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FICCI Arise looks to join hands with Odisha on school education
A delegation of six members from FICCI Arise met with Smt. Ranjana Chopra, IAS, Commissioner-cum-Secretary, Department of School and Mass Education, Government of Odisha....
Cost-effective safety function
Virtual sensor reads safe speed
New Delhi, September 10, 2019: B&R has developed a virtual sensor for its ACOPOS P3 servo drive: the Safe Speed Observer....
Awards
Manappuram Finance Limited Wins Honour for CSR
Mumbai, Feb 04, 2015: Manappuram Finance Ltd., a leading gold loan company, has been honoured with...
Media.Monks India wins Autodesk Imagine award for innovations in the Virtual Production space
New Delhi, August 31,2022: Media.Monks India's pursuit to merge creative and technology was applauded at...
Holography Industry Awards Open for Entries
New Delhi, July 01, 2017: ENTRIES are open to find the best commercial holography applications...
Appointments
Shemaroo Entertainment Elevates Hiren Gada as the CEO
Restructures Leadership Team and Appoints Kranti Gada as CEO
National, March 22, 2018: Shemaroo Entertainment Limited, India's...
LANXESS India incumbent MD Neelanjan Banerjee to lead India region
Thane, October 31, 2018: German specialty chemicals company LANXESS is establishing a new regional structure...
Prof. Sanjiv Marwah as the New Director at JK Business School
Prof. SanjivMarwah all set to return as Director, JK Business School
New Delhi, Jan 24, 2015:...
New Launches
Mahindra names its All New Commercial Vehicle as ‘Jeeto’
Mumbai, June 16, 2015: Mahindra & Mahindra Ltd. (M&M), a part of the US $16.9 billion Mahindra Group, today announced that its soon to be...
Elanpro Redefines the art and Science of Cool at AAHAR 2015
Launches three new products for the Indian market
New Delhi, March 14, 2015: Elanpro (Elan Professional Appliances Pvt Ltd) – India’s leading Commercial Refrigeration Company,...
SKF launches high load extreme pressure bearing grease – LNEP 2IN
The new LNEP 2IN grease is especially formulated for tough bearings operating conditions.
Pune, March 01, 2019: SKF India announced the launch of its new and...
Banking & Finance
Tube Investments Of India Ltd Standalone operating Pbtup By 8%
Chennai, May 12, 2018: The Board of Directors of Tube
Investments of India Limited (TII) met today and approvedthe financial
results for the quarterand yearended 31stMarch2018. The Board has
recommended a final dividend of Rs. 0.50 per share for the year ended
31st March 2018. The Board had declared an interim dividend of Rs. 1.25
per share which was paid to the shareholders in February 2018.
STANDALONE RESULTS
For the year 2017-18, TII’s Revenuewas higher by 12%at Rs. 4598 Cr. as
against Rs. 4109 Cr. (net of excise duty) in the previous year. The
profit before tax and exceptional items for the year was at Rs. 218 Cr.
as against Rs. 202 Cr. in the previous year, registering a growth of 8%.
Despite slowdown in Bi-cycles sales, strong growth in Auto sector helped
the Company.
TII’sRevenue for the quarterwasat Rs. 1116Cr. as againstRs. 1090Cr.
(net of excise duty)in the correspondingquarterof the previous year. The
profit before tax and exceptional items for the quarter was atRs. 49Cr. as
againstRs. 42Cr. in the corresponding quarter of the previous year,
registering a growth of 18%.
The results have considered an impairment provision of Rs. 25.25 Cr.
pertaining to its Joint ventures, considering the current performance
and future outlook.
REVIEW OF BUSINESSES
ENGINEERING
Indomestic tubes, we continue to improve our market share through better
quality and service. The sales of Large Diameter Tubesrecorded a growth
of 70% through better efficiency and throughput.Engineering division has
registered revenue growth of 24% (net of excise duty) during the year
and Profit before interest and tax for the year was Rs. 175 Cr. as
against Rs. 146 Cr. in the previous year, a growth of 20%.
This division has registered revenue growth of 27% (net of excise duty)
during the quarter, aided by growth in domestic sales of Tubes. Profit
before interest and tax for the quarter was Rs. 46 Cr. as against Rs. 25
Cr. in the corresponding quarter of the previous year.
CYCLES AND ACCESSORIES
The Market condition of the Bicycles segment continues to be difficult.
