Orchid Pharma FY 2008 turnover rises by 36% to Rs 1239 crore, Net profit records a growth of 91%

The Chennai-based pharma major, Orchid Chemicals & Pharmaceuticals Ltd (Orchid) registered a turnover and operating income of Rs 1238.92 crore for the fiscal year ended March 31, 2008 compared to the previous year’s revenues of Rs 912.92 crore, recording a growth of 35.7%.Earnings before Interest & Tax (EBIT) grew by 24.8% to Rs 248.40 crore compared to Rs 198.96 crore of last fiscal. After providing for lower interest expenses of Rs 81.12 crore (Rs 98.3 crore last fiscal) and depreciation and amortisation expenses of Rs 97.67 crore (Rs 82.47 crore last fiscal), Orchid’s profit before tax (PBT) grew by 115.7% to Rs 238.54 crore as against the previous year’s PBT of Rs 110.59 crore.Net profit after tax (PAT) registered a growth of 91% and rose to Rs 184.54 crore as against Rs 96.63 crore registered during the last fiscal. Orchid’s Earnings per share (EPS) for the fiscal stood at Rs 28.03 compared to Rs 14.70 of last fiscal.

Consolidated earnings for the fiscal ended March 31, 2008

On a Consolidated basis, Orchid’s turnover grew by 35% to Rs 1300.96 crore for the fiscal ended March 31, 2008 compared to Rs 963.82 crore of the corresponding fiscal.EBIT (Earnings before Interest and tax) grew by 31.5% to Rs 239.30 crore compared to Rs 181.91 crore of the same period last fiscal.Net profit stood at Rs 175.34 crore for the fiscal March’08 compared to Rs 78.55 crore of the corresponding fiscal registering a growth of 123.2%.The Board of Directors of Orchid met today to adopt the audited financial results for the fiscal ended March 31, 2008. The Board recommended a dividend of 30%.Net profit figures for the year, consolidated and standalone reflect the impact of the exceptional item related to the foreign exchange gain on the FCCBs as applicable for the relevant periods.

Standalone earnings for the fourth quarter (Q4) ended March 31, 2008

Orchid’s turnover for the fourth quarter ended March 31, 2008 grew by an impressive 56% to Rs 379 crore as compared to Rs 243 crore registered during the corresponding period of last fiscal.Earnings before Interest and tax stood at Rs 48.63 crore compared to Rs 44.87 crore registered during the corresponding quarter of the last fiscal.Profit from ordinary activities before the exceptional item related to the foreign exchange loss / gain on the FCCBs stood higher by 18% at Rs 24.35 crore compared to Rs 20.62 crore for the corresponding quarter of last fiscal.Net profit stood at Rs 15.85 crore compared to Rs 24.27 crore for the corresponding quarter of last fiscal.Orchid’s Managing Director Mr K Raghavendra Rao, commenting on the earnings said, “We are happy about the growth that has been achieved in the business. FY08 has been marked by positive developments and milestone achievements in various spheres of our operations. We could introduce high-value, niche antibiotic formulations Cefepime and Cefdinir in the US market reinforcing our position in that market. We have commenced our foray into the non-antibiotic (NPNC) segment. During the last quarter of FY08, we have taken steps to enter Japan, the second-largest pharmaceutical market in the world. We have also recently forged a significant business alliance with Ranbaxy to leverage each other’s strengths. Our regulatory journey has also moved well with our key formulation facilities receiving the nod from the South African MCC and product filings increasing in both the US and EU markets. Another salient feature of fiscal 2007-08 was that we crossed the USD 100 million revenue mark in the US generics market, a milestone achieved in just 3 years of our entry into the US market. Overall, we are happy about the performance that has been delivered and are hopeful of a stronger and more robust performance in the current fiscal.”

Lupin receives USFDA Approval for Topiramate Tablets

Lupin Ltd has announced today that it has received tentative approval for the Company's Abbreviated New Drug Application (ANDA) for Topiramatc tablets, 25 mg, 50 mg, 100 mg and 200 mg from the U.S. Food and Drug Administration (USFDA).Lupin's Topiramate tablets are the AB-rated generic equivalent of Ortho-McNeil's TOPAMAX tablets, indicated for the treatment of seizures. The brand product had annual sales of approximately $2.2 billion for the twelve months ended March 2008, based on IMS Health sales data.Commenting on the approval, Dr. Kamal Sharma, Managing Director, Lupin, said, "Lupin is pleased to receive this approval that will enable the Company to offer Topiramate tablets as an affordable generic alternative that will have a measurable impact on the U.S. healthcare system."The product will be introduced in the market through LPIs strong network of national wholesales and drug stores post patent expiry in Sep 2008. This will strengthen Lupin's presence in the CNS segment. With the approval of Topiramate tablets the cumulative ANDA approvals stands at 29 (including 3 tentative approvals) with 34 pending approvals from the USFDA.The stock closed the day at Rs.710.95, up by Rs.6.30 or 0.89%. The stock hit an intraday high of Rs.732.10 and low of Rs.697.The total traded quantity was 190639 compared to 2 week average of 99932.

IDFC receives approvals for acquisition of Standard Chartered's Mutual Fund Business in India

With reference to the earlier announcement dated March 07, 2008 regarding Infrastructure Development Finance Company Ltd (IDFC) and Standard Chartered Bank (SCB) had entered into an agreement whereby IDFC had agreed, subject to regulatory approvals, to acquire the mutual fund business of SCB in India.In this regard, Infrastructure Development Finance Company Ltd (IDFC) has announced that, IDFC has received all necessary approvals from the concerned regulatory authorities. Accordingly, IDFC has, effective May 30, 2008, acquired the mutual fund business of SCB.The stock closed the day at Rs.147.20, down by Rs.0.95 or 0.64%. The stock hit an intraday high of Rs.149 and low of Rs.144.25.The total traded quantity was 1334115 compared to 2 week average of 1305858.

Punj Lloyd Board recommends dividend of 20%

Punj Lloyd Ltd has announced that the Board of Directors of the Company at its meeting held on May 30, 2008, inter alia, has recommended a dividend @ 20% i.e. Re 0.40 per share on the Equity Share Capital for the financial year ended March 31, 2008, subject to approval of the shareholders.The stock closed the day at Rs.320.85, up by Rs.10.05 or 3.23%. The stock hit an intraday high of Rs.331.80 and low of Rs.314.70.The total traded quantity was 1132185 compared to 2 week average of 467086.

Sun Pharmaceutical Board recommends dividend of 210%

Sun Pharmaceutical Industries Ltd has announced that the Board of Directors of the Company at its meeting held on May 30, 208, inter alia, has recommended payment of dividend @ 210% on the equity shares of the Company for the year ended March 31, 2008 subject to the approval of the members at the ensuing Annual General Meeting of the Company.Further the Company has informed that, the Register of Members & Share Transfer Books of the Company will remain closed from August 27, 2008 to September 06, 2008 (both days inclusive) for the purpose of payment of dividend.The stock closed the day at Rs.1402.90, up by Rs.14.35 or 1.03%. The stock hit an intraday high of Rs.1434.90 and low of Rs.1371.The total traded quantity was 33912 compared to 2 week average of 25908.

Sun Pharmaceutical Net Profit at Rs 1014.04 Crores in FY 2008

Sun Pharmaceutical Industries Ltd has announced the results for the quarter & year ended March 31, 2008.The Unaudited results for the Quarter ended March 31, 2008: The Company has posted a Profit after tax of Rs 2478.90 million for the quarter ended March 31, 2008 as compared to Rs 1556.70 million for the quarter ended March 31, 2007. Total Income has increased from Rs 6361.10 million for the quarter ended March 31, 2007 to Rs 8299.50 million for the quarter ended March 31, 2008.The Audited results for the Year ended March 31, 2008: The Company has posted profit after tax of Rs 10140.40 million for the year ended March 31, 2008 as compared to Rs 6289.30 million for the year ended March 31, 2007. Total Income has increased from Rs 24067.60 million for the year ended March 31, 2007 to Rs 32768.40 million for the year ended March 31, 2008.The Unaudited consolidated results for the Quarter ended March 31, 2008: The Group has posted net profit of Rs 7228.10 million for the quarter ended March 31, 2008 as compared to Rs 2222.60 million for the quarter ended March 31, 2007. Total Income has increased from Rs 6598.40 million for the quarter ended March 31, 2007 to Rs 13127.40 million for the quarter ended March 31, 2008.The Audited consolidated results for the Year ended March 31, 2008: The Group has posted a net profit of Rs 14869.00 million for the year ended March 31, 2008 as compared to Rs 7842.70 million for the year ended March 31, 2007. Total Income has increased from Rs 23783.50 million for the year ended March 31, 2007 to Rs 35016.60 million for the year ended March 31, 2008.

Punj Lloyd Net Profit at Rs 358.4 Crores for FY 2008

Punj Lloyd Ltd has announced the results for the quarter & year ended March 31, 2008.The Unaudited results for the Quarter ended March 31, 2008: The Company has posted a net profit of Rs 1297.10 million for the quarter ended March 31, 2008 as compared to Rs 231.80 million for the quarter ended March 31, 2007. Total Income has increased from Rs 8193.00 million for the quarter ended March 31, 2007 to Rs 15065.70 million for the quarter ended March 31, 2008.The Audited results for the Year ended March 31, 2008: The Company has posted a net profit of Rs 2214.40 million for the year ended March 31, 2008 as compared to Rs 615.90 million for the year ended March 31, 2007. Total Income has increased from Rs 23054.80 million for the year ended March 31, 2007 to Rs 45417.60 million for the year ended March 31, 2008.The Unaudited consolidated results for the Quarter ended March 31, 2008: The Group has posted a profit after minority interest and share of Profits of Associates of Rs 1177.40 million for the quarter ended March 31, 2008 as compared to Rs 889.30 million for the quarter ended March 31, 2007. Total Income has increased from Rs 17199.10 million for the quarter ended March 31, 2007 to Rs 23284.00 million for the quarter ended March 31, 2008.The Audited consolidated results for the Year ended March 31, 2008: The Group has posted a profit for the year after minority interest and Share of Profits of Associates of Rs 3584.20 million for the year ended March 31, 2008 as compared to Rs 1969.30 million for the year ended March 31, 2007. Total Income has increased from Rs 52059.60 million for the year ended March 31, 2007 to Rs 78339.90 million for the year ended March 31, 2008.

