Market News -04/03/2008

Jain Irrigation acquires controlling stake in Switzerland based Thomas Machines S.A
Jain Irrigation Systems Ltd (JISL), through its multi generation subsidiary, has acquired controlling stake (69.75%) in Thomas Machines S.A. of Switzerland (THE) with full management and operational control. JISL has additionally entered into Shareholders Agreement with holder of the 30.25% shares of THE, with call option which can be exercised over the next 3 years.

ACC records spurt in cement dispatches on low base
ACC recorded impressive 15% rise in production to 1.69 million tonne, while dispatches grew at an accelerated 17.4% to 1.69 million tonne in February 2008. The spurt in production was partly due to low base of February 2007, when its production and dispatches were affected due to planned stoppages on account of certain technical modifications carried out at three of its plants.

Oil imports surge
India’s Oil imports have surged by 60.8% to US$ 7,711.8 million in January 2008, up from US$ 4,795.5 million in January 2007. In the ten months ended January 2008, the country’s oil imports grew by 16.5% to US$ 57,023.3 million. Non oil imports were not behind, and they too surged by 65.1% to US$ 14,792.6 million in January 2008 and by 36.1% to US$ 134,580.8 million in the ten months ended January 2008.