ICI India Q3FY08 Results

ICI India Ltd has announced the following Unaudited results for the quarter ended December 31, 2007:

The Company has posted a net profit of Rs 63.70 million for the quarter ended December 31, 2007 as compared to Rs 2253.00 million for the quarter ended December 31, 2006. Total Income has increased from Rs 2319.00 million for the quarter ended December 31, 2006 to Rs 2573.10 million for the quarter ended December 31, 2007.

ICI Updates

ICI India Ltd has informed that with reference to the notes 4 & 5 to the unaudited financial results of the Company for the quarter ended September 30, 2007, which are reproduced below:

"1. On August 13, 2007, Akzo Nobel NV ('Akzo') made a formal offer for acquisition of shares of Imperial Chemical industries PLC (ICI PLC). After evaluation, the Board of Directors of ICI PLC has recommended the offer to the shareholders. The process will involve necessary approvals from shareholders of both Companies and concerned regulatory authorities.

2. During the year ended March 31, 2007, the Company had sold its Paints Advanced Refinish business to Asian PPG Industries Ltd (APPG). As per terms of the agreement with APPG, the above acquisition (as referred to in Note 4) would give rise to a payment to APPG of Rs 1.10 crores per month from the date of change of control upto July 2009. Although, the Company does not have any present obligation to pay the above amount, the obligation would arise in case the above take over of ICI PLC by Akzo is concluded."

Further to above, the Company has informed that Akzo has become owner of the entire equity share capital of ICI PLC (which, as on date, holds 53.88% of the equity capital of ICI India Ltd) on January 02, 2008, by means of a scheme of arrangement under section 425 of the (English) Companies Act 1985.

ICI India Q2 Results

ICI India Ltd has announced the following Un-Audited results for the quarter ended September 30, 2007:

The Company has posted a net profit of Rs 212.90 million for the quarter ended September 30, 2007 where as the same was Rs 205.70 million for the quarter ended September 30, 2006. Total Income is Rs 2455.60 million for the quarter ended September 30, 2007 where as the same was Rs 2476.90 million for the quarter ended September 30, 2006.

The figures for the quarter are not directly comparable with those for the corresponding period of the previous year in view of the business divestments last year.

ICI India Ltd.

ICICI Securities Limited has informed the Exchange regarding the Daily Report of Buyback of ICI India Limited equity shares, the details of which are as follows: (a) Date of buyback - September 14, 2007; (b) No. of equity shares bought back on BSE - Nil; (c) No. of equity shares bought back on NSE - 28; (d) Total no. of equity shares bought back - 28; (e) Average Price of Acquisition (Rs.) - 515.00; (f) Cumulative Equity Shares bought as on September 13, 2007 - 398,683; (g) Quantity Closed Out on September 14, 2007- Nil; (h) Quantity Closed out as on September 13, 2007 - Nil; (i) Total Quantity Closed Out - Nil; (j) Total equity shares bought back as on September 14, 2007 - 398,711.

Batlivala Karani - ICI India

Batlivala Karani recommends a BUY on ICI India

Trades at 22.4x FY08E and 18.6x FY09E

They maintain a BUY on the stock