Investors may exit Hero Honda as earnings dip

Net profit of Oil & Natural Gas Corporation (ONGC) Hero Honda said a sharp rise in commodity prices red in the first half of the quarter and additional expenditure incurred on account of conversion to new emission norms negatively impacted profit margins in Q1 June 2010. Managing Director and CEO Pawan Munjal said the company is striving to meet continuously rising demand for its products. He added that the company is scaling up production at its existing plants to meet expected market demand.

Net profit of Oil & Natural Gas Corporation (ONGC) declined 24.48% to Rs 3661.14 crore on 8.16% decline in net sales to Rs 13665.60 crore in the quarter ended June 2010 over the quarter ended June 2009.

DLF has sold non-core assets valued at Rs 294 crore, executive director Saurabh Chawla said on a conference call with analysts. The company may sell part of its stake in the luxury Aman Resorts chain to a strategic partner, he added. DLF also plans to repurchase Rs 1100 crore of preference shares.

Lanco Infratech won a contract from Maharashtra State Power Generation Co to set up three units of a 1,980 megawatt thermal power project in the state of Maharashtra. The project is to be executed over a period of 42 months.

Titagarh Wagons said its newly acquired unit in France has received an order to manufacture 112 rail wagons for a European client. The order has an option of supplying additional 200 wagons, it said in a statement. Titagarh Wagons had acquired the assets of IGF Industries- Arbel Fauvet Rail located in France on 12 July 2010. Meanwhile, the red company's board has approved preferential allotment of 12.5 lakh warrants convertible into equity shares to founders.