Fabric and apparel manufacturer Bombay Rayon Fashions Ltd said it will buy 70.6% stake in Indore-based STI India Ltd for Rs70 crore.
STI is a public listed firm and the transaction will trigger a mandatory open offer to acquire another 20% stake. Bombay Rayon's board has approved the acquisition of equity shares and optionally convertible debentures (OCDs) along with underlying securities from the existing investors and OCD holders of STI India.
On Thursday, Bombay Rayon Fashions shares declined 2.5% to Rs230 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.3% down at 19,941 points.
Hyderabad-based MIC Electronics Ltd said its net profit for the first quarter ended September 2010 rose 45% to Rs16.7 crore from Rs11.5 crore in the same quarter last year.
During the second quarter, its total revenues jumped 49% to Rs67.4 crore from Rs45.3 crore, the company said in a regulatory filing.
MV Ramana Rao, chairman and managing director, MIC Electronics, said, "With Taiwan's Home Resources coming on board, MIC will receive manufacturing impetus to cope with the volume demands. The company has also won various orders for the supply of street lights among others with many of them being repeat orders."
On Thursday, MIC Electronics shares ended flat at Rs40 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.3% down at 19,941 points.
Software service provider Hexaware Technologies Ltd said its consolidated net profit inched marginally to Rs42 crore for the third quarter ended September 2010 compared with Rs41.3 crore for the same quarter last year.
During the September 2010 quarter, its revenues increased to Rs281.7 crore from Rs263.2 crore.
On a standalone basis, the company's net profit for the September 2010 quarter rose to Rs41.5 crore from Rs36.6 crore in the year-ago quarter. Its revenues declined to Rs112.4 crore from Rs128.1 crore in the same quarter last year.
Hexaware added 13 new clients in July-September quarter, the company said in a statement.
On Thursday, Hexaware Technologies shares ended 0.8% up at Rs86 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.3% down at 19,941 points.