Tag: agr

Aditya Birla group firm UltraTech Cement Ltd on Wednesday reported a 42% decline in its consolidated profit after tax (PAT) at ₹759 crores for the quarter ended September 2022, as against ₹1,310 crore in the year-ago quarter. On a sequential basis, UltraTech's profit was down 52 percent from Rs 1,582 crore in the April-June period. Its revenue from operations rose 15.61 percent to Rs 13,892.69 crore during the quarter under review as against Rs 12,016.78 crore in the corresponding period of the last fiscal. The sharp fall in the net profit was due to higher costs and weak profitability. The cement major’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter dropped more than 31% YoY to Rs 1,866.64 crore. The operating margin shrunk by a whopping 914 basis points to 13.4%. Read more

UltraTech Cement shares rose as much as 6 percent on Friday after the company’s quarterly earnings beat estimates on all parameters during the June quarter. It reported a net profit of Rs 1,582 crore for the quarter that ended June 2022 7.45 percent lower than Rs 1,700 crore in the same quarter of last year. Its revenue from operations was up 28.18 percent to Rs 15,163.98 crore during the quarter under review as against Rs 11,829.84 crore in the corresponding period of the last fiscal. Profit before interest, depreciation, and tax was at ₹3,204 crores compared to ₹3,512 crores.UltraTech Cement’s total expenses were at Rs 12,980.06 crore, up 36.51 percent in Q1 FY23 as against Rs 9,508.26 crore. Read more

Shares of Bharti Airtel hit a new record high of Rs 638.60, on the BSE in the intra-day trade today(13th August 2021), after the company announced the closure of its agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in three circles to Jio. Bharti Airtel in a statement said the company has received Rs 1,004.8 crore from Jio for the proposed transfer. In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum, the company said. In the past month, the stock of Bharti Airtel has outperformed the market by surging 20 percent, as compared to a 4.8 percent rise in the S&P BSE Sensex. Read more

Shares of Tata Group companies, on Friday, rallied up to 6 per cent in intra-day trade on the BSE after the Supreme Court announced its verdict in favour of the Tata Group in the high-profile Tata vs Cyrus Mistry. Indian Hotels was the biggest gainer, rising 5.75 per cent, followed by Tata Steel, Tinplate, Tata Steel BSL, Tata Motors, Tata Power, Nelco, Tata Communication, Tata Coffee, Titan and Tata Chemicals NSE 1.79 % that gained 3-6 per cent. The Supreme Court's verdict in the nearly five-year-old case puts an end to the corporate war between Tata Group and the Mistrys. A bench headed by Chief Justice SA Bobde also dismissed the appeals moved by the SP Group and Cyrus Investments. Read more

Aditya Birla group firm Hindalco Industries Limited on Monday announced that it plans to invest Rs 730 crore to set up a 34,000-tonne extrusion plant at Silvassa in Dadra and Nagar Haveli union territory. In a regulatory filing, Hindalco said the new plant will service the fast-growing market for extruded aluminium products in the western and southern regions. Hindalco said the aluminium extrusion market in India is expected to grow exponentially – from the current level of around 373,000 tonnes to reach about 850,000 tonnes by 2030. The Silvassa project is a step towards Hindalco’s downstream strategy as the company revives its long-term downstream investment plan and also to build a larger value-added product portfolio over the next few years, it said. "Over the next few years, as part of our downstream strategy, we intend to enhance our capacity from over 300,000 tonnes currently, to more than 600,000 tonnes with investments of around ₹7,000 crores," Pai said. Read more

While the economy has been partly liberalised since opening up to the world in 1991, the process has largely bypassed the three-fifths of Indians who depend for their livelihoods, directly or indirectly, on farming. In September, the government finally introduced a much-needed set of changes to how agriculture is organised and how produce is sold in India. Now tens of thousands of agitating farmers have marched upon New Delhi in protest. The protests may have less to do with the recent reforms, which allow farmers to enter into direct contracts with purchasers and which eliminate the monopoly government warehouses previously held on the wholesale trade, than those that may becoming. The answer isn’t for the government to reverse course — it’s to go further. Read more

Wipro, the fourth largest Bangalore based IT services company in India, has reported a 3.2 per cent sequential growth in consolidated profit for the quarter ended September 2020, and also announced a share buyback of Rs 9,500 crore. Consolidated profit increased to Rs 2,465.7 crore for the quarter, compared to Rs 2,390.4 crore in the previous quarter. Wipro's gross revenue rose 1.4 per cent sequentially to ₹ 15,110 crores and revenue from IT services increased 3.7 per cent to $1,992.4 million. Wipro will buy back 23.75 crore shares or 4.16 per cent of the total paid-up capital. at ₹ 400 per equity share, the company said in a press release. The record date of the said buyback was not fixed. Wipro also announced that the company entered into a definitive agreement to acquire Eximius Design India private Limited, an engineering services company with expertise in semiconductor, software and systems design for a total consideration of about ₹100 crores. Read more

