Oil & gas major Reliance Industries reported its June quarter results on Friday, 19 July 2013. Though its operating profit growth disappointed it could have been worse but for the refining business. The company’s net profit growth, however, was better than the Street’s expectation.
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Bayer CropScience to use cash from land to buy back shares
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Bayer CropScience has decided to return surplus cash to shareholders through a buyback offer. The company, which makes crop chemicals, had sold its land at Thane (near Mumbai city) for a sum of Rs 1,250 crore. It had got Rs 520 crore as initial payment and had the final amount of Rs 730 crore was received in November 2012. During 2012-13, it reported a profit of Rs 1108 crore from the sale of its Thane land and Rs 82 crore from the sale of its Powai building.
Filed under: Companies, Top News, Bayer CropScience, Buyback
Customers Bancorp invests in Religare’s banking ambition
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NASDAQ listed Customers Bancorp Inc. is investing $51million or Rs 310 crore in the Malvinder Singh and Shivinder Singh promoted financial services company Religare Enterprises. The stake purchase comes at a time when a bunch of companies are applying for a banking license to be one of the new batch of private sector banks to enter the Indian market.
Filed under: Banks, Companies, Top News, Banking License, RBI, Religare
Ambani brothers connect: RCom and Reliance Jio to share telecom infrastructure
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Anil Ambani group company Reliance Communications’ stock price jumped by 10.9% after it announced a tie-up with the Mukesh Ambani group telecom company Reliance Jio Infocomm. Reliance Communications will open up its optic fibre network to Reliance Jio which has a license for nationwide 4G services. A recent government decision means that it can also provide voice services by paying a one-time fee. Reliance Industries owns a majority stake in Reliance Jio.
Filed under: Companies, Telecom, Top News, Anil Ambani, Mukesh Ambani, Reliance Communications, Reliance Industries
DLF sells Gujarat wind power project to BLP for Rs 282 crore
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DLF took yet another step forward in divesting its non-core assets. The real estate major is selling a large part of its wind energy business to a clean energy start-up Bharat Light & Power (BLP). Its wind energy division can generate up to 227 megawatts of wind energy through installations in 4 Indian states. Revenue from wind energy generation in 2011-12 was Rs 107.6 crore compared to total revenue of Rs 3,447 crore in its standalone financials.
Filed under: Companies, Top News, DLF, Power Generation
Muthoot Finance net profit rises 7.6%, stock up 5%
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Muthoot Finance, whose main business is lending against gold as collateral, announced a 10.4% increase in its income from operations to Rs 1,354 crore in the December 2012 quarter, compared to a year ago.
The company’s lending costs were in check during the quarter, rising by 9.9%. But operational costs rose significantly higher than revenues did, rising by 19.8%, partly attributable to expansion and also perhaps due to provisioning for bad loans.
Filed under: Companies, NBFC, Quick News, December 2012 results, Muthoot Finance, Results
Tech Mahindra acquires 51% in Comviva for Rs 260 crore, is in a rush to buy growth
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The story in short:
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Filed under: Companies, Telecom, Top News, Comviva, M&A, Mahindra Satyam, Tech Mahindra, VAS
Infosys acquires Lodestone, investors want more
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It was inevitable, one could say. Infosys Technologies’ acquisition of IT consulting firm Lodestone Management Consultants finally answers a question journalists and analysts have never tired of asking the company. The company has a mountain of cash that keeps growing over the years; at last count it had reached $3.2 billion or Rs 17,760 crore as of June 30, 2012. But it has never made a large acquisition, leading to questions on whether it is being too conservative. Those questions have some answers now. Continue Reading →
Filed under: Companies, Information Technology, Top News, Infosys, Lodestone, M&A
Indian PSU banks turn contrarian by cutting interest rates
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Some large public sector banks have begun cutting rates of fixed deposits and loans, despite no change in the Reserve Bank of India’s stance towards interest rates. The RBI has held that inflation is an overriding concern, and holding interest rates high may affect growth but will help in curbing inflation. So, what explains the action of public sector banks?
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Filed under: Banks, Companies, News Analysis, Interest Rates, RBI
Strides Arcolab redeems FCCBs, investors mark share up 2.8%
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Pharmaceutical company Strides Arcolab announced repayment of its foreign currency convertible bonds, sticking to its earlier announced plan, thereby lowering its debt to equity ratio to more manageable levels. The company had sold its stake in Australian company Ascent Pharmahealth, which ran its generic pharmaceutical business in Australia and South East Asia, to Watson Pharmaceuticals. Strides had earned Rs 1,200 crore from this transaction, after paying tax.