American Tower unit buys Essar Telecom Infrastructure in all cash deal

India's Essar group said US-based American Tower Corp (ATC) unit Transcend Infrastructure Ltd (TIL) completed a share purchase transaction to acquire Essar Telecom Infrastructure Pvt Ltd. (ETIPL) in an all cash deal.

The transaction values ETIPL at about Rs2,100 crore and is subject to certain post closing adjustments, the Essar group said in a release.

The transaction represents the third tower acquisition in India by a member of the American Tower group since initiating operations in India in the fourth quarter of 2008, the release added.

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ICSA Q1 net profit declines to Rs27.9 crore

ICSA (India) Ltd, the embedded technology based products developer, said its net profit declined to Rs27.9 crore for the 30 June 2010 quarter as against Rs34 crore in the same quarter a year ago.

During the June 2010 quarter, the company's total revenues increased to Rs307.2 crore from Rs305.7 crore in June 2009 quarter, ICSA said in a regulatory filing.

On Friday, ICSA shares ended 0.8% down at Rs132 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.2% lower at 18,143 points.

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ABC Bearings Q1 net profit rises to Rs5.9 crore

Mumbai-based ABC Bearings Ltd said its first quarter net profit rose to Rs5.9 crore from Rs2.4 crore in the same quarter a year ago.

In the June 2010 quarter, the company's total revenues increased to Rs49 crore from Rs30.4 crore a year ago.

On Friday, ABC Bearings shares rose 1.5% to Rs172 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.2% lower at 18,143 points.

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