GlaxoSmithkline Pharmaceuticals (GSK) after market hours on Thursday, 14 November 2013 announced a new Rs 864 crore [85 million pound] factory creating 250 jobs in India as part of its continued commitment to ensuring access to medicines for people in the country.
During a visit to India on Thursday, 14 November 2013 to take part in a conference of international business leaders, GSK Chief Executive Officer Sir Andrew Witty said the location of the new factory is yet to be finalised, but that the lead site is in Bangalore.
GSK will partner with local design and construction companies to build a state of the art manufacturing facility which is expected to benefit from leading edge technologies including continuous manufacturing and automated systems.
The announcement is GSK's latest commitment to its manufacturing network in India where the company has invested Rs 1017 crore [100 million pound] over the last decade. GSK is proactively building capacity in the country as it delivers its portfolio of products in areas such as gastroenterology and anti-inflammatory medicines. When complete the new factory will make pharmaceutical products for the Indian market at a rate of up eight billion tablets and one billion capsules a year. The facility, expected to be operational by 2017, will also include a warehouse, site infrastructure and utilities to support the manufacturing and packing of the medicines.
Tata Consultancy Services (TCS) announced on Saturday, 16 November 2013 the launch of its 10,000-seat campus, Garima Park, in Gandhinagar, Gujarat.
N Chandrasekaran, Chief Executive Officer and Managing Director, said, TCS has played a pioneering role to make Gujarat an attractive IT destination for global companies and also helped drive technology-led growth by investing in talented youth of the state and building long-term partnerships with state institutions.” He added, “We are delighted to launch our new world-class campus in Gandhinagar. This will help TCS further scale up its presence and drive the expansion of the IT industry in Gujarat.
Developed over 25.5 acres of land with a built-up area of 1.6 million square feet, TCS Garima Park is the latest addition to the company's unique global network of software development and delivery centers. It features highly secure software development and delivery centers of multiple sizes to meet the needs of global clients.
NMDC said on Saturday, 16 November 2013 it achieved production and despatches of iron ore of 148.06 lakh tonnes and 160.66 lakh tonnes respectively (provisional) upto October 2013. It rolled over the October, 2013 prices of iron ore (lumps - Rs 4300 Rs/WMT, fines - Rs 2610 Rs/WMT) to the month of November, 2013.
Jaiprakash Associates after market hours on Thursday, 14 November 2013 reported a 47.1% drop in net profit to Rs 67.67 crore on 5.6% growth in net sales to Rs 3149.40 crore in Q2 September 2013 over Q2 September 2012.
Jaypee Cement Corporation, wholly owned subsidiary of the company, having a total capacity of 12.8 MTPA (including 3 MTPA under implementation), has entered into an agreement on 11 September 2013 with UltraTech Cement for sale of 4.8 MTPA cement plants in Gujarat. Accordingly, demerger of Gujarat cement plants is under process.
Amara Raja Batteries' net profit rose 34.92% to Rs 94.58 crore on 12.36% growth in net sales (excluding other income) to Rs 804.72 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
The company's profit before tax (PBT) rose 31.57% to Rs 133.90 crore in Q2 September 2013 over Q2 September 2012.
The Automotive battery business reported double digit growth in revenue, aided by strong volume expansion both in Four-wheeler and Two-wheeler batteries in the replacement market, while the OEM demand continued to be sluggish. The trading volume in home UPS business suffered due to unfavorable season on account of mild summer and good monsoon. The supplies of Two-wheeler batteries to Honda Motors have picked up momentum in line with their throughput enhancement, the company said in a statement.
Amara Raja Batteries said that the company's effort to enhance the capacities of Two-wheeler battery in the existing plant has witnessed some delay and is likely to go on stream by end January 2014. The enhanced capacities will support the company to commence business with other major Two-wheeler OEMs and to grow the aftermarket business in a big manner, it said. The green field project for enhancement of Four-wheeler capacity is progressing as per schedule and is likely to commence production by Q2 of next financial year, the company said in a statement.
The Industrial battery business has also reported double digit revenue growth despite capacity constraints and subdued demand for UPS batteries. The company said it has substantially enhanced the quality of business through various initiatives in the market coupled with internal efficiencies to improve overall profitability. The company's Quick Recharge series of telecom batteries (Powerstack) are gaining acceptance from all tower companies and operators enhancing the demand, it said. While the OEM demand in UPS sector is under stress, the preference for the company's UPS batteries (Quanta) in replacement market is encouraging, the company said in a statement.
Commenting on the company's Q2 performance, Mr. Jayadev Galla, Vice Chairman and Managing Director, Amara Raja Batteries said, I am happy to note that our sustained good performance continues to be in line with our annual plan and expectations, despite slowing economy, volatile rupee and sluggish demand in the automotive and UPS OEM sectors. The ongoing agitation for a united state of Andhra Pradesh in the Chittoor district has, so far, not had any major impact on the operations of the Company, largely supported by the credibility enjoyed by the organization.
