News Capsules

• Reliance Infrastructure said it has acquired 51 per cent of Reliance Cementation from its group company Reliance
Natural Resources (RNRL). Reliance Cementation is engaged in manufacturing and exporting cement.
• Ruias-owned Essar Oil has tied up $920 million to fund the expansion of its Vadinar refinery in Gujarat to 16 million
tones. The Vadinar refinery, situated five kilometres away from Reliance Industries’ twin refineries in Jamnagar district, currently operates at 133 per cent of its nameplate capacity of 10.5 million tonnes a year.
• Moser Baer Photo Voltaic (MBPV), a subsidiary of Moser
Baer India, the optical storage device maker, has deferred its plan to set up a manufacturing facility near Chennai.
• Pfizer, the largest drug maker in the world, has bought back a 29.52 per cent stake in its Indian arm, Pfizer India,
increasing its stake to 70.75 per cent in an open offer. Pfizer was looking to increase its stake in Pfizer India from 41 per cent to 75 per cent, and had revised its open offer price from Rs 675 to Rs 830. The offer, earlier scheduled to close on June 29, was closed on July 4.
• Dr Reddy's Laboratories (DRL) saw a 120.07 per cent increase in net profit to Rs 244.5 crore for the first quarter
ended June 30, 2009, as compared with Rs 111.1 crore during the corresponding period last year. Revenues during the quarter increased 21 per cent to Rs 1,818.9 crore as compared with Rs 1,503.9 crore last year.
• LIC Housing Finance, a subsidiary of LIC, said its net profit rose by 18.31 per cent at Rs 123.83 crore for the quarter
ended June 30, 2009, compared to the same period last year.
• Chambal Fertilisers & Chemicals reported a net profit of Rs 55.31 crore for the quarter ended June, a jump of two fold
over that in the same period last year.
• Shriram Transport Finance Company, plans to tap the debt capital markets for up to Rs 1,000 crore through a public issue of secured nonconvertible debentures and has filed a prospectus to that effect. The issue aggregates to Rs 500 crore and the company will retain the
option to raise an additional Rs 500 crore.