NEWS CAPSULES

• Larsen and Toubro (L&T) has offloaded its entire 11.49% stake in UltraTech Cement for about Rs 1,037 crore and the fund will be used for the capital expenditure and investment in new initiatives. L&T has sold over 14.3 million shares at an average price of Rs 725 a share. The shares were sold to 25 financial institutions, including 13 overseas and 12 domestic , in two blocks of 13.7 million shares and 630,289 shares on the National Stock Exchange (NSE). Citigroup was the sole book-runner to the deal.
• Tata Tea,the second-largest branded packaged one in the sector, today announced restructuring of its global operations under a single management team, as it plans to become a leader in the $160 billion ‘good for you’ beverages market.
• Kishore Biyani-led Pantaloon Retail’s same-store sales in May grew the highest in the last seven months, as a revival in consumer demand propped up the company’s sales numbers. Same-store numbers in value retailing (led by Big Bazaar and Food Bazaar) grew 8.14% — the highest Since November — to Rs 339.58 crore, while lifestyle retailing grew 8.35% to Rs 123.13 crore. Home retailing was down 28.27 % in May compared with the same month last year.
• GMR Energy Ltd, the subsidiary of Bangalore-based infrastructure major, GMR Infrastructure Ltd, has finalised a Rs 400 crore investment plan to relocate and restart its barge-mounted naphtha fired power project from Mangalore on the west coast to Kakinada on the east coast in Andhra
Pradesh. The new plant, which will use natural gas as basic fuel, will be operationalised by March 2010.
• Shriram EPC is eyeing about 50% growth in consolidated turnover this fiscal. The company said significant growth will come from renewable energy business especially wind energy, which would bring around Rs 600 crore.