India's leading infrastructure firm Gammon has announced its financial results for first quarter of the fiscal year 2010-11. The company has informed that, there has been a decline in its net profit-after0tax in this reviewed quarter as compared to last year report.
The net profit of the firm was reported to be Rs 46 crore for the first quarter of the current year of 2010-11. For the same period of time, the net profit was Rs 56 crore in the previous year of 2009-10.
SPML Infra Ltd has informed that its net profit has gone up in the first quarter of the current financial year. It has announced its first quarter financial results for the fiscal year 2010-11. SPML Infra Ltd was earlier known as Subhash Projects and Marketing Ltd.
According to the report, it has registered a significant rise in net profit and touched Rs 14.6 crore for the quarter that ended in 30th June, 2010 which is almost 37.5% of the net profit figure of the similar quarter in the last fiscal.
Nagarjuna Construction has announced its financial results for the first quarter of the fiscal year 2010-11.
According to the company, it has post a rising net profit figure in the reviewed quarter of April-June. Nagarjuna Construction has posted a net profit of Rs 56.22 crore during the April-June quarter of fiscal year 2010-11.
The company has registered a net profit of Rs 47.65 crore for the quarter that ended in 30th June, 2009. That means there has been a growth of 17.98% in the June quarter this year against its like period in the financial year of 2009-10.
IVRCL Infrastructures & Projects has declared its financial results for first quarter of the fiscal year 2010-11. As per the company, its net profit has gone down in the reviewed quarter of the current year as compared to its corresponding quarter in the previous year.
IVRCL Infrastructures & Projects has said that there has been a 21% decline in the net profit figure. The net profit of the firm was reported to be Rs 28.07 crore for the first quarter of the current year. For the same period of time, the net profit was Rs 35.5 crore in the previous year.
The infrastructure and real estate related wing of India Bulls has been able to win a bid to buy a defunct factory of NTC's Bharat Mills. The company named Indiabulls InfraEstate had to give away Rs. 1505 crore for the factory and land which is situated at Worli in Mumbai.
Total area under the factory is 8.37 acre and is a prime land. There were six contenders fighting for the same piece and the final decision on the same was taken on August 6. At this point, Indiabullls was able to outbid all the others and quoted the price.
Infrastructure Development Finance Company (IDFC) has announced its first quarter financial results for the fiscal year 2010-11.
According to the report, it has registered a significant 23% rise in its net profit in the quarter under review against its like period a year ago. Infrastructure Development Finance Company (IDFC) has posted a net profit of Rs 335.1 crore for the first quarter that ended in 30th June, 2010. For the similar quarter last year, the company has registered a net profit of Rs 272.4 crore.
The country is not meeting up its infrastructure growth objectives and requires revising its approach of carrying out mega projects.
Prime Minister Manmohan Singh made this announcement today while addressing the country's top policy forum.
While addressing a meeting of the National Development Council (NDC), Dr. Singh stated, "The state of infrastructure in the country is not good enough to achieve 9-10 percent growth over a sustained basis. We need to do much more in future."
Midlance, a US-based IT infrastructure service provider, made announcement about the establishment of its new plant at Mumbai.
The new plant would be a delivery and sales center for Western Zone.
According to the company's release, it would cater to clients in Maharastra, Gujrat, Madhya Pradesh and Goa.
This is Mindlance's 5th office in the Indian market, the other being situated at Bangalore (2 offices), Gurgaon and Jaipur.
After setting its sight on the cash-strapped Korean auto major, Ssangyong Motors, Ruia Group is now trying to get its hands on a European automobile components firm to drive its growth in the future.
Pawan Ruia, Chairman, Ruia Group recently said that the Group is trying to close a deal very soon in one of the auto component companies in Europe.
In fact, Ruia also pointed out that as lot of companies are up for sale in the European market, the Group is trying to work on some projects.
Kolkata, July 15 - The Ruia Group, known for its buying spree, could acquire a European auto component company soon, chairman Pawan Kumar Ruia said.
"We are trying to close a deal very soon in one of the auto component companies in Europe. In Europe, a lot of companies are up for sale. We are working on some projects," Ruia told IANS in an interview here.
