Daily Excelsior...Business

Satyam Q1 PAT up 74.75 pc at Rs 360.09 cr

MUMBAI, July 21: Leading IT services company Satyam Computer Services Ltd today posted a 74.75 per cent increase in profit after tax at Rs 360.09 crore for the ...........more

ITC Q1 PAT up 17 pc at Rs 652.28 cr

MUMBAI, July 21: Corporate giant, ITC Ltd, today posted an increase of 16.83 per cent in profit after tax at Rs 652.28 crore for the quarter ended June 30, as compared to Rs 558.30 crore for the same .......more

CESC Q1 PAT up 34 pc at Rs 55 cr

MUMBAI, July 21: Power utility firm CESC Ltd today said its profit after tax for the April-June quarter increased 34.14 per cent at Rs 55 crore, as compared to ......more

Bajaj Hindustan Q3 net up 21 pc at Rs 63.9 cr

MUMBAI, July 21: Sugar and ethanol company, Bajaj Hindustan Limited (BHL) today posted an increase of 21 per cent in its net profit at Rs 63.9 crore as .....more

Star looks at publishing, retail for new growth areas

NEW DELHI, July 21: Looking for growth beyond the mainline broadcasting business, Rupert Murdoch-controlled entertainment major, Star, ........more

Era Constructions bags Rs 48.05 cr order from RVNL

MUMBAI, July 21: Era Constructions India Ltd has bagged an order worth Rs 48.05 crore from Rail Vikas Nigam Ltd (RVNL) for laying of railway tracks..........more

Instanex Skindia DR Index eases

MUMBAI, July 21: The Instanex Skindia DR Index eased by 0.63 per cent or 9.67 points to 1,514.91 on July 20 and the Dr Index P/E ratio also edged down to 19.67, Instanex Capital release said .....more

ChrysCapital to invest USD 500 mn in India in 2-3 yrs

NEW DELHI, July 21: Private equity fund manager, ChrysCapital, has acquired a 10 per cent stake in Kolkata-based Titagarh Wagons and plans to invest over ...........more

CESC Q1 PAT up 34 pc at Rs 55 cr

Videocon to raise 105 mn dollars through FCCBs

MRTPC assails Jet, Sahara for not informing about deal failure

KEC Intl bags Rs 520 cr orders from Kazakhstan, Abu Dhabi

Satyam Q1 PAT up 74.75 pc at Rs 360.09 cr

MUMBAI, July 21: Leading IT services company Satyam Computer Services Ltd today posted a 74.75 per cent increase in profit after tax at Rs 360.09 crore for the quarter ended June 30, as compared to Rs 206.05 crore for the corresponding quarter in 2005-06.

Total income rose to Rs 1,461.24 crore for the first quarter in 2006-07, up 38.13 per cent from Rs 1,057.82 crore during Q1 FY 05-06, the company informed the Bombay Stock Exchange.

The Group reported a consolidated profit (after taxation and share of loss in associate company & minority interest) of Rs 354.12 crore for the quarter ended June 30 as against Rs 190.20 crore for Q1 FY 05-06.

Consolidated total income of the group increased to Rs 1517.41 crore during the first quarter in FY 06-07 from Rs 1082.12 crore in Q1 FY 05-06.

Shares of the company were up 2.39 per cent, trading at Rs 705 on the BSE today. (PTI)

ITC Q1 PAT up 17 pc at Rs 652.28 cr

The total income of the company increased 24.80 per cent to Rs 2934.69 crore for the first quarter ended June 30 from Rs 2351.40 crore in the corresponding quarter a year ago, the company informed the Bombay Stock Exchange.

The shares of the company were trading at Rs 171.60, down 1.91 per cent at the BSE. (PTI)

Bajaj Hindustan Q3 net up 21 pc at Rs 63.9 cr

MUMBAI, July 21: Sugar and ethanol company, Bajaj Hindustan Limited (BHL) today posted an increase of 21 per cent in its net profit at Rs 63.9 crore as against Rs 53 crore for the corresponding quarter last year.

The total income during the third quarter rose by 22 per cent to Rs 449.2 crore compared to Rs 366.9 crore for the same period a year ago, the company informed the National Stock Exchange.

The Earnings Before Interest, Depreciation, Taxes and Amortisation during the third quarter increased by 31 per cent to Rs 110.6 crore over Rs 84.3 crore in the corresponding quarter last year.

For the nine months ended June 30, the net profit was at Rs 152.6 crore as against Rs 84.6 crore for the same period a year ago and the total income for the nine months ended June 30 was at Rs 1,164.8 crore from Rs 599.1 crore in the corresponding period last year.