Amara Raja Batteries said it is confident of continuing its growth in industrial battery business enabled by the ongoing capacity expansions and preferred vendor status built over the years both in the Telecom and UPS sectors. The Medium VRLA battery capacity expansion project will be completed in January 2014 with about 4 months delay due to conscious change in specifications and delay in supply of certain key equipment. Also the Large VRLA expanded capacity will support the business from February 2014, the company said in a statement.
Natco Pharma's consolidated net profit rose 28.57% to Rs 27 crore on 1.57% decline in revenue to Rs 188 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
The EBITDA (earnings before interest, taxation, depreciation and amortization) margins have expanded to 31% of the revenue in Q2 September 2013, from 26% of revenue in Q2 September 2012.
MT Educare's consolidated net profit rose 6.53% to Rs 9.62 crore on 32.54% growth in revenue from operations to Rs 60.89 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
Shares of SRS Finance will be listed and admitted to trading on BSE in the list of 'T' Group Securities with effect from today, 18 November 2013.
Bosch on Friday, 15 November 2013 said that workmen of the company's Bangalore plant have resorted to a 'Tool Down' strike with effect from second shift of 14 November 2013, without giving any prior notice to management. In view of the Union's illegal and unjustified strike, the management of the company has decided to shut down plant operations for workmen at Bangalore plant with effect from night shift of 14 November 2013 till further notice. Efforts are in hand to resolve the matter and restore normalcy at the earliest, the company said.
Mastek said on Saturday, 16 November 2013 that a major North American customer is reprioritizing its multi-vendor transformation program. While the company is yet to receive an official intimation from the client, the replanning by the customer is likely to result in the work being put on hold and as a result impact the revenue of the North American business. The company is engaged in discussions with the customer to better understand their plans and the impact of the pending changes on the company's plans - a clear picture is expected to emerge in next six to eight weeks, The company continue to have a strong relationship with the customer and company's solution continues to have customer's confidence. Mastek continues to see good momentum in its insurance business in North America and is expecting key wins in the next few months.
State Bank of Mysore said after market hours on Thursday, 14 November 2013 that the bank has increased the base rate by 10 basis points (bps) from 10.15% to 10.25% effective from 16 November 2013. There is no change in the benchmark prime lending rate (BPLR) which is presently at 15%.
Bhushan Steel's net profit declined 70.19% to Rs 60.06 crore on 10.99% fall in total income to Rs 2276.60 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 14 November 2013.
Bhushan Steel also said after market hours on Thursday, 14 November 2013 that the board of directors of the company at its meeting held on 14 November 2013 has considered and approved to raise further equity shares for sum not exceeding Rs 1000 crore by way of right Issue at such premium as may decided by committee constituted by the board for the purpose.
Unitech's consolidated net profit declined 48.01% to Rs 25.57 crore on 10.39% growth in total income to Rs 633.41 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
Unitech said it has a healthy balance sheet with a net debt to equity ratio of 0.54. Net debt as of 30 September 2013 was Rs 6240.02 crore.
Commenting on the company's Q2 results, Mr. Sanjay Chandra, MD, Unitech said, Prevailing challenging macro-economic environment had a strong bearing on the demand for real estate in the company's key markets during the second quarter. With the onset of the festive season, there has been a gradual improvement in demand and the company has been taking measures to boost sales. Company has recently resumed launch of new residential projects and the initial response has been quite encouraging.
Mr. Chandra added, I am particularly pleased with our performance on the commercial office space leasing as well as sales during the quarter. A number of blue chip multinational companies have leased space in our projects. Demand for office space is a good lead indicator of employment generation and residential demand in that area. We, therefore, expect the healthy growth in office space leasing in our projects to lead to an increase in demand for our residential projects in the neighborhood.
AVT Natural Products on Friday, 15 November 2013 said it has launched an exclusive range of condition-specific Health Supplements under the brand name Optim Health, in select cities. The range, targeted at consumers residing in the top cities seeking good health & living, will be distributed through leading Chemists and Modern Trade stores, the company said. The launch is initially limited to Bangalore, Hyderabad, Mumbai and Pune and will be scaled up in phases. Focused marketing activities will support the launch, the company added.
Sintex Industries on Friday, 15 November 2013 said that Credit Analysis and Research (CARE) has assigned the revised rating of CARE AA to the long term bank facilities and non-convertible debentures of the company, indicating the high degree of safety regarding timely servicing of financial obligations and re-affirmed short term debt/commercial paper rating of CARE A1+ indicating very strong degree of safety regarding timely payment of financial obligation, Sintex said.
