Hindalco Industries' subsidiary Novelis on 14 May 2013 reported net income attributable to its common shareholder of $202 million for fiscal 2013. Excluding tax-effected certain items, net income for fiscal 2013 was $241 million, compared to a net income of $218 million for fiscal 2012. Net income for the fourth quarter of fiscal 2013, excluding tax-effected certain items, was $80 million, representing a $55 million increase when compared to the same period in the prior year.
Net sales for fiscal 2013 were $9.8 billion, an 11% decrease compared to the $11.1 billion reported in the same period a year ago. This decline was due to lower average aluminum prices and lower shipments when compared to last year. For the fourth quarter, sales were $2.5 billion compared to $2.6 billion reported for the fourth quarter of fiscal 2012.
Shipments of aluminum rolled products totaled 2,786 kilotonnes for fiscal 2013, down slightly compared to shipments of 2,838 kilotonnes for the same period last year due mostly to the sale of the Company's three foil plants in Europe and production disruptions in North America. Shipments of aluminum rolled products totaled 698 kilotonnes for the fourth quarter of fiscal 2013, essentially flat compared to shipments of 703 kilotonnes for the same period last year.
"As expected, we saw a sequential recovery from our seasonally low third quarter, with EBITDA increasing 30%," commented Phil Martens, Novelis President and Chief Executive Officer, "driven by strong demand, good cost control and higher operating efficiencies. And despite multiple unexpected headwinds in the second half of the fiscal year, as a result of prudent actions and fiscal discipline, the Company was able to achieve EBITDA of nearly $1 billion for the year. This was accomplished while commissioning two large-scale expansions, closing or divesting underperforming and non-core assets and making good progress on several ongoing global rolling, finishing and recycling expansions. I am proud of our accomplishments this year as we produced solid results in a transformational year marked by heavy investment."
PSU OMCs will be in focus after the Reserve Bank of India Deputy Governor H.R. Khan on Tuesday said that that the central bank has allowed oil marketing companies to raise a part of their short-term capital requirements through overseas borrowings.
Shares of realty firms will be in focus after Khan on Tuesday also said that the RBI has allowed companies building low-cost housing projects to raise overseas loans.
Shares of aviation firms will be in focus after Khan on Tuesday also said that the RBI has extended the time by a few more months for civil aviation firms to make foreign borrowings. In early 2012, the government permitted companies in the aviation sector to raise a total of $1 billion to help tide over their capital shortages. These borrowings were to be made in the last year ended 31 March 2013.
Pfizer reported 20.9% rise in net profit to Rs 58.16 crore on 0.2% rise in net sales to Rs 252.19 crore in Q4 March 2013 over Q4 March 2012. Pfizer reported 172.6% surge in net profit to Rs 503.20 crore on 6.8% fall in net sales to Rs 947.98 crore in the year ended March 2013 over the year ended March 2012. The net profit was boosted by other income on account of sale of animal health business. The result was announced after market hours on Tuesday, 14 May 2013.
Pfizer's board of directors at its meeting held on 14 May 2013, has recommended a normal dividend of Rs 12.50 per share and special dividend of Rs 20 per share on account of sale of animal health business aggregating to a total dividend of Rs 32.50 per share for the year ended 31 March 2013.
Tata Motors after market hours on Tuesday, 14 May 2013 said that pursuant to terms and conditions of the Notes, the company has allotted 89.38 lakh shares (representing 17.87 lakh American Depository shares at a premium of Rs 590.595 each) and 28.51 lakh ordinary share at a premium of Rs 118.119 each arising out of conversion of 306, 4% foreign currency convertible notes due in 2014 of $100,000 each. Post the allotment, the share capital of the company is 271.99 crore ordinary shares and 48.19 crore 'A' ordinary shares.
Investors bid for a total quantity of 14.81 crore shares under the institutional placement programme through the stock exchanges mechanism held by the realty major, DLF on Tuesday, 14 May 2013. The company will issue up to 8.1 crore shares to eligible qualified institutional buyers. The floor price for the qualified institutional placement was set at Rs 222 per equity share, with price band of Rs 222 to Rs 233 per share.
United Spirits after trading hours on Tuesday, 14 May 2013, said that the Directorate General of Central Excise Intelligence (DGCEI), Mumbai has issued a show cause notice for service tax demand of Rs 69.30 crore on the company. The company said that DGCEI, Mumbai examined soft copy of the company's ledger extract of Advertisement & Sales Promotion expenses for the period 2007-08 to 2011-12. The DGCEI without verifying the nature of the expenses accounted for in the ledger extract has considered the entire amount as 'sponsorship services' and served a show cause notice on the company for service tax demand of Rs 69.30 crore, United Spirits said. The company said it is process of replying to the show cause notice by highlighting the error. The company said it has been paying service tax on applicable services regularly ever since such taxes were introduced by statute, United Spirits said.
Jet Airways (India) said after market hours on Tuesday, 14 May 2013, that Securities and Exchange Board of India has permitted the company and relaxed the requirement of 12 week cool off period after the proposed inter se transfer of shares to enable the company to undertake the Offer for Sale through Stock Exchange Mechanism (OFS) for the purpose of achieving the minimum level of public shareholding as required under the Securities Contracts Regulations, 1957.
Promoters of Linde India, The BOC Group's, Offer for Sale (OFS) for an aggregate sale of 1.23 crore shares representing around 14.5% equity share capital of the company, through the stock exchanges shall take place on 16 May 2013 at 9:15 IST and shall close the same day at 15:30 IST.
Novartis India reported 25.8% fall in net profit to Rs 24.41 crore on 4.9% rise in net sales to Rs 208.21 crore in Q4 March 2013 over Q4 March 2012. The company reported 21.2% fall in net profit to Rs 119.73 crore on 6.8% rise in net sales to Rs 886.10 crore in the year ended March 2013 over the year ended March 2012. The result was announced after market hours on Tuesday, 14 May 2013.
Wyeth reported 19.4% fall in net profit to Rs 35.18 crore on 13.3% rise in net sales to Rs 172.39 crore in Q4 March 2013 over Q4 March 2012. The company reported 10.1% fall in net profit to Rs 130.06 crore on 13.2% rise in net sales to Rs 661.21 crore in the year ended March 2013 over the year ended March 2012. The result was announced after market hours on Tuesday, 14 May 2013.
Fortis Healthcare said that the issue committee of the board of directors of the company has, by a resolution dated 14 May 2013, finalised the issue price of Rs 92 per equity share to be issued by the company pursuant to the institutional placement programme.
Tamil Nadu Newsprint & Papers said the company proposes to set up a state-of-the-art multi layer double coated board plant of a capacity of 2 lakh tonne per annum at a capital outlay of Rs 1200 crore in Trichy District. The project will be taken up for implementation during the financial year 2013-14 and completed by March 2016. The project will be financed through internal generation and borrowings.
Balmer Lawrie & Company has revised the record date as 24 May 2013 for the purpose of issue of bonus shares in the proportion of 3 new shares for every 4 existing shares held.
Shares of Kesoram Industries turn ex-dividend today, 15 May 2013 for dividend of Re 1 per share for the year ended 31 March 2013.
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