Page 2005 - Business Finance
Nephroplus takes over DaVita Care India
Dialysis service provider NephroPlus Mondayannounced the acquisition of DaVita Care India, which runs kidney care centers. NephroPlus, which has 154 dialysis centres in 92 cities across India would foray into global markets and open about 20 centres over the next one year in two countries in South East Asia and Middle East, NephroPlus Founder and CEO Vikram Vuppala told reporters here. Under the terms of the agreement, NephroPlus would acquire DaVita Care India's network of 22 centres. With this acquisition, Nephroplus would further strengthenits servicing capacity and would have a presence in 18 states of India with 176 centers across 97 cities, Vuppala said. Declining to divulge the cost of acquisition, Vuppala said it was "confidential." NephroPlus clocked a turnover of Rs 150 crore last fiscal and is aiming for about Rs 200 crore turnover by this financialyear end, he said adding DaVita Care India turnover was Rs 50 crore. Since inception in March 2010,NephroPlushas .
Pharma shares decline
Stocks hovered in small range with negative bias in mid-afternoon trade. At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 118.24 points or 0.34% at 34,893.41. The Nifty 50 index was down 57.95 points or 0.55% at 10,495.05. Pharma shares declined.
Benchmarks turn range bound
Key benchmarks were hovering in narrow range with small losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 92.18 points or 0.26% at 34,919.47. The Nifty 50 index was down 40.35 points or 0.38% at 10,512.65.
PSU OMCs decline
Key benchmark indices were off day's low in early afternoon trade. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 104.69 points or 0.3% at 34,906.96. The Nifty 50 index was down 43.95 points or 0.42% at 10,509.05.
Power generation stocks drop
Fresh selling dragged the key benchmark indices to intraday low in mid-morning trade. At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 151.94 points or 0.43% at 34,859.71. The Nifty 50 index was down 63.15 points or 0.6% at 10,489.85. Power generation stocks dropped.
Penna Cement files Rs 1,550-cr IPO papers with Sebi
Penna Cement Industries has filed draft papers with capital markets regulator Sebi to raise Rs 1,550 crore through an initial public offer (IPO). The IPO comprises fresh issuance of shares worth up to Rs 1,300 crore, besides, an offer for sale of up to Rs 250 crore by company's promoter PR Cement Holdings, according to the draft red herring prospectus (DRHP) filed with Sebi. Proceeds of the issue will be utilised for repayment of certain borrowings availed by the company and for other general corporate purposes. Edelweiss Financial Services, IIFL Holdings, JM Financial and Yes Securities will manage the company's public issue. The Hyderabad-headquartered firm is among the leading cement players in south India with a strong brand recall and extensive distribution network. It has four integrated manufacturing facilities and two grinding units spread across Andhra Pradesh, Telangana and Maharashtra, with an aggregate cement production capacity of 10 million tonne per annum (MMTPA) as of .
High prices take sheen off gold sales on Dhanteras
Gold and jewellery sales in the morning trade remained subdued this Dhanteras Monday owing to sluggish demand from consumers amid high prices, according to industry players. However, organised players like P C Jewellers are expecting better sales later in the day as quality and better designs at competitive prices are likely to attract more footfalls. Unorganised jewellery players in India -- the world's second biggest buyer of the precious metal -- make up for roughly 70 per cent of the country's gold sales. Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in northern and western parts of India. "Footfalls are good but sales are moderate so far. Till few days back, we were thinking gold demand on the day of Dhanteras would be down 10-15 per cent, but looking at the pre-booking and footfalls, there should be least 5-7 per cent jump in sales today," the All India Gem and Jewellery Domestic Council (GJC) rpt Council ...
Natco Pharma posts over two-fold jump in Q2 PAT to Rs 181.6 cr
Natco Pharma Monday reported over two-fold increase in consolidated profit after tax at Rs 181.6 crore for the second quarter ended September 30, 2018. The company had posted a consolidated profit after tax of Rs 84.4 crore in the same quarter last fiscal, Natco Pharma said in a regulatory filing. Total revenue during the period under review stood at Rs 583.5 crore. It was at Rs 432.2 crore in the year-ago quarter. The company said its board of directors at its meeting on Monday had approved the buyback of fully paid-up equity shares of face value of Rs 2 each at a price not exceeding Rs 1,000 per share for an aggregate amount of Rs 2,50 crore from the open market through stock exchange mechanism. The maximum buyback size represents 8.10 per cent and 8.22 per cent of the aggregate of the total paid up equity capital and free reserves, respectively, of the company, it added.
Cipla tumbles after weak Q2 earnings
Cipla fell 7.69% to Rs 561.70 at 15:20 IST on BSE after consolidated net profit fell 15.64% to Rs 366.91 crore on 1.01% decline in net sales to Rs 3947.93 crore in Q2 September 2018 over Q2 September 2017.
Tata Group in talks to buy majority stake in Jet Airways: CNBC-TV18
NEW DELHI (Reuters) - India's Tata Group is in talks to buy a stake in beleaguered carrier Jet Airways and its loyalty program, television news channel CNBC-TV18 reported on Monday, citing sources.
