Kavveri Telecom to acquire European company

In past four years, Kavveri Telecom has acquired four different RF products and antennas manufacturing companies in North America

The Board of Kavveri Telecom Products, a leading telecom equipment manufacturer, has approved the acquisition of an RF company in Europe.
The RF solutions and products provided by this European company are considered world class, not only address a key technology requirement for the company, but will also provide a further opportunity to improve their business performance by leveraging Kavveri's low cost high value manufacturing capabilities.

This acquisition will also expand Kavveri's sales channels for their products in key world markets in Europe, Africa and Latin America. Kavveri has recently won an order of Rs75 crore from Europe and the company hopes that by this acquisition in Europe, would give it better position to get large orders from the customers in Europe.

Speaking about this acquisition, Shivakumar Reddy, managing director, Kavveri Telecom Products said that, "We are extremely positive about this acquisition. It will facilitate Kavveri to go one step ahead in its strategic initiative of making its facilities in India the global manufacturing hub."

Kavveri Telecom provides world class hardware products and solutions for the telecom, defence and space industry.

On Friday, Kavveri Telecom ended 1.79% up at Rs130.50 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.02% at 18,326.09.

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Crude may affect growth, inflation to be below 8% by Aug: Anant

Asked how much the country's economic growth could be in 2011-12, India's chief statistician TCA Anant said: "The expectation now is that probably it will be 8.5%. This is subject to the assumption on how effectively do we manage the oil price situation"

New Delhi: The country's chief statistician TCA Anant today said high global crude prices could impact India's economic growth in 2011-12 and projected that the gross domestic product (GDP) is likely to grow by around 8.5% during the fiscal.

He also said that headline inflation will fall below the 8% mark by August-September if the country receives a normal monsoon, reports PTI.

"The oil situation is a matter of worry and it is likely that oil prices internationally will harden significantly... Crude is also a major input. So it may be a factor which will dampen some of our growth expectations," Mr Anant told reporters here on the sidelines of a FICCI event.

Asked how much the country's economic growth could be in 2011-12, he said: "The expectation now is that probably it will be 8.5%. This is subject to the assumption on how effectively do we manage the oil price situation."

In its pre-Budget economic survey, the government had projected that the country's GDP would grow by 9% this fiscal.

However, the Reserve Bank of India (RBI), in its monetary policy for 2011-12 released earlier this month, pegged GDP growth at 8% and said inflationary pressure would affect growth.

Finance minister Pranab Mukherjee and other senior figures in the government also recently said that growth would be below 9%.

Mr Anant said the current political turmoil in parts of the Middle East and North Africa (MENA), along with the recent tsunami and earthquake and subsequent radiation leakage that hit Japan, could affect oil prices.

"The Middle East situation is an area of concern. It is likely that the fall-out of the events in Japan may temporarily raise demand for fossil fuel like oil and gas while they review their nuclear dependence... I suspect these (factors) will contribute to a certain measure of hardening of crude prices," the chief statistician said.

Global crude prices are currently above $100 per barrel on account of events in the MENA region, particularly the civil war in Libya, a major oil exporter and OPEC member.

Regarding inflation, Mr Anant said the rate of price rise of food items is showing a declining trend.

Asked by when headline inflation is likely to fall below 8%, he said: "My guess is that if all goes well and if by July it appears that monsoon is normal, I think... maybe by mid-year, either August or September, we should see inflation rates moderate. But I am putting a big assumption there."

Headline inflation in the country has been above the 8% mark since January 2010.

In April, overall inflation stood at 8.66%, as against over 9% in March.

In its annual policy, the RBI had said that while inflationary pressure from food items has been declining, concerns remain about high global commodity prices. It projected that inflation would average 9% during the first half of the fiscal, before moderating to 6% by year-end.

Yesterday, finance minister Pranab Mukherjee had also said that inflation is showing a 'declining trend".

Food inflation, which remained in double digits for most of 2010, fell to an 18-month low of 7.47% in the first week of May.

However, inflation in the manufacturing segment was 6.18% in April. Experts have been warning against high inflation in the core (non-food) segment.

Regarding the new Consumer Price Index (CPI), which factors in retail prices across the country, Mr Anant said it will take some time before inflation figures emerge from it.

"The CPI indices are tricky to read at the moment for inflation, as the interpretation is very complicated," he said, adding that inflation numbers under the index would be available from January next year.

Regarding the growth in the fourth quarter of 2010-11, he said data is still being worked upon.

Asked about the growth numbers for last fiscal, which are going to be released next month, he said: "For 2010-11, we had given an advance estimate of 8.6%. That is being pulled in two directions.

"There is a downward pressure by the fact that subsequent data on Index of Industrial Production (IIP) is slightly lower, the subsequent data on agriculture is slightly higher.

So the net effect... I don't know."

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ITC Q4 net up 25% at Rs1,281 crore

The company witnessed revenue growth across all segments that it operates. The FMCG segment witnessed a growth of 14% to Rs4,079.85 crore during the quarter, its hotel business grew by 17.2% to Rs300 crore its agri-business segment had a growth of 9% to Rs1081.83 crore

New Delhi: ITC, a multi-business conglomerate, announced a 25% rise in its net profit at Rs1,281 crore for the fourth quarter ended 31 March 2011 from Rs1,028 crore in the corresponding period a year ago, reports PTI.

Its total income was up 16.5% at Rs6,062.10 crore versus Rs5,202.10 crore.

ITC posted a 20.38% jump in its consolidated net profit at Rs5,017.93 crore for the year ended 31 March 2011 over the previous fiscal.

In the year ended 31 March 2010, the company had a net profit of Rs4,168.18 crore, ITC said in a filing to the Bombay Stock Exchange (BSE).

Besides, the company's board has recommended a special dividend of Rs1.65 per share of Re1 each and dividend of Rs2.80 per share each for the financial year ended 31 March 2011.

During the year, ITC's consolidated net sales stood at Rs22,273.66 crore, a 16.39% increase from Rs19,135.87 crore in the previous fiscal.

The company, however, did not provide the consolidated figure for the quarter ended 31 March 2011.

On a standalone basis, the firm had a net profit of Rs1,281.48 crore during the quarter, a 24.63% jump from Rs1,028.22 crore in the corresponding quarter previous fiscal.

During the period, the firm's standalone net sales increased by 15.48% to Rs5,836.26 crore from Rs5,053.79 posted in the year-ago period.

The company witnessed revenue growth across all segments that it operates. The FMCG segment, which includes both its cigarette and non-cigarette businesses like personal care and foods, witnessed a growth of 14% to Rs4,079.85 crore during the quarter.

Its hotel business grew by 17.2% to Rs300 crore its agri-business segment had a growth of 9% to Rs1081.83 crore.

For the year-ended 31 March 2011, the company had a standalone net profit of Rs4,987.61 crore while it had a net sales of Rs21,167.58 crore.

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