"The company acheived a record production of over 75 lakh bags during the sugar season 2005-06 as against around 43 lakh bags during the previous season, creating a new benchmark in the Indian sugar industry," BHL Chief Executive Kushagra Nayan Bajaj said.

The construction work at the company's three greenfield sugar manufacturing plants at Saharanpur, Pilibhit and Lakhimpur regions of UP were progressing satisfactorily and would commence operations in October this year.

The shares of the company were trading at Rs 360.45, down 7.18 per cent at the NSE today. (PTI)

Star looks at publishing, retail for new growth areas

NEW DELHI, July 21: Looking for growth beyond the mainline broadcasting business, Rupert Murdoch-controlled entertainment major, Star, is fishing for opportunities in diverse areas such as publishing and retail to engage millions of its captive viewers.

Star, which in March, this year effected an organisational restructuring that saw Peter Mukherjea tasked with the job of identifying new growth opportunities and to identify 'new touchpoints' with the masses, is looking to cash in on its dominance in the entertainment sphere to graduate to the next level.

"New touchpoints are certainly on our mind and we will be looking at opportunities complementary to our core business," Mukherjea told PTI here.

The idea for extending its success on TV to new areas arose as the share of TV viewing was coming down. "Time of TV viewing is coming down and I can't reach people when they are busy. So we are looking to develop new touchpoints to engage the public," he said.

Publishing and retail could be areas which the company could use as part of this new growth strategy. "It is too early, we are working on it. Once something is concretised, it will be forwarded to our headquarter in Hong Kong to move things forward," Mukherjea said.

On the publishing front, the company may go in for a magazine which could, not surprisingly, be based on the entertainment sector.

"We are working on developing a magazine concept which could be entertainment-oriented, in Hindi, English or any other language. It could be like an entertainment guide for our viewers, informing them of the various programmes," Mukherjea said.

Also, the magazine would be something that would give the readers more details than they get to see on television, like behind-the-scene stories," he said.

This way the company would ensure that viewers were in touch with the Star Group even while they were not hooked on to their TV sets.

"I think there is a market, there is an opportunity. It is just about engaging them, wherever they are," he said, adding that the company would be engaging consultants to take the concept forward.

On the retailing side, Mukherjea said it would be more of "location-based opportunities".

"We may look at concepts like coffee cafes, like Cafe Coffee Day or Barista. Many of our audiences spend their time at such hang-outs so why can't we have a few of our own," he said.

Mukherjea said the retail coffee outlets would not only serve as hang-out zones but would give details about Star's programming. "Also, televisions at these outlets would ensure that they are hooked on to our programming and do not drift away," he said.

Without specifying any time-frame for their launch, Mukherjea said these concepts, "and some more", were being drafted to cash in on the success of the broadcaster in the Indian market. (PTI)

Instanex Skindia DR Index eases

Following are the GDR and ADR rates for July 20 in US dollars with differences in percentage from the previous level given in brackets.

Bajaj Auto (GDR) 53.00 (+3.31)

Dr Reddy (ADR) 26.83 (-1.51)

HDFC Bank (ADR) 49.50 (-2.48)

Hindalco (GDR) 3.40 (+4.29)

ICICI Bank (ADR) 22.34 (-2.87)

Infosys Tech (ADR) 39.05 (-3.82)

ITC (GDR) 3.70 (+5.71)

L&T (GDR) 44.00 (UNCH)

MTNL (ADR) 6.03 (+1.01)

Ranbaxy Labs (GDR) 7.42 (+7.93)

Reliance (GDR) 42.50 (+1.19)

Satyam Comp (ADR) 30.83 (-3.60)

SBI (GDR) 38.51 (+2.69)

VSNL (ADR) 15.35 (-2.17)

Wipro (ADR) 11.56 (-3.67)(PTI)

ChrysCapital to invest USD 500 mn in India in 2-3 yrs

NEW DELHI, July 21: Private equity fund manager, ChrysCapital, has acquired a 10 per cent stake in Kolkata-based Titagarh Wagons and plans to invest over 500 million dollars (Rs 2,340 crore) in India, over the next 2-3 years.

"ChrysCapital has picked up about 10 per cent stake in Titagarh Wagons," ChrysCapital Principal Sanjay Kukreja told PTI.

He added that ChrysCapital forsees significant business potential in companies like Titagarh given the expectations for massive infrastructure-related investments in the railway sector.

"Railways have seen years of underinvestment. With freight volumes increasing, the sector will see massive investments in infrastructure creation by both the railways and private companies using the network including container logistics companies," Kukreja said.

ChyrsCapital manages one billion dollars across four funds exclusively focussed on making equity investments in India.

