Hyundai Motors posts 45.3 percent growth in June

India's second-largest passenger car manufacturer Hyundai Motors India Ltd (HMIL) has sold 40,182 units during June this year -- up 45.3 percent over the corresponding period last year.
Of the total sales, the domestic market accounted for 21,881 units, compared to 16,335 units for the same month last year. The exports totalled 18,301 units in June this year against 11,318 units of June last year.
For the period Jan-June 2008, the company closed 234,145 units (domestic 136,194 units, exports 97,951 units) as against 161,296 units (domestic 100,925 units, exports 60,371 units) sold during the corresponding period in 2007.
Commenting on the June, 2008 sales, Arvind Saxena, Sr. vice president - Marketing and Sales, said: "Our sales throughout the first half have grown steadily and in the overseas market the newly launched i10 sold well over 100,000 units in less than six months since its launch."

The segment-wise cumulative sales in June, 2008 are: A2 Segment (Santro, i10 and Getz): 33,859 units; A3 Segment (Accent and Verna): 6,272 units; A5 Segment (Sonata Embera): 47 units; and SUV Segment (Tucson): 4 units.

OPEC crude price passes $136 mark

The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) continued to climb to a new record level above $136, figures released by OPEC Tuesday showed.
One barrel (159 litres) of OPEC-produced crude stood at $136.03 Monday, $0.72 higher compared with $135.31 dollars the previous day.
Oil production in OPEC countries rose to 32.57 barrels per day in June, Vienna-based analysts JBC estimated.
This increase of 230,000 barrels from May was partly due to higher output in Saudi Arabia, which pumped 200,000 barrels more in June than in the previous month.

OPEC calculates an average basket price based on 13 important brands produced by cartel members.

ArcelorMittal to buy 60 percent stake in Dubai firm

L.N. Mittal-led ArcelorMittal, the world's largest steel maker, is expanding its presence in the Middle East by acquiring a 60 percent stake in a Dubai-based steel distributor.

In a statement issued at its Luxembourg headquarters, ArcelorMittal said it intended to acquire 60 percent of the entire issued share capital of Dubai Steel Trading Co (DSTC) FZCO, a newly incorporated company located in the Dubai's Jebel Ali Free Zone.

"This is an important partnership that will spearhead our distribution network in the Middle East Area," Philippe Darmayan, chief executive of ArcelorMittal steel solutions and services unit, said in the statement.

The steel major said that, through this acquisition, it was widening its offering in the Middle Eastern area.

"DSTC FZCO will acquire the main business of a steel distributor in the United Arab Emirates (UAE), Dubai Steel Trading Company LLC (DSTC LLC)," the statement said.

Founded in 1986, DSTC LLC sells principally to the construction market, which represents more than 50 percent of its activity.

DSTC LLC distributes approximately 120,000 tonnes of products per year. In 2007,its revenues were about 70 million euros.

Its finance manager Chandresh Manair said that the company has its distribution network in the entire Gulf region.

"Our turnover is about 1 million dirhams ($272,000) a day. We are one of the largest structured steel inventory holders in the region," The National daily quoted him as saying.

DSTC operates out of two offices in Dubai and one in Abu Dhabi.

The Gulf Cooperation Council (GCC) countries - comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE - is witnessing a major construction boom in the wake of a huge flush in petrodollars, which is attracting all global steel players to the region.

Cambridge Technology Enterprises Limited (CTE) Posts 286 % Growth in Revenue and 206 % Growth in Profit Y-on-Y

Cambridge Technology Enterprises Limited (CTE), a global IT services provider a leading provider of SOA based solutions and Enterprise Transformation applications to mid size enterprises and mid size business units of Global 2000 enterprises, today announced its audited results for the fiscal year 2007-2008, 12 months period ending 31st March, 2008.
CTE revenues surged from Rs 23.40 Crores (USD 5.85 Million) in FY 2007, to Rs 90.27 Crores (USD 22.58 Million) (TTM) revenue in a span of one year. The Q4 FY 08 revenue was Rs 44.59 Crores (USD 11.16 Million) which has taken the company to an annualized run rate of over Rs 178 Crores (USD 44.53 Million), enabling it to break the small cap barrier to enter the mid-cap segment successfully. The revenue growth recorded is 286% and profit growth is 206% over previous fiscal.
Cambridge Technology Enterprises Limited (CTE) witnessed this phenomenal growth while maintaining good margins by meticulously implementing the four-pronged strategy it had outlined in the beginning of the last fiscal year. CTE went public with a commitment to invest in emerging technology areas like SOA, Innovation and competency centers, integration and expansion of acquired companies to leverage the synergies, and selective M&A's to enhance core competencies and customer portfolio. These strategies has not only enabled CTE to attain the critical mass but also helped in mitigating the risks that are encountered by companies during current global uncertainties.

CTE is focused to become a single-stop IT provider to the mid-market customers. It started the year with customers in the US market and forayed into the India market by the end of the year. The initial responses of the India customers to the augmented CTE services have been very encouraging. Many exciting opportunities have been identified in the commercial and Defence sector in India which will be pursued in FY 2009. Further, CTE plans to expand its operation in the APAC region.

The operations of the company have now reached higher level of stability and growth and the outlook remains positive for the next year despite many uncertaintities in the global economy. CTE's confidence stems from its expanded market base, extended service portfolio, good portion of revenue and cost being same-shore/ same-denomination and a balanced revenue composition between Government and Commercial segment.

Highlights

Consolidated Results for the year ended 31st March, 2008.