During a visit to India on Thursday, 14 November 2013 to take part in a conference of international business leaders, GSK Chief Executive Officer Sir Andrew Witty said the location of the new factory is yet to be finalised, but that the lead site is in Bangalore.
GSK will partner with local design and construction companies to build a state of the art manufacturing facility which is expected to benefit from leading edge technologies including continuous manufacturing and automated systems.
The announcement is GSK's latest commitment to its manufacturing network in India where the company has invested Rs 1017 crore [100 million pound] over the last decade. GSK is proactively building capacity in the country as it delivers its portfolio of products in areas such as gastroenterology and anti-inflammatory medicines. When complete the new factory will make pharmaceutical products for the Indian market at a rate of up eight billion tablets and one billion capsules a year. The facility, expected to be operational by 2017, will also include a warehouse, site infrastructure and utilities to support the manufacturing and packing of the medicines.
Tata Consultancy Services (TCS) announced on Saturday, 16 November 2013 the launch of its 10,000-seat campus, Garima Park, in Gandhinagar, Gujarat.
N Chandrasekaran, Chief Executive Officer and Managing Director, said, TCS has played a pioneering role to make Gujarat an attractive IT destination for global companies and also helped drive technology-led growth by investing in talented youth of the state and building long-term partnerships with state institutions.” He added, “We are delighted to launch our new world-class campus in Gandhinagar. This will help TCS further scale up its presence and drive the expansion of the IT industry in Gujarat.
Developed over 25.5 acres of land with a built-up area of 1.6 million square feet, TCS Garima Park is the latest addition to the company's unique global network of software development and delivery centers. It features highly secure software development and delivery centers of multiple sizes to meet the needs of global clients.
NMDC said on Saturday, 16 November 2013 it achieved production and despatches of iron ore of 148.06 lakh tonnes and 160.66 lakh tonnes respectively (provisional) upto October 2013. It rolled over the October, 2013 prices of iron ore (lumps - Rs 4300 Rs/WMT, fines - Rs 2610 Rs/WMT) to the month of November, 2013.
Jaiprakash Associates after market hours on Thursday, 14 November 2013 reported a 47.1% drop in net profit to Rs 67.67 crore on 5.6% growth in net sales to Rs 3149.40 crore in Q2 September 2013 over Q2 September 2012.
Jaypee Cement Corporation, wholly owned subsidiary of the company, having a total capacity of 12.8 MTPA (including 3 MTPA under implementation), has entered into an agreement on 11 September 2013 with UltraTech Cement for sale of 4.8 MTPA cement plants in Gujarat. Accordingly, demerger of Gujarat cement plants is under process.
Amara Raja Batteries' net profit rose 34.92% to Rs 94.58 crore on 12.36% growth in net sales (excluding other income) to Rs 804.72 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
The company's profit before tax (PBT) rose 31.57% to Rs 133.90 crore in Q2 September 2013 over Q2 September 2012.
The Automotive battery business reported double digit growth in revenue, aided by strong volume expansion both in Four-wheeler and Two-wheeler batteries in the replacement market, while the OEM demand continued to be sluggish. The trading volume in home UPS business suffered due to unfavorable season on account of mild summer and good monsoon. The supplies of Two-wheeler batteries to Honda Motors have picked up momentum in line with their throughput enhancement, the company said in a statement.
Amara Raja Batteries said that the company's effort to enhance the capacities of Two-wheeler battery in the existing plant has witnessed some delay and is likely to go on stream by end January 2014. The enhanced capacities will support the company to commence business with other major Two-wheeler OEMs and to grow the aftermarket business in a big manner, it said. The green field project for enhancement of Four-wheeler capacity is progressing as per schedule and is likely to commence production by Q2 of next financial year, the company said in a statement.
The Industrial battery business has also reported double digit revenue growth despite capacity constraints and subdued demand for UPS batteries. The company said it has substantially enhanced the quality of business through various initiatives in the market coupled with internal efficiencies to improve overall profitability. The company's Quick Recharge series of telecom batteries (Powerstack) are gaining acceptance from all tower companies and operators enhancing the demand, it said. While the OEM demand in UPS sector is under stress, the preference for the company's UPS batteries (Quanta) in replacement market is encouraging, the company said in a statement.
Commenting on the company's Q2 performance, Mr. Jayadev Galla, Vice Chairman and Managing Director, Amara Raja Batteries said, I am happy to note that our sustained good performance continues to be in line with our annual plan and expectations, despite slowing economy, volatile rupee and sluggish demand in the automotive and UPS OEM sectors. The ongoing agitation for a united state of Andhra Pradesh in the Chittoor district has, so far, not had any major impact on the operations of the Company, largely supported by the credibility enjoyed by the organization.
