Day: 10 April 2014

Shares of Man Industries surged nearly 17 %  intraday after the company announced it has bagged orders worth Rs 700 crore from domestic and international customers for supply of large diameter pipes for oil & gas as well as water sector projects. The company's order book including the above orders stands at Rs 1,200 crore, the company said in a filing to stock exchanges. Man Industries has outstanding bids over $1 billion at various stages of evaluation for several other oil, gas and water projects in India and abroad. MAN Industries (India) is the flagship company of Man Group. The main business line of Man Industries includes manufacturing & coating of large diameter carbon steel pipes and real estate. MAN Industries (India)'s consolidated net profit dropped 84.3% to Rs 2.41 c...

The Piramal group flagship Piramal Enterprises has sold its 11% stake to Vodafone for Rs 8900 crore. The flagship company picked up 11% stake in two tranches, in August 2011 and February 2012, paying a total of Rs 5864 crore or Rs 1290 per share. Billionaire investor Ajay Piramal has sold his stake in British telecom giant Vodafone India, reaping a windfall of 50% return in just two years. The Piramal Group had earlier anticipated it would exit through an initial public offer of Vodafone India shares. The Piramal Group had always maintained Vodafone for it was a financial parking of resources from its deal with Abbott. In September 2010, the group sold its profit making India pharmaceutical business putting around Rs 10,000 crore in its coffers, net of tax and debt repayment requirements...

Rakesh Jhunjhunwala has increased its investment in Escorts & Rallis India. ESCORTS -  His stake in Escorts has gone up to 5.47 per cent from 4.98 per cent earlier.  Last August, Jhunjhunwala had bought 6,21,789 shares of Escorts through open market transaction. The shares were purchased on an average price of Rs 88.23 valuing the transaction at Rs 5.48 crore. Escorts reported a net profit of Rs 45.55 crore in the quarter ended December 2013 as compared to a net profit of Rs 28.13 crore in the corresponding quarter a year ago. At 12:20 p.m., Escorts was at Rs 131.60, up 3.18 per cent, on the BSE. It touched a high of Rs 133.05 and a low of Rs 128.50 intraday. Total traded volume is at 7.16 lakh shares against two-week average of 4.97 lakh shares. Rallis India -  Jhunjhunwala has also ...