Mahindra & Mahindra (M&M) after trading hours on Monday, 4 March 2013, said its consolidated net profit after minority interest jumped 50.8% to Rs 1254.30 crore on 16.6% growth in gross revenue plus other income to Rs 19066.80 crore in Q3 December 2012 over Q3 December 2011. M&M said that group companies like Mahindra Finance and Mahindra Holidays significantly improved their performance in Q3 December 2012.
Mahindra & Mahindra Financial Services successfully raised Rs 867 crore through a Qualified Institutional Placement (QIP) of its equity shares in Q3 December 2012 which resulted in a dilution of M&M's holding in the company. This resulted in a deemed divestiture profit of Rs 275.6 crore in the group consolidated accounts, M&M said.
GMR Infrastructure said the GMR Group has entered into a share purchase agreement (SPA) on 4 March 2013 to sell its 70% interest in GMR Energy (Singapore) (GMRE) to FPM Power Holdings (FPM Power) for a total equity value of 660 million Singapore dollars. Out of this, FPM Power will invest $60 million Singapore dollars in GMRE as the balance equity. This sate translates to an enterprise value (100% basis) for GMRE of $1612 million Singapore dollars on project completion by end 2013. The transaction is subject to approval from Project Finance lenders to GMRE and is expected to close by end of March 2013. GMR said the divestment has resulted in a profit of Rs 1356 crore and releases capital amounting to Rs 1616 crore.
Shares of merchandise exporters will be in focus after Finance Minister P. Chidambaram said Monday, 4 March 2013, said that the government will soon announce more measures -- including sops for exporters -- to boost economic growth. Some of these steps will be announced in parliament during the debate on the Budget, Mr. Chidambaram told industry representatives at a customary address held on Monday, 4 March 2013, after the budget announcement on 28 February 2013.
IT stocks will be watched after the Indian rupee hit the lowest level in nearly two months on Monday, 4 March 2013, before closing marginally stronger. The partially convertible rupee closed at 54.86/87 per dollar versus its previous close of 54.90/91 on Friday, 1 March 2013. The unit dropped earlier to a low of 55.15, the weakest since 8 January 2013. A weak rupee boosts revenue of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Mahindra Satyam before market hours today, 5 March 2013, announced their intent to pursue rapid growth from Australia, New Zealand (ANZ) and the Middle East markets under the newly formed Leadership Team, comprising industry veterans with proven track record in business expansion, large deal pursuit and strategic collaboration. Aligned with the concept of the recently declared concept-The CEO Force (a leadership development framework to foster distributed leadership), the Management has entrusted the baton to two of the most experienced IT Industry professionals, to nurture, grow and manage these two regions.
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Bobby Gupta will take over as Head of ANZ operations after successfully transforming the MENA operations and build a world - class team and capabilities. Replacing Bobby in MENA G B Kumar a well known IT industry veteran with 20+ years of in product and services, sales, marketing, business and solution development across Asia Pacific, India, Japan and China.
Mahindra Satyam earns 24% of its revenues from the Rest of the World market, which comprises of the geographies Australia, New Zealand, Middle East & other geographies in Asia & Africa. With good traction seen in BFSI, Manufacturing, Resources, Airlines, Government, the company aims to grow rapidly with the new leadership change.
Sugar stocks will be in spotlight after Food Minister K.V. Thomas was quoted by media as saying on Monday, 4 March 2013, that the government could consider easing curbs on the tightly controlled sugar industry by next week. India is likely to produce at least 25 million tonnes of sugar in the 2012/13 year ending 30 September 2013, Thomas said, higher than local demand of around 22 million tonnes. According to reports, Indian sugar mills produced 18.8 million tonnes of the sweetener between 1 October 2012 and 28 February 2013 -- 60,000 tonnes less than a year earlier.
Mahindra Lifespace Developers informed that the holding of foreign institutional investments (FIIs) in the company has reached 28.06% of the paid up capital.
Allcargo Logistics said its buyback offer closed on 4 March 2013. The company has bought back an aggregate of 41.36 lakh equity shares, which is 78.59% of the total buy-back offer quantity of 52.63 lakh equity shares. The average price at which the equity shares were bought back was Rs 139.69 per equity share. The company said it has extinguished (cumulative) 41.36 lakh equity shares till date. The total amount invested in the buy-back is Rs 57.78 crore (exclusive of brokerage, service tax, securities transaction tax, stamp duty, exchange transaction charges and Sebi fees), which is approximately 77.05% of the maximum offer size of Rs 75 crore.
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