Mahindra & Mahindra (M&M) is reportedly set to buy a stake in Reva Electric Car Company. According to reports, M&M will be make an announcement early today in Bangalore, where the Reva is headquartered. Reva, founded by Chetan Maini in 1994, is an Indo-US joint venture and has launched more than 3,000 cars. As per reports, M&M has valued Reva at about $100 million.
Net profit of Hindustan Unilever (HUL) rose 47.14% to Rs 581.20 crore in the quarter ended March 2010 over the quarter ended March 2009, boosted by exceptional gains. Net sales rose 8.21% to Rs 4315.75 crore. The company announced the result after market hours on Tuesday, 25 May 2010.
Net profit of Tata Tea rose 83.60% to Rs 53.72 crore on 20.27% rise in net sales to Rs 408.32 crore in the quarter ended March 2010 over the quarter ended March 2009.
Tata Tea's board has already approved a sub-division of equity shares of face value of Rs 10 each into 10 shares of the face value of rupee one each.
Bharat Heavy Electricals, Tata Steel, Godrej Industries, HPCL, Oil India, Bank of India, Asian Hotels, Cinemax India, Dalmia Cement, Ess Dee Aluminium, Everest Kanto, Indian Hotels, K Sera Sera, Mphasis and REI Agro among others will declare their January-March 2010 quarter results today, 26 May 2010.
Jindal Steel & Power replaces Grasim Industries in the barometer index BSE Sensex today, 26 May 2010. Trading in shares of Grasim will be on ex-entitlement basis starting today for the demerger of the cement division.
Adani Enterprises, Rural Electrification Corporation,and Piramal Healthcare will be added to MSCI Index at the close of today's trade.
SpiceJet's board has approved raising up to $75 million through any combination of instruments either locally or abroad.
The empowered group of ministers on gas allocation will reportedly give priority to new projects as it draws up a list of the next set of beneficiaries in the power sector to receive gas from Reliance Industries' KG basin. Earlier, the KG gas was given to old projects that did not get enough gas.
Anil Ambani-controlled Reliance Infrastructure reportedly expects total revenue of Rs 2000 crore by 2011-12 from 11 infrastructure projects that will operationalise in the current financial year.
ICICI Venture Funds Management Company, the private equity arm of ICICI Bank, is reportedly considering a public issue, though it will go ahead only after it launches a greater variety of funds.
Aban Offshore's board has approved raising up to $400 million through foreign currency convertible bonds, global depository receipts or American depository receipts. It also plans to raise up to Rs 2500 crore by selling shares to qualified institutional buyers.
Lupin has received US FDA approval for its losartan potassium and hydrochlorothiazide tablets. Losartan potassium and hydrochlorothiazide tablets are used to treat high blood pressure.
The government will reportedly consider changes in rules to allow 100% foreign-owned and well capitalised non-banking finance companies (NBFCs) to set up subsidiaries, removing the curbs introduced by the foreign direct investment guidelines issued last year.
JK Tyre and Industries reportedly plans to increase prices of its products by 3-4% in June 2010, on surging costs of raw material, especially rubber.
JK Tyre & Industries reported net profit of Rs 163.47 crore on sales of Rs 3677.70 crore in the year ended March 2010. The period for the previous full year ended March 2009 was 18 months. Hence, the figures are not comparable.
Jai Corp reported net profit of Rs 17.90 crore in the quarter ended March 2010 as against net loss of Rs 26.39 crore in the quarter ended March 2009. Sales rose 63.19% to Rs 117.02 crore in the quarter ended March 2010 over the quarter ended March 2009.
Golden Tobacco reported net loss of Rs 11.34 crore in the year ended March 2010 as against net profit of Rs 0.25 crore in the year ended March 2009. Sales rose 4.32% to Rs 89.28 crore in the year ended March 2010 over the year ended March 2009.
Net profit of Nagarjuna Construction Company rose 168.57% to Rs 102.62 crore on 38.87% rise in net sales to Rs 1521.81 crore in the quarter ended March 2010 over the quarter ended March 2009.