McLeod Russel, the largest tea producer in the world, posted a 5% growth in net profit to R123.15 crore for the quarter ending December, from R117.11 crore last fiscal. Total income of the firm during the quarter under review increased by 10.5% to R457 crore from R413.37 crore a year ago.
Aban Offshore pares loss to R11.7 crore
Aban Offshore has posted a loss of R11.7 crore for the third quarter as against a loss of R54.5 crore in the same quarter last fiscal. The companys total income stood at R210 crore as compared to R174 crore, said a company filing with stock exchanges.
Tata Coffee Q3 net up 54% to R29.20 crore
Tata Coffee said its standalone net profit rose 54% to R29.20 crore during its third quarter ended December 31. Its net profit stood at R18.99 crore in the year-ago period. The company's total income rose by 23% to R152.12 crore during the third quarter. "The company's operations have registered an impressive growth during the current quarter. The instant coffee sales were at a higher unit realisation," Tata Coffee said.
Tata Projects JV bags R3,300-crore project
A joint venture of Tata Projects and Spanish firm Aldesa has been selected by the Dedicated Freight Corridor Corporation for the construction of 343-km-long double track line between Kanpur and Khurja, part of 1,839-km-long eastern corridor, for R3,300 crore. Work on the project is expected to be completed by 2016.
IVRCL bags orders worth R378 crore in 3 states
infrastructure company IVRCL has bagged orders worth R378.36 crore spread over three states. The contracts have been awarded to the company's water division (R360.75 crore) and Transport Division (R17.61 crore, IVRCL said in a statement here. The works include a R205.86-crore pipeline project from Hyderabad Metropolitan Water Supply and Sewerage Board to be completed in 14 months.
Ceat signs JV with Bangla co for setting up tyre unit
Ceat, an RPG Enterprise company, has entered into a joint venture with Bangladesh-based A K Khan & Company to set up a tyre manufacturing facility in Bangladesh. Under the JV, Ceat will hold a 70% shareholding and A K Khan & Company will hold 30%. An investment of $ 67 million or around R358.45 crore will be made for a capacity of 110 metric tonnes per day in phases.
Telenor wants 50% cut in Mumbai licence fee
Norway's Telenor is unlikely to bid in an auction for mobile licences in Mumbai unless India halves the fee, its chief executive Jon Fredrik Baksaas said on Friday. "It is nearly impossible to participate in the Mumbai auction at the current price level," the CEO of India's sixth largest telecom operator said. "We expect the upcoming auction to be sub-optimal if the current price level is maintained it will be comparable to the November auction, with limited participation," Baksaas said.
Kiran Mazumdar-Shaw joins US pharma board
Kiran Mazumdar-Shaw, chairman and MD of Biocon, has been appointed as member of the US Pharmacopeial Convention, a scientific non-profit organisation based in the US. She will serve on the body's biologics advisory group, said release from Biocon. "I want to focus on biosimilars and biologics and setting standards for that because I think biosimilars is a very important emerging space," Mazumdar-Shaw said.
DRLs antihistamine launched in US
Drug firm Dr Reddy's Laboratories has launched generic antihistamine esloratadine tablets in the American market. The company launched generic desloratadine orally disintegrating tablets in the strengths of 2.5 mg and 5 mg in the US market on January 24.
Aurobindo Pharma gets USFDA nod for injection
Aurobindo Pharma has received the US health regulator's approval to sell its generic Levofloxacin injection, used to treat infections, in the American market. The company will manufacture and market Levofloxacin injection in strength of 25mg/ml, packaged in 500mg/20ml and 750mg/30ml single-use vials.