StockFuture.org http://stockfuture.org Online Stock Market News Thu, 12 Nov 2009 12:39:20 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Stockfutureorghttp://feedburner.google.com Air India posts net loss of Rs 5,548 crore http://stockfuture.org/air-india-posts-net-loss-of-rs-5548-crore.htm http://stockfuture.org/air-india-posts-net-loss-of-rs-5548-crore.htm#comments Thu, 12 Nov 2009 12:39:20 +0000 admin http://stockfuture.org/?p=8510 Air India reported a post-tax loss of Rs 5,548.26 crore for the financial year 2008-09. The net loss came down from the Rs 7,200-crore loss the airline suffered in 2007-08. The airline’s load factor also dropped to 59.5 per cent from 63.8 per cent.

Air India’s board, which met in Chennai today, approved the accounts for the financial year 2008-09. The state-run airline that has been facing higher labour costs and fuel bills, has identified Booz & Allen to look at costs across the board for savings.

Total revenue declined to Rs 13,479 crore in 2008-09 from Rs 15,252 crore in 2007-08. The number of passengers travelling on Air India flights declined to 10.36 million in 2008-09 from 13.21 million in 2007-08, in the background of the global economic meltdown, which resulted in lesser passengers traveling and falling yields.

]]> http://stockfuture.org/air-india-posts-net-loss-of-rs-5548-crore.htm/feed 0 Renuka Sugars acquires Brazil firm for Rs 1,112 cr http://stockfuture.org/renuka-sugars-acquires-brazil-firm-for-rs-1112-cr.htm http://stockfuture.org/renuka-sugars-acquires-brazil-firm-for-rs-1112-cr.htm#comments Thu, 12 Nov 2009 12:36:50 +0000 admin http://stockfuture.org/?p=8508 In the first acquisition of any foreign sugar and ethanol unit by an Indian company, Shree Renuka Sugars Ltd (SRSL), one of the largest producers in the country, has acquired Brazil’s Vale Do Ivaí SA Açúcar e Álcool (VDI) at an enterprise value of $240 million (Rs 1,112 crore).

Sugar companies are looking for opportunities abroad, partly due to restrictions on undertaking farming directly.

SRSL will pay $82 million (Rs 380 crore) now and the balance over eight years. It plans to finance the acquisition by leveraging the $105 million (Rs 506 crore) it raised through a qualified institutional placement (QIP) of shares in July. Narendra Murkumbhi, MD of SRSL, had earlier said the proceeds would be used on refinery and cogeneration plans.

]]> http://stockfuture.org/renuka-sugars-acquires-brazil-firm-for-rs-1112-cr.htm/feed 0 Tata Steel okays exchange offer for $875mn securities http://stockfuture.org/tata-steel-okays-exchange-offer-for-875mn-securities.htm http://stockfuture.org/tata-steel-okays-exchange-offer-for-875mn-securities.htm#comments Thu, 12 Nov 2009 12:35:43 +0000 admin http://stockfuture.org/?p=8506 Tata Steel  said it has approved an exchange offer for an existing $875 million securities into foreign currency convertible bonds to reduce the company’s future debt obligations.

A committee of the board has approved a new foreign currency convertible bonds (FCCBs) in exchange for any or all the existing $875 million convertible alternative securities (CARS) due 2012, Tata Steel said in a regulatory filing.

Tata Steel said it is making the exchange offer with the objective of “lengthening its debt maturity profile, reducing the cost to the issuer and potentially reducing future repayment obligations.”

The new FCCBs would mature in November 2014, while the CARS were due in 2012.

]]> http://stockfuture.org/tata-steel-okays-exchange-offer-for-875mn-securities.htm/feed 0 Food inflation rises to 13.68% http://stockfuture.org/food-inflation-rises-to-13-68.htm http://stockfuture.org/food-inflation-rises-to-13-68.htm#comments Thu, 12 Nov 2009 12:13:32 +0000 admin http://stockfuture.org/?p=8503 Food inflation edged up to 13.68 per cent for the week ended October 31, from 13.39 per cent in the previous week mainly on account of soaring vegetable prices.

On an annual basis, prices of potatoes have more than doubled, while onions were expensive by about 40 per cent.

During the week, prices of bajra increased 3 per cent, fruits and vegetables 2 per cent and jowar, wheat and arhar by one per cent each.

]]> http://stockfuture.org/food-inflation-rises-to-13-68.htm/feed 0 Industrial growth up at 9.1% in Sept http://stockfuture.org/industrial-growth-up-at-9-1-in-sept.htm http://stockfuture.org/industrial-growth-up-at-9-1-in-sept.htm#comments Thu, 12 Nov 2009 12:12:15 +0000 admin http://stockfuture.org/?p=8501 Industrial growth continued its upward march with factory production rising 9.1 per cent in September against 6 per cent in the same period last year. This takes total growth to 6.5 per cent during the first half of this fiscal against five p er cent a year ago, official data showed today.

All the three sectors–manufacturing, mining and electricity–showed growth in September over the year-ago period. Output in manufacturing was up by 9.3 per cent in September against 6.2 per cent in the same month last year and that of mining was up by 8.6 per cent compared to 5.8 per cent. Electricity generation rose 7.9 per cent over 4.4 per cent in the comparable period.

Although September figures are slightly lower from August’s over 10 per cent growth, analysts said industry is on the mend and it is showing a steady trend. Consumer durables, which bore the brunt of the meltdown from October onwards, grew by 22.2 per c ent in September even on high base of 14.7 per cent a year ago

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