LATEST BUSINESS NEWS

Coal India’s Q1 consolidated net declines 15%

Total Income of the company decreased by 6.64% to Rs 19552.49 crore for quarter under review

Coal India has reported results for first quarter ended June 30, 2016.

The company has registered 99.24% fall in its net profit at Rs 3.68 crore for the quarter as compared to Rs 487.10 crore for the same quarter in the previous year. Total income of the company decreased by 72.65% at Rs 187.43 crore for quarter under review as compared to Rs 685.32 crore for the quarter ended June 30, 2015.

On the consolidated basis, the company has registered 14.78% decline in its net profit after taxes, minority interest and share of profit of associates at Rs 3065.28 crore for the quarter ended June 30, 2016 as compared to Rs 3596.93 crore for the same quarter in the previous year. Total Income of the company decreased by 6.64% to Rs 19552.49 crore for quarter under review from Rs 20942.96 crore for the quarter ended June 30, 2015.
source:Ventura

 

Ricoh India unveils high-end range of projectors for large screen applications

The new launch is in line with the company’s philosophy to cater to the varied requirements from home entertainment to the new world of work

Ricoh India, a leader in the field of Imaging Solutions & IT Services, has launched high- end projectors Ricoh PJ6181 series and Ricoh PJ KU12000. The new launch is in line with the company’s philosophy to cater to the varied requirements from home entertainment to the new world of work. RICOH PJ6181 series combines versatile connectivity and are ideal for projecting multimedia content in large lecture hallsand auditoriums.

The new projectors offers a choice of resolutions, including WUXGA to meet the needs of audiences from 10 to 100 people and comes with three brightness options 6,200 lumen, 6,700 lumen and 7,200 lumen. It offers to projects presentations onto screens as large as 500 inches (diagonal) and variety of lens options help customer to install the Projector without any change in the existing set-up. These projectors can be stacked, ceiling-mounted, or rotated to project in portrait mode and with keystone correction ensures a squared-off image even when projecting from odd angles.

In addition, the meeting management Apps from Ricoh enables presenters to hand off screen control to audience members from their presenting aid. The high-performance Ricoh KU12000 projector shines through excess ambient light with its whopping 12,000 lumen brightness makes it ideal for museums, art galleries, large outdoor signage, very large auditoriums, hotel banquet halls or even a mini cinema theatre by creating up to 500 inch diagonal screen.KU12000 comes WUXGA (1920x1200) resolution and dual lamp design for bright, high-resolution images. With motorized lens shift, the projection can adjust vertically or horizontally without moving the projector make it flexible to install with any display angle. Six separate optional lenses can enhance viewing quality from various distances - up to an astonishing 77.6 meters.

Ricoh is a global technology company specializing in office imaging equipment, production print solutions, document management systems and IT services.
source:Ventura

 

Reliance Infra’s Q1 consolidated net rises by 7%

Total Income of the company increased marginally by 3.62% to Rs 7813.54 crore for quarter under review

Reliance Infrastructure has reported results for first quarter ended June 30, 2016.

The company has registered 7.66% rise in its net profit at Rs 397.23 crore for the quarter as compared to Rs 368.95 crore for the same quarter in the previous year. Total income of the company increased by 5.48% at Rs 3203.71 crore for quarter under review as compared to Rs 3037.13 crore for the quarter ended June 30, 2015.

On the consolidated basis, the company has registered 7.22% jump in its net profit after taxes, minority interest and share of profit of associates at Rs 438.80 crore for the quarter ended June 30, 2016 as compared to Rs 409.27 crore for the same quarter in the previous year. Total Income of the company increased marginally by 3.62% to Rs 7813.54 crore for quarter under review from Rs 7540.43 crore for the quarter ended June 30, 2015.
source:Ventura

 

Alok Industries reports net loss of Rs 1212 crore in Q1

The company’s total income decreased by 47.30% to Rs 1857.34 crore for the quarter under review

Alok Industries has reported results for first quarter ended June 30, 2016.

The company has reported a net loss of Rs 1212.04 crore for the quarter ended June 30, 2016 as compared to a net loss of Rs 349.68 crore for the same quarter in the previous year. The company’s total income decreased by 47.30% to Rs 1857.34 crore for the quarter under review from Rs 3524.18 crore for the corresponding quarter of the previous year.

Alok Industries evolved from a small trading business into India’s largest integrated textiles player. It is present across various verticals of the textile value chain - from yarn manufacturing to garmenting.
source:Ventura

 

Amtek Auto reports net loss of Rs 319.68 crore in Q1

The company’s total income decreased by 33.46% to Rs 576.49 crore for the quarter under review

Amtek Auto has reported results for first quarter ended June 30, 2016.

