Keki Mistry, vice-chairman & CEO of Housing Development Finance Corporation, has joined the Bombay Stock Exchange Ltd (BSE) as shareholder director. Besides being on the board of several HDFC Group Companies, he is also on the board of Sun Pharmaceutical, Great Eastern Shipping Company, NexGen Publishing, Greatship (India), Infrastructure Leasing & Financial Services, among others.
Century Textiles keeps Rs 2,975 cr as capex
Century Textiles and Industries has planned a Rs 2,975-crore capex over the next 2-3 years across various divisions, including cement, paper & pulp and real estate. We have planned a capex of Rs 2,975 crore. This includes Rs 850-crore investment in developing commercial properties at Mumbai, Rs 1,600 crore in the Manikgarh cement expansion and Rs 425 crore in the cement grinding unit at Sagardighi, West Bengal," Director Kumar Mangalam Birla said.
EIL FPO subscribed 0.51 times on Day 2
Engineers India FPO, on its second day, was subscribed 0.51 times on the National Stock Exchange (NSE) on Wednesday. Total bids were received for 1.7 crore shares against the issue size of 3.3 crore. The QIB category was subscribed 0.94 times, while the non-institutional investors category was subscribed 0.01 times
BSE to include Aster in public offer index
The Bombay Stock Exchange (BSE) has decided to include Aster Silicates in its IPO Index. The inclusion will be effective from July 30, 2010, BSE said in a statement.
Interest charges spur Welspun net by 37%
Welspun Corp on Tuesday said its April-June quarter net profit rose 37% from year earlier to Rs 190 crore aided by lower interest charges. Net sales was up 8.6% in year to Rs 2,041 crore. Raw material costs for the three-month period declined 22% to Rs 955 crore but total expenses rose 8%. Interest charges fell 69% to Rs 18.89 crore.
SRF net profit declines 41% to Rs 55 crore
Delhi-based SRF posted a growth of 24% in its revenue at Rs 619 crore during the first quarter of this fiscal, compared with Rs 498 crore in the corresponding period last year. The companys net profit after tax, however, declined 41% at Rs 55 crore during the period. The foreign currency gains were significantly lower as compared to the CPLY.
Havells Indias PAT up marginally
Havells India said Wednesday that its profit after tax increased 9% to Rs.53.33 crore in the latest April-June quarter. During the same period, the companys net revenue grew 22% to Rs 717 crore. The companys revenue growth was driven by strong demand in lighting and fixtures and electrical consumer durables business segments.
VIP net up 60% even as staff costs rise
VIP Industries on Wednesday said its April-June net profit rose 60.20% from a year ago to Rs 32.2 crore. The luggage manufacturers net sales in the quarter rose 16.91% from previous year to Rs 235 crore. Staff costs stood at Rs 18.4 crore, up 13.60%.
In response to an Fe report on July 21, "SC slaps notice on M&M over excise evasion", an M&M spokesperson said, M&M had paid excise duty on the bullet proofed vehicles as prescribed under the statute, which has been upheld by the Tribunal. Being aggrieved by this order of the Tribunal, the Department has filed a Civil Appeal before the Honourable Supreme Court, which has been admitted. The matter will be heard in due course. This is the normal legal process adopted by any party which is aggrieved by the decision of the lower judicial authority.
In the interview published on Wednesday titled 'Pre-owned car segment 1.1 times bigger than new ones' it is clarified that the used car segment in India is Rs 47,500 crore and not Rs 1,200 crore as reported. The error is regretted.