New order win energises Suzlon Energy

Suzlon Energy soared 9.08% to Rs 269.65 at 15:11 IST on BSE after reports that its unit REpower Systems has bagged an order to supply 100 wind turbines to US-based enXco.
Meanwhile, the BSE Sensex was up 258.51 points, or 1.70%, at 15778.48.
On BSE, 20.73 lakh shares were traded in the counter. The scrip had an average daily volume of 23 lakh shares in the past one quarter.
The stock hit a high of Rs 272.50 and a low of Rs 245.50 so far during the day. The stock had a 52-week high of Rs 460 on 9 January 2008 and a 52-week low of Rs 220.10 on 7 March 2008.
The scrip had underperformed the market over the past one month till 4 June 2008, slipping 13.54% compared to the Sensex’s 10.70% decline. It had, however, outperformed the market in the past one quarter, adding 4.02% compared to Sensex’s 6.21% fall.
India’s largest wind turbine maker by sales has an equity capital of Rs 299.38 crore. Face value per share is Rs 2.
The current price of Rs 269.65 discounts its Q4 March 2008 annualised EPS of Rs 12.89, by a PE multiple of 20.91.
The net profit of Suzlon Energy rose 10.2% to Rs 482.55 crore on a 33.5% rise in sales to Rs 2744.50 crore in Q4 March 2008 over Q4 March 2007.
Suzlon Energy holds 33.6% stake in REpower Systems. In May 2007, Suzlon Energy had acquired REpower which is one of Germany’s biggest wind-turbine makers and one of the world’s leading companies in wind energy sector.
Suzlon Energy provides customers with total wind power solutions.

Mercator Lines sails high seas on new order win

Mercator Lines soared 9.37% to Rs 115 at 14:51 IST on BSE after its Singapore-based unit bagged a renewed 4-year contract from Tata Power worth $320 million.
Meanwhile, the BSE Sensex was up 186.33 points, or 1.20%, at 15700.80.
On BSE, 29.89 lakh shares were traded in the counter. The scrip had an average daily volume of 17 lakh shares in the past one quarter.
The stock hit a high of Rs 115.50 and a low of Rs 105 so far during the day. The stock had a 52-week high of Rs 184.95 on 3 January 2008 and a 52-week low of Rs 40.80 on 13 June 2007.
The scrip had outperformed the market over the past one month till 4 June 2008, gaining 1.40% compared to the Sensex’s 10.70% decline. It had also outperformed the market in the past one quarter, adding 21.21% compared to Sensex’s 6.21% fall.
India’s second largest private sector shipping company has an equity capital of Rs 23.53 crore. Face value per share is Re 1.
The current price of Rs 115 discounts its Q4 March 2008 annualised EPS of Rs 12.61, by a PE multiple of 9.11.
The net profit of Mercator Lines rose 363.9% to Rs 74.04 crore on a 31% rise in sales to Rs 265.67 crore in Q4 March 2008 over Q4 March 2007.
Mercator Lines provides marine transportation services. The group's areas of operations are tankers and lighterage. The company is a provider of sea borne transportation services, primarily involved in the transportation of crude oil in India and overseas.

Mercator Lines signs a deal to acquire a double hull

Mercator Lines signs a deal to acquire a double hull, modern very large crude carrier (VLCC). This is the third VLCC added to its already existing fleet of 29 vessels that the company is controlling.
The company made this announcement after the trading hours on Thursday, 22 May 2008.

Mercator Lines takes delivery of 2008 built vessel (Dredger)

Mercator Lines on 23 May 2008 has taken delivery of a 2008 built vessel (Dredger). This is the fourth Dredger in its fleet.
The company made this announcement during the trading hours on 23 May 2008.

Orbit Corporation Board recommends final dividend of 25%

Orbit Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on June 04, 2008, inter alia, has recommended final dividend @ 25%.The stock closed the day at Rs.471.20, down by Rs.3.50 or 0.74%. The stock hit an intraday high of Rs.508 and low of Rs.446.05.The total traded quantity was 480511 compared to 2 week average of 119169.

