Balrampur Chini Mills Q1 Results
Balrampur Chini Mills posted strong Q1 results on Saturday as their profit jumped a whopping 493% to touch ₹73.5 crore during the quarter ending June 2023. During the same quarter last fiscal, the company posted consolidated net profit of ₹12.38 crore. The revenue of the company rose 28% from ₹1,094.59 crore during Q1FY23 to ₹1,401.81 crore during the quarter ending June 2023.
The strong growth of Balrampur Chini Mills came on the back of turn around in sugar segment which posted a loss of ₹(55.71) crore during Q1FY23, but during the April-June quarter this year, the company posted a net profit of ₹71.37 crore (the numbers are before tax and and finance cost).
The Earning Per Share (EPS) of the company jumped from ₹0.61 during the Q1FY23 to ₹3.64 during the quarter under review.
In the standalone terms, the Earnings before interests, taxes, depreciation and amortisation (EBITDA) of the company witnessed a jump of 267% as it reached ₹163.18 crore during the quarter ending June 2023 from ₹44.4 crore posted during the corresponding quarter last fiscal.
“The Company has commenced the fiscal on a strong note. Higher volume and realizations have resulted in healthy contributions from both sugar and distillery segments," Vivek Saraogi, Chairman and Managing Director, Balrampur Chini Mills Limited, said.
“Our team has put in immense hard work on the ground, collaborating closely with the farmers to improve the quality of the cane and enhance acreage and yield. This concerted effort has led to a significant ~16% increase in crushing during the season 2022-23 leading to healthy performance in this quarter. We are hopeful to report that our ongoing endeavors are expected to lead to further ~10% increase in sugarcane crushing in the ensuing season, subject to conducive weather conditions," the top officer added.
Source: Live Mint
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Rajnath Expresses Regret Over BJP Member's Remarks in Lok Sabha Published 2 hours ago
Defence Minister Rajnath Singh on Thursday expressed regret in the Lok Sabha for certain “objectionable” remarks made by BJP member Ramesh Bidhuri.
Participating in a discussion on the Chandrayaan-3 mission in the Lok Sabha, Bidhuri made certain remarks against BSP member Kunwar Danish Ali, leading to furore in the opposition benches.
Singh said he had not heard the remarks and urged the Chair to delete them from the proceedings if they have hurt the opposition members.
Congress member K Suresh, who was in the Chair, said he had already directed the officials to expunge the remarks.
“I express regret if the opposition is hurt by the remarks made by the member,” the defence minister said.
Singh's gesture was appreciated by the members by thumping the desks.
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White Paper of Congress Govt Blames Previous BJP Regime's 'Fiscal Mismanagement' for Himachal's Debt Distress Published 44 minutes ago
With the Congress government in Himachal Pradesh presenting a white paper on the state's finances, an acrimonious exchange was witnessed between opposition and treasury benches in the assembly after the report indicated a grim fiscal health with the state's financial liabilities mounting to Rs 92,774 crore. The white paper was presented by deputy chief minister Mukesh Agnihotri.
Agnihotri read the report amid a charged atmosphere, while blaming the previous BJP regime for fiscal mismanagement and Himachal being ranked fifth in the country in raising loans. He said Rs 92,774 crore liabilities were left behind by the Jai Ram Thakur government, resulting in every child being born with a debt of Rs 1.02 lakh as compared to Rs 66,000 crore in 2017, till the Congress was in power.
He said Himachal Pradesh's debt when the BJP assumed power in 2017-18 was Rs 47,906 crore and with an increase of 12 per cent (Rs 2,874 crore) it has reached Rs 76,631 crore in 2023-24. “The financial health of the state is so grim that a sum of Rs 9,048 crore would be required to repay the loan (Rs 3,486 crore) and interest component (Rs 5,262 crore) in 2023-24,” he stated.
Agnihotri was confronted with repeated interruptions by leader of opposition Jai Ram Thakur and BJP MLAs who trouped to the well of the house twice, while accusing the government of presenting false and misleading data of only the BJP tenure to get political mileage.
Agnihotri said the BJP regime has made a record of indulging in wasteful expenditure, with no focus on resource generation or fiscal prudence, making a mockery of government spending. “The BJP is harming HP's interest as they have told the Centre to not give us funds as we implemented the old pension scheme,” he alleged. “It is after exhaustive examination of the reports of Reserve Bank of India (RBI), Comptroller and Auditor General (CAG), and the past budgets that we have come to the conclusion that it was because of the fiscal mismanagement by the previous BJP regime that today the total loan liabilities of the state have reached Rs 92,774 crore.”
The loan liability left behind by the BJP regime for 2022-23 was Rs 76,631 crores, he added.
Agnihotri alleged that the previous BJP government had misused a loan amount of Rs 16,261 crore raised in the last election year for holding party functions. “This loan amount was mis-utilised for organising functions like Amrit Mahotsav, Pragatisheel Himachal and Jan Manch for party campaigns with an eye on the assembly polls,” he remarked.
He said even now Rs 8.50 crore bills of the State Transport Corporation were pending as buses were used to ferry people for these functions used for party campaigns.
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Stalled for over 3 decades
The Parliament passed the Women's Reservation Bill which mandates a 33 per cent reservation for women in both the Lok Sabha (House of the People) and state assemblies.
