Corporate News 1-11-2012

• Biocon posted a 4.6 per cent jump in its consolidated net profit to Rs 89.65 crore for the second quarter ended September 30, 2012. Net sales rose to Rs 592.40 crore during the second quarter from Rs 505.39 crore in the same period of 2011-12 fiscal.
  Mukand Ltd signed a master agreement with Sumitomo Corporation of Japan on October 29 for establishing a joint venture to carry on the business of Cold Finished Bars & Wires (CFB&W) that was transferred to a subsidiary Technosys Metal Processing Ltd (TMPL) ahead of its conversion into a joint venture for a consideration of Rs 252.50 crore.
  Tata Motors has signed an agreement with US-based Westport Innovations Inc to develop an engine for its commercial vehicle range.
  Nandan Exim Ltd revenue increased by 21 per cent and profit after tax by 6 per cent in the second quarter of 2012-13, ended September 30, as compared to the corresponding quarter last fiscal. The company is also undertaking a capacity expansion plan at an investment of Rs 261 crore annually to increase the manufacturing capacity from the existing 60 million metres to 100 million metres each year.
  Bharat Forge Ltd posted a decline in its net profit during the second quarter of 2012-13 fiscal. PAT drop by 3.4 per cent on a year-on-year basis to Rs 102.8 crore. Revenues for the standalone entity stood at Rs 867.6 crore, representing a decline of 4.7 per cent over the same quarter last year on the back of 16.2 per cent drop in domestic revenues that touched Rs 401 crore. Sales to industrial sectors in India too were adversely impacted.

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