Multi Commodity Exchange of India Ltd (MCX) IPO

Incorporated in 2002, Multi Commodity Exchange of India Limited (MCX) is an independent and de-mutulised multi commodity exchange. MCX has permanent recognition from the Government of India for facilitating online trading, clearing and settlement operations for commodities futures market across the country. ISO 9001:2000 certified MCX is amongst the world's top three bullion exchanges and top four energy exchanges.
MCX offers trading in futures contracts based on 55 commodities from various market segments including bullion, energy, ferrous and non-ferrous metals, oils and oil seeds, cereals, pulses, plantations, spices, plastics and fibers. In the top ten commodity derivatives exchanges in the world, MCX is the largest silver exchange, the second largest natural gas exchange, the third largest gold exchange, the third largest crude oil exchange and the third largest copper exchange in terms of the number of contracts traded for each of these commodities for the period from January 1, 2007 to December 31, 2007.
Headquarter of MCX is in the financial capital of India, Mumbai and the average daily turnover of MCX is around USD 1.55 bn (Rs.7,000 Crore April 2006), with a record peak turnover of USD 3.98 bn (Rs.17,987 crore) on April 20, 2006. In the first calendar quarter of 2006, MCX holds more than 55% market share of the total trading volume of all the domestic commodity exchanges. MCX is the first commodity futures exchange in India to offer trading in steel futures, and the first in India to launch futures trading in crude oil.
Key shareholders of MCX are Financial Technologies (I) Ltd., State Bank of India and it's associates, National Bank for Agriculture and Rural Development (NABARD), National Stock Exchange of India Ltd. (NSE), Fid Fund (Mauritius) Ltd. - an affiliate of Fidelity International, Corporation Bank, Union Bank of India, Canara Bank, Bank of India, Bank of Baroda, HDFC Bank, SBI Life Insurance Co. Ltd., Merrill Lynch and Citigroup.

Objects of the Issue:
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges & to raise capital to:
Expansion and Enhancement of the information technology infrastructure of the Exchange;
Setting up of the Commodity Ecosystem Infrastructure;
Equity investment in clearing corporation set up by MCX;
Strategic investments and acquisitions;
To meet expenses of the Issue in order to achieve the benefits of listing on the Stock Exchanges;

General corporate purposes.

Larsen & Toubro board approves bonus issue

The board of Larsen & Toubro has decided to issue bonus shares in the ratio of 1:1 subject to the approval of the shareholders.
This was decided at the board meeting held on 29 May 2008.

Larsen & Toubro recommends dividend

The board of Larsen & Toubro has recommended a dividend of Rs 15 per share together with the special dividend of Rs 2 per share declared on 03 July 2007, works out Rs 17 per share for the year.
This was recommended at the board meeting held on 29 May 2008.

Larsen & Toubro net profit rises 37.96% in the March 2008 quarter

Net profit of Larsen & Toubro rose 37.96% to Rs 966.76 crore in the quarter ended March 2008 as against Rs 700.77 crore during the previous quarter ended March 2007. Sales rose 35.51% to Rs 8466.87 crore in the quarter ended March 2008 as against Rs 6248.24 crore during the previous quarter ended March 2007.
For the full year, net profit rose 54.91% to Rs 2173.42 crore in the year ended March 2008 as against Rs 1403.02 crore during the previous year ended March 2007. Sales rose 41.49% to Rs 24854.70 crore in the year ended March 2008 as against Rs 17566.41 crore during the previous year ended March 2007.

Microsoft still pursuing raid on Yahoo!

Microsoft (NASDAQ: MSFT) announced that it is continuing to explore and pursue its alternatives to improve and expand its online services and advertising business.

REDMOND, Wash. — May 18, 2008 — Microsoft Corp. today issued a statement about acquisition of Yahoo.

In light of developments since the withdrawal of the Microsoft proposal to acquire Yahoo! Inc., Microsoft announced that it is continuing to explore and pursue its alternatives to improve and expand its online services and advertising business.

with Yahoo! an alternative that would involve a transaction with Yahoo! but not an acquisition of all of Yahoo! Microsoft is not proposing to make a new bid to acquire all of Yahoo! at this time, but reserves the right to reconsider that alternative depending on future developments and discussions that may take place with Yahoo! or discussions with shareholders of Yahoo! or Microsoft or with other third parties.

“There of course can be no assurance that any transaction will result from these discussions.”

Microsoft has withdrawn its bid for Yahoo! few weeks back.

Buy Tata Consultancy Services Ltd, Kotak Securities

Kotak Securities Private Client Research has given a Buy rating on Tata Consultancy Services Ltd with a price target of Rs.1249. The current market price of the stock is Rs.1082.

Megasoft and IOL Broadband to list in NSE

The equity shares of the Megasoft Ltd (Symbol: MEGASOFT) shall be listed and admitted to dealings on the Exchange w.e.f. July 19, 2007. Trading shall be in the Normal Market segment - Compulsory Demat (Rolling Settlement) for all investors.

The ISIN Code of the company is INE933B01012.

The equity shares of IOL Broadband (Symbol: IOLB) shall be listed and admitted to dealings on the Exchange w.e.f. July 19, 2007. Trading shall be in the Normal Market segment - Compulsory Demat (Rolling Settlement) for all investors.

The ISIN Code of the company is INE517C01011.

BSE Introduces Online Registration & Electronic Payment Gateway

On the auspicious day of Muhurat Trading Bombay Stock Exchange (BSE) announced the introduction of Online registration and electronic payment facility for its certification examinations.

It will now be possible for candidates to register directly for certification examinations by filling in the online registration form and making payment electronically by means of a Visa / Mastercard credit card.

The candidates will have the flexibility to choose the time and date of the certification examination on a highly user friendly. Payment can be made using Visa or Mastercard credit cards. This customer friendly initiative has been taken in the light of increasing popularity of BSE certification examinations which have seen a quantum jump in recent months.

This facility will be extended to BSE's training programmes in the near future.

Mr. Rajnikant Patel, Managing Director & CEO, BSE observed "Since its corporatisation and demutualisation, BSE has taken a number of new initiatives aimed at providing improved customer service. This is one such initiative. I am sure candidates desirous of appearing for our certification examination will find the online registration and payment facility extremely convenient."

BSE buys 5% stake in Calcutta Stock Exchange

Bombay Stock Exchange Ltd has bought 5% stake in Calcutta Stock Exchange at Rs.2,000/- per share based on pre money enterprise valuation of approx : Rs.60 crores.

Mr. Rajnikant Patel, Managing Director & CEO said that: "BSE has picked up 5% stake, as a strategic partner, in CSE. We have signed an MOU for the revival and growth of Calcutta Stock Exchange and its members. We believe that BSE, CSE combination presents a good business opportunity for both BSE & CSE's members."

Bombay Stock Exchange's Sensex Index Futures to list in U.S Futures Exchange

Exclusive Agreement With BSE Provides For U.S. Dollar-Denominated Futures Contract To Begin Trading February 22, 2008

U.S. Futures Exchange (USFE) announced today that it will exclusively license Bombay Stock Exchange's (BSE) benchmark SENSEX Index for U.S. dollar-denominated futures trading beginning February 22, 2008. USFE's SENSEX contract will allow eligible U.S. investors to directly participate in India's equity markets for the first time, without requiring American Depository Receipt (ADR) authorization.

The SENSEX Index is composed of 30 major Indian stocks and regarded as the country's premier stock market index. The SENSEX's value has risen more than 600 percent since its low in May 2003, reflecting significant growth in the Indian economy. BSE currently offers rupee-denominated SENSEX futures to qualified Indian market participants.

"Exposure to emerging markets, particularly India, is now essential for institutional portfolio management and retail investors alike," said Kevin Davis, Chairman, USFE. "This agreement will provide the opportunity for US investors to gain exposure to India's unprecedented economic growth, expansion and investment performance. We are excited about this opportunity and pleased that the Bombay Stock Exchange has chosen to expand the distribution and availability of its SENSEX Index exclusively with USFE."

"SENSEX has been and continues to be the flagship index of the Indian capital market. Indeed, for millions of investors in India and overseas, it is synonymous with the Indian equity market and is viewed globally as a barometer of the performance of the economy," said Rajnikant Patel, Managing Director & CEO of BSE.

"The launch of a futures contract based on the SENSEX will facilitate overseas investors in taking exposure to the Indian equities. I am confident the listing of the dollar denominated SENSEX contract on USFE will elicit a very positive response from the international investing community," Mr. Patel added.

USFE's U.S. dollar-denominated SENSEX futures contract will trade 23 hours per day and settle monthly to the corresponding value of BSE's futures contract. The contract will have a notional value of 40,000 and a tick size of $5. Expected market participants include hedge funds and institutions, international mutual funds, and individuals seeking investments in Indian markets.

"The SENSEX futures product is an ideal fit for USFE's global distribution model and commitment to innovation," said Satish Nandapurkar, CEO of USFE. "USFE's listing of the SENSEX Index will provide U.S. market participants with direct access to pure Indian equities exposure through existing futures accounts."

Tata Motors to raise Rs 7200 Crores through Rights Issue

The Board of Directors of Tata Motors Ltd at its meeting held on May 28, 2008, inter alia, has decided to raise an amount of about Rs 7,200 crores through three simultaneous but unlinked Rights Issues.

The company is planning to for a Rights Issue of Equity Shares upto Rs 2,200 crores.

A Rights Issue of 'A' Equity Shares carrying differential voting rights (1 vote for every 10 'A' Equity Shares) upto Rs 2,000 crores.

A Rights Issue of 5-year 0.5% Convertible Preference Shares (CCPs) upto Rs 3000 crores, optionally convertible into 'A' Equity Shares after 3 years but before 5 years from the date of allotment.

In view of the normal time taken to complete the procedures and documentation involved in making Rights Issues, the precise terms of the above issues (e.g. ratios on which these securities would be offered, the offer price and the conversion price of the CCPs) will be decided when the issues are ready to be made. The issues are subject to such approvals and clearances as may be required and may undergo some changes during this process.

On completion of the above Rights Issues, it is also proposed, as already announced earlier, to raise about $ 500/600 million through an appropriate issue of securities in the foreign markets on terms to be decided at that time.

On the above basis, it is presently estimated that the total equity capital of the company would increase by only about 30% to 35% through these issues during the current financial year. The incremental dividend on this increased capital would represent about 10% of the Company's net profit for the Financial Year 2007-08. If the CCPs are converted between 2011 and 2013, the equity capital would then increase by only about 12% at that time, depending on the conversion price and if not converted, the CCPs would be redeemed (with the back-ended premium) in 2013.

The above fund raising proposals will be mainly used for financing the Jaguar-Land Rover acquisition (through a wholly-owned subsidiary of Tata Motors in the UK) which is expected to be completed shortly at an acquisition price of US $2.3 billion. Though the initial acquisition cost will be financed through. bridging loans provided by a syndicate of banks, these bans would be fully repaid through the above mentioned capital raising schemes.

Mahindra & Mahindra Q4 Net Profit at Rs 221.1 Crores

Mahindra & Mahindra Ltd has announced the results for the quarter & year ended March 31, 2008.

The Unaudited results for the Quarter ended March 31, 2008: The Company has posted a net profit from ordinarily activities after tax of Rs 2211.00 million for the quarter ended March 31, 2008 as compared to Rs 2552.30 million for the quarter ended March 31, 2007. Total Income has increased from Rs 27588.30 million for the quarter ended March 31, 2007 to Rs 31754.50 million for the quarter ended March 31, 2008.

