Corporate News | Piramal Healthcare April-June net dips 5.1%

Corporate News | Piramal Healthcare April-June net dips 5.1%

Mumbai: Piramal Healthcare Ltd on Tuesday reported profit of Rs80.7 crore on sales of Rs840 crore in the April-June quarter of fiscal 2011, a a 5.1% dip from the same period last fiscal. In May 2010 Piramal Healthcare sold its domestic formulation business to Abbott for $3.72 billion.

During the June quarter,the formulation division grew 4.9%, compared to industry growth of 19.6%, with revenues of 60 crore. Its contract manufacturing business posted sales of 70 crore during the quarter, against 210 crore an year ago. Chairman Ajay Piramal said “The performance of the domestic formulation business for the quarter was impacted due to uncertainty related to the sale of healthcare solutions business and the transition cost associated with the deal. The performance is now improving and will soon return to its earlier growth.

C.H. Unnikrishnan


Infotech Enterprises acquires Wellsco Inc

Mumbai: Hyderabad-based global information technology (IT) consulting company Infotech Enterprises Ltd has acquired Arkansas, US-based Wellsco Inc. through its subsidiary Infotech Enterprises America Inc. for an undisclosed sum, the company informed the Bombay Stock Exchange (BSE) on Tuesday.

Wellsco Inc., is a provider of network engineering and management services in the telecommunications industry. According to an analyst who declined to be identified, the acquisition will bring about good synergies.

“The company has been acquired for less than $12 million, its annual revenues," he said. Mnt could not independently confirm the amount Infotech paid for Wellsco. Shares of Infotech Enterprises on Tuesday rose 2.26% to end at Rs164.9 share on the BSE, while the benchmark Sensex slipped 0.37% to 18,219.99 points.

Harini Subramani


Anil Ambani group acquires fresh equity shares of Fame

Mumbai: Anil Ambani group company Reliance MediaWorks, along with two other group firms, has acquired 24,642 fresh equity shares of multiplex chain operator Fame .

The three Anil Ambani group companies — Reliance Capital Partners, Reliance MediaWorks and Reliance Capital — have acquired 24,642 fresh shares of Fame amounting to a 0.07% through open market transactions, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.

The acquisition of shares was made on 6 August, 2010, the filing added.

Following the fresh share purchase, the combined holding of the ADAG companies in Fame stands at 15.88%.

The ADAG firms purchased the shares at an average price of Rs83.06 a piece and the highest price paid was Rs83.40, it said.

Reliance MediaWorks, which is in competition with theatre chain Inox for acquiring a majority stake in Fame , had made a Rs180 crore open offer at Rs83.40 a share to raise its holding to 52.72% in Fame.

Inox Leisure Ltd, an entertainment venture of the Inox Group, holds a 51% stake in Fame and has made an open offer to acquire 20% additional equity at Rs51 per share.

Reliance MediaWorks operates BIG Cinemas, the country’s largest cinema chain.

Shares of Reliance MediaWorks closed at 205.70, down 1.11%, while Fame ended at 2.05, down 1.80%, on the BSE on Tuesday.

Abhilasha Ojha


Litigations relating to films must be filed at one place

Mumbai: Sharmila Tagore, chairperson of the Central Board of Film Certification (CBFC), has said that a proposal has been sent to the Centre stating that all public litigations relating to films must be filed at one place.

“We have sent a proposal to the Centre that it would be in common interest if all the public litigations were filed at the Film Certification Appellate Tribunal in New Delhi ," said the 63-year-old actress, speaking after chairing the 123rd Board meeting of the Central Board of Film Certification on Monday.

Deliberations were underway to constitute a separate censor board for television, Tagore said adding that a self-regulatory body may be set up soon.

She said that films were a reflection of the society and “it was the responsibility of the board to ensure that they mirror society without sullying it."

“Things have changed with the times. Something which was considered offensive thirty years back is considered trivial now," the Censor Board chief pointed out.

Abhilasha Ojha


Shoppers Stop to open dozen outlets this fiscal

New Delhi: Shoppers Stop Ltd, India’s largest department store operator, plans to invest around Rs120 crore to open about a dozen outlets in the current fiscal year.

Shoppers Stop, that currently has 32 stores in 13 Indian cities, plans to take the total number of stores to 60 in 25 cities in the next four years.

Currently the company has 1.9 million sq ft of retail space under operation and its expected to go up to 3.5 million sq ft in the next four years, said Shoppers Stop’s managing director Govind Shrikhande.

Meanwhile, the company plans to add three-four HyperCity branded hypermarkets every year in the next five years. Shoppers Stop owns 51% in HyperCity Retail India Ltd, that currently operates seven big formats in several cities including Mumbai, Bangalore, Hyderabad, Jaipur and Amritsar. Shrikhande said each HyperCity store would cost around Rs15 crore.

Rasul Bailay