New Delhi:GMR Infrastructure Ltd, the infrastructure holding company of GMR group, has renegotiated the price of the 50% stake it bought in Dutch power producer Intergen NV from $1.1 billion to $954 million. The all-cash deal was completed on 9 October after its bankers ICICI Bank Ltd and Axis Bank suggested it renegotiate the price given that interest rates have risen, said A. Subba Rao, group chief financial officer of GMR Infrastructure.
— Staff Writer
Cairn India Q3 net profit rises to Rs293 crore
New Delhi:Cairn India Ltd, a unit of Cairn Energy Plc., said third quarter profit rose more than 12-fold.
Profit in the three months ended 30 September, including that of subsidiaries, rose to Rs293 crore from Rs23.24 crore a year earlier, the explorer said in a statement. Sales rose 21% to Rs321 crore from Rs266 crore.
Cairn India said it had tied up funds for $1.8 billion (Rs8,964 crore) for development of its Rajasthan oilfields and was on schedule to deliver first oil in second half of 2009.
“We have adequate liquidity to meet the investment requirement for Rajasthan development,” Cairn India chief executive Rahul Dhir said.
— Bloomberg & PTI
Subex posts second quarter loss of Rs64.5 cr
Bangalore: Subex Ltd, a telecom software product firm, said it posted a second quarter loss of Rs64.5 crore on losses incurred due to currency fluctuations.
Subex, a Bangalore-based firm, incurred losses on restating the value of its foreign currency convertible bonds or FCCB and currency hedge losses due to fall of the Indian currency against the dollar.
Subex’s revenue rose 1.43% to Rs49.6 crore, as it sold more product license to global telecom firms in the quarter. Subex had posted a profit of Rs1.52 crore on sales of Rs48.9 crore between July and September last year.
“We are very pleased with increased level of business, despite the worsening economic environment, indicating that telecom software has not been impacted,” said Subash Menon, chairman of Subex, in a statement.
Shares of Subex closed 1.65% or Rs5.19 higher at Rs 33.45 on the Bombay Stock Exchange on Wednesday.
— Staff Writer
JSL reports Q2 loss as stainless steel price falls
Mumbai:JSL Ltd, the country’s biggest maker of stainless steel, reported a loss of Rs68.64 crore in the second quarter as prices and sales declined.
The loss in the three months ended 30 September compares with a net income of Rs41.81 crore in the year-earlier period.
Sales fell to Rs1,090 crore from Rs1,130 crore a year ago, the company said in a statement.
US, other foreign firms interested in 3G services
Bangalore: The Telecom Regulatory Authority of India (Trai) on Wednesday said operators in the US, UK, France, Italy and Australia “are interested” in bidding for a permit to offer third-generation (3G), high-speed services in the nation.
The bids by the “well-known” operators may allow India to have its first 3G service by September 2009, Nripendra Misra, chairman of Trai, said in an interview in Hong Kong.
KPMG to find buyer for Deccan Chargers
Mumbai: Media firm Deccan Chronicle Holdings Ltd (DCHL) said on Wednesday it has mandated KPMG Corporate Finance to find a strategic buyer for its Indian Premier League (IPL) cricket team, Deccan Chargers.
IPL is a Twenty20 cricket tournament launched by the Board for Control of Cricket in India.
A person close to the development said the enterprise value of Deccan Chargers has been pegged at $200 million (Rs996 crore) in an internal valuation done by DCHL. He also claimed that the company has been approached by several Indian and global agencies for negotiations. He didn’t want to be identified because of the sensitivity of the issue. “The company (DCHL) is ostensibly looking for a buyer but they could also settle for part-selling in case they get good offers.” DCHL had bought the team for $107.01.
— Reuters / Staff Writer