Top Headlines :
• Berger Paints is banking on new segments.
• TV18 Broadcast Q4FY17 earnings update: Weak quarter.
• Jain Irrigation acquires 80% stake in 2 US companies.
• IndusInd Bank Q4 in-line with estimates;Asset Quality stable.
• Dalmia Bharat gets notice for step down subsidiary Calcom Cement.
TOP CORPORATE NEWS : -19 April, 2017
IndusInd Bank Q4 in-line with estimates;Asset Quality stable
IndusInd Bank’s net profit rose by 21.1% to Rs751.61 crore for the last quarter ended March of fiscal 2016-17. The bank had registered a net profit of Rs 620.35 crore in the corresponding January-March period of the previous fiscal of 2015-16.
Total income rose 22.4% to Rs5, 041.31 crore Vs Rs4, 120.16 crore (YoY)
Q4 Net Profit misses street estimates by a small margin but NII beats expectation
Provisions at Rs430.1 crore
Gross NPA at 0.93% Vs 0.94% (QoQ)
Net NPAs were 0.39% Vs 0.36% (YoY)
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Dalmia Bharat gets notice for step down subsidiary Calcom Cement
Dalmia bharat: A local authority in the North East have issued notice to its step down subsidiary Calcom Cement for shut down of its plants.
The company is of the view that it has all necessary approvals to run its step down subsidiary’s plants and it will be pursuing legal remedies in
the event that the authority insists for shut down of the said plants.
Berger Paints is banking on new segments
Berger Paints India is planning to foray into new product categories especially in the industrial segment. The company is eyeing an entry into auto-refinish and marine paints through joint ventures that are likely to be finalized by the end of this fiscal.
The company will formalize joint ventures with Japanese majors Rock Paints and Chugoku for entry into the Rs2, 000-crore auto re-finish and the
Rs250-crore marine paints and coatings markets, respectively.
TV18 Broadcast Q4FY17 earnings update: Weak quarter
TV18 Broadcast has reported weak set of numbers of Q4FY17, revenues were down by 7.5% yoy to Rs278.9 crore, while EBITDA down by 76% yoy, with OPM of 7.6% against 28.8% last year.
Net income for the quarter stood at Rs8.4 crore, against Rs82.9 crore in Q4FY16, down 90% yoy. Tax rate for the quarter under review, was at 76.8% against 0.5% in Q4FY16.
Jain Irrigation acquires 80% stake in 2 US companies
Jain Irrigation Systems announced acquisition of 2 of US’s largest micro irrigation dealers – Agri Valley Irrigation and Irrigation Design & Construction for cash consideration of $48.5 million for 80% stake (has call option to buy balance 20%). The combined revenue for 2 entities for CY2016 is $113 million.
The acquisition will be funded through debt/equity in the ratio of 80:20. The EBITDA margins of the two entities stands at 10-11% as against 6-7% made by Jain Irrigation’s US business. Post-acquisition, US will become the second largest geographical market for Jain Irrigation after India.
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