The Audited results for the Year ended March 31, 2008: The Company has posted a net profit from ordinarily activities after tax of Rs 11033.70 million for the year ended March 31, 2008 as compared to Rs 10875.80 million for the year ended March 31, 2007. Total Income has increased from Rs 102212.40 million for the year ended March 31, 2007 to Rs 116716.40 million for the year ended March 31, 2008.

The Audited consolidated results for the Year ended March 31, 2008: The Group has posted a net profit after minority interest of Rs 15711.20 million for the year ended March 31, 2008 as compared to Rs 14971.50 million for the year ended March 31, 2007. Total Income has increased from Rs 178689.30 million for the year ended March 31, 2007 to Rs 244452.90 million for the year ended March 31, 2008.

Mahindra & Mahindra Board recommends Dividend of 115%

Mahindra & Mahindra Ltd has announced that the Board of Directors of the Company at its meeting held on May 28, 2008, inter alia, has recommended a Dividend of 115% aggregating Rs 11.50 per Ordinary (Equity) Share of the face value of Rs 10 each.

The 62nd Annual General Meeting of the Company will be held on July 30, 2008.

The stock was trading at Rs.641.60, down by Rs.2.95 or 0.46%. The stock hit an intraday high of Rs.653 and low of Rs.626.15.

The total traded quantity was 119280 compared to 2 week average of 63207.

IVRCL Infra Q4 Net Profit at Rs 73.30 Crores

IVRCL Infrastructures & Projects Ltd has announced the results for the quarter & year ended March 31, 2008.

The Audited results for the Quarter ended March 31, 2008: The Company has posted a net profit from ordinarily activities after tax of Rs 733.03 million for the quarter ended March 31, 2008 as compared to Rs 732.39 million for the quarter ended March 31, 2007. Total Income has increased from Rs 9925.04 million for the quarter ended March 31, 2007 to Rs 13228.63 million for the quarter ended March 31, 2008.

The Audited results for the Year ended March 31, 2008: The Company has posted a net profit from ordinarily activities after tax of Rs 2104.78 million for the year ended March 31, 2008 as compared to Rs 1414.63 million for the year ended March 31, 2007. Total Income has increased from Rs 23132.66 million for the year ended March 31, 2007 to Rs 36651.25 million for the year ended March 31, 2008.

The consolidated results for the Year ended March 31, 2008: The Group has posted a net profit from ordinary activities after tax of Rs 3319.23 million for the year ended March 31, 2008 as compared to Rs 1743.75 million for the year ended March 31, 2007. Total Income has increased from Rs 25058.97 million for the year ended March 31, 2007 to Rs 42279.79 million for the year ended March 31, 2008.

IVRCL Infra recommends dividend of 70%

IVRCL Infrastructures & Projects Ltd has announced that the Board of Directors of the Company at its meeting held on May 28, 2008, inter alia, has recommended dividend for the year 2007-08 @ 70% i.e. Rs 1.40 per equity shares of Rs 2/- each.

The stock was trading at Rs.378.50, down by Rs.1.25 or 0.33%. The stock hit an intraday high of Rs.392.40 and low of Rs.371.50.

The total traded quantity was 317265 compared to 2 week average of 138738.

Tata Motors FY 2008 Consolidated Net Profit at Rs 2167.7 Crores

Tata Motors Ltd has announced the Audited results for the year ended March 31, 2008.

The Company has posted a net profit of Rs 20289.20 million for the year ended March 31, 2008 as compared to Rs 19134.60 million for the year ended March 31, 2007. Total Income has increased from Rs 277152.20 million for the year ended March 31, 2007 to Rs 292140.00 million for the year ended March 31, 2008.

The consolidated results for the Year ended March 31, 2008: The Group has posted a net profit of Rs 21677.00 million for the year ended March 31, 2008 as compared to Rs 21699.90 million for the year ended March 31, 2007. Total Income has increased from Rs 325143.80 million for the year ended March 31, 2007 to Rs 359189.60 million for the year ended March 31, 2008.

The stock closed the day at Rs.634.75, up by Rs.8.15 or 1.30%. The stock hit an intraday high of Rs.644 and low of Rs.612.

The total traded quantity was 193669 compared to 2 week average of 114909.

Tata Motors Board recommends dividend of Rs 15

Tata Motors Ltd has announced that the Board of Directors of the Company at its meeting held on May 28, 2008, inter alia, has recommended a dividend of Rs 15/- per share (Rs 15/- per share for FY 06-07) on Ordinary Shares for the FY 2007-08.

The stock closed the day at Rs.634.75, up by Rs.8.15 or 1.30%. The stock hit an intraday high of Rs.644 and low of Rs.612.

The total traded quantity was 193669 compared to 2 week average of 114909.

Mundra Port Board recommends Dividend of 15%

Mundra Port and Special Economic Zone Ltd has announced that the Board of Directors of the Company at its meeting held on May 28, 2008, inter alia, has recommended final dividend @ 15% for shareholders approval in Annual General Meeting.

Monsanto India Board recommends final dividend of Rs 15

Monsanto India Ltd has announced that the Board of Directors of the Company at its meeting held on May 25, 2008, inter alia, has recommended final dividend of Rs 15/- per share for the year ended March 31, 2008

Adani Enterprises Board recommends dividend of 60%

Adani Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on May 28, 2008, inter alia, has recommended a Equity dividend @ 60% for the year 2007-08.

Hindustan Dorr-Oliver net profit rises 40.44% in the March 2008 quarter

Net profit of Hindustan Dorr-Oliver rose 40.44% to Rs 9.48 crore in the quarter ended March 2008 as against Rs 6.75 crore during the previous quarter ended March 2007. Sales rose 34.42% to Rs 105.55 crore in the quarter ended March 2008 as against Rs 78.52 crore during the previous quarter ended March 2007.
For the full year, net profit rose 47.33% to Rs 22.63 crore in the year ended March 2008 as against Rs 15.36 crore during the previous year ended March 2007. Sales rose 46.31% to Rs 305.07 crore in the year ended March 2008 as against Rs 208.51 crore during the previous year ended March 2007.

Hindustan Dorr Board recommends dividend of 30%

Hindustan Dorr Oliver Ltd has announced that the Board of Directors of the Company at its meeting held on May 28, 2008, inter alia, has recommended a dividend of 30% on Equity Shares of the Company for the year ended March 31, 2008, subject to the approval of the Shareholders.

IOC Board recommends Dividend of 55%

Indian Oil Corporation Ltd (IOC) has announced that the Board of Directors of the Company at its meeting held on May 28, 2008, inter alia, has recommended dividend @ 55%.The stock was trading at Rs.420, down by Rs.1.55 or 0.37%. The stock hit an intraday high of Rs.430 and low of Rs.415.The total traded quantity was 104903 compared to 2 week average of 204494.

IOC Net Profit for FY 2008 at Rs 6962.58 Crores

Indian Oil Corporation Ltd (IOC) has announced the results for the quarter & year ended March 31, 2008.The Unaudited results for the Quarter ended March 31, 2008: The Company has posted a net loss of Rs 4142.70 million for the quarter ended March 31, 2008 as compared to net profit of Rs 15026.90 million for the quarter ended March 31, 2007. Total Income has increased from Rs 538187.50 million for the quarter ended March 31, 2007 to Rs 717928.20 million for the quarter ended March 31, 2008.The Audited results for the Year ended March 31, 2008: The Company has posted a net profit of Rs 69625.80 million for the year ended March 31, 2008 as compared to Rs 74994.70 million for the year ended March 31, 2007. Total Income has increased from Rs 2175338.20 million for the year ended March 31, 2007 to Rs 2491691.60 million for the year ended March 31, 2008.The Audited consolidated results for the Year ended March 31, 2008: The Group has posted a profit of Rs 79127.40 million for the year ended March 31, 2008 as compared to Rs 78674.50 million for the year ended March 31, 2007. Total Income has increased from Rs 2026940.00 million for the year ended March 31, 2007 to Rs 2325586.20 million for the year ended March 31, 2008.The stock was trading at Rs.420, down by Rs.1.55 or 0.37%. The stock hit an intraday high of Rs.430 and low of Rs.415.The total traded quantity was 104903 compared to 2 week average of 204494.

Aban Offshore secures new contract from Husky Oil China Ltd

Aban Offshore Ltd has announced with reference to the earlier announcement dated April 15, 2008 regarding a contract that has been signed with Exxon Neftegas Ltd for the deployment of the Jack-up rig Murmanskaya Offshore Russia for a 2 well programme which is expected to commence in June 2008, that Exxon Neftegas has terminated its contract with Beta Drilling regarding the rig Murmanskaya.Further the Company has informed that, it has received a Letter of intent for one well contract with Husky Oil China Ltd for the same rig Murmanskaya for a period of approximately 50 days. The estimated revenues from the contract is approximately USD 10.53 million.The stock was trading at Rs.4023.90, up by Rs.140.40 or 3.62%. The stock hit an intraday high of Rs.4088 and low of Rs.3914.80.The total traded quantity was 89645 compared to 2 week average of 93001.

Jindal Steel Board recommends final dividend of 250%

Jindal Steel & Power Ltd has announced that the Board of Directors of the Company at its meeting held on May 27, 2008, inter alia, has recommended final dividend @ 250% i.e. Rupees 2.50 per equity share of Re 1/- each on 15,39,61,340 equity shares.The stock was trading at Rs.2205, down by Rs.92.70 or 4.03%. The stock hit an intraday high of Rs.2333 and low of Rs.2160.The total traded quantity was 172557 compared to 2 week average of 171591.

Jindal Steel & Power FY 2008 Net Profit at Rs 1236.96 Crores

Jindal Steel & Power Ltd has announced the results for the quarter & year ended March 31, 2008.The Unaudited results for the Quarter ended March 31, 2008: The Company has posted a net profit after tax of Rs 3903.30 million for the quarter ended March 31, 2008 as compared to Rs 2027.70 million for the quarter ended March 31, 2007. Total Income has increased from Rs 10740.50 million for the quarter ended March 31, 2007 to Rs 15477.90 million for the quarter ended March 31, 2008.The Audited results for the Year ended March 31, 2008: The Company has posted a net profit after tax of Rs 12369.60 million for the year ended March 31, 2008 as compared to Rs 7029.90 million for the year ended March 31, 2007. Total Income has increased from Rs 35487.80 million for the year ended March 31, 2007 to Rs 54598.70 million for the year ended March 31, 2008.The Audited consolidated results for the Year ended March 31, 2008: The Group has posted a net profit after tax of Rs 12495.90 million for the year ended March 31, 2008 as compared to Rs 6990.50 million for the year ended March 31, 2007. Total Income has increased from Rs 35488.00 million for the year ended March 31, 2007 to Rs 55387.30 million for the year ended March 31, 2008.

Allied Digital receives "Company of the Year 2008" Award

Allied Digital Services Ltd, leading Systems Integrator and an IT Infrastructure Management Services provider today announced of it having received 'Company of the Year 2008' award from CRN India.The award was presented in light of the numerous achievements and industry-firsts ADSL has recorded during the past year. CRN India identified Allied Digital based on the following:

a. Setting new trends for peers to follow, including top performing IPO

b. Screening nearly cent percent growth by aiming big and global businesses with acquisition strategy

c. Identifying new business models along with unique systems & processes.

