Category: Companies

Deepak Nitrite receives Rs 127 crore insurance settlement for Nandesari plant fire damage

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Deepak Nitrite Ltd on Wednesday, April 24, announced the receipt of the final insurance settlement totalling ₹127 crore in relation to the fire incident that occurred at the company’s Nandesari Plant on June 2, 2022.

“With reference to our earlier intimations relating to fire incident occurred at the Company’s Nandesari Ptant on 2nd June, 2022… we would like to inform you that with regard to the damage caused to certain properties, plant, equipment and inventory of the Company as well as the loss of profit due to business interruption, the Company has received ₹127 Crores towards the final settlement of Insurance claim from the Insurance Companies,” the company informed in an exchange filing.

Deepak Nitrite shares settled 0.84% higher on the BSE, quoting at Rs 2,389.70. It had reported a 3.4% year-on-year (YoY) decline in net profit at ₹202.1 crore for the third quarter that ended December 31, 2023. The company’s revenue from operations increased 0.9% to ₹2,009.2 crore in Q3FY24.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NALCO’s KABIL and CSIR-NGRI ink MoU for collaborative geophysical investigations

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-owned National Aluminium Company Ltd (NALCO) on Wednesday (April 24) said Khanij Bidesh India Ltd (KABIL) has signed a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – National Geophysical Research Institute (CSIR-NGRI).

The MoU aims to foster long-term collaboration between KABIL and CSIR-NGRI in the field of geophysical investigations to bolster ongoing projects and activities related to critical and strategic minerals.

The agreement, signed by Sadashiv Samantaray, Director (Commercial) of NALCO and CEO of KABIL, and Dr Prakash Kumar, Director of CSIR-NGRI, signifies a commitment to joint efforts in geophysical, geochemical, and geological surveys, as well as data analysis, interpretation, and modelling.

Also Read: Madhav Infra Projects bags ₹330-crore solar power project in Surat

The signing ceremony took place at the NALCO Corporate Office in Bhubaneswar, in the presence of Sridhar Patra, CMD of NALCO and Chairman of KABIL. Patra expressed optimism about the collaboration, highlighting its potential to drive innovation and provide actionable insights for KABIL’s ongoing projects.

KABIL is a joint venture company of three Indian public sector undertakings namely National Aluminium Company Ltd, Hindustan Copper Ltd (HCL) and Mineral Exploration and Consultancy Ltd (MECL), under the aegis of the Ministry of Mines.

Shares of National Aluminium Company Ltd ended at ₹187.90, up by ₹4.80, or 2.62% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Sterlite Technologies launches BABA compliant US manufactured fiber optic cable products

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Optical and digital solutions company Sterlite Technologies Ltd (STL) on Wednesday, April 24, announced that its fiber optic cable products manufactured in the US are compliant with the ‘Build America, Buy America’ (BABA) provisions of the Infrastructure Investment and Jobs Act (IIJA).

STL launched a series of optical fiber cables–Rapid–to add to its “In America, For America” portfolio. The Rapid series of optical fiber cables range from high-capacity ribbonized cables to ruggedized designs for different applications like duct, direct buried, aerial and last-mile connectivity, the company added in a release.

The new development strengthens STL’s commitment to connecting rural America and supporting the local supply chain.

“Through its world-class manufacturing investment of $56 million, STL is actively working with leading service providers in the country to serve the demand for both federal and privately funded broadband projects, including those included in the Broadband Equity, Access, and Deployment (BEAD) Program,” the company stated in a release.

The company’s North American headquarters in South Carolina—Palmetto Plant—has created 125 full-time jobs since its inauguration in September 2023.

