United Spirits said that it would offer 6.99% equity shares in its subsidiary, Pioneer Distilleries, for sale on the stock exchanges on October 23. USL, India's largest liquor company, had acquired a majority stake in Maharashtra-based Pioneer Distilleries in 2010 in a move to increase its distillation capacity. In a filing to the BSE, USL said the promoters proposed to sell 935,982 shares in the company. Shares of Pioneer closed at R50.60, up by 4.98% on the BSE on Friday.
Pajero Sport to be locally assembled
Hindustan Motors has started local assembly of sports utility vehicle Pajero Sport from its Japanese partner Mitsubishi's stable, making the vehicle cheaper by R1.87 lakh. The Pajero Sport will now carry a price tag of R22.56 lakh compared to R24.43 lakh (ex-showroom, Delhi) earlier.
Raymond Q2 profit falls by 38%
Textile firm Raymond's profit fell 38% to R50.26 crore for the second quarter ended September 30, compared to R80.96 crore in the same period last year. The firms income rose 14% to R1,114 crore from R981.7 crore due to higher realization in domestic and export market. Tough customer sentiment continues to remain subdued largely due to high interest rates and inflation, said Gautam Hari Singhania, CMD, Raymond.
Adani Ports posts profit of R276 cr in Q2
Adani Ports and SEZ reported a 3.8% fall in net profit for the second quarter ended September 30. The firm posted a profit of R276 crore compared to R287 crore in the previous year, hurt by higher costs. The firms total income rose 21% to R1,093 crore for the quarter compared to R903 crore last year. The company's total expenditure went up by 11.7% to R542.27 crore.
Mastek posts R6.5-crore net profit in Sept quarter
IT solutions player Mastek posted a 71% drop in net profit for the quarter ended September 30. The company's net profit stood at R6.5 crore against R22.2 crore in the previous quarter. The firms operating revenue stood at R223.3 crore during the quarter against R210.5 crore in the previous quarter. The company reported an EBITDA of R18.1 crore as compared to R29.6 crore in the last quarter.
RPowers Sasan unit achieves critical milestone
Reliance Power has completed boiler light-up for the first unit of the Sasan UMPP, a critical project execution milestone, and expects to commission the capacity in the next few weeks. The company has already started production coal from the associated captive mines. Reliance is investing R20,000 crore to develop Sasan project, which is India's largest integrated mining and power scheme.
Shree Renuka Sugars restarts Haldia refinery
Shree Renuka Sugars, India's biggest sugar refiner, restarted its 2,000 tonnes per day plant at Haldia in West Bengal after a gap of nearly a year to cash in on higher prices in the local markets, a senior company executive told Reuters.
Air India plans to sell five Boeing planes
State-run carrier Air India has offered to sell five Boeing 777 planes, according to a tender document posted on its website on Friday.Bidders have time till November 19 to submit their bids for the planes.
NIIT net declines 52% in September quarter
IT training firm NIIT said its net profit fell by 52% to R11.6 crore for the quarter ended September 30. In the corresponding quarter last year, NIIT had reported a net profit of R24.2 crore on a continuing business basis. The company's revenues in the July-September quarter stood at R279.1 crore.
Subrat Ratho Jindal Synfuels new MD
Subrat Ratho has joined Jindal Synfuels, a subsidiary of Jindal Steel and Power, as managing director. A postgraduate from Jawaharlal Nehru University, the 1986 ex-IAS officer has administrative experience of over 24 years. Prior to joining Jindal Synfuels, Ratho was the MD of the Maharasthra State Power Generation Company.
Exide Q2 net more than doubles to R120.21 cr
Exide Industries said its net profit more than doubled to R120.21 crore for the quarter ended September 30 on account of robust sales. The company had posted net profit of R51.10 crore for the July-September quarter, 2011, Exide Industries said in a filing to BSE. The net sales of the firm rose to R1,516.83 crore for the quarter.