Graphite India To Expand Durgapur Plant

Graphite India Ltd, the largest manufacturer of electrodes in the country, is planning to augment graphite electrode capacity by 10,500 tonnes at a cost of Rs 187.50 crore at its Durgapur plant.

At present, the company has a total electrode capacity of 78,000 tonnes - 60,000 tonnes in the country and 18,000 tonnes in Germany.The company, with a decent cash flow, had sold some surplus property in Bangalore in 2006 for about Rs 100 crore and invested the money in 3-year bonds, which would mature next year.

FII Activity On 12-05-2008

The FIIs on Monday stood as net seller in equity. The gross equity purchased was Rs3,368.70 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,739.20 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs370.50 Crore) and net debt was Rs0.00 Crore.

Bhel To Invest In Rs 236 Crore In BHVP

Bharat Heavy Electricals Limited (Bhel) officially took over Visakhapatnam-based Bharat Heavy Plates and Vessels (BHPV) here on May 10. BHPV was reporting losses over the last decade and was under the Board of Industrial and Financial Reconstruction (BIFR).

According to the source, BHPV could be developed as a dedicated centre for industrial boilers, ensuring better delivery. Though the current cost structure of BHPV is similar to Bhel, costs were expected to come down due to factors like increased volumes, better financial capability leading to lower working capital borrowing costs.

Bhel will put in Rs 236 crore over the next three years apart from induction of experienced manpower and required technology. BHPV''s turnover is likely to cross Rs 1,000 crore in five years. Around 1,332 of the total 1,512 employees of BHPV (balance unqualified would be redeployed) would be continued in employment. According to the source, the 125Mw plant would cost about Rs 950 crore, of which Bhel would contribute Rs 420 crore and APGenco Rs 530 crore.

FII Activity On 09-05-2008

The FIIs on Friday stood as net seller in equity. The gross equity purchased was Rs2,663 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,065.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs402.50 Crore) and net debt was (Rs0.00 Crore).

FII Activity on 08-05-2008

The FIIs on 7 May 2008 stood as net seller in equity. The gross equity purchased was Rs3,099.00 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs3,827.80 Crore and gross debt sold stood at Rs0.00 Crore. Therefore, the net investment of equity reported was (Rs728.80 Crore) and net debt was Rs0.00 Crore.

Indiabulls Real Estate - Acquisition Of Shares

Indiabulls Real Estate Ltd has informed that in continuation of the intimation sent by the Indiabulls Real Estate Ltd (Company) on February 28, 2008 and May 07, 2008 in relation to the proposed investment and / or purchase of up to 100% of the ordinary shares in Dev Property Development Plc. (DPD Shares) an Isle of Man registered Company listed on the London Stock Exchanges AIM (DPD), by issuance of new ordinary shares of the Company (New IBREL Shares) represented by Global Depository Receipts (GDRs) listed on the Luxembourg Stock Exchanges Euro MTF. The proposed investment and/or purchase of the DPD Shares by issuance of GDRs was to be implemented by way of a court approved scheme of arrangement under section 152 of the Isle of Man Companies Act 1931 (Scheme).
Further the Company has informed that as informed earlier, the relevant court under the Isle of Man Companies Act 1931 has sanctioned the Scheme on May 07, 2008 and accordingly approved the acquisition of 100% ordinary shares of DPD by the Company.
The Scheme has become effective on May 08, 2008.

Ibulls Real Estate Ltd Informed That Continuation Of The Intimation

Indiabulls Real Estate Ltd has informed that in continuation of the intimation sent by the Indiabulls Real Estate Ltd (Company) on February 28, 2008 in relation to the proposed investment and / or purchase of up to 100% of the ordinary shares in Dev Property Development Plc. (DPD Shares) an Isle of Man registered Company listed on the London Stock Exchanges AIM (DPD), by issuance of new ordinary shares of the Company (New IBREL Shares) represented by Global Depository Receipts (GDRs) listed on the Luxembourg Stock Exchanges Euro MTF. The proposed investment and/or purchase of the DPD Shares by issuance of GDRs was to be implemented by way of a court approved scheme of arrangement under section 152 of the Isle of Man Companies Act 1931 (Scheme).

The relevant court under the Isle of Man Companies Act 1931 has sanctioned the Scheme on May 07, 2008 and accordingly approved the acquisition of 100% ordinary shares of DPD by the Company.

Further the Company has informed that, the finalisation of the said acquisition shall be completed by: (i) cancellation of the 138,000,000 ordinary shares of DPD (ii) issue of 138,000,000 new DPD shares to the Company and (iii) issue of 0.12091 GDR to the shareholders of DPD for each DPD share held as at 6:00 P.M. on May 07, 2008 in accordance with the terms of the Scheme. The Scheme is expected to become effective on May 08, 2008 and the settlement of all consideration will occur within 14 days of that date.

The announcement being made by DPD in UK on May 07, 2008.