Paul Atkinson, CEO, Optical Networking, STL said, “With multiple BEAD projects on the horizon, the next five years will be landmark years for broadband and rural connectivity in the US, and we are very excited to support this program. Driven by our purpose of ‘Transforming Billions of Lives by Connecting the World’, our teams here are engaging with service providers to enable fast and seamless fiber rollouts in every corner of the United States.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Supreme Petrochem Q4 Results | Profit dips 18% to ₹132 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Supreme Petrochem Ltd, engaged in the plastic and petrochemical business, on Wednesday (April 24) reported a 17.5% year-on-year (YoY) dip in net profit at ₹131.5 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Supreme Petrochem posted a net profit of ₹159.3 crore, the company said in a regulatory filing. The company’s revenue from operations increased 12.7% to ₹1,562.8 crore as against ₹1,386.9 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA dipped 15.9% to ₹175.2 crore in the fourth quarter of this fiscal over ₹208.3 crore in the corresponding period in the previous fiscal.

Also Read: Dalmia Bharat Q4 results: Net profit clocks in at ₹315 crore, revenue ₹4,307 crore

EBITDA margin stood at 11.2% in the reporting quarter as compared to 15% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

The board of directors recommended a final dividend of ₹7 per equity share for the financial year ended March 31, 2024, subject to approval of members in the ensuing Annual General Meeting of the company.

The payment of the final dividend will be paid on or after, Wednesday, July 24, 2024, if approved by the members at the AGM. Supreme Petrochem remains debt-free with an investible surplus of ₹1,073 crore at the end of March 2024.

Also Read: Syngene International Q4 | Profit up 6%, company to pay dividend of ₹1.25 per share

Supreme Petrochem’s sales volume of manufactured products increased by 17.6% in Q4 of FY24 on a year-on-year basis and by 13.7% in FY24 on a year-on-year basis. Domestic volumes increased by 15.5% in Q4 of FY24 on a year-on-year basis and by 7.5% in FY24 on a year-on-year basis.

Export volumes increased by 44% in Q4 of FY24 on a year-on-year basis and by 82% in FY24 on a year-on-year basis. The capacity utilisation for the year for all products based on expanded capacity was 75%.

The results came after the close of the market hours. Shares of Supreme Petrochem Ltd ended at ₹642.55, down by ₹0.20, or 0.031% on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ITC to hold meeting of ordinary shareholders on June 6 to approve hotels demerger

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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ITC will host a meeting of its ordinary shareholders on June 6, 2024, to vote on the proposed scheme to demerge ITC Hotels from ITC Ltd into a separately listed subsidiary. The meeting has been scheduled for 10.30 am and will be conducted through electronic mode.

“…as directed by the Hon’ble National Company Law Tribunal, Kolkata Bench, vide Order dated 22nd April, 2024 which was received by us today, a Meeting of the Ordinary Shareholders of the Company will be convened on Thursday, 6th June, 2024 at 10.30 a.m. (IST) through electronic mode for the purpose of considering, and if thought fit, approving the proposed Scheme of Arrangement amongst ITC Limited and ITC Hotels Limited and their respective shareholders and creditors,” the cigarettes-hotel-FMCG conglomerate said in an exchange filing.

The board of ITC had cleared the proposal to demerge its hotel business last August, with an initial timeline suggesting 15 months for the listing of ITC Hotels as an independent hospitality-focused listed entity.

As per the scheme of the arrangement, shareholders of ITC will get one share of the hotel business for every 10 shares they hold in the company.

ITC Chairman & Managing Director Sanjiv Puri told CNBC-TV18 in an exclusive interaction that he does not foresee a significant need for capital raising in the soon-to-be-demerged hotel business.

ITC’s hotels business contributed to nearly 5% of the combined revenue and EBIT over the last decade but more than 20% of the company’s capex in the past. The EBIT margin for the hotels business for financial year 2023 was at a decade-high of 21%.

In a separate development last week, ITC Infotech India Ltd, a wholly-owned subsidiary of ITC Ltd, on Thursday entered into a share purchase agreement for the acquisition of 100% of the share capital of Blazeclan Technologies for a total cash consideration of ₹485 crore.

