National carrier Air India has paid R415 crore to the GMR Group as part of its dues on account of airport charges for Delhi and Hyderabad airports. Out of the total amount, R75 crore was on account of operations at Hyderabad airport and the remaining R340 crore was for the charges at Delhi airport. Air India is an important business partner, said a GMR spokesperson. It is heartening for us to note that Air India has made large payments over the last two months to clear the outstanding dues to the GMR Group.
Uttam Galva to raise R2k cr for Lloyds Steel
After acquiring majority stake in the ailing Lloyds Steel, Uttam Galva plans to raise R1,500-2,000 crore working capital loan for the acquired entity and hopes to close the deal by the end of the current quarter. We are in discussion with public sector banks to raise working capital loan of R1,500-2,000 crore for Llyods Steel and hope to close it by the end of the quarter, Uttam Galva Steels deputy managing director Ankit Miglani said. He also said though the company is in talks with strategic investors to come on board Lloyds Steel, anything concrete is yet to come up in this regard. Lloyds Steel has a total long-term debt of R441 crore in its book.
Cipla profit up 25% on lower input costs
Cipla said that the companys profit after tax grew by 25.5% to R339 crore, up from R270 crore a year ago, after the company spent 2.8% less on raw materials. Gross revenues grew by 18% to R2,103 crore, up from R1,783 crore a year ago. Operating margins grew 25.4% to R493 crore, up from R393 crore a year back. The companys domestic business grew by 10.2% to R957 crore during the third quarter, while formulation exports grew 38% to R969 crore. Exports of active pharma ingredients fell 16%.
Apollo Tyres Q3 net up 84% to R181 crore
Apollo Tyres has reported a 84% jump in its net profit for the third quarter ended December to R181 crore compared with R98 crore during the same quarter of last fiscal. The net sales, however, declined marginally to R3,217 crore during the quarter under review compared with R3,228 crore in the corresponding quarter of previous year, said a press release on Wednesday. A continued focus on improving the product and customer mix across geographies has helped us better profitability in Q3, the company said.
MOILs Q3 net rises 13% to R114 crore
MOIL on clocked 13% rise in net profit at R114 crore for the third-quarter ended December 2012 despite a slight dip in income. The net profit of the Nagpur-based firm was at R101 crore a year ago. Sales of the company declined to R228 crore during the quarter from R240 crore during the October-December quarter of the last fiscal, it said in BSE filing. Expenses stood at R122 crore from R137 crore a year ago, it added. Shares of the company on Wednesday settled at R252.95 apiece, up 0.18% over the previous closing on the BSE.
India to be among top 5 markets for Starbucks
Starbucks Coffee Company, which opened its seventh store in India on Wednesday as part of its 50:50 joint venture Tata Starbucks, expects India to be among its top five markets in the long term, a senior official of the company said. We operate in 62 countries and I see India becoming the top five largest markets for Starbucks globally, said John Culver, president Starbucks Coffee China and Asia Pacific, after the opening of its seventh store in the country in Delhi. Currently our top five markets are US, Canada, Japan, China and UK, Culver said. In India, it has a joint venture with Tata Global Beverages called Tata Starbucks. Avani Saglani Davda, CEO of Tata Starbucks, said, We will go about in a phased manner. We will be aggressive but wont dilute our brand. Tata Starbucks also plans to start a customer loyalty programme and India will be the first country where such a programme will be launched.
Schwing Stetter unveils six products for new segments Schwing Stetter India, a key player in concrete construction equipment, has unveiled six products in ready-mix concrete technology: concrete mixing equipment, truck mixers, concrete pumps as well as boom pumps. The products were unveiled at bc India 2013, the international trade fair for construction machinery, building material machines, mining machines and construction vehicles.
Lemon Tree Hotels gets national award
Lemon Tree Hotels was honoured on Wednesday with the award for Outstanding Work in the Creation of Barrier-Free Environment for Persons with Disabilities. The national awards by the ministry of social justice and empowerment are presented every year by the President of India. Lemon Tree has designed its 20 properties across the country with an emphasis on easy accessibility and a trouble-free experience for people with disabilities.