Bharat Forge mulls South America acquisition

Bharat Forge has become the first Indian auto components company to touch the billion dollar mark. Now it wants to grow even bigger.

Bharat Forge is mulling an acquisition in South America to tap crucial automotive markets like Brazil. The company will announce acquisition of non-automotive forging business in North America and Europe during this year.

Bharat Forge plans to expand its non-automotive business from current 17% of total revenue to 40% in four to five years. Its Baramati facility will start operations in April 2008 and it will have the world's largest forging hammer.

Bharat Forge stated that the capacity utilisation in Chinese JV is below 40%. They are incurring a loss of around Rs 16 crore currently. They expect the Chinese JV to turn profitable next year.

Central Bank files IPO prospectus with Sebi

Central Bank has filed and IPO prospectus with Sebi, reports CNBC-TV18.

It will issue 8 crore shares.

Zicom Electronics to invest USD 2 mn in Hong Kong arm

Manohar Bidaye, Chairman, Zicom Electronics, says the company is setting up a Hong Kong subsidiary, Zicom Manufacturing with an investment of USD 2 million. The Hong Kong subsidiary will help in sale of overbranded products.

The company recently bought 49% stake in Dubai-based Unisafe Fire Protection.

Regarding the financial target for FY08, Bidaye says, the company will continue with the 78-80% growth rate, which it posted during past two years.

Bidaye says the company is looking for a couple of acquisitions, but will not be able provide details at this juncture.

Bharat Forge Q4 net profit at Rs 64.3cr

Bharat Forge has announced its fourth quarter and FY07 results. The company has posted standalone net profit of Rs 64.3 crore (Rs 643 million) in Q4 of FY07 versus Rs 53 crore (Rs 530 million) in Q4 of FY06 and net sales of Rs 510 crore (Rs 5.1 billion) as against Rs 438.4 crore (Rs 4.38 billion).

Other income stood at Rs 22.2 crore (Rs 222 million) versus Rs 14.3 crore (Rs 143 million).

For FY07, company has reported net profit of Rs 241 crore (Rs 2.41 billion) compared to Rs 206.7 crore (Rs 2.06 billion) in FY06 and net sales of Rs 1,864 crore (Rs 18.64 billion) versus Rs 1,578 crore (Rs 15.78 billion).

Rel Comm cuts roaming rates by 70%

ust when former Telecom Minister Dayanidhi Maran's big idea of doing away with roaming charges, didn't seem to be heading anywhere with the new Telecom Minister at the helm, Reliance Communications, or Rel Comm slashed roaming charges by 70%.

In contrast, in an earlier exclusive interview to CNBC-TV18, Sunil Mittal, Chairman & Managing Director, Bharti Airtel had said, “If the minister wants it, we will do it, but the government has to provide some relief in terms of a cut in duties and levies."

USD 20 bn spend in realty sector expected: JM Financial

JM Financial expects extra USD 15-20 billion investment in the Indian real estate sector. The lower expectancy of returns is holding back investors, from investing their capital in the real estate sector, it believes.

JM Financial sees 20% plus appreciation in some pockets of real estate. It says the actual demand for real estate will not come down.

Everest Kanto Q4 net profit at Rs 5.12cr

Everest Kanto Cylinder has come out with fourth quarter numbers of FY07. The company has reported net profit of Rs 5.12 crore (Rs 51.2 million) in Q4 of FY07 as against Rs 10.2 crore (Rs 102 million) in Q4 of FY06.

Net sales posted flat at Rs 80 crore (Rs 800 million). OPM stood at 17.2% versus 19.6% and FY07 consolidated EPS at Rs 39.