LATEST BUSINESS NEWS

Sagar Cements raises Rs 48.88 crore through allotment of 6.11 lakh preference shares

The company had already received shareholder approval for the fund-raising plans at a meeting held on November 23

Sagar Cements has raised Rs 48.88 crore through allotment of 6.11 lakh equity shares at Rs 800 a share on preferential basis. The company had already received shareholder approval for the fund-raising plans at a meeting held on November 23.

Sagar Cements is one of the most modern mini cement plants in the state of Andhra Pradesh. The plant is based on Dry Process Rotary Kiln Technology that is used in ‘Standard Quality' cement companies.
source: ventura

 

Tata Motors’ arm reports 2% rise in November retail sales

Jaguar recorded its best November ever, with retail sales reaching 14,613 vehicles, up 83% compared to November last year

Tata Motors’ subsidiary -- Jaguar Land Rover (JLR) has reported its best ever November retail sales of 47,588 vehicles, up 2% compared to November 2015. The year-on-year growth in retail volumes was driven by strong sales of the new Jaguar XF (with the addition of the long wheel base XFL in China) and F-PACE as well as continuing solid sales of the Land Rover Discovery Sport and Range Rover Sport, offset partially by the run-out of Land Rover Discovery in advance of the all-new model in 2017.

Jaguar Land Rover delivered solid retail sales growth across the majority of key regions for November year on year, with China (up 42%) and North America (up 20%) partially offset by softer sales in the UK (down 13%), Europe (down 6%) and in other overseas markets, which include Russia and Brazil (down 25%). Jaguar Land Rover sold 527,937 vehicles in the first 11 months of 2016, 21% up on the same period in the prior year.

Jaguar recorded its best November ever, with retail sales reaching 14,613 vehicles, up 83% compared to November last year, and driven by continuing strong sales of the new XF and the F-PACE. Calendar year-to-date sales for Jaguar were 132,381, up 75% year-on-year. Furthermore, Land Rover recorded November sales of 32,975 vehicles, down 14% on November 2015, as continuing solid sales of the Land Rover Discovery Sport and Range Rover Sport were offset by lower volumes of the discontinued Land Rover Defender and outgoing Discovery. Calendar year-to-date sales for Land Rover reached 395,556 vehicles, 9% up on the prior year.

Tata Motors is India's largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.
source: ventura

 

Prestige Estates Projects reports 58% fall in Q2 consolidated net profit

Total income of the company decreased by 29.41% to Rs 1173.52 crore for quarter under review

Prestige Estates Projects has reported results for second quarter ended September 30, 2016.

The company has reported 44.56% fall in its net profit at Rs 71.13 crore for the quarter under review as compared to Rs 128.31 crore for the same quarter in the previous year. Total income of the company decreased by 34.21% at Rs 512.10 crore for the quarter under review as compared Rs 778.39 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported 58.24% fall in its net profit after minority interest & share of profit / (loss) of jointly controlled entities at Rs 64.51 crore for the quarter ended September 30, 2016 as compared to Rs 154.47 crore for the same quarter in the previous year. Total income of the company decreased by 29.41% to Rs 1173.52 crore for quarter under review from Rs 1662.35 crore for the quarter ended September 30, 2015.
source: ventura

 

Crompton Greaves reports a consolidated net loss of Rs 10.41 crore in Q2

Total income of the company increased by 6.79% to Rs 1545.19 crore for quarter under review

Crompton Greaves has reported results for second quarter ended September 30, 2016.

The company has reported 11.09% fall in its net profit at Rs 89.94 crore for the quarter under review as compared to Rs 101.16 crore for the same quarter in the previous year. However, total income of the company increased by 7.34% at Rs 1277.01 crore for the quarter under review as compared Rs 1189.73 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a net loss of Rs 10.41 crore for the quarter ended September 30, 2016 as compared to a net profit of Rs 10.58 crore for the same quarter in the previous year. However, total income of the company increased by 6.79% to Rs 1545.19 crore for quarter under review from Rs 1446.99 crore for the quarter ended September 30, 2015.
source: ventura

 

Hindustan Zinc to enter into solar energy business: Report

In the first phase, the company will set-up 15 MW solar energy projects which would require an investment of Rs 80 crore and are likely to be commissioned by March 2017

Hindustan Zinc, one of the subsidiaries of Anil Agarwal-promoted Vedanta group, has reportedly decided to foray into solar energy business and will set up 115 MW of solar energy projects with an investment of Rs 630 crore. In the first phase, the company will set-up 15 MW solar energy projects which would require an investment of Rs 80 crore and are likely to be commissioned by March 2017. The second phase would be of 100 MW requiring an investment of Rs 550 crore, which is likely to be commissioned by September 2017. The company already produces 474 MW of thermal power and 274 MW of wind energy.

