The country's third largest steel producer, JSW Steel, has clocked a net profit rise of 11% at Rs 461 crore in the fourth quarter ending March 31, 2008 as against Rs 413 crore in Q4FY07. The quarter saw the amalgamation of the full years' result of Southern Iron and Steel Company (Siscol) with that of the quarter of JSW Steel following the approval of the amalgamation by the Bombay High Court.
Net sales of JSW for the quarter was up 68% at Rs 4,189 crore as compared to Rs 2,486 crore posted in the corresponding quarter of the previous year. Siscol reported a net turnover (included in JSW's net sales for Q4) of Rs 1,064 crore for the year. Despite a robust growth in JSW's net turnover during the quarter, price reduction in the market in an effort to ease general inflationary pressure, led to a nominal increase in the company's bottom line.
Standalone net profit of the company for the year stood at Rs 1,728 crore, up 33% as compared to Rs 1,292 crore posted in the previous year. Net sales for the same period was at Rs 11,420 crore as against Rs 8,699 crore. Due to duties levied by the government on exports to cool-off high domestic steel prices, JSW would bring down its exports by as much 10-15 per cent of total sales from 26 per cent currently or 948,000 tonne.
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ICICI Securities, the investment banking arm of ICICI Bank, will come out with initial public offer in due course, said CEO of the country’s largest private sector bank K V Kamath. According to him, the bank has not decided on the size of the IPO and when the market conditions are favourable, the bank will consider the IPO.
In January, the board of ICICI Securities had approved the initial public offer and private placement of shares to one or more institutional investors. Soon after the decision, ICICI Bank joint managing director and CFO Chanda Kochhar had said that the shares of ICICI Securities will be listed on the bourses in about six months.
The board had decided to offload 15% of its shares to retail or institutional investors. ICICI Securities, having an equity capital of Rs 61 crore, is a major player in retail broking and has posted revenues of Rs 527 crore during the first nine months of the current fiscal while profits were at Rs108 crore in the same period.
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Public sector Uco Bank posted a 177.4% rise in net profit at Rs 86 crore during the fourth quarter of the fiscal ended March 31, 2008. For the financial year 2007-08, net profit of the bank increased by 30.4% to Rs 412 crore. The bank had to provide for Rs 130 crore for depreciation of securities - mark-to-market losses - in the last few days of the fiscal. The bank achieved a total business of Rs 1.35 lakh crore, up by 20.7% from the previous financial year. Total deposits increased 23.2% to Rs 79,909 crore, while advances grew 17.2% to Rs 55,627 crore. Its non-performing assets were at 1.98%. Increase in yield on advances and return on assets, apart from robust recovery were the main drivers for growth.
The finance ministry is expected to approve the conversion of Rs 300 crore of equity into preference shares. Once this comes through, its capital will come down from 800 crore at present to Rs 500 crore. Additional capital of Rs 100 crore will be raised through a Follow on Public Offer in the third quarter of current fiscal. Meanwhile it is also planning to raise Rs 325 crore through perpetual non-cumulative preference shares by June.
The bank has a capital adequacy ratio of 10.09%, which has made itself Basel -II compliant during the year. As per Basel-II, the capital adequacy was 11.02%. The bank is looking for a 22% and 20% growth in deposits and advances in the current year.
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