RInfra’s Q4 2017-18 consolidated net profit zooms by 291%

Apr 23, 2018 0

Mumbai– Reliance Infrastructure (RInfra) on Monday reported an exponential rise of 291 per cent in its consolidated net profit for the fourth quarter of 2017-18.

According to the company, the consolidated net profit increased to Rs 160 crore from Rs 41 crore reported for the corresponding period of previous fiscal.

“If we exclude Mumbai Metro loss of Rs 43 crore and RNaval loss of Rs 130 crore in Q4 FY18, Net Profit would have been higher by 135 per cent YoY to Rs 333 crore,” the company said in a statement.

The company’s consolidated total income during the quarter under review increased by 12 per cent to Rs 6,737 crore ($1 billion).

In addition, the firm’s earnings before interest, taxes, depreciation and amortization (EBITDA) during Q4 rose by 50 per cent to Rs 2,399 crore ($368 million).

On a financial year basis, RInfra reported a consolidated net profit of Rs 1,339 crore ($206 million) for 2017-18.

“FY18 net profit of Rs 1,888 crore ($290 million) — up 1 per cent (prior to Mumbai Metro loss of Rs 238 crore and RNAVAL loss of Rs 311 crore),” the statement said.

As per RInfra’s statement, its total income for the financial year under review stood grew by three per cent to Rs 28,724 crore ($4.4 billion).

“Consolidated net worth of Rs 24,219 crore ($3.7 billion) and book value of Rs 921 ($14) per share at the end of FY18,” the statement said.

Among the key highlights of the quarter, the EPC (engineering, procurement and construction) business has a current order book stood at Rs 20,500 crore. It has “won projects worth Rs 15,700 crore in last 1 year”.

In the road infrastructure segment, the company’s revenue increased by 13 per cent to Rs 1,093 crore.

“Expect Delhi-Agra and Pune-Satara projects to be completed in 2018,” the statement said.

Further, RInfra earned revenue worth Rs 291 crore in FY18 from its Mumbai Metro One project.

In defence manufacturing space, the company’s JV Dassault Reliance Aerospace is expected to play a major role in meeting the offset obligation of Rs 30,000 crore for “Rafale 36” contract.

In terms of arbitration, the company won an arbitration award against DMRC worth Rs 5,300 crore including interest.

“Received Rs 306 crore as immediate relief to ensure than no account of lenders of DAMEPL turns NPA. Hon’ble Delhi HC has directed DMRC to service entire debt of DAMEPL worth Rs 1,618 crore,” the statement said.

“Arbitration award won for 48 MW Goa power plant against Government of Goa worth Rs 292 crore.” (IANS)

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Equity indices close flat on tepid global cues

Apr 20, 2018 0

Mumbai– Key equity indices provisionally closed on a flat-to-negative note on Friday tracking weak global cues.

Heavy selling pressure was seen in the banking, metal and capital goods stocks. However, healthy buying in IT and Teck (technology, media and entertainment) stocks restricted further decline during the day.

At 3.30 p.m, the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,564.05 points — down 1.25 points or 0.01 per cent — from the previous close.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,434.14 points, closed at 34,415.58 points — down 11.71 points or 0.03 per cent — from its previous close.

Sensex touched a high of 34,487.33 points and a low of 34,311.29 points during the day.

The BSE market breadth was bearish with 1,447 declines and 1,169 advances.

On Friday, the top gainers on the BSE were Tata Consultancy Services (TCS), Infosys, Coal India, Wipro and Bharti Airtel, while Yes Bank, ICICI Bank, Tata Steel, Adani Ports and NTPC were among the major losers.

On NSE, the top gainers were TCS, HCL and Infosys and the major losers included Yes Bank, Bajaj Finance and GAIL. (IANS)

 

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Global cues depress equity indices, banking stocks fall

Apr 20, 2018 0

Mumbai– Negative global cues such as high crude oil prices, along with a weak rupee and heavy selling pressure in banking stocks triggered by a likely hawkish stand of the Reserve Bank of India (RBI) in its next monetary policy review subdued the key Indian equity indices on Friday.

According to market observers, the downfall was arrested on the back of an accelerated pick-up in IT and Teck (technology, media and entertainment) stocks as well as expectations of healthy quarterly results.

