Suzlon unit wins 295MW contract

Wind turbine maker Suzlon Energy Ltd said its subsidiary REpower Systems AG has signed a contract with Belgium's C-Power for delivery of 48 wind energy turbines.

The contract with the Belgian offshore project company is for a total rated power of about 295 megawatts, REpower said in a statement.

On Friday, Suzlon declined 4.16% to Rs44.90 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.94% down at 19,136. 61 points.

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M&M to buy 5.5% of BT’s stake in Tech Mahindra

Auto giant Mahindra & Mahindra (M&M) Ltd said it has agreed to acquire 5.5% of IT firm Tech Mahindra's stake from UK-based British Telecommunications Plc (BT).

UK’s largest fixed-line phone company BT holds 30% stake in Tech Mahindra. "Pursuant to a proposal received from BT, the company has agreed to acquire 5.5% of the equity shares of Tech Mahindra from BT over time through an inter-se transfer among qualifying promoters at a market related price, in accordance with the SEBI regulations," M&M said in a filing to the Bombay Stock Exchange.

Financial details of the deal were not disclosed. M&M will also waiver rights to buy BT’s remaining stake in the software services provider, and the agreement will automatically terminate if BT’s stake in Tech Mahindra falls below 10%, the filing said.

The company has also agreed to consider further proposals from BT in this regard, it added.

On Friday, M&M ended 3.02% down at Rs 757.65 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.94% down at 19,136. 61 points.
 

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MRF reports 39% jump in net profit at Rs353.98 crore

Tyre manufacturer MRF Ltd reported a 39% jump in its net profit at Rs353.98 crore for the year ended September 2010, over the corresponding period a year ago.

For the year ended September 2009, the company had reported a net profit of Rs253.03 crore, the company said in a statement.

The total revenue of the company for the year ended September 2010 rose by 31.50% to Rs8,122.42 crore from Rs6,176.34 crore a year ago, it said.

The board of directors recommended a final dividend of Rs19 per share for the year 2010. In addition, the directors also recommended a special dividend of Rs25 per share in view of the 50th year of the company, it said. With the two interim dividends of Rs3 each paid early this year, the aggregate dividend for the year is Rs50 (500%), it said.
Backed by the strong growth of automobile industry, the company said it has recorded the highest growth in a single year.  The unprecedented increase in the price of natural rubber and other raw materials continues to be a matter of concern, the statement added.

On Friday, MRF declined 1.88% to Rs7,819.95 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.94% down at 19,136. 61 points.

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