JSPL to buy back shares worth up to Rs 1,000 crore

Updated: Aug 31 2013, 06:29am hrs
Jindal Steel and Power (JSPL) on Friday said it will buy back 8.7% of its paid up capital, amounting to not more than R1,000 crore and the offer will be launched within next 14 days. The company Board in its meeting today fixed a price of R261 per share for the buyback offer from the open market through stock exchanges, JSPL said in a filing to the BSE. The companys chief financial officer

K Rajagopal said that through the buy back offer, JSPL wants to give a signal to its investors that companys fundamentals are strong and it is on track to achieve its growth plans. He added that buy back offer is likely to be launched on September 12 but a final decision on the date is yet to be taken.

Videocon Industries Q1 net dips 79% to Rs 10.63 cr

Videocon Industries on Friday reported a 78.78% decline in standalone net profit at R10.63 crore for the first quarter ended June, mainly on the account of sharp increase in finance cost. The company had reported standalone net profit of R50.11 crore for the same quarter a year ago. Videocon Industries finance cost increased by 54.54% to R602.84 crore in the quarter under review, against R390.08 crore in the corresponding quarter last year, the company said. Net sales during the quarter were at R3,032.45 crore, marginal increase of 0.48% compared with R3,018.02 crore in the same quarter last year.

MHRA found good norms being followed: Shasun

Drug firm Shasun Pharmaceuticals on Friday said UK health regulator has completed inspection of the formulation facility of the company and found it complying to its good manufacturing norms. On completion of the inspection, Medicines and Healthcare Products Regulatory Agency (MHRA) authorities concluded that, the facility, systems and practices comply with MHRA requirement, Shasun Pharmaceuticals said in a statement. The main focus of the inspection was do conduct current good manufacturing practice (cGMP) audit for the formulation facility, it added.

Tiger Logistics closes initial public offering

Delhi-based logistics company Tiger Logistics on Thursday closed its IPO paving way for its listing at BSEs SME platform. So far, as many as eight SME firms have launched their IPOs worth R80 crore on the SME exchange in last one month. Tiger Logistics, which has customers such as Honda Cars, Hero MotoCorp, Yamaha, LG, DRDO and Bajaj Auto, among others, is the ninth logistics company in the country to go public in India and will raise around R8 crore through the offer route. The other listed logistics companies are Gati, Allcargo and Sical Logistics, among others.

AI hedged against R with overseas revenues

Air India said income earned in dollars from its overseas operations is acting as a hedge against the plunge in the rupee, Asias worst performing currency this year. About 50-60% of the carriers business brings income in dollars, hedging against bills that arent rupee-denominated, chairman Rohit Nandan said. The airline is getting new aircraft through a sale-and-lease back model. As far as the escalation of the dollar is concerned, its going to impact all of us, but since some parts of our own business is in dollars, therefore we are very well hedged, Nandan said.

India, China drive Etihads record cargo tonnage

Abu Dhabi-based Etihad Cargo, part of carrier Etihad Airways, has posted record monthly uplift figures for July of 45,000 tonnes, a 37% increase as compared to the same period last year. It had stood at 32,876 tonnes in July 2012. The impressive tonnage figures for July were driven largely by increases in key export markets such as India, Hong Kong and China and demand into West Asia for foodstuffs ahead of the fasting month of Ramadan, predominately from The Netherlands.

SriLankan Airlines to add more flights from India

SriLankan Airlines is to increase its weekly flights from India from 48 to 60 till the year end by adding new destinations, the Airline has said. Asia particularly India is a very important destination for the airline and it gives top priority to the region, the Airline Chairman Nishantha Wickremasinghe said. We now fly 48 flights a week from India and they will go up to 60 in 2014 and peak with 70 flights by 2015. The airlines is planning to expand the Indian market and looking at new destinations to fly to and from the neighboring country.

Kolkata mall to get 5-star rating for saving energy

By properly implementing various energy efficiency measures, a shopping mall located on the outskirts of Kolkata has become the first mall to get a five-star ranking by Bureau of Energy Efficiency. Avani Riverside Shopping Mall has incorporated measures like integration of day light, use of sensors and controllers, waste energy recovery wheel, BEE sources said.