On January 29 earlier this year, ITC reported a 10.8% year-on-year (YoY) increase in net profit at ₹5,572.1 crore for the third quarter that ended December 31, 2023. The Hotels segment revenue and PBIT surged 18% and 57% year-on-year, respectively. Segment EBITDA margin climbed 470 bps year-on-year to 36.2% driven by higher RevPARs (revenue per available rooms), structural cost interventions, and operating leverage. The stock exchanges have given their no-objection to the scheme of arrangement for demerger.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Macrotech Developers Q4 profit down 11% to ₹665.5 crore; FY24 profit jumps 3 times to ₹1,549.1 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Realty firm Macrotech Developers on Wednesday reported an 11% decline in consolidated net profit to ₹665.5 crore in the March quarter.

However, for the full fiscal year, the company registered a three-fold jump in profit to ₹1,549.1 crore.

Its net profit stood at ₹744.4 crore in the fourth quarter of 2022-23 and ₹486.7 crore in the entire 2022-23 fiscal.

The company’s total income grew to ₹4,083.9 crore in the quarter under review from ₹3,271.7 crore in the year-ago period, the company said in a regulatory filing.

During 2023–24, the company’s total income rose to ₹10,469.5 crore from ₹9,611.2 crore in the 2022-23 fiscal.

Macrotech is one of the leading real estate firms in the country. The company markets its properties under the Lodha brand.

Abhishek Lodha, MD & CEO, Macrotech Developers, said, “Our best ever quarterly and annual performance showcases the buoyancy in demand for high quality homes in India from branded developers.” Driven by the strength of its brand, Lodha said the company delivered pre-sales of ₹14,500 crore for FY24, thus meeting its guidance of delivering consistent and predictable 20% growth.

“We are pleased to note that we have achieved our guidance of reducing our net debt well below 0.5x of equity.

“Robust operating cash flows and our capital raise led to net debt coming down by over ₹4,000 crore during the year to ₹3,000 crore which is less than 0.2x of equity,” Lodha said.

The company has also added new projects of over ₹20,000 crore during the last fiscal year.

“This makes us unique housing company to achieve the troika of significant pre-sales growth, robust business development, along with significant debt reduction showcasing our brand strength and operational prowess,” Lodha said.

The company’s enhanced financial strength will provide an opportunity to accelerate margin as well as top line growth as the capital is invested over the next 6–12 months, he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

KKR & Co said to consider $1 billion acquisition of Healthium Medtech

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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KKR & Co is considering an acquisition of Indian medical device maker Healthium Medtech Ltd, according to people familiar with the matter.

The private equity firm has been holding talks with Healthium’s owner, Apax Partners, on a potential deal, the people said, asking not to be identified because the information is private. A transaction could be valued at as much as $1 billion, according to the people.

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Apax Partners, which bought Healthium in 2018, has been working with advisers to gauge interest in the business, the people said. Other suitors including rival buyout firms have also studied an acquisition of Healthium, they said.

Deliberations are ongoing, and talks could still fall apart or another buyer could emerge. Representatives for KKR and Apax Partners declined to comment.

Bengaluru-based Healthium, founded in 1992, makes products for surgical, post-surgical and chronic care applications, according to its website.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Syngene International Q4 | Profit up 6%, company to pay dividend of ₹1.25 per share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Contract research and manufacturing services firm Syngene International Ltd on Wednesday (April 24) reported a 5.5% year-on-year (YoY) increase in net profit at ₹188.6 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, Syngene International posted a net profit of ₹178.7 crore, the company said in a regulatory filing. The company’s revenue from operations dipped 7.8% to ₹916.9 crore against ₹994.4 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA rose 0.9% to ₹316.9 crore in the fourth quarter of this fiscal over ₹314.1 crore in the corresponding period in the previous fiscal. The EBITDA margin stood at 34.6% in the reporting quarter compared to 31.6% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Also Read: LTIMindtree Q4 results: Profit slips to ₹1,100 crore, revenue declines sequentially to ₹8,892 crore

The board of directors has recommended a final dividend of ₹1.25 per share for the fiscal year 2024, an increase of 150% over last year’s core dividend of 50 paise per share. The final dividend is subject to shareholders’ approval at the annual general meeting of the company.

