Page 45 - Companies

Profit of PSU banks more than doubles to Rs 34,774 cr in April-June quarter

Public sector banks (PSBs) have once again posted stellar performance by registering more than double profit of Rs 34,774 crore for the first quarter ended June 2023. During the April-June period of the previous fiscal, all 12 state-owned banks had recorded a total profit of Rs 15,306 crore, according to quarterly numbers published by public sector lenders. The high-interest regime helped banks to earn a good net interest margin (NIM) during the quarter. Most banks had recorded NIM of over 3 per cent. Pune-based Bank of Maharashtra posted the highest NIM of 3.86 per cent, followed by Central Bank at 3.62 per cent and Indian Bank at 3.61 per cent during the quarter. During the first quarter, four lenders logged a profit of over 100 per cent. The highest percentage growth was recorded by Punjab National Bank, which earned a profit of Rs 1,255 crore against Rs 308 crore in the same quarter of the previous year, a growth of 307 per cent. It was followed by the State Bank of India (SBI

GGEL bags Rs 21-crore iron ore supply order from an industrial group

G G Engineering Ltd (GGEL) has received an iron ore supply order worth Rs 21 crore, the company said on Sunday. The order bagged from an industrial group will be completed within next 30-45 days, GGEL said in a statement. "GGEL has received order valued Rs 210 million for supplying iron raw material to prominent industrial houses, and is anticipating additional orders as well for Q3 of the current financial year," it said without sharing any further details. In a separate statement, the company said its board has approved a rights issue for 49 crore shares of face value of Re 1 each at a price of Rs 1 per rights equity share to the eligible applicants. A rights issue or rights offer is a subscription that allows its existing shareholders to buy additional shares at a discounted price, it said. "The company invites existing shareholders to purchase additional new shares at a discounted rate. It is an opportunity for shareholders to increase their exposure to the stock at a discount

Sales weak in Q1; will meet Rs 14k cr target in FY24: Godrej Prop chairman

Realty firm Godrej Properties' sales performance remained muted in April-June, but the company will meet the annual target to sell properties worth Rs 14,000 crore this fiscal as housing demand continues to be strong, its Executive Chairman Pirojsha Godrej said. Its sales bookings fell 11 per cent year-on-year during the first quarter of the 2023-24 fiscal to Rs 2,254 crore. In an interview with PTI, Pirojsha Godrej said: "In terms of sales bookings, April-June was a weak quarter for us. But in deliveries, it was strong as we did nearly 5 million square feet area. Our annual guidance for deliveries is 12.5 million square feet". He exuded confidence in achieving "healthy growth" in sales bookings during the remaining three quarters. Pirojsha said the company would achieve or even better the annual sales guidance of Rs 14,000 crore in 2023-24 against Rs 12,232 crore in the previous fiscal. The company launched very few residential projects during the first quarter of 2023-24 and the

CAMS reports 18% rise in profit after tax to Rs 76 cr in June quarter

Registrar and transfer agent for mutual funds CAMS on Friday reported an 18 per cent growth in profit after tax (PAT) to Rs 76.34 crore for the June quarter. In comparison, the company had posted a PAT of Rs 64.78 crore in the same quarter of the preceding fiscal, Computer Age Management Services Ltd (CAMS) said in a statement. Its revenue rose 10.4 per cent to Rs 261.3 crore in the quarter under review from Rs 236.65 crore in the April-June quarter of 2021. "The Indian mutual fund industry grew by 6.4 per cent quarter-on-quarter (Q-o-Q) to reach Rs 43.8 lakh crore in AAUM and is well-positioned for future growth. Our assets under management grew by 6.8 per cent Q-o-Q, ahead of the industry, to cross the Rs 3 lakh crore mark," Anuj Kumar, Managing Director of CAMS Ltd, said. Besides, the company has recommended a dividend of Rs 8 per share.