The Award was presented at the annual CRN Xcellence Awards 2008 in Goa on May 24, 2008. Speaking on the receipt of the award, Mr. Nitin Shah, Chairman & Managing Director, ADSL said, "It is an honor to be acknowledged by CRN India as 'Company of the Year 2008'. ADSL is always focused on delivering high-value, innovative services & solutions to its customers. We are very happy to receive this award as it has identified and showcased the true potential of the Company".According to CRN India, ADSL has emerged as a true rote model for several IT solutions Companies arid inspired them to think big and think global. Mr. Nitin Shah further added, "I truly appreciate the confidence expressed by the industry and promise to maintain the momentum for years to come".

Religare Capital Markets receives 97.76% shares of Hichens

Religare Capital Markets International UK (RCMI UK) Ltd an indirect wholly owned subsidiary of Religare Capital Markets Ltd (RCML) declares acceptance of its open cash offer for Hichens, Harrison & Co Plc unconditional in all respects.Valid acceptance of the Offer have been received in respect of a total of l7,006,441 Hichens Shares, representing approximately 97.76 per cent of the existing issued share capital of Hichens.As RCMI (UK) has attained in excess of 90 per cent of the voting rights attaching to Hichens Shares, RCMI (UK) is taking steps to procure the application by Hichens for the cancellation of the admission of Hichens Shares to the AIM Market.The cancellation of the admission of Hichens Shares to the AIM Market would significantly reduce the liquidity and marketability of any Hichens Shares that are not acquired by RCMI (UK). It is RCMI (UK)'s intention that, after such cancellation, Hichens will be re-registered as a private company under the relevant provisions of the Companies Act 1985 or the Companies Act 2006 as appropriate.

Opto Circuits Board recommends 50% Dividend, 7:10 Bonus

Opto Circuits India Ltd has announced that the Board of Directors of the Company at its meeting held on May 27, 2008, inter alia, have recommended payment of 50% Dividend, subject to Share Holders Approval in the Annual General Meeting.The Board also recommended to issue Bonus Shares of 7 shares for every 10 shares held, subject to Share Holder approval in the Annual General Meeting.The stock was trading at Rs.352.50, up by Rs.19.80 or 5.95%. The stock hit an intraday high of Rs.353.75 and low of Rs.324.The total traded quantity was 287229 compared to 2 week average of 27676.

Omaxe net profit rises 187.86% in the year ended March 2008

Net profit of Omaxe rose 187.86% to Rs 398.80 crore in the year ended March 2008 as against Rs 138.54 crore during the previous year ended March 2007. Sales rose 90.20% to Rs 1789.50 crore in the year ended March 2008 as against Rs 940.87 crore during the previous year ended March 2007.

Rural Electrification Corporation net profit rises 30.27% in the year ended March 2008

Net profit of Rural Electrification Corporation rose 30.27% to Rs 860.15 crore in the year ended March 2008 as against Rs 660.26 crore during the previous year ended March 2007. Sales rose 27.40% to Rs 3378.22 crore in the year ended March 2008 as against Rs 2651.70 crore during the previous year ended March 2007.

Hindustan Dorr receives Rs 250 Crores Order from Vedanta Aluminium Ltd

Hindustan Dorr Oliver Ltd has announced that the Company has got an order from Vedanta Aluminium Ltd. worth Rs 250 crores for Design, Engineering, procurement, manufacture, supply, civil works, erection / construction, testing, commissioning and performance guarantee tests of Settler & Washer Package alongwith associated facilities for expansion of their 3 MMTPA Alumina Refinery Project at Lanjigarh, Orissa, India. FLSMIDTH Dorr-Oliver Eimco GmbH, Germany are Company's Technology partner for the project.

Execution of the said project shall be completed within a period of seventeen months.

The Company has already successfully commissioned the above package for Vedanta's existing 1.4 MMTPA Greenfield Alumina Refinery Project at Lanjigarh site.The stock was trading at Rs.116.35, up by Rs.5.55 or 5.01%. The stock hit an intraday high of Rs.123 and low of Rs.107.50.The total traded quantity was 41893 compared to 2 week average of 15990.

Crompton Greaves Q4 PAT at Rs 103.07 Crores

Crompton Greaves Ltd has announced the Audited results for the quarter & year ended March 31, 2008.The results for the Quarter ended March 31, 2008: The Company has posted a net profit from ordinary Activities after tax of Rs 1030.70 million for the quarter ended March 31, 2008 as compared to Rs 699.20 million for the quarter ended March 31, 2007. Total Income has increased from Rs 10032.70 million for the quarter ended March 31, 2007 to Rs 11835.90 million for the quarter ended March 31, 2008.The results for the Year ended March 31, 2008: The Company has posted a net profit from ordinary Activities after tax of Rs 3139.20 million for the year ended March 31, 2008 as compared to Rs 1923.70 million for the year ended March 31, 2007. Total Income has increased from Rs 34024.90 million for the year ended March 31, 2007 to Rs 39453.90 million for the year ended March 31, 2008.The consolidated results for the Quarter ended March 31, 2008: The Group has posted a net profit from Ordinary Activities after tax, minority interest and Shares of the profit / (loss) associate Companies of Rs 1431.70 million for the quarter ended March 31, 2008. Total Income is Rs 20294.80 million for the quarter ended March 31, 2008.The consolidated results for the Year ended March 31, 2008: The Group has posted a net profit from Ordinary Activities after tax, minority interest and Shares of the profit / (loss) associate Companies of Rs 4067.20 million for the year ended March 31, 2008 where as the same was at Rs 2817.40 million for the year ended March 31, 2007. Total Income is Rs 69000.40 million for the year ended March 31, 2008 where as the same was at Rs 57447.00 million for the year ended March 31, 2007.Current year figures include the results of the subsidiaries acquired during the year. Consequently, the figures for the current year are not comparable with the figures of the previous year and figures for the previous year have been regrouped and reclassified, wherever necessary.

Adlabs enters into agreement for acquisition of interest in Lotus Five Star Cinemas

Adlabs Films has entered into agreement for acquisition of majority and controlling interest in Lotus Five Star Cinemas and will be operating a 51 screen cinema exhibition chain in Malaysia.
The chain will have a footprint across the Malaysia and will be playing mainstream Hollywood films in addition to movies in the Indian languages viz. Hindi, Tamil, Chinese and Malay.
Adlabs currently has 160 screens operating in India. Its international presence, in addition to Malaysia, comprises 220 screens covering the East, Mid West and West Coast of USA as also Mauritius and Nepal.
The company made this announcement during the trading hours today, 05 May 2008.

Sterlite Technologies declares dividend

The board of Sterlite Technologies has declared dividend at the rate of 20%.
This was declared at the board meeting held on 29 April 2008.

Sterlite Technologies net profit rises 77.54% in the March 2008 quarter

Net profit of Sterlite Technologies rose 77.54% to Rs 34.30 crore in the quarter ended March 2008 as against Rs 19.32 crore during the previous quarter ended March 2007. Sales rose 40.74% to Rs 543.62 crore in the quarter ended March 2008 as against Rs 386.27 crore during the previous quarter ended March 2007.
For the full year, net profit rose 98.03% to Rs 100.72 crore in the year ended March 2008 as against Rs 50.86 crore during the previous year ended March 2007. Sales rose 40.70% to Rs 1685.79 crore in the year ended March 2008 as against Rs 1198.15 crore during the previous year ended March 2007.

International Travel House recommends dividend

The board of International Travel House has recommended dividend at the rate of 30% for the financial year ended 31 March 2008.
This was recommended at the board meeting held on07 May 2008.

Maruti Suzuki India recommends final dividend

The board of Maruti Suzuki India has recommended final dividend at the rate of Rs 5 per share (100%) for the financial year 2007-08.
This was recommended at the board meeting held on 24 April 2008.

NESCO net profit rises 94.61% in the December 2007 quarter

Net profit of NESCO rose 94.61% to Rs 16.60 crore in the quarter ended December 2007 as against Rs 8.53 crore during the previous quarter ended December 2006. Sales rose 35.95% to Rs 27.68 crore in the quarter ended December 2007 as against Rs 20.36 crore during the previous quarter ended December 2006.

Aban Offshore receives contract

Aban Offshore has received a letter of intent for one well contract with Husky Oil China for the rig Murmanskaya for a period of approximately 50 days. The estimated revenues from the contract is approximately US$ 10.53 million.
The company made this announcement during the trading hours today, 12 May 2008.

Aban Offshore net profit rises 16.96% in the March 2008 quarter

Net profit of Aban Offshore rose 16.96% to Rs 34.55 crore in the quarter ended March 2008 as against Rs 29.54 crore during the previous quarter ended March 2007. Sales rose 65.49% to Rs 196.39 crore in the quarter ended March 2008 as against Rs 118.67 crore during the previous quarter ended March 2007.
For the full year, net profit rose 58.54% to Rs 157.91 crore in the year ended March 2008 as against Rs 99.60 crore during the previous year ended March 2007. Sales rose 32.93% to Rs 658.42 crore in the year ended March 2008 as against Rs 495.32 crore during the previous year ended March 2007.

CRISIL assigns IPO grade 5/5 to MCX

CRISIL has come out with a research report on Multi-Commodity Exchange of India's IPO. It has assigned a CRISIL IPO Grade 5/5 to the company's IPO. The company proposes an IPO in the form of an offer for sale of 4 million shares by the promoters and a fresh issue of 6 million shares. Subsequent to the IPO, the promoters' stake in the company will reduce to 26.1 per cent.

UTV Software Communications Ltd

UTV Software Communications Ltd has informed BSE that M/s. United New Media Ventures Ltd ("UNMVL"), a wholly owned subsidiary of the Company that is focussed on Internet, New Media and Digital activities, has completed the acquisition of IMPL.IMPL has technology based consumer and trade focussed business model positioned as an "Online Technology Infomediary" in India. This business model focuses on the target age group of 15-35 and the Company finds this highly synergistic to its business. The acquisition by UNVML of IT Nation was through a combination of acquisition of equity shares from the existing promoters of IT Nation and subscription to fresh equity shares of IT Nation.Post completion of acquisition process UNMVL will hold 80% of IMPL.

Volkswagen's low priced car 'UP!' for grabs at Rs 3 lakh

NEW DELHI: Europe’s largest car maker, Volkswagen, plans to roll out its low-priced car Up! at Rs 3 lakh in India by 2010-11. It will be the cheapest car from the Volkswagen stable, which is better known for luxury cars like Audi and Phaeton. The cheapest car from the German car maker so far has been from group company Skoda, which sells the Fabia at Rs 5 lakh and above in India. Volkswagen India president and MD Joerg Mueller told ET: “We are not in the Tata Nano segment, but have a similar high technology small car that conforms to world safety and emission standards. UP! is currently in the concept stage and will be available in India in the next three years. The car makes perfect sense for India, which has many metros and cities that are faced with parking and pollution problems.”

