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Showing posts from May, 2022

NCLT allows insolvency proceedings against National Textiles Corp

The National Company Law Tribunal (NCLT) has ordered to initiate insolvency proceedings against state-run National Textile Corporation (NTC) after admitting a plea by one of its operational creditors claiming default of around Rs 14 lakh. The New Delhi bench of the NCLT has also appointed Amit Talwar as an interim resolution professional (IRP), suspending the board of NTC and has also declared a moratorium against the PSU as per the provisions of the Insolvency & Bankruptcy Code (IBC). A two-member NCLT bench also rejected the claims of NTC and said the dispute it raised over the due amount claimed by its operational creditor is merely a "moonshine dispute and said default has occurred for the payment. This is probably for the first time since the code has come into effect that insolvency proceedings against a central government-owned public sector unit (PSU) has been initiated. NTC is under the jurisdiction of the Ministry of Textile, Government of India. It is engaged in the...
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Fortis Healthcare Q4 net profit jumps 40% to Rs 87 cr; revenue rises 10%

Fortis Healthcare Ltd on Wednesday reported a 40 per cent jump in consolidated net profit at Rs 87.03 crore in the fourth quarter ended March 31, 2022. The company had posted a consolidated net profit of Rs 62.36 crore in the same quarter of the previous fiscal, Fortis Healthcare said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 1,378.1 crore as against Rs 1,252,44 crore in the year-ago period, it added. Total expenses in the fourth quarter were higher at Rs 1,264.17 crore as compared to Rs 1,167.29 crore in the corresponding period a year ago. Fortis said it witnessed the impact of the COVID-19 pandemic in the first half of the quarter with occupancies witnessing a downturn. However, given the lesser severity of COVID and low hospitalisations, the business saw recovery towards the end of February and operations returned to normal in the month of March. While January saw an occupancy of 54 per cent, March witnessed a reb fro...
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Apollo Hospitals Q4 net profit falls 46% to Rs 90 cr; revenue jumps 24%

Apollo Hospitals Enterprises on Wednesday said its consolidated profit after tax declined by 46 per cent to Rs 90 crore for the fourth quarter ended on March 31, 2022. The health care provider had reported a PAT of Rs 168 crore in the January-March quarter of 2020-21 fiscal. Revenue from operations rose to Rs 3,546 crore in the fourth quarter as compared with Rs 2,868 crore in the year-ago period. For the full year ended March 31, 2022 the company posted a consolidated net profit of Rs 1,056 crore as against Rs 150 crore in the 2020-21 fiscal. Revenue from operations stood at Rs 14,663 crore for the last fiscal while the same was at Rs 10,560 crore in FY21. The company's board recommended a dividend of Rs 11.75 per share of face value of Rs 5 each for the financial year ended March 31, 2022, it added. The company said its board also approved the re-appointment of Prathap C Reddy as a whole time director designated as an Executive Chairman for a period of two years with effect fro ...
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JK Cement plans to raise up to Rs 500 cr via non-convertible debentures

JK Cement Ltd plans to raise up to Rs 500 crore via non-convertible debentures (NCDs) on a private placement basis in one or more tranches. The company's board has recommended the proposal in this regard for approval of shareholders in the next AGM of the company. The fund raising will be at an interest rate that will be determined by the prevailing money market conditions at the time of borrowing, said JK Cement in a regulatory filing. Besides, the board has forwarded the request from certain individual/company belonging to persons acting in concert with Promoters Group seeking reclassification of their shareholding in JK Cement to Public Category. For the quarter ended March 31, 2022, JK Cement, the promoter & promoter group, held 45.82 per cent stake in the company. The company had on Saturday reported 6.93 per cent fall in consolidated net profit at Rs 199.44 crore for the fourth quarter ended March 31, 2022. The company had posted a net profit of Rs 214.31 crore for the .....
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Indian, Chinese companies take lead in use of artificial intelligence: IBM

Indian and Chinese companies are taking lead in use of artificial intelligence compared to their peers in major technically-advanced countries, an IBM survey report said on Thursday. According to the survey, 35 per cent of companies globally reported using AI in their business and when compared with 2021, organisations are 13 per cent more likely to have adopted AI in 2022. "Chinese and Indian companies are leading the way, with nearly 60 per cent of IT professionals in those countries saying their organisations already actively use AI, compared with lagging markets like South Korea (22 per cent), Australia (24 per cent) the US (25 per cent) and the UK (26 per cent)," IBM's Global AI Adoption Index 2022 said. It said that IT professionals in the financial services, media, energy, automotive, oil and aerospace industries are most likely to report their companies have actively deployed AI, while organisations in industries such as retail, travel and government/ federal serv...
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Godrej Consumer Q4 net profit declines marginally to Rs 363 crore