-- Total Revenue on consolidated basis for CTE was Rs. 90.27 Crores (USD 22.58 Million) compared to Rs.23.40 Crores (USD 5.85 Million) of revenue for the 12 month period ended 31st March, 2007 which translates to over 286% growth year on year on annualized basis.

-- Profit after Tax was Rs. 15.44 Crores (USD 3.86 Million), compared to Rs. 5.05 Crores (USD 1.26 Million) of profit after tax for the 12 month period ended 31st March, 2007 which translates to 206% growth year on year on annualized basis.

-- Earnings per share for the period is Rs. 9.76, on basis of post issue paid up capital of Rs.1582.44 lakhs.

Consolidated Results for the Quarter ended 31st March, 2008.

-- The consolidated revenues for the Q4 (January-March 2008) were Rs. 44.59 Crores (USD 11.16 Million).Compared to revenues of corresponding figures last year of Rs 5.89 crores (USD 1.47 Million), which translates to over 657% growth Year on Year on annualized basis.

-- Profit after Tax was Rs 8.20 Crores (USD 2.05 Million) for the Q4 quarter, compared to Rs. 0.96 Crores (USD 0.24 Million) of profit after tax for the corresponding quarter in the previous year (Q4 FY 2007) which translates to over 754% growth year on year.

-- Earnings per share for the period is Rs. 5.18, on basis of post issue paid up capital of Rs.1582.44 lakhs.

Others

-- Company completed acquisition of 4 companies in the financial year, namely, ComCreation, Reilly & Associates, Inc., Q-Soft Systems & Solutions and CellExchange, Inc., one in each quarter.

-- The Board of Directors have recommended a dividend of Re 1 per share (10 % on the paid-up equity capital of the Company) for the year 2007-2008 subject to approval of shareholders in the ensuing AGM.

Mr. Bhaskar Panigrahi, CEO, Cambridge Technology Enterprises Limited (CTE) said, "Last year was a land mark year for us wherein we grew by 286% engineered by our well-executed four-pronged strategy. This financial year, we would continue to focus on identifying and integrating high value and growth potential companies to enhance our customer base and consolidate our position in mid-sized customer segment. This year we hope to enhance our global delivery center base to China and Europe to offer multi-shore 24x7 service to our customers and also enter European market. The existing operations are being streamlined and refined to realize the best synergies."

Mr. Ramesh Reddy, CFO, Cambridge Technology Enterprises Limited (CTE) said, "We have exceeded the guidance given in the beginning of the last financial year. The outlook for the year ahead remains positive despite the global challenges and our FY 2009 plan factors the challenges that our customers and competitors will be facing. This would help us to navigate to our goal to be the one among the top 20 mid-market IT services providers globally."

About Cambridge Technology Enterprises (CTE)

Cambridge Technology Enterprises Limited (CTE) is a global services provider dedicated to serving the midsize market of enterprises and the midsize units of Global 2000 enterprises across the spectrum of business industries. Recognized as a thought leader and innovator of comprehensive Service Oriented Architecture (SOA)-based enterprise transformation and integration solutions and services, CTE provides solutions for all business challenges. CTE offers the same level of expertise to IT as it does to product development, business process outsourcing, and innovation consulting. CTE leverages its dedicated pool of talented professionals and its deep partner network and acts as a general contractor to help midsize enterprises meet today's increased challenges and makes them future ready. CTE is a one-stop-shop for all global service needs. With offices throughout the US and the world, Cambridge Technology Enterprises focuses on local collaboration and global execution.

HCC Bags Rs.340 crore BOT Project of NHAI for Badarpur Elevated Highway

HCC, India's leading construction and infrastructure development Company, has bagged the prestigious order from National Highway Authority of India (NHAI) to construct the 4.4 km elevated highway at Badarpur on National Highway 2 (Mathura Road) near Delhi on BOT basis.
The contract envisages design, construction, development, finance, operation and maintenance of 4.4 kms of six lane elevated road. The cost of the project is estimated at about Rs 340 crores. The company has received the letter of award from NHAI for this project with concession period of 20 years including the construction period of 24 months.

The elevated highway is expected to provide a much desired relief to inter-state movement on Mathura Road. It will provide a smooth and non-stop drive to motorists in Delhi and Faridabad, Haryana. It will start close to NTPC near Badarpur in Delhi and will end at Sector 37 in Faridabad. It will provide a smooth drive over five important traffic junctions including NTPC, Mehrauli, Jaitpur, Sarai Bypass and Sector 37 junction.
In the transportation segment HCC has a strong track record in construction of Bridges, Roads, Highways, Railways and MRTS (Mass Rapid Transport System). In the MRTS space, the company has executed the Kolkata and Delhi Metro Rail project. HCC has also executed the Mumbai-Pune expressway, the first ever 6 lane concrete pavement express way in India. It has built nearly 173 road bridges; the combined length of which would approximately be 46,458 meters. HCC's overseas performance in the construction of bridges has also been impressive with over 34 bridges built in Iraq alone. It is the first Indian contracting company to venture in a big way into Jammu & Kashmir for redevelopment works. It is building 84km of the historical Mughal Road along with 4 major hydel prower projects in the state of Jammu & Kashmir. The company is also constructing the 8 lane, 4.6 km long Bandra-Worli sea-link project in Mumbai which will be an engineering masterpiece.

About HCC:

HCC is a leading construction and infrastructure development company with a rich heritage of experience. The company specializes in large-scale infrastructure development and developing new age construction technologies. The Company has managed and executed several technically complex and high value projects across segments like transportation, power generation infrastructure, marine projects, oil & gas pipeline constructions, irrigation & water supply, utilities and urban infrastructure. (Please visit: www.hccindia.com)