Bajaj Hindusthan slips into loss in third quarter

Sugar producer Bajaj Hindusthan Ltd reported a net loss of Rs14.9 crore in the third quarter ended June 2010 as against the net profit of Rs60.1 crore for the same quarter last year.

During the quarter to end-June the company's total revenues increased to Rs727.8 crore compared to Rs399.3 crore. Its net sales rose to Rs715.7 crore from Rs383.6 crore, Bajaj Hindustan said in a filing to Bombay Stock Exchange (BSE).

On Wednesday, Bajaj Hindusthan shares gained 1.9% to Rs118 on the BSE, while the benchmark Sensex ended 0.8% lower to 18,070 points.

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Ashok Leyland wins order worth $26 million from People’s Leasing Company

Ashok Leyland, the Hinduja Group flagship, has won an order worth $26 million from the Sri Lanka-based People's Leasing Company to provide 1,000 buses.

The delivery of the 1,000 'Viking' buses, varying from 42-58 seaters, has to be completed before March 2011. The order is being part funded by the Asian Development Bank, said the company in a press release.

On Wednesday, Ashok Leyland shares closed 0.4% down to Rs70 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.8% lower to 18,070 points.
 

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Bharti Airtel to buy Telecom Seychelles for $62 million

Telecom services provider Bharti Airtel Ltd said it will buy Telecom Seychelles Ltd for $62 million (about Rs288 crore).
With this acquisition, Bharti Airtel will expand its African footprint to 16 countries and its overall presence to 19 countries. Recently it acquired mobile operations of Zain group in 15 countries across Africa, Bharti Airtel said in a regulatory filing.

When asked whether Bharti Airtel had presence in Seychelles, a company spokesperson clarified that the company never had any stake in Telecom Seychelles and it was only using its brand name, reports PTI. Now Bharti Airtel will acquire all stake from its promoters to make it part of African operations.

Telecom Seychelles began operations in 1998 by launching mobile services and today it offers 3G mobile and integrated wireline services across the island nation under the Airtel brand and has over 57% share of the mobile market.

On Wednesday, Bharti Airtel shares declined 1.4% to Rs319 on the Bombay Stock Exchange, while the benchmark Sensex ended 0.8% lower to 18,070 points.

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