Battery maker Eveready Industries India Ltd reported over two-fold increase in standalone net profit at Rs 10.6 crore in the first quarter ended June 30, 2014. The company has reported a net profit of Rs 4.12 crore in the corresponding period a year ago. Eveready’s net sales in the quarter under review stood at Rs 323.48 crore, up 15.71% compared with Rs 279.56 crore in the corresponding period in 2013-14. Overall expenses stood at Rs 300.24 crore as against Rs 265.88 crore in the corresponding period last year.
Edelweiss Financial Services Net Profits Up
Edelweiss Financial Services has posted a 41% increase in its net profits as business sentiment revived in the first quarter of fiscal 2014. Net profits for the firm touched Rs 78.25 crore, up from Rs 55.67 crore in the corresponding quarter last fiscal. “With the improvement in business climate in the first quarter, our net profit is higher by 41per cent YoY (year-on-year). This is the eleventh quarter of consistent growth in our profits barring the exceptional second quarter of last year,” Rashesh Shah, chairman and CEO, Edelweiss Financial Services said in a statement. Income for the company was up 30.3% to Rs 806 crore led by a rise in credit income from the housing finance, commodities and the balance sheet management unit operations.
PNB Q1 Net Up 10%
Punjab National Bank has reported Q1 net profit of Rs 1,405 crore compared to Rs 1,275.3 crore in the year-ago period. The bank’s asset quality worsened, with gross NPAs rising to 5.48% in the quarter compared to 5.25% sequentially. Net NPAs also rose to 3.02% from 2.85% q-o-q. NII came in at Rs 4380 crore compared to Rs 3907 crore in the year-ago period. Capital adequacy ratio (Basel-III) was unchanged at 11.52% q-o-q.
BGR Energy Secures Contracts Worth Rs 303 Crore
BGR Energy Systems Limited, a Chennai-based company operating in the power industry, has signed contracts worth Rs 303 crore in various sectors including power, water, oil and gas. In an effort to mitigate the sluggishness in the thermal power sector, the company is looking at opportunities in other sectors in India and International market, it said. The company has received the LOI for two Natural Draught Cooling Towers from Bharat Heavy Electrics Ltd for its 2×660 MW Suratgarh Project in Rajasthan. It has recently completed construction of world’s tallest cooling towers for Rajasthan Rajya Vidyut Utpadan Nigam Ltd’s project at Kalisindh, Rajasthan. The company has also received a contract for supply of 400 KV Air Insulated Switchgear Substation (AISSS) and an export order worth $ 6.7 Million in Oil and Gas Sector. It has bagged an awarded a contract worth Rs 34.72 Crore for construction of Water Treatment Plant on EPC basis.
BIOCON Q1 Net Profit Up 9 Pct To Rs 103 Crore
Biotechnology major Biocon Ltd has reported nine per cent increase in its consolidated net profit to Rs 103 crore for the quarter ended June 30. The company had posted a net profit of Rs 94 crore during the same period of previous fiscal. The total revenue of the company rose to Rs 742 crore for the first quarter, against Rs 723 crore during the same period of previous fiscal, Biocon Ltd said in a statement. “Our revenue growth this quarter has been muted. Our business performance reflects the challenges that we are temporarily facing in some of our key markets, especially in the Middle East. We are working towards diversifying our regional dependencies to diminish the impact of such externalities,” Biocon CMD Kiran Mazumdar-Shaw said.
Apollo Tyres Appoints Seshu Bhagavathula As Chief Technology Officer
Apollo Tyres has said that it has appointed Seshu Bhagavathula as the Chief Technology Officer (CTO) of the company. Bhagavathula, who will be based out of the company’s Global R&D Centre in the Netherlands, will spearhead the global initiatives for the company for product development in both passenger and commercial vehicle tyres. “As we focus on the two key pillars of marketing and technology for the next phase of our growth, Seshu, with his vast experience, will bring in the much needed synergy across locations,” Apollo Tyres Vice Chairman & Managing Director Neeraj Kanwar said in a statement.
RBS Names Brijesh Mehra As India Country Executive
The Royal Bank of Scotland (RBS) has announced the appointment of Brijesh Mehra as the Country Executive for India. Brijesh is currently the Head of International Banking for India and South East Asia. As Country Executive for India, in addition to overseeing the bank’s risk and governance framework, he will assume overall management oversight for all the businesses of the bank in the country, RBS said in a statement. Mehra has over 25 years of wholesale banking experience across corporate finance, debt and structured debt and transaction banking. He joined ABN AMRO in 1991 and has worked in India, Indonesia and Singapore in various corporate, investment banking and management roles.
TCS Raising Rs 4,000 Crore Via Commercial Paper
Tata Consultancy Services (TCS) is planning to raise Rs 4,000 crore through a commercial paper programme. ICRA has assigned an A1+ rating to the programme. It said, “The long-term outlook on the rating is stable. A TCS spokesperson said, “In line with its requirements from time to time, TCS uses a variety of financial instruments, including commercial paper, as part of ongoing liquidity management. TCS has no long-term debt.” TCS held liquid cash of Rs 25,943 crore as of June 30. But after the first quarter results of FY15, the company had announced an additional dividend of Rs 40 a share for shareholders. This means a total outgo of Rs 8,813 crore in the quarter against a total payout of Rs 6,296 crore in 2013-14.
JSW Energy Close To Buying Lanco’s Udupi Plant
JSW Energy is close to acquiring Lanco Infratech’s 1,200 Mw Udupi power plant in a deal worth nearly Rs 6,000 crore. The acquisition would help the Sajjan Jindal-led firm in realising its ambitious expansion plan of having 11,770 Mw power generation capacity against 3,140 Mw at present. The deal, which is at advanced stages of negotiation, would involve JSW Energy taking over more than Rs 4,000 crore debt associated with the imported coal-fired Udupi plant, they said. When contacted, a JSW Energy spokesperson said, “The company as a policy does not respond to speculative reports or market rumours.” Lanco Infrateach declined to comment. Faced with challenging business conditions, Lanco has been looking to sell some of its assets including Udupi plant.