Aksh Optifibre appoints Chetan Choudhari as managing director

Aug 03, 2013, 05.23 PM IST

Aksh Optifibre at its 26th annual general meeting approved the appointment of Chetan Choudhari as managing director for a period of 3 years w.e.f. May 17, 2013 to May 16, 2016

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Aksh Optifibre appoints Chetan Choudhari as managing director

Aksh Optifibre at its 26th annual general meeting approved the appointment of Chetan Choudhari as managing director for a period of 3 years w.e.f. May 17, 2013 to May 16, 2016

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Aksh Optifibre appoints Chetan Choudhari as managing director

Aksh Optifibre at its 26th annual general meeting approved the appointment of Chetan Choudhari as managing director for a period of 3 years w.e.f. May 17, 2013 to May 16, 2016

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SAL Steel forfeited convertible warrants

Aug 03, 2013, 05.23 PM IST

SAL Steel has not been received remaining amount of Rs 7.50 per warrant from any of the strategic investors, promoter group and as such the amount of application money being Rs 2.50 per warrant aggregating to Rs 8.00 crore is liable to be forfeited and accordingly said amount stands forfeited.

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SAL Steel forfeited convertible warrants

SAL Steel has not been received remaining amount of Rs 7.50 per warrant from any of the strategic investors, promoter group and as such the amount of application money being Rs 2.50 per warrant aggregating to Rs 8.00 crore is liable to be forfeited and accordingly said amount stands forfeited.

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SAL Steel forfeited convertible warrants

SAL Steel has not been received remaining amount of Rs 7.50 per warrant from any of the strategic investors, promoter group and as such the amount of application money being Rs 2.50 per warrant aggregating to Rs 8.00 crore is liable to be forfeited and accordingly said amount stands forfeited.

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S.A.L. Steel Ltd has informed BSE that Company had issued 3,20,00,000 convertible warrants of Rs. 10/- each to be converted into Equity share of Rs. 10/- on the condition that the full amount of warrants should be received within 18 months of issue i.e. on or before August 02, 2013. 25% of face value of warrant i.e. Rs. 2.50 per warrant was received along with application money. However, remaining amount of Rs. 7.50 per warrant has not been received from any of the strategic investors, promoter group and as such the amount of application money being Rs. 2.50 per warrant aggregating to Rs. 8.00 crores is liable to be forfeited and accordingly said amount stands forfeited.Source : BSE

Read all announcements in SAL Steel

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Spicejet accepts resignation of Neil Mills as CEO

Aug 03, 2013, 05.23 PM IST

Spicejet has informed BSE that Neil Raymond Mills, Chief Executive Officer of the Company has resigned from the Company and the same has been taken on record and accepted by Board of Directors in its meeting held on August 02, 2013 in accordance with the terms of his employment with the Company.

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Spicejet accepts resignation of Neil Mills as CEO

Spicejet has informed BSE that Neil Raymond Mills, Chief Executive Officer of the Company has resigned from the Company and the same has been taken on record and accepted by Board of Directors in its meeting held on August 02, 2013 in accordance with the terms of his employment with the Company.

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Spicejet accepts resignation of Neil Mills as CEO

Spicejet has informed BSE that Neil Raymond Mills, Chief Executive Officer of the Company has resigned from the Company and the same has been taken on record and accepted by Board of Directors in its meeting held on August 02, 2013 in accordance with the terms of his employment with the Company.

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Spicejet Ltd has informed BSE that Mr. Neil Raymond Mills, Chief Executive Officer of the Company has resigned from the Company and the same has been taken on record and accepted by Board of Directors in its meeting held on August 02, 2013 in accordance with the terms of his employment with the Company.Source : BSE

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SKP Securities approves dividend for FY13

Aug 03, 2013, 05.23 PM IST

SKP Securities, at its 23rd Annual General Meeting (AGM), approved dividend of Re 1 per share for the year ended March 31, 2013; reappointed Kishore Bhimani as a director

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SKP Securities approves dividend for FY13

SKP Securities, at its 23rd Annual General Meeting (AGM), approved dividend of Re 1 per share for the year ended March 31, 2013; reappointed Kishore Bhimani as a director

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SKP Securities approves dividend for FY13

SKP Securities, at its 23rd Annual General Meeting (AGM), approved dividend of Re 1 per share for the year ended March 31, 2013; reappointed Kishore Bhimani as a director

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Indian ADRs: ICICI Bank drops 3%, Sterlite falls 4%

Aug 03, 2013, 05.23 PM IST

Indian ADRs were mixed on Friday. Infosys lost 0.24 percent to USD 49.70 while Wipro gained 0.11 percent at USD 8.80.

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Indian ADRs: ICICI Bank drops 3%, Sterlite falls 4%

Indian ADRs were mixed on Friday. Infosys lost 0.24 percent to USD 49.70 while Wipro gained 0.11 percent at USD 8.80.

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Indian ADRs: ICICI Bank drops 3%, Sterlite falls 4%

Indian ADRs were mixed on Friday. Infosys lost 0.24 percent to USD 49.70 while Wipro gained 0.11 percent at USD 8.80.

