Corporate News - 30th Jan

Government had agreed to give Bharti Airtel additional spectrum in five service areas of the 10 circles it had applied. There is a formal commitment for 5 out of the 10.
TCS won a £100 million ($199 million) order from Sun Life Financial Inc.’s U.K. division.

Tata Consultancy will provide back office services.
Ferro Alloys Corp Ltd plans to invest 27.5 billion rupees in new steel and power plants. Ferro Alloys plans to set up a 500,000 million tonne steel plant, a 250- megawatt power plant and a 45-megawatt captive power plant.

ICSA India Ltd received contract worth 389.4 million rupees to erect power substations in Andhra Pradesh state. ICSA makes software to monitor transmission and distribution losses in the power and oil sector.
Arvind Mills Limited will invest nearly $100 million in a Bangladesh special industrial zone.

AML signed the deal to set up a high-end denim fabricmanufacturing factory in Comilla export processing zone.
Sadbhav Engineering Ltd had got a contract worth 475.6 million rupees from Western Coalfield Ltd.
Akruti City Ltd has approved raising up to 2 billion rupees through an issue of optionally convertible debentures to Reliance Capital.
Essar Oil plans to raise up to $2 billion to fund expansion and expects its expanded 210,000 barrels per day Vadinar refinery to be ramped up to full capacity by March, not end-January as was expected. It will use the proceeds for exploration and expansion of its refinery and marketing network as well as working capital needs.

Lumax Industries Ltd has approved the closure and sale of its Chennai unit.
Net profit of Ess Dee Aluminium rose 147.80% to Rs 15.19 crore in the quarter ended December 2007 as against Rs 6.13 crore during the previous quarter ended December 2006. Sales rose 107.06% to Rs 61.89 crore. Net profit of Crompton Greaves rose 49.49% to Rs 67.90 crore in the quarter ended December 2007 as against Rs 45.42 crore during the previous quarter ended December 2006. Sales rose 12.56% to Rs 915.17 crore. Net profit of EIH rose 16.76% to Rs 72.40 crore in the quarter ended December 2007 as against Rs 62.01 crore during the previous quarter ended December 2006. Sales rose 17.57% to Rs 308.61 crore.