Reliance Industries (RIL), BP and NIKO have issued a Notice of Arbitration on 9 May 2014 to the Government of India seeking the implementation of the Domestic Natural Gas Pricing Guideline 2014 notified on 10 January 2014. The continuing delay on part of the Government of India in notifying the price in accordance with the approved formula for the Gas to be sold has left the Parties with no other option but to pursue this course of action. Without this clarity, the Parties are unable to sanction planned investments of close to $4 billion this year. In addition, this will also delay the ability of the Parties to appraise and develop other significant discoveries made last year. Overall, the Parties were planning to invest $ 8-10 billion in the next few years to significantly increase production from the KGD6 block. This domestic production is essential for meeting India's energy needs and will also help conserve foreign exchange which is required for imports of natural gas into India at the present time. All of this requires clarity on pricing. The three parties shall endeavour to work with the Government to achieve a prompt and efficient resolution of this dispute.
United Spirits (USL) has agreed to sell its Whyte & Mackay scotch whisky unit to Emperador Inc in a 430 million pound deal. Emperador Inc is a leading Philippines based integrated manufacturer of alcoholic beverages. Emperador has agreed to supply scotch whisky to USL for a period of 3 years. Sale is subject lo USL shareholder approval as well as Indian and UK regulatory requirements and is pursuant to a commitment given to the UK Competition and Markets Authority.
Dr Vijay Mallya, Chairman of USL said, "I am very proud of what Whyte and Mackay had achieved under USI ownership. Moreover, I am delighted to be able lo pass on Whyte and Mackay into the hands of a new owner who is committed to realising the full potential of the business and whose vision for Whyte and Mackay is aligned with that of USL.
Andrew Tan, Chairman of Emperador said, " Whisky is the second fastest growing spirits segment in the World next to Brandy. With this acquisition Emperador will be exposed to two of the fastest growing spirits segments in the World. The global demand for Scotch Whisky has shown strong growth over recent years and is expected to continue this momentum going forward. We are continuously looking to enhance shareholder value through earnings accretive investments. We believe that Whyte and Mackay is a prized asset with excellent growth opportunity and its acquisition is in line with our plans to enhance our product portfolio. Whyte and Mackay has a global distribution network in over fifty countries that Emperador Brandy will have access to".
Just Dial, Coromandel International, Indian Bank, Torrent Cables, Torrent Power and TV Today Network, among others, will announce their January-March 2014 earnings today, 12 April 2014.
GlaxoSmithkline Consumer Healthcare's net profit rose 9.78% to Rs 171.71 crore on 15.87% growth in total income to Rs 1167.82 crore in the quarter ended 31 March 2014 over the quarter ended 31 March 2013. The accounting year of the company has been changed from January-December to April-March. Accordingly, current year's financial statements of company are for a period of fifteen months, from 1 January 2013 to 31 March 2014. These figures, therefore, are not comparable with those of the previous year ended 31 December 2012.
Andhra Bank's net profit declined 74.43% to Rs 88.08 crore on 9.28% growth in total income to Rs 4057.89 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced after market hours on Friday, 9 May 2014.
Andhra Bank's net profit declined 66.21% to Rs 435.58 crore on 11.98% growth in total income to Rs 15630.16 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). Andhra Bank's provisions and contingencies surged 94.8% to Rs 711.42 crore in Q4 March 2014 over Q4 March 2013.
Andhra Bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 5.29% as on 31 March 2014 as against 5.55% as on 31 December 2013 and 3.71% as on 31 March 2013. The ratio of net NPAs to net advances stood at 3.11% as on 31 March 2014 as against 3.65% as on 31 December 2013 and 2.45% as on 31 March 2013.
Corporation Bank's net profit declined 88.3% to Rs 41.57 crore on 8.6% growth in total income to Rs 5032.62 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced after market hours on Friday, 9 May 2014.
Corporation Bank's net profit declined 60.8% to Rs 561.72 crore on 15.7% growth in total income to Rs 19606.29 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). The bank's provisions and contingencies surged 79.3% to Rs 824.53 crore in Q4 March 2014 over Q4 March 2013.
Corporation Bank's ratio of gross non-performing assets (NPAs) to gross advances stood at 3.42% as on 31 March 2014 as against 3.08% as on 31 December 2013 and 1.72% as on 31 March 2013. The ratio of net NPAs to net advances stood at 2.32% as on 31 March 2014 as against 2.15% as on 31 December 2013 and as against 1.19% as on 31 March 2013.
The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.64% as on 31 March 2014 as against 11.89% as on 31 December 2013. The bank's provision coverage ratio stood at 52.9% as on 31 March 2014 as against 62.06% as on 31 March 2013.
Aditya Birla Nuvo (ABNL) said after market hours on Friday, 9 May 2014 that its wholly owned subsidiary ABNL IT & ITES announced the completion of the divestment of Aditya Birla Minacs Worldwide, to a group of financial investors led by CX Partners and Capital Square Partners.
Dr. Rakesh Jain, MD, ABNL said, Our association with Minacs began in 2006, and goes back earlier with the Aditya Birla Group's entry into IT-ITeS as a sector. This relationship does not come to an end here, as our Group companies will continue to work with Minacs, given its domain expertise and reputation as a global business solutions provider. The effective date of the divestment is 9 May 2014, ABNL said in a statement.
Post the divestiture of Carbon Black business last year, the divestment of IT-ITeS business is one more step taken by ABNL in the direction of ensuring greater focus in its core businesses, the company said in a statement.
The proceeds from the divestment will reduce the consolidated debt of ABNL, strengthen its balance sheet and support its growth plans in other businesses, the company said in a statement.
Torrent Pharmaceuticals' consolidated net profit surged 120% to Rs 244 crore on 41% growth in revenue to Rs 1225 crore in Q4 March 2014 over Q4 March 2013. The Q4 result was announced after market hours on Friday, 9 May 2014.
EBITDA (earnings before interest, taxation, depreciation, and amortization) surged 59% to Rs 350 crore in Q4 March 2014 over Q4 March 2013.
The company's consolidated net profit surged 53% to Rs 664 crore on 30% growth in revenue to Rs 4184 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). EBITDA surged 37% to Rs 952 crore in FY 2014 over FY 2013.
Torrent Pharmaceuticals said that Shri Sudhir Mehta, Chairman of Torrent Pharmaceuticals, expressed his desire to relinquish his position as Chairman of the Board of Directors and the company from the conclusion of the forthcoming Annual General Meeting of the Company scheduled on 30 July 2014. The board reluctantly acceded to his desire and has also requested him to accept the position of Chairman Emeritus and continue to benefit the company with his considerable wisdom and counsel on key business and strategic matters, Torrent Pharmaceuticals said.
The board thereafter also recommended appointment of Shri Samir Mehta, who is currently the Executive Vice Chairman of the company as Chairman of Torrent Pharmaceuticals from the conclusion of the forthcoming Annual General Meeting of the company scheduled on 30 July 2014. This appointment is subject to the approval of the shareholders in the said meeting.
Torrent Pharmaceuticals' board of directors at its meeting held on Friday, 9 May 2014, inter alia, has recommended a final dividend of Rs 5 per equity share for FY 2014.
SRF said that one plant for producing specialty chemicals has been commissioned and capitalized on 30 April 2014 at SRF's Chemical Complex in Dahej, Gujarat at an aggregated cost of Rs 52 crore. In a separate announcement, SRF said that its board has approved proposal for setting up Multipurpose Plant-2 for creating additional manufacturing capacity for specialty chemicals at SRF's Chemical Complex in Dahej, Gujarat at an aggregated cost of Rs 140 crore.
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