Company Updates

GHCL Plans to enter Retail Sector

Gujarat Heavy Chemicals LimitedGujarat Heavy Chemicals Limited (GHCL) has announced its plans to enter into the retail sector with launch of a new brand “Grace” in New Delhi by the end of this year. The company has more than 300 retail outlets in United Kingdom. GHCL Chairman Mr. Sanjay Dalmia told reporters that the company has seen a tremendous response in UK and now the company is ready to test the Indian markets. The company will use franchisee system to expand its business all across the country over next three years.

Blackstone Group buys 50% stake in Gokaldas Exports

Blackstone GroupBlackstone Group made an official statement on Monday about their plans to buy 50% stake in Gokaldas Exports for Rs 676 crore. The shares of Gokaldas Exports were trading with a gain of 12% on Tuesday.

At 11:02 am, the Gokaldas Exports share climbed was up by 11.93% to Rs 256.10. So far, it has seen a high of Rs 274.40 and low of Rs 251.60 with high volumes. There were already 0.3 million shares traded against the two-week average of 47,813.

Pioneer Investcorp Q1 Net Zooms 11 Times To Rs 8.64 Mln

Pioneer Investcorp LimitedPioneer Investcorp announced a fantastic increase in net earning for the period ended June 2007.

During the same quarter under review, the company`s net profit ascended 11.59 times to Rs 100.15 million, as against Rs 8.64 million in the corresponding period of the last year (2007).

The company’s quarterly sale arose 9.45 times to Rs 170.06 million as against the corresponding quarter, a year ago.

Gupta Synthetics Board Recommends Quarterly Dividend

Gupta Synthetics Ltd.For the financial year Mar. 31, 2007, the directors of Gupta Synthetics has approved dividend of 10% on shares of face value of Rs 10 each.

The decision was taken at the company’s board meeting held on Aug. 20, 2007.

Gupta Synthetics recorded a 46.12% increase in net profits to Rs 40.68 million for the quarter ended June 2007 as against Rs 27.84 million in the same period of the last year.

Goldstone Technologies Signs Pact With Echelon Studios

Goldstone TechnologiesGoldstone Technologies has signed up a contract with US-based Echelon Studios.

Echelon Studios will provide the company with about 3,500 video titles that consist of movies, cartoons and sitcoms.

The recent deal will aid Goldstone to improve its video library content for its video-on-demand subscribers.

REI Agro advances to 52-week high

REI Agro LtdREI Agro reached a 52-week high of Rs 281.50. At 11:10 am, the shares are quoting at Rs 274.70 with a gain of Rs 34.60 (14.41%).

88,481 shares have already changed hands on the stock markets. On Friday, its share closed up at Rs 240.10, 1.24% or Rs 2.95.

REI Agro is a Rs.1085 Crore Basmati rice processing and marketing company with business India. The company is having 20% market share for basmati rice segment worldwide.

RCF to touch the Circuit Filter

RCFAt 11:29 am, RCF is quoting at Rs 48.05, up Rs 3.40, or 7.61%. It has reached an intraday high of Rs 48.50 and an intraday low of Rs 46. The volumes are high on this counter. The company is expected to show good performance in the coming quarter. At the current P/E, the company valuations are looking attractive.

It is dealing with volumes of 562,254 shares. On Friday, the share closed down at Rs 44.65, 4.29% or Rs 2.

RCF is the only manufacture of DMF in India. It manufactures and distributes fertilizers and chemicals. The group operates through two segments: Fertilizers and Industrial Products.

Major Setbacks for SEZ Plans of Ambani Brothers

Anil Ambani & Mukesh AmbaniThe problems seem to have no end for SEZ plans of Ambani Brothers. On Saturday, Uttar Pradesh government put objections on Anil Ambani’s proposal for a special economic zone (SEZ) in Noida. Mukesh Ambani’s Mumbai SEZ have also run into problems with recent objections from CIDCO in Maharashtra.

VISA Steel Enters JV With Baosteel

Baosteel GroupKolkata: Visa Steel has entered into a joint venture contract with China’s Baosteel Trading and VISA Comtrade of Switzerland for establishing a 1 lakh tonne-per-annum ferro chrome facility in Orissa.

The joint venture company will be named ‘VISA BAO,’ in which VISA Steel will hold a 51% stake, while Baosteel Trading and VISA Comtrade will hold 35% and 14% stakes, correspondingly.

Reshuffle At Satyam Computers Top Level

Satyam Computer ServicesHyderabad: Satyam Computer Services annunciated that four of their senior administrators have accepted different leadership responsibilities in strategic fields of the organization.

