2009 January | Value Scrips.com

UltraTech Cement Limited Q3 sales up 18%

January 20th, 2009 by | No Comments | Filed in Results

UltraTech Cement Limited Announces Results for the Quarter Ended 31st December, 2008
Mumbai : UltraTech Cement Limited, an Aditya Birla Group Company, today announced its unaudited financial results for the quarter ended 31st December, 2008.

Financials

Net Sales at Rs.1,631 crores is up by 18% compared to Q3FY08 (Rs. 1,380 crores). Profit before Interest, Depreciation and Tax at Rs. 451 crores (Rs. 490 crores) and Profit after Tax at Rs. 238 crores (Rs. 279 crores) were lower by 8% and 15% respectively. Cash Profit remained flat at Rs. 358 crores (Rs.353 crores).

The Company has a strong balance sheet with debt: equity ratio of 0.5 and interest cover of more than 10 times.

The Company produced 3.98 MMT (3.60 MMT) of cement in Q3FY09 registering a growth of 11% YoY.

Domestic cement sales volume at 3.80 MMT (3.40 MMT) registered a growth of 12%. Exports were lower at 0.69 MMT (0.79 MMT). Total sales volume increased by 6% from 4.32 MMT in Q3FY08 to 4.57 MMT during the quarter under review.

Domestic realisation remained flat sequentially. Though fuel prices started softening from November, 2008, its real impact will be reflected in Q4FY09. During Q3FY09, as the Company consumed fuel out of inventory and order in pipeline, the variable cost was up by 35%.

Capex

All Project capex viz. the expansion at Andhra Pradesh Cement Works (APCW), the grinding Unit at Ginigera in Karnataka and installation of captive Thermal Power Plants across the Company’s Units will be fully operational during FY09.

Upon the commissioning at APCW and Ginigera, the total capacity of the Company will stand increased from 18.2 MMT to 23.1 MMT. With the commissioning of the new TPPs, the Company will have access to 271 MWs of captive power which will cater to around 80% of its power requirements.

Outlook

The government has taken several steps for improving liquidity in the system. It has announced two stimulus packages to boost the sagging economy. Despite this, funding continues to be a problem in the real estate and infrastructure sectors. There is a slowdown in construction activities and corporate capital investments, leading to slackening in demand for cement. The sector is now expected to grow in line with GDP.

Additionally, the likely release of around 100 million tonnes capacity in a phased manner over the next two years coincides with slower economic growth. This will put pressure on sales realization and margins in FY10.

The Company will continue to focus on sustaining plant performance and optimising efficiencies.

Sterlite Technologies' Nine months Net Revenues up 50%

January 20th, 2009 by | No Comments | Filed in Results

Strong order book of Rs 1,415 Crores Mumbai – Sterlite Technologies Limited (“Sterlite”) [BSE (Bombay Stock Exchange): 532374, NSE (National Stock Exchange of India, Mumbai): STRTECH], a leading global provider of transmission solutions for the telecom and power industry, today announced its results for the nine months ended December 31, 2008.

Financial highlights: Nine months ended December 31, 2008

-   Net Revenues reached Rs. 1,712 Crores (US$ 351 Million), up 50% year over year with an EBITDA margin of 9.3%.
-   Power product sales increased 55% year over year and telecom products/solutions sales increased 42% year over year.
-   International sales showed a strong y-o-y growth by 36% to reach Rs. 488 Crores (US$ 100 Million), as compared to international sales of Rs. 358 Crores (US$ 80 Million) in the same period in FY08.

Financial highlights: Q3 2008-09

-   Net Revenues reached Rs. 642 Crores (US$ 132 Million), up 28% year over year with an EBITDA margin of 11.0%.
-   Net Profits reached Rs. 31 Crores (US$ 6.4Million), up 19% year over year.
-   Power product sales reached Rs 427 Crores (US$ 87 Million) and telecom products/solutions sales reached Rs 215 Crores (US$ 44 Million).
-   Strong cash flow during the quarter. Debt has reduced by Rs 190 Crores (US$ 39 Million); existing debt is below Rs 600 Crores (US$ 123 Million) as on December 31, 2008.