"The fund has so far invested roughly half of the 1 billion dollar capital, and plans to invest over 500 million dollars in India over the next 2-3 years, " Sanjay Kukreja said.

Previously, ChrysCapital had made investments in Shriram Group Companies, Mphasis, Spectramind, Suzlon Energy, Gammon and UTI Bank. (PTI)

CESC Q1 PAT up 34 pc at Rs 55 cr

MUMBAI, July 21: Power utility firm CESC Ltd today said its profit after tax for the April-June quarter increased 34.14 per cent at Rs 55 crore, as compared to Rs 41 crore a year ago.

Total income of the company increased 1.01 per cent to Rs 695 crore for the first quarter ended June 30, from Rs 688 crore in the corresponding quarter a year ago, CESC informed the Bombay Stock Exchange.

CESC Ltd is engaged in generation and distribution of electricity and the provision of other allied services.

Shares of the company were trading at Rs 257.50, down 1.45 per cent on the BSE. (PTI)

Videocon to raise 105 mn dollars through FCCBs

MUMBAI, July 21: Videocon Industries Ltd today said it will raise 105 million dollars through the issue of Foreign Currency Convertible Bonds (FCCBs) to be listed on the Singapore Exchange Trading Securities Ltd.

The unsecured FCCBs have a coupon rate of 4.50 per cent per annum, payable semi-annually and having final maturity on July 25, 2011 and would be convertible into ordinary shares of the company, Videocon informed the Bombay Stock Exchange.

The bonds have a conversion price of Rs 511.18 which would be adjusted downwards every year and are convertible from 40 days from September 2, 2006, until seven days prior to the maturity date, it added.

Unless, previously redeemed the issuer would redeem each bond, at a price of 127.65 per cent of its principal amount on the maturity date, it said.

The shares of the company operating in crude oil and natural gas and consumer electronic segments were trading at Rs 387, down 3.10 per cent at the BSE. (PTI)

MRTPC assails Jet, Sahara for not informing about deal failure

NEW DELHI, July 21: Taking strong objection to Jet and Sahara not informing it of the failure of their proposed merger, the Monopolies and Restrictive Trade Practices Commission has directed its investigative arm to file an updated report on the current situation.

MRTPC, looking into issues of cartelisation of the Indian aviation sector through the proposed merger, flayed both the airlines for failure to inform it of the failed deal.

"It would be appropriate if Director General of Investigation and Registration (DGIR) updates its investigation report," MRTPC acting Chairman M L K Sardana said.

The Commission also observed that both the parties were engaged in litigation in various courts, including the Apex court.

MRTPC listed for September another petition, filed by Ahmedabad-based Consumer Education and Research Society, that had questioned the proposed merger.

MRTPC had taken cognizance of the deal after the Prime Minister's Office intervened in the matter on a complaint of BJP MP Uday Singh who demanded a probe into the merger.

Its investigating arm had, however, given a go-ahead to the deal after finding nothing wrong in it. It had not found violation of any provision of the MRTPC Act in the deal.

Jet had proposed to acquire Sahara in January this year. The announcement created factions among sections of the industry on apprehensions that it could lead to a monopolisation of Indian skies as Jet enjoyed a dominant position in the aviation sector, which could further go up after the merger with Sahara.

But after the failure of the deal in June, both the airlines are engaged in a courtroom battle. (PTI)

KEC Intl bags Rs 520 cr orders from Kazakhstan, Abu Dhabi

MUMBAI, July 21: Power transmission and distribution company KEC International Ltd today said it has bagged orders worth Rs 520 crore from Kazakhstan Electricity Grid Operating Company and Abu Dhabi Water and Electricity Company.

The company has secured a Rs 284 crore order from the Kazakhstan-based firm for installing a 500 KV transmission line spanning over 250 kms from Yukgres to Shu (Kazakhstan). The work also involves installation of 200 km of optical fibre ground wire for telecommunication purposes.

The project has been funded by European Bank for Reconstruction and Development (EBRD), KEC International informed the Bombay Stock Exchange.

It has also bagged an order worth Rs 229 crore from the Abu Dhabi-based company for supply and construction of two transmission lines for supplying power to the northern emirates of UAE.

The first, a 400 KV double circuit line, runs from Dhaid to Ras Al Khaima and spans over 64 kms, while the second line is a 132 KV quad circuit line, which runs from Ras Al Khaima to Khor Khwair, spanning over 28 kms.

"As part of our global diversification and business de-risking strategy, we are making conscious efforts to enter new markets every year. Last year, the company successfully entered Afghanistan and Ethiopia. With the Kazakhstan order, KEC has made its entry in the CIS group of countries," KEC International Managing Director Ramesh Chandak said. (PTI)