HDFC Q4 net up 40% at Rs 768 cr

Housing Development Finance Corporation (HDFC), on Wednesday, reported 39.64 per cent increase in net profit at Rs 768.12 crore for the fourth quarter ended March 31, compared with Rs 550.05 crore in the corresponding quarter last year.

Total income rose 33.82 per cent to Rs 2,320.21 crore from Rs 1,733.77 crore in the year-ago quarter. The Company posted a net profit of Rs 2,436.25 crore for the year ended March 31, 2008 as compared to Rs 1570.38 crore in the previous financial year, recording 55.13 per cent growth. Total Income for the whole year rose 39.78 per cent to Rs 8,196.06 crore from Rs 5,863.28 crore in the previous fiscal.

As per the consolidated results, the Group has posted a profit after tax attributable to the corporation of Rs 2,712.19 crore for the year ended March 31, 2008 as against Rs 1,741.98 crore in the previous financial year, registering a growth of 55.7 per cent. Total Income for the whole year increased 39 per cent to Rs 8,890.22 crore from Rs 6,393.92 crore in the previous year.

DRL buys BASF’s manufacturing biz

Dr Reddys Laboratories (DRL), on Wednesday, said it would acquire US-based BASF’s pharmaceutical contract business and its manufacturing facility for an undisclosed amount.

BASF’s business, which would be transferred to DRL, includes contract manufacturing of generic prescription and over-the-counter products for branded and generic companies in the United States, the home grown pharma major said in a statement.

The acquisition is subject to necessary approvals and is expected to be completed in the first quarter of 2008-09 fiscal, DRL said adding that the company would fund the transaction from its internal cash reserve and other credit facilities.

The acquisition would also include the relevant businesses, customer contracts, trademarks, as well as the manufacturing facility and other assets of BASF in Louisiana.

The manufacturing facility of BASF is designed to manufacture solid, semi-solid and liquid dosage forms and has a proven track record of compliance with regulatory authorities, including the US Food and Drug Administration (US FDA).

BASF has recorded a revenue of $43 million in the calender year 2007.

Wienerberger Brick Ltd sets foot in India

Wienerberger Brick Industry Pvt Ltd, a wholly-owned subsidiary of Weinerberger, on Wednesday, announced its foray into the Indian market, reports  DHNS from Bangalore. The Vienna-based company is setting up its manufacturing plant in Kunigal (Karnataka) at an investment of Rs 90 crore. The plant, which spreads over 30 acres of land and has a capacity of 100,000 tons per annum, is Wienerberger’s first Asian manufacturing plant. 

Briefing reporters here on Wednesday, Ingo Hofmaier, Managing Director, Commercial, Wienerberger Brick Industry Pvt Ltd, said commercial production from the plant will start by the end of 2008.

Total placements at IIPM crosses 2000 mark

IIPM, one of the leading management institutes in the country, recently announced that Campus Placements at IIPM has set new benchmarks for itself during the ongoing placement season for the Class of 2006-08 by hitting an all-time high of around 2000 domestic placements and over 100 international placements. The placement season was kick-started with the presence of Satyam Computer Services said a press release from IIPM. The average package offered was a little over Rs 5 lacs per annum. The total number of placements as on March 18, 2008 stood at 2014 and IIPM  got 85 new companies, the first time on campus.

ABN-AMRO, Make MyTrip.com launch card

ABN-AMRO and MakeMyTrip.com, on Wednesday, launched a co-branded credit card offering travelers exclusive rewards, benefits and a comprehensive range of travel-related promotions. The card offers a discount of Rs 500 on the first air ticket purchased, Rs 5,000 off on any holiday package within India, free domestic air ticket if the cardholders make three purchases every month for three consecutive months.

Karnataka Police to drive Hyundai Accent

Hyundai Motor India, on Wednesday, handed over its first batch of 10 Hyundai Accent cars to the Karnataka Police at a ceremony organised at Advaith Hyundai dealership in Bangalore.

The Directorate General of Supplies & Disposals (DGS&D) in the Department of Supplies under the Ministry of Commerce, the central purchase and quality assurance organisation of the Union Government, has approved the Accent for use by all government departments across the country. Karnataka Police had so far placed orders of 30 Accent cars.

Spice Mobile collaborates with Qualcomm

Spice Mobiles Ltd, on Tuesday, announced its strategic collaboration with Qualcomm Incorporated, a developer and innovator of advanced wireless technologies and data solutions, to bring highly differentiated 3G CDMA devices to Indian market. The company also unveiled two new handsets: S-950, the first Indian branded 3G device and C-810, a full-featured CDMA2000 device for the open market in India.

This collaboration will empower Spice Mobiles to address the demand for 3G-ready devices ahead of commercial launch of 3G services in the Indian market in sync with Qualcomm’s business.