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,564.05 points — down 1.25 points or 0.01 per cent — from the previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed on a flat note. It opened at 34,434.14 points, closed at 34,415.58 points — down 11.71 points or 0.03 per cent — from its previous session’s close.

In the intra-day trade, the Sensex touched a high of 34,487.33 points and a low of 34,311.29 points with a bearish breadth of 1,478 declines and 1,148 advances.

In the broader market segment, the S&P BSE mid-cap index closed lower 0.44 per cent and the small-cap index ended a tad higher by 0.02 per cent.

“Markets ended on a flat note on Friday after a volatile session that saw the Nifty witnessing a roller coaster ride,” said Deepak Jasani, Head, Retail Research, HDFC Securities.

“The Nifty index slid lower in the morning session into negative territory, but a sharp recovery in the afternoon session from the lows of 10,527 ensured the Nifty ended with a minor loss,” Jasani told IANS.

On the currency front, the Indian rupee weakened by 33 paise to 66.13 against the US dollar from its previous close at 65.80.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 21.02 crore, while the domestic institutional investors bought stocks worth Rs 111.01 crore.

Sector-wise, the S&P BSE IT index rose by 611.30 points, followed by Teck (technology, media and entertainment) which gained 263.25 points and auto stocks which edged up by 43.72 points.

On the other hand, the S&P BSE banking index fell by 291.67 points, capital goods index by 169.52 points and metal index by 96.37 points.

Scrip-wise, shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose nearly seven per cent to touch a new high of Rs 3,414 per share, taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

The major Sensex gainers on Friday were Infosys, up 4.02 per cent at Rs 1,178.25; Coal India, up 3.25 per cent at Rs 292.05; Wipro, up 2.31 per cent at Rs 298.35; and Bharti Airtel, up 1.47 per cent at Rs 400.75 per share.

The top losers on Sensex were Yes Bank, down 3 per cent at Rs 308.45; ICICI Bank, down 2.49 per cent at Rs 281.95; Tata Steel, down 2.29 per cent at Rs 606.35; State Bank of India, down 1.97 per cent at Rs 241.40; and NTPC, down 1.80 per cent at Rs 174.25 per share. (IANS)

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India’s Forex reserves rise by $1.21 bn

Apr 20, 2018 0

Mumbai– India’s foreign exchange (Forex) reserves increased by $1.21 billion as on April 13, official data showed on Friday.

According to the Reserve Bank of India’s (RBI) weekly statistical supplement, the overall Forex reserves rose to $426.08 billion from $424.86 billion reported for the week ended April 6.

India’s Forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs) and the RBI’s position with the International Monetary Fund (IMF).

Segment-wise, FCAs — the largest component of the Forex reserves — increased by $1.20 billion to $400.97 billion during the week under review.

Besides the US dollar, FCAs consist of nearly 20-30 per cent of major global currencies. It also includes investments in US Treasury bonds, bonds of other selected governments and deposits with foreign central and commercial banks.

However, the country’s gold reserves value remained stagnant at $21.48 billion.

The SDRs’ value inched up by $6.6 million to $1.54 billion, while the country’s reserve position with the IMF rose by $8.9 million to $2.07 billion. (IANS)

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TCS’s shares at new high post Q4 results, m-cap close to $100 bn

Apr 20, 2018 0

Mumbai– Shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose over 7 per cent to touch a new high of Rs 3,419.80 per share, taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

With this, the IT major emerges as the first Indian company with a market capitalisation of close to $100 billion.

On closing (at 3.30 p.m.), the m-cap of the company stood at Rs 6,53,154.93 crore or some $98.18 billion on the BSE.

Shares of the company closed higher by 6.94 per cent at Rs 3,412 per scrip.

“In terms of market capitalisation, TCS has the largest m-cap and is ahead of companies like Reliance, HDFC Bank, ITC, Hindustan Unilever, HDFC, Maruti Suzuki and Infosys. At the closing price of April 20, TCS’ m-cap is at approximately Rs 651,000 crore, which is 153 per cent higher than that of Infosys,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“IT stocks have benefited today out of selling pressure in banking space and encouraging numbers of some large and mid-cap IT stocks. TCS has also declared bonus shares to its investors,” he added.