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Indian ADRs were mixed on Friday. ICICI Bank fell 3.21 percent to close at USD 32 per ADR and HDFC Bank declined 1.01 percent to USD 33.35.

Among technology stocks, Infosys lost 0.24 percent to USD 49.70 while Wipro gained 0.11 percent at USD 8.80.

Sterlite Industries tumbled 4.31 percent to USD 4.88. Tata Motors rose 0.63 percent to USD 24.10.

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Coal India Q1 disappoints, profit dips 16.5% to Rs 3,731 cr

Moneycontrol Bureau

Coal India , the world's largest coal producer, disappointed on all parameters on Saturday with the first quarter net profit falling higher-than-expected 16.5 percent year-on-year to Rs 3,731 crore, led by lower realisation from E-auctin sales.

Chairman and managing director, S Narsing Rao, in a press conference, said realisations from E-auction slipped significantly to Rs 2,140 per tonne in April-June quarter as against Rs 2,561/tonne Y-o-Y.

Net sales declined marginally to Rs 16,472 crore in April-June quarter from Rs 16,500.6 crore in a year ago period, which too came in lower than forecast.

Analysts on an average had expected it to report net profit of Rs 4,300 crore on net sales of Rs 17,120 crore.

Earninges before interest, tax, depreciation and amortisation (EBITDA) dropped 17.8 percent Y-o-Y to Rs 3,958 crore, which too was lower than analysts' expectations of Rs 4,520 crore.

Operating profit margin also dipped higher-than-expected 520 basis points Y-o-Y to 24 percent while analysts' forecast was 26.4 percent.

Rao said the cost of production increased by around Rs 750 crore during the quarter. Impact of diesel price hike in Q1 was Rs 143 crore, he adds.

Going ahead, he said the profit margins would remain under pressure in FY14 and effect of price increase would be realised in Q2.

"We have met 90% of power sector coal need under supply pacts," Rao said.

Other income jumped over 7 percent on yearly basis to Rs 2,219.61 crore in first quarter of financial year 2013-14.

Tax rate increased to 34.4 percent during the quarter as against 29.3 percent in corresponding quarter of last fiscal.

Coal India's production increased marginally to 102.89 MT from 102.47 MT and offtake rose to 115.36 MT versus 113.04 MT Y-o-Y. Analysts had expected offtake/dispatches during the quarter at around 115 million tonne.

The company announced its monthly output data on Friday. It marginally missed its output target for July by two percent, producing 32.77 million tonnes (MT) of dry-fuel during the month.

The state-run PSU, which is the world's largest coal miner, had set a production target of 33.44 MT for the month. While four of its subsidiaries - Eastern Coalfields (ECL), Central Coalfields ( CCL ), Bharat Coking Coal (BCL) and South Eastern Coalfields (SEC) accounted for more than targeted production, other four - North Eastern Coalfields (NEC), Western Coalfields (WCL), Northern Coalfields (NCL) and Mahanadi Coalfields (MCL) could not meet the target, reports PTI.

On Friday, the stock lost 5.84 percent to close at Rs 254.55 on the BSE.

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Canara Bank sees loan restructuring of Rs 5k crore in FY14

Canara Bank sees loans worth Rs 4000- Rs 5000 crore coming for restructuring in 15 accounts over next three quarters, chairman and managing director of RK Dubey told CNBC-TV18.

The state-owned bank's non performing assets (NPAs) rose to 2.9 percent in quarter ended june due to higher slippages. Slippages increased to Rs 2,800 crore in June quarter.

The company posted a marginal rise of 2.17 percent in its net profits for this quarter. Its gross NPAs rose to 2.91 percent against 1.98 percent during the same period last year. However, he is optimistic on better performance going forward as higher provisions will improve the lender's asset quality.

Also read: Canara Bank Q1 net nearly flat on higher provisions

Below is the edited transcript of his interview to CNBC-TV18.

Q: How was your asset quality this quarter in terms of fresh slippages and restructured loans?

A: Yes, there has been restructuring of assets and there has been more slippage than the upgradation. The recovery was a record one of Rs 888 crore and upgradation of more than Rs 1,000 crore. But the slippage has been more than Rs 2,800 crore because of which our non-performing asset (NPA) has gone to 2.9 percent.

Q: What were your fresh restructured loans this quarter?

A: The restructured amount this quarter is Rs 1,673 crore with 5 accounts in CDR and 11 accounts with non-CDR.

Q: What took place in terms of this quarter? What resulted in slippages rising to around Rs 2,800 crore? What is the trajectory expected going forward? Is there a lot of pain still left for Canara Bank?

A: There is some restructuring we expect to come in the coming three quarters. It may be around 15 accounts worth around Rs 4,000-5,000 crore. That may be coming in each quarter. Some may come in this quarter; some may come in December or March quarter. It may be one or two accounts less or more.

Q: In terms of the slippages this quarter, which sectors did you all turn into the slippages the most? What is the guidance on the same?

A: In this quarter, there was one account Winsome, which is a major account which slipped. Other than that there was not a very big account.

Q: How much is your exposure to Winsome?

