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Oil India posts 17 pc jump in Q4 net profit

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New Delhi, May 20 (IANS) Oil India Limited (OIL) has reported a 17 per cent increase in consolidated net profit at Rs 2332.94 crore in the Jan-March quarter of the financial year 2023-24 compared to the corresponding figure of Rs 1,979.74 crore in the same period of 2022-23.

The upstream oil exploration and production company has registered revenue from operations at Rs 10,166 crore, up around 16 per cent from the same quarter last year.

Oil India’s Board of Directors have recommended the issue of bonus shares in the ratio of 1:2 which is one equity share of Rs 10 each for every two existing equity shares of Rs 10, each fully paid up subject to the approval of the company’s shareholders, the oil major said.

–IANS

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Adani Group to build 570 MW green hydro plant in Bhutan, to collaborate on infra projects: Gautam Adani

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New Delhi, June 16 (IANS) Gautam Adani, Chairman of the Adani Group, on Sunday announced the signing of an agreement with Bhutan for a 570 MW green hydro plant, along with collaborating on transformative infrastructure initiatives in the neighbouring country.

Gautam Adani met Bhutan King Jigme Khesar Namgyel Wangchuck and Prime Minister Dasho Tshering Tobgay in Thimphu.

“Absolutely fascinating meeting with Dasho Tshering Tobgay, Hon. Prime Minister of Bhutan. Signed an MoU with Druk Green Power Corporation Limited (DGPC) for a 570 MW green hydro plant in Chukha province,” he posted on X.

“Admirable to see @PMBhutan advancing the vision of His Majesty The King and pursuing broad ranging infrastructure initiatives across the kingdom,” the Adani Group Chairman added.

The Adani Group is looking forward to working closely on hydro and other infra projects in Bhutan. Gautam Adani further said that he was honoured to meet the King and was inspired by his vision for Bhutan and the “ambitious eco-friendly masterplan for Gelephu Mindfulness City, including large computing centres and data facilities”.

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“Excited to collaborate on these transformative initiatives, as also on green energy management for a carbon negative nation,” he said. In November last year, Gautam Adani met the King and said he was excited to explore opportunities for the Adani Group to contribute to green infrastructure development for “one of our happy and warm neighbours”.

–IANS

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In talks with Paytm to acquire its movies and events biz: Zomato

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New Delhi, June 16 (IANS) Online food delivery platform Zomato on Sunday confirmed that it is in discussions with financial services major Paytm for acquiring its movies and ticketing business but “no binding decision has been taken at this stage”.

In a stock exchange filing, the company said the discussion to acquire Paytm’s movies and ticketing business is being undertaken “with an intent to further strengthen our Going-out business and is in line with our stated position of focusing only on our four key businesses currently.”

Reports earlier claimed that the potential deal could value Paytm’s movies and ticketing business at around Rs 1,500 crore.

However, Zomato did not divulge any financial details at this stage.

“We acknowledge that we are in discussions with Paytm for the aforementioned transaction, however, no binding decision has been taken at this stage that would warrant a Board approval and subsequent disclosure in accordance with applicable law,” said Zomato in its filing.

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If finalised, this acquisition would be Zomato’s second-largest purchase, following its acquisition of quick commerce platform Blinkit in 2021, which was an all-stock deal worth Rs 4,447 crore.

Meanwhile, Zomato has invested Rs 300 crore in Blinkit, as this segment is projected to surpass its core food delivery business.

Additionally, the company will also infuse Rs 100 crore in Zomato Entertainment, its events arm, which specialises in curating and selling tickets for concerts, parties, and festivals.

–IANS

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Zomato may buy Paytm's movie ticketing business: Reports

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New Delhi, June 16 (IANS) Online food delivery platform Zomato is in advanced discussions to buy Paytm’s movie ticketing and events business, according to multiple reports.

This move aligns with Zomato’s plan to expand its ‘going out’ offerings.

The potential deal could value Paytm’s vertical at around Rs 1,500 crore, as per reports.

Zomato or Paytm were yet to comment on the reports.

If finalised, this acquisition would be Zomato’s second-largest purchase, following its acquisition of quick commerce platform Blinkit in 2021, which was an all-stock deal worth Rs 4,447 crore.

Meanwhile, Zomato has invested Rs 300 crore in its quick commerce arm, Blinkit, as this segment is projected to surpass its core food delivery business.

The board of the company has approved the investment of Rs 300 crore in Blinkit Commerce, as per filings with the Registrar of Companies accessed via TheKredible.

Additionally, Zomato will also invest Rs 100 crore in Zomato Entertainment, its events arm, which specialises in curating and selling tickets for concerts, parties, and festivals.

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–IANS

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First-ever direct flight between India and Cambodia launched

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Phnom Penh, June 16 (IANS) Cambodian Deputy Prime Minister Neth Savoeun and Indian Ambassador to the country Devyani Khobragade launched the first-ever direct flight between Phnom Penh and New Delhi on Sunday.

The flight between the two capitals will be operated four times a week by Cambodia’s national flag carrier Cambodia Angkor Air.

Several members of the Indian community also joined the flight inauguration ceremony which not only marks ease of travel for tourists but also strengthens the historic ties between the two countries.

The Embassy of India in Phnom Penh hailed the development as a “historic moment”, citing India’s “Act East” Policy.

A statement released by Angkor Air said that the new connection will make the Angkor Archaeological Park, a UNESCO-listed world heritage site, more accessible to Indian tourists and also provide Cambodian patients better access to medical treatments in India.

“With both nations’ rich histories and mutual interests, Cambodia Angkor Air is optimistic about the potential and positive impact of this new service,” the statement said.

