Indian Hotels swings to net loss in Q2

Indian Hotels Co Ltd, which operates Taj brand of hotels and resorts, reported a net loss of Rs6.3 crore for the second quarter ended September 2010 compared with a net profit of Rs11.9 crore in the same quarter last year.

During the three-month period, its net sales stood at Rs328.5 crore from Rs285.9 crore in the same quarter last year, Indian Hotels said in a regulatory filing.

On Thursday, Indian Hotels shares ended 1% up at Rs99 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.3% down at 19,941 points.

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Bombay Rayon’s stake buy in STI India to trigger open offer

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.

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MIC Electronics Q1 net up by 45% to Rs16.7 crore

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.
 

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