India, the largest small car market in the world, sells close to 1 million such cars, which is 70% of its total passenger car sales. Since it is growing at double digit every year, global car makers, known for their luxury sedans, want to tap the small car market in India. This is also because the automobile industry in the US and Europe are stagnant, with subprime crisis adding to their woes. The world’s two largest car makers, Toyota and General Motors, are also working on ultra-cheap cars to sell in emerging markets. American major General Motors has joined the low-cost bandwagon and is developing its fuel efficient $3,500 small car in different global R&D centres. GM head, Asia Pacific, Nick Reilly had earlier said, “We are working on our lower-cost architecture and our engineers are developing something similar to Tata’s Nano, but at a different price point.” Toyota has said that building a car to sell for $2,500 might be difficult given its global quality standards, but the company is aiming on that price point. Under pressure from rising oil prices, (which touched a record $135/barrel), global car makers have made a beeline to compete in the low-cost segment. Pune-based Bajaj Auto is working with French major Renault to develop a $2,500-car by 2010, while South Korea’s Hyundai Motors is also developing a $4,000 car during the same period. Hyundai Motor India president, Ashok Jha said, “India is predominantly a small car market and if all goes well, our low-cost cars currently in development stage will hit the market by 2010. India will be one of the foremost markets to have such a car.” Volkswagen will blend its German technology with high localisation in India to achieve the proposed price for UP! “We will compete will other car manufacturers on price. We will utilise Volkswagen Group’s twin plants at Aurangabad and upcoming Pune facility to drive economics of scale for India specific prices,” Mr Mueller said.

Buffett sees 'long, deep' US recession

BERLIN: The United States is already in a recession and it will be longer as well as deeper than many people expect, US investor Warren Buffett has said.

He said the United States was "already in recession" and "perhaps not in the sense that economists would define it" with two consecutive quarters of negative growth. "But the people are already feeling the effects," the world's richest man Buffett said in an interview published in German magazine Der Spiegel on Saturday.

"It will be deeper and last longer than than many think." But he said that won't stop him from investing in selected companies and said he remained interested in well-managed German family-owned companies. "If the world were falling apart I'd still invest in companies," he said.

Buffett also renewed his criticism of derivatives trading. "It's not right that hundreds of thousands of jobs are being eliminated, that entire industrial sectors in the real economy are being wiped out by financial bets even though the sectors are actually in good health.

" Buffett complained about the lack of effective controls. "That's the problem," he said. "You can't steer it, you can't regulate it anymore. You can't get the genie back in the bottle."

ITC recommends dividend

The board of ITC has recommended dividend at the rate of Rs 3.50 per share for the financial year ended 31 March 2008.

This was recommended at the board meeting held on 23 May 2008.

ITC net profit rises 13.06% in the March 2008 quarter

Net profit of ITC rose 13.06% to Rs 735.64 crore in the quarter ended March 2008 as against Rs 650.69 crore during the previous quarter ended March 2007. Sales rose 13.50% to Rs 3934.39 crore in the quarter ended March 2008 as against Rs 3466.34 crore during the previous quarter ended March 2007.

For the full year, net profit rose 15.56% to Rs 3120.10 crore in the year ended March 2008 as against Rs 2699.97 crore during the previous year ended March 2007. Sales rose 14.52% to Rs 13947.53 crore in the year ended March 2008 as against Rs 12179.22 crore during the previous year ended March 2007.

Reliance Power's subsidiary to acquire 100% economic interest in three coal concessions in Indonesia

Reliance Coal Resources, a wholly owned subsidiary of Reliance Power has entered into a definitive agreement to acquire 100 per cent economic interest in three coal concessions in Indonesia.
The company made this announcement during the trading hours today, 02 May 2008.

Mercator Lines to acquire double Hull VLCC

Mercator Lines Ltd has announced that the Company has signed a Memorandum of Agreement to purchase 1 double Hull VLCC. Vessel expected to join the fleet in June '08.The stock closed the day at Rs.121.90, down by Rs.1.55 or 1.26%. The stock hit an intraday high of Rs.126.50 and low of Rs.120.20.The total traded quantity was 4529176 compared to 2 week average of 3644624.

Prime Securities recommends final dividend

The board of Prime Securities has recommended final dividend of Rs 0.75 per share (15%) for the year ended 31 March 2008.
This was recommended at the board meeting held on 24 April 2008.

Lupin recommends dividend

The board of Lupin has recommended dividend at the rate of Rs 10 per share (100%) for the year ended 31 March 2008.
This was recommended at the board meeting held on 14 May 2008.

Infrastructure Development Finance Company recommends dividend

The board of Infrastructure Development Finance Company has recommended dividend at the rate of 12%.
This was recommended at the board meeting held on 28 April 2008.

Infrastructure Development Finance Company net profit rises 44.85% in the March 2008 quarter

Net profit of Infrastructure Development Finance Company rose 44.85% to Rs 123.25 crore in the quarter ended March 2008 as against Rs 85.09 crore during the previous quarter ended March 2007. Sales rose 66.39% to Rs 675.28 crore in the quarter ended March 2008 as against Rs 405.84 crore during the previous quarter ended March 2007.
For the full year, net profit rose 44.57% to Rs 669.17 crore in the year ended March 2008 as against Rs 462.87 crore during the previous year ended March 2007. Sales rose 68.18% to Rs 2523.66 crore in the year ended March 2008 as against Rs 1500.55 crore during the previous year ended March 2007.

Core Projects & Technologies net profit rises 455.20% in the March 2008 quarter

Net profit of Core Projects & Technologies rose 455.20% to Rs 13.88 crore in the quarter ended March 2008 as against Rs 2.50 crore during the previous quarter ended March 2007. Sales rose 206.96% to Rs 51.63 crore in the quarter ended March 2008 as against Rs 16.82 crore during the previous quarter ended March 2007.
For the full year, net profit rose 284.04% to Rs 44.28 crore in the year ended March 2008 as against Rs 11.53 crore during the previous year ended March 2007. Sales rose 186.90% to Rs 199.97 crore in the year ended March 2008 as against Rs 69.70 crore during the previous year ended March 2007.

HP to acquire EDS for $13.9 billion

HP and EDS have signed a definitive agreement under which HP will purchase EDS at a price of $25 per share or an enterprise value of approximately $13.9 billion. The terms of the transaction have been unanimously approved by the HP and EDS boards of directors.

The transaction is expected to close in the second half of calendar year 2008 and to more than double HP's services revenue, which amounted to $16.6 billion in fiscal 2007. The companies' collective services businesses as of the end of each company's 2007 fiscal year had annual revenues of more than $38 billion and 210,000 employees doing business is more than 80 countries.

HP intends to establish a new business group, to be branded EDS — an HP Company, which will be headquartered at EDS’s existing executive offices in Plano, Texas. HP plans that EDS will continue to be led after the deal closes by EDS chairman, president and CEO Ronald A. Rittenmeyer, who will join HP’s executive council and report to Mark Hurd, HP’s chairman and chief executive officer. HP anticipates that the transaction will be accretive to fiscal 2009 non earnings and accretive to 2010 GAAP earnings. Significant synergies are expected as a result of the combination.

Acquiring EDS advances HP's stated objective of strengthening its services business. The specific service offerings delivered by the combined companies are: IT outsourcing, including data center services, workplace services, networking services and managed security; business process outsourcing, including health claims, financial processing, CRM and HR outsourcing; applications, including development, modernization and management; consulting and integration; and technology services. The combination will provide extensive experience in offering solutions to customers in the areas of government, healthcare, manufacturing, financial services, energy, transportation, communications, and consumer industries and retail.

Under the terms of the merger agreement, EDS stockholders will receive $25.00 for each share of EDS common stock that they hold at the closing of the merger. The acquisition is subject to customary closing conditions, including the receipt of domestic and foreign regulatory approvals and the approval of EDS's stockholders.

The company made this announcement during the trading hours today, 14 May 2008.

Oil smashes $135 a barrel in Asian trade

SINGAPORE: Oil smashed past $135 a barrel for the first time on Thursday, continuing its astonishing rise following unexpected drops in US crude and gasoline stocks in a tight market, dealers said.

Large institutional investors continued to pile money into oil, which is giving better returns than investments in stocks and bonds, further heating up prices, they said.

The Commonwealth Bank of Australia said in a market commentary that the "oil price also benefited from further US dollars weakness."

In Asian morning trade, New York's main oil futures contract, light sweet crude for July delivery, briefly rose to a high of $135.04 a barrel before easing to $134.30.

The benchmark futures contract had closed a whopping $4.10 higher at a record $133.17 on the New York Mercantile Exchange, and continued its upward spiral in after-hours electronic trade.

London's Brent crude contract for July was also busting records, rising to a high of $134.50 before pulling back to trade at $134.12, smashing its intraday peak of $133.34 set a day earlier.

"Currently, market psychology is trumping fundamentals," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.

"The psychology is that the oil market is tight. Even though there is no shortage, global oil demand continues to grow and supply growth is restrained," he added.

"Oil has performed better than equities and bonds. There is money looking for better returns and oil has offered better returns and continues to offer better returns."

The US Department of Energy's weekly snapshot of energy inventories, which unexpectedly showed declines, further galvanised the market.

The DoE report Wednesday showed US crude oil stocks fell in the week ended May 16, by 5.4 million barrels to 320.4 million barrels. Most analysts had expected a build of 300,000.

Gasoline inventories dropped by 800,000 barrels, to 209.4 million, confounding expectations of a gain of 250,000 barrels.

The news was particularly market-sensitive, coming days ahead of the US summer-holiday driving season that kicks off this weekend for the Memorial Day holiday on Monday.

Americans have already begun buying less gasoline as prices at the pump hit new highs. The change in driving habits is raising concerns about a slowdown in consumer spending, the main engine of the world's biggest economy.

Shum of Purvin and Gertz said the high oil prices could prompt some people to cut down on fuel consumption, but added that demand would still pick up seasonally.

The rapid surge in oil prices came as the US Federal Reserve slashed its 2008 growth forecast for the US economy, the world's biggest oil consumer.

The Fed on Wednesday slashed its forecasts to a range of 0.3 to 1.2 per cent, from its prior forecast of 1.3 to 2.0 per cent in January. The central bank cited higher oil prices as a key factor weighing on momentum.

Reliance Communications Limited - Dividend

Reliance Communications Limited has informed the Exchange that the Board of Directors of the Company at their meeting held on April 30, 2008, have recommended dividend @15% i.e. Re.0.75 per equity share of Rs.5 each for the financial year ended March 31, 2008.

Reliance Industries Ltd - Dividend

Reliance Industries Ltd has informed the Exchange that the Board of Directors at its meeting held on April 21, 2008 has recommended a dividend of Rs. 13.00 (Rupees Thirteen only) per fully paid-up equity share of Rs. 10/- each.