Numbers justify Fitch downgrade, says Blackstone CEO Steve Schwarzman

"The numbers justify it, regrettably," the Blackstone Inc. chief executive officer said on CNBC Friday

SBI reports merely 3% employee attrition, much lower than Private peers

The expansion of industry and the economy are producing ample job opportunities, which may be one of the reasons behind the high attrition rate in the private sector

Maruti's share in parent Suzuki's revenues reached highest ever in Q1FY24

The Indian economy, on the other hand, has been performing well and auto sales have remained robust

M&M Q1 PAT up 60% to Rs 3,508 cr on strong auto performance, revenue up 19%

The board has recommended a dividend of Rs 16.25 per share

Fortis Healthcare PAT falls 8.6% to Rs 122.5 cr in April-June quarter

Fortis Healthcare Ltd on Friday reported an 8.6 per cent decline in consolidated profit after tax to Rs 122.5 crore for the first quarter ended June 30. The company, which posted a consolidated profit after tax of Rs 134.3 crore in the first quarter of the last fiscal, said its diagnostics business has been renamed as Agilus Diagnostics Ltd, and the boards of the two firms have granted approval for the latter to initiate an initial public offer (IPO) process. Its consolidated revenues in the first quarter stood at Rs 1,657 crore against Rs 1,488 crore in the year-ago period, a growth of 11.4 per cent. "We have witnessed a steady start in Q1 FY24 for both the hospitals and diagnostics business. Our hospital business revenues grew 13.6 per cent to Rs 1,354 crore while operating EBITDA was at Rs 206.4 crore, reflecting a margin of 15.2 per cent versus 16.2 per cent in Q1 FY23. "This was in part due to a lower occupancy and a comparatively less favourable payor mix, both of which we ..

Century Ply net profit down by 12% to Rs 84 cr in April-June quarter

Leading plywood company Century Plyboards (India) Ltd on Friday reported a 12.8 per cent decline in standalone net profit at Rs 84.1 crore for the June quarter. The company had reported a net profit of Rs 96.47 crore in the year-ago quarter. The company said its net revenue from operations for the first quarter of the current fiscal was Rs 882.39 crore, indicating a marginal growth over the corresponding period's earnings of Rs 881.48 crore. The Earnings before Depreciation Interest and Tax for the quarter stood at Rs 140.07 crore, 7.4 per cent less than the year-ago period. Century Plyboards Chairman Sajjan Bhajanka said sluggishness in other industries, such as housing and building materials sectors, during the period was a key factor behind the subdued results. However, he said there has been substantial improvement in the scenario since July. He emphasised that with the commissioning of all projects in the next financial year, there would be an improvement in the company's to

Morgan Stanley reaches 70% of $1 trn of low carbon ESG funding goal

The Wall Street firm said in an ESG report this week that it has allocated $700 billion of financing, with more than $550 billion of that directed to green activities

Vedanta looks to refinance $3.8 bn bonds maturing between 2024-2026

Billionaire Anil Agarwal's Vedanta Resources is looking to refinance USD 3.8 billion worth of bonds maturing between 2024 and 2026 with loans of extended maturities and manageable size, a company official said on Friday. The mining conglomerate has about USD 1 billion of bonds maturing in January next year, followed by a similar size coming up for payment in August 2024. Another USD 1.2 billion bonds are due in March 2025 and another USD 600 million in April 2026. "We are looking to put in place a refinancing package that will include deleveraging (some debt), extending maturities and manageable size," said Omar Davis, President Strategy at Vedanta Resources. He did not give details of the refinancing but expressed confidence in being able to achieve well before due maturities. "We want less big towers (size of loans) and longer maturity periods," he said. On Thursday, S&P Global Ratings revised the rating outlook on Vedanta Resources to negative from stable to "reflect the ...

Go First insolvency: NCLT directs RP to file details on recent developments

The National Company Law Tribunal (NCLT) on Friday directed the resolution professional of cash-strapped grounded airlines Go First to submit details of the subsequent developments. A two-member bench of NCLT, comprising Mahendra Khandelwal and Rahul P Bhatnagar, directed the resolution professional (RP) to file an additional affidavit in the next 10 days, including the status of the maintenance of the leased aircraft. Moreover, the insolvency tribunal has also asked the RP to file the reply over the pleas filed by three new Go First lessors in two weeks and a rejoinder, if any, by them next week. It has directed to list the matter on September 1 for the next hearing. The three new lessors are - DAE (SY 22) 13 Ireland, EOS Aviation 12 Ireland and Accipiter Investments Aircraft 2 Ltd. Pleadings on the petitions filed by six other lessors have been completed. During the proceeding, Senior Advocate Ramji Srinivasan, representing the RP, informed the tribunal that Go First has approach

