Lanco Infratech surges after favourable court ruling on Griffin

Perdaman’s application for freezing order dismissed

Lanco Infratech Ltd has announced that Perdaman's application for a freezing order refraining Griffin from entering into a charge or security without notice to Perdaman, in the Supreme Court of Western Australia against Griffin Coal Mining Pty Ltd, a group company of Lanco Infratech has been dismissed.

The hearing of the said application took place on 27 July 2011 before Justice Beech of the Supreme Court of Western Australia. In his order, on 11 August 2011, Justice Beech dismissed Perdaman's application in favour of Griffin.

In the late afternoon, Lanco Infratech was trading at around Rs18.70 per share on the Bombay Stock Exchange, 6.25% up from the previous close.

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Piramal Glass Q1 net profit zooms 79% to Rs32 crore

Piramal Glass sales increased by 14% from Rs278 crore to reach Rs317 crore

Piramal Glass (PGL) said that its net profit for the quarter ended June 2011 jumped 79% to Rs31.5 crore compared to Rs18 crore in the same period previous year.

For the same period, its sales increased by 14% from Rs278 crore to reach Rs317 crore. Operating EBIDTA for Q1 FY2012 increased by 30% to Rs82 crore compared to Rs64 crore for the same period previous year. The company's operating EBIDTA margins have been increased to 26%-an improvement of 320 bps for Q1 FY12.

Vijay Shah, managing director, Piramal Glass said, "Our investment strategies of the last few years are bearing fruits and our focus on the high margin 'Premium' cosmetics and perfumery segment has led to a phenomenal improvement in EBIDTA. We expect our C&P Premium segment to grow by 28-30% CAGR till FY13."

Ajay Piramal, chairman, Piramal Group, hailed the company's performance, "The focus on cosmetics and perfumery, especially premium has helped us in achieving this result. With the revamp in the capacity, Piramal Glass will be world's second largest C&P Company (in terms of capacity) with 550 TPD as installed capacity.

In the late afternoon, PGL was trading at around Rs136.05 per share on the Bombay Stock Exchange, 1.31% down from the previous close.

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TV18 Broadcast Q1 net profit stands at Rs21.12 crore

The media firm had posted consolidated net loss of Rs11.11 crore during the three months ended 30 June 2010

Network 18 group firm, TV18 Broadcast Ltd has reported consolidated net profit of Rs21.12 crore for the quarter ended 30 June 2011. The media firm had posted consolidated net loss of Rs11.11 crore during the three months ended 30 June 2010, it said in a filing to the Bombay Stock Exchange.

The firm's consolidated sales for the first quarter of the current fiscal grew 53.55% to Rs265.94 crore, compared to Rs173.19 crore in the same quarter last financial year.

TV18's consolidated numbers include the joint ventures with Viacom18 where it has 50% share, besides a similar percentage of equity in IBN Lokmat and other smaller subsidiaries.

In the late afternoon, TV18 was trading at around Rs53.95 per share on the Bombay Stock Exchange, 14.77% down from the previous close.

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