Business Highlights: Q3 2008-09

-   At the start of Q4 FY09, the Company has a strong order book of about Rs. 1,415 Crores (US$ 290 Million) for its telecom and power products.
-   PGCIL, BSNL & MTNL have actively continued their ordering processes for FY 2008-09.
-   Receipt of repeat orders from current customers and the addition of new eminent global customers. International sales currently account for about 30% of the Company’s net revenues.
-   Launch of the ‘Sterlite Fiber Powered Home’ for enterprise and residential customers. This is a highly cost effective solution for any / all new network deployments.
-   The Company won the Deloitte Technology Fast 50 India and Fast 500 Asia Pacific Awards 2008 for the fourth consecutive year.

Mr. Pravin Agarwal – Director, Sterlite Technologies says, “In the current financial year, sales volumes across all our businesses have been highest ever, compared with that in previous years. We remain focused on reducing cost structures, on developing new solutions for the power and telecom sectors and on enhancing our global footprint. With all our expansion projects on schedule, our Company on track to be amongst the Top 3 power conductors suppliers globally and amongst Top 5 integrated optical fiber & cable suppliers globally. We believe we are poised to capitalize on global opportunities in our focus sectors.”

KPIT Cummins Q3 2008-09 Highlights

January 20th, 2009 by | No Comments | Filed in Results

Pune, January 19, 2009: KPIT Cummins (BSE: 532400; NSE: KPIT), a leading solutions partner to the global manufacturing industry, today announced financial results for the quarter ended December 31, 2008.

Revenue Growth

In USD terms, the company recorded total revenue of USD 42.36 Mn, reflecting a 14.15% growth over the revenue in same quarter last fiscal. In INR terms revenue grew by 22.06% Y-o-Y to reach INR 1845.22 Mn.
Profit Growth
The company earned a net profit of INR 168.66 Mn for Q3 FY09, Y-o-Y growth of 19.36% and Q-o-Q growth of 0.99%.
Innovative solutions for the focus verticals
Filed two patents in Multi-core Processor technology area, taking the total number of patents filed to 8.
Automotive
·         Commenced 7 new SAP Implementation and Rollout programs for Customers in Automotive & Industrials verticals, including one for a leading European automotive Tier 1.
·         We are the only company to have 3 SAP certified solutions for discrete manufacturing space (Auto, IMC-Industrial Machinery & Components and Hi-Tech).
·         Successfully implemented and tested AUTOSAR (Automotive Open System Architecture: is an open and standardized automotive software architecture) based complex electronic control unit in a vehicle for a leading Asian automotive OEM.
Industrials
·         Won a new ERP customization engagement from an European agricultural technology company.
·         Won an Oracle Apps implementation engagement from one of the Top five customers.
Hi-Tech
·         Deepened relationship with a long standing Japanese semiconductor customer by engaging in the area of new IP development.
         A large engagement with a leading US based Hi-Tech company ramped-up.

Diversified Financial Services
· Strengthened our relationship with one of the Biggest banks in South Africa.
· New engagement in the area of IT enhancements for a global payment software provider.

Satyam Raju admits fraud: quits the post

January 8th, 2009 by | No Comments | Filed in Politics

The chairman of Satyam Computer Services, India’s 4th-biggest software services exporter, resigned on Wednesday, saying the company’s profits had been inflated over recent years, sending Satyam shares plunging more than 70 percent.

Following are recent key events at Satyam.

December 16 – Satyam announces plan to buy two building firms part-owned by the outsourcer’s founders for $1.6 billion. It does a rapid U-turn, killing the deal just 12 hours later following a 55 percent plunge in the company’s share price in hectic U.S. trading.

December 17 – Chairman B. Ramalinga Raju says the about-turn reflected negative investor reaction. Satyam shares continue to slide, falling by a third on concerns about corporate governance.

December 18 – Satyam board says will meet on December 29 to consider a share buyback in a bid to restore confidence.

December 23 – Satyam barred from business with the World Bank for eight years for providing Bank staff with “improper benefits.” Its shares fall another 14 percent to their lowest in more than 4- years.