Biocon Biologics announces top leadership appointments including COO

Biocon Biologics Ltd on Friday announced key leadership appointments, including those of Rhonda Duffy as Chief Operating Officer (COO) and Sandeep Athalye as Chief Development Officer. The company, a subsidiary of Biocon Ltd also announced the appointment of David Gibson as its Global Head - Business Development to lead all licensing, strategic partnering and business development activities. He joins the company from GlaxoSmithKline (GSK). Duffy will lead manufacturing, quality and supply chain management. She brings over 30 years of experience in the global pharmaceuticals industry, the company said in a statement. On the other hand, Athalye, who has been with Biocon Biologics for over six years as its Chief Medical Officer, has been elevated to Chief Development Officer to head CMC, clinical development and medical and regulatory affairs, it added. "These new additions to the leadership team bring rich, global experience which will help prepare the organisation for the future and

Welspun Corp reports Rs 168 crore net profit in April-June quarter

Welspun Corp on Friday posted a consolidated net profit of Rs 168.45 crore in the June quarter, on the back of higher income. It had reported a Rs 95 lakh loss in the year-ago period, the company said in a regulatory filing. The company's total income in the first quarter of the current fiscal rose to Rs 4,118.78 crore from Rs 1,394.51 crore a year ago. Welspun Corp Ltd is one of the world's leading welded line pipe manufacturers and the flagship company of the Welspun Group.

SJVN signs agreement with Sikkim Urja for trading of 180 MW power

State-owned SJVN Ltd has signed a trade agreement with Sikkim Urja Ltd for supply of 180 megawatt (MW) hydro power. As part of the agreement, power will be supplied to distribution licensees and open access consumers, SJVN said in a statement on Thursday. "SJVN inks an MoU (memorandum of understanding) for power trading with Sikkim Urja Ltd (SUL). "As per terms of the MoU, SJVN shall receive 180 MW hydro power from SUL's 1,200 MW hydro electric project in Sikkim to distribution licensees and open access consumers," it said. Central Electricity Regulatory Commission (CERC) has already granted category-I licence for inter-state electricity trading to SJVN, its Chairman and Managing Director (CMD) Nand Lal Sharma said. "Our trading business is expanding and this MoU will act as a booster to the growth engine of SJVN and enable us to assist the central government in fulfilling its vision of 24x7 power to all," Sharma said. SJVN is a public sector undertaking involved in hydroelectric

Bhel loss widens to Rs 343 cr in June quarter due to higher expenses

State-run engineering firm Bharat Heavy Electricals Ltd (BHEL) on Friday reported the widening of its consolidated net loss to Rs 343.89 crore in the April-June quarter compared to the year-ago period mainly due to higher expenses. The company had reported a consolidated net loss of Rs 187.99 crore in the quarter ended on June 30, 2022, a BSE filing showed. Total expenses of the company rose to Rs 5,595.47 crore in the quarter from Rs 5,006.50 crore in the same period a year ago. Total income of the company rose to Rs 5,117.20 crore in the quarter from Rs 4,742.28 crore in the same period a year ago.

Air India CEO meets antitrust chief on pending Vistara merger: Report

The Competition Commission of India has been scrutinising the planned merger of Air India, which Tata Group took over last year, with Vistara, a joint venture between Tata and Singapore Airlines

Brookfield India REIT to raise Rs 400 crore via preferential issue

Brookfield India Real Estate Trust will garner Rs 400 crore by issuing units to sponsor group entity Project Diamond Holdings on preferential basis and also plans to raise up to Rs 750 crore through issue of commercial papers to finance acquisition of two commercial assets in Gurugram and Mumbai. In May, Brookfield India REIT and Singapore's GIC announced an equal partnership to acquire two commercial properties in India for USD 1.4 billion or Rs 11,225 crore. To fund this acquisition, Brookfield India Real Estate Trust had earlier this week raised Rs 2,305 crore by selling units to institutional investors on private placement basis. According to a regulatory filing on Friday, the board of Brookprop Management Services Pvt Ltd approved issuance of up to 1,26,96,800 units of Brookfield India REIT at a price of Rs 315.04 per unit to Project Diamond Holdings (DIFC) Ltd on a preferential basis for consideration other than cash. Brookprop Management Services Pvt Ltd is the manager to ..

Alembic Pharma Q1 consolidated profit rose to $14.6 mn on strong sales

Indian drugmaker Alembic Pharmaceuticals posted first-quarter profit on Friday, boosted by strong sales in its domestic and US markets