USL to offer shares of Pioneer Distilleries
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 firm’s 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 firm’s 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 firm’s 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.
RPower’s 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