Idea Cellular is reportedly set to place equity with a foreign financial investor. According to reports, a foreign financial investor will pick up a very marginal stake in one of the company's subsidiaries, Aditya Birla Telecom. This subsidiary, is supposed to roll out services in the Bihar circle. An announcement is likely to be made today, 22 May 2008.
Mahindra & Mahindra (M&M) has reportedly signed a term sheet with Kinetic Motors to acquire a majority stake in the company. According to reports, M&M is looking to acquire 76% stake in Kinetic Motors valued at about Rs 120 crore. A deal could fructify in the next two months if the due diligence proceeds smoothly, the reports added.
Ranbaxy has reportedly struck two deals with group companies. Ranbaxy has sold some land and building for Rs 90 crore to a group company. It has also picked up 24.91% stake in Shimal Laboratories, another promoter family company, for Rs 93.4 crore, the reports added.
Oil and Natural Gas Corporation (ONGC) is reportedly planning to sell 30% to 40% each in two blocks in Vietnam to share the risks and drilling costs. ONGC owns 100% in the two deepwater exploration blocks. The buyer has not yet been finalised, the reports added.
Mastek is reportedly looking at an overseas acquisition of around $20-30 million during the current financial year.
Thermax reported 15.5% increase in net profit to Rs 80.53 crore on a 12.7% jump in sales to Rs 922.11 crore in Q4 March 2008 over Q4 March 2007.
Gemini Communication reported 11.7% decline in net profit to Rs 6.76 crore on a 71.5% jump in sales to Rs 61.09 crore in Q4 March 2008 over Q4 March 2007.
Axis Bank will turn ex-dividend on a dividend of Rs 6, Indian Bank will turn ex-dividend on a dividend of Rs 3, Nelcast will turn ex-dividend on a dividend of Rs 3, and Sulzer India will turn ex-dividend on a dividend of Rs 10.
Bajaj Holdings, Balaji Telefilms, Core Projects, Cummins India, Dishman Pharma, GTC Industries, Havell’s India, Moser Baer, and Tata Coffee, among others will declare their March 2008 ended results today.