Hindustan Zinc, the world’s second biggest zinc producer, operates the world’s third largest open-pit mine, and world’s largest Zinc Mine in Rampura Agucha, Rajasthan. It has other mines in Sindesar Khurd, Rajpura Dariba, Kayar and Zawar, all in Rajasthan. Cairn India’s Mangala field in Rajasthan is the largest onshore oil discovery in India in more than 20 years.
source: ventura

 

Mahindra's used-car business set to enter into international markets: Report

The division has already signed MoUs in Africa and Asian geographies and could soon begin operations

Mahindra's used-car business, which includes Mahindra First Choice Wheels and Mahindra First Choice Services, is reportedly all set to enter into international markets after seeing exponential growth locally. In this regard, the division has already signed Memorandum of Understandings (MoUs) in Africa and Asian geographies and could soon begin operations.

The company will double its revenues to Rs 100 crore this fiscal, with nearly half of it coming from its online platforms for auto auction and car price comparison. The company has also set up 101 franchisee outlets in September alone, which is highest by any used-car firm in India.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.
source: ventura

 

IndusInd Bank to raise Rs 1,500 crore on Private Placement basis

The bank will issue Senior Unsecured Redeemable Non-convertible Long Term Bonds in the nature of debentures of face value of Rs 10 lakh only

IndusInd Bank has received an approval for issuance of Senior Unsecured Redeemable Non-convertible Long Term Bonds in the nature of debentures of face value of Rs 10 lakh only, for cash, aggregating to Rs 1,500 crore on Private Placement basis. The board of directors of the bank at its meeting held on December 7, 2016 has passed the resolution for the same.

The said Debentures have been rated ‘AA+’ by India Ratings & Research and ‘AA+/Stable’ by CRISIL. The Debentures will be listed on the National Stock Exchange of India (NSE).

IndusInd Bank caters to the needs of both consumer and corporate customers. Its technology platform supports multi-channel delivery capabilities. As on March 31, 2016, Induslnd Bank has 1,000 branches, and 1800 ATMs spread across 623 geographical locations of the country.
source: ventura

 

Nse MARICO 10 lakhs @ 257.10 value 25.92 crs

 

GMR Infrastructure reports net loss of Rs 700.34 crore in Q2

Total income of the company increased by 13.20% at Rs 331.22 crore for the quarter under review

GMR Infrastructure has reported results for second quarter ended September 30, 2016.

The company has reported a net loss of Rs 700.34 crore for the quarter under review as compared to a net loss of Rs 7.41 crore for the same quarter in the previous year. Total income of the company increased by 13.20% at Rs 331.22 crore for the quarter under review as compared Rs 292.60 crore for the corresponding quarter previous year.

GMR Infrastructure is an infrastructure holding company of GMR Group. It undertakes the development of the infrastructure projects including airports, energy, highways, urban infrastructure other projects through its various subsidiaries.
source: ventura

 

Raymond inks MoU with KVIC

The textile major will be sourcing the Khadi and adding value in terms of design

Raymond has entered into a Memorandum of Understanding (MoU) with Khadi & Village Industries Commission (KVIC) to launch a co-branded fabric and garment - Khadi by Raymond.

Through the public private partnership, a range of fabric and garments will be developed which will be sold through the 1,080 Raymond outlets and 7,000 outlets of KVIC. The textile major will be sourcing the Khadi and adding value in terms of design and get commission for using the KVIC trademark from the co-branded initiative.

Raymond has already donated 50 spinning wheels to KVIC and this joint imitative is expected to result in employment of 2.10 main hours for spinners and weavers.
source: ventura

 

Praj Industries enters into binding agreement with IOCL

These 2nd Generation (2G) bio-ethanol plants will have capacity to produce 100 kilo litres of ethanol per day

Praj Industries, a Pune-based global process solutions leader, has entered into a binding agreement for cost sharing with Indian Oil Corporation (IOCL) to set up one 2G bio-ethanol plant each at Panipat, Gujarat, Haryana and Dahej. These 2nd Generation (2G) bio-ethanol plants will have capacity to produce 100 kilo litres of ethanol per day.

This is a progress milestone as per MoU signed earlier this year wherein IOCL selected Praj as its technology partner for setting up multiple 2G bio-ethanol plants based on its indigenously developed technology.

Praj Industries is a Process Engineering and Technology Company offering innovative end-to-end solutions for biofuels, brewery, industrial processes & water and waste water treatment systems.
source: ventura

 

MMTC reports 77% fall in Q2 net profit

Total income of the company decreased by 70.92% at Rs 1437.03 crore for the quarter under review

MMTC has reported results for second quarter ended September 30, 2016.

The company has reported 76.57% fall in its net profit at Rs 10.45 crore for the quarter under review as compared to Rs 44.60 crore for the same quarter in the previous year. Total income of the company decreased by 70.92% at Rs 1437.03 crore for the quarter under review as compared Rs 4941.03 crore for the corresponding quarter previous year.