Orbit Corporation reports net profit of Rs 88.83 crore in the March 2008 quarter

Sales reported at Rs 183.35 crore
Orbit Corporation reported net profit of Rs 88.83 crore in the quarter ended March 2008. Sales reported to Rs 183.35 crore in the quarter ended March 2008.
For the full year, net profit rose 2044.53% to Rs 166.63 crore in the year ended March 2008 as against Rs 7.77 crore during the previous year ended March 2007. Sales rose 1250.05% to Rs 417.03 crore in the year ended March 2008 as against Rs 30.89 crore during the previous year ended March 2007.

Vishal Retail Opens 4 New Showrooms in May 2008

Vishal Retail Ltd has opened four new Showrooms, during the month of May, 200.The first showroom was opened at M-10. Kiti Nager, New Delhi, Area covered (approx) of 1637 sq. ft.The second showroom is located at 27/62, Pabwari, Belanganj, Agra (U.P), Area covered (approx) of 8475 sq. ft.The third showroom was opened in Lucknow at Plot No. 13, Old RTO Compound, 92, Gautam Budh Marg, Lucknow Uttar Pradesh, Area covered (approx) of 5129 sq. ft.The fourth showroom is located at M/s. Ganpati Filing Station, Shubhash Nager, Jammu & Kashmir, Area covered (approx) of 800 sq.ft.The tally of total number of stores of the Company has reached 112 stores having presence in 74 cities across India, spreading across an area of 22,63,873 sq. ft (approx.)

Infosys Funds Research Center at University of Southern California

The University of Southern California (USC) Viterbi School of Engineering and Infosys Technologies (NASDAQ:INFY), a global IT services and consulting Company, today jointly announced an agreement to set up an Infosys-supported Research Center at USC.The agreement was signed by Yannis C Yortsos, Dean of the USC Viterbi School of Engineering and Kris Gopalakrishnan, CEO and Managing Director, Infosys Technologies."Infosys' global vision of engineering is compatible with that of the Viterbi School and the University of Southern California," said Yortsos. "This agreement will explore a model of interaction in research, education and training in areas of interest to both Infosys and USC. The collaboration will include joint research, bilateral visits by researchers, student internships and distance education, among other activities." The agreement provides that the Center for Research & Education in Advanced Software Technologies (CAST) will open on the USC campus. Created with funding from Infosys, CAST will facilitate joint research and education in such areas as software architecture, service oriented architecture and information integration, intelligent systems and agents, mobile and wireless systems, sensor networks and CAD frameworks and tools for hardware and software. "The United States is the hub for innovation in science and technology," said Subu Goparaju, Vice President and Head, SETLabs, Infosys Technologies."Through this collaboration we hope to work with the best and the brightest engineering talent in the world on innovative technology solutions. USC has among the largest number of international students of any U.S. university and the USC graduate program in engineering is widely acknowledged to be among the top 10 in the U.S."This agreement is part of a larger Infosys program to engage with leading Indian and international universities to facilitate research in a variety of areas including software engineering, information management, knowledge engineering, game theory, and IP litecycle management.Infosys has previously been collaborating with academic institutions with its global internship program InternStep (http://infosys.com/instepweb) and its industry academia program - Campus Connect (http://campusconnect.infosys.com) has also been hiring university graduates from outside India, training them in India and sending them back to their home markets.Yortsos noted that the Viterbi School has more graduate students enrolled from India than any other country except the U.S. "The Viterbi School is educating many Indian graduate students," said Yortsos. "I, am delighted with this new relationship with Infosys because of the significant promise to benefit both parties.

Jindal Steel & Power arm inks MOU Jharkhand State Government for setting up 2640MW power project

Jindal Steel & Power Ltd has announced that the Jindal Power Ltd (JPL), a Subsidiary Company, that it has entered into a Memorandum of Understanding (MOU) on June 03, 2008 with the State Government of Jharkhand for setting up of 2640MW (4X660MW) power project in the state of Jharkhand at an estimated cost of Rs 11,880 crores.In terms of this MOU, the Government of Jharkhand will extend all reasonable assistance to JPL for setting up this Project including providing all state level clearances, selecting coal blocks within the state and recommending Govt. of India for allocation of coal blocks, acquiring land for plant, permitting drawl of water for project, connecting project to PGCIL grid, constructing necessary road, obtaining right of way and making available necessary power during construction phase.The stock closed the day at Rs.2110.35, down by Rs.140.80 or 6.25%. The stock hit an intraday high of Rs.2267 and low of Rs.2094.The total traded quantity was 158999 compared to 2 week average of 170215.