Sri Lanka crisis scares tourists in fresh hit to economy
A political crisis in Sri Lanka, where two prime ministers are fighting for power, is scaring away tourists and raising questions over foreign aid, ringing alarm bells for the economy as the currency slumps to record lows. The turmoil in the Indian Ocean nation that has seen one premier refuse to be sacked, and another battle to prove a majority in a parliament that is banned from meeting, has caused major upheaval that Sri Lanka cannot afford. Amidst warnings from politicians of a "bloodbath" if the dispute escalates, tourists are cancelling hotel bookings just as Sri Lankan beaches and major sites like the Temple of the Tooth prepare for peak season. While no official figures have been given, deluxe hotels have reported cancellations and a critical decline in new bookings in the past 10 days. "This comes at the worst possible time when people in Europe are making their holiday plans abroad," a Colombo city hotel executive told AFP. "We have had a lot of cancellations from the ...
Cipla Q2 net profit falls 16 pc to Rs 367 cr
Pharma major Cipla Monday reported a 15.64 per cent fall in its consolidated net profit to Rs 366.91 crore for the second quarter ended September 30, 2018. The company had posted a net profit of Rs 434.95 crore for the corresponding period of the previous fiscal, Cipla said in a BSE filing. Consolidated total revenue from operations of the company stood at Rs 4,011.90 crore for the quarter under consideration. It was Rs 4,082.41 crore for the same period a year ago. "We had a modest quarter but maintained a strong performance in our private market segment across geographies. I am pleased to see that our limited competition assets in the US are ramping up to drive quarter on quarter growth," Cipla MD and Global CEO Umang Vohra said. The company also recently announced the approval of Metoprolol, another limited competition asset, he added. "As we enter the second half of this fiscal, multiple headwinds are likely to impact our reported performance. Having said that, we are focusing on .
Venkys (India) Ltd leads losers in 'A' group
Sun TV Network Ltd, Cipla Ltd, Indo Count Industries Ltd and Astral Poly Technik Ltd are among the other losers in the BSE's 'A' group today, 05 November 2018.
Rated Indian companies, banks can withstand sharp rupee depreciation: S&P
S&P Global Ratings Monday said most of its rated Indian companies and banks can withstand the recent sharp depreciation in the rupee, but a deep and sustained decline could squeeze their margins. S&P Global Ratings, in a report, said most emerging market issuers are buffered against further currency depreciation and do not face immediate downgrade risk from currency depreciation. In India, most rated Indian corporates and banks can withstand the recent sharp depreciation in the rupee since their overseas borrowings either have dollar-linked earnings or are hedged, S&P said. Indian rupee has fallen over 12 per cent this year and is currently hovering around 73 to a US dollar. "Nevertheless, a deep and sustained decline in the currency could have broader economic effects on Indian corporates, including through knock-on effects of inflation and higher imported commodity costs squeezing margins. This would also result in an adverse impact on bank's asset quality, and may delay
Udacity, KPIT partners to build engineering talent ecosystem
Silicon Valley-based online education platform Udacity on Monday announced its collaboration with Pune-based KPIT Technologies to upskill and build the engineering talent ecosystem for autonomous technology in India, including self-driving cars and autonomous flight.
Gold glitters as demand picks up on 'Dhanteras'
Gold prices on Monday went up by Rs 40 to Rs 32,690 per 10 gram in the wake of token buying by retailers and jewellers on the occasion of auspicious 'Dhanteras'. There is a strong belief that buying precious metals on the auspicious day brings prosperity. Dhanteras is largely celebrated in north and west India. A weak trend in the global market as the dollar strengthened against its peers, however, limited the rise in gold prices in the domestic market here. Bullion traders said sales were higher by nearly 20 per cent and are expected to pick up later in the day on offers including discount on diamond jewellery and making charges of gold jewellery, apart from other incentives. Buying activity was more pronounced in 'gold' and 'silver' coins on the auspicious occasion, they said adding gold prices ruling at near six-year highs, marked just token purchases that restricted volume of business. In the national capital, gold of 99.9 per cent and 99.5 per cent purity traded higher by Rs 40 ..
Som Distilleries & Breweries Ltd leads losers in 'B' group
Ambition Mica Ltd, TCI Developers Ltd, Kirloskar Brothers Ltd and Eon Electric Ltd are among the other losers in the BSE's 'B' group today, 05 November 2018.
GAIL (India) slides after Q2 results
GAIL (India) was down 0.22% to Rs 368.25 at 14:27 IST on BSE after net profit rose 49.89% to Rs 1962.96 crore on 55.33% increase in revenue from operations to Rs 19275.32 crore in Q2 September 2018 over Q2 September 2017.
Volumes spurt at Elgi Equipments Ltd counter
Elgi Equipments Ltd notched up volume of 97520 shares by 14:17 IST on NSE, a 14.04 fold spurt over two-week average daily volume of 6947 shares
Euro zone growth potential has recovered from crisis-era lows: ECB
FRANKFURT (Reuters) - The euro zone's growth potential has recovered from lows hit during the debt crisis but remains below its pre-crisis level and an ageing population will keep it under pressure, the European Central Bank said on Monday.