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Friday, February 09, 2018

Prabhu for developing auto clusters at east, west coasts
Commerce and Industry Minister Suresh Prabhu yesterday made a case for developing automobile clusters at east and west coasts of India to promote growth and exports from the sector. Prabhu said he would discuss the plan with Andhra Pradesh Chief Minister N Chandrababu Naidu regarding an auto cluster in the state. During the forthcoming partnership summit of CII at Visakhapatnam, "I will talk to the chief minister and we will make sure that we create a global scale infrastructure auto cluster in Andhra Pradesh", he said. He was speaking at the inauguration of auto components expo.

BSE to auction investment limits for Rs 7,000-cr corp bonds
Leading stock exchange BSE will auction investment limits, enabling foreign investors to purchase corporate bond securities worth over Rs 7,000 crore tomorrow. The auction will be conducted on BSE's ebidxchange platform from 3:30 pm to 5:30 pm, after the close of market hours, the exchange said in a circular issued yesterday. The debt auction quota gives overseas investors the right to invest in the debt up to the limit purchased.

ACC Q4 profit rises over 2-fold to Rs 206 cr
Cement maker ACC Ltd yesterday reported over two-fold rise in consolidated profit at Rs 205.69 crore for the quarter ended December 2017. The company had posted consolidated profit of Rs 90.92 crore in the year-ago period, ACC Ltd said in a BSE filing. The consolidated total income of the company during October-December quarter increased to Rs 3,540.24 crore, over Rs 3,102.42 crore in the corresponding quarter of the previous fiscal. "ACC registered revenue growth across categories and geographies with an increased focus on premium products and a targeted approach to customers and markets, delivering strong top-line growth," the company's managing director and CEO Neeraj Akhoury said in a statement.

Emmbi Industries Q3 net rises 63% to Rs. 3.89 cr
Emmbi Industries Limited has posted a 63% jump in its net profit to Rs. 3.89 crore for the third quarter ended December 31. EBITDA during the period grew by 39.26% to Rs 9.26 crore1. 194 bps higher over the same quarter of the previous year. PBT grew by 57.32% in the 3rd quarter to Rs 52.48 million. The Company’s revenue for the Q3-FY18 has increased to Rs.66.57 cr from Rs.55.53 cr in Q3-FY17. This is an increase of 19.89% over same quarter of previous year. For the nine months ended December 2017, the PBT grew by 29.04% to Rs 150.61 million, while the PAT and EPS grew by 29.60% to Rs. 111.99 million and Rs. 6.33 per share, respectively.

Valentine's Day: OnePlus 5T Lava Red
With Valentine’s Day round the corner, OnePlus, a global technology company, yesterday announced the availability of its hugely popular OnePlus 5T Lava Red. Giving more reasons for users to celebrate, the company has announced exciting offers valid from February 7th to 11th where customers can avail instant discounts and no cost EMI on all variant of the OnePlus 5T, including the Lava Red variant. Commenting on the announcement, Vikas Agarwal, General Manager at OnePlus India said, “We are grateful to OnePlus community for making OnePlus 5T the highest rated smartphone on Amazon.in and the best-selling premium smartphone in India. To celebrate Valentine’s Day this year, we are glad to bring back the special edition of the hugely popular Lava Red variant along with some exciting offers including a special referral program on Amazon.in to further reward the loyal OnePlus community.”

Bharat Forge shares soar nearly 8% after Q3 earnings
Shares of auto components major Bharat Forge yesterday advanced by nearly 8% after the company reported 77.39% jump in net profit for the quarter ended December 2017. The scrip jumped 7.73% to end at Rs 760.70 on BSE. During the day, it soared 8.21% to Rs 764.10 -- its 52-week high. On NSE, shares of the company rallied 7.77% to close at Rs 761.20. The company's market valuation rose by Rs 2,535.66 crore to Rs 35,410.66 crore following the surge in the stock.

Jio bags digital rights to broadcast Winter Olympics in India
Reliance Jio's live television app Jio TV yesterday said it has bagged digital rights to broadcast the Winter Olympic Games PyeongChang 2018 across India. "JioTV will work with IOC (International Olympic Committee) to provide comprehensive coverage of the Games in India, thus enabling millions to access live and catch-up content on their mobile devices, on the move," a Jio statement said. The Olympic Winter Games -- scheduled to be held from February 9 to 25 in PyeongChang County, South Korea -- will feature 102 events across 15 sports.

AI operating profit more than doubles to Rs 298 cr in FY17
Air India has been "consistently improving" its overall performance and more than doubled its operating profit to Rs 298.03 crore in the last financial year, according to the government. The net loss of the state-owned airline however widened to Rs 5,765.16 crore in 2016-17. The divestment-bound national carrier had an operating profit of Rs 105 crore in 2015-16. "Air India has been consistently improving its overall financial and operational performance since the implementation of the turnaround plan by the government," Minister of State for Civil Aviation Jayant Sinha said in a written reply to the Lok Sabha yesterday.

BHEL Q3 net profit up 64% at Rs 153 cr
State-run power equipment maker BHEL posted a 64% jump in its standalone net profit to Rs 153.19 crore for the third quarter ended December 31. The company's standalone net profit was Rs 93.54 crore in the same quarter last fiscal, BHEL said in a statement. Besides approving the financial results of the company for the quarter and nine months ended December 2017, the board of director also approved payment of interim dividend at the rate of 40% (Rs 0.80 per share) for 2017-18. The interim dividend shall be paid/dispatched on February 28, it added.

India plans 77% rise in refining capacity by 2030: Govt
India plans to raise its oil refining capacity by 77% to 438.65 million tonnes by 2030 with Reliance Industries and Rosneft-controlled Essar Oil adding the biggest chunk, a government report said yesterday. The country has the capacity to turn 247.6 MT crude oil into fuel annually. This is slated to rise to 414.35 MT by 2025 and to 438.65 MT by 2030, said the report of the Working Group on Enhancing Refining capacity.

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