Amara Raja Batteries said it is confident of continuing its growth in industrial battery business enabled by the ongoing capacity expansions and preferred vendor status built over the years both in the Telecom and UPS sectors. The Medium VRLA battery capacity expansion project will be completed in January 2014 with about 4 months delay due to conscious change in specifications and delay in supply of certain key equipment. Also the Large VRLA expanded capacity will support the business from February 2014, the company said in a statement.
Natco Pharma's consolidated net profit rose 28.57% to Rs 27 crore on 1.57% decline in revenue to Rs 188 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
The EBITDA (earnings before interest, taxation, depreciation and amortization) margins have expanded to 31% of the revenue in Q2 September 2013, from 26% of revenue in Q2 September 2012.
MT Educare's consolidated net profit rose 6.53% to Rs 9.62 crore on 32.54% growth in revenue from operations to Rs 60.89 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
Shares of SRS Finance will be listed and admitted to trading on BSE in the list of 'T' Group Securities with effect from today, 18 November 2013.
Bosch on Friday, 15 November 2013 said that workmen of the company's Bangalore plant have resorted to a 'Tool Down' strike with effect from second shift of 14 November 2013, without giving any prior notice to management. In view of the Union's illegal and unjustified strike, the management of the company has decided to shut down plant operations for workmen at Bangalore plant with effect from night shift of 14 November 2013 till further notice. Efforts are in hand to resolve the matter and restore normalcy at the earliest, the company said.
Mastek said on Saturday, 16 November 2013 that a major North American customer is reprioritizing its multi-vendor transformation program. While the company is yet to receive an official intimation from the client, the replanning by the customer is likely to result in the work being put on hold and as a result impact the revenue of the North American business. The company is engaged in discussions with the customer to better understand their plans and the impact of the pending changes on the company's plans - a clear picture is expected to emerge in next six to eight weeks, The company continue to have a strong relationship with the customer and company's solution continues to have customer's confidence. Mastek continues to see good momentum in its insurance business in North America and is expecting key wins in the next few months.
State Bank of Mysore said after market hours on Thursday, 14 November 2013 that the bank has increased the base rate by 10 basis points (bps) from 10.15% to 10.25% effective from 16 November 2013. There is no change in the benchmark prime lending rate (BPLR) which is presently at 15%.
Bhushan Steel's net profit declined 70.19% to Rs 60.06 crore on 10.99% fall in total income to Rs 2276.60 crore in Q2 September 2013 over Q2 September 2012. The company announced result after market hours on Thursday, 14 November 2013.
Bhushan Steel also said after market hours on Thursday, 14 November 2013 that the board of directors of the company at its meeting held on 14 November 2013 has considered and approved to raise further equity shares for sum not exceeding Rs 1000 crore by way of right Issue at such premium as may decided by committee constituted by the board for the purpose.
Unitech's consolidated net profit declined 48.01% to Rs 25.57 crore on 10.39% growth in total income to Rs 633.41 crore in Q2 September 2013 over Q2 September 2012. The result was announced after market hours on Thursday, 14 November 2013.
Unitech said it has a healthy balance sheet with a net debt to equity ratio of 0.54. Net debt as of 30 September 2013 was Rs 6240.02 crore.
Commenting on the company's Q2 results, Mr. Sanjay Chandra, MD, Unitech said, Prevailing challenging macro-economic environment had a strong bearing on the demand for real estate in the company's key markets during the second quarter. With the onset of the festive season, there has been a gradual improvement in demand and the company has been taking measures to boost sales. Company has recently resumed launch of new residential projects and the initial response has been quite encouraging.
Mr. Chandra added, I am particularly pleased with our performance on the commercial office space leasing as well as sales during the quarter. A number of blue chip multinational companies have leased space in our projects. Demand for office space is a good lead indicator of employment generation and residential demand in that area. We, therefore, expect the healthy growth in office space leasing in our projects to lead to an increase in demand for our residential projects in the neighborhood.
AVT Natural Products on Friday, 15 November 2013 said it has launched an exclusive range of condition-specific Health Supplements under the brand name Optim Health, in select cities. The range, targeted at consumers residing in the top cities seeking good health & living, will be distributed through leading Chemists and Modern Trade stores, the company said. The launch is initially limited to Bangalore, Hyderabad, Mumbai and Pune and will be scaled up in phases. Focused marketing activities will support the launch, the company added.
Sintex Industries on Friday, 15 November 2013 said that Credit Analysis and Research (CARE) has assigned the revised rating of CARE AA to the long term bank facilities and non-convertible debentures of the company, indicating the high degree of safety regarding timely servicing of financial obligations and re-affirmed short term debt/commercial paper rating of CARE A1+ indicating very strong degree of safety regarding timely payment of financial obligation, Sintex said.
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