Jonathan Hunt, managing director and chief executive officer of Syngene International, said, “While the fourth quarter performance came in lower than expected, the underlying driver – reduced demand for research and development services within US biotech stemming from a difficult funding environment – is well understood and already showing positive signs of recovery.”

Sibaji Biswas, chief financial officer and executive director of Syngene International, said, “Our net cashflow generated from operating activities for the year was strong at ₹1,042 crore, which fully funded the capex and the acquisition of the biologics manufacturing plant.”

Also Read: Syngene International Q4 | Profit up 6%, company to pay dividend of ₹1.25 per share

The results came after the close of the market hours. Shares of Syngene International Ltd ended at ₹694.20, down by ₹7, or 1%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Hitachi Energy eyes expansion in India amid rising power demand

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hitachi Energy is looking to open more global capability centers in India to expand local operations, amid growing energy demand and a push to scale up renewable energy generation in the country.

Zurich-based Hitachi Energy, which makes transformers and large-scale power transmitters, operates a GCC in the country, where high power demand has led to the government ramping up generation, including in renewable energy.

“We are looking at Hyderabad for our GCC.. and also looking at Pune. It might take six months to one year,” said Venu Nuguri, the managing director and CEO of the company’s India unit.

The center could be in either or both cities depending on the demand, he said, without giving financial details of the investment.

The new GCC – a low-cost, offshore facility – will work alongside Hitachi Energy India, but will be part of a separate non-listed Indian entity of Hitachi Energy in Switzerland, Nuguri said.

India’s government last year rolled out incentives for green energy transition, with an aim to have 500 GW of installed capacity through non-fossil fuel sources by 2030.

India’s power consumption grew 8% in fiscal year 2023. The International Energy Agency estimates that India will add electricity demand roughly equivalent to the current consumption of the United Kingdom over the next three years.

“To meet the projected demand, market needs to generate at least 3-4 times than what is being done. And accordingly, our order book will also grow two or three times, higher than market growth,” Nuguri said.

The company had an order backlog of 72 billion rupees ($864.7 million) as of fiscal year 2023, according to Nuguri.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Motilal Oswal AMC appoints Prateek Agrawal as MD and CEO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Motilal Oswal Asset Management Company (MOAMC) Ltd on Wednesday (April 24) said it has appointed Prateek Agrawal as managing director (MD) and chief executive officer (CEO) of the company, effective from April 26, 2024, subject to necessary approvals.

Agrawal has close to 30 years of experience in the asset management business. He joined MOAMC in October 2022.

Also, Akhil Chaturvedi, currently Chief Business Officer of MOAMC, has been elevated to the position of executive director. Chaturvedi has been associated with MOAMC for over 11 years and has been leading the entire sales and operations functions.

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He has 25 years of experience in multiple functional roles, including sales, distribution, client advisory and business development across leading asset management companies.

Niket Shah, MF — Fund Manager of designated schemes of Motilal Oswal Mutual Fund, has been promoted to Chief Investment Officer. Shah has been associated with the Motilal Oswal Group for over 11 years.

He has more than 14 years of experience as a fund manager and research analyst, notably overseeing the Motilal Oswal Flexicap Fund and Motilal Oswal Midcap Fund with AUM exceeding ₹18,000 crore.

Motilal Oswal Asset Management Company is a material subsidiary of Motilal Oswal Financial Services Ltd. All of them will start in their new roles effective from April 26, 2024.

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Raamdeo Agrawal, Chairman of Motilal Oswal Asset Management Company, said, “This leadership transition not only recognises their efforts but also demonstrates our focused progression towards attaining market-leading positions across our businesses.”

Shares of Motilal Oswal Financial Services Ltd ended at ₹2,359.75, up by ₹47.75, or 2.07%, on the BSE.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow