United Breweries, a company that sells Kingfisher beer, did well on the sales front but operating margins dipped in the June 2009 quarter. The company’s sales during the quarter grew by 17.2% to Rs 556 crore. The company, which sold Rs 1,700 crore worth of the liquid in 2008-09, said that it sold 12% more beer during the quarter over the corresponding previous period, twice the industry average. Strong beer sales grew by 25%.
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Bharti Airtel’s performance dented by rising costs and capex
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Bharti Airtel’s results tell a different story, based on whether you compare it with the previous quarter or June 2008. Its performance seems to have improved compared to March but has deteriorated when compared to a year ago. It does appear that Bharti’s operating performance in 2009-10 will be lower, compared to the previous year.
Filed under: Companies, Telecom, Top News, Bharti Airtel, June 2009, mobile telephony, Results
Wipro stays true to forecast, hikes September guidance
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Wipro’s performance in the June 2009 quarter was good, with revenues falling between the range it had given in April 2009. The stock markets, however, seemed to have bargained for more, as the stock is down about 2%. Measured in constant currency terms, IT companies have reported modest performances in the June 2009 quarter, but when you translate them from currencies like pounds, euros and Australian dollars to USD and then to rupees, the effect can be quite significant.
Filed under: Companies, Information Technology, News Analysis, Azim Premji, June 2009, Results, Wipro
Tata Power to raise $250mn through a GDR issue
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It seems to be the season of GDR issues, just like it was the season of ECBs (external commercial borrowings) and FCCBs (foreign currency convertible bonds) a few years ago. After Tata Steel and Suzlon Energy, Tata Power has announced its intention to raise $250mn or about Rs 1,200 crore through a GDR issue. It also has a green shoe option allowing it to retain a portion of the oversubscription. Continue Reading →
Filed under: Companies, Quick News, Equity, GDR, Markets Stock Markets, Tata Power
Ultratech’s Q1 net profit up 58%, volumes up 24%
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Ultratech Cement’s sales and profits during the June 2009 quarter grew handsomely. The company is a subsidiary of Grasim Industries, a Aditya Birla Group company. Its net sales grew by 31% to Rs 1953 crore, and net profit rose by 58% to Rs 418 crore. Several factors contributed to its good performance: volume growth (partly due to new capacity), firm prices, excise duty reduction, lower coal prices and power costs.
Filed under: Cement, Companies, Top News, Grasim Industries, June 2009, Results, Ultratech Cement
Ranbaxy to sell generic Norvasc in Canada
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Ranbaxy Laboratories will start selling the generic version of Norvasc, a drug sold by Pfizer Inc and is used to treat hypertension and angina (a heart condition). The drug’s generic name is amlodipine besylate. Ranbaxy said that the Canadian market for amlodopine besylate is CAD $456mn or Rs 2014 crore (1CAD=Rs 44.2). Ranbaxy’s launch is thanks to the European pharmaceutical company, ratiopharm of Germany.
Filed under: Companies, Top News, Amlodopine Besylate, Generic Medicines, Ranbaxy, ratiopharm
Tech Mahindra gets control over Satyam board
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The government has further reduced its role in Satyam Computer Services (rebranded as Mahindra Satyam), after Tech Mahindra completed the open offer process and then followed up by hiking its stake through a preferential allotment. That completes a major part of its task ensuring that Satyam stays afloat.
Filed under: Companies, Quick News, M&A, Mahindra Satyam, Satyam, Satyam Scam, Scam, Tech Mahindra
HCL Axon to acquire SAP practice of UCS Solutions
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HCL Axon, a software company implementing SAP and a subsidiary of HCL Technologies, has acquired the enterprise solutions SAP practice from UCS Solutions, part of the South African UCS Group. The acquired division does SAP implementation for retail and wholesale companies. The consideration is $7.7mn plus an additional payment depending on the growth achieved over two years.
Filed under: Companies, Information Technology, Quick News, Companies International, HCL Axon, HCL Technologies, M&A
Sterlite to raise $1.5bn through overseas offering priced at $12.15
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Sterlite Industries, a non-ferrous metal producer and subsidiary of Vedanta Resources, announced a massive fund raising exercise, with the amount exceeding media reports. The company, with 2008-09 revenues of Rs 21,144 crore or $4.4bn, has said it will raise about $1.5bn with the promoter subscribing to $500mn or about one-third of the issue. The issue will be priced at $12.15 or Rs 583 per ADS. Continue Reading →
Filed under: Companies, Top News, ADS, Markets Stock Markets, Public Issues, Sterlite, Vedanta
Bajaj Finserv’s income jumps 59%, moves from loss to Rs 42 crore profit
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Bajaj Finserv, the financial services company spun off from Bajaj Auto, reported good results for the June 2009 quarter. Its income –earned from life and general insurance, retail lending and other financial services- rose by 59% to Rs 106.2 crore. Despite a sharp increase in employee costs, its net profit for the quarter was Rs 66.9 crore compared to a loss of Rs 44.1 crore. The key reason for the turnaround in its performance is an increase in its income from investments.
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