Religare Capital Markets on Tuesday, 27 May 2008 said it has acquired 97.76% stake in Hichens Harrison & Company Plc following the acceptance of its open cash offer by the UK firm. Hichens has accepted the offer for 1.70 crore shares, representing 97.76% stake in the UK firm, Religare said in a fling to the Bombay Stock Exchange.
The income tax department has reportedly issued a notice to iron ore exporter Sesa Goa seeking details of its $981 million acquisition by Vedanta.
The BK Modi Group is reportedly set to reduce its shareholding in Spice Communications. The board of Spice Communications will meet on 2 June 2008 to discuss the options, the reports suggested. The BK Modi family has a 40.8% stake through Modi Wellvest, while the remaining 20% is held by the public and financial institutions.
Elecon Engineering Company is reportedly in talks with an European company for an acquisition that will help expand its gearbox and material handling equipment divisions.
RIL Australia, a unit of Reliance Industries has reportedly paid $3.45 million in cash to Uranium Exploration Australia to acquire 49% interest in four of the latter's exploration licences in south Australia.
Jet Airways reportedly said the Indian aviation industry may incur losses of nearly $2 billion in FY09 pressured by rising fuel costs and irrational pricing.
Jindal Steel & Power reported a 92.5% jump in net profit to Rs 390.33 crore on a 44.5% increase in sales to Rs 1522.97 crore in Q4 March 2008 over Q4 March 2007.
Emco reported a 98.2% jump in net profit to Rs 28.78 crore on a 36% increase in sales to Rs 342.20 crore in Q4 March 2008 over Q4 March 2007.
Neyveli Lignite Corporation reported a 1357.1% surge in net profit to Rs 384.68 crore on a 128.9% increase in sales to Rs 801.74 crore in Q4 March 2008 over Q4 March 2007.
Mahindra & Mahindra, Tata Motors, Mundra Port and Special Economic Zone, Adani Enterprise, Britannia Industries, Emami, Godrej Indistries, Harrisons Malayalam, Hindustan Dorr-Oliver, ICRA, Indian Oil Corporation, IVR Prime Urban Developers, IVRCL Infrastructures & Projects, JM Financial, Pidilite Industries, and Ucal Fuel Systems, among others will declare their March 2008 ended results today.