Varun Industries signs joint venture with Cluff Resources Pacific for exploration of gold projects in Southern Madagascar

Varun Industries Ltd said it has entered a joint venture with an Australian-based company Cluff Resources Pacific NL for exploration and development of gold, platinum and gem stone projects in Southern Madagascar.

According to Varun Industries, preliminary investigations have indicated the presence of alluvial sediments containing both gold and platinum. After initial evaluation, the focus of the joint venture would be to carry out a detailed mapping assessment of this area, with Cluff providing Australian geologists and applying its technology, said the company in a regulatory filing.

On Thursday, Varun Industries shares gained 3.8% to Rs143 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.1% up to 18,454 points.

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Subex renews multi-million dollar contract with Malaysian company

Subex Ltd, provider of operations and business support systems for communications service providers (CSP), said it has renewed its ROC revenue assurance contract for three years with a CSP in Malaysia.

The multi-million dollar contract involves Subex providing ROC revenue assurance service to the Malaysian company.

On Thursday, Subex shares ended 1.9% up at Rs53 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.1% up to 18,454 points.

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Sadbhav Engineering unit to raise Rs400 crore from Norwest Venture and Xander

Sadbhav Engineering Ltd's subsidiary Sadbhav Infrastructure Project (SIPL) has signed a binding agreement to receive Rs400 crore from Norwest Venture Partners (NVP) and The Xander Group (Xander)-the global investors.

SIPL will use the capital to continue to fund its existing road development projects in India and bid for new road development projects under various national and state highway development programmes, as well as other infrastructure development projects.

On Thursday, Sadbhav Engineering shares gained 3.7% to Rs1,582 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.1% up to 18,454 points.

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