The company has reported a net loss of Rs 319.68 crore for the quarter ended June 30, 2016 as compared to a net loss of Rs 157.60 crore for the same quarter in the previous year. The company’s total income decreased by 33.46% to Rs 576.49 crore for the quarter under review from Rs 866.32 crore for the corresponding quarter of the previous year.

Amtek Auto manufactures components such as connecting rod assemblies, flywheel ring gears and assembly, steering knuckles, suspension and steering srms, CV joints, crankshaft assemblies and torque links. It is backed by in-house design and development facilities engaged in developing new product and processes.
source:Ventura

 

Ashok Leyland to build satellite plants in Africa, Asean AND Latin American markets: Report

Through this international expansion the company is targeting a minimum of one-third of the revenues

In order to reduce dependence on the fiercely competitive Indian market, Ashok Leyland is reportedly planning to construct multiple satellite plants in Africa, Asean and Latin American markets. Demand from such emerging markets, much like India, is skewed towards economical trucks and buses such as those from Ashok Leyland and Tata Motors, which are 15-25 percent cheaper than their western counterparts.

Through this international expansion the company is targeting a minimum of one-third of the revenues to come in the near future from the current 10 percent.

Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.
source:Ventura

 

Glenmark receives USFDA approval for generic version of Solaraze Gel

The Solaraze Gel, 3% market had achieved annual sales of approximately $297.9 million as on twelve month period ending July 2016

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Diclofenac Sodium Gel, 3%, the generic version of Solaraze Gel, 3% of Fougera Pharmaceuticals Inc.

The Solaraze Gel, 3% market had achieved annual sales of approximately $297.9 million, according to IMS Health sales data for the twelve month period ending July 2016.

Glenmark’s current portfolio consists of 110 products authorized for distribution in the US marketplace and 61 ANDA’s pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.
source:Ventura

 

HCC bags contract worth Rs 181.65 crore from Department of Atomic Energy

The contract is to build premium high rise residential towers at IGCAR, Kalpakkam in Tamil Nadu

Hindustan Construction Company (HCC) has been awarded Rs 181.65 crore contract by the Department of Atomic Energy (DAE) to build premium high rise residential towers at Indira Gandhi Centre for Atomic Research (IGCAR), Kalpakkam in Tamil Nadu. This is an item rate contract to be completed in 30 months.

The scope of the project includes construction of five high-rise residential towers of ground plus 15 floors housing 600 apartments. The total built up area for the entire construction will be 7.5 lakh square feet. This facility would provide accommodation to Department of Atomic Energy Officers working at IGCAR, Kalpakkam.

HCC is a leader in engineering and construction space. The company has established a vast presence and gained recognition in the sectors of Hydro Power, Water Solutions, Transportation and Nuclear Power.
source:Ventura

 

Hexaware joins Oracle to develop a preconfigured digital platform for Insurers

The company will leverage OIPA to develop a preconfigured digital platform for Life Insurance companies

Hexaware Technologies, a global provider of IT, BPO and consulting services and Platinum level member of Oracle PartnerNetwork (OPN) has associated with Oracle Insurance Policy Administration (OIPA), a leader in the Life Insurance solution space. The company will leverage OIPA to develop a preconfigured digital platform for Life Insurance companies.

This association highlights Hexaware's ongoing efforts to enable digital transformation of insurers by strengthening their Policy Administration, Rating, Underwriting and claims processing capabilities. The platform will be built using composable architecture, supporting straight-through processing with a library of optimized micro-services.

Hexaware is a leading global provider of IT, BPS and consulting services. The Company focuses on key domains such as Banking, Financial Services, Capital Markets, Healthcare, Insurance, Travel, Transportation, Logistics, Hospitality, Manufacturing and Consumer.
source:Ventura

 

BP eyes 8.5% stake sale in Castrol: Report

The share sale is happening at an indicative range of Rs 408 - Rs 422.50 per share

BP is reportedly planning to offload 8.5% stake in Castrol India through a block deal worth Rs 1,750 crore on September 20. The share sale is happening at an indicative range of Rs 408 - Rs 422.50 per share, a discount of up to 3.5% to Castrol’s Monday closing price.

Earlier in May, UK’s BP sold 11.5% stake in the lubricant maker to reduce its holding in the company from 70.92% to 59.42% for about Rs 2072 crore.

