16, 2012   Himmat Mehra

An explosive detonator that make successful take off of Agni-V, the 5,000-km nuclear range missile, has invented by Terminal Ballistics Research Laboratory (TBRL), a DRDO lab in Chandigarh.

As per report of Chief Controller R&D (Missiles and Strategic Systems) at DRDO, Avinash Chander, Agni-V is in the final phase of testing. However launching date will not be defined but it will be launched very soon. Prediction is made that Agni-V may be launched on next month.

Although the missile of having wide range capability has already spreads its affect in South Asia, now this has been tested in India by TBRL, the lab of Chandigarh city.

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Under pressure power producers expects Govt. support

January 15, 2012   Himmat Mehra

As per business sector report, a meeting of top power projects executives will be held on 18 January Wednesday with Prime Minister Manmohan Singh on the issue of bottlenecks on the road of power project.

However this is of the first time that all the top Companies executives have decided to meet with PM as a team. In the list some specific name of owner of firms are Ratan Tata, Anil Agarwal, Anil Ambani, Gautam Adani, Prashant Ruia, Sajjan and Naveen Jindal.

They all with other promoters and top executives will discuss their problem regarding additional capacity to be added in 12th Plan and ask PM Manmohan Singh to take a clear stand on this.

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Infosys reports 33% growth in net profit

January 12, 2012   Himmat Mehra

As per latest business sector news, the Bombay Stock Exchange market fell 54 points at 16,122.38 and Sensex over 100 points in the early trade, disappointment with 8% crashed made by the Bangalore-based Infosys, India’s second-largest software company.

But Market forecast of a 33 per cent rise in quarterly profit of Infosys after the company reduced its revenue outlook in dollar terms for the entire year as a debt crisis in Europe which is its second-biggest market.

However such revenue reduction guidance intimates by macroeconomic headwinds in Europe and the US from where most IT companies earn a majority of their revenues, and does not augur well for Infy’s business. Due to debt crisis in Europe all India’s export-driven software services companies are bracing for a slower pace of outsourcing contracts as a weak rupee boosted margins.

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IT firms third quarter profit seen up

January 11, 2012   Himmat Mehra

Having unclear outlook, the Indian software companies are facing a difficult situation for a slower pace of outsourcing contracts in 2012.

While the quarterly earnings this week has kicked off by the IT companies because of the lingering debt crisis in Europe, their biggest market after the United States, their outlook is hazing.

However the bigger rival of Tata Consultancy Services Ltd , Infosys Ltd, the country’s No.2 software services exporter and third-ranked Wipro Ltd , they get three-quarters of their revenue from the United States and Europe.

The research firms Gartner Inc revealed a statement, Global spending on IT will raise at the slowest pace around 3.7 percent against its earlier estimate of 4.6 percent in three years in 2012 as Europeans, worried about the region’s sovereign debt crisis are cutting back on investments.

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