19th October - BUSINESS STANDARD

Ashish Dutt
Arundeep Kaur
Section G
Group 4

Coal India's $3.5 bn IPO fully covered
On Second Day of the offer, Coal India's (CIL) initial public offer (IPO), expected to raise as much as $3.5 billion, was fully covered Today[19-Oct-2010]. The offering, the largest in India's corporate history, had received bids for over 637 million shares by 1000 GMT, according to exchange data, with foreign institutional investors putting in huge bids.
Coal India is selling more than 631.6 million shares in its IPO.

L&T net profit rises by 32% at Rs 765 crore(18% Growth)
Engineering major - Larsen and Toubro today posted a 32 per cent growth in net profit at Rs 765 crore for the second quarter, compared to Rs 580 crore in the corresponding quarter last year. Its net sales grew 18 per cent to Rs 9,260 crore from Rs 7,866 crore in the same quarter last year. The company’s operating margins for the quarter stood at 10.8 per cent as compared to 10.6 per cent.
Bajaj Auto Sept qtr net jumps 69% to Rs 682 cr

Bajaj Auto today reported 69.32 per cent jump in its net profit for the quarter ending September 30 at Rs 682.08 crore – its highest ever quarterly motorcycle sales. The total income of the company during the second quarter of this fiscal stood at Rs 4,341.82 crore compared to Rs 2,887.51 crore in the year-ago period, up 50.37 per cent.

Gold regains 20k level on seasonal demand

Gold prices surged by Rs 135 to Rs 20,085 per ten grams in the national capital today on emergence of frantic buying by stockists and jewellers to meet ongoing festival and marriage season demand.

Gold is just Rs 35 short of the Rs 20,120 per ten grams record last seen on October 15.

Silver spurted by Rs 575 to its record high of Rs 37,000 per kg on hectic buying by industrial units and coin makers for the auspicious festival of 'Diwali.'

Biocon in $200-m pact with Pfizer

Biocon(Producer of insulin product: recombinant human insulin, glargine, aspart and lispro) has struck a $200-million deal with Pfizer, which will see the US pharmaceutical multinational sell the Bangalore-headquartered biotechnology company’s insulin products globally. Under the present deal, Biocon will clinically develop, manufacture and supply these biosimilars and assume responsibility for obtaining necessary approvals in various geographies. Pfizer will market these products in the designated geographies.

RIL's 4 trans-country gas lines well behind schedule

Reliance Industries Ltd’s (RIL) four gas pipelines are likely to be delayed. Envisaged with an investment of Rs 20,000 crore, these were scheduled to be completed by 2012.
The ministry of petroleum and natural gas had, in 2007, issued authorisation to Reliance Gas Transportation Infrastructure Ltd, an RIL group company, for four trunk pipelines :
1. Kakinada-Haldia (1,100 km)
2. Kakinada-Chennai (445 km)
3. Chennai-Bangalore-Mangalore (600 km)
4. Chennai-Tuticorin (670 km).

Infiniti Retail eyes Rs 1,700 cr turnover in FY11

Tata Sons subsidiary Infiniti Retail today said it is targeting an over 65 per cent growth in turnover to touch Rs 1,700 crore in the current fiscal, as it plans to enter new geographies and expand reach. The company that operates 56 'Croma' branded stores, sell a range of consumer electronics, appliances and IT products will invest about Rs 40 crore by March next year to have a total of 75 stores. It also plans to launch its own branded computers and notepads.
Infiniti Retail CEO and Managing Director: Ajit Joshi stated that; Croma is targeting a turnover of Rs 1,700 crore in the current fiscal, up from Rs 1,021 crore last year. The company will also invest up to Rs 40 crore on store expansion, also that label 'Croma' contributes between 6-8 per cent to the total sales, which he hopes will go up to ten per cent by March-end.

US lawsuit could delay VW takeover of Porsche

The head of VW, Martin Winterkorn said that; “US lawsuits brought by pension funds might delay but not prevent Volkswagen's takeover of the luxury German sportscar maker Porsche”
Porsche took on heavy debt as it tried to buy the much bigger VW but then had to be saved in turn by Europe's biggest automaker, which now owns 49.9 per cent of Porsche. VW expects to complete the takeover and make Porsche the VW group's 10th brand.