The IT major’s shares surged a day after its quarterly results announcement which reported a net profit for Q4 at Rs 6,925 crore — up 4.6 per cent — from Rs 6,622 crore in the same period year ago and up 5.8 per cent sequentially from Rs 6,545 crore a quarter ago.

The company on Thursday also announced 1:1 bonus shares of Re 1 face value to its investors at the end of fiscal 2017-18.

“The Board of Directors recommend 1:1 bonus share issue to the shareholders,” it said in a regulatory filing on the BSE. (IANS)

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Expectations of healthy Q4 results, global cues push equity indices higher

Apr 19, 2018 0

Mumbai– Expectations of healthy quarterly earning results coupled with a rebound in commodity prices and broadly positive global indices pushed the Indian equity market to close at its highest level in the last seven weeks on Thursday.

“Both the Nifty and the Sensex closed the day at seven week high levels. Positive global cues supported the markets,” Deepak Jasani, Head, Retail Research, HDFC securities told IANS.

Index-wise, the wider Nifty50 on the National Stock Exchange (NSE) closed higher by 39.10 points, or 0.37 per cent, at 10,565.30 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,403.67 points, closed at 34,427.29 points — up 95.61 points, or 0.28 per cent, from its previous session’s close.

The Sensex touched a high of 34,478.82 points and a low of 34,358.91 during the intra-day trade.

The BSE market breadth was bullish with 1,265 advances and 1,082 declines. The market breadth on the NSE was also bullish during the day.

In the broader markets, the S&P BSE mid-cap index closed higher by 0.63 per cent and the small-cap index by 0.60 per cent.

“Markets ended in green, despite volatility continuing in the last half of weekly expiry. Investors sentiment was optimistic ahead of quarterly earnings of some key companies, including TCS, which will release its results later in the day,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On the currency front, the Indian rupee weakened by 13 paise to 65.80 against the US dollar from its previous close at 65.67.

“Recent drop in rupee over the last one week… is on back of a combination of factors such as hardening of crude oil prices which is likely to put pressure on India’s deficit coupled with US action in Syria and increase in political activity ahead of upcoming Karnataka elections,” Salil Datar, CEO and Executive Director, Raha Advisors told IANS.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 624.99 crore, while the domestic institutional investors bought stocks worth Rs 448.61 crore.

Sector-wise, the S&P BSE metal index rose by 632.58 points, followed by capital goods which gained 203.34 points and IT stocks which edged up by 115.48 points.

On the other hand, the S&P BSE consumer durables index fell by 195.89 points, oil and gas index by 191.12 points and energy index by 24.05 points.

The major Sensex gainers on Thursday were Tata Steel, up 3.17 per cent at Rs 620.55; Yes Bank, up 2.83 per cent at Rs 318.00; Bharti Airtel, up 2.64 per cent at Rs 394.95; Larsen and Toubro, up 1.74 per cent at Rs 1,384.30; and Power Grid, up 1.61 per cent at Rs 208.20 per share.

The top losers on Sensex were Axis Bank, down 1 per cent at Rs 513.50; Coal India, down 0.77 per cent at Rs 282.85; HDFC, down 0.65 per cent at Rs 1,864.45; Sun Pharma, down 0.61 per cent at Rs 508.80; and IndusInd Bank, down 0.57 per cent at Rs 1,834.10 per share. (IANS)

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TCS net slips 1.8% in 2017-18

Apr 19, 2018 0

Mumbai–  Tata Consultancy Services (TCS) on Thursday reported Rs 25,826 crore consolidated net profit for fiscal 2017-18, registering 1.8 per cent yearly decline from Rs 26,289 crore posted in 2016-17.

In a regulatory filing on the BSE, the IT major said consolidated revenue for the fiscal under review (FY 2018), however, grew 4.4 per cent yearly to Rs 1,23,104 crore from Rs 117.966 crore in fiscal 2016-17 (FY 2017).

Under the International Financial Reporting Standards, net income grew 2.3 per cent yearly to $4,005 million in FY 2018 from $3,917 million in FY 2017.

Gross revenue grew 8.6 per cent yearly to $19.09 billion from $17.76 billion a year ago under IFRS. (IANS)

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Indian equity indices flat on tepid Asian cues

Apr 6, 2018 0

Mumbai– Key Indian equity indices traded on flat on Friday with marginal negative bias, taking cues from benchmark Asian indices.

Both the BSE Sensex and the the NSE Nifty50 traded lower.

