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The acquisition will accelerate HIL's presence in the fast-growing pipes and fittings segment, which the company said is a new entrant.
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The IT services company had posted a profit of Rs 72.6 crore in the year-ago period.
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Besides, the employees of each of the group companies are making voluntary personal contributions towards this fund, which will be added to this corpus.
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The company, a leading bearing manufacturer in the country, has acquired Kinex through its Europe-based subsidiary. Size of the deal was however not disclosed by NEI.
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On May 31 last year, Orient Cement had signed a share purchase agreement (SPA) with Jaiprakash Associates Ltd (JAL), for acquisition of 74 per cent equity shares of Bhilai Jaypee Cement Ltd from JAL.
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The board of the company today approved a proposal to raise the fund in one or more tranches and would seek shareholders' approval through an AGM, Orient Cement said in a regulatory filing.
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Orient Cement Ltd (OCL) has signed definitive agreements with Bhilai Jaypee Cement and Nigrie Cement Grinding Unit for the transactions that are expected to be completed before March 31, 2018.
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CK Birla Group firm Orient Electric is aiming to double its market share to 10 percent in the air cooler segment by fiscal year 2018, a company official has said.
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CK Birla group firm Orient Electric said it would cross Rs 2,000 crore turnover in next four years, mainly on account of new products additions in existing segment and increase in exports.
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Ambassador, the car which once signified opulence, a sign of prosperity, and power, is changing hands. European auto major Peugeot Friday signed a deal with Hindustan Motors to buy out the brand for Rs 80 crore.
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The maker of Peugeot and Citroen cars, absent from the fast-growing Indian market since the late 1990s, has signed a joint venture deal with the family-owned conglomerate to include a Chennai assembly plant with current annual production capacity of 12,000 vehicles, the French daily newspaper said on its website.
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Orient Cement today reported a
standalone net loss of Rs 29.4 crore for the quarter ended
September 30, 2016, against a net profit of Rs 28 crore in the
year-ago period.
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The company, with a turnover of Rs 1,200 crore in fan business, has been exporting fans to over 35 countries including those in the Middle East, Africa, Asia and also to United States, Orient Electric Senior Vice-President and Business Head, Sameer Tandon said.
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Stocks likely to be in focus are: United Breweries, Motilal Oswal Financial Services, Orient Cement, Greaves Cotton, KEC International, JM Financial, Hexaware Technologies, Tata Motors, Page Industries.
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The cement maker has registered a net profit of Rs 43.33 crore for the corresponding quarter in the last fiscal. Its net sales declined to Rs 355.04 crore in the July-September quarter of the current fiscal as against Rs 384.12 crore in the same quarter of the previous fiscal.
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Around Rs 40 crore will be invested to set up a facility for fans in north India, Khanna said. At present, Orient produces over 130 lakh fans per year at its two factories in Faridabad and Kolkata. It plans to add 50 lakh units capacity through the new facility.
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The CK Birla Group owned company posted a profit of Rs 29 lakhs for the quarter ended September, 2013-14 fiscal. It had a loss of Rs 30.10 crore in the corresponding quarter last fiscal.
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US private equity firm Warburg Pincus LLC has bought a minority stake in Indian engineering equipment maker Avtec Ltd, but the terms of the transaction were not disclosed.
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SKP Securities is bullish on Orient Paper Industries (OPIL) and has recommended buy rating on the stock with a target price of Rs 91.2 in its December 24, 2012 research report.
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CK Birla group firm National Engineering Industries (NEI) Ltd will invest Rs 1,000 crore over 7-8 years to expand production capacity, a top company official said today.
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CK Birla group firm National Engineering Industries Ltd is scaling up investments to Rs 700 crore for the next four years to expand production capacity, a top company official said today.
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The CK Birla Group company Orient Fans today announced its entry into the home appliances market with a range of products, including mixer grinders, room- cooler among others under the brand name Orient Actus.
