Stock News.

NEWS

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Larsen & Toubro Ltd (Rs.1551.25) has signed a joint venture (JV) agreement with Saudi Arabia''s A A Turki Contracting and Trading Corporation. The JV will focus on electromechanical construction for the hydrocarbon and power sector and the new venture will be known as Larsen & Toubro ATCO (Saudia) LLC. The joint venture will enable both the companies to benefit significantly from the boom in the oil and gas and infrastructure fields.
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Tata Motors Ltd's (Rs.964.40) sales have crossed the half-million mark in 2006. With this the company has achieved such a feat for the first time in a calendar year. The company registered a total sales of 5,55,065 vehicles (including exports), a growth of 30 per cent over 4,25,901 vehicles sold in 2005. Exports in 2006 was at 53,540 units in comparison to 45,701 units in 2005.
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Nicholas Piramal India Limited (NPIL - Rs.260.40) has entered into a plant screening agreement with San Francisco-based Napo Pharmaceuticals Incorporated for discovery of novel diabetes therapeutic agents. Both the companies will jointly own all products that are developed under the agreement. Diabetes is a major focus of NPIL and the incidence of diabetes among the populations the company serves has grown significantly over the past decade to where it is a major health concern.
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Provogue India Ltd (Rs.466.15) has raised Rs.146 crore at Rs.450 a share mainly from private equity investors to fund its realty and retail expansion. New Vernon, Blackstone, Fidelity, Genesis Capital, Artis Capital and UK''s shopping centre owner, Liberty International will subscribe to 32.5 lakh new shares.
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Welspun-Gujarat Stahl Rohren Ltd (Rs.109.65) has bagged orders for the supply of pipes for critical oil and gas applications. The orders (overseas) are valued at Rs.1,049 crore. This takes the order book position of the company to over Rs.3,500 crore.