“This is a very important supply agreement for us and underscores our ability to deliver bearing rings of world class quality at competitive prices,” Seforge CEO said
Seforge, a Suzlon Group subsidiary, announced a major supply agreement with a global bearings manufacturer worth Rs600 crore for the supply of forged and machined rings used in various types of bearings, including slew bearing rings, over a period of five years.
Seforge operates a state of the art forging facility capable of producing seamless forged rings of maximum diameter of 5.2 metres, with an annual capacity of about 40,000 to 60,000 rings at Vadodara, Gujarat. Seforge has established itself as a major supplier to all the major wind turbine manufacturers in India for the supply of forged rings used in wind turbine towers and bearings. The company also supplies rings to major international players in the oil and gas, power and defence sectors.
Speaking on the agreement, Kamlesh Bhadani, CEO, Seforge said, “This is a very important supply agreement for us and underscores our ability to deliver bearing rings of world-class quality at competitive prices. This agreement also lays the foundation for Seforge becoming a strong partner to the bearings and other related industries.”
Seforge also has a foundry division, based in Coimbatore, with a modern manufacturing facility capable of producing large sizes of castings with an annual capacity of 120,000 MT of castings. Large size castings are primarily supplied to wind industry. The Foundry division also has the potential to diversify into heavy engineering, aerospace and power sector equipment.
In the early afternoon, Suzlon Energy was trading at around Rs23.10 per share on the Bombay Stock Exchange, 2.67% up from the previous close.
The HCL Tech board has declared an interim dividend of Rs2 per equity share of Rs2 face value
IT company HCL Technologies posted 43.3% jump in net profit to Rs572.70 crore for the quarter ended 31 December 2011. The company’s net profit stood at Rs399.70 crore in the October-December quarter of 2010, HCL Technologies said in a statement. The company follows July-June fiscal year.
HCL Tech’s revenues stood at Rs5,245.20 crore during the reporting quarter, up 34.9% from Rs3,888.40 crore in the same quarter of FY10-11.
“HCL continues to increase its market share both qualitatively and quantitatively by leveraging its multi-service capability. This, combined with 18 new transformational deal wins, bears testimony to the uniqueness of HCL’s business model in the current environment,” the company’s vice-chairman and CEO Vineet Nayar said.
The board has declared an interim dividend of Rs2 per equity share of Rs2 face value.
“The sequential margin expansion of 150 basis points (bps) and EBIT and EPS growth of 42.6% and 29% year-on-year respectively in this quarter is a result of our continued investment in business that has resulted in higher returns for our shareholders,” HCL Tech CFO Anil Chanana said. Going forward, the company remains watchful of the volatile currency movements and will continue with its layered hedging policy, he added.
“As economies contract and the job environment remains challenged, we at HCL are committed to creating local jobs, contributing to the welfare of local communities and pushing the pedal on enterprise philanthropy in continuing cognizance of our social responsibility,” HCL Tech’s chairman and chief strategy officer Shiv Nadar said.
During the quarter, the company added 7,804 (gross) and 2,556 (net) employees, taking its total headcount to 83,076 by the end of 31 December 2011.
HCL signed 18 deals with total contract value exceeding $1 billion this quarter. These deals were across sectors like BFSI, healthcare and aerospace and include AstraZeneca, BD and CEVA.
In the early afternoon, HCL Tech was trading at around Rs425 per share on the Bombay Stock Exchange, 4.67% up from the previous close.
Like in the late-1980s and early-1990s, Indian companies are now suddenly at the mercy of global...