CMCs consolidated net profit rose 26.79% to Rs 41.37 crore on 10.83% rise in net sales to Rs 395.84 crore in Q3 December 2011 over Q2 September 2011.
ING Vysya Bank, South Indian Bank, Dewan Housing Finance Corporation, Motilal Oswal Financial Services and Reliance Industrial Infrastructure, among others, will declare their October-December 2011 quarter results today, 16 January 2012.
Shares of private sector banks will be in focus after the Reserve Bank of India (RBI) on Friday, 13 January 2012, issued guidelines that seek to limit variable pay and stop guaranteed bonuses to senior staff of private sector banks. Variable pay, either in the form of cash or stock-linked instruments, shouldnt exceed 70% of the fixed pay in a year, the Reserve Bank of India said in a press release. Under the guidelines, stock options plans to employees wont be counted as part of variable pay. In cases where the variable pay is in excess of 50% of the fixed pay, 40%-60% of the variable pay must be deferred for at least three years, it said.
The RBI has barred banks from offering guaranteed bonuses, which it said were not consistent with sound risk management or the pay-for-performance principles. Foreign banks operating in India will have to declare that their executive compensation conforms with the Financial Stability Board principles, RBI said.
Oil India is reportedly in talks to purchase a 25% stake in shale gas acreage owned by a US-listed company in a deal worth around $200 million.
ONGC and GAIL (India) are reportedly making a joint bid to acquire UK-based Cove Energy Plc. Cove and its subsidiaries are engaged in exploration, development, and production of oil and gas reserves in Mozambique, Tanzania, and Kenya.
Honeywell Automation India said it has lowered the billing rates for services it provides to the units of parent Honeywell International Inc. and other customers with effect from January 2012, and expects the rate cut to affect its 2012 revenue by about 1.5%. These changes to billing rates are carried out after considering prevalent economic conditions, cost pressures and service availability, the company said in a filing. The company, however, did not say what revenue it expects for 2012.
GMR Infrastructure said its subsidiary, GMR Energy (GEL) has commissioned its 25 megawatts (MW) solar power plant at Patan district in Gujarat. The 25-MW grid interactive solar power project has been executed through GMR Gujarat Solar Power, a subsidiary of GMR Energy. The project was awarded to the company in October 2010 under the Gujarat Solar Policy. The company in a release said this plant adopts the crystalline photovoltaic (PV) technology and is situated in the solar park set up by the Gujarat Government at Charanka village in Patan district. The power plant was commissioned on 31 December 2011 and is supplying power to Gujarat UrjaVikas Nigam on a 25-year power purchase agreement under the Gujarat State Solar Policy.
Great Eastern Shipping Company said that its Singapore unit had cancelled the shipbuilding contract for a multipurpose support vessel with state-run shipbuilding yard Mazagon Dock. With this cancellation, the order book of Greatship India, its Singapore unit, and its affiliates stands at four vessels and one 350 feet jack-up rig in Dubai. The four vessels comprise three ROVSVs (remotely operated vehicle support vessels) in Sri Lanka and one anchor-handling tug in Singapore.
Future Ventures India has made further investment in Clarks Future Footwear by subscribing to 12.50 lakh equity shares of Rs 10 each. Clarks Future Footwear is a 50:50 joint venture between UKs C&J Clark International and Future Ventures. It is into marketing and distribution of footwear in India under the brand Clarks.
The board of Fame India has set 25 January 2012 as the record date for rights issue. The company proposes to issue 2.02 crore equity shares on right basis to its existing equity shareholders. Shareholders are entitled to 58 equity shares for every 100 equity shares held as on record date. Each rights share is priced at Rs 44 each. The issue opens on 7 February 2012 and closes 21 February 2012.
IL&FS Investment Managers has acquired 9.36% shareholding in an Indiabulls Real Estates firm that is developing the 8.3-acre Bharat Mills at Worli in Mumbai. IL&FS bought the stake for 200 crore, valuing the project at 2,126 crore.
The board of Reliance MediaWorks approved separating its exhibition and film and media services businesses into subsidiaries. The proposed restructuring is a precursor to inviting investments from strategic and private equity investors who have expressed an interest in specific businesses. The proposed subsidiarisation will better position the company to pursue strategic growth opportunities in its specific businesses and enable the company to enhance its business, revenues and profitability and also expand products and service offerings, the company said in a statement. The transfer of the businesses is subject to shareholder approval.
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