Tata Groups fertiliser maker Rallis India said on Monday that it has acquired a 51% stake in Maharashtra-based organic manure maker Zero Waste Agri Organics. The all-cash acquisition was made for R29 crore, all raised via internal accruals, the companys MD and CEO, V Shankar said. Rallis also announced its financial results for the fourth quarter ended March 31. The consolidated net profit for the quarter slipped 52% as to R9 crore from R19 crore as the company sold less fertilisers.
Binani Industries loss widens to R165 cr in FY12
Widening its losses, Binani Industries has recorded R164.88 crore loss in fiscal 2012. The loss stood at R45.43 crore in the previous fiscal. The companys income from operations, however, increased to R3,069.37 crore in FY12 from R2,427.23 crore in FY11, a BSE filing showed. For the fourth quarter ended March 31, 2012, net profit of the company stood at R12.15 crore in the final quarter of last fiscal against a loss of R11.41 crore in the year-ago period.
Coromandel International net profit down 8%
Fertiliser producer Coromandel International on Monday reported a decline of almost 8% in its consolidated net profit at R638.79 crore for the 2011-12 fiscal due to rise in input costs. The company had posted a net profit of R693.67 crore in the 2010-11 financial year, it said in a filing to the BSE. The total expenditure of the farm input major increased by 34% to R8,906.83 crore in the last fiscal from R6,645.78 crore in 2010-11.
Suzlon gets Europe order for 276 MW turbines
Wind power major Suzlon Group on Monday said it received orders for supplying 276 MW capacity turbines across Europe in the past two months. Suzlon Group subsidiary, REpower Systems on Monday announced cumulative orders of approximately 276 MW across Europe over a two-month period, excluding orders announced separately, the company informed the BSE. These cover various orders secured between February 11 and April 15, 2012 across Italy, France, Germany, Poland and the UK.
EdServ inks pact with Amazon stores
EdServ has tied up with global online retailer Amazon.com to promote the education companys apps 2tion Plus on Amazon stores. The education company has to undergo stringent global test to meet the global retailers quality standards to get listed on Amazon app stores. Through this tie up, EdServ 2tion Plus education content will be available worldwide on Android tablet PC. While downloading and installing 2tionplus is free, users will have to pay a fee for the premium content on Edservs Lampsglow.com.
Rashtriya Ispat Nigam now a public limited co
Rashtriya Ispat Nigam (RINL), a government of India undertaking and a Navratna company, has become a public limited company. RINL was fully-owned by President of India and was registered as a private company as per Companies Act 1956 recently. Having received approval in the recent EGM, the shareholders have approved its conversion to a public limited company, a release said.
Dharmakrishnan is CEO of Madras Cements
Madras Cements has informed the stock exchanges that AV Dharmakrishnan, currently the executive director, has been designated as CEO of the company with effect from April 1. He will be responsible for the overall operations of the company.