S V Krishnan would look after Human Resources whereas Pavan kumar turned Chief Technology Officer. Hari T (former HF head) would head Worldwide Marketing and Communuications whilst Vijay Prasad as Chief Information Officer and Head of Soft Infra group.

Unitech Back On the Track

Unitech Ltd. Stock ChartUnitech is quoting at Rs 493.40, up Rs 27, or 5.79% in afternoon trading. During the day, it touched an intraday high of Rs 493.90 and an intraday low of Rs 450.

It is swapping with total volumes of 1,290,625 shares. Yesterday (August 16), the share closed weak after losing 8.06% or Rs 40.90 at Rs 466.40.

Unitech was established in March 1979 to offer microprocessor-based solutions in the area of automation services and products.

For the past 28 years, Unitech has endeavored to attain the maximum possible level of satisfaction for its customers.

IDBI Plans 3 Overseas Branches

Industrial Development Bank of IndiaThe Industrial Development Bank of India (IDBI) is ready to establish branches at Moscow, Singapore and Bahrain.

Yogesh Agarwal, chairman and managing director of IDBI said, “We have already applied to the regulator in this regard and the work will commence when we get the necessary clearance.”

The bank is looking to raise Rs 300 crore via debt as tier II capital during the current fiscal and has no plans to go via equity route, he added.

Sify Combined its Consumer Businesses

Chennai: Sify LimitedSify Limited has incorporated its portal, i-Way cyber café chain and Sify broadband to home services into one sole business entity.

Bharti Airtel To Amplify Its Presence, Investing $200 Mn In Sri Lanka

Bharti AirtelNew Delhi: Bharti Airtel Lanka Pvt Ltd will invest up to $200 million by 2009 for offering mobile services in Sri Lanka. The recent plan is a part of company’s strategy to amplify its presence beyond India.

The company is all set to instigate both 2G and 3G mobile services in Sri Lanka by the end of the current fiscal.

Reliance Retail To Open Up Mega Retail Outlet

Reliance FreshAccording to the reports Reliance Retail is ready to open up 500 hypermarkets crosswise the country by next three years (2010).

The company showed a glance of its jumbo plans by opening up a huge 165,000 sq.ft hypermarket RelianceMart in Ahmedabad, which is largest complete format store in the country.

Zuari Industries Zooms To New High

Zuari IndustriesZuari Industries touched its 52 week high of Rs 254.90. In afternoon trading (12:18 pm), the share is quoting at Rs 254.90, up Rs 12.10, or 4.98%.

Govt. seek nod for Rs 6500 cr extra fertilizer grant In FY08.

There were pending purchase orders of 5,459 shares, with no sellers available. The scrip is trading with volumes of 137,341 shares.

Yesterday, the share closed up at Rs 242.80 after gaining 4.99% or Rs 11.55.

SAIL In Strategic Alliance With Korean Steel Maker POSCO

Steel Authority of IndiaNew Delhi: The state-owned Steel Authority of India Ltd (SAIL) signed up a contract with Korean steel manufacturer POSCO to set up a strategic alliance for aligning and collaborating with one another in a broad range of strategic business and profitable arenas.

Blackstone Group Profit Triples

Blackstone GroupThe net profit of “Blackstone Group” LP’s increased more than three times in the first quarter. The New York firm watched its durability in all the four sections and said: “its competitive position has never been stronger. Although the stock rallied slightly, it remains below it debut price.

The president of ‘Blackstone group’ Hamilton James warned investors: “there likely would be fewer new megabuyouts—and therefore, fewer fees—as well as fewer sales until the debt markets come back.”

India's Time Has Come - Ratan Tata

Ratan TataNew Delhi: Industry dean Ratan Tata advised that nonattendance of strong unified ideological conception in Parliament would hold back the inspiring growth drive, whilst pressing out worry over large scale economic inequality.

On the occasion of Independence Day, Tata narrated, “In its 60th year, clearly India's time has come.”

"The country is now universally recognised as a nation on the move and takes its place amongst the successful economies of the region" he added.

Reliance To Shift Kurkumbh MEG Facility

Reliance Industries LtdMumbai: Reliance Industries Ltd will close down its polyester intermediate mono-ethylene glycol (MEG) manufacturing plant in Kurkumbh, which is 70 km from Pune, and transfer the complete unit to a new place.

According to a company representative, “We will relocate the small standalone unit to a place with better linkage to raw material.”

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