Sterlite Energy, a subsidiary of diversified base metal producer Sterlite Industries, plans to raise Rs 5,100 crore in share sale through an initial public offer (IPO). A company statement said it had filed a regulatory application for the IPO. Shares of Sterlite Industries gained 3.4 per cent to Rs 771.5 a share on the Bombay [...]
Soft drinks and foods major Pepsico India Holdings Pvt Ltd has applied to the Foreign Investment Promotion Board (FIBP) to invest an additional $200 million (around Rs 950 crore) as equity in its Indian operations. The Department of Industrial Policy & Promotion (DIPP), in its communication to the board, has said it “has no objection [...]
Shishir Bajaj-promoted Bajaj Hindusthan, India’s largest sugar producer, is in talks with its nearest competitor Balrampur Chini Mills to acquire the 36.67 per cent stake of the current promoters, the Kolkata-based Saraogis. Although the managements of both companies denied the development, industry sources confirmed that the two promoters have been in discussions to finalize a [...]
The mobile tariff war intensified further on Friday with the largest player in the Indian cellular market Bharti Airtel announcing seconds-based billing. Until now, Bharti was charging on a per-minute basis. This move comes after Tata Teleservices reported highest number of monthly net addition of mobile users for two consecutive months. Tata Tele was the [...]
General Motors is putting in place a growth strategy for the Asia-Pacific region which will see huge synergies between its Chinese and Indian operations. In the process, its ally in China, SAIC Motor Corporation, will get a comfortable foothold in India, which could only get stronger in the coming years.
ICICI Bank’s net profit edged up a marginal 2.5 per cent in the quarter ended September 30, 2009 at Rs 1,040 crore, against Rs 1,014 crore in the corresponding period last year. Its loan book shrank Rs 7,200 crore in the second quarter due to a drop in the agricultural loan portfolio as also repayment [...]
Sterlite Energy, a wholly owned subsidiary of Sterlite Industries, has filed a draft red herring prospectus (DRHP) on with Securities and Exchange Board of India (SEBI) to raise Rs 5100 crore from the capital market. The proposed initial public offering (IPO) of equity shares of Rs 10 each will be offered at a premium, to [...]
In stocks, traders and investors base their bids/asks, or buy and sell on lows and highs. The high and low in some instances have pips, currencies, spreads, or shares involved. Most people in the trading industry will use charts to keep updated on pips. Pips are what traders call percentages factored into points. The percentages [...]
PowerGrid Corporation is seeking loans of Rs 8,750 crore from the World Bank and the Asian Development Bank (ADB) to fund upcoming transmission projects in the country. The transmission monopoly has sent its proposal to the Ministry of Finance through the Power Ministry to negotiate with the multilateral lending agencies. “The proposals for raising $750 [...]
Oil India said its net profit rose by 0.79 per cent to Rs 722.56 crore in the quarter ended September 30, 2009. Total operating income, however, declined to Rs 2,143.07 crore in the July-September quarter from Rs 2,194.14 crore in the same period previous fiscal, Oil India said in a filing to the Bombay Stock [...]
Godrej Consumer Products Ltd, the manufacturer and supplier of consumer durables, posted 167 per cent rise in consolidated net profit at Rs 93 crore for the quarter ending September 30, 2009 as compared to Rs 34.73 crore in the corresponding period last year. Total consolidated income of the company sharply increased by 64 per cent [...]
GlaxoSmithKline Pharmaceuticals (GSK) today reported a rise of 7 per cent in net profit to Rs 141.08 crore for the third quarter ended September 30, 2009. The net sales of drug manufacturer grew by 12 per cent to Rs 511.81 crore in the latest quarter of current year from Rs 456.95 crore of the corresponding [...]