Castrol India is the second largest player in the Indian lubricant industry and is the market leader in the retail automotive lubricant segment. It manufactures and markets a range of automotive and industrial lubricants.
source:Ventura

 

Tata Steel to pay Rs 130 crore as annual bonus to its employees

As per the MoS, the annual bonus payout for 28,436 eligible employees of all applicable divisions and units of the company for 2015-16 would be Rs 130 crore.

Tata Steel, one of the world’s biggest steelmakers, has decided to pay around Rs 130 crore as annual bonus to its eligible employees for the year 2015-16. For this year’s annual bonus, the company has signed a memorandum of settlement (MoS) with its workers Union. As per the MoS, the annual bonus payout for 28,436 eligible employees of all applicable divisions and units of the company for 2015-16 would be Rs 130 crore. Out of this, for divisions at Jamshedpur, including the Tubes Division, an amount of Rs 75.77 crore would be distributed as annual bonus among 15,575 employees. The minimum and maximum annual bonus payable for the year would be Rs 16,800 and Rs 121,365 respectively.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 Company.
source:Ventura

 

Gujarat Alkalies inks agreements for establishment of Hydrogen Peroxide plant at Dahej

The plant is expected to be operated by the first quarter of Financial Year 2018-19

Gujarat Alkalies and Chemicals has signed an agreements with Chematur Engineering AB, Sweden for procuring technology, know-how, basic engineering services and with IBI Chematur (Engineering & Consultancy), India for procuring detailed engineering and project management services for the establishment of 14000 MTPA Hydrogen Peroxide Plant at Dahej. The plant is expected to be operated by the first quarter of Financial Year 2018-19.

Gujarat Alkalies and Chemicals is engaged in business of manufacturing basic chemicals such as sodium cyanide, sodium ferrocyanide, chloromethanes, hydrochloric acid, caustic potash, potassium carbonate, phosphoric acid (85%) and hydrogen peroxide.
source:Ventura

 

Surya Roshni to set up steel pipe plant in Andhra Pradesh

The company markets its products under the brand name of Prakash Surya from over forty years

In order to cater to the South Indian steel pipe market, Surya Roshni is set to commission a modern steel pipe plant at Hindupur in Andhra Pradesh. The Hindupur plant, with a production capacity of 1, 00,000 mt per annum has been set up to produce square and rectangular sections and GI Pipes to cater to the South Indian steel pipe market.

The company markets its products under the brand name of Prakash Surya from over forty years and the brand has presence in Karnataka, Andhra Pradesh, Tamil Nadu and Kerala.

Currently, the Surya Group has a pipe production capacity of about 7, 00,000 mt per annum, producing plain, GI pipes and spiral pipes.
source:Ventura

 

Heritage Foods commissions second 2.1 MW Wind Power Project

This Plant is expected to generate 5 Million Units per annum to be utilized at Dairy Plants of the Company under Captive Open Access Arrangement

Heritage Foods has commissioned second Wind Power Plant 2.1 MW Capacity at Vajrakarur in Andhra Pradesh on September 20, 2016 for captive consumption. This Plant is expected to generate 5 Million Units per annum to be utilized at Dairy Plants of the Company under captive open access arrangement through APTRANSCOM/APSPDCL. It's S90-97 90 Meters Hub Height potential to generate more Elect Units than regular WEGs one of the Latest generation Technology available in Indian Wind Power Market. This Power Plant will reduce 4885 tons C02. The successful commissioning has largely been possible due to the unstinted efforts of Suzlon Group Company. The professional approach helped the company to achieve the plant commissioning within 60 Days and connect to AP TRANSCO 33KV Pooling Sub Station at Vajrakarur. The Plant will be maintained by Suzlon Group Company for initial period of 10 Years.

Heritage Foods is one of the fastest growing Private Sector Enterprises in India, with five-business divisions - Daily, Retail, Agri, Bakery and Renewable Energy under its flagship Company Heritage Foods.
source:Ventura

 

Gujarat Alkalies inks agreement with Bateman Advanced Technologies

The plant is expected to be operated by the second quarter of Financial Year 2019-20

Gujarat Alkalies and Chemicals has inked agreement with Bateman Advanced Technologies, Israel for procuring technology & licence, basic engineering, proprietary equipments and technical services for the establishment of 21000 TPA (on 100% P205 basis) Food Grade Phosphoric Acid Plant at Dahej. The company is in the process of appointing consultant for detailed engineering services. The plant is expected to be operated by the second quarter of Financial Year 2019-20.

Earlier, company had received approval from Board of Directors at its 356th meeting held on May 26, 2016 for the establishment of Food Grade Phosphoric Acid Project at Dahej with an estimated cost of Rs 300 crore.

