Essar Oil reported net loss of Rs 3986 crore in Q3 December 2011, compared with net profit of Rs 273 crore in Q3 December 2010. Net sales rose 5% to Rs 13119 crore in Q3 December 2011 over Q3 December 2010.
CRISILs consolidated net profit rose 10.4% to Rs 55.81 crore on 30.4% growth in total income to Rs 233.65 crore in Q4 December 2011 over Q4 December 2010.
Kingfisher Airlines faced the combined wrath of passengers and the government as the fifth day of flight cancellations on Monday prompted travel firms to shut their doors on the airline. The Directorate General of Civil Aviation (DGCA), the countrys top aviation regulator, summoned the airlines boss for an emergency meeting on Tuesday and said the company was not following the revival plan submitted to the regulator.
Syndicate Bank said it planned to raise Rs 540 crore through an issue of preferential shares to the government.
Allahabad Bank said its board would meet on Wednesday (22 February 2012) to consider issue of shares to Life Insurance Corp of India on a preferential basis.
NTPC said that its appeal has been allowed in the Supreme Court of India in the case against Ansaldo Caldale Boilers India on 16 February 2012 and the impugned judgement of High Court was set aside.
Coal India (CIL), on 31 January 2012, finalized the wage agreement for its 3.63 Lakh strong non-executive work force by giving a 25% increase on gross wages as of 30 June 2011. The wage hike that would be effective retrospectively from 1 July 2011 is for a five-year period.
The National Coal Wage Agreement (NCWA) IX was inked in New Delhi between the Central trade unions representing the coal workers and the Management of the coal sector behemoth, CIL, in the Joint Bi-partite Committee for Coal Industry (JBCCI) set up for the purpose. The trade unions are AITUC, INTUC, HMS and CITU.
The minimum basic in NCWA IX now will be Rs. 15,712 per month, an increase of 88% from Rs. 8,360 of NCWA VIII. The minimum guaranteed benefit in the new wages would be 25% of total emoluments as on 30 June 2011, (Basic + DA + SDA + Attendance Bonus) when NCWA VIII came to an end. The other important highlights of the agreement are a special allowance of 4% of revised basic; HRA of 2% of the basic pay for those who have not been provided with residential accommodation in other than urban area; post retirement medicare scheme for retired non-executives and their spouses to be finalized within 3 months. The annual increment has been fixed at 3% of the basic. All the other fixed monetary allowances are increased by 88%. The financial outflow on account of wage revision will be approximately Rs 6 500 crore per annum.
JSW Steels board approved to avail an external commercial borrowing (ECB) of $275 million (including a green shoe option of $75 million) with a convertibility option. The term of ECB is five years plus 1 day from the date of drawdown. The company said the ECB will be used to buyback of outstanding foreign currency convertible bonds (FCCB), redemption of outstanding FCCBs and capital expenditure.
PG Electroplast said that CRISIL downgraded its rating on the companys bank facilities to CRISIL BB/Stable/CRISIL A4+ from CRISIL BBB-/ Positive/CRISIL A3.
Moser-Baer (India) said that after a slowdown in 2010-11, the company has witnessed a major upsurge in its core optical media business, resulting in a significant turnaround, and also sees growth opportunities in certain product markets. Accordingly the company has approached its bankers to restructure its payment obligations, and align its secured liabilities with its business growth and cashflows. The companys key banks have been supportive of the restructuring, based on which the company has on 18 February 2012 provided its consent to its bankers to approach the appropriate authority, to finalize the plan and restructure its debt. Further, Moser Baer Photo Voltaic Limited (MBPV, one of MBILs subsidiaries), which is primarily engaged in the business of manufacturing photovoltaic cells and modules, has also taken action to restructure its debt. Murudeshwar Ceramics board have approved to allot 40 lakh equity shares and 105 lakh convertible share warrants to Murudeshwar Power Corporation on preferential basis. The equity shares/convertible share warrants will be priced as per Securities and Exchange Board of India (Sebi) eegulations.
Asian Granito India has entered into a joint venture agreement with Italy-based Panariagroup Industries Ceramiche S.P.A. for marketing and sale of tiles.
Shriram EPCs board approved a significant investment in Sree Jaya Jothi Cement through equity/convertible instruments directly or through its associates, by converting part of company existing dues. This will be subject to the approval of the shareholders through postal ballot.
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