December 24 – Satyam shares rally amid market talk the outsourcer may have become an attractive takeover prospect given the steep share price fall.

December 25 – Satyam says it asked the World Bank to withdraw “inappropriate” statements.

December 26 – Mangalam Srinivasan, an independent director, resigns.

December 28 – Satyam defers board meeting until January 10 to give itself time to consider options to shore up investor confidence.

December 29 – Three more directors quit, but Satyam shares rise on hopes for moves to improve shareholder value and corporate governance.

December 30 – Shares extend gains on talk of private equity interest and a management change. One of Satyam’s largest investors says it could sell its stake.

January 2 – Satyam says its founder’s stake fell by a third to 5.13 percent. Analysts say this means the company is a more attractive bid target.

January 5 – Satyam shares tumble 9 percent on concern that corporate governance issues could hit new business.

January 6 – Shares rise more than 7 percent on a newspaper report Satyam had been approached by smaller rivals Tech Mahindra for an all-share merger.

Source: Reuters.com

NYSE Euronext: The World’s Largest IPO in US history

January 5th, 2009 by | No Comments | Filed in Politics

Mumbai, 5 Jan 2009 – During the year gone by, NYSE Euronext markets attracted the largest IPO in the US history, with Visa (NYSE: V), raising $17.86 billion/€11.5 billion, and the second-largest IPO this year in Europe, where EDPR (NYSE Euronext: EDPR) raised $2.42 billion/€1.566 billion.

Other large offerings on NYSE Euronext markets in 2008 included the $12.1 secondary offering by Brazil’s Vale (NYSE: RIO) with its cross-listing in Paris (NYSE Euronext: VALE), the $1.4 billion IPO by American Water Works (NYSE: AWK) on the NYSE and the $1.1 billion IPO by Intrepid Potash (NYSE: IPI) on the NYSE.

Based on IPO proceeds raised globally (through Nov. 2008), the NYSE ranked at number-1 of major exchanges, with $26 billion raised, or 21% of IPO capital raised. Though US and global IPO activity fell sharply from the previous year due to challenging market conditions, NYSE Euronext markets’ ranking at the top of the list by proceeds was unchanged.

Reliance Mobile Launches GSM Services in Mumbai

January 4th, 2009 by | No Comments | Filed in News

Reliance Mobile offers 100% savings to GSM customers with Sub-Rs. 300 ARPU
Reliance Mobile GSM offers Free Local Talktime of Rs. 900 on any network
Offers unlimited calling on Reliance Network between 11 pm to 6 am
Reliance Mobile GSM SIM available at one-time charge of Rs. 25

Reliance Communications, India’s largest and only telecom service provider to offer nationwide GSM and CDMA services, today announced the launch of Reliance Mobile GSM Services in Mumbai. The launch of Reliance Mobile GSM Services in Mumbai comes within days of the company announcing the launch of its GSM Services across 11,000 towns in the country.

The company also launched a first-of-its-kind Customer Experience Programme for customers choosing Reliance Mobile GSM Services, a unique plan which offers upto 100% savings to sub-Rs. 300 ARPU mobile customers in the city of Mumbai at a one-time subscription charge (including GSM SIM) of Rs. 25 only.

”The Reliance Mobile GSM entails offering a unique value proposition fine-tuned as per the needs of every segment of the 250 Million GSM customers market in the country”, said Mr. Dinesh Gulati Regional Head – West, Reliance Communications. ”The Customer Experience Programme, Reliance Mobile GSM’s first offering, is in line with Reliance Communications’ Philosophy of making world-class telephony services accessible and affordable to the masses”, he added.

The plan offers Rs. 900 minutes of talktime on local calls and SMS to any network that can be accrued by Reliance Mobile GSM customers in daily tranches of Rs. 10 spread over 90 days. In addition, customers choosing the C.E.P can make unlimited calls between 11pm to 6am to any of the 7 Million Reliance Phones in Mumbai, Maharashtra and Goa – translating into 37,800 free on-Net call minutes. Customers can also use a variety of Top-Up cards to make calls and SMS’s over and above the free talktime.