Homegrown FMCG major Godrej Consumer Products Ltd (GCPL) on Thursday reported a marginal decline in consolidated profit after tax at Rs 363.24 crore for the fourth quarter ended March. The company had posted a consolidated profit after tax of Rs 365.84 crore in the year-ago period, GCPL said in a regulatory filing. Consolidated total revenue from operations during the quarter under review stood at Rs 2,915.82 crore as against Rs 2,730.74 crore in the corresponding period a year ago. Total expenses in the fourth quarter were higher at Rs 2,535.06 crore as compared to Rs 2,259.12 crore in the same period a year ago. For the full fiscal year ended March 31, 2022, the company posted a consolidated profit after tax of Rs 1,783.39 crore as compared to Rs 1,720.82 crore in the previous fiscal, it added. Consolidated total revenue from operations in FY22 stood at Rs 12,276.5 crore as against Rs 11,028.62 crore in FY21, GCPL said. GCPL Managing Director and CEO Sudhir Sitapati said, "We . ...
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IDBI Bank divests its entire 19.18% stake in ARCIL to Avenue India

IDBI Bank on Wednesday said it has divested its entire stake of over 19 per cent in ARCIL to Avenue India Resurgence Pte. The lender, however, did not disclose the deal value. "...IDBI Bank has sold its entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd. (ARCIL) on May 18, 2022 to Avenue India Resurgence Pte. Ltd," IDBI Bank said in a regulatory filing. With this, the LIC-controlled lender said it ceases to be a sponsor shareholder of ARCIL. Stock of IDBI Bank closed 0.39 per cent down at Rs 38.10 apiece on BSE. from Companies https://ift.tt/KhcW7nA via IFTTT
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Tata Power bags NHPC's solar project worth Rs 1,731 cr in Rajasthan

Tata Power Solar Systems on Monday said it has bagged 300 MW solar project worth Rs 1,731 crore from state-owned NHPC. "Tata Power Solar Systems, one of India's largest integrated solar companies and a wholly-owned subsidiary of Tata Power, bagged an order of 300 MW solar project worth Rs 1,731 crore, inclusive of tax from NHPC," a company statement said. According to the statement, the project site, located in Rajasthan, will be developed under the CPSU (Central Public Sector Undertaking) scheme of IREDA (Indian Renewable Energy Development Agency). The project, which is expected to be completed within 18 months, aims to reduce around 6,36,960 carbon emissions, and is expected to generate approximately 750 million units annually. Cells and modules made in India would be used in the project installation. Praveer Sinha, CEO & MD, Tata Power, said in the statement, "We are honoured to have won this significant project from NHPC. It underlines the industry's con...
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RInfra posts 72% loss at Rs 449 crore in Q4, total income down by 8%

Reliance Infrastructure on Friday reported a loss of Rs 449.13 crore in the March 2022 quarter. The company had reported a consolidated net profit of Rs 1,611.02 crore in the corresponding quarter of FY21, a BSE filing said. The total income in the quarter under review declined to Rs 4,467.61 crore from Rs 7,860.81 crore in the year-ago period. In FY22, the company reported its consolidated net loss at Rs 938.39 crore, while it had posted a consolidated net profit of Rs 1,125.25 crore in the preceding fiscal. Total income in the fiscal also came down to Rs 19,132.55 crore from Rs 20,914.89 crore in 2020-21. It said that in FY22, Delhi Metro Rail Corporation paid Rs 1,766 crore to Delhi Airport Metro Express Ltd against arbitration award, which was used for debt reduction. Reliance Infrastructure is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in t fro...
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RBL Bank's Q4 net profit doubles to Rs 164.7 crore, NII rises 25%

RBL Bank's consolidated post tax net profit more than doubled to Rs 164.77 crore in the March quarter, mainly due to a low base in the year-ago period. The city-based private sector lender reported a net profit of Rs 197.83 crore on a standalone basis in the January-March period as against Rs 75.34 crore in the year-ago period. In FY22, it reported a loss of Rs 74.74 crore whereas it had a net profit of Rs 507.78 crore in 2020-21. For the reporting quarter, its core Net Interest Income (NII) grew 25 per cent to Rs 1,131 crore, despite a tepid 2 per cent advances growth while the Net Interest Margin (NIM) widened sharply to 5.04 per cent. Its head of strategy Jaideep Iyer on Thursday explained that the NII growth came on the back of a recognition of an interest income on restructured assets which was not being done earlier. The NIM trajectory will also come down to 4.5 per cent level, he said. The other income declined 7 per cent to Rs 511 crore, which was attributed by Iyer to a .....
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Marks & Spencer Reliance India appoints Ritesh Mishra as Managing Director

Retailer Marks & Spencer India on Wednesday said Ritesh Mishra has been appointed as Managing Director for Marks & Spencer Reliance India Pvt Ltd. Mishra, previously Head of Operations and Property, takes over from James Munson who will now assume the role of M&S International Retail Director in the UK, the company said in a statement. Munson had led the India business for the past five years, overseeing significant growth of M&S across India, including a 50 per cent increase in the number of stores, which currently stands at 91 stores in 34 cities across the country. Mishra will continue to steer M&S from the India support office in Gurgaon, Haryana, and report to Munson, it added. "In his new role, Ritesh will be responsible for leading and accelerating the growth and success of our India operations. With his strong leadership, M&S will continue to remain the consumer-focused retailer that we are, always keeping customers at the heart of everything we do,...
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Glenmark gets tentative nod from USFDA for generic psoriasis foam

