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.
Tuesday, May 22, 2007
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.
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.
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).
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."
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.
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.
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.
Target India: Vodafone launches low cost handsets
Even before Vodafone makes its entry into the Indian mobile market, the UK-based company has launched its first branded entry-level handsets priced between $25 and $45. The Vodafone branded handset has been launched aimed at the emerging and developing markets such as India.
"The Vodafone 125 and Vodafone 225 are part of Vodafone's ongoing commitment to expand access to mobile in emerging markets, where mobile technology and networks are often the only viable and cost effective telecom service. The handsets are therefore key to offering a range of services, particularly in rural areas where mobile penetration is often at its lowest," said a press release.
"The Vodafone 125 and Vodafone 225 are part of Vodafone's ongoing commitment to expand access to mobile in emerging markets, where mobile technology and networks are often the only viable and cost effective telecom service. The handsets are therefore key to offering a range of services, particularly in rural areas where mobile penetration is often at its lowest," said a press release.
Crude ends above $66/bbl on Nigeria unrest
Crude prices spiked 2.1% to above USD 66 a barrel as continued unrest in Nigeria threatened the OPEC nation's oil exports. Speculation that demand will increase as US refiners make more gasoline to supply summer fuel needs provided support for the prices.
In after hours acces trading, crude is trading at USD 66.89 per barrell up 2 cents on the Nymex.
In after hours acces trading, crude is trading at USD 66.89 per barrell up 2 cents on the Nymex.
TV 18 group plans general entertainment channel
The TV 18 group has decided to launch a general entertainment and infomercial channel, initially in India and eventually entering the West Asian, UK and US markets.
According to the plans, the Indian operations would be launched with an investment of around $13 million, funds for which would be routed through companies incorporated in the Cayman Islands and Cyprus, sources said.
The main company through which funds would be routed is Cyprus-based HSN Cyprus.
HSN Cyprus is a joint venture company between Cayman Islands-based Network 18 Holdings Ltd and Mauritius-based SAIF II Mauritius Company Ltd, a subsidiary of SB Asia Investment Fund II LP, which manages funds worth $643 million.
According to the plans, the Indian operations would be launched with an investment of around $13 million, funds for which would be routed through companies incorporated in the Cayman Islands and Cyprus, sources said.
The main company through which funds would be routed is Cyprus-based HSN Cyprus.
HSN Cyprus is a joint venture company between Cayman Islands-based Network 18 Holdings Ltd and Mauritius-based SAIF II Mauritius Company Ltd, a subsidiary of SB Asia Investment Fund II LP, which manages funds worth $643 million.
IOC may upgrade, expand Barauni, Mathura refineries
After Panipat, Koyali and Haldia, IndianOil has set its sight on upgradation-expansion of Barauni (six million tonnes) and Mathura refineries (mt) in Bihar and Uttar Pradesh respectively.
Set up in 1964 for use of light sweet Assam crude, the six-mt Barauni refinery is today run on low sulphur Nigerian crude resulting in high operational cost. Sweet light Nigerian crude is generally costlier by $3-4 a barrel over and above the heavy sour Middle East crude.
"We are planning a low-cost select process upgradation requiring an investment of Rs 1,000-1,500 crore so that the refinery can use 40-50 per cent of high sulphur crude. This will enhance the refining margin by $2-3 a barrel," a senior company official said.
Set up in 1964 for use of light sweet Assam crude, the six-mt Barauni refinery is today run on low sulphur Nigerian crude resulting in high operational cost. Sweet light Nigerian crude is generally costlier by $3-4 a barrel over and above the heavy sour Middle East crude.
"We are planning a low-cost select process upgradation requiring an investment of Rs 1,000-1,500 crore so that the refinery can use 40-50 per cent of high sulphur crude. This will enhance the refining margin by $2-3 a barrel," a senior company official said.
Adani Enterprises Q4 net up at Rs 65.3 crore
Adani Enterprises announced its Q4FY07 result. It posted Q4 net profit of Rs 66.2 crore versus Rs 65.3 crore on YoY basis. During the corresponding quarters, its net sales was up at Rs 3426 crore versus Rs 3256 crore.
The company's Operating Profit Margin was at 3.25% versus 2.80%.
The company's Operating Profit Margin was at 3.25% versus 2.80%.
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