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Posted On:
03-05-2024

Ceat Q4 results: Net profit falls 18.8% to Rs 109 cr on higher rubber costs

Indian tyremaker Ceat reported a lower fourth-quarter profit on Thursday, hurt by higher rubber costs.Ceat, whose customers include automakers Maruti Suzuki and Mahindra & Mahindra, is the first Indian tyremaker to report results this quarter. Domestic sales of overall vehicles in India rose more than 20% in the fourth quarter and production climbed more than 21%, according to industry data. Prices of rubber, a key raw material for tyre manufacturers, rose roughly 10% in the quarter, according to analysts. Ceat's fourth-quarter consolidated net profit fell 18.8% to 1.09 billion rupees ($13.06 million) from a year earlier. Analysts had expected a profit of 1.64 billion rupees, according to LSEG data.The company's revenue from operations rose 4.1% to 29.92 billion rupees. Ceat's quarterly expenses rose 3.7% to 27.98 billion rupees, led by a 5.5% climb in raw material costs.
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Posted On:
03-05-2024

ADAI, KKR invest Rs 12,864 crore in Reliance Retail warehousing assets

Abu Dhabi Investment Authority (ADIA) and investment management company KKR have made investments in Reliance Retail Ventures Limited (RRVL) warehousing assets, in a transaction valued at Rs 12,864 crore ($1.5 billion), according to a report in The Economic Times (ET). This investment is separate from the infrastructure investment trust (InvIT) established by RRVL last year, which was intended to accommodate approximately half of its retail warehousing assets.In March, RRVL transferred 11-12 million sq ft of warehousing assets to Reliance Logistics and Warehouse Holdings (RLWH), a company established in December 2022. KKR and ADIA equally invested $1.5 billion in this entity. However, the transaction has not been formally announced yet.According to the report, the acquisition was financed through senior debt amounting to Rs 7,075 crore, equity-like instruments such as subordinated non-convertible debentures (NCDs) totaling Rs 5,275 crore, and the remaining portion through equity infusion. Reliance Projects and Property Management Services Ltd (RPPMSL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL), will handle the operations and maintenance of the assets. KKR and ADIA are investors in both RRVL and Jio Platforms, which oversees RIL’s digital and telecom ventures.
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Posted On:
04-05-2024

Sebi puts seven Adani Group companies on notice for regulatory violations

India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings. The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied.India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings. The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied.vThe company did not give details of the alleged violations or the parties involved. However, it said that management believed the notices had no "material consequential effect" for relevant financial statements and there was "no material non-compliance of applicable laws and regulations". Adani Green Energy, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Wilmar, and Adani Ports have also received notices from SEBI in the first quarter, the companies said in separate filings to the exchanges this week.
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Posted On:
04-05-2024

Go First won't move against HC order, set for fleet deregistration

Go First will not challenge the Delhi High Court order that told the Directorate General of Civil Aviation (DGCA) to deregister all its 54 aircraft by Friday (May 3), and is heading towards liquidation, people in the know told Business Standard. Lenders told the newspaper the only option that remained was liquidation. They said they would lose money when the airline was liquidated since the value of its assets had gone down due to prolonged litigation.“The resolution plan was submitted to revive the airline. The bids were submitted because they saw it as a going concern. With the aircraft deregistered, we are not sure whether it will remain one. Without the aircraft there are only slots available. There is not much value,” said an official of a bank that has an exposure to Go First. The DGCA deregistered all 54 aircraft leased to the now bankrupt airline Go First on Wednesday in the wake of an order issued by the Delhi High Court on April 26. Advocate Diwakar Maheshwari, appearing for the Resolution Professional of the airline, had asked the court to keep the order in abeyance but the court refused to do so.
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Posted On:
06-05-2024

M&M's growth engines roar to life, launches to drive market-share gains

The stock of Mahindra & Mahindra (M&M) has been touching successive all-time highs on the bourses and, over the past year, gained 81 per cent. While the S&P BSE Auto Index has not performed poorly, registering gains of 73 per cent, it still trails the company by 800 basis points (bps) during this period. There are multiple reasons why investors are beating a path to M&M’s counter. The success of launches, the focus on growth, the hopes of a recovery in tractor sales, and below-industry valuations are attracting investor interest. Among the recent triggers are launches and market-share gains.
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