Ipca Laboratories strengthens on securing USFDA approval

Ipca Laboratories gained 0.63% to Rs 600 at 15:17 IST on BSE on receiving US Food and Drug Administration approval for propranolol hydrochloride tablets.


Meanwhile, the BSE Sensex was down 415.99 points, or 2.61%, to 15,546.57.
On BSE, 4,888 shares were traded in the counter. The scrip had an average daily volume of 9,737 shares in the past one quarter.
The stock hit a high of Rs 614 and a low of Rs 595 so far during the day. The stock had a 52-week high of Rs 794 on 4 July 2007 and the stock hit a 52-week low of Rs 451 on 24 March 2008.
The mid-cap company had outperformed the market over the past one month till 3 June 2008, declining 5.33% compared to the Sensex’s decline of 8.74%. It had also outperformed the market in the past one quarter, rising 0.95% compared to Sensex’s decline of 3.50%.
The company’s current equity is Rs 25.09 crore. Face value per share is Rs 10.
The current price of Rs 600 discounts its Q4 March 2008 annualised EPS of Rs 36.09, by a PE multiple of 16.53.
Ipca Laboratories in an announcement made during trading hours today, 4 June 2008 said that the USFDA approval is for tablets of 10, 20, 40, 60 & 80 milligrams strengths. Total annual sales for propranolol hydrochloride tablets in US market were $24.1 million in December 2007.
Ipca Laboratories’ net profit fell 18.11% to Rs 22.64 crore on 15.15% rise in total income to Rs 255.10 crore in Q4 March 2008 over Q4 March 2007.
The company manufactures and distributes drugs and pharmaceuticals. The products of the group include tablets, capsules, basic drugs, orals, liquids and injectables. The group operates in Russia, Kazakhstan, Ukraine, Belarus, Uzbekistan and India.

L&T 3 IPOs for 2009-10

Engineering and construction major Larsen & Toubro plans to go ahead with the first of the three proposed initial public offering of its group companies in 2009-10.
The company, which has a wide portfolio of operations ranging from manufacturing to software services, intends to tap the capital market for its information technology arm L&T Infotech, L&T Infrastructure Development Projects and its financial services business.
“It’s most likely that the first of the three to get listed will be our information technology arm,” Mr A.M. Naik, Chairman and Managing Director of the company, told press persons on Thursday. He said that the IT arm will get listed in 2009-10, depending on market conditions, and that there would be an IPO every year for the other two companies.
The company, meanwhile, is gearing up to expand its business canvas by getting into power production and coal mining, in expectation of a strong growth in the power sector for the next 10 years. Although coal mining will not constitute a full-fledged business, L&T plans to take up mining operations to feed its proposed power plants.
Shipbuilding plans
L&T is also betting big on shipbuilding, with plans to set up a Rs 2,000-crore integrated greenfield shipbuilding yard at Ennore, north of Chennai. “We have appointed an international consultant from Germany to advice us on the type of vessels that would be built at the shipyard. We are scheduled to have a meeting with them (the consultants) next week,” Mr Naik said. He expected the shipyard to start making ships from 2011.
He did not specify the type of ships that the company proposed to build at the shipyard, but made it clear that the yard would not make the conventional bulk carriers or tankers. The yard will instead focus on specialised vessels of above 1.5 lakh DWT.
The company currently operates a small shipbuilding yard at Hazira in Gujarat, with the current order book position being Rs 1,300 crore. “We are not taking fresh orders for the time being due to capacity constraints,” he said.
Capex programme
Mr Naik said the company has lined up a capital expenditure programme of about Rs 2,000 crore to expand its various facilities in the current fiscal.
The company plans to sharpen focus on its operations in West Asia and Gulf, as “there is scope for doing more there.” Also, its overseas operations would provide the company an opportunity for better risk management in the event of an economic slowdown in specific geographies.
The international order book position for its engineering and construction business stands at Rs 8,210 crore, accounting for about 16 per cent of the segment’s order book, which was in the region of Rs 50,931 crore as on March 31, 2008.
In the real estate sector, L&T is in the process of concluding agreements with two real estate developers to undertake construction projects. “Both the projects will involve an investment of over Rs 5,000 crore to be executed in five years,” Mr Naik said. The company has already concluded similar agreements with the Hiranandani and Oberoi groups, reports The Hindu Business Line.