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MUMBAI - GVK Power and Infrastructure Ltd said on Thursday its unit GVK Airport Developers Pvt Ltd had bought a 12 percent stake in Bangalore International Airport Ltd for 4.85 billion rupees.
The stake buy is from Flughafen Zuerich AG, it said in a statement to the exchange.
The company further said it has entered into a strategic pact with Unique Airports Worlwide AG (Zurich Airport) for new airport projects in the Indian sub-continent.
BANGALORE - Infosys Technologies, India's second-largest software exporter, said on Thursday its chairman's wife sold company shares worth 4.30 billion rupees ($92 million) for setting up a venture capital fund.
Separately, Nasdaq-listed Infosys said its Chief Executive Kris Gopalakrishnan purchased 400,000 company shares from the market on Thursday for 866 million rupees, taking his total holding to 6.7 million shares.
Sudha Murthy, wife of Infosys co-founder and chief mentor N.R. Narayana Murthy, sold 2 million shares, or about 22 percent of her total holding, on the Bombay Stock Exchange on Thursday, the company said in a filing.
Last month, Narayana Murthy, who co-founded Infosys with six other software engineers including Gopalakrishnan in 1981 with $250, had sold a total of 800,000 shares worth $37 million to set up a venture capital fund which he plans to set up in India.
The company said the Murthys have confirmed they did not plan to raise further capital for the fund.
Infosys shares ended down 0.7 percent at 2,223.10 rupees in a Mumbai market that rose nearly 1 percent. The stock had fallen as much as 3.7 percent during the day on a trading volume at 2.2 million shares, nearly 13 times its 90-day average volume.
Tata Chem to commission plant in June
KOLKATA -Tata Chemicals Ltd expects its fertiliser plant at Babrala in Uttar Pradesh to start commercial production by the middle of next year, a senior official said on Thursday.
"The construction is under progress and we have placed orders for all the equipment. The plant will start commercial production by the end of June 2010," Kapil Mehan, executive director told reporters.
The total capacity of the plant will be 1,30,000 tonnes per annum, and the company has invested around 500 million rupees in the project, he said.
The company expects its total urea production to increase by 11 percent to 2 million tonnes in FY10, compared with 1.8 million tonnes a year ago, Mehan said.
Tata Chemicals expects its margins to improve in the coming quarters as demand for fertilisers is recovering, he said.
"Consumption of fertiliser in the khariff season was lower compared to last year, but we expect it to go up by 4-5 percent in the rabi season," he said.
NEW DELHI - Tata Steel Ltd, the world's No. 8 steelmaker by output, said on Friday steel sales at its Indian operations rose 38 percent in October from a year earlier to 462,000 tonnes.
The Indian operations contribute about a quarter of the group's total annual global capacity of 30 million tonnes, which includes Corus, Europe's second-largest steelmaker.
Saleable steel production in October rose by 27 percent from a year earlier to 570,000 tonnes and crude steel production gained 22 percent to 599,000 tonnes, the company said.
MUMBAI - Aurobindo Pharma Ltd said on Friday it secured final approval from the U.S. Food and Drug Administration for Lamotrigine tablets, used in the treatment of partial and generalised seizures.
The drug is the generic equivalent of Lamictal CD tablets, a brand of GlaxoSmithkline, it said in a statement to the BSE.
MUMBAI - GVK Power and Infrastructure Ltd said on Thursday its unit GVK Airport Developers Pvt Ltd had bought a 12 percent stake in Bangalore International Airport Ltd for 4.85 billion rupees.
