Monday, 20 January 2020

HPCL To Pick Stake In Petronet LNG Terminal

Updated: November 29, 2014 10:30 am

 

State-owned Hindustan Petroleum Corp Ltd (HPCL) may pick up 8 per cent stake in Petronet LNG Ltd’s Rs 5,000 crore liquefied natural gas (LNG) terminal at Gangavaram in Andhra Pradesh. “HPCL has evinced interest in taking stake in the terminal as they have a huge requirement of gas at Visakhapatnam refinery,” an official said in a statement. The Viskhapatnam refinery of HPCL, which is only a few kilometers away from Gangaravam port, is being expanded to 15 million tonnes per annum from current 8.33 million tonnes and the expanded unit will have a gas requirement of close to 2.5-3 million standard cubic meters per day. Andhra Pradesh government too has evinced interest and is likely to get 5 per cent stake, leaving Petronet with 69 per cent shareholding.



 

BOSCH Net Rises 31%


 

29-11-2014

Bosch Limited, a supplier of technology and services to automotive OEMs, reported a 31 per cent growth in net profit at Rs 306 crore for the third quarter ended September 2014 compared to Rs 234 crore in the corresponding period last year. Its income from operations went up 16.3 per cent to Rs 2,457 crore as against Rs 2,113 crore in the same period last year. The operating profit for the quarter recorded 42.2 per cent growth to Rs 337 crore compared to Rs 237 crore in the year ago period. The company’s Mobility Solutions business in India, which constitutes a major portion of its revenue, grew by 18.7%. Business divisions of Diesel Systems and Gasoline Systems performed better. Owing to weak markets, the company’s business sectors besides Mobility Solutions overall grew marginally.



 

Adani Ports Net Jumps


 

29-11-2014

Adani Ports & SEZ (APSEZ), one of the largest port developers and a part of the Adani Group, has reported a consolidated net profit of Rs 573.5 crore for the quarter ended September, a 68 per cent jump from Rs 341.8 crore in the year-ago quarter. The company posted a 32.5 per cent growth in its consolidated total income at Rs 1,865 crore for the second quarter of FY15, compared to Rs 1,407 crore a year ago. “We had a robust quarter with growth on our major cargo categories and we continue to maintain our volume at high level performance in our port business. Our focus is on leveraging the benefits through our pan India presence and integrated logistics business,” said Sudipta Bhattacharya, chief executive officer of APSEZ.



 

Toshiba To Invest $ 30 Million In India


 

29-11-2014

Japanese firm Toshiba Corporation will invest about $ 30 million for expanding its production capacity in the power transmission and distribution business in India. “Toshiba Corporation will reinforce its transmission and distribution (T&D) business in India with a 3 billion yen (approximately $ 30 million) investment in new production capacity at Toshiba Transmission & Distribution Systems India Private Ltd (TTDI) in Hyderabad,” the company said in a statement. A new facility for large power transformers will come on line in 2015 at Hyderabad at the same time as the full scale launch of a new unit for switchgears. Toshiba established TTDI in 2013 by acquiring T&D business from Vijai Electricals for 20 billion yen or approximately $ 200 million, and also started operation of a new power transformer facility in Russia in February 2014.



 

Titan To Raise Rs 524 Cr From Revamped Gold Deposit Scheme


 

29-11-2014

Titan Company has launched its revamped gold deposit scheme with effect from November 1. It proposes to raise Rs 524 crore from the public under the new scheme which will close on September 30, 2015. The company has launched two schemes with a maturity of six months and 10 months. The minimum deposit in both the schemes is Rs 5,000. In the 10-month scheme, a customer has to pay one installment every month. The customer is mandatorily required to redeem before 390 days from the date of payment of the first installment. “Since, it is a jewellery purchase scheme, there is no return offered as interest. However, discount is offered at the time of purchase of jewellery to the extent of 75 per cent of one month’s installment as discount upon completion of 365 days from the date of joining the scheme,” Titan said in a statement.



 

Bharat Forge Q2 Profit Doubles At Rs 174.5 Cr


 

29-11-2014

Bharat Forge net profit for the second quarter ended September 30, 2014 was Rs 174.5 crore from Rs 96.4 crore in the corresponding quarter of last financial year. Revenue for the quarter at Rs 1,138.3 crore was up 34.7 per cent from Rs 845 crore in the same quarter last year. Sequentially too (trailing quarter basis) the company’s net profit was 20.3 per cent and revenue was up 15.2 per cent. “Our Q2 FY15 performance has been better than expected on the back of continued robust export growth, in particular from North American Industrial & Commercial Vehicle market. Looking ahead into Q3, we expect demand to improve across all segment with volumes increasing compared to Q2 FY15. We expect North America demand to increase while Europe is expected to soften a bit,” said Baba Klayani, chairman & managing director, Bharat Forge.



 

REC Q2 Net Jumps At Rs 1,500 Crore


 

29-11-2014

State-run Rural Electrification Corporation (REC) has reported 35 per cent jump in net profit for the second quarter ended September at Rs 1,500.75 crore on account of increase in total income from operations. The company had reported a net profit of Rs 1,110.73 crore during the same period of last financial year, it said in a statement. REC’s total income from operations during July-September quarter this year stood at Rs 5,023.71 crore from Rs 4,210.42 crore in the corresponding period of last fiscal. On a half-yearly basis, the profit after tax of the company increased to Rs 2,784 crore from Rs 2,264 crore in the same period last year.



Deepak Fert Buys 5.9% Stake In MCFL’


 

29-11-2014

Deepak Fertilisers has bought an additional about 6 per cent stake in Mangalore Chemicals and Fertilisers Ltd (MCFL) for Rs 65.93 crore through an open offer, intensifying its takeover battle with Zuari Group. The company purchased 70,44,397 shares in MCFL equivalent to 5.94 per cent in the open offer closed on October 20, Deepak Fertilisers said. The company had launched open offer at a price of Rs 93.60 per share on October 1. After the latest round of takeover battle, Zuari group along with Vijay Mallaya’s UB group needs about 12 per cent additional stake in MCFL to take control of the company while at the same time Deepak Fertilisers would require more than 18 per cent stake in the MCFL.



 

HCC Up 12%


 

29-11-2014

Hindustan Construction Company (HCC) climbed 12.1 per cent at its intra-day high touching Rs 38.25 a share on news of regulatory clearances for the public issue of Lavasa Corporation, where it has a majority stake. The stock subsequently corrected but still closed at Rs 36.75, with a gain of 7.8 per cent. The Securities and Exchange Board of India cleared the documents for Lavasa’s maiden public issue. The bankers to the issue are Axis Capital, ICICI Securities and Kotak Investment Banking. The company had filed draft documents with the regulator in July. The plan is to raise Rs 750 crore, according to the draft documents. This is lower than the Rs 2,000 crore it had planned to raise in 2010 through an IPO; the plan was later dropped. It had then planned to raise Rs 2,000 crore through sale of a 10 per cent stake.


 

Leave a Reply

Your email address will not be published. Required fields are marked *

Archives

Categories