dishtv Archives

Info Edge Q4 Results: Net profit jumps 157% YoY to Rs 306 crore

Info Edge (India) Ltd reported a 157.11% YoY increase in consolidated net profit to Rs 306.22 crore for the quarter ended March (Q4). Net profit has declined by 54.9% when compared to the previous quarter. Its revenue from operations rose 9.48% YoY to Rs 296.53 crore during the same period. The total billings growth in Naukri India and 99acres rose 26% YoY and 41.5% YoY, respectively in Q4. Net profit for the financial year ended March 31, 2021 (FY21) jumped 692.16% YoY to Rs 1,407.08 crore.

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Kiri Industries’ 37.57% stake in DyStar valued at $481.60 million

The Singapore International Commercial Court (SICC) has confirmed that the final value of Kiri Industries Ltd’s 37.57% stake in DyStar Global Holdings stands at $481.60 million (~Rs 3,570 crore). Kiri Industries had filed a minority oppression suit against Senda International Capital regarding its minority stake held in DyStar. Following the suit, SICC had directed Senda to buy out Kiri’s minority stake held in DyStar. [Ahmedabad-based Kiri Industries is a leading manufacturer and exporter of dyes and chemicals.]

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Bharti Airtel, TCS announce partnership to build 5G networks in India

Bharti Airtel Ltd has announced a strategic partnership with Tata Consultancy Services (TCS) for implementing 5G network solutions for India. The Tata Group has developed a state-of-the-art O-RAN-based Radio & Non-Standalone (NSA)/Standalone (SA) Core and has integrated an indigenous telecom stack. Bharti Airtel will pilot and deploy this indigenous solution during its 5G rollout. The pilot will begin in January 2022 as per guidelines formulated by the Government of India (GoI).

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Oil India Q4 Results: Net profit declines 8% YoY to Rs 848 crore

Oil India Limited (OIL) reported an 8% YoY decline in net profit to Rs 847.56 crore for the quarter ended March (Q4). Its revenue from operations rose 9% YoY to Rs 3,909.61 crore during the same period. The company received $59.80 for every barrel of crude oil in Q4 FY21, compared to $5.18 per barrel in Q4 FY20. Crude oil production for the financial year 2020-21 declined by 5.42% YoY to 2.964 million tonnes (MT). Oil India’s board has recommended a final dividend of Rs 1.5 per share.

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Maruti Suzuki to hike car prices in Q2 amid rise in input costs

Maruti Suzuki India said it plans to hike the prices of its cars in the July-September (Q2 FY21) quarter due to an increase in input costs. The price hike will vary across different models. The model-wise updated price list will be disclosed soon. In April, the automaker had announced a weighted average price increase of 1.6% in ex-showroom prices (Delhi) across models.

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Route Mobile announces technology partnership with Truecaller

Route Mobile Limited has announced a technology partnership with caller ID platform Truecaller. As part of the partnership, Route Mobile will provide enhanced business identification services to enterprises for building a trustworthy business communication ecosystem. With Truecaller Verified Business Caller ID and configuration capabilities, Route Mobile will empower enterprises to increase their customer outreach and improve response rates.

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HBL Power Q4 Results: Net profit rises 36% YoY to Rs 9.6 crore

HBL Power Systems Ltd reported a 36.44% YoY increase in consolidated net profit to Rs 9.66 crore for the quarter ended March (Q4). Net profit has increased by 15.97% when compared to the previous quarter. Its total income rose 12% YoY (or 28.12% QoQ) to Rs 302.11 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 47.75% YoY to Rs 12.31 crore. The company’s board has approved a dividend of Rs 0.35 per share. HBL Power Systems is a leading battery and power systems company based in Hyderabad.

JSW Cement forays into ready mix concrete business

JSW Cement Ltd has announced its entry into the ready mix concrete (RMC) business under the brand name ‘JSW Concrete’. The company has set up its first commercial RMC unit in Chembur, Mumbai. This facility has a capacity of 2×60 cubic meters per hour, and will service the concrete requirements of construction projects in Central & South Mumbai. This is part of JSW Cement’s strategy to offer the entire range of building material products to its customers. The firm has plans to expand the RMC business to other locations.

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Cadila and Bayer to extend JV partnership for three years

Cadila Healthcare and Bayer (South East Asia) have decided to extend the operations of their joint venture (JV) by three years, with effect from June 2021. The companies had entered into an agreement in January 2011 to set up a JV, Bayer Zydus Pharma, for the sales and marketing of pharma products in India. Bayer Zydus Pharma will continue to operate in core therapies, including cardiovascular diseases, diabetes, women’s health, etc.

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Dish TV to raise up to Rs 1,000 crore via rights issue

The Board of Directors of Dish TV India has approved a proposal of raising up to Rs 1,000 crore through a rights issue in one or more tranches (rounds). The company will issue fully paid-up equity shares at Rs 10 per share (including a premium of Rs 9 per share) to eligible shareholders. The DTH service provider’s fundraising plan is subject to regulatory approvals.

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CCI approves Heineken’s additional equity stake acquisition in UBL

The Competition Commission of India (CCI) has approved Heineken International B.V’s proposed acquisition of an additional equity stake in United Breweries Ltd (UBL). The CCI added that the acquisition is subject to the outcome of certain court proceedings. Heineken International BV is an investment holding company. It is a direct and indirect shareholder for all non-Dutch companies that form part of the Heineken Group.

