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Gammon India standalone loss at Rs 124 cr for Oct-Dec quarter
Infrastructure firm Gammon India said Tuesday its standalone loss narrowed to Rs 124.34 crore for the quarter ended December 2018 from Rs 146.51 crore in the year-ago period. The standalone revenue from operations in the October-December period increased to Rs 27.33 crore from Rs 5.68 crore in the year-ago period, Gammon India said in a filing to BSE. The company's operations, it said, have been affected in the last few years by various factors, including liquidity crunch, unavailability of resources on timely basis, delays in execution of projects, delays in land acquisition and operational issues. The company's overseas operations, it said, are characterised due to weak order booking, paucity of working capital and uncertain business environment. As on December 31, 2018, the company's current liabilities exceed the current asset by Rs 6,017.10 crore. The facilities of the company with the Corporate Debt Restructuring (CDR) lenders are presently marked as non-performing asset (NPA) .
TVS Motor's PAT falls 19 pc to Rs 134 cr in March quarter
TVS Motor Company Tuesday reported a 19.2 per cent decline in its standalone profit after tax (PAT) to Rs 133.8 crore for the fourth quarter of 2018-19. The company had posted a PAT of Rs 165.6 crore for the corresponding period of the previous financial year. Revenue from operations rose to 4,384.02 crore, compared with Rs 4,007.24 crore a year ago, TVS Motor Company said in a regulatory filing. The company's overall two-wheeler and three-wheeler sales, including exports, grew to 9.07 lakh units during the January-March quarter, against 8.89 lakh units in the year-ago period. For the entire 2018-19 fiscal, the company posted a PAT of Rs 670.1 crore, up 1.13 per cent from Rs 662.6 crore in 2017-18. Revenue from operations for 2018-19 stood at Rs 18,209.92 crore as compared with Rs 15,518.63 crore in 2017-18. The company said its overall two-wheeler sales stood at 37.57 lakh units in the last financial year, compared with 33.67 lakh units in 2017-18. Shares of the company Tuesday ended
NTPC to raise Rs 3,000 cr via bonds on Friday
State-owned power giant NTPC Tuesday said it will raise Rs 3,056.50 crore on Friday through issuance of bonds on a private placement basis. "NTPC has decided to raise Rs 3,056.50 crore on May 3, 2019, (Friday) through private placement of secured non-convertible bonds in the nature of debentures at a coupon of 7.93 per cent per annum with a door-to-door maturity of three years," the company said in a statement. The proceeds will be utilised to meet capital expenditure requirements, working capital needs, existing loans refinancing and other general corporate requirements. The bonds are proposed to be listed on both the National Stock Exchange and the BSE. Security for these bonds will be duly created as per the requirements of and within the period of time prescribed under the Companies Act and rules specified therein, it added.
Eros Group to invest Rs 125 cr on new housing project in Greater Noida
Realty firm Eros Group Tuesday said it will invest Rs 125 crore to develop a new housing project at Greater Noida in Uttar Pradesh. The company, which is also into hospitality sector, will develop 258 units in the new project called 'Eros Sampoornam I'. The project will be adjacent to the company's existing project Eros Sampoornam wherein 1,800 flats have been delivered. "After the successful delivery of 1,768 units at this location, we have launched a new phase of development. We will be developing a little over 250 units in four towers. The project will be delivered in 2023," said Avneesh Sood, Director, Eros Group. The company has launched this project at Rs 3,800 per sq ft and the size of the units range from 835-1,560 sq ft, he said. "Eros has been around for more than 70 years and we have a legacy of providing the highest quality and excellence in our products. This new Sampoornam I project is a testament to that legacy," Sood said. He said the company will meet project cost ...
Yes Bank's balance sheet clean-up to strain profitability in next 12-18 months: Moody's
The balance sheet clean-up by Yes Bank will strain its profitability in the next 12-18 months as it makes provisions for stressed assets, Moody's Investors Service said Tuesday. On April 26, the bank reported its first-ever quarterly loss since its inception in 2004 at Rs 1,506 crore in the January-March quarter. Nevertheless, the bank is profitable on a full-year basis, with a return on assets of 0.5 per cent as of March 31, 2019, as against 1.4 per cent a year ago. "We estimate that the bank's overall stressed assets are about 8 per cent of its gross loans... The balance sheet clean-up will strain the bank's profitability in the next 12-18 months as it provides for the stressed assets," Moody's said in a report. The March quarter loss of Yes Bank was driven by higher credit costs for non-performing loans (NPLs) and the creation of a contingent provision against a pool of identified stressed assets. "Despite near-term weakness, we expect the change in corporate behaviour under new ...
