LATEST BUSINESS NEWS

Suzlon inaugurates rotor blade manufacturing facility at Madhya Pradesh

The facility, spread across 19 acres, has an annual production capacity of 400 MW and will manufacture rotor blades for its latest S111 2.1 MW turbine

Suzlon Group, one of the leading renewable energy solutions providers in the world, inaugurated its newest state-of-the-art, aerodynamic technology rotor blade manufacturing facility at Badnawar in Dhar district, Madhya Pradesh. The inauguration was done by the Chief Minister of Madhya Pradesh, Shivraj Singh Chouhan.

The facility, spread across 19 acres, has an annual production capacity of 400 MW and will manufacture rotor blades for its latest S111 2.1 MW turbine. The latest in its 2.1 MW fleet, the S111 has a blade length of 54.8 meters, making it one of the largest rotor diameter WTGs in India.

The facility at Badnawar is Suzlon’s 14th manufacturing facility in India and has been brought into operation in less than one year. The existing blade manufacturing units of Suzlon are located in Bhuj (Gujarat), Dhule (Maharashtra), Padubidri (Karnataka), Pondicherry (Tamil Nadu), Daman, Jaisalmer (Rajasthan) and Anantapur (Andhra Pradesh). With this rotor blade unit in Ratlam- Madhya Pradesh, Suzlon has increased its global manufacturing footprint to 15 facilities, spread across India and China (JV).
source: Ventura

 

Thirumalai Chemicals to upgrade capacity of Phthalic Anhydride Plant, Fine Chemicals capacities

The company’s Malaysian subsidiary will set up food ingredients and fine chemicals plants

Thirumalai Chemicals (TCL) has received an approval to enhance the capacity of phthalic anhydride and fine chemicals in India, while its Malaysian arm - Optimistic Organic Sdn Bhd (OOSB) - will set up food ingredients and fine chemicals plants. The board of directors at its meeting held on October 19, 2016 has approved for the same.

The company is already executing an up-gradation project of its Fine Chemicals & Food Ingredients Units which is nearing completion. This will add about 40% capacity by Q4 of the current year in these divisions.

Besides, OOSB which has recently completed expansion of maleic anhydride capacity to 45,000 tonnes, is planning further increase the capacity of this unit. OOSB will also build food ingredients and fine chemicals plants based on TCL India’s technology in Malaysia.
source: Ventura

 

Wipro inks definitive agreement to acquire Appirio for $500 million

Wipro’s acquisition of Appirio will create one of the world’s largest cloud transformation practices

Wipro, a leading information technology, consulting and business process services company, has signed a definitive agreement to acquire Appirio, a global cloud services company that creates next generation worker and customer experiences for a purchase consideration of $500 million. Wipro’s acquisition of Appirio will create one of the world’s largest cloud transformation practices, a game changer in today’s as-a-service and digital economy. Appirio also brings to Wipro, Topcoder, a leading crowd-sourcing marketplace connecting over a million designers, developers and data scientists around the world with customers.

Appirio headquartered in Indianapolis with offices in San Francisco, Dublin, London, Jaipur, and Tokyo has 1250 employees worldwide. Appirio is a trusted partner to some of the world’s leading brands, including Stryker, Robert Half, Johnson Controls, Cardinal Health, Coca-Cola, eBay, Facebook, Home Depot, and Sony PlayStation.

Wipro is engaged in providing information technology solutions. It offers solutions for systems integration, information systems outsourcing, package implementation, system integration, network integration, software solutions and information technology services, software application development and maintenance and research and development services to corporations globally.
source: Ventura

 

HCL Technologies enters into agreement to acquire Butler Aerospace

This acquisition will strengthen HCL’s position in the Aerospace and Defense Engineering Services space

HCL Technologies (HCL) has entered into an agreement to acquire Butler America Aerospace, LLC (Butler Aerospace), a provider of engineering, design services and aftermarket engineering services to US Aerospace and Defense customers. Butler Aerospace is a wholly owned subsidiary of Butler America LLC.

The proposed acquisition will exclude the staffing business of Butler America Inc. The consideration for the proposed transaction is $85.0 million to be paid in cash. Butler Aerospace had revenues of $85.4 million for the year ending December 31, 2015 at EBIT of 12.2%. The transaction when consummated is likely to be EPS accretive.

Butler Aerospace serves customers primarily in the Aerospace and Defense industries in the US, to whom it provides Engineering & Design services in the areas of Mechanical and Structural Design, Electrical Design, Tool design and aftermarket engineering services.

With over 900 highly skilled engineers and 7 design centers in the US, Butler Aerospace has a marquee list of clients in the Aerospace & Defense industries and works with OEMs and their Suppliers. The acquisition will bolster HCL’s capabilities in this space and access to clients with large R&D spends.
source: Ventura

 

JM Financial’s arm executes agreements to acquire 24.50% stake in IHL

IHL is engaged in the business of providing home loans to individuals and families in the affordable housing segment

JM Financial’s subsidiary company - JM Financial Products has executed the agreement(s) on October 20, 2016 to acquire equity shares representing up to 24.50% (on a fully diluted basis) of the total paid up equity share capital of India Home Loan (IHL) through secondary purchase and/or preferential allotment route.

The acquisition as above by JM Financial Products is with the intention to transfer the entire equity stake in IHL (after factoring the carrying cost for the period it remains in the books of JM Financial Products) to a Fund/Trust to be established and managed/sponsored by JM Financial Investment Managers, the asset management company for Alternative Assets business in the JM Financial Group.