“Market, taking cues from their key Asian counterparts, traded in a narrow range,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

Around 12.45 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 12.90 points or 0.12 per cent at 10,312.25 points.

The barometer 30-scrip Sensex of the BSE, which opened at 33,608.59 points, traded at 33,581.42 points — down 15.38 points or 0.05 per cent from its previous session’s close.

The Sensex has so far touched a high of 33,623.35 points and a low of 33,501.37 points during the intra-day trade.

The BSE market breadth was, however, bullish with 1,442 advances and 1,014 declines.

Sun Pharma, ICICI Bank, Dr. Reddy, Tata Motors, and ITC were the top gainers on the BSE. Among the losers on the BSE, Bharti Airtel, Infosys, Larsen and Toubro, Axis Bank and Hindustan Unilever topped the chart.

On the NSE, Lupin, BPCL and Tata Motors led the gainers, while Bharti Airtel, Infosys and Vedanta were among the top losers so far. (IANS)

 

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Bengal Chemicals eyes 25% rise in revenue in FY19

Apr 5, 2018 0

Kolkata– State-owned Bengal Chemicals & Pharmaceuticals Limited, which made a net profit of Rs 8.91 crore during 2017-18, is eyeing a Rs 15-20 crore of net profit in the current fiscal on the back of an expected 25 per cent rise in its revenue, an official said on Thursday.

The company, founded by Father of Indian Chemistry Acharya Prafulla Chandra Ray, had reported a net profit of Rs 4.5 crore in 2016-17 for the first time in six decades.

“In 2017-18, our revenue from operations stood at Rs 80 crore. We are expecting to clock a Rs 100 crore revenue during 2018-19 (FY19),” company’s Managing Director and Director (Finance) P.M. Chandraiah told reporters here.

The central public sector unit reduced procurement costs and stopped financial leakages during the last fiscal.

Chandraiah also said: “The company also looks at a net profit of Rs 15-20 crore in 2018-19.”

The first pharmaceutical company established in India, which was running in profits till 1940s, posted a net loss of Rs 9.13 crore in 2015-16.

He said the firm repaid the entire bank loan of Rs 28 crore during the last fiscal and previous year and also repaid Rs 6 crore of loan taken from the central government.

“We had Rs 22 crore of interest-bearing loans, of which we have repaid Rs 6 crore already and remaining Rs 16 crore of debt would be repaid by December,” he said, adding that the firm has an additional Rs 107 crore of interest-free loan taken from the centre.

According to him, the interest bearing loan had Rs 74 crore of accrued interests and the firm had urged the government to reduce the interest rate at par with the market rates, he said.

Speaking on the Calcutta High Court order that struck down the company’s decision to sell surplus land at a factory in the suburbs of Kolkata with an objective to repay entire loan, he said: “The Centre had moved to division bench challenging the order.” (IANS)

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Equity indices soar after RBI holds rates, banks stocks gain

Apr 5, 2018 0

Mumbai– Key Indian equity indices on Thursday escalated after the Reserve Bank of India (RBI) maintained status quo on its key short-term lending rate at 6 per cent at its first bi-monthly monetary policy review of 2018-19.

Besides, positive cues from the global markets, along with healthy buying in banks, metals and auto stocks, pushed the BSE Sensex over 500 points and the NSE Nifty50 almost 200 points higher.

The wider Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,300-mark in the process. The index surged by 196.75 points or 1.94 per cent to provisionally close (at 3.30 p.m.) at 10,325.15 points.

The barometer 30-scrip Sensitive index (Sensex) of the BSE, which opened at 33,289.96 points, closed at 33,596.80 points — up 577.73 points or 1.75 per cent from its previous session’s close.

The Sensex touched a high of 33,637.46 points and a low of 33,267.86 points during the intra-day trade.

The BSE market breadth was bullish with 2,071 advances and 631 declines.

State Bank of India, Tata Steel, ICICI Bank, Kotak Bank and Hero MotoCorp were the top gainers on the BSE.

On Wednesday, the key indices had tumbled after further trade protectionist measures imposed by two major global economies on each other spooked investors.

The NSE Nifty50 declined by 116.60 points or 1.14 per cent to close at 10,128.40 points, while the Sensex closed at 33,019.07 points — down 351.56 points or 1.05 per cent. (IANS)

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