Walmart is in talks with Tata Group for a potential investment of up to $25 billion in a proposed super app. As per discussions reported between the two companies, the super app could be launched as a joint venture between Tata and Walmart, leveraging on the synergies between Tata's e-commerce business and Flipkart, Walmart's e-commerce unit, according to the report. The news comes as Reliance Industries Ltd, controlled by Asia's richest man Mukesh Ambani, raised over $20 billion from investors including Facebook, Alphabet's Google, KKR & Co and Silver Lake Partners by selling stakes in its digital business Jio Platforms. The super app, which is scheduled to be launched in India in December or January, will bring together Tata's consumer business under one channel offering a wide range of products in the retail space, Mint said. Tata's consumer businesses include watch and jewellery brand Titan and fashion retail chain, Trent. Read more

The Indian Army and the Chinese People's Liberation Army(PLA) have been locked in a tense standoff in multiple areas along the Line of Actual Control(LAC) in eastern Ladakh since early May. The two countries agreed to a five-point plan for resolving the prolonged border face-off in eastern Ladakh that included abiding by all existing agreements and protocol on management of the frontier, maintaining peace and tranquility, and avoiding any action that could escalate matters. The plan was finalised during the talks between External Affairs Minister S Jaishankar and his Chinese counterpart Wang Yi in Moscow on Thursday evening on the sidelines of a Shanghai Cooperation Organisation (SCO) meet. Read more

Shares of Bharti Airtel Ltd. gained 7 per cent to Rs. 555, a biggest single-day gain since May, while Vodafone Idea Ltd. hit a lower circuit of 20 per cent after the Supreme Court granted telecom operators 10 years to pay thousands of crores worth of pending dues. The apex court said telcos should pay 10 per cent of the AGR-related dues by March 31, 2021. It further added that every year by February 7 a payment has to be made. The chairmen of the telecom companies will have to give undertakings for payments, according to an order by the three-judge panel headed by Justice Arun Mishra. Default on payment instalments will invite interest, penalty and contempt of court. According to the DoT’s calculations, Bharti Airtel owes the exchequer Rs 43,780 crore, of which the company has paid Rs 18,004 crore. Vodafone Idea has paid Rs 7,854 crore of its Rs 50,399 crore dues.Market experts think the ruling will certainly put pressure on Vodafone Idea which owes more than Rs 50,000 Read more

Today (1st September 2020) the Supreme Court allowed the companies to clear their adjusted gross revenue (AGR) dues in ten years and begin by making an upfront payment of 10 percent of the total dues. Telecom companies have to give an undertaking for paying the AGR dues as per the SC order. The payment timeline begins from April 1, 2021, and the first installment needs to be paid before March 31, 2021. In a stern message to the telecom companies, SC said that any default in payment would invite interest, penalty, and contempt of court. According to the DoT’s calculations, Bharti Airtel owes the exchequer Rs 43,780 crore, of which the company has paid Rs 18,004 crore. Vodafone Idea has paid Rs 7,854 crore of its Rs 50,399 crore dues. Tata Teleservices has paid about Rs 4,197 crore and the balance is about Rs 12,601 crore. Read more

A consensus seems to have emerged in the govt and the telecom firm on the need to save the financially stressed sector. The Union government is of the view that there can be a debate on the quantum of payment and penalty but not on the fact that the companies have to make the payments. Finance Ministry were looking at many steps to bring back the sector on track and that a ‘’monopoly’’ situation was not desirable. A telecom fund to give loans to operators is among the measures being discussed.

In a blow to Bharti Airtel and Vodafone Idea, the Supreme Court on 14th Feb rejected their plea seeking a staggered option for paying dues linked to adjusted gross revenue (AGR). Vodafone Idea announced on 15th Feb that it would pay its AGR dues to the government in the next few days in line with the Supreme Court order. Now the public sector companies that hold telecom licence primarily for their own network also received a letter by DOT, issued following Friday’s Supreme Court order, to pay their dues immediately. Oil India has to pay Rs 48,000 crore as AGR dues.GAIL has been asked to pay Rs 1.72 trillion, nearly four times its net worth of ~44,092 crore, and nearly three times its revenue. Power Grid has been asked to shell out nearly ~22,170 crore. This is almost equivalent to its revenue and over three times its net profit. Thus the outgo from these companies could not only wipe out their surplus but create distress in other sectors also.