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Citing India’s involvement in the restoration of Angkor Wat and Preah Vihear temples in Cambodia depicts the cultural and linguistic connect, Prime Minister Narendra Modi has time and again spotlighted the historical and civilisational links between the two countries.

–IANS

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Markets need correction but current momentum indicates otherwise

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New Delhi, June 16 (IANS) After the sharp gains witnessed in the previous week, markets were circumspect this time around but continued to post gains. Markets are at lifetime highs, and in the previous week, one saw the market breadth gaining substantially.

One reason for the above could be the fact that key portfolios of the Cabinet have been retained by the ruling party, and there is no significant change in ministers. This implies continuity. Probably, that explains why the markets rallied and why one saw such huge momentum. The market believes that the policies and thinking of the government in Modi 3.0 would be on similar lines as in the previous stint, even though this is a coalition government.

Sensex gained on three of the five trading sessions and lost on two, while NIFTY gained on four sessions and lost on one session. BSESENSEX gained 299.41 points or 0.39 per cent to close at 76,992.77 points, while NIFTY gained 175.45 points or 0.75 per cent to close at 23,465.60 points. The broader indices like BSE100, BSE200 and BSE500 gained 1.29 per cent, 1.68 per cent and 2.02 per cent. BSEMIDCAP gained 4.41 per cent, while BSESMALLCAP was up 5.07 per cent.

In the benchmark indices, one is seeing a churning of heavyweight stocks. In the previous week, the top gainers were FMCG and IT stocks. This week, they were under pressure, and we saw cement shares rallying. I believe this rotation will continue till the announcement of the budget and the onset of Quarter One results for the April to June Quarter.

If there is one serious concern in the market, it’s the fact that valuations have run up quite sharply, and we have not seen any meaningful improvement in results, which indicates a solid improvement in earnings growth.

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The Indian Rupee lost some ground and was down 19 paise or 0.23 per cent to close at Rs 83.56 to the US Dollar. There appears to be clarity in the US markets that there would be no immediate rate cut and that in the current calendar year, there would be just one rate cut. Dow Jones lost 209.83 points or 0.54 per cent to close at 38,589.16 points. Dow gained on just one of the five sessions and lost on four.

In primary market news, we had one issue which opened and closed for subscription last week. The issue from Le Travenues Technologies Limited was subscribed 98.1 times overall. The QIB portion was subscribed 106.73 times, the HNI portion was subscribed 110.25 times, and the Retail portion was subscribed 53.95 times. There were 26.75 lakh applications overall.

In the week ahead, we begin the week with a trading holiday on Monday. This will shorten the week and increase volatility to some extent. There are three issues which are opening in the coming week. The first of the lot is the issue from DEE Development Engineers Limited, which is tapping the capital markets with its fresh issue of Rs 325 crore and an offer for sale of 45.82 lakh shares in a price band of Rs 193-203.

The company is in the business of piping solutions for the oil and gas sector, chemical sector and supercritical and power sector. It also makes structural towers for the wind energy space. It began operations in Haryana and has now expanded operations into Kutch in Gujarat. This place is strategically located with two ports, Kandla and Mundra, in the vicinity, customers for wind energy having their sites in the vicinity, and major steel suppliers being in a 25-kilometre radius. The location helps in reducing costs on account of inward transportation significantly.

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The expansion happening at Kutch will take about 6-8 months to fructify. I believe the company has a great future, and it will do well after the commissioning of the new plant. The numbers of the company would reflect improved scale and efficiency for the year ended March 26. Only if you have an investment horizon of 18 months or more should you invest now. There may always be listing gains looking at the market mood, but otherwise, investment is for the medium to long term.

The second issue is from a NBFC based out of Rajasthan, Akme Fintrade (India) Limited. The company is raising through a fresh issue of 1.1 crore shares in a price band of Rs 114-120. The issue opens on Wednesday, June 19 and closes on Friday, June 21.

The NBFC space is crowded, and recent issues in this space have not done well. The company and its merchant banker have chosen not to have a roadshow in Mumbai for this issue. This speaks volumes for their confidence in marketing the issue. One wishes them luck.

The third issue is from Stanley Lifestyles Limited, which is tapping the capital markets with its fresh issue of Rs 200 crore and an offer for sale of 91,33,454 shares in a price band of Rs 351-369. The issue opens on Friday, June 21 and closes on Tuesday, June 25.

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The company is a bespoke manufacturer of super-premium and luxury furniture brands in India. It’s a home-grown brand, and a little over half its revenues come from sofas and recliners. The company crafts its products as per the requirements of its customers, and everything’s made to order.

The business has been growing, and with funds being raised to open more stores, benefits of the same would be available as time passes. The company is in a niche segment where luxury defines markets. Take a measured call, as growth in revenues will not be a factor of perpendicular growth.

Coming to the markets in the week ahead, as mentioned earlier, it would be a four-day week. Momentum and market breadth are in favour of the bulls, and there seems to be no letting go of them as of now. However, the run-up has been fast and other than the sharp one-day correction on June 4, no meaningful corrections as of now.

Market corrections come suddenly and without warning. Will it happen this week or the next? Not sure. Keep one ear to the ground and prepare for the same because that could be sharp and meaningful. Until that happens, ride the wave as long as the going is good.

A simple strategy for the period ahead would be to ensure that you have no overnight exposure, as markets could open gap-up or gap-down. This could be dangerous. Trading opportunities would exist galore and provide plenty of trades to be facilitated. Use the opportunities to trade and await the correction when it comes.

Trade cautiously.

(Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)

–IANS

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