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Texmaco net soars 143%, turnover at Rs 937 crore
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Indian Express
Texmaco reported a 97% increase in turnover to Rs 937.18 crore for the year to March 31, 2008, as against Rs 476.13 crore recorded in the year-ago period. Gross Profit (PBDT ) surged by 127% to Rs 109.58 (against Rs 48.37 crore) and profit before tax (PBT) by 133% to Rs 100.72 crore (against Rs 43.14 crore). Net profit rose sharply by 143% to Rs 69.09 crore in the period as against Rs 28.48 crore recorded in the corresponding period of the previous fiscal. The company has maintained a compound annual growth of over 48% over the last five years. ...
Orissa is a better destination than Jharkhand:chambers
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Indian Express
Representatives of two leading Jharkhand chambers of commerce who recently visited Orissa say the latter is the better of the two states as an investment destination. Jharkhand is yet to come out with its rehabilitation & resettlement (R&R) policy, without which no industrial house can acquire land for greenfield projects in the state. Orissa, on the other hand, has already acquired land at many places to develop various industry clusters, such as those for steel at Kalinganagar and aluminium & power at Jharsuguda, etc. The delegation also visited the Orissa Industrial Infrastructure Development Corp-promoted auto-component manufacturing complex at Mania (near ...
McNally takes over Sayaji, eyes overseas acquisitions
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Indian Express
McNally Bharat Engineering Co Ltd, a Williamson Magor group company, has taken over Sayaji Iron & Engineering Co Ltd by acquiring the entire controlling stake of 68.28% for Rs 59.01 crore at Rs 221.60 per share. The company will make an open offer on May 20 for another 20% stake. Deepak Khaitan, chairman, said McNally was looking for overseas acquisitions as well as part of its aggressive growth strategy. He said McNally, currently having 90% of its turnover from 13 projects, was enhancing its equipment manufacturing business aiming a better margin from it. The Sayaji acquisition will help in bettering ...
Sensex gains 81 pts amid volatile trades
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Indian Express
Shrugging off a spike in the inflation, key Indian equity indices managed to end the day in the green on the back of positive cues from the global equity markets on Friday. Posting positive returns for the third consecutive session, the 30-share Sensex of the Bombay Stock Exchange closed the day at 17,434.94 points gaining 81.40 points or 0.47%. The broader S&P CNX Nifty of the National Stock Exchange (NSE) gained 42.45 points or 0.83% to end the day at 5,157.70 points. On weekly basis, the Sensex and the Nifty gained 698 points (4.17%) and 175 points (3.51%) respectively. The ...
Irda waits for government order on new chief
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Indian Express
Insurance Regulatory & Development Authority (Irda) has remained headless as the Centre is yet to notify the name of the new chairman. CS Rao retired from chairmanship the post of Irda on May 14. The Centre has selected Jandhyala Harinarayan, former chief secretary, Andhara Pradesh, as the new chairman of Irda on the basis of recommendation of a search committee headed by finance secretary D Subba Rao. However the official notification is yet to be issued by the government. The notification should be out any moment, said sources at IRDA. Once again the Irda chairmanship has been filled by a ...
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