ASTRA IDL: MARRIAGE TURNS SOUR
Article Abstract:
IDL Chemicals, promoted by the Hindujas, acquired the stake of Astra AB of Sweden in its joint venture, Astra IDL (AI). The stock price of AI slumped by Rs200 from Rs360. AI manufactures respiratory care products, maternal health care and cardiovascular products. In 1997-98, it posted a growth of 25 percent in sales and 60 percent in its net profit. It imports up to 40 percent of its raw material and the recent levy of 4 percent special additional duty is likely to increase its costs. Its shareholders had disapproved the take-over of AI by IDL Chemicals. It plans to bring global brands through partnerships. Its stock is being traded at Rs157.80. (rk) ------------------------------------------------------------ Financial results of Astra IDL ------------------------------------------------------------ Particulars March 1998 March 1997 (Rs in crore) ------------------------------------------------------------ Sales 99.14 77.90 ------------------------------------------------------------ Gross profit 22.88 16.86 ------------------------------------------------------------ Depreciation 4.25 3.40 ------------------------------------------------------------ Interest 1.11 1.43 ------------------------------------------------------------ Tax 6.30 5.00 ------------------------------------------------------------ Net profit 11.21 7.03 ------------------------------------------------------------ Equity 5.00 5.00 ------------------------------------------------------------ EPS (Rs) 22.42 14.06 ------------------------------------------------------------ Dividend (%) NA 27.50 ------------------------------------------------------------ Book value (Rs) NA 55.94 ------------------------------------------------------------
Comment:
Acquires stake in Astra of Sweden
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1998
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SWOJAS ENERGY FOODS
Article Abstract:
Parmalat SPA of Italy has picked up 50.99 percent stake in Swojas Energy Foods Ltd (SEFL), a loss making company. SEFL floated a public issue in 1995, to part finance its project to process 1.25 lakh litres of milk per day. The total project outlay was estimated at Rs13.15 crore. Due to cost overrun and delay in implementation, the project cost went up to Rs16.5 crore. This resulted in pressure on the working capital and the company borrowed heavily. For 1996-97, it reported a loss of Rs2.05 crore. In 1998-99, SEFL is expected to reduce losses with the proceeds of the preferential offer to Parmalat. It also proposes to borrow from the international market to reduce its average cost of borrowing. Citicorp Investment Bank has acquired 9.2 percent stake in SEFL. All these augur well for the company. Its scrip is being traded for Rs8.50. (uh) ------------------------------------------------------------ Swojas Energy Foods (Rs in crore) ------------------------------------------------------------ Particulars Six months ended Six months ended September 1997 September 1996 ------------------------------------------------------------ Sales 2.64 5.02 ------------------------------------------------------------ Gross Loss 2.14 1.40 ------------------------------------------------------------ Depreciation 0.65 0.04 ------------------------------------------------------------ Net Loss 2.79 1.44 ------------------------------------------------------------ Equity 8.07 6.67 ------------------------------------------------------------ Earnings per share (Rs) -3.45 -2.16 ------------------------------------------------------------
Comment:
Acquires 50.99% stake in Swojas Energy Foods, India
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1998
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SUN PHARMACEUTICALS
Article Abstract:
Sun Pharmaceuticals is a leading player in cardiology, psychiatry and neurology segments. These three segments account for 60 percent of its turnover. The company launches around six new products on an average every year. It plans to enter the generics market. With the acquisition of TN Dadha Pharma Ltd, Sun Pharmaceuticals has gained entry into specialised segments like anti-cancer and orthopedics. Only 18 percent of its products fall under the Drug Price Control Order. Its sales are projected to reach Rs320 crore in the next few years with new product launches from non traditional segments and increase in exports. (tsm)(vr)
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1999
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