Sun said on Thursday, 26 June 2008, it will offer to purchase all outstanding shares of Taro in the next few days at $7.75 a share, the rate that both the companies had agreed upon a year ago. Sun, which already holds a 36% stake in Taro, said the offer is in line with the 2007 merger agreement between the two companies.
Tata Steel, the world's sixth-largest steelmaker, on Thursday 26 June 2008, reported 195.64% jump in consolidated net profit to Rs 12349.98 crore on 415.04% growth in total income to Rs 132110.09 crore in the year ended March 2008 (FY 2008) over the year ended March 2007. The results are non comparable due to merger Corus Group with Tata Steel in FY 2008.
At the time of announcing the results, Tata Steel managing director B. Muthuraman said it had raised prices for one-year steel sale contracts. 25% of Tata Steel's total sales were through annual contracts, he said.
B.K. Birla promoter of diversified firm Kesoram Industries said on Thursday, 26 June 2008, the company will not be split and both his grandson and head of Aditya Birla group, Kumar Mangalam Birla, and daughter Manjushree Khaitan will run the company in his absence. B.K. Birla said he will be happy working till the age of 90. He is currently 88 years old.
Earlier, B.K. Birla had plans to split the group firms between his two daughters and grandson. Other B.K. Birla group firms include Mangalam Cement, Jay Shree Tea & Industries and Century Enka.
Union Bank of India has raised its benchmark prime lending rate by 50 basis points to 13.25%. The new rates will be effective from July 2008.
The finance ministry on Thursday offered exemption of service tax on the supply of vehicles to goods transport agencies.
Satyam Computer Services announced on Thursday it has formed an alliance with Sciformix Corporation, a Westborough, Mass.-based, life science knowledge process outsourcing (KPO) company, to deliver end-to-end data management services in "Pharmacovigilance."
Financial services firm Religare Enterprises on Thursday reported a 269.8% surge in net profit to Rs 91.97 crore on 180% growth in total income to Rs 896.51 crore in the year ended March 2008 over the year ended March 2007.
The company also said on Thursday its board has approved raising upto Rs 1075 crore through equity or debt. It will also raise an additional Rs 500 crore through issue of redeemable preference shares to non-promoter entities, it said in a statement.
Shipbuilder ABG Shipyard has won an order worth Rs 585 crore from Sealion Shipping on behalf of Toisa, the company said on Friday, 27 June 2008. The total order book of ABG stands at about $2.44 billion, it said in a notice to the stock exchange.