ge shipping Archives

HDFC Q4 Results: Net profit rises 42% YoY to Rs 3,180 crore

Housing Development Finance Corporation (HDFC) reported a 42% YoY increase in net profit to Rs 3,180 crore for the quarter ended March (Q4). On a quarterly basis, net profit has increased by 8.7%. Net interest income (NII) rose 14% YoY to Rs 4,065 crore during the same period. The gross non-performing assets (NPAs) ratio stood at Rs 1.98%, compared with 1.91% in Q3 FY21. HDFC’s board has approved a dividend of Rs 23 per share. The board has also approved fundraising of up to Rs 1.25 lakh crore by issuing non-convertible debentures on a private placement basis.

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Dabur Q4 Results: Net profit rises 34% YoY to Rs 378 crore

Dabur India Ltd reported a 34.4% YoY increase in consolidated net profit to Rs 378 crore for the quarter ended March (Q4). The FMCG firm’s revenue from operations rose 25.3% YoY to Rs 2,337 crore during the same period. Its India FMCG business grew 28.3% and posted best-ever volume growth of 25.4% in Q4. For the financial year ended March 31, 2021 (FY21), net profit rose 17.2% YoY to Rs 1,693 crore. Dabur India’s board has proposed a final dividend of Rs 3 per share.

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JSW Steel signs pact with JFE Steel Corp to establish JV in India

JSW Steel has signed a Memorandum of Understanding (MoU) with Japan-based JFE Steel Corporation to conduct a feasibility study to establish a grain-oriented electrical steel sheet manufacturing and sales joint venture (JV) company in India. Grain-oriented electrical steel is an important material used in the production of energy-efficient transformers and high-performance generators. The companies plan to complete the study within the current financial year and take appropriate steps to set up the JV company.

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Steel Strips Q4 Results: Net profit at Rs 44.5 crore

Steel Strips Wheels Ltd reported a net profit of Rs 44.56 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 5.25 crore in the corresponding period last year (Q4 FY20). On a quarterly basis, net profit has increased by 54% in Q4 FY21. Revenue from operations rose 80.81% YoY to Rs 699.87 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 110% YoY to Rs 49.25 crore. The company’s board has declared a final dividend of Rs 2 per share.

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Tata Motors to hike prices of passenger vehicles from May 8

Tata Motors Ltd said it will increase the prices of its passenger cars by an average of 1.8%, depending on the model and variant, from May 8. This is to partially offset the rise in input costs. The surge in prices of commodities such as steel and precious metals has forced the automaker to hike prices. Tata Motors will also extend price protection for customers who have booked vehicles on or before May 7.

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Kansai Nerolac Paints Q4 Results: Net profit rises 89% YoY to Rs 124 crore

Kansai Nerolac Paints Ltd reported an 89.14% YoY increase in consolidated net profit to Rs 123.62 crore for the quarter ended March (Q4). On a quarterly basis, net profit has declined by 39%. Its total revenue rose 35.14% YoY to Rs 1,459.57 crore during the same period. The company’s profit margins improved from 6.22% in Q4 FY20 to 8.51% in Q4 FY21. Kansai Nerolac Paints’ board has recommended a final dividend of Rs 4 per share.

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Godrej Agrovet Q4 Results: Net profit declines 24% You to Rs 56 crore

Godrej Agrovet Ltd reported a 24.12% YoY decline in net profit to Rs 56.59 crore for the quarter ended March (Q4). Its revenue fell 10.4% YoY to Rs 1,472.39 crore during the same period. The company’s poultry and processed foods business grew 22% YoY to Rs 139 crore in Q4. For the financial year ended March 31, 2021 (FY21), net profit has increased by 2.47% YoY to Rs 313.74 crore. Godrej Agrovet’s board has declared a final dividend of Rs 8 per share.

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GE Shipping Company Q4 Results: Net profit at Rs 49 crore

Great Eastern Shipping Company reported a net profit of Rs 49.01 crore for the quarter ended March (Q4). It had posted a net loss of Rs 50.68 crore in the corresponding period last year. On a quarterly basis, net profit has fallen by 72% in Q4 FY21. Revenue from operations declined by 26.68% YoY to Rs 739.95 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 343.43% YoY to Rs 918.52 crore. GE Shipping Company’s board has announced a final dividend of Rs 9 per share.

The company’s board has also approved fundraising of up to Rs 1,000 crore through the issuance of non-convertible debentures (NCDs) on a private placement basis.

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RailTel secures order worth Rs 11.99 crore from Cotton Corp

RailTel Corporation of India has received a work order from Cotton Corporation of India for hiring on-cloud Data Centre hosting for hardware and software, along with the migration of Oracle EBS and other applications. The total cost for the five years contract period is Rs 11.99 crore.

RailTel Corp launches WiFi facilities at 4,000 railways stations; secures order worth Rs 25 crore from BSNL

RailTel Corporation of India has started monetising its WiFi facilities at railway stations by launching high-speed prepaid WiFi at over 4,000 railway stations across India. The scheme is expected to bring additional revenue of Rs 15 crore per annum to the company. RailTel has also selected Margo Networks, a subsidiary of Zee Entertainment Ltd, to provide Content-on-Demand (CoD) services in trains and railway stations.

