Ambuja Cements' net profit rose 49.31% to Rs 316.50 crore on 5.19% decline in total income to Rs 2297.62 crore in Q4 December 2013 over Q4 December 2012.
Net profit fell 0.19% to Rs 1294.57 crore on 5.21% decline in total income to Rs 9553.97 crore in the year ended December 2013 over the year ended December 2012.
On a consolidated basis, Ambuja Cements' net profit fell 1.13% to Rs 1278.57 crore on 5.53% decline in total income to Rs 9583.05 crore in the year ended December 2013 over the year ended December 2012.
The company said that the outlook continuous to remain challenging due to difficult macro-economic condition and resultant subdued cement demand. The company said it has been able to keep its production cost flat year-on-year and would continue to work on improving operational efficiencies, cost optimisation and continued focus on customer and commercial excellence.
Ambuja Cements also said that the board of directors of the company at its meeting held on 6 February 2014, inter alia, have approved the stepping down of Mr. Paul Hugentobler Vice-Chairman from the board of directors of the company with effect from 7 February 2014 consequent upon his retirement from the services of Holcim, Switzerland.
Tata Power Company announces its Q3 results today, 7 February 2014.
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State Bank of India (SBI) will be in focus as shares allotted by the state-run bank to institutional investors under the recently concluded qualified institutional placement (QIP) will be admitted for trading on the bourses today, 7 February 2014. SBI had raised Rs 8031.64 crore from issue of 5.13 crore equity shares to institutional investors at a price of Rs 1,565 per share.
Reliance Power's (RPower) consolidated net profit rose 0.57% to Rs 267.22 crore on 6.44% fall in total income to Rs 1483.53 crore in Q3 December 2013 over Q3 December 2012. The result hit the market after trading hours on Thursday, 6 February 2014.
RPower said that its 1,200 megawatts (MW) Rosa power plant in Uttar Pradesh (UP) operated at availability of 97% and registered a plant load factor (PLF) 84% despite planned overhaul of one unit during December 2013. The 40 MW Dhursar solar PV plant in Rajasthan operated at a high PLF of 20%. The 45 MW wind power project at Vashpet, Maharashtra operated at a PLF of 12%.
RPower said its Butibori project has received provisional tariff approval from the Maharashtra Electricity Regulatory Commission (MERC) for sale of power from its entire capacity of 600 MW to Reliance Infrastructure, on cost plus basis, for a period of 25 years.
RPower said that the second 660 MW unit of the company's Sasan UMPP achieved full load in December 2013 and was commissioned in January 2014. The third 660 MW unit is also at an advanced stage of construction and expected to be commissioned in the current quarter, RPower said. The balance units are also expected to be commissioned in the coming months, RPower said.
The work at 100 MW Concentrated Solar Power (CSP) at Dhursar, Rajasthan is on stream and the project is expected to be commissioned by March 2014, RPower said.
On a consolidated basis, Aurobindo Pharma's net profit surged 354.73% to Rs 417.49 crore on 36.07% increase in total income to Rs 2144.12 crore in Q3 December 2013 over Q3 December 2012.
Commenting on the company's performance, Mr. N. Govindarajan, Managing Director of the company said: "We have had a robust quarter driven by our sustaining base business along with successful launches in US, translating into better top and bottom line We are confident to sustain the momentum as we foray into strengthening our access into markets, products and technology platforms where we are not dominantly present as we consolidate on our existing businesses."
Tata Motors announced that as an interim measure, consequent upon the sudden demise of the company's Managing Director, Mr. Karl Slym, a Corporate Steering Committee (CSC) will provide oversight of strategy and key aspects of the company's operations. Mr. Cyrus P. Mistry will chair the CSC, which comprises all the current members of the company's Executive Committee (Mr. Ravindra Pisharody, Mr. Satish B. Borwankar, Mr. C Ramakrishnan, Dr. T. A. Leverton, Mr. Ranjit Yadav, Mr. Mamillapalle Venkatram, Mr. Ankush Arora and Mr. Rajesh Bagga).
Mr. Mistry will also chair New Product Design and Engineering Review meetings. In connection with these changes, Mr. Mistry has issued the following statement: "I was deeply saddened by the tragic and untimely demise of Karl Slym, Managing Director of Tata Motors. To ensure leadership continuity, the Board of Tata Motors has constituted a Corporate Steering Committee to oversee strategy execution and key aspects of operations; the Corporate Steering Committee will be chaired by me, and will include the current Executive Committee members. The Board expects to appoint a Managing Director in due course. As communicated to all Tata Motors employees by me on January 30, during the condolence meeting held in the memory of Karl, we will ensure that the company vigorously pursues and delivers on the strategy which had already been defined and which Karl was executing. As the company looks ahead, it is gratifying to note that several new product launches have taken place recently and a robust pipeline is being showcased at this year's Auto Expo. I am confident that Tata Motors will sustain its strong leadership in the Indian Automobile industry."
Tree House Education & Accessories' net profit jumped 50.31% to Rs 12.10 crore on 36.67% increase in revenue from operations to Rs 39.73 crore in Q3 December 2013 over Q3 December 2012.
Gati's board has approved changing the financial year of the company from "July - June" to "April - March" from the financial year 2014-15. Consequently, the period for the current financial year 2013-14 would be 9 months i.e. from "1 July 2013" to "31 March 2014".
Everonn Education said that its board has approved conversion of loan into equity by preferential allotment of equity shares to the promoter group and for enhancing the existing borrowing limit and power to create security on the assets of the company. The company will convene an extraordinary general meeting on 6 March 2014.
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