Larsen and Toubro Construction has secured new orders valued over Rs 1,178 crore across various business segments. The buildings and factories segment won new international orders in UAE worth Rs 595 crore and Rs 280 crore of new EPC orders in the solar business sector. Additional orders worth Rs 303 crore were bagged in various ongoing projects in airports, factories, minerals and metals and power transmission and distribution business segments.
Phoenix Mills to buy out 26% of Horizons stake
Phoenix Mills (PML) will buy out 26% stake of Horizon Realty Fund and Horizon Ventures II held in PMLs Island Star project in Bangalore for R68 crore, the company said in a notice to the BSE. The two funds, part of Everstone Capital, held 7.73% and 18.27%, respectively, in Island Star Mall Developers, which is a mixed-use project consisting of retail mall, hotel and residential developments.
TAFE boss Mallika Srinivasan felicitated
The Asian Business Leadership Forum felicitated Mallika Srinivasan, chairman and CEO of Indias second and worlds third-largest tractor maker TAFE, with the prestigious ABLF Woman of Power Award at Abu Dhabi, UAE, for her outstanding contribution to the industry. The annual ABLF Woman of Power award recognises corporate women who are committed to excellence and innovation, and maintain healthy interpersonal relationships within their business environment.
MRF posts record income, profit dips
Tyre major MRF is the first tyre company in India to cross the R13,000-crore-mark in total income in the fiscal ended September 2012 to R13,094 crore, a growth of 23% over the previous fiscal. After making provision for income tax, the net profit for the year under review declined by 29% to R572.35 crore against R619.42 crore in the previous year. The companys exports for the year ended September grew sharply to R1,280.55 crore against R823.30 crore for the previous year.
NTPC starts 500 MW unit of Vallur power project
NTPC said on Thursday that unit 1 of the 500 MW of Vallur Thermal Power Project of NTPC Tamil Nadu Energy, a joint venture of NTPC and TNEB, has started commercial operations effective November 29. With this, the total commercial capacity of Vallur Thermal Power Project has become 500 MW and that of NTPC Group 38,174 MW, NTPC said in filing to stock exchanges.
Continental to partner Mahindra & Mahindra
Continental India, a subsidiary of Continental AG of Germany, will partner Mahindra & Mahindra to supply electrical and electronic body components for Mahindra Reva NXR. Continental will provide the Basic Function Controller, immobiliser and remote keyless entry for the car. Continental is expanding its Manesar facility in an attempt to double its India revenues by 2016.
Hero MotoCorp posts record 1.1 million sales
After facing a slowdown between July and September this year, Hero MotoCorp has bounced back with record sales of 1.1 million units for the October and November, which is up 7% over the same period last year. The strong sales have come from the Splendor and Passion bikes, as well as new launches like the Maestro scooter and Ignitor.
SpiceJet launches Kochi-Male daily flights
Budget airline SpiceJet launched its services between Kochi and the Maldivian capital Male, and will commence its Kochi-Dubai operations from December 10. This is the airlines first international launch on any international route from Kerala. At present, SpiceJet operates international flights from Delhi, Mumbai, Chennai and Madurai.
95% of engine exports to be petrol: Ford
With demand for petrol cars on a low in India, Ford plans to export 40% of its 6 lakh engine production overseas by 2014-15 and 95% of the exports will be petrol. This is part of its plans to make India an export hub, under which it is doubling the local output of cars and engines with a new plant at Gujarat. Ford is looking at a sharp volume jump from next year. This is after sales have dipped 6% between April and September this year its current market share is just below 3%. With 40% new touch-points in tier II and III cities, Ford aims is to increase sales outlets to 500 by 2015, from 250 this year.
Indian Railways to set up training institute
Indian Railways will set up its own training institute Indian Railway Institute of Financial Management (IRIFM), in Secunderabad, to impart special finance and accounting skills among its officials. The national transporter will also start a specialised programme for deputing middle-level finance officers abroad for training in accounts and finance.