In other news, RailTel Corp has received an advance purchase order amounting to Rs 25.46 crore per annum from Bharat Sanchar Nigam (BSNL). The scope of work consists of the commissioning of point-to-point links. The advance purchase order issued for the work will be valid for one year and further extendable by two years.

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Wipro to acquire UK-based consultancy firm Capco for $1.45 billion

IT major Wipro Limited said it will acquire UK-based management and technology consultancy firm Capco for $1.45 billion (~Rs 10,550 crore). Capco serves financial institutions across the Americas, Europe, and Asia-Pacific regions. This acquisition will make Wipro one of the largest end-to-end global consulting, technology, and transformation service providers to the banking and financial services industry.

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Ashoka Buildcon to acquire 49% stake in Ashoka Highways for Rs 36 crore

Ashoka Buildcon Ltd has entered into a share purchase agreement (SPA) with India Infrastructure Fund (IIF) for purchasing a 49% stake held by IIF in Ashoka Highways (Bhandara). The aggregate consideration to be paid for acquiring the stake is Rs 35.98 crore. The completion of the transaction is subject to approvals from the National Highways Authority of India (NHAI). Ashoka Buildcon currently holds 9 shares in Ashoka Highways (Bhandara).

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TCS partners with VodafoneZiggo to accelerate its fixed fiber network rollout

Tata Consultancy Sevices (TCS) has expanded its strategic partnership with VodafoneZiggo B.V. Netherlands to accelerate its fixed fiber network rollout. TCS will deploy artificial intelligence (AI), machine learning technology, as well as TCS Twin— its digital twin solution for enterprises— for the rollout of VodafoneZiggo’s business-to-business (B2B) fixed fiber network. This will enable superior connectivity for subscribers and a faster launch of new services.

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Dilip Buildcon receives LoA from Mahanadi Coalfield for mining project in Odisha

Dilip Buildcon Ltd has received a Letter of Acceptance (LoA) for a mine developer cum operator (MDO) contract from Mahanadi Coalfield Limited. The scope of work consists of the development and operation of the SIARMAL Open Cast Project in Odisha. The value of the contract is Rs 36,819.07 crore. The contract period is 25 years.

IEX reports 50% YoY volume growth in February

Indian Energy Exchange (IEX) announced that its electricity market registered a volume of 6,769 million units (MU) in February 2021. This is a 50% growth as compared to February 2020. The company said that the robust growth in volume indicates that IEX’s electricity market is clearly positioned as the most preferred option for distribution utilities and industrial consumers to source electricity for addressing the demand-supply balance.

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MTAR Technologies IPO subscribed 10.27 times on second day of bidding

The Rs 596.41-crore initial public offering (IPO) of MTAR Technologies was subscribed 10.27 times on the second day of bidding. The issue received bids for 7.45 crore equity shares against an offer size of 72.60 lakh shares. The portion reserved for retail investors was subscribed 16.55 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 8.04 times. Qualified institutional buyers (QIBs) have put in 96% bids against their reserved portion.

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Alembic Pharma’s JV Aleor Dermaceuticals gets USFDA approval for Testosterone Gel

Alembic Pharmaceuticals said its joint venture (JV) firm Aleor Dermaceuticals has received final approval from the US Food and Drug Administration (USFDA) for Testosterone Gel. The product is used for replacement therapy in adult males for conditions associated with deficiency of testosterone. According to IQVIA data, Testosterone Gel had sales of approximately $86 million (~Rs 626 crore) for the 12 months ending December 2020.

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GE Shipping buys secondhand bulk carrier of about 56,103 dwt

Great Eastern (GE) Shipping Company Ltd has signed a contract to buy a secondhand Supramax Bulk Carrier of about 56,103 deadweight tonnage (dwt). The 2013 Japanese-built vessel is expected to join the company’s fleet in the first quarter of the upcoming financial year (Q1 FY22). Mumbai-based GE Shipping is India’s largest private sector shipping service provider.

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NBCC (India) signs MoU with Rashtriya Ispat Nigam

NBCC (India) Limited has signed a Memorandum of Understanding (MoU) with Rashtriya Ispat Nigam Ltd (RINL) for the redevelopment and monetisation of 22.19 acres of land parcels at Maddilapalem, Visakhapatnam. The company will be paid Project Management Consultancy (PMC) fee at 7% of the estimated/approved project cost or actual project cost.

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Max Healthcare launches QIP to raise around Rs 1,200 crore

Max Healthcare Institute Limited has launched a qualified institutional placement (QIP) to raise around Rs 1,200 crore. The floor price of the QIP has been fixed at Rs 190.40 per share. The company will utilise the funds raised from the QIP for meeting its capital expenditure and working capital requirements. The funds will also be used for repayment of debt and other general purposes.