Stock Watch

Saw Pipes maker Jindal Saw has signed a memorandum of understanding (MOU) with the Government of Maharashtra to expand its Seamless tube manufacturing facilities at its integrated plant at Malegaon MIDC, in Tal.Sinnar, Dist. Nashik, Maharashtra.

In a statement, the company officials said, “The Maharashtra government, which is keen to attract more investment in the state and strengthen its economy, has agreed to provide the necessary support for the project.”

Simplex Infrastructures Ltd. has bagged a prestigious contract valued at Rs. 406 crore for Mumbai Metro. The order involves civil construction of 10.7 km long viaduct on the Versova - Andheri - Ghatkopar elevated corridor for the Mumbai MRTS Project.

Kolkata-based, Simplex Infrastructures provides infrastructure and construction services primarily in India. The company principally engages in the industrial and public infrastructure development programs.

Earlier this month, the company has received an order of Rs. 287 crore for Qatalum Thermal Power Plant project in Qatar.

Indiabulls Real Estate has entered into an agreement with FIM and LNM India Internet Ventures. Both companies will jointly invest Rs 1,580 crore in Indiabulls Real Estate.

FIM Ltd is a foreign venture capital investment group managed by US-based Farallon Capital Management LLC and LNM India Internet is a family investment arm of Arcelor-Mittal president and chief executive Mr. Lakshmi Mittal.

India's largest private sector company, Reliance Industries has discovered gas in an exploration block in the Krishna Godavari (KG) basin off India's east coast.

This discovery, named ‘Dhirubhai 39’ has been notified to Government of India and Directorate General of Hydrocarbons.

The company said the block KG-DWN-2003/1 is located in the southern Indian state of Andhra Pradesh and covers an area of 3,288 square kilometers.

The Reliance Industries holds 90 % interest in it while Hardy Exploration and Production India Inc, a subsidiary of Hardy Oil and Gas, holds 10% in it.

Raytheon Company has signed a memorandum of understanding (MoU) with Precision Electronics Limited to forge strategic alignments that jointly develop and provide superior communications technology for India’s defense forces.

The MOU represents another step toward establishing a strong collaborative working relationship, encouraging joint pursuit of emerging business opportunities, and providing for in-country production, offset and long-term support.

The board of Essar Shipping at its meeting held today approved the company’s merger with Mauritius-based, India Shipping.

India Shipping is the holding company of Essar Oilfields Services and is registered under the laws of Mauritius.

Essar Shipping Limited, an integrated sea logistics company, provides crude and bulk cargo transportation services to various refineries, steel mills, and traders

Jain Irrigation Systems Ltd (JISL) has announced that the company has signed an MoU with Mekorot, the National water company of Israel for cooperating and working together in India in projects related to water infrastructure in the country.

Initially, the two Companies will establish a framework for joint cooperation and collaboration to explore potential projects in the field of desalination plants, water resource management, water supply systems, municipal water management and / or wastewater treatment and reclamation projects in India.

Netmagic Solutions, a carrier- neutral managed IT services provider based in India, has acquired Rs 80 crore in private equity (PE) funding by Indian proprietary venture and growth capital arm of Fidelity International Limited and Nexus India Capital, India's leading Venture Capital firm.

This is the first investment in an Indian IT firm for Fidelity. Further, the company has announced that it will invest Rs 100 crore in 2008 for major expansion.

Shipping Corporation of India has announced that it would be spending $1,100 million for acquiring 12 new vessels to ramp up its fleet.

The company also plans to buy four Panamax vessels, four capesize bulk carriers and four chemical tankers of 30,000 DWT, which would cost $ 200 million, $ 600 million and $ 300 million respectively.

The Shipping Corporation of India was established in 1961 by the amalgamation of Eastern Shipping Corporation and Western Shipping Corporation. The company provides marine transportation services in India and internationally.

Auto lamp maker, Lumax Industries has unveiled its plans to invest Rs 200 crore over the next 15 months to set up new plants and modernize existing ones.

The company, which is a joint venture between Lumax Industries of India and Stanley Electric Co of Japan, would invest in setting up three new facilities - one each in Singur, Pantnagar and Haridwar.

Presently, the company has seven manufacturing plants with two located in cities of Gurgaon, three plants in Pune and one plant near Chennai.