Trade volumes declined by 10%. The division’s sales in Institution
segment have offset, to some extent, the drop in trade segment. Premium
Cycles Segment grew by 29%. This division continues to pursue aggressive
cost reduction measures to mitigate the drop in volumes. The revenueof
this segment droppedby3% (net of excise duty) during the year. Profit
before interest and tax for the year was Rs. 0.33 Cr. as against Rs. 36
Cr. in the previous year.
This division has registered a revenue dropof 40% (net of excise duty)
during the quarter.Lossbefore interest and tax for the quarter
wasRs.20Cr. as against the profit ofRs. 6Cr. in the corresponding
quarterofthe previous year.
METAL FORMED PRODUCTS
Revenue of this division, with a product range of doorframes, chains and
fine banking products catering to Auto sector, registered a growth of
11% (net of excise duty) during the year and Profit before interest and
tax for the year was Rs. 102 Cr. as against Rs. 88 Cr. in the previous
year, a growth of 16%.
This division has registered revenue growth of 18% (net of excise
duty)during the quarter compared with corresponding quarter in the
previous year. Profit before interest and tax for the quarter wasRs.
28Cr. as againstRs. 20Cr. in the correspondingquarterof the previous
year.
CONSOLIDATED RESULTS
For the year 2017-18, TII has recorded revenue of Rs. 5027 Cr. as
against Rs. 4493 Cr. (net of excise duty) in the previous year,
registering a growth of 12%. TII achieved consolidated Profit aftertax
of Rs. 156 Cr. as against Rs. 174 Cr. in the Previous Year.
Shanthi Gears Ltd., a subsidiary company in the industrial gears
business, in which the Company holds 70.12% stake, registered a revenue
growth of 16% (net of excise duty) for the year compared with the
previous year. The revenue for the year was Rs. 214 Cr. as against Rs.
184 Cr. in the previous year. Profitafter tax for the year was at Rs.
29 Cr. as against Rs. 23 Cr.in the previous year, registering a growth
of 27%.
Corporate Comm India(CCI newswire)
BANKEDGE once again redefines Banking Career Opportunities at Nagpur with the launch of its...
Nagpur, May 07, 2016: BANKEDGE, a National Leader in skills and talent development in the Banking Sector, today unveiled its Flagship Training Centre at...
State Bank of India ties up with Bankbazaar.com for home loans
New Delhi, July 13, 2015State Bank of India (SBI), the largest bank in India and the ‘Most Preferred Home Loan Provider’ has entered into...
AU Small Finance Bank Partners with Insurtech Firm Acko General Insurance
New Delhi, March 07, 2019: AU Small Finance Bank Ltd., a Fortune India 500 company and one of India’s fastest growing banks, today announced...
Axis Bank Plans Major Mobile Banking Push, Aims to Reach Out to 15 Lakh...
Mumbai, October 02, 2013: With Online services & sales rapidly growing more than half of all transactions are expected to be through the internet...
Market
SME News
Co-working spaces are in demand as tenant preferences are changing
New Delhi, February 06, 2020: While the residential segment is struggling due to funding crisis& low sales, alternate commercial investment models like co-working spaces,...
Leather Products
Training
ISACA and CSI Sign Memorandum of Understanding in Mumbai to Advance...
Mumbai, Maharashtra, India, Friday, April 05, 2013 -- (Business Wire India) -- Two major IT organizations in India have signed a memorandum of understanding...
Worldwide Insurance Brokers launches online platform Cover360.in for instant insurance coverage
Taking a big stride in offering 24x7 online insurance, ‘Cover 360.in’ has emerged as a one-stop solution for different kinds of insurance needs of...
Budget
Union Budget 2020 Expectations from Nikhil Barshikar, Founder and Managing Director
New Delhi, February 01, 2020: With a unified vision and the collective effort of billions of Indians, our nation is now on the path...
Export
Global challenges to loom large on apparel exports: Icra
The pace of growth in India’s apparel exports is likely to remain contingent upon the industry’s ability to overcome the internal as well as...
Knitwear exports increase by 16 per cent in first 6 months
Coimbatore, November 2014 : Knitwear garment exports from Tirupur have touched Rs 10,050 crore in the first six months of this fiscal, registering a...
Loans
Government Signs Loan Agreement with Asian Development Bank (ADB) for $75...
New Delhi, Dec 31, 2014 - Government of India signed an agreement with Asian Development Bank (ADB) here today for a $75 million loan...
Jewellery
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