Bharat Forge Subsidiary Wins Euro 250 Million Multi-Year Contract
Bharat Forge said its German subsidiary BFAT has won a euro 250 million multi-year contract from a firm in Germany for supplying suspension components. “Bharat Forge Aluminumtechnik GmbH & Co KG (BFAT) has won a prestigious multi-year contract worth euro 250 million from a German OEM for supply for suspension components,” the company said in a BSE filing. Bharat Forge Chairman and Managing Director Baba N Kalyani said: “This win has been made possible because of continuous focus on innovation, technology adaptation and execution track record of BFAT and will enhance our presence in the fast growing aluminium components business which is finding increasing use in passenger vehicles for weight reduction and high performance.” The company said it is increasing its capacity by adding a new press line with all auxiliary equipment including melting which will be commissioned in January 2015.
Torrent Pharma Q4 Net Jumps 120%
Ahmedabad-based Torrent Pharma has reported 120 per cent jump in net profit for the quarter ended March 31 to Rs 244 crore, as against Rs 111 crore in the year-ago period. The company’s revenue rose 41 per cent during the January-March quarter to Rs 1,225 crore from Rs 871 crore in the same quarter of previous year. For the 2013-14 fiscal, the pharmaceutical company reported net profit of Rs 664 crore, up 53 per cent, from Rs 435 crore in the previous financial year. In the fourth quarter, the company’s domestic formulation business grew 17 per cent to Rs 256 crore, while its international revenue rose 69 per cent to Rs 887 crore. For the fiscal 2013-14, its domestic formulations business recorded revenue of Rs 1,161 crore, up 13 per cent, while international revenue grew 44 per cent to Rs 2,636 crore, the company said in a statement.
Tata Power Appoints Ashok S Sethi As Executive Director
Private power utility Tata Power announced the appointment of Ashok S Sethi as Executive Director of the company. The appointment is with immediate effect for the period upto March 31, 2017, the company said in a press release. Sethi, a B.Tech graduate from IIT, Kharagpur, was Chief-Corporate Operations Management and Executive Director of Maithon Power Limited, a subsidiary of Tata Power. He has experience in power sector, ranging from Thermal & Hydro Generation, Transmission & Distribution, Commercial & Regulatory as well as Advocacy.
Syndicate Bank To Raise $350 Million For Its London Branch
State-owned Syndicate Bank plans to raise $350 million through Medium Term Notes (MTNs) during the current quarter to meet lending requirements of its London branch. A medium-term note (MTN) is a debt security that usually matures in five to 10 years. “Recently some banks have taken loans at 2.5 per cent more than the London Inter Bank Rate (LIBOR). We expect a better rate than that. We plan to visit various countries to conduct road shows (for MTNs). Perhaps, by this month-end, we should be able to raise it,” Syndicate Bank Executive Director M Anjaneya Prasad told reporters at a press conference, adding that roadshows for MTNs would be conducted in Hong Kong, Singapore and London.
Eicher Motors Q1 Net Rises 42%
Truck, bus and two-wheeler maker Eicher Motors today reported 42 per cent increase in consolidated net profit in the quarter ended March driven by robust demand for the Royal Enfield range even as demand for commercial vehicle remained subdued. The Delhi-based company posted consolidated net profit of Rs 139.12 crore for the reporting quarter as against Rs 97.94 crore posted in the corresponding quarter last year. Net consolidated sales rose to Rs 1,899.91 crore during the quarter, an increase of 11% as against Rs 1,708.60 crore posted in the same quarter last year. Sale of Royal Enfield motorcycles rose 85% to 64,268 units as against 34,736 units sld in the same quarter last year. Sales of commercial vehicle dipped 20% to 9981 units as compared to 12529 units.
Brigade Enterprises Net Up 73% To Rs 49.2 Crore
Bangalore-based real estate developer Brigade Enterprises Ltd net profit has increased 73% to Rs 49.2 crore compared to Rs 28.4 crore in the corresponding quarter last year. Total revenues stood at Rs 394.2 crore as against Rs 299.4 crore, showing an increase of 32% over the corresponding quarter last year. The operating profit rose 32% to Rs 70 crore from Rs 53 crore in the year ago period. The company has planned to launch 10 million sq ft of new projects in 2014-15. Of this, residential launches will be about 7 million sq ft and commercial space will be 2 million sq ft. The balance one million sq ft space will be in the hospitality sector.