Lenders are continuing to invoke pledges on Vijay Mallyas shares in his beer firm, United Breweries (UBL). Lenders have invoked pledges on 1.93 lakh shares of the beer company, held by Mallyas holding firm, United Breweries Holdings. UBHL currently has a 11.39% stake in the company after the invocation of pledges, down from 11.46% earlier. The Indian promoters stake in the beer major, which comprises UBHL and several other firms controlled by Mallya, had come down to 35.91% at the end of December 2013 from 37.25% in September. Meanwhile, the foreign promoters shareholding held by Dutch brewer Heineken stood at 38.91% by the end of December. As co-promoters, both Mallya and Heineken initially held equal stake of 37.41% each in UBL. However, in December, 3.58 million shares belonging to Mallyas firm Kamsco Industries had been invoked by a lender and Heineken bought these shares, thereby edging past Mallyas shareholding.
Suzlon allots 7.1 cr shares to lenders under recast
Suzlon Energy has alloted 7.1 crore shares to its lenders under the corporate debt restructuring (CDR) master package, on Thursday. The shares were alloted on a preferential basis at a price of Rs 18.51 a piece, the company said in a notice to the BSE. As per the master restructuring agreement, the lender consortium to Suzlon agreed to convert two years worth of interest payment into nearly 32% of the companys equity.
Piramal Enterprises posts narrower quarterly loss
Piramal Enterprises reported a narrower quarterly loss as sales from its pharmaceutical manufacturing service revenue grew 23.5% to Rs 766.68 crore. The companys Q3FY14 net sales grew 29% to Rs 1,269.34 crore year-on-year (y-o-y). It incurred a loss of Rs 10.09 crore for the same period. Piramal said that the figures reported for Q3FY14 are not comparable to Q3FY13 due to acquisition of Decision Resources Group in June 2012.
Siemens Q1 net rises 2.3% to Rs 65.1 crore
Siemens posted a mere 2.3% year-on-year increase in net profit to Rs 65.1 crore for the first quarter ended December. Sales of the company declined by 4.1% y-o-y to Rs 2,360.5 crore. Growth in new orders during the quarter remained flat at Rs 2,005.8 crore, compared with Rs 2,002.8 crore last year. The results were impacted by the challenging macro-economic situation, the company said.
EID Parry consolidated net at Rs 52 crore in Q3
EID Parry (India), part of the Murugappa Group, has posted a conoslidated net profit of Rs 51.58 crore for the third quarter against a net loss of Rs 20.37 crore in the same quarter previous fiscal. The consolidated turnover for the quarter stood at Rs 3,214.02. The consolidated sugar operations reported a loss of Rs 51.92 crore as cane availability was affected during the quarter due to drought conditions in some of the factory areas.
Crompton Greaves posts profit of Rs 62 crore
Crompton Greaves posted a net profit of Rs 62 crore against a net loss of Rs 189 crore in the corresponding quarter last year. The consolidated net sales rose by 12.7% year-on-year to Rs 3,352 crore during the quarter. The company received orders worth Rs 2,624 crore, up 16% y-o-y. The order backlog as on December 31 stood at Rs 10,074 crore.
Shoppers Stop Q3 net up marginally at R5 crore
Shoppers Stop reported a 17% increase in net profit at Rs 5 crore, from Rs 4.3 crore in the year-ago period. Retail turnover rose 15% to Rs 1,107.2 crore from Rs 959.4 crore last year. The companys Hypercity subsidiary saw wider losses at Rs 25 crore from Rs 23 crore a year ago. During the quarter, the departmental stores like-to-like sale growth rose 5.5%, while like-to-like volumes fell 1%.
Cadila gets USFDA nod to market arthritis drug
Cadila Healthcare on Thursday said it has received US health regulators nod to market Etodolac extended release tablets, used in the treatment of arthritis, in the American market. The company has received final approval from the US Food and Drug Administration (USFDA) to market Etodolac extended release tablets in strengths of 400mg, 500mg and 600 mg.
Reliance Clean Power merges with R-Power
Sebi has approved the amalgamation of Reliance Clean Power (RCPPL) with Reliance Power. The board of private power utility Reliance Power had approved the amalgamation scheme in November. Reliance Power and RCPPL are part of Anil Ambani-led Reliance Group. Sebi has given its nod for the proposed merger. ...we do hereby convey our No Objection with limited reference to those matters having a bearing on listing/delisting/continuous listing requirements within the provisions of the Listing Agreement, so as to enable the company file the scheme with the Honble High Court, Sebi said in a letter to the National Stock Exchange.