Reliance Industries net profit rises 37.12% in the March 2008 quarter

Net profit of Reliance Industries rose 37.12% to Rs 3912.00 crore in the quarter ended March 2008 as against Rs 2853.00 crore during the previous quarter ended March 2007. Sales rose 43.99% to Rs 37286.00 crore in the quarter ended March 2008 as against Rs 25895.00 crore during the previous quarter ended March 2007.
For the full year, net profit rose 62.92% to Rs 19458.00 crore in the year ended March 2008 as against Rs 11943.00 crore during the previous year ended March 2007. Sales rose 19.47% to Rs 133443.00 crore in the year ended March 2008 as against Rs 111693.00 crore during the previous year ended March 2007.

Bharti Airtel net profit rises 39.28% in the March 2008 quarter

Net profit of Bharti Airtel rose 39.28% to Rs 1792.30 crore in the quarter ended March 2008 as against Rs 1286.84 crore during the previous quarter ended March 2007. Sales rose 42.06% to Rs 7413.73 crore in the quarter ended March 2008 as against Rs 5218.73 crore during the previous quarter ended March 2007.
For the full year, net profit rose 54.82% to Rs 6244.20 crore in the year ended March 2008 as against Rs 4033.22 crore during the previous year ended March 2007. Sales rose 44.45% to Rs 25703.51 crore in the year ended March 2008 as against Rs 17794.43 crore during the previous year ended March 2007.

Max India reports net profit of Rs 20.22 crore in the March 2008 quarter

Max India reported net profit of Rs 20.22 crore in the quarter ended March 2008 as against net loss of Rs 3.82 crore during the previous quarter ended March 2007. Sales rose 97.01% to Rs 86.43 crore in the quarter ended March 2008 as against Rs 43.87 crore during the previous quarter ended March 2007.
For the full year, net profit rose 335.00% to Rs 61.90 crore in the year ended March 2008 as against Rs 14.23 crore during the previous year ended March 2007. Sales rose 83.02% to Rs 284.30 crore in the year ended March 2008 as against Rs 155.34 crore during the previous year ended March 2007.

Gail India recommends dividend

The board of Gail India has recommended final dividend at the rate of 60% for the financial year 2007-08.
This was recommended at the board meeting held on 13 May 2008.

GAIL India net profit rises 6.12% in the March 2008 quarter

Net profit of GAIL India rose 6.12% to Rs 722.38 crore in the quarter ended March 2008 as against Rs 680.73 crore during the previous quarter ended March 2007. Sales rose 27.09% to Rs 4935.29 crore in the quarter ended March 2008 as against Rs 3883.41 crore during the previous quarter ended March 2007.
For the full year, net profit rose 9.00% to Rs 2601.46 crore in the year ended March 2008 as against Rs 2386.67 crore during the previous year ended March 2007. Sales rose 12.22% to Rs 18008.20 crore in the year ended March 2008 as against Rs 16047.18 crore during the previous year ended March 2007.

Praj Industries net profit rises 77.44% in the year ended March 2008

Net profit of Praj Industries rose 77.44% to Rs 153.54 crore in the year ended March 2008 as against Rs 86.53 crore during the previous year ended March 2007. Sales rose 15.50% to Rs 701.63 crore in the year ended March 2008 as against Rs 607.47 crore during the previous year ended March 2007.

Glenmark Pharmaceuticals net profit rises 108.02% in the March 2008 quarter

Net profit of Glenmark Pharmaceuticals rose 108.02% to Rs 130.14 crore in the quarter ended March 2008 as against Rs 62.56 crore during the previous quarter ended March 2007. Sales rose 44.44% to Rs 396.90 crore in the quarter ended March 2008 as against Rs 274.79 crore during the previous quarter ended March 2007.
For the full year, net profit rose 188.59% to Rs 389.02 crore in the year ended March 2008 as against Rs 134.80 crore during the previous year ended March 2007. Sales rose 71.02% to Rs 1372.69 crore in the year ended March 2008 as against Rs 802.64 crore during the previous year ended March 2007.

Container Corporation Of India net profit rises 19.94% in the March 2008 quarter

Net profit of Container Corporation Of India rose 19.94% to Rs 202.98 crore in the quarter ended March 2008 as against Rs 169.24 crore during the previous quarter ended March 2007. Sales rose 11.81% to Rs 903.59 crore in the quarter ended March 2008 as against Rs 808.12 crore during the previous quarter ended March 2007.
For the full year, net profit rose 7.57% to Rs 757.09 crore in the year ended March 2008 as against Rs 703.82 crore during the previous year ended March 2007. Sales rose 10.02% to Rs 3341.52 crore in the year ended March 2008 as against Rs 3037.29 crore during the previous year ended March 2007.

Aban Offshore receives contract

Aban Offshore has received a letter of intent for one well contract with Husky Oil China for the rig Murmanskaya for a period of approximately 50 days. The estimated revenues from the contract is approximately US$ 10.53 million.
The company made this announcement during the trading hours today, 12 May 2008.

Aban Offshore net profit rises 16.96% in the March 2008 quarter

Net profit of Aban Offshore rose 16.96% to Rs 34.55 crore in the quarter ended March 2008 as against Rs 29.54 crore during the previous quarter ended March 2007. Sales rose 65.49% to Rs 196.39 crore in the quarter ended March 2008 as against Rs 118.67 crore during the previous quarter ended March 2007.
For the full year, net profit rose 58.54% to Rs 157.91 crore in the year ended March 2008 as against Rs 99.60 crore during the previous year ended March 2007. Sales rose 32.93% to Rs 658.42 crore in the year ended March 2008 as against Rs 495.32 crore during the previous year ended March 2007.

ASM Technologies recommends dividend

The board of ASM Technologies has recommended dividend of 7.5% for financial year 2007-2008.
This was recommended at the board meeting held on 19 April 2008

Hindustan Unilever Ltd.,75th Annual General Meeting (AGM) of the Company held on April 04, 2008

Hindustan Unilever Ltd has informed BSE that the members at the 75th Annual General Meeting (AGM) of the Company held on April 04, 2008, inter alia, have accorded to the following: 1. Adoption of the Audited Profit & Loss Account of the Company for the Financial year ended December 31, 2007, the Balance Sheet as at that date and the Auditor's report and the Directors Report. 2. Confirmation of the Interim Dividend on Shares of Re 1/- @ 300% i.e., Rs 3.00/- per share, the Platinum Jubilee dividend in shares of Re 1/- @ 300% i.e. Rs 3.00 per share in respect of the financial year ended December 31, 2007 already paid to the shareholders as per the resolution adopted by the Board of Directors on July 29, 2007 and Declaration of Final Dividend @ 300% i.e., Rs 3.00/- per equity share (the total Dividend for the said Financial Year thus aggregating to 900% i.e., Rs 9/- per Share). 3. Re-appointment of Mr. H Manwani, A Narayan, D S Parekh, Prf. C K Prahalad, S Ramadorai, D Sundaram & Sanjiv Kakkar as Directors of the Company. 4. Re-appointment of M/s. Lovelock & Lewes, Chartered Accountants, Mumbai as Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company on remuneration, terms & Conditions. 5. Appointment of Dr. R A Mashelkar as a Director of the Company. 6. Consent to pay to the Managing / Whole Time Directors of the Company effective from April 01, 2008 such remuneration comprising of salary, performance linked bonus, commission, perquisites and allowances as may be determined by the Board or a duly constituted committee thereof from time to time within the maximum limits as mentioned in the explanatory statement annexed hereto, with respect to the appointment of Mr. Douglas Baillie as Managing Director and CEO of the Company.

Lupin recommends dividend

The board of Lupin has recommended dividend at the rate of Rs 10 per share (100%) for the year ended 31 March 2008.
This was recommended at the board meeting held on 14 May 2008.

Dabur India declares final dividend

The board of Dabur India has declared final dividend at the rate of Re 0.75 per share (75%) for the financial year 2007-08.
This was declared at the board meeting held on 30 April 2008.

Dabur India net profit rises 19.92% in the March 2008 quarter

Net profit of Dabur India rose 19.92% to Rs 78.79 crore in the quarter ended March 2008 as against Rs 65.70 crore during the previous quarter ended March 2007. Sales rose 18.40% to Rs 526.58 crore in the quarter ended March 2008 as against Rs 444.76 crore during the previous quarter ended March 2007.
For the full year, net profit rose 25.39% to Rs 315.91 crore in the year ended March 2008 as against Rs 251.95 crore during the previous year ended March 2007. Sales rose 30.18% to Rs 2083.40 crore in the year ended March 2008 as against Rs 1600.43 crore during the previous year ended March 2007.

Reliance Big Entertainment to spend $1 bn on films

CANNES: Reliance Big Entertainment, the media and entertainment arm of the $75 billion Reliance Anil Dhirubhai Ambani group, on Friday announced that it would spend $1 billion on the Indian film and entertainment business over the next 12-15 months.

This is by far the biggest commitment made by an Indian entertainment company for show business. Amid the glitter and glamour at the 61st edition of the Cannes Film Festival at the French Riviera, Reliance BIG Entertainment also revealed that 69 films in nine languages would be ready for distribution over the next 18 months. Over a dozen films will be released this year.

"India is uniquely positioned in the global economic order. We believe this is the right time to make this commitment of $1 billion for the film entertainment business," said Amit Khanna, chairman of Reliance Entertainment.

"We believe we are creating 21st century's truly integrated media and entertainment company. Our $1 billion spend is bigger than the cumulative investments of all other Indian players put together in this space. We will continue our aggressive expansion plans in film exhibition and leverage synergies to our growing production and distribution pipeline."

The Indian entertainment business is a $4 billion industry, growing at 18 percent annually. Reliance Big Entertainment will be working with the best of Indian directors including Vidhu Vinod Chopra, Farhan Akthar, Shyam Benegal, Shaji Karun, Sudhir Mishra, Rituparno Ghosh, M S Sathyu, Madhur Bhandarkar, Buddhadev Dasgupta, Girish Kasravalli and Amol Palekar.

"We have one of the best creatively differentiated slate of movies," said Rajesh Sawhney, president of Reliance Entertainment. "Our biggest challenge is to get our content and distribution to work in harmony. We believe digital and home entertainment will be unique for our growth."

Reliance Big Entertainment has appointed senior ad man and well known lyricist Prasoon Johsi as its advisor to evaluate scripts and products. "People love good cinema and hate bad cinema. Our whole idea is to create good cinema from Reliance," said Joshi. He will evaluate scripts received by Reliance from independent filmmakers.

Ace filmmaker Vinod Chopra is excited to have formed a production partnership with BIG Entertainment. "This alliance will ensure that our films will reach every corner of the world and take Indian cinema to the next level," Chopra said.

The first of the feature films under this deal is a mainstream English language film "Broken Horses" directed by Chopra. The second film is based on a classic Indian tale, to be directed by Ram Madhvani.