IL&FS Mutual Fund makes on-time redemption; pays Rs 314 cr to debt fund investors
IL&FS Mutual Fund Tuesday paid Rs 314 crore to investors in one of its infrastructure debt fund, making on-time redemption, according to a release. The money was paid to investors in IL&FS Mutual Fund's first debt fund series -- IL&FS Infrastructure Debt Fund Series 1-A (IDF Scheme A) -- that is due Tuesday. The five-year close ended scheme was fully funded in April 2014 and had raised Rs 238 crore in assets under management. "The scheme redeemed Rs 314 crore to the investors, which was paid out today," IL&FS Infra Asset Management Ltd said in the release. The on-time redemption of money assumes significance as it also comes at a time when there are concerns about exposure of mutual funds to various groups, including crisis-hit IL&FS Group and Essel. The scheme is one of the eight schemes in the portfolio. The remaining schemes have varying maturities, ranging from 2 to 12 years, with final maturity in 2031-32. Two funds in the same series -- IL&FS ...
Yes Bank shares sink 30%; m-cap drops by Rs 16,048.56 cr on Q4 loss
Shares of Yes Bank slumped nearly 30 per cent Tuesday after the company reported a loss of Rs 1,506.64 crore for the fourth quarter ended March 31, owing to rise in provisioning for bad loans. The scrip tanked 29.23 per cent to close at Rs 168 on the BSE. During the day, it plummeted 30.37 per cent to Rs 165.30. At the NSE, shares cracked 29.70 per cent to close at Rs 166.75. The scrip was the worst hit among the front-line companies on both the indices during the day. The company's market valuation plunged by Rs 16,048.56 crore to Rs 38,909.44 crore on the BSE. "Yes Bank opened gap down and fell over 29 per cent today as the street is unhappy with the quarterly numbers which reported a massive net loss of Rs 1,507 crore on the back of provisions which rose nearly seven times," said Umesh Mehta, Head of Research, Samco Securities Ltd. In terms of traded volume, 206.47 lakh shares were traded on the BSE and over 21 crore shares on the NSE during the day. Markets were closed on Monday ..
US trade negotiators arrive in Beijing for more talks
Top American negotiators arrived in Beijing on Tuesday hoping for progress in a new round of talks with Chinese counterparts as they home in on a deal to end a months-long trade war. The US side indicated before their trip that China's massive industrial subsidies would be a top issue as the world's two leading economies seek to resolve a dispute that has included bruising tit-for-tat tariffs on $360 billion worth of goods. Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer are leading the US side for this week's 10th round of high-level negotiations, with Vice Premier Liu He representing Beijing. Liu is then expected to travel to Washington on May 8 to continue the negotiations. "We hope to make substantial progress in these two meetings," Mnuchin told reporters at his hotel in Beijing ahead of the talks. Mnuchin declined to say what would be discussed but he told the New York Times that the talks would continue to focus on China's practise of subsidising ...
Sensex, Nifty trim early losses but end flat
Equity benchmark indices pared their opening losses on Tuesday but traded in the red zone, dragged down by financials, before closing on a flat note.The S & P BSE Sensex closed 36 points lower at 39,032 while the Nifty 50 was down 6 points to 11,748.Yes Bank, which reported a loss of Rs 1,506 crore in Q4 FY19, led the pack of losers and closed 29.23 per cent lower with its share at Rs 168.IndusInd Bank, Hero MotoCorp, Bharti Airtel, Indiabulls Housing Finance and Vedanta were other top losers.However, JSW Steel, HCL Tech, Indian Oil and Bharat Petroleum Corporation showed gains between 2.5 to 5.5 per cent.Meanwhile, Asian shares fell as data on China's manufacturing activity failed to meet expectations.Official and private business surveys pointed to slower Chinese factory growth in April, disappointing investors who were hoping for a faster expansion due to the government stimulus package.
Orient Electric standalone net profit declines 17.81% in the March 2019 quarter
Sales rise 2.35% to Rs 637.70 crore
Filatex India standalone net profit rises 61.05% in the March 2019 quarter
Sales rise 21.94% to Rs 705.76 crore
Exide Industries standalone net profit rises 11.14% in the March 2019 quarter
Sales rise 5.66% to Rs 2598.66 crore
Godrej Properties consolidated net profit rises 270.53% in the March 2019 quarter
Sales rise 407.73% to Rs 1053.09 crore
Gallantt Ispat standalone net profit rises 143.95% in the March 2019 quarter
Sales rise 37.08% to Rs 312.56 crore
Mahanivesh (India) reports standalone net profit of Rs 0.02 crore in the March 2019 quarter
Sales decline 25.00% to Rs 0.03 crore
Geefcee Finance reports standalone net profit of Rs 0.01 crore in the March 2019 quarter
Sales decline 33.33% to Rs 0.02 crore
Mangalya Soft-Tech reports standalone nil net profit/loss in the March 2019 quarter
Reported sales nil
Times Guaranty reports standalone net profit of Rs 2.92 crore in the March 2019 quarter
Sales rise 6250.00% to Rs 3.81 crore
Schaeffler India standalone net profit declines 3.94% in the March 2019 quarter
Sales rise 8.20% to Rs 1172.29 crore