MIC Electronics Ltd said it formed a joint venture with Taiwan-based home lighting appliances manufacturer Home Resources Ind Co Ltd to produce light-emitting diode (LED) products in India. No financial details were provided.
The agreement aims to manufacture innovative and cost effective LED lighting products for both urban and rural applications in India. The agreement envisages manufacture of around 1 lakh lights in the next six months and around a million in the next 18 months, the company said in a regulatory filing.
On Monday, MIC Electronics shares closed 0.4% up at Rs40 on the Bombay Stock Exchange, while the Sensex ended at 0.1% down at 17,928 points.
Escorts Ltd said its third quarter net profit increased 106% due to higher tractor sales and revenues.
For the quarter to end-June, the tractor manufacturer said its net profit rose to Rs45.8 crore from Rs22.2 crore while its total revenues increased 38.5% to Rs806 crore compared with same period last year.
Escorts follow an October-September fiscal year. During the reported quarter, Escorts registered tractor sales of 17,917 units, a 39% increase over 12,889 units.
On Monday, Escorts shares declined 2.4% to Rs204 on the Bombay Stock Exchange, while the Sensex ended at 0.1% down at 17,928 points.
Mumbai-based Crompton Greaves Ltd registered a first quarter net profit of Rs142.2 crore compared with Rs1,14.7 crore for the quarter ended June 2009.
During the period its total revenues rose to Rs1,357.7 crore from Rs1,181.9 crore, same period last year.
On Monday, Crompton Greaves shares closed 0.7% down at Rs269 on the Bombay Stock Exchange, while the Sensex ended at 0.1% down at 17,928 points.