MUMBAI: Brokerage firm India Infoline today said its consolidated net profit after tax and minority interests grew 12.70 per cent to Rs 67.06 crore for the third quarter ended December 31, 2010, over the corresponding period a year ago. The group had a consolidated net profit from ordinary activities after tax and minority interests at Rs 10.77 crore for the same quarter last fiscal, India Infoline Limited said in a filing with the National Stock Exchange. Total income of the group increased to Rs 459.58 crore for the quarter under review from Rs 289.58 crore for the same period previous fiscal. For the nine-month period ended December 31, 2010, consolidated net profit from ordinary activities after tax and minority interests declined to Rs 164.34 crore from Rs 169.21 crore in the same period previous year. Consolidated total income ros...
BIJAPUR: Korean steel major Posco is in talks with Karnataka to set up a 6-million tonnes per annum plant at an estimated investment of Rs 32,000 crore, after plans for a unit in Orissa got stalled over environmental issues, State Industries Minister Murugesh Nirani said today. The firm has identified three potential sites -- at Gadag, Bijapur and Bagalkot -- for the project, he told reporters here today. The firm has already deposited Rs 60 crore with the Karnataka Industrial Area Development Board (KIADB) for acquisition of the land required for the project, he said. He said there was no opposition from farmers over acquisition of their land for industrial purposes. On an unrelated note, Nirani said the district will soon get a government-sponsored Tools and Training Centre , for which Rs 5 crore ha...
MUMBAI: India Inc is bracing up for repayment of foreign currency convertible bonds (FCCBs) as they fast approach the maturity or conversion dates in 2011. Many of them are discussing refinance options in a market facing liquidity and inflationary pressures. And these companies may be left with no option but to buyback or repay bondholders as their stocks are trading lower than the price at which these bonds would convert into equity shares. It is estimated that Indian companies raised over $20 billion in FCCBs in the four years preceding the market crash of 2008. The FCCB binge had peaked around 2006-07, with these bonds raised then coming up for conversion five years later. Most of these were zero coupon bonds with significant redemption premium, which effectively accounts for yield-to-premium ( YTM )) for bond-holders. Jubilan...
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