Larsen & Toubro have gained the upper hand in landing the Hyderabad Metro Project after they emerged as the lowest bidder for the multi-crore project. Larsen & Toubro have come forward to help finish the Metro Project for Rs. 12,132 crore, after the state government decided to pull the plug on the deal with Maytas Infra of B Ramalinga, former chairman of Satyam Computers.
According to the finance ministry, any of the infrastructure finance group can deal out maximum of 25 percent of its inclining investment as tax-free infra bonds during a year.
As per a senior finance ministry official, the quantity of issuing of the same during this financial year shall be limited to a 25 percent of the incremental infrastructure reserves crafted by the subject throughout the fiscal year 2009-10.
This defines that if an infrastructure finance company if puts its Rs 70 crore in an infrastructure in FY09 and Rs 100 crore in FY10, then it may deliver bonds only value 25 percent of Rs 30 crore in FY11. If the same invest less or equivalent, then in that case no bonds can be issued.
The Infrastructure Development Finance Company (IDFC) declared on Thursday that it will accumulate Rs. 840 crore by issuing shares to Actis and Khazanah, which are a private equity and a Malaysian sovereign wealth fund respectively. The board had allowed Rs 3,500 crore being raised previous month, as a long term fund for financing its development plans. Rs 2,654 crore has already been raised.
The approval of the shareholders was achieved by IDFC via a postal ballot to obtain Rs 840 crore worth funds through convertible preference shares (CCPS).
Infrastructure major Hindustan construction company (HCC) announced that it has pocketed an engineering, procurement and construction contract (EPC) valued at Rs 431 crore from Himachal Pradesh Power Corporation (HPPCL).
The 100 MW Sainj hydroelectric project, about 52 Km from Kullu, is to be finished within 48 months.
Mr. Vinayak Deshpande, president and chief operating officer of HCC stated, "The contracts demonstrate HCC's EPC expertise in the hydel power development sector."
The shares of Maytas Infra today hit a 52-week high on news that the infrastructure major is selling 20% equity stake to the Saudi Binladin Group (SBG) through a preferential allotment of shares.
In a regulatory filing, Maytas said, "The company proposes to issue and allot to SBG Projects Investments Ltd. (a member of the Saudi Binladin Group) 15,459,133 equity shares, representing 20 percent of the post-issue paid up equity share capital of the company."
A landmark report is expected to swirl from the Infrastructure Australia on urban water early this week, which shall include the agenda of tapping billions of dollars' investment required to bring inclination in the water infrastructure to gel with the rapid growth of population and changing climatic conditions.
According to the advisory body the previously raised concerns regarding water pricing in many of the states is not independent and the government intervention on the pricing regulation matters is required in the projects at the moment.
Infrastructure Company, Hindustan Construction Company (HCC) said on Friday that it is going to sell 74 per cent of its stake to IL&FS through its subsidiary.
HCC Real Estate will be selling the equity share in its 247 Park to IL&FS Milestone Fund.
The total value of the deal is expected to be Rs. 775 crore in which the total debt component is going to be Rs. 380 crore. And as per the latest news, HCC will be getting Rs. 292 crore in form of cash while the remaining amount will be in other forms.
On Tuesday, HCC Infrastructure (HIL) said that it has signed a Memorandum of Understanding (MoU) with another construction company. The name of this is Orascom Construction Industries (OCI).
The two have come together to be able to bid together for a road development project that is to be done under NHAI. NHAI is the top government body when it comes to developing infrastructure projects in form of roads and highways.
Technical Analyst Ashwani Gujral has maintained 'hold' rating on IVRCL Infrastructures & Projects Ltd stock with short term target.
According to analyst, the interested investors can exit near Rs 185.
Today, the shares of the company opened at Rs 164.80 on the Bombay Stock Exchange (BSE).
The share price has seen a 52-week high of Rs 212.40 and a low of Rs 144.50 on BSE. Current EPS and P/E ratio of the stock stood at 8.05 and 21.01 respectively.
Stock market analyst Pradeep Surekha has maintained 'hold' rating on JP Associated Ltd stock with stop loss of Rs 114.
According to Mr. Surekha, the investors can purchase the stock on declines.
Today, the stock of the company opened at Rs 188.90 on the Bombay Stock Exchange (BSE). The share price has seen a 52-week high of Rs 180.09 and a low of Rs 112 on BSE.
Current EPS & P/E ratio stood at 4.03 and 29.49 respectively.
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