Abbott India net up

Abbott India Ltd’s net profit rose to Rs 16.37 crore for the quarter ended August 31 from Rs 16.09 crore a year ago. The company’s total income increased to Rs 142.36 crore from Rs 126.10 crore, registering a 12.89 per cent rise, it informed the Bombay Stock Exchange. The company recently announced a plan to buy back its equity shares at Rs 650 per share. Abbott India is in research, development, manufacture and marketing of pharmaceutical, medical and nutritional products.

Starcom move

Starcom MediaVest Group Asia Pacific plans to renew its focus on specialist communication services by creating a new position for CEO-Diversified Services for Asia from January 2007. The position will be responsible for setting up and driving new and specialist marketing and communication services across 14 markets in the region.

Garden Reach

The government has granted Garden Reach Shipbuilders & Engineers Ltd the status of “Miniratna Category I”. The company has recently acquired Rajabagan Dockyard from Central Inland Water Transport Corporation (CIWTC) as part of its modernisation plans.

Accenture JV

Accenture and Sun Microsystems will jointly develop identity enabled service-oriented architecture and composite applications to meet growing client demands. The companies also plan to create Accenture Innovation Centre for Sun Solutions.

SBI tieup

State Bank of India (SBI) has tied up with Mahindra & Mahindra (M&M) to provide financial solutions to M&M’s dealers. Under the scheme, SBI offers affordable rate of interest to the dealers. The scheme is subject to SBI’s credit norms.

HCL Tech

HCL Technologies Ltd has signed an agreement with General Electric Company (GE). According to the agreement, HCL will set up and operate global development centres for GE in India and China over the next three years.

Eros deal

Eros International, a media and entertainment group, has entered into a five-year output deal with K Sera Sera, a BSE-listed production house, to co-produce and handle global distribution of its forthcoming films.

Marg issue

Marg Constructions Ltd has allotted 2,500 foreign currency convertible bonds at a unit value of $5,000 per bond, thereby raising a capital of $12.5 million. The FCCBs will carry a coupon rate of 3 per cent.

Patel Engg

Patel Engineering Ltd has acquired a controlling stake in Mumbai-based Michigan Engineers Pvt Ltd, an urban infrastructure company, for an undisclosed sum.