“In a short span of 11 months, Reliance Mobile has created a GSM network in Mumbai whose coverage and capabilities are superior to GSM networks that have been in existence for 15 years”, he said . “Over 16 Million GSM customers in Mumbai can now avail of state-of-the-art, next generation, EDGE ready Reliance Mobile GSM Network – the only network that offers Digital Voice clarity and upto 100% cost savings for the cost-conscious mobile user segment”, he added.

The sub-Rs. 300 ARPU segment comprises of the largest and fastest growing population of mobile customers in the country. In the coming weeks, Reliance Mobile GSM aims at launching a number of pre-paid and post-paid plans offering maximum value suited for various other customer segments of the GSM market.

In what is undisputedly the fastest rollout of a mobile network in the world, Reliance Communications has set up network to provide high quality, Congestion-free and Zero-Call drop GSM services. To enhance the quality of services in high population density areas of Mumbai, the company has installed several in-building solutions. Reliance Mobile GSM Services offering the complete suite of Voice, SMS, Value-added and GPRS services are available across 15000 retail outlets across Mumbai along with more than 100 plus Reliance Stores

Reliance Mobile GSM’s Customer Experience Programme – Key Features:

Plan open for Entire population of Mumbai – No Conditions
FREE Rs. 900 Talktime – No Conditions : Join us and get Rs.10 Talktime free every day for next 90 days
Rs.900 Talktime applicable for all local phones in Mumbai , Maharastra & Goa
90% of existing prepaid subs spend less than Rs.300 /month – Rs.300 / month saving for a customer
FREE Night Calling – No Conditions: Call for FREE any Reliance GSM +CDMA mobile during night (11 PM to 6 AM). Reach 70 lakh Reliance Mobile in Mumbai , Maharastra & Goa
37,800 Free minutes per customer
India’s first nationwide EDGE enabled roll out for rich customer experience
All cell sites Edge enabled for faster Internet experience
Network to provide high quality, Congestion-free and Zero-Call drop GSM services

Dr Reddys appoints Umang Vohra as CFO

January 2nd, 2009 by | No Comments | Filed in News

Hyderabad, Jan 02, 2009: Dr. Reddy’s Laboratories Ltd. (NYSE: RDY) today announced the appointment of Mr. Umang Vohra as the new CFO of the company. Umang was the Deputy CFO and his elevation has been part of the company’s leadership development and transition programme. He joined Dr. Reddy’s in 2002 from PepsiCo and has been part of several of the company’s key initiatives like Acquisitions, R&D, de-risking transactions, and operational improvements in Accounting, Governance and Finance processes.

Mr. Saumen Chakraborty, who was the CFO of the company for the past 2 ½ years has taken over a newly created role of President – Corporate and Global Generics Operations. He will now lead the product development, manufacturing and supply chain operations of the generics business, along with corporate functions like Quality, Regulatory, Corporate Medical Services and Pharmacovigilance.

Bajaj Family Settlement announcement

January 1st, 2009 by | No Comments | Filed in Politics

Mumbai, Date: January 1, 2009

The Bajaj Group which comprises of Rahul, Shekhar, Madhur and Niraj Bajaj and their families is pleased to announce that it has come to an amicable settlement with the Shishir Bajaj Group (SKB Group) under a Family Settlement Agreement on December 21, 2008. The petition filed by SKB Group with the Company Law Board is dismissed as withdrawn on December 31, 2008. With this, all disputes between both sides stand resolved.

The Bajaj Group shareholding in Bajaj Hindustan Ltd and Bajaj Consumer Care is now with the SKB Group. The Promoter shareholding of all other Companies in the Bajaj Group, including that held by the SKB Group, is now with the four brothers of the Bajaj Group. This includes companies like Bajaj Auto Ltd, Bajaj Electricals Ltd, Mukand Ltd, Bajaj FinServ Ltd, Bajaj Holding & Investments Ltd, Hercules Hoist Ltd etc.

RAHUL BAJAJ SHEKHAR BAJAJ MADHUR BAJAJ NIRAJ BAJAJ