Glenmark Pharmaceuticals on Monday said its US-based arm has received tentative approval from the US health regulator for its generic Calcipotriene and Betamethasone Dipropionate foam used to treat psoriasis. The tentative approval granted to Glenmark Pharmaceuticals Inc, USA (Glenmark) by the US Food & Drug Administration (USFDA) is for Calcipotriene and Betamethasone Dipropionate foam of strength 0.005 per cent/0.064 per cent, the company said in a statement. It is the generic equivalent of Leo Pharma AS' Enstilar foam, it added. Citing IQVIATM sales data for the 12 months ended March 2022, the company said Enstilar foam, 0.005 per cent/0.064 per cent achieved annual sales of approximately USD 115.2 million. Glenmark said its current portfolio consists of 174 products authorised for distribution in the US marketplace and 48 abbreviated new drug applications (ANDAs) are pending approval with the USFDA. from Companies https://ift.tt/os6mTUl via IFTTT
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Facebook shuts down its podcast platform less than a year after its launch

Social media giant Facebook has planned to shut down its podcast platform less than a year after its launch.According to The Verge, the audio podcast platform's closure is confirmed and it is speculated that the closure will altogether close on June 3.The move is part of a broader re-evaluation of Facebook's audio products. The company is also shuttering the site's Soundbites and Audio hubs, and integrating its live-streaming Live Audio Rooms feature (essentially a clone of once-buzzy audio app Clubhouse) into its broader Facebook Live suite, reports The Verge.Facebook spokesperson Adelaide Coronado believes that the changes would 'simplify' the company's audio offerings."After a year of learning and iterating on audio-first experiences, we've decided to simplify our suite of audio tools on Facebook. We're constantly evaluating the features we offer so we can focus on the most meaningful experiences," said Coronado.Facing competition from estab...
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Godrej Properties' Q4 profit at Rs 260 cr; income triples to Rs 1,523 cr

Godrej Properties on Tuesday reported a consolidated net profit of Rs 260.47 crore for the quarter ended March 2022 on higher income. The company had posted a net loss of Rs 191.57 crore in the year-ago period. Total income increased to Rs 1,522.57 crore during January-March quarter of the last fiscal year from Rs 576.08 crore in the year-ago period, according to a regulatory filing. Mumbai-based Godrej Properties posted a net profit of Rs 352.37 crore during 2021-22 fiscal year as against a net loss of Rs 189.30 crore in the previous year. Total income increased to Rs 2,585.69 crore in the last fiscal year from Rs 1,333.09 crore in 2020-21. "The real estate sector has strengthened during FY22 and we expect strong growth for the sector over the next few years. We are pleased to close the financial year with our best ever annual sales, cash collections, and earnings. With a robust launch pipeline, strong balance sheet and sectoral tailwinds, we look forward to building on this mome...
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Titan Q4 net profit falls 7% to Rs 527 cr, sales dip 1.14% to Rs 7,267 cr

Tata group firm Titan Company Ltd on Tuesday reported a 7.21 per cent decline in its consolidated net profit at Rs 527 crore in the fourth quarter ended March 2022. It had posted a net profit of Rs 568 crore in the January-March quarter of FY21, Titan Company said in a regulatory filing. Its total income was up 4.25 per cent to Rs 7,872 crore during the period under review as against Rs 7,551 crore in the corresponding period of the preceding fiscal. The company's revenue from sales of products was down 1.14 per cent to Rs 7,267 crore in the fourth quarter of FY22 as against Rs 7,351 crore a year ago. Titan's total expenses were at Rs 7,165 crore in Q4 of FY22, up 5.04 per cent from Rs 6,821 crore a year ago. "Q4 FY22 ended with a satisfactory performance despite partial lockdowns, volatility in gold prices and uncertainty in a fragile geo-political situation," said Titan, adding, "Excluding bullion sale, revenue declined by 2 per cent compared to Q4 FY21." ...
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Hero MotoCorp Q4 net drops 30% to Rs 621 cr on weaker volumes

Hero MotoCorp on Tuesday said its consolidated profit after tax (PAT) declined by 30 per cent to Rs 621 crore for the fourth quarter ended March 2022 on account of lower sales. The country's largest two-wheeler maker had reported a PAT of Rs 885 crore in the January-March quarter of 2020-21 fiscal. Revenue from operations declined to Rs 7,497 crore as against Rs 8,690 crore in the fourth quarter of FY21, Hero MotoCorp said in a regulatory filing. The company's total sales in the fourth quarter of FY22 stood at 11.9 lakh units, a drop of 24 per cent from 15.68 lakh units in the year-ago period. For the 2021-22 fiscal, the company reported a consolidated PAT of Rs 2,329 crore, down 21 per cent from Rs 2,936 crore in 2020-21. Revenue from operations dropped to Rs 29,551 crore from Rs 30,959 crore in FY21. "With the economy picking up, we expect the demand for motorcycles and scooters to see a positive turnaround in the coming months. While concerns related to high input costs...
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