PNC Infra plunges on debut on NSE
Posted on 26th May 2015 |
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| MUMBAI: PNC Infrastructure listed at Rs 387, a premium of 2.38 per cent, against issue price of Rs 378 on the National Stock Exchange. However, the stock plunged 7.14 per cent below the issue price to touch intraday low of Rs 351 on the back of weak market sentiment. PNC Infratech is Agra-based infra player having focus on roads & highways construction. In FY2012, it diversified into BOT-Toll & Annuity projects and in FY2014 into OMT projects. Currently, the company is executing 23 engineering procurement construction (EPC) projects (1 through JV route), 7 BOT projects (including 2 Annuity projects) and 1 OMT project. 3 of the 7 BOT projects are already operational. Another 4 are likely to be operational in the next 12 months. With no more BOT projects in the pipeline, PNC's dependency on BOT projects for EPC works has substantially declined from what it was two years ago. Currently, 12 per cent of the EPC order book comes from in-house BOT projects and this should further decline in the next 1-2 quarters. According to Angel Broking, the stock has potential to get re-rated on account of panning out of possible triggers, which include 1) commencement of Tolling/ Annuity across 4 BOT projects, 2) news flow pertaining to better execution and stable EBITDA margins (at ~13%) and (3) gradual build-up in the company's track-record as a listed entity. |
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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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