16-02-2011

 Sterlite Industries announces Completion of Acquisition of Lisheen Mine in Ireland

 Sterlite Ind has completed the acquisition of the Lisheen Zinc Mine from Taurus International S.A, for a share value of approximately $546 million, which includes approximately $275 million against cash balance available at Lisheen as on date. (Source: BSE India)

Indian Bank ties up with TVS for vehicle finance

Indian Bank has entered into an agreement with TVS Motor Company for financing the company's vehicles. The MoU will help to bring three wheeler drivers into structured banking and enhance Bank's collateral free lending. (Source: EconomicTimes).

Polyplex Corporation Sales rise 474.86% in the December 2010 quarter

Net profit of Polyplex Corporation stood at Rs 90.25 crore in the quarter ended December 2010 as against Rs 0.84 crore during the previous quarter ended December 2009. Sales rose 474.86% to Rs 308.87 crore in the quarter ended December 2010. (Source: Capitaline)

M&M Financial Services raises $94 mn in share

M&M Financial has raised $94 million through a share sale to institutional investors. JM Financial Services and Kotak Mahindra Capital, a division of Kotak Mahindra Bank, managed the offering. The company earlier said the floor price of the issue was fixed at Rs 672.75 a share. (Source: Business Standard)

HCL sets up Global Enterprise Mobility lab in Singapore

HCL Technologies launched a Global Enterprise Mobility Laboratory in Singapore, aiming to further enhance its expertise and capabilities in offering the next generation integrated software solutions. The laboratory, HCL's second after one similar facility was set up in London in December 2008, would spearhead the Indian software group's global research and development efforts. (Source: Business Standard)

NMDC expects 25% jump in FY12 iron ore output

NMDC expects output to touch 30 million tonne in 2011-12 from a likely 24 million tonne this fiscal year, as bottlenecks clear. NMDC has managed to clear inventory which had accumulated in mines where production was hampered by attacks from Maoist rebels, allowing output to increase. NMDC expects to export about 2.5 million tonne of ore this year to Japan and South Korea. (Source: Business Standard)

India Cements says Indonesia mine buy delayed beyond June

India Cements had initially planned to start mining from its Indonesian coal mine by May 2010, is still awaiting environmental clearances from the government there. The company had announced the acquisition of the Indonesian mine in October 2009 and has since then extended the target to commence operations to March 2011. (Source: DNA Money)

GMR Infrastructure gets Rs 520 cr from IIFCL for Delhi airport

GMR has raised around Rs 520 crore of debt from India Infrastructure Finance Co Ltd for modernising Delhi Intetrnational Airport Ltd (DIAL). The company has raised a total of around Rs 2,600 crore to fund the modernisation plan, including the debt from IIFCL. DIAL is a joint venture consortium of the GMR Group, with majority holding of 54%.               (Source: Business Standard)

Unitech to launch 10 mn sq ft area at Rs 2,000 cr

Unitech will launch various projects across the country with a saleable area of 10 million sq ft. The majority of the projects would be mid-segment housing. The company would incur a cost of Rs 1,500-2,000 crore over the next three years on construction of 10 million sq ft of area.  (Source: Business Standard)