IHL is engaged in the business of providing home loans to individuals and families in the affordable housing segment. The equity shares of IHL are currently traded on the Bombay Stock Exchange (BSE).
source: Ventura

 

HCL TECH Q2 cons PAT Rs.2015cr vs Rs.2055cr yoy

 

GHCL Q2 PAT Rs.90cr vs Rs.50cr yoy

 

ZEE LEARNING Q2 PAT Rs.7.60cr vs Rs.1.1cr yoy

 

SBBJ Q2 loss Rs.210cr vs PAT of Rs.180cr yoy

 

UNICHEM LAB Q2 PAT Rs.20.5cr vs Rs.23cr yoy

 

JSW HOLDINGS Q2 PAT Rs.16cr vs Rs.20cr yoy

 

TRIDENT Q2 PAT Rs.80cr vs Rs50cr yoy, vs Rs.78cr qoq

 

GMM PFAUDLER Q2 PAT Rs.6.3cr vs Rs.4.6cr yoy

 

Jyoti Structures bags order worth $ 40.82 million from TRANSCO CLSG

The company has bagged order for Design, Supply, Installation and Commissioning of 225 kV Mano - Kanema - Bikongor transmission line

Jyoti Structures has bagged an order worth $ 40.82 million from TRANSCO CLSG for Design, Supply, Installation and Commissioning of 225 kV Mano - Kanema - Bikongor transmission line. The line interconnects Liberia with Sierra Leone. CLSG is a power transmission utility creating a common power grid for four West African countries.

Jyoti Structures is solution provider in area of high voltage power transmission lines and substations. The company provides wide range of services from design, engineering consulting, tower testing, manufacturing, construction and project management.
source: Ventura

 

ACC Q3 cons PAT Rs.82cr vs Rs.115cr yoy, vs Rs.239cr qoq

 

Indiabulls Housing Finance reports 23% rise in Q2 consolidated net profit

Total Income of the company has increased by 28.02 % to Rs 2874.94 crore for quarter under review

Indiabulls Housing Finance has reported results for second quarter ended September 30, 2016.

The company has reported 17.73 % rise in its net profit at Rs 641.10 crore for the quarter under review as compared to Rs 544.56 crore for the same quarter in the previous year. Total income of the company increased by 27.76 % at Rs 2760.36 crore for the quarter under review as compared Rs 2160.56 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported 23.18 % rise in its net profit after taxes, minority interest and share of profit of associates at Rs 684.31 crore for the quarter ended September 30, 2016 as compared to Rs 555.53 crore for the same quarter in the previous year. Total Income of the company has increased by 28.02 % to Rs 2874.94 crore for quarter under review from Rs 2245.72 crore for the quarter ended September 30, 2015.
source: Ventura

 

Atul reports 4% fall in Q2 net profit

The company’s total income has increased by 7.12% to Rs 748.92 crore for the quarter under review

Atul has reported results for second quarter ended September 30, 2016.

The company has reported 4.12% fall in its net profit at Rs 82.32 crore for the quarter ended September 30, 2016 as compared to Rs 85.86 crore for the same quarter in the previous year. However, the company’s total income has increased by 7.12% to Rs 748.92 crore for the quarter under review from Rs 699.12 crore for the corresponding quarter of the previous year.

Atul is a member of Lalbhai Group, one of the oldest business houses of India, with interests mainly in textiles and chemicals. The Group is strongly committed to serve the society in the fields of education, health as well as culture.
source: Ventura

 

GHCL gets nod for capex worth Rs 67.25 crore for Textile division

The capex will be used towards purchase of TFO Machines in the Yarn division

GHCL has received an approval for additional capital expenditure of Rs 67.25 crore for Textile division (Yarn & Home Textile). The board of directors at its meeting held on October 21, 2016 has approved for the same.

The capex will be used towards purchase of TFO machines in the Yarn division; 2.1 MW windmill project in Home Textile division; purchase of looms for weaving project of Home Textile division; and also for increase in processing capacity of Home Textile division.

GHCL is a leading producer of synthetic soda ash in India. Over the years, it has diversified into yarn and home textile products.
source: Ventura

 

Tata Power Solar continues its rooftop leadership for third consecutive year

Tata Power Solar has installed nearly 40 MW of solar rooftops in the past year alone, with majority of their customers belonging to the industrial and commercial sector

Tata Power Solar, a wholly owned subsidiary of Tata Power, has been ranked the number 1 rooftop player among EPC companies in the recently published India Solar Rooftop Map 2016 report by Bridge to India, a leading cleantech consulting firm. According to the report, the total installed capacity in the rooftop segment is 1,020 MW as of September 2016. In terms of market share, Tata Power Solar leads by nearly four times over its closest competitor in the market. Tata Power Solar has installed nearly 40 MW of solar rooftops in the past year alone, with majority of their customers belonging to the industrial and commercial sector. Several milestone projects were commissioned in this period, including the world’s largest rooftop solar plant at RSSB-EES of 12 MW setup in a single phase at a single location on multiple roofs.

Tata Power is India’s largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.
source: Ventura

 

GHCL reports 79% jump in Q2 net profit

Total income from operation of the company increased by 1.85% at Rs 703.14 crore for the quarter under review

GHCL has reported results for second quarter ended September 30, 2016.

The company has reported 79.09% rise in its net profit at Rs 90.28 crore for Q2FY17 as compared to Rs 50.41 crore for the same quarter in the previous year. Total income from operation of the company increased by 1.85% at Rs 703.14 crore for the quarter under review as compared Rs 690.34 crore for the corresponding quarter previous year.

GHCL is a leading producer of synthetic soda ash in India with an installed capacity of 8.5 lakh tonnes Per Annum (TPA) located in Gujarat. Over the years, it has diversified into yarn and home textile products.
source: Ventura