Bajaj
Auto Q3 net up 23 pc
Pune: Registering record sales for its two-wheelers
for the third quarter of the current fiscal, Bajaj Auto
(BAL), has recorded a turnover of Rs2,729 crore for the
third quarter of the current fiscal as against Rs2,107
crore for the corresponding period last year, representing
a growth of almost 30 per cent.
The
company has recorded a 13 per cent jump in gross profit
at Rs524 crore for the third quarter of the current fiscal
as against Rs464 crore reported for the third quarter
of the previous fiscal. Net profit for the third quarter
stood at Rs345 crore (Rs280 crore), an increase of 23
per cent. The EPS for the quarter under review works out
to Rs34.1.
A
press release from the company said that on a sequential
basis, operating EBITDA margin stood at 14.2 per cent
in the third quarter of 2006-07 as compared to 15.1 per
cent during the previous quarter, attributable to the
sales promotion expenses incurred during the festive season,
which enabled the company to improve its market share
and ensured a healthy top-line growth of 30 per cent,
the statement said.
BAL
registered sales of 6,52,406 units for the third quarter
as compared to 511,106 units recorded during the same
period last year, an increase of 28 per cent, compared
to the industry average of 13 per cent.
Back
to News Review index page
Reliance
Retail buys property worth Rs1,000 crore in NCR
New Delhi: The Mukesh Ambani-promoted Reliance
Retail has acquired property worth Rs1,000 crore over
the last week in the national capital region.
Sources
said Reliance Retail acquired a property at Vikaspuri
in West Delhi valued at around Rs280 crore apart from
seven other properties valued at around Rs700 crore.
Six
of these properties are at Dwarka near the Indira Gandhi
International Airport and one is at Rohini in West Delhi.
The company would be taking part in another bid tomorrow
for two properties at Vasant Kunj in South Delhi which
are together expected to be valued around Rs25 crore.
The
properties acquired by Reliance Retail were a part of
auctions by the Delhi Development Authority, through which
it had collected about Rs900 crore against a reserve price
of about Rs400 crore.
Back
to News Review index page
Bharti
to float cos to manage retail back-end
New Delhi: The Bharti Group plans to float more
than one company to manage the back end operations of
its retail business in its joint venture (JV) with Wal-Mart,
the world's biggest retailer.
"The
front end of the retail business (outlets) would be owned
completely by Bharti. For cash and carry and back end
operations like logistics and supply chain we will partner
with Wal-Mart," Rajan Mittal, joint managing director,
Bharti Group, said.
The
details of the Bharti,Wal-Mart JV would be finalised soon
said Rajan. He said after the formalities were completed,
the roll out of the stores would begin soon.
Back
to News Review index page
Reliance
to set up 50,000bpd refinery in Yemen
New Delhi: Reliance Industries is planning to build
a 50,000 barrels per day (bpd) greenfield refinery in
Yemen in partnership with a local Yemen company Hood Oil.
The
refinery would be located on the Red Sea coast. The work
on the refinery would be completed in 36 months from the
work taking off, which is expected to happen later this
year.
Reliance
will have an obligation to sell products from the refinery
in the Yemen domestic market for the first five months
and there after can cater to the export market.
The
Yemeni government has also awarded Reliance two onshore
exploration blocks under the last round of auction. The
Indian company will again partner Hood Oil in the two
blocks, Block 34 and 37, which measure around 7,500 km
each and are located on the border with Oman.
The
two blocks are among seven that Yemen offered for exploration.
Reliance
is already partnering Hood Oil in a producing block, where
the two companies hold 25 pc stake each, and Canada's
Calvalley Petroleum is the operator with 50 pc stake.
The block currently produces 7,500 barrels of oil per
day and the output will go up to 10,000 barrels this month.
Back
to News Review index page
Citigroup
Property to invest $500 million in realty
Bangalore: Citigroup Property Investors (CPI) will
invest $500 million to build assets in Indian property
market according to David Schaefer, managing director
and head-Asia pacific, CPI.