Gujarat Alkalies and Chemicals is engaged in business of manufacturing basic chemicals such as sodium cyanide, sodium ferrocyanide, chloromethanes, hydrochloric acid, caustic potash, potassium carbonate, phosphoric acid (85%) and hydrogen peroxide.
source:Ventura

 

MCX, Mozambique Commodities Exchange sign MoU for strategic co-operation

The exchanges aim to continue facilitating potential collaboration in areas such as sharing of knowledge, research, experiences etc.

Multi Commodity Exchange of India (MCX) and the Mozambique Commodities Exchange (also known as Bolsa De Mercadorias De Mocambique, or BMM) have signed a Memorandum of Understanding (MoU) for strategic co-operation.

BMM envisages developing Mozambican commodity markets ecosystem consisting of energy, base metals and agricultural products in an endeavor to deliver better value to the stakeholders. MCX intends to work with BMM to help Mozambique realize its potential behind its resource rich economy through sharing its market, institutional, and capacity development expertise. The exchanges aim to continue facilitating potential collaboration in areas such as sharing of knowledge, research, experiences etc., which is expected to result in opening up of new avenues of mutual cooperation.

MCX, the leading commodity bourse, largely offers futures trading in non-agricultural commodities. The exchange contributes maximum business to the total turnover of the commodity futures market.
source:Ventura

 

GAIL to pick 11% stake in Dhamra LNG project in Odisha

IOC will hold 38% stake while APTPL will also hold a 49% stake in the project and remaining 2% will be held by financial institutions


GAIL (India) and Indian Oil Corporation (IOC) will exercise their right to jointly acquire 49% stake in Adani Group’s Rs 5,000 crore Dhamra LNG project in Odisha. While, IOC will take a 38% stake, GAIL will pick up 11% stake in the proposed 5 million tonne per annum liquefied natural gas import terminal in Dharma, being set up by Adani Petroleum Terminal (APTPL). APTPL will also hold a 49% stake in the project and remaining 2% will be held by financial institutions.

GAIL (India) is India’s principal Natural Gas Company with activities ranging from Gas Transmission and Marketing to Processing (for fractionating LPG, Propane, SBP Solvent and Pentane); transmission of Liquefied Petroleum Gas (LPG); production and marketing of Petrochemicals like HDPE and LLDPE and leasing bandwidth in Telecommunications.
source:Ventura

 

Welspun Corp wins awards for its Anjar manufacturing unit

The company’s facility has also won 1 Silver Award in Allied Quality Concept i.e. Improvement through Total Productive Maintenance Implementation

Welspun Corp has won awards for its manufacturing unit at Anjar, Gujarat. The company has won three Gold Awards- 2 in Allied Quality concepts i.e. Improvement through 7S implementation, Health Safety & Environment management system and 1 in Quality Circle i.e. Improvement in Spiral pipe welding. The company’s facility has also won 1 Silver Award in Allied Quality Concept i.e. Improvement through Total Productive Maintenance Implementation.

The company has won these awards in the 27th Annual Convention on Quality Concepts organized by the Quality Circle Forum of India, Secunderabad (Vadodara Chapter).

Welspun Corp is currently in four businesses viz Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.
source:Ventura

 

Bosch unveils two new variants of dishwashers:

The SMS60L12IN is priced at Rs 37,500 and the SMS60L18IN at Rs 40,999

In order to strengthen its presence in the mass premium dishcare category, Bosch has reportedly launched two new variants in its free-standing range of dishwashers. Out of these two variants, the SMS60L12IN is priced at Rs 37,500 and the SMS60L18IN at Rs 40,999. The two models are available in white and silver colours.

Bosch is a leading supplier of technology and services in the areas of Mobility Solutions, Industrial Technology, Consumer Goods, and Energy and Building Technology. Additionally, Bosch has in India the largest development center outside Germany, for end to end engineering and technology solutions.
source:Ventura

 

Foreign investors can buy up to 49% stake in Inox Leisure

The company has passed resolution at its Board of Directors’ level, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs

Reserve Bank of India (RBI) has increased foreign institutional investors' (FIIs) investment limit in Inox Leisure to 49% of its paid-up capital. The central bank has notified that FIIs/Registered Foreign Portfolios Investors (RFPIs) from default can now invest from existing 24% up to 49% of the paid up capital of Inox Leisure under the Portfolio Investment Scheme (PIS). The company has passed resolution at its Board of Directors’ level and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares by FIIs/RFPIs.

INOX Leisure is one of the fastest growing multiplex chains in the country, building and managing multiplex cinemas throughout India.
source:Ventura