L&T may edge higher after French cement producer Lafarge said on Wednesday it had acquired L&T Concrete at an enterprise value of 226 million euros ($349.5 million). The deal involves L&T’s 66 concrete plants across India with an estimated volume of 41 lakh cubic meters in 2008.
State-run Syndicate Bank on Wednesday, 14 May 2008, reported 21% growth in net profit to Rs 126 crore on 22.85% growth in interest income to Rs 2134 crore in Q4 March 2008 over Q4 March 2007.
State-run lender Power Finance Corporation said on Wednesday it has signed a loan agreement with Exim Bank of US for $800 million under the latter's India infrastructure facility. The loan will be used by Power Finance to fund project related imports from the US in the next two years.
Lanco Infratech said on Wednesday its consortium with Malaysia's Pembinan Radzai had won rights to build the Vizhinjam Container Port project in Kerala, estimated to cost Rs 8000 crore. The first phase of the project is to be built in 60 months, Lanco said.
Mercator Lines on Wednesday reported 351.74% surge in net profit to Rs 74.04 crore on 30.99% growth in sales to Rs 265.67 in Q4 March 2008 over Q4 March 2007. The net profit rose 130.88% to Rs 166.35 crore on 0.27% decline in sales to Rs 781.14 crore in the year ended March 2008 over the year ended March 2007.
JK Lakshmi Cement on Wednesday reported 11.18% growth in net profit to Rs 67.63 crore on 10.68% growth in sales to Rs 291.35 crore in Q4 March 2008 over Q4 March 2007. The net profit rose 25.58% to Rs 223.67 crore on 31.27% growth in sales to Rs 1107.66 crore in the year ended March 2008 over the year ended March 2007.
Drugmaker Ranbaxy Laboratories has received approval from the US Food and Drug Administration for muscle relaxant cyclobenzaprine hydrochloride tablets. The FDA has also granted tentative approval to Lupin Pharmaceuticals Inc, a unit of Lupin, for ramipril capsules, used in treating cardiovascular disease and high blood pressure.
Companies announcing March 2008 quarter results today include Chambal Fertilisers, Chennai Petroleum Corporation, Hitachi Home & Life Solutions, Morepen Laboratories, Punjab National Bank, Tamil Nadu Petro Products, Torrent Power, Voltas, and Zuari Industries