Reliance also announced a strategic tie up with Excel Entertainment, run by Ritesh Sidhwani and Farhan Akthar. The six films covered under this alliance include Abhishek Kapoor's "Rock On", Zoya Akhthar's "Lucky by Chance", Farhan's "Voice of the Sky" and "Don II", Abhinay Deo's "7 Minutes" (working title) and Reema Kagti's "Accident Spot".

"It is a noteworthy collaboration," said Sidhwani. Reliance Big Entertainment business arms include Big Motion Pictures, Adlabs Films, Big ND Studios, Big Animation, Big Music and Big Entertainment.

The company has also forayed into Big Broadcasting, Big 92.7 FM and Big DTH and IPTV. Its new media companies include Zapak (India's number on online gaming portal), Big Adda (social networking site), Jump Games (moble games) and Big Flix (movie rental and download service).

Reliance Big Entertainment is set to open offices in Southeast Asia, the Middle East and Australia and also in major cities in India. The Reliance group, which also has 160 operating screens in India, is likely to increase the number to 400 screens by end-2009.

Early this year, the group made its foray into the US film exhibition market with agreements to operate 250 screens covering 28 cities in the key markets in the east, mid west and west coast. The company has also entered into an agreement to acquire controlling stake in Lotus Five Star Cinemas and operate 51 screen exhibition chains in Malaysia.

Trading cost in equities to rise from today

MUMBAI: The cost of trading in Indian equities could rise marginally as brokerages will levy 12.36% service tax on transaction charge, auction commission and bad delivery auction commission from Friday. The levy, as per the direction from finance ministry, will be charged on all market segments — cash, F&O and debt — and it would be passed on to the investor.

Though, it is not very clear as to what impact the levy will have on regular market, brokers feel the levy is too small to dissuade investors, and is unlikely to hurt trading volumes.

“There will only be a very meagre erosion in profits earned,” said Mayank Shroff of PPJ Shroff Securities.“The taxed portion is so petty that if a investor trades on Rs 1.5 lakh worth of shares, he’d be paying only about 63 paise as service tax on transaction charges,” Mr Shroff added.

A section of the market, however, feels the levy — however small it may be — could further squeeze the already wafer thin margins of day traders.

“Lay investors are not well-versed with the charging pattern of brokerages. They might actually take the levy very seriously and put a curb on the number of trades done by them. These days, the market is also not very encouraging,” a broker contended. According to India Infoline vice-president (strategy) Harshad Apte, the new levy is not going to cut volumes on the exchanges. “It is too small to impact trading volumes,” Mr Apte said. However, the meagre rise will surely go a long way to cement India’s position as one of the most expensive markets to trade in. As per data published (prior to the new levy) by Elkins/McSherry, a New York-based global financial consultant, India is among the top 15 countries with a higher share trading costs. Placed at the 11th spot, just behind Chile and China, the average cost of executing a trade in Indian market is pegged at around 51 bps. According to Elkins/McSherry, Venezuela, with an average trade cost of 90 bps, is one of the most expensive markets in the world. Peru and Philippines are at the second and third spot with an average billing of 87 bps and 70 bps respectively. As far as India goes, average commission (or brokerage) rounds off to around 30 bps, considered very high when compared with emerging markets like China, Brazil, Korea and Russia. Market impact costs (charges like STT, stamp duty, investor protection fund, etc.) are relatively lower in India at around 10 bps.

Elgi Equipments recommends final dividend

The board of Elgi Equipments has recommended final dividend at the rate of 60% for the year.
This was recommended at the board meeting held on 26 April 2008

Elgi Equipments net profit rises 75.43% in the March 2008 quarter

Net profit of Elgi Equipments rose 75.43% to Rs 10.21 crore in the quarter ended March 2008 as against Rs 5.82 crore during the previous quarter ended March 2007. Sales rose 17.33% to Rs 125.68 crore in the quarter ended March 2008 as against Rs 107.12 crore during the previous quarter ended March 2007.
For the full year, net profit rose 69.11% to Rs 39.52 crore in the year ended March 2008 as against Rs 23.37 crore during the previous year ended March 2007. Sales rose 19.24% to Rs 451.41 crore in the year ended March 2008 as against Rs 378.58 crore during the previous year ended March 2007.

ICSA India net profit rises 104.59% in the March 2008 quarter

Net profit of ICSA India rose 104.59% to Rs 37.46 crore in the quarter ended March 2008 as against Rs 18.31 crore during the previous quarter ended March 2007. Sales rose 109.64% to Rs 211.78 crore in the quarter ended March 2008 as against Rs 101.02 crore during the previous quarter ended March 2007.
For the full year, net profit rose 114.71% to Rs 126.51 crore in the year ended March 2008 as against Rs 58.92 crore during the previous year ended March 2007. Sales rose 101.45% to Rs 669.78 crore in the year ended March 2008 as against Rs 332.48 crore during the previous year ended March 2007

Biocon to acquire 70% controlling stake in AxiCorp Gmbh

Biocon is close to acquire a 70% stake in German pharmaceutical Company, AxiCorp GmbH for a consideration of €30 million. This will enable the marketing and distribution of a range of pharmaceuticals including generics, biosimilars, biologies and innovative pharmaceutical products in Germany and Europe.
AxiCorp is a specialized marketing and distribution company established in 2002 by a group of industry experts to address the lucrative generics and parallel distribution market in Germany and Europe. AxiCorp is ISO 9001 certified with a differentiated distribution model that is aligned to the radically altered way the German pharmaceutical market now functions.
An open label, multi-centric, placebo controlled, single ascending dose study designed to evaluate safety, tolerability, pharmacokinetics and pharmacodynamics of IN105 under fed conditions in type II diabetic patients currently on Metformin therapy has been commenced at 5 investigation sites. The study is expected to be completed in August 2008 and will provide the data necessary to commence phase IIb clinical trials.
A Randomized, open label, four arms parallel phase II clinical study to evaluate the safety and efficacy of anti-CD6 monoclonal antibody (T1h mAb) in combination with methotrexate in patients with active rheumatoid arthritis has been initiated at 7 investigation sites.
Another phase II clinical trial to evaluate the safety, efficacy and pharmacokinetics of anti-CD6 monoclonal antibody (T1h mAb) in patients with active Psoriasis is also due to commence at 5 investigation sites. This has been designed as a single blind, randomized, multiple dose, multiple schedule, multi-centric, parallel study in patients with active moderate to severe Psoriasis, with independent blinded disease activity assessment, and quality of life metrics assessment. These clinical trials will enable Biocon to establish proof of concept for T1h and will add tremendous value to its licensing potential.
An open label, prospective, multi-centric study to evaluate the Safety And Efficacy of BIOMAb-EGFR (Nimotuzumab) as Induction and Maintenance Therapy in combination with Radiotherapy plus Temozolomide in Indian patients with Glioblastoma Multiforme is ongoing at 8 investigational sites across the country.
Another clinical trial designed as an open-label, randomized, comparative, multi-centric study to assess safety and efficacy of BIOMAb-EGFRTM (Nimotuzumab) in combination with chemotherapy versus chemotherapy alone in the treatment of patients with stage IIIB / IV non small cell lung cancer is also being initiated at 11 sites. The above clinical trials will enable Biocon's Oncotherapeutics division to expand its market share through label extensions.
Biocon has decided to split up its cardio-diabetes group by launching a stand alone cardiology division. This new division is being launched to focus on brand building for its flagship statin based product Statix as well as other products viz. Telmisat, Eptifibatide and its recombinant streptokinase product Myokinase. The cardiology market in India constitutes 10%.
The company made this announcement during the trading hours today, 22 April 2008

Biocon recommends bonus shares

The board of Biocon has recommended issue of bonus shares in the ratio of 1:1.
This was recommended at the board meeting held on 22 April 2008.

Biocon recommends dividend

The board of Biocon has recommended dividend at the rate of of Rs 3 per share (60%) and a special dividend of Rs 2 per share (40%).
This was recommended at the board meeting held on 22 April 2008.

Biocon net profit rises 31.17% in the March 2008 quarter

Net profit of Biocon rose 31.17% to Rs 62.03 crore in the quarter ended March 2008 as against Rs 47.29 crore during the previous quarter ended March 2007. Sales declined 5.92% to Rs 219.75 crore in the quarter ended March 2008 as against Rs 233.59 crore during the previous quarter ended March 2007.
For the full year, net profit rose 174.67% to Rs 434.94 crore in the year ended March 2008 as against Rs 158.35 crore during the previous year ended March 2007. Sales rose 3.05% to Rs 876.93 crore in the year ended March 2008 as against Rs 850.98 crore during the previous year ended March 2007

Alstom Projects India Limited - Dividend

Alstom Projects India Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on April 29, 2008 has recommended a dividend of Rs. 8/- per share.

Mercator Lines recommends 110% dividend

The board of Mercator Lines has recommended dividend at the rate of Rs 1.10 per shae (110%) for the financial year ended on 31 March 2008.
Further, the board has approved allotment of 7,31,124 equity shares of Re 1 each in lieu of surrender of FCCBs aggregating US$ 1,000,000 from bond holders at a conversion price of Rs 59/812.
Consequently, the paid up capital of the company has increased to 23,59,92,073 equity shares of Re 1 each. With this conversion, now there are 700 FCCB's outstanding of aggregate amount of US4 7,000,000.
This was recommended at the board meeting held on 14 May 2008.

Mercator Lines net profit rises 351.74% in the March 2008 quarter

Net profit of Mercator Lines rose 351.74% to Rs 74.04 crore in the quarter ended March 2008 as against Rs 16.39 crore during the previous quarter ended March 2007. Sales rose 30.99% to Rs 265.67 crore in the quarter ended March 2008 as against Rs 202.81 crore during the previous quarter ended March 2007.
For the full year, net profit rose 130.88% to Rs 166.35 crore in the year ended March 2008 as against Rs 72.05 crore during the previous year ended March 2007. Sales declined 0.27% to Rs 781.14 crore in the year ended March 2008 as against Rs 783.26 crore during the previous year ended March 2007

