DCW Ltd, a manufacturer of basic chemicals, said it has signed a technical license and support agreement with Italy-based Rockwood Italia, a producer of synthetic iron oxides. No financial details were provided.
DCW said it plans to use Rockwood's licensed technology in setting up a synthetic iron oxide plant at Sahupuram Complex in Tamil Nadu. It also plans to use waste leach liquor generated from its beneficiated limonite plant as feedstock, DCW said in a statement.
The plant, expected to be commissioned in two years, will be an eco-friendly plant with zero discharge, it added.
Synthetic iron oxide pigments are used in the construction and coating/paint industry.
Rockwood has also signed an off-take agreement with DCW to buy up to 50% of the output from the proposed plant.
On Thursday, DCW shares rose 3.6% to Rs18 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% down to 20,497 points.
Software services firm Mastek Ltd registered a net loss of Rs13.5 crore for the first quarter ended 30 September 2010 as against the net profit of Rs26.4 crore in the same quarter last year.
During the September quarter, its total revenues declined to Rs151.4 crore from Rs191.4 crore due to lower development revenues from a client account and some revenue reversals in the India and Asian market, Mastek said in a regulatory filing.
On Thursday, Mastek shares fell 3.3% to Rs235 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% down to 20,497 points.
Housing mortgage lender LIC Housing Finance Ltd on Thursday reported a rise of 36.8% in its net profit to Rs234.2 crore for the second quarter ended 30 September 2010.
It had a net profit of Rs171.3 crore during the same quarter of the last fiscal, LIC Housing Finance said in a filing to the Bombay Stock Exchange (BSE).
The company reported 31.8% growth in its total revenues during the July-September quarter to Rs1,100.2 crore as against Rs834.9 crore in the year-ago period.
On Thursday, LIC Housing Finance shares gained 1% to Rs1,458 on the BSE, while the benchmark Sensex closed 0.9% down to 20,497 points.