Allcargo Logistics dips on disappointing Q1
Shares of Allcargo Logistics plunged over 3% on the Bombay Stock Exchange after the country’s first and largest integrated logistics solutions provider in the private sector announced that it’s consolidated net profit for the first quarter ended June 30, 2016 fell 8.3 per cent at Rs 61.02 crore from the same period a year ago.
Weighed down by weak Q1, the stocks of company declined as much as 6.52 per cent in intra-day trade to Rs 182.55 per cent on Bombay Stock Exchange.
Indiabulls Housing Finance raises fund via NCDs
Indiabulls Housing Finance has announced that it has raised Rs1600 crore via allotment of non-convertible debentures (NCDs) to fund business expansion.
The company on August 22 allotted secured non-convertible redeemable debentures with a face value of Rs10 lakh each aggregating to up to Rs1, 600 crores plus greenshoe option on private placement basis.
The debentures are proposed to be listed on BSE and NSE.
Railways rationalize only coal freight rates
Cement, Logistics, Commercial Vehicle sectors – Railways clarified that they have only rationalized coal freight rates and not on any other commodities.
Hence no impact on the cement sector (Ultratech, ACC, Ambuja), Logistics (Container Corporation of India, Gateway Distriparks) and commercial vehicle players ( Tata Motors, Ashok Leyland, Eicher Motors).
Bharat Forge receives approval for Scheme of Amalgamation
Bharat Forge has received court approval sanctioning the Scheme of Amalgamation of its 100% subsidiary companies engaged in the infrastructure business viz BF Infrastructure Ventures Limited into BF Infrastructure Limited and their respective shareholders and creditors.
HPCL drops post Q1FY2017 earnings
Shares of HPCL dropped 5.3 % to Rs1150 on NSE despite the company reporting a strong earnings growth of 30% YoY in Q1FY2017. The growth was led by higher sales volume, stable refining margins and a substantial inventory gain.
The net profit for the quarter stood at Rs2, 098.38 crore. It reported gross refining margin (GRM) at $6.83 a barrel and inventory gains increased to nearly Rs 1,100 crore (against Rs600 crore in Q1FY16).
HPCL’s board has also recommended issue of bonus shares in the ratio of two shares for every one share held.
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