Westpac to Buy St. George for $17.6 Billion, Create Australia's No. 2 Bank

(Bloomberg) -- Westpac Banking Corp. agreed to buy St. George Bank Ltd. for A$18.6 billion ($17.6 billion) to create Australia's second-biggest bank and largest provider of home loans.
St. George will recommend shareholders accept the offer of 1.31 Westpac shares for each of its shares, the Sydney-based banks said in a joint statement today. The deal values St. George at A$33.10 a share, 24 percent above its closing price on May. 9.
Westpac Chief Executive Officer Gail Kelly, recruited from St. George in August, is attempting Australia's biggest banking takeover to leapfrog Commonwealth Bank of Australia in the $165 billion home loan market. Since her appointment, Westpac stock is the best performer among the nation's banks, while St. George is the worst.
``Gail moved surprisingly fast, even for her,'' said Rob Patterson, managing director of Argo Investments Ltd. in Adelaide, which manages $3.8 billion in stocks, including Westpac and St. George. ``It's a sensible deal, and St. George's board regards it as fair, so now it's up to the shareholders.''
St. George shares jumped 28 percent to A$33.99 as at 11 a.m. in Sydney. Westpac fell 0.6 percent to A$25.85
The 50-stock S&P/ASX 200 Finance Index rose to a three-month high on optimism the offer may spur more acquisitions. Bank of Queensland Ltd. rose 5.2 percent while Bendigo and Adelaide Ltd. climbed 5.8 percent.
Profit Growth
Kelly, 52, started at Westpac Feb. 1 after almost six years running St. George. Under the former South African schoolteacher, St. George stock outperformed its four larger rivals -- Westpac, National Australia Bank Ltd., Commonwealth Bank of Australia and Australia and New Zealand Banking Group Ltd. -- as Kelly doubled profit.
All Westpac and St. George brands will be retained as part of the deal, creating a company with 10 million customers and about A$500 billion of assets. The combined company would control 25 percent of Australia's home loans market.
At current prices the deal would be the biggest between two Australian-based companies, beating Wesfarmers Ltd. in its A$18.2 billion acquisition of supermarkets chain Coles Group Ltd. in November. BHP Billiton Ltd. has made a hostile $177 billion offer for London-based Rio Tinto Group in what would be the largest transaction by an Australian company.
The deal is subject to approval by shareholders, the Australian government and competition and banking regulators. St. George also said its recommendation is subject to review by an independent expert.
Bond Risk
The yield investors demand to own St George's five-year subordinated bonds plunged 75 basis points yesterday to 175 basis points more than the bank bill swap rate, ABN Amro Holding NV prices show. The yield margin is 25 basis points more than Westpac's five-year subordinated bonds which are trading at 150 basis points more than the swap rate.
``The 25 basis points difference in spread represents the considerable event risk surrounding the transaction including shareholder approval, regulatory approval and government sign off,'' Mark Bayley, director of credit at ABN Amro Sydney, wrote today in a research note. ``We think that if the deal goes through, the spread differential should narrow.''
A basis point is 0.01 percentage point.
Caliburn Partnership is advising Westpac, while UBS AG is St. George's adviser.

Share trade halted in 66 Sichuan firms after quake

SHANGHAI: China's two main stock exchanges will suspend share trade in 66 companies from southwest China's Sichuan Province and Chongqing Municipality on Tuesday following Monday's magnitude 7.8 earthquake in the region, the official Shanghai Securities News said on Tuesday. It said 45 shares would be suspended on the Shanghai stock exchange and 21 on the Shenzhen exchange. Most brokerage sales and transactions systems in Sichuan Province's capital Chengdu are functioning normally, the paper said. The death toll from Monday's earthquake, which struck about half an hour before the market closed and was felt in Beijing and Shanghai, has risen to nearly 10,000 in Sichuan Province alone. Several highrise buildings in Shanghai's financial district were evacuated following the earthquake, although the Shanghai stock exchange said the market was functioning normally. "There was shock, but no danger," the Shanghai Securities News said of the impact in Shanghai.

Hewlett-Packard Is in Talks to Buy EDS; May Offer $13 Billion, Person Says

(Bloomberg) -- Hewlett-Packard Co., the biggest personal-computer maker, is in talks to buy Electronic Data Systems Corp., a deal that would be Chief Executive Officer Mark Hurd's largest acquisition since taking over three years ago.
Hewlett-Packard confirmed the negotiations in a statement today after the Wall Street Journal said the two sides were in discussions. The Palo Alto, California-based company may pay as much as $13 billion for Electronic Data, according to a person familiar with the situation who declined to be named because the talks are private.
The acquisition would more than double Hewlett-Packard's annual sales in its services unit to almost $40 billion, making it as large a business as PCs. Buying Electronic Data, the second-biggest computer-services provider, also would escalate competition with International Business Machines Corp., the market leader.
``That's really one of the biggest areas in which they are relatively deficient in competing against IBM,'' Rick Hanna, an analyst at Morningstar Investment Services Inc. in Chicago, said today in an interview with Bloomberg Television. The move ``makes them a little bit larger, to compete with IBM on some of these large global deals.''
Hewlett-Packard, which gets about 15 percent of its revenue from services, also competes against IBM in sales of storage devices, software and servers -- computers used to run corporate networks and Web sites. Services generated $54.1 billion for Armonk, New York-based IBM last year, more than half its revenue.
Trading Halted
Electronic Data, based in Plano, Texas, rose $5.27, or 28 percent, to $24.13 before its trading was halted on the New York Stock Exchange. Hewlett-Packard declined $2.30, or 4.7 percent, to $46.83 before being halted.
Electronic Data confirmed the discussions in its own statement today, declining to comment further until an agreement is reached.
A $13 billion bid would equal about $25.87 a share, based on shares outstanding on April 25, according to Bloomberg calculations. That's 37 percent more than Electronic Data's share price of $18.86 on May 9.
That premium doesn't look ``so surprising in the grand scheme of technology deals,'' said Mark Mowrey, an analyst with Al Frank Asset Management Inc. in Laguna Beach, California, which owns about 65,000 Hewlett-Packard shares. As a shareholder, Mowrey said he's pleased with the bid.
``Mark Hurd has gotten through the transitional stages, and growth is on forefront of his mind,'' Mowrey said. ``They've trimmed a lot of the fat out of the company, and they can see growth through acquisition.''
Trimming Costs
Hurd cut more than 15,000 jobs in 2005, and squeezed costs from data centers, pensions and real estate to save another $3 billion a year, he said in a January interview. At the same time, he's added some jobs. In addition to hiring salespeople, including 2,000 last year, Hurd has expanded Hewlett-Packard's software, services and printing divisions, in part through acquisitions.
He's spent more than $6 billion on software companies, including the $4.5 billion acquisition of Mercury Interactive Corp. in November 2006. Last year, Hewlett-Packard's sales topped $100 billion for the first time, surpassing IBM as the world's largest supplier of computer technology.
Biggest Since Compaq
If the Electronic Data transaction goes through, it would be Hewlett-Packard's largest takeover since the $18.9 billion buyout of Compaq Computer Corp. in 2002 by former CEO Carly Fiorina.
Hewlett-Packard's services business was the second-smallest unit in revenue last year after the software division. The services group reported sales of $16.6 billion in its latest fiscal year, compared with $22.1 billion for Electronic Data.
Hewlett-Packard, which is also the world's largest printer maker, is scheduled to report results for its fiscal second quarter this week.
Electronic Data CEO Ronald Rittenmeyer is firing workers and moving jobs to lower-cost countries such as India to reduce spending and attract more clients with lower prices.
The company's contract signings soared 66 percent to $5.6 billion in the first quarter. Still, a slowing U.S. economy forced some clients to reduce spending on small projects, especially in the manufacturing and consumer-products industries, Rittenmeyer said last month.
Electronic Data had about 43,000 of its 139,000 employees working in lower-wage locations, including India, at the end of March.

Citigroup aims to sell $400 bn in assets in three years’ time

NEW YORK: Citigroup, the largest US bank, said on Friday it plans to shed $400 billion of assets within three years and boost revenue by up to 10% annually in a bid to restore profitability after huge losses tied to flagging mortgage and credit markets.

Vikram Pandit, who became chief executive in December, announced the plans at a much-awaited presentation to investors and analysts. He has faced growing demands from investors to slash costs, shed poor-performing businesses, and reinvigorate a stock price that has fallen more than half in the last year.

Citigroup has lost nearly $15 billion over the last two quarters, and suffered more than $45 billion of write-downs and credit losses since last summer, as the housing slump deepened, subprime mortgages imploded, and credit markets tightened. More jobs will be cut, on top of 13,200 cuts announced this year.

“It’s a net positive for Citi just to shrink,” said Henry Asher, president of Northstar Group, a New York money manager.

Some investors have viewed Citigroup, built over nearly two decades by Sanford ‘Sandy’ Weill into a behemoth with $2.2 trillion of assets that operates in some 106 countries, as too big to govern. Charles Prince, who quit as chief executive in November, routinely rejected that accusation. “Pandit is telling investors he is going to try to restructure,” said Tom Sowanick, chief investment officer at Clearbrook Financial in Princeton, New Jersey. “He seems to have a different heart than Sandy Weill and Chuck Prince.”

In afternoon trading, Citigroup shares fell 20 cents to $24.10 on the New York Stock Exchange.

Pandit said Citigroup has about $500 billion of noncore, "legacy" assets, an amount he said was not "trivial," and expects to reduce that to less than $100 billion in two to three years, largely through sales.

Unlike Weill, Pandit said he doesn't see the bank as a "financial su-permarket," but said he is committed to struggling units such as U.S. consumer banking and credit cards.

To help market itself, Citigroup is reintroducing the "Citi never sleeps" tagline, among the best-known marketing slogans in U.S. corporate advertising.

Pandit is targeting $15 billion of benefits from the restructuring, largely through cost cuts, with a goal of generating 18 percent to 20 percent return on equity.

"The asset mix is like hardware," he said. "We've got great hardware. The real question is the software." Pandit said he plans to shed assets including real estate, leveraged loans, complex debt tied to subprime mortgages, and structured in-vestment vehicles.

Some investors said shedding assets may be an uphill struggle, given tight credit markets, and could lead to further write-downs.

"There are a lot of assets that, frankly, they can't punt, because there's no bid for them," said Mirko Mikelic, a portfolio manager at Fifth Third Asset Management in Grand Rapids, Michigan. "The problem is, how much more capital do these guys need?"

Pandit has also slashed Citigroup's dividend 41 percent, and the bank has raised more than $42 billion of capital since the fourth quarter. "In this environment, excess capital is absolutely a strength," Pandit said.

Still, the magnitude of Citigroup's asset sales may prompt fresh speculation the bank will eventually break up. "Size is not necessarily providing a tremendous advantage," said Jean-Marie Eveillard, a portfolio manager at First Eagle Funds. "Finance, to some extent. is a commodity business. The returns on capital, the re-turns on equity at 20 to 25 percent, I don't think that's coming back."

Pandit is a former top investment banking executive at Morgan Stan-ley. His inexperience in consumer banking, Citigroup's largest unit, remains an issue for some investors.

"It concerns me that they brought in somebody to run this thing who doesn't have experience in that area," said Jim Huguet, chief execu-tive of money manager Great Companies LLC in Tampa, Florida. "Jump back into Citigroup? No, I'm not. I'm not sitting here waiting on the sidelines saying 'Go, Citi, go.

'" Citigroup said it is targeting annual revenue growth of 8 percent to 10 percent.

Part of that may involve expending areas of the investment bank where Citigroup is underweighted, including prime brokerage, deriva-tives, and electronic trading, Pandit said.

He also said that unit will try to reduce risk, and stop doing business with unprofitable clients. "You can be sure we will properly understand the risks we're taking, and if we can't get that right, nothing else I'm going to say is going to matter," Pandit said.

Chief Financial Officer Gary Crittenden added that senior executives will tie compensation to the success of the restructuring. "Our wallets and our hearts are going to be in the same place," he said. Citigroup also said it planned to add private bankers and offices for high net worth clients around the world.