Corporate Notes

Written by fe Bureaus | Updated: Nov 1 2009, 04:47am hrs
Bajaj Hind shares dive on Balrampur Chini buy buzz

Shares of Bajaj Hindusthan on Friday fell over 6% on the Bombay Stock Exchange (BSE) amid reports that the countrys largest sugar producer is in the race for buying promoters stake in Balrampur Chini Mills. However, both the companies declined to comment on the reports. When asked about the stake sale by promoters, Balrampur Chini managing director Vivek Saraogi said, Nothing right now. No comments. The spokesperson of Bajaj Hindusthan, too, refused to comment. Bajaj Hindusthan share price ended the day at Rs 196.25, down 6.08% from Thursday, on the BSE, while that of Balrampur Chini dipped by 2.13% to Rs 149.30.

SingTel to up stake in Bharti

Singapore Telecommunications Ltd (SingTel) agreed to increase its stake in Bharti Airtel to 31.95% from 30.43%, the Singapore-based company said. SingTel will purchase 730,000 shares of Bharti Telecom Ltd, which holds 45.3% of Bharti Airtel, according to the statement. SingTel, through its unit Pastel Ltd, may pay as much as Rs 3,000 crore ($638 million) for the shares.

Sterlite Energy's IPO plan

Sterlite Energy, a subsidiary of Sterlite Industries, on Friday filed a draft red herring prospectus (DHRP) with market regulator Sebi for an initial public offering to raise up to Rs 5,100 crore from the capital market, Sterlite Industries said in a filing to the Bombay Stock Exchange. Sterlite Energy intends to use the net proceeds to partially finance the construction and development of power projects in Jharsuguda in Orissa and Talwandi in Punjab and general corporate purposes.

Indiabulls Power debut

Indiabulls Power on Friday received lukewarm response from investors on its debut trading on the bourses, and ended with a discount of nearly 13% over its issue price of Rs 45 on the BSE. After weak opening on the bourses, shares of Indiabulls Power plunged 22.22% to an intra-day low of Rs 35. It later recovered and closed at Rs 39.25, down 12.78% on the BSE. The BSE on Friday said it has included Indiabulls Power in the BSE IPO index effective from November 4, 2009.

Cummins to buy Sparta

KPIT Cummins Infosystems on Friday said it would acquire California-based Sparta Consulting for an estimated Rs 180 crore. The company has entered into an all-cash merger agreement with Sparta Consulting and the deal would be worth around Rs 180 crore ($38 million) to be a paid over a period of three and a half years, it said in a statement.

Bhels Rs 5,040-cr order

Bhel on Friday said it has signed an agreement to execute the Rs 5,040-crore contract it bagged from Jindal Power for setting up a 2,400-mw thermal plant in Chhatisgarh. As per the contract, Bhel will install four units of 600 mw each, a company statement said.

ED of M&M quits

Farm equipment-to-software conglomerate Mahindra & Mahindra on Friday said its executive director Arun Nanda has stepped down, although he will continue to be associated with the group as a non-executive director. Nanda will also continue as the chairman of Club Mahindra and Mahindra Consulting Engineers and take over from Anand Mahindra as the chairman of Mahindra Lifespaces, M&M said in a statement.

Aspen new chairman

Gautam Thapar, chairman & CEO of Avantha Group, has been elected as the new chairman of the Aspen Institute India. He succeeds Jamshyd N Godrej, chairman & managing director, Godrej & Boyce Mfg Co. Godrej will now assume the role of chairman-emeritus. Avantha Group operates in more than 10 countries and has 20,000 employees.

SAP India chief

SAP has appointed Stephen Watts, chief operating officer, SAP Asia-Pacific Japan, as interim president, SAP India. This appointment follows the tragic loss of Ranjan Das, president of SAP India. Watts has worked closely with Das and his leadership team.

JK Tyre expansion

JK Tyre & Industries on Friday said it would Rs 1,200 crore over the next 3-4 years to expand its capacity, including setting up a greenfield car radial plant in south India.