Companies and Markets

Companies & Markets

CMI reports Rs 6.14 crore net profit in Q2FY18

CMI Limited, the leading specialty cables company, has announced its second quarter results for 2017-2018. On a consolidated basis, the total income stood at Rs 134.95 crore in Q2 of 2017-18, up from Rs  103.71 crore of the same quarter last fiscal.

It reported a net profit of Rs 6.14 crore in Q2FY18, up from Rs 3.01 crore in the same quarter of last fiscal. EPS in the second quarter of FY18 is at Rs 4.07, up from Rs 2.12 in Q2FY17.

Cotton exports to shrink as boll worm affects crop

India would be left with lesser cotton surplus this time to export as the boll worm infestation may bring down production, despite higher acreage.

The Cotton Association of India had earlier estimated that cotton crop for the 2017-18 season would be 375 lakh bales of 170 kg each, which is 37.75 lakh bales higher than previous year’s crop of 337.25 lakh bales.

The estimate was made on the basis of increase in area under cotton cultivation to 122 lakh hectares against 105 lakh hectares last year.

Defaulters, firms with NPAs barred from bidding for assets under IBC

Willful defaulters and corporate entities, whose accounts have been marked as NPAs and senior executives holding management control in such firms, have been barred from bidding for assets under the insolvency law with the President giving his assent to an ordinance to amend the bankruptcy code.

The ordinance seeks to disqualify any unscrupulous or undesirable person from misusing or vitiating provisions of the Insolvency and Bankruptcy Code, 2016 (IBC).

M&A among oil & gas PSUs exempted from CCI approval

The government has exempted public sector oil & gas companies from seeking the Competition Commission of India’s approval for mergers and acquisitions, paving the way for Oil and Natural Gas Corporation (ONGC) to complete its proposed acquisition of the government’s entire 51.11 per cent stake in Hindustan Petroleum Corporation (HPCL).

The relaxation comes within months of the government clarifying that the HPCL deal would also not require ONGC to make an open offer for the remaining equity under the Securities and Exchange Board of India’s (Sebi’s) takeover code.

Bond yields move up as market rules out a repeat of OMO episode

The rally in Indian bonds seen after the central bank withdrew its tenth sale of securities under its open market operations (OMO) may be unsustainable as investors realised that the central bank’s move was linked with liquidity rather than to cool yields as was perceived earlier.

ARCs allowed to hold more than 26% in sick companies

In a bid to create uniformity in rules of strategic debt restructuring (SDR) for banks and asset reconstruction companies (ARCs), the Reserve Bank  has allowed ARCs with strong capital backing to hold more than 26 per cent stake in a borrower company after conversion of its debt into equity, albeit with certain conditions.

Mid-caps see big buying interest; gain 15-20%

Select mid-cap stocks like Radico Khaitan, Graphite India, UBL and Bajaj Electricals witnessed huge buying interest with stocks gaining 15-20 per cent in the recent weeks, even as the S&P BSE mid-cap and the S&P BSE small-cap indices hit their new highs on Thursday. There has been strong buying in mid-cap stocks in sectors like pharmaceutical, education, chemicals, jewellery and infrastructure.

We don’t mind haircut, but don’t want to go bald: SBI

With the President of India approving the ordinance amending the Insolvency Code barring existing big defaulters, there is a fear that willful defaulters bid to reclaim their own companies would reduce the number of bidders and further depress the price of such assets resulting in more losses to the banking sector.


Finance ministry mandarins are awaiting rating agency S&P’s verdict on India’s upgrade to match what Moody’s did recently with bated breath. The D-Day (November 24) is judgment day and it has arrived. It will announce its review on Friday. The government is anxious that it moves to the next level with a matching upgrade from the other global heavy hitter. Thereafter, if all goes well, it will strive for Baa1, which includes much smaller economies — Mauritius Thailand and Slovenia—at the moment. Policy mavens argue that there are enough grounds for a further upgrade.

Mittal sees tariffs stablising soon

After a bloody battle with Reliance Jio that saw four straight quarter drops in its net profit, country’s largest telecom operator Bharti Airtel now sees call and data charges stabilising soon as the arch rival has started not only charging but raising tariffs as well.