A: Exposure to Winsome was Rs 650 crore.

Q: Anything from the power sector?

A: Another account was Allied Strips Delhi with Rs 280 crore and Pradip Overseas Rs 245 crore. These were the accounts above Rs 100 crore which slipped during this quarter. All three are likely to be admitted into corporate debt restructuring (CDR), if that exercise is completed within this quarter, they maybe upgraded also because they were referred when they were standard with us.

But other banks could not do the clearances, the process is going on. If the process is complete before September 30, these accounts can be upgraded also.

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Modi lovers should go to Gujarat, says Cong minister's son

Under fire over his remarks about Gujaratis living in Mumbai, Swabhimaan Sanghatana chief Nitesh Rane today said his statement was not against all Gujaratis, but directed at only those amongst them who felt that Gujarat under Narendra Modi was doing better than Maharashtra.

Also read: I don't want Narendra Modi as my PM: Amartya Sen

Nitesh, son of senior Congress leader Narayan Rane, said his comments were aimed at those who favoured the Gujarat Chief Minister's development model.

"I only said that those who feel Modi is doing a good job can move there," he told reporters.

"My remarks were not aimed at all Gujaratis but only at those who feel there is more development in Gujarat," he said.

"I have taken a political stance... I have stated clearly that people living in Mumbai who feel that Gujarat is developing more than us (Maharashtra), or those who feel Modi is developing Gujarat more than us, why don't they go there," Nitesh said.

"I didn't say all Gujaratis are like that. I didn't say we will drive (Gujaratis) out (of Mumbai)," he said. As to his tweet about Gujarati housing societies favouring vegetarian residents, he said, "I said there are many housing societies in Mumbai which don't allow non-vegetarian (people)."

"Veg skies, Veg hospitals, Veg housing societies. Soon Veg Mumbai! Either Gujjus go back to Gujarat or they turn Mumbai into Gujarat... Red alert," Nitesh had earlier said in his controversial tweet.

Asked if the remarks had been made by him as a Congress leader, Nitesh said, "I said this as a son of the soil of Maharashtra."

When pointed out that he was the son of a senior Congress minister, the 31-year old Nitesh said, "what has that got to do with it".

"There are a lot of Gujaratis staying here who have pride in Mumbai and Maharashtra," he said.

"These tweets were posted by me last month," said Nitesh, who in July had also tweeted a crude caricature of a bare-bodied man with a placard over it that read "Hindu Rashtrawadi (nationalist)," said.

Accompanying the cartoon was a line written in Marathi, which roughly translated, said: "Good the burqa of development is torn."

The statement was a veiled jibe at two of Modi's recent statements: One in which he said he was a "Hindu nationalist", and another in which he refers to the Congress as "hiding behind the burqa of secularist".

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Infosys EGM approves Narayana Murthy as executive chairman

Aug 03, 2013, 06.55 PM IST

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

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Infosys EGM approves Narayana Murthy as executive chairman

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

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Infosys EGM approves Narayana Murthy as executive chairman

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

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Moneycontrol Bureau

Infosys shareholders today approved the appointment Narayana Murthy as executive chairman and whole-time director of the company, two months after it recalled the founder to arrest falling growth.

At the event, Murthy informed the shareholders that although outlook in its key market US was changing for better, it was too early to say whether tide is turning for IT sector.

Also read: Infosys may move to Rs 3300-3350: Rahul Mohindar

After several quarters of cautious commentaries, while announcing June quarter results Infosys' CEO SD Shibulal said that the company was cautiously optimistic for the rest of the year and maintained its dollar revenue guidance. Recovery in US markets and rupee depreciation is likely to improve earnings of IT companies going forward.

During the EGM, Murthy added that IT companies, which are adding 25 percent exports have more impetus to perform better.

After losing its bellwether position to Tata Consultancy Services ( TCS ), Infosys is hoping that Murthy's return will help the company to turn a new leaf.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Aug 03, 2013, 06.50 PM IST

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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GSFC reports 97% fall in Q1 net at Rs 5.54 cr

Gujarat State Fertilisers and Chemicals reported a 97 percent fall in ints net profits to Rs 5.54 crore on the back of poor sales. The state owned fertliser firm has a product mix ranging from fertilisers to petchems, chemicals, industrial gases and so on.

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Gujarat State Fertiliser and Chemicals Ltd ( GSFCL ) today reported sharp decline in net profits by 97 percent to Rs 5.54 crore for the first quarter ended on June 30 due to fall in sales.

Also read: Complex fertiliser sales lower by 8% in Jun' 13:P Lilladher

The company had posted net profit of Rs 172.71 crore in the April-June quarter of the 2012-13 fiscal. Total Q1, 2013-14 income of the company decreased by 39 percent to Rs 1,017.98 crore, from Rs 1,411.84 crore in the year-ago period, the company said in a filing to the BSE.

Gujarat government owned GSFCL has a product mix ranging from more than 24 brands of fertilisers to petrochemicals, chemicals, industrial gases, plastics, fibers and other products. GSFC's joint venture manufacturing plant of Phosphoric Acid in Tunisia has also become operational during the quarter.

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