Ashok Leyland net profit drops 21% at Rs 380 crore in December quarter
Posted on 20th February 2019 |
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| Ashok Leyland, the commercial vehicle (CV) maker from the Hinduja Group, reported a 21.5 per cent decline in net profit at Rs 380.8 crore during the quarter ended December 31, 2018, as compared to Rs 484.9 crore during the same quarter of last year. Total income declined 12.3 per cent to Rs 6,346 crore. Gopal Mahadevan, chief financial officer, said: “Cumulative growth in TIV (total industry volume) till December was 25 per cent, which is significant. The light CV (LCV) business is gaining momentum, with market share in (Leyland’s) Dost segment touching 19 per cent in Q3 (December quarter). Our financial performance has been satisfying, given the twin challenges of pricing pressure and higher input costs; we continue to post double-digit Ebitda (operating earnings) margins. Our strong balance sheet position continues and we are preparing for growth next year." Revenue from LCVs is now higher than that from buses. The company says it is looking for ways to overcome a dependence on one segment of products. The expected capital expenditure (capex) in 2018-19 is around Rs 1,000 crore. That includes new products, the LCV segment and research and development for the coming BS-VI vehicle emission norms. Till date (the financial year ends March 31), the capex has been Rs 600 crore, Mahadevan said at an investor call. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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