Ambuja Cements' net profit fell 45.4% to Rs 166 crore on 7.4% decline in net sales to Rs 2005 crore in Q3 September 2013 over Q3 September 2012. Operating EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) declined 48.7% to Rs 268 crore in Q3 September 2013 over Q3 September 2012.
Cement and clinker sales, by volume, increased 2.1% to 4.89 million tonnes in Q3 September 2013 over Q3 September 2012.
Ambuja Cements said that the cement industry is going through subdued demand on account of overall economic slowdown. Lower realisation and higher logistics cost impacted profitability.
Subsequent to quarter ended 30 September 2013, the company has commissioned a bulk packing terminal of 1 million ton capacity at Mangalore in the state of Karnataka.
The outlook continues to remain challenging due to difficult macro-economic condition and resultant subdued demand. The Company will continue working on improving efficiencies. It has been able to cap its production cost increase to about 4.5% quarter-on-quarter (QoQ), Ambuja Cements said in a statement.
Kotak Mahindra Bank and NMDC are set to unveil Q2 results today, 24 October 2013.
On a consolidated basis, Raymond's net profit jumped 84% to Rs 92 crore on 10% increase in net sales to Rs 1224 crore in Q2 September 2013 over Q2 September 2012. Net EBITDA (Earnings Before Interest Taxes Depreciation and Amortization) rose 21% to Rs 205 crore in Q2 September 2013 over Q2 September 2012. EBITDA margin increased to 17% in Q2 September 2013 compared with 15% in Q2 September 2012.
Personal care products maker Emami after trading hours on Wednesday, 23 October 2013, reported 35.06% growth in consolidated net profit to Rs 79.96 crore on 13.59% growth in total income to Rs 423.17 crore in Q2 September 2013 over Q2 September 2012.
GAIL (India) announced after market hours on Wednesday, 23 October 2013 that in a landmark development to expand the natural gas footprint in eastern India, GAIL (India) has signed a Gas Cooperation Agreement (GCA) for natural gas infrastructure and city gas distribution with the Department of Industries, Government of Bihar. Under the provisions of the GCA, GAIL and the Bihar Government will evaluate the feasibility for cooperation for the development of the use of eco-friendly fuel, especially natural gas, in the state as well as development of natural gas distribution and city gas infrastructure in identified urban areas and cities after obtaining due authorization from the Petroleum and Natural Gas Regulatory Board (PNGRB).
GAIL is constructing the 2,050 km. Haldia-Jagdishpur pipeline from transmission and distribution of natural gas, of which about 621 km. will pass through 14 districts of Bihar. The mainline of the Haldia Jagdishpur will cover 4 districts of Bihar such as Kaimur, Rohtas, Aurangabad, Gaya and 10 districts for the spur lines. GAIL will explore the possibility of City Gas Distribution in major towns of Bihar along this pipeline route.
GAIL and Industries Department, Bihar will also work towards promotion of joint venture for City Gas Distribution projects for domestic, commercial, industrial and transport sectors with the participation of GAIL or its wholly owned subsidiary GAIL Gas Limited and concerned departments of the Bihar Government, other state agencies or private players.
As per the GCA, Natural Gas Demand Assessment and Preliminary Techno Economic Feasibility Study will be undertaken for evaluation of medium and long term gas demand potential for the state for industrial, commercial, transport and residential sectors; assessment of pipeline infrastructure and associated facilities required for supply of natural gas including optical fibre network; and evaluation of natural gas supply options to Bihar on a long-term and competitive basis, GAIL said in a statement.
Bharti Airtel before market hours today, 24 October 2013 said that subject to the requisite approvals (including approvals of the relevant High Courts, if any), the board of directors of the company has approved the Scheme of Amalgamation of Airtel Broadband Services (formerly known as Wireless Business Services) a wholly owned subsidiary with the company.
Shares of public sector banks (PSU banks) will be in focus as the Ministry of Finance after trading hours on Wednesday, 23 October 2013, said that the Government of India (GoI) has approved infusion of a total of Rs 14000 crore in 20 public sector banks (PSBs) during Financial Year 2013-14 through preferential allotment of equity shares. The largest capital infusion will be SBI at Rs 2000 crore, followed by Rs 1800 crore each in Central Bank of India and IDBI Bank, Rs 1200 crore in Indian Overseas Bank and Rs 1000 crore in Bank of India. GoI will infuse Rs 550 crore in Bank of Baroda and Rs 500 crore in Punjab National Bank.
Punj Lloyd said after market hours on Wednesday, 23 October 2013 that Punj Lloyd Pte Ltd., a Singapore based wholly owned subsidiary of the company, has sold its entire shareholding in Olive Group Capital Limited, comprising 27.78% of its capital, for a total consideration of $ 20 million for a mix of initial and deferred consideration. The deferred consideration of approximately $ 11 million shall be received with interest thereon. Punj Lloyd Group had invested $14 million (approx) in Olive Group.
Punj Lloyd also announced that it has been awarded a contract, on cost plus basis, for setting up of various infrastructure facilities including civil, structural, mechanical, electrical & instrumentation, piping, cross country pipelines, horizontal direction drilling, equipment assembly, fabrication and erection, marine work, tankages work and electrical and other associated and miscellaneous works and rectification of defective works at a leading refinery in India. The approximate cost of the said works is Rs 275 crore, it said.
Bayer CropScience said its share buyback offer will open on 6 November 2013 and close on 20 November 2013. The company's board of directors at a meeting held on 22 July 2013, approved a buyback of up to 28.79 lakh equity shares of Rs 10 each, representing 7.29% of the total equity capital, from all the shareholders of the company on a proportionate basis through the tender offer route as at a price of Rs 1,580 per equity share, aggregating to approximately Rs 455 crore. The board noted the intention of the promoter group of the company to participate in the proposed buyback.
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