15-02-2011

Crisil Q4 net up 17% to Rs 46 cr

Crisil reported a growth of 17.29% in its net profit at Rs 45.72 crore for the fourth quarter (Q4) ended December 31, 2010. It had a net profit of Rs 38.98 crore in the Q4 of the last fiscal. It also reported an increase of 24.67% in its total Q4 income at Rs 148.35 crore as against Rs 118.99 crore in the year-ago period. (Source: Business Standard)

Reliance Communications to exit PCO and fixed wireless phone business

RCom has decided to exit from PCO and fixed wireless phone business in view of low margins and blocking of precious spectrum. Revenues were down this quarter as a result of rebalancing of product portfolio. The company has rolled out CDMA network in 500 towns and 3G services in 150 towns. (Source: Economic Times)

Steel Authority of India, Kerala to invest Rs 45 cr steel mill

SAIL along with Kerala government will invest Rs 45 crore to set up a 65,000 tonnes per annum capacity new rolling mill at Steel Complex, Kozhikode to produce high-grade steel bars. The SAIL-SCL JV will set up a new rolling mill of 65,000 tonnes per annum capacity for producing high grade TMT bars. (Source: Economic Times)

Reliance Infrastructure to buy back shares at Rs 725/piece

R-Infra would buy back Rs 1,000 crore worth of shares at a price of Rs 725. R-Infra will buy back shares up to a maximum price of Rs 725, a premium of about 17% to the last closing share price. The company has done three buy backs for an aggregate amount of Rs 923 crore. R-Infra posted a 10.16% rise in net profit for the quarter ended December 31, 2010, to Rs 405.25 crore. (Source: Business Standard)

NIIT ties up with Zend Technologies for PHP training

NIIT Ltd has tied up with U.S.based Zend Technologies to provide training for hypertext preprocessor (PHP). Zend will provide NIIT with its training curriculum for PHP, Zend Framework, Zend software product training and the two companies will customise the content for the Indian market. (Source: Economic Times)

State Bank of India to offer 15-year retail bonds at 9.95%

SBI will sell bonds to retail investors offering returns of 9.75% and 9.95% on 10 and 15 year bonds, respectively. The board has approved raising funds through the issue of subordinated debt (lower tier II bonds). It has approved selling bonds worth Rs 1,000 crore, with an option to retain oversubscription of up to Rs 1,000 crore.                       (Source: Economic Times)

Jaiprakash plans to raise Rs 3,500 cr for power unit

Jaiprakash Associates is planning to raise Rs 3,500 crore for Jaiprakash Power through a follow-on share sale or global depository receipts. Jaiprakash Hydro Power has been renamed as Jaiprakash Power. The engineering and construction firm also has interests in hospitality and power. (Source: Business Standard)

Punjab National Bank (International) opens 6th branch in UK

PNB (International) has opened its sixth branch in UK and expects to chart a growth of 30 to 35% in its business during the current financial year. Within four years of commencing operations in the UK, the bank has more than 22,000 customers and total business of nearly $1.20 billion.   (Source: Business Standard)

GSK Pharma to launch vaccine, cancer drugs in 2011

GSK Pharma plans to launch pneumonia vaccine Synflorix and at least two oncology drugs in 2011 as part of its strategy to drive sales in India. The two oncology drugs, Revolade and Votrient, would be launched by end of first quarter or early second quarter. (Source: Business Standard)