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Bharat Dynamics Q4 Results: Net profit falls 15.9% YoY to Rs 260 crore

Bharat Dynamics Ltd (BDL) reported a 15.9% YoY decline in standalone net profit to Rs 260.36 crore for the quarter ended March (Q4). Its revenue from operations fell 21.9% YoY to Rs 1,106.10 crore during the same period. Net profit for the financial year ended March 31, 2021 (FY21) declined by 51.8% YoY to Rs 257.76 crore. The company’s board has approved a dividend of Rs 0.65 per share. BDL is a leading manufacturer of ammunition and missile systems.

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Cabinet approves PLI scheme worth Rs 12,195 crore for telecom sector

The Union Cabinet has approved a production-linked incentive (PLI) scheme worth Rs 12,195 crore for telecom and network equipment manufacturing. The scheme will cover core transmission equipment, 4G/5G next-generation radio access network and wireless equipment. It will also cover customer premise equipment (CPE), Internet of Things (IoT) access devices, and enterprise equipment such as switches and routers. The PLI scheme on telecom products will be implemented from April 1, 2021.

The government expects that the scheme will lead to enhanced production of more than Rs 2,44,200 crore of telecom equipment in India and exports worth Rs 1,95,360 crore. The latest PLI scheme is also expected to create 40,000 new jobs and generate around Rs 17,000 crore worth of tax revenue in the next 5 years.

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Bharti Airtel to acquire 20% stake from Warburg Pincus in its DTH arm for Rs 3,126 crore

Bharti Airtel Limited said it will acquire Warburg Pincus affiliate’s 20% equity stake in its DTH arm- Bharti Telemedia- for Rs 3,126 crore. The telecom company will issue 3.6 crore equity shares at Rs 600 per share and pay up to Rs 1,037.8 crore in cash to acquire the stake. The transaction is a part of Bharti Airtel’s strategy to align the shareholding of its customer-facing products, services, and businesses under the same holding group.

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Power Grid declared successful bidder under TBCB for two projects

Power Grid Corporation of India has been declared as the successful bidder under Tariff Based Competitive Bidding (TBCB) to establish two projects on a build, own, and maintain basis. The first project includes the establishment of a 765kV D/C transmission line and associated substation extension works in Rajasthan and Uttar Pradesh. The second project includes the establishment of a 400/220kV Substation and substation extension works in Rajasthan.

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KEC International secures orders worth Rs 1,681 crore

KEC International Ltd has received orders worth Rs 1,681 crore across its various business segments. The company’s transmission & distribution (T&D) business has secured orders of Rs 1,287 crore for T&D projects from Power Grid Corporation (PGCIL) and other customers in India, SAARC, and the Americas. Its civil business has received an order of Rs 254 crore for infrastructure works in the water pipeline segment in India.

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GMM Pfaudler acquires majority stake in Pfaudler Group

GMM Pfauder announced that it has completed the transaction to acquire a majority stake of its parent company, the Pfaudler Group, from private equity firm Deutsche Beteiligungs AG Fund VI. With this acquisition, GMM has become the ultimate holding company of the Pfaudler Group. The entire business of Pfaudler will be consolidated into GMM. The combined revenue of the entity is estimated to be around Rs 2,000 crore.

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Dish TV India, promoters settle cases of alleged disclosure lapses

Dish TV India Limited and its promoters— Direct Media Distribution Ventures Pvt Ltd (DMDVPL) and World Crest Advisors (WCA) LLP— have settled cases with SEBI regarding alleged disclosure lapses. The concerned entities have paid nearly Rs 45 lakh as settlement charges.

In other news, Dish TV India’s board has approved the raising of Rs 1,000 crore through the issue of securities.

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Phillips Carbon Black commissions two specialty black lines in Gujarat

Phillips Carbon Black Ltd announced that it has commissioned two specialty black lines at Palej, Gujarat. The black lines will enable the production of a wide range of specialty black products totaling about 32,000 metric tonnes per annum (MTPA) to cater to the growing needs of its customers. [Carbon black is used as a reinforcing agent in tires. It is also used for printing, as coating for electric wires, etc]

Nureca IPO subscribed 40 times on final day of bidding

The Rs 100-crore initial public offering (IPO) of Nureca Ltd was subscribed 39.93 times on the final day of bidding. The issue has received bids for 5.59 crore equity shares, as against an offer size of 14.01 lakh shares. The portion reserved for retail investors was subscribed 166.65 times, while that of employees was subscribed 4.82 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 31.59 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 3.1 times.

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Finolex Cables launches RPVC conduits and fittings

Finolex Cables has launched a new range of RPVC (Rigid Polyvinyl Chloride) conduits and fittings. [A conduit is a tube used to protect and route electrical wiring in a building or structure] The conduits are made of high-impact-resistant materials, which make them safe to use across varied environmental conditions. It will be manufactured at the company’s Goa plant. Finolex will also offer commonly used fittings such as junction boxes, bends, and inspection bends.

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RailTel IPO subscribed 6.65 times on second day of bidding

The Rs 819-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 6.65 times on the second day of bidding. The issue has received bids for 40.64 crore equity shares, as against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 10.54 times, while that of employees was subscribed 1.85 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 2.63 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 2.96 times.

To know more about the IPO, click here.