The company is looking at investing in the hospitality
and residential sectors in addition to creating office
space in tech-parks.
He
said that since India is facing a shortage of quality
hotel rooms in major cities, the company is planning to
bring in funds to build quality assets which bring in
global hotel brands.
The
company plans to spend nearly 40 of its committed investment
towards the hospitality sector to build hotels and service
apartments in tier II information technology cities. The
company has since May 2005 invested $250 million in building
real estate assets in residential and hospitality sectors
in Chennai, Bangalore, Pune, Delhi and Hyderabad.
Back
to News Review index page
Citigroup
Property
to set up luxury hotel in Bangalore
Citigroup is partnering with Bangalore based Nitish Estates
to develop a 250-room luxury hotel in Bangalore for $100
million. For the management of the hotel, the company
is in talks with three of the top global hotel chains.
The
hotel is being designed by an architects firm based in
California and will be operational in 30 months.
Back
to News Review index page
Tata
Steel to acquire Rawmet
Mumbai: Tata Steel has entered into a Definite
Agreement to acquire 100 per cent equity stake in Rawmet
Ferrous Industries at an enterprise value of Rs101 crore.
The
company informed the BSE that out of the enterprise value,
Rs41.31 crore was towards equity of Rawmet. The company
expects the transaction to be completed by the end of
February 2007.
Back
to News Review index page
ABB
India gets Rs186-crore deal from Karnataka Power Transmission
Bangalore: ABB India has won a contract for a turnkey
project worth Rs186 crore from the Karnataka Power Transmission
Corporation Ltd (KPTCL) to implement an integrated Network
Manager SCADA/ EMS/DMS (Supervisory Control and Data Acquisition,
Energy Management System, Distribution Management System)
solution, said a company release.
Last
week the company won a similar deal worth Rs250 crore
from Jindal South West group for its steel complexes.
The
scope of the KPTCL project includes design, engineering,
supply, installation, testing and commissioning and is
scheduled for completion in about 24 months. The system
will monitor and control 830 main transmission and distribution
substations spread across the state.
Back
to News Review index page
SingTel
keen to hike stake in Bharti
New Delhi: Singapore's leading telecom operator
Singtel has shown interest in increasing its stake in
Bharti Airtel. On Tuesday the company said it was committed
to the long-term potential of the Indian market and would
consider raising its stake in Bharti Airtel if it was
offered right terms and conditions. Singtel holds about
31 per cent stake in Bharti Airtel.
Vodafone
currently holds 10 per cent equity in Bharti Airtel ,
which it may have to sell if it acquires Hutchison Telecom's
Indian stake due to regulatory issues. SingTel may decide
to pick the stake held by Vodafone in that case.
Back
to News Review index page
Gujarat
Gas to supply gas to fertiliser Krishak
Bharti
Mumbai: Gujarat Gas Co. has entered into a deal
to supply 3,50, 000 cubic metres of gas a day until March
31, to state-run fertiliser firm Krishak Bharti Co-operative
Ltd.
Back
to News Review index page
ETA
Ascon to invest $600 million in India
Chennai: Dubai-based ETA Ascon business conglomerate
has chalked out big plans for investing in infrastructure,
manufacturing and service sectors in India.
The
company says it has envisaged a capital investment of
$ 500-600mn in the next two years, of which its equity
investment will be $100-150mn.
Founded
in 1973, ETA group employs over 40,000 people and has
revenues of over $3bn. It has operations mainly in UAE
and India with interests in areas like construction, manufacturing,
trading, shipping, retail, leisure, facilities management,
automobiles, insurance and IT.
According
to the group, it has identified certain areas for investment,
such as building port facilities, including private ports,
special economic zones and independent power plants based
on coal and industrial goods like lifts and elevators.
The
company may also set up container terminals and handling
cargo containers.
ETA
is among the 14 new players approved by the Government
for moving containers from inland container depots. It
will operate the service from Mumbai to Delhi with its
own ICDs.
Back
to News Review index page
|