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TOP CORPORATE NEWS- 9 AUG 2018

Corporate News

Dilip Buildcon receives a mine developer-cum-operator award

Construction engineering company Dilip Buildcon has announced of a provisional Letter of Award (LoA) from the Punjab State Power Corporation on Thursday.
This award relates to the contract for developing and operating the Pachhwara central coal mine in Jharkhand’s Rajmahal coalfield. The peak rated capacity of the mine in Jharkhand’s Pakur district is 7MTPA. The company’s bid is valued at Rs32,156cr for a period of 55 years or till the life of the mine, whichever is earlier.

ICICI Bank zooms 4% after debunking rumors about masking bad loans

While ICICI Bank is already grappling with multi-agency probes that are investigating the dealings by its top boss Chanda Kochhar, it has debunked media reports which threaten to expose the bank’s sham dealings further.
Earlier, a Mint report claimed that the country’s second-largest private bank masked bad loans after it changed its accounting policy, which allowed these “technical writeoffs.” The change was apparently not communicated to shareholders, as is stipulated as per banking and market regulators.

Balrampur Chini to set up new distillery unit

Sugarcane Mills Company Balrampur Chini’s board, in its meeting held today, has approved the setting up of a new distillery unit. This has increased the capacity of its distilleries by adding 160 KLPD. Thus, its total capacity now stands at 520 KLPD.
With this addition, the company plans to increase its participation in the ethanol blending programme to fully utilize the molasses available with the company’s 10 sugar units and to achieve economies of scale.

NALCO stock gains 7% on robust Q1FY19 numbers

Shares of National Aluminium Company were trading 7% higher in the late morning session on Thursday after posting robust results for Q1FY19.
The company’s net profit for Q1FY19 rose by 386% to Rs627cr, while its revenue grew 55% to Rs2,973cr. The company also reported an exceptional gain of Rs91cr due to write back of excess provisions.
National Aluminium Company’s share price is currently at Rs71.70, up by Rs4.3 or 6.38% from its previous closing of Rs67.40 on the BSE.

Page Industries stock gains 6% post Q1 results

Shares of Page Industries traded up 7% in afternoon trade on Thursday after the company’s Q1FY19 profits grew 45%.
The company’s net profit in the period rose to Rs124cr vs. Rs85.3cr in the same period a year ago. Its revenue grew 17% yoy and 34% qoq to Rs815cr. EBITDA came in at Rs189cr, up 38.6%.

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