Metal shares may edged higher after copper shot to a more than two-month high above $8,000 per tonne on Thursday (12 January 2012) after a drop in Chinas inflation and two successful European debt auctions triggered buying. London Metal Exchange (LME) benchmark copper peaked at $8,074.50 a tonne, its priciest level since 31 October 2011, before ending the day with a $220 gain at $8,005. Copper, used largely in power and construction, is considered a gauge of economic activity.
Sintex Industries, CMC and Triveni Turbine, among others, will declare their October-December 2011 quarter results today, 13 January 2012.
Net profit of Development Credit Bank rose 91.43% to Rs 15.64 crore on 26.2% rise in total income to Rs 209.72 crore in the quarter ended December 2011 over the quarter ended December 2010.
Net profit of Geojit BNP Paribas Financial Services declined 55.68% to Rs 4.99 crore on 32.4% decline in operating income to Rs 49.42 crore in the quarter ended December 2011 over the quarter ended December 2010.
Net profit of GRUH Finance rose 32.84% to Rs 23.30 crore on 41.3% rise in operating income to Rs 124.56 crore in the quarter ended December 2011 over the quarter ended December 2010.
The sale of DLFs luxury hotel chain, Amanresorts International, has reportedly stalled due to lower-than-expected bids by shortlisted companies. The shortlisted bidders have put in bids of between $300 million and $315 million for Amanresorts, while DLF is expecting to sell the asset for at least $400 million, reports suggested.
GVK Power & Infrastructure has announced that GVK Shivpuri Dewas Expressway, a subsidiary of the company, has signed a concession agreement with National Highways Authority of India (NHAI). The project entails for four-laning of Shivpuri Dewas section of National Highway No 3 between kilometre (km) 236 to km 566, across a length of 332 km. In a statement to the stock exchanges, the company has informed that the project located in Madhya Pradesh is to be executed as build, operate and transfer (BOT) toll project on design, build, finance, operate and transfer (DBFOT) pattern under National Highways Development Programme (NHDP) phase lV. The concession period for the project is for 30 years including construction phase of 30 months.
Mandhana Industries informed that income tax officials conducted search and seizure operations on the company and its promoters at its various locations on Wednesday, 11 January 2012. The company said it co-operated with the income tax officials and provided all details and information sought during the process. The company said it has been a regular assessee under the Income Tax Act, 1961 and has discharged its tax liability regularly. The company expects a final report relating to search operations to be concluded as per the laid down procedures, in due course of time. The company said it continues to operate in normal course of business.
The board of CEAT will meet on 24 January 2012 to consider allotment of convertible warrants on a preferential basis to promoters.
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