MRF Q4 net shoots up to R150 crore
Tyre-maker MRF informed the stock exchanges on Thursday that the company has reported a sharp jump in its net profit for the quarter ended March 31 to R150.13 crore compared with R89.85 crore reported during the same quarter last year. Total income has increased from R2,399.40 crore in the fourth quarter last year to R2,998.06 crore for the quarter ended March 31, 2012.
Strides Arcolab Jan-Mar net zooms to R642 crore
Drug firm Strides Arcolab on Thursday reported a consolidated net profit of R642.18 crore for the quarter ended March 31, 2012, primarily on the back of its entire stake sale in Australian arm ‘Ascent Pharmahealth’. The Bangalore-based firm had sold its entire stake in Australian subsidiary Ascent Pharmahealth to Watson Pharmaceuticals for AUD 375 million in January this year. The company had posted a net profit of R45.08 crore in the same period last year, Strides Arcolab said in a statement.
United Phosphorus to move tribunal against fine
United Phosphorus said it will move the Competition Appellate Tribunal against the R252 crore fine imposed on it by CCI over allegations of collusive bidding and cartelisation. “The Company believes there is no violation on its part as alleged by the Competition Commission of India and it will, in due course, take steps to file against such order of CCI before the Competition Appellate Tribunal,” United Phosphorus said in BSE filing. CCI on Monday imposed fine on three companies ? United Phosphorus, Excel Crop Care and Sandhya Organics ? for collusive bidding and cartelisation in supplying ALP (aluminium phosphide) tablets, used to preserve foodgrains, to Food Corporation of India (FCI).
Mahindra to mkt SsangYong cars in South Africa
Mahindra South Africa (MSA), an affiliate of automaker Mahindra and Mahindra, will market SsangYong products here, the first country outside India, after M&M acquired a 70% stake in the Korean carmaker last year. MSA this week strengthened its promotion of Ssangyong in the country with the release of two new models from the Korean manufacturer’s stable ? Korando sports utility vehicle (SUV) and Actyon sports recreational vehicle (SRV).
Amway to set up plant in J&K for R400-500 cr
Upbeat over 26% growth in revenues from Jammu and Kashmir in 2011, FMCG company Amway India said it will set up a manufacturing unit at a cost of R400-500 crore in the state in the next 2-3 years. “By next two to three years, a manufacturing unit would be set up in Jammu and Kashmir as business is growing here,” vice-president (North), Amway India, Bhuvan Kapur told reporters here today.
JSW Steel production up 16% at 7.43 MT in FY12
JSW Steel said it has clocked 16% growth in annual crude steel production at 7.43 million tonne (MT) in 2011-12. However, the Sajjan Jindal-led steel maker missed its initial production guidance of 8.75 MT due to shortage of iron ore in Karnataka, where it operates main production facility with a 10 MT per year capacity.
Inox appoints GDC Tech to digitise screens
India’s largest multiplex chain Inox Leisure, which also owns Fame India, has partnered with digital cinema solutions provider GDC Technology and Barco to digitise all its screens. The proposed contract is expected to be executed within a week, and full deployment will be completed by 2012, Inox said in a statement to the BSE. Deployment involves 300 integrated systems with Barco projectors and GDC intergrared media block, theatre management and automation systems.
Essar Oil, BPCL renew sale, purchase deal
Essar Oil Limited said it has renewed a product sale and purchase agreement with Bharat Petroleum Corporation Limited. The renewed four year agreement, running upto 2016 is for supply of diesel, petrol, kerosene and ATF (aviation turbine fuel) to BPCL from its Vadinar Refinery. It also entitles EOL to purchase products from BPCL and gives the two companies the option of sharing each other?s distribution infrastructure.
Oberoi Realty order book jumps 50% to R1,500 cr
Oberoi Realty said its order book has increased by 50% to R1,500 crore in FY12 as against R1,000 crore in FY 11. ?Our order book has jumped by nearly 50% at R1,500 crore from R1,000 crore in the previous year. We have managed to maintain a robust order-book which is a clear reflection of confidence that our customers have in our product,? said Oberoi Realty CMD Vikas Oberoi.