MMTC is major global player in the minerals trade and is the single largest exporter of minerals from India. With its comprehensive infrastructural expertise to handle minerals, the company provides full logistic support from procurement, quality control to guaranteed timely deliveries of minerals from different ports, through a wide network of regional and port offices in India, as well as international subsidiary.
source: ventura

 

USFDA inspects Sun Pharma’s Halol facility in Gujarat

The company has been issued a Form 483, citing nine inspectional observations

Sun Pharmaceutical Industries’ Halol facility in Gujarat has inspected by the US Food and Drug Administration (USFDA) from November 17, 2016 to December 1, 2016. The company has been issued a Form 483, citing nine inspectional observations. None of those observations were characterized by the USFDA as repeat observations. The company is preparing its responses to the observations, which will be submitted to USFDA within 15 business days of receipt of the Form-483. The company intends to implement promptly any corrective actions and improvements that may be necessary as a result of the observations and to continue to work cooperatively with USFDA.

Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company.
source: ventura

 

Jyothy Laboratories to raise Rs 400 crore via NCDs

The board of directors of the company in its meeting held on December 08, 2016 has approved for the same

Jyothy Laboratories, one of the leading fast moving consumer goods companies in the country, has received an approval for raising Rs 400 crore through issuance of Non-Convertible Debentures (NCDs) on private placement basis. Tenure of these bonds will be 23 months and will carry a coupon rate of 7.20 to 8%. The board of directors of the company in its meeting held on December 08, 2016 has approved for the same.

Jyothy Laboratories is one of the leading players in the mid and economy segments of the FMCG industry having its presence in Fabricare (Detergents/soaps for clothes), Household Insecticide (Repellent coils/liquid or spray) Dishwashing products/Toilet cleaners, Personal care (Toilet soap) and Others (Incense sticks).
source: ventura

 

Capital First to raise Rs 340 crore through preferential issue

The special resolution for raising Rs 340 crore on a preferential basis, was passed with majority at the board in its EGM

Capital First has decided to raise Rs 340 crore through preferential issue. The special resolution for raising Rs 340 crore on a preferential basis by allotting 47.8 lakh shares to Caladium Investment was passed with majority at the board in its extraordinary general meeting (EGM). Earlier, the company reported a net profit of Rs 57.6 crore for Q2 FY2017, an increase of 40 per cent from Rs 41.0 crore in Q2 FY2016.

Capital First is an MSME and consumer financing company which provides debt financing to these segments and also offers home loans, two wheeler loans and durable loans to entry and mid-level salaried employees of corporates.
source: ventura

 

Jindal Steel reports consolidated net loss of Rs 745.98 crore

Total Income of the company has decreased marginally by 1.50% to Rs 4666.22 crore for quarter under review

Jindal Steel & Power has reported results for second quarter ended September 30, 2016.

The company has reported net loss of Rs 407.19 crore for the quarter under review as compared to a net loss of Rs 310.49 crore for the same quarter in the previous year. Total income of the company decreased marginally by 1.59% at Rs 3125.66 crore for the quarter under review as compared Rs 3176.06 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported net loss after taxes, Minority Interest and Share of Profit/(Loss) of Associates of Rs 745.98 crore for the quarter ended September 30, 2016 as compared to a net loss of Rs 909.53 crore for the same quarter in the previous year. Total Income of the company has decreased marginally by 1.50% to Rs 4666.22 crore for quarter under review from Rs 4737.35 crore for the quarter ended September 30, 2015.
source: ventura

 

Praj Industries inks MoUs for bio-ethanol plants

These second generation (2G) bio-ethanol plants would have capacity to produce 100 Kilo litres of ethanol per day

Praj Industries has signed memorandum of understanding (MoU) with Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) to set up three bio-ethanol plants in Gujarat, Haryana and Odisha. These second generation (2G) bio-ethanol plants would have capacity to produce 100 Kilo litres of ethanol per day.

Praj Industries is a Process Engineering and Technology Company offering innovative end-to-end solutions for biofuels, brewery, industrial processes & water and waste water treatment systems.
source: ventura

 

Maruti Suzuki collaborates with Ola to create a pool of skilled drivers

The pilot phase of the initiative will be rolled out in Bangalore, Hyderabad, Chennai and in NCR

Maruti Suzuki India (MSIL), India's leading passenger vehicle manufacturer has signed a Memorandum of Understanding (MoU) with Ola, the online cab aggregator, to train aspiring drivers-partners. Under the 'Maruti Ola Training Program', the Company targets to benefit 40,000 individuals, over a period of three years.

Maruti Suzuki and Ola partnership will create entrepreneurship opportunities for aspiring drivers- partners as well as make urban transportation safe, reliable and convenient. The pilot phase of the initiative will be rolled out in Bangalore, Hyderabad, Chennai and in NCR. The driving training programme will be gradually rolled out in Mumbai, Ahmedabad and Pune.

Maruti Suzuki is an India-based company engaged in the manufacture, purchase and sale of motor vehicles, components and spare parts (automobiles).
source: ventura

 

Nse HDFC 2.52 lakhs @ 1271 value 32.10 crs

 

Nse BRITANNIA 2.75 lakhs @ 3025 value 83.21 crs