The Godrej group has exited the pest control service business by selling its entire shareholding in Godrej HiCare to ISS a leading Denmark-based facility services company at a consideration of around Rs 100 crore.

Godrej group flagship, Godrej Industries, had a controlling stake of about 80% in Godrej HiCare, while the balance 20% being held by individuals like A Mahendran, director, Godrej HiCare.

JK Tyre & Industries, a leading automobile tyre manufacturer, sketched an investment plan worth Rs 270 crore for expanding its production capacity of off-the-road (OTR) tyres by 2011.

The company currently has 42 per cent share in the 95,000-units domestic OTR market in the country, which are used for application like mining and excavation.

Subhash Chandra promoted firm Zee News has registered 42.67 per cent drop in its consolidated net profit for the fourth quarter ended March 31

The company posted net profit worth Rs 8.76 crore against Rs 15.28 crore in the same quarter ended March, 2008.

However, the company’s has cloaked total income worth Rs 138.44 crore during the quarter under review, as against Rs 113.07 crore in the same quarter last fiscal.

For the year ended March 31, the company has posted a consolidated net profit of Rs 44.66 crore, up 20.47 per cent from Rs 37.07 crore in the same period previous fiscal.

Van Heusen, the premium formal-wear brand from Madura Garments, is targeting a turnover of Rs 400 crore by 2011-12 as against Rs 250 crore now on the back of new stores.

According to reports, it has been revealed that the company intends to open 75 exclusive stores over the next three years focusing on Tier II and III cities.

The firm is eyeing 25-30 per cent of the business from Tier II and III cities by 2011-12.

Standard Chartered Bank plans to raise at least $1 billion through an Indian Depository Receipts (IDR) issue in the local markets.

According to latest reports, the lender has already appointed JM Financial and UBS AG as lead managers for what could be the first IDR issue by a global player.

Apart from this, the bank has also appointed Goldman Sachs, Bank of America and Kotak Mahindra to manage the issue.

Indian Stock Markets opened marginally higher, but later found support on back on strong global cues. The benchmark indices closed on a strong note for the second day led by telecom, capital goods, auto and bank stocks. The Sensex closed 194 points or 1.74% higher at 11,329 and the Nifty rose 1.67% or 57 points to settle at 3,480. The broader indices - CNX Midcap was up 1.68% and BSE Smallcap Index closed 68 points or 1.71%.