Speaking on the passage of the Women's Reservation Bill, BJP leader Tarun Chugh said, “It is the determination and dynamic leadership of PM Modi that the Women's Reservation Bill, stalled for over three decades, was passed in the Parliament."
The Rajya Sabha (Council of States) unanimously passed the Women's Reservation Bill, garnering support from 214 members, and none opposed it. The members expressed their approval through enthusiastic desk-thumping. Members of the Bharatiya Janata Party (BJP) praised Prime Minister Narendra Modi and extended their greetings. A day earlier, the Lok Sabha (House of the People) also passed the Bill, with a significant majority of 454 members voting in favour of the legislation, while two members opposed it.
Source: Live Mint
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Gold and silver prices on September 22
The price of gold saw a slight drop on Friday. The rate for 22-carat gold stood firm at ₹5,505 per gram, dropping ₹15. The larger quantities, such as 8 grams and 10 grams, were priced at ₹44,040 and ₹55,050 respectively. Also, the cost for 100 grams of 22-carat gold is valued at ₹5,50,500. Meanwhile, 24-carat gold was priced at ₹6,005 per gram.
Silver price maintained stability, with one kilogram of silver registering a nationwide cost of ₹74,500.
These price fluctuations are influenced by an array of factors, with input from reputable jewellers being a key component. Factors such as global gold demand, currency values in various nations, prevailing interest rates, and government regulations related to gold trade all contribute to these fluctuations. Additionally, global events, including the state of the global economy and the strength of the US dollar in relation to other currencies, exert their influence on gold prices within the Indian market.
Sensex gains 175 points to open at 66
Equity benchmark indices rebounded in early trade on Friday after a three-day decline but later gave up initial gains to quote in the negative territory.
The 30-share BSE Sensex climbed 187.71 points to 66,417.95 in early trade. The Nifty advanced 49.8 points to 19,792.15.
But, later both the benchmark indices pared early gains and were trading lower. The Sensex quoted 123.33 points lower at 66,106.91 and the Nifty traded 71.25 points down at 19,671.10.
Among the Sensex firms, State Bank of India, Bajaj Finserv, IndusInd Bank, Maruti and Mahindra & Mahindra were the major gainers.
Wipro, Power Grid, Titan and Tata Steel were among the laggards.
In Asian markets, Seoul and Tokyo were trading in the negative territory while Shanghai and Hong Kong quoted in the green.
The US markets ended in the negative territory on Thursday.
"FIIs have reversed their 'Buy India strategy' which they have been following in the last 3 months with selling to the tune of ₹16,934 crore in September," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Countering this negative trend is the hugely positive news of JP Morgan including India in the emerging market bond index with a weightage of 10 per cent from June 2024 onwards, Vijayakumar said.
"This will reduce bond yields and the consequent decline in the cost of borrowing will boost the bottom line of companies," he added.
Global oil benchmark Brent crude climbed 0.53 per cent to USD 93.79 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth ₹3,007.36 crore on Thursday, according to exchange data.
"India's inclusion in JP Morgan emerging markets bond index is great news which would give a booster access to global investors to participate in the world's fastest-growing large economy," Rakeshh Mehta, Chairman, Mehta Equities Ltd, said.
The BSE benchmark fell 570.60 points or 0.85 per cent to settle at 66,230.24 on Thursday. The Nifty declined 159.05 points or 0.80 per cent to end at 19,742.35.
Samhi Hotels Makes Stock Market Debut With 6% Listing Gains
Samhi Hotels Ltd on Friday, September 22, made a stock market debut, with its shares listing with 6 per cent gains on the BSE and NSE. The company's shares opened at Rs 134.5 apiece on the NSE as compared with the issue price of Rs 126 a share. The shares, however, fell after the listing and are now currently trading at Rs 129.5 apeice on the NSE as of 10.40 am.
On the BSE also, Samhi Hotels' shares listed at a premium on the BSE also at Rs 130.55 on BSE. As of 10.41 am, its prices stood at Rs 4.70 apiece on the BSE, which is 3.73 per cent higher than its issue price.
Shivani Nyati, head of wealth, Swastika Investmart Ltd, said, “Samhi Hotels listed at Rs 134.5 per share, a premium of 6.7 per cent to its IPO price of Rs 126. On the one hand, the company is loss-making, and its financial performance has been poor for the last three years.”
She said that on the other hand, the company is making progress on cutting losses, and the sales multiple is 3.7X, which is below the industry average. “Investors should book profit and exit their position, and those who still want to hold should maintain a stop loss at the listing price.”
The IPO was open for subscription between September 14 and September 18. The IPO had a fresh issue of up to Rs 1,200 crore and offer for sale of up to 13,500,000 equity shares.
Price range for the offer was at Rs 119-126 a share.
Gurugram-based Samhi Hotels earlier said it mopped up Rs 616.54 crore from anchor investors.
In a pre-IPO placement, external investor Blue Chandra had sold 10.32 million shares, or 8.4 per cent of its stake, to renowned investor Madhusudan Kela's wife Madhuri Kela, along with Nuvama Crossover Opportunities Fund and TIMF Holdings, for a total consideration of Rs 130 crore.
Samhi acquires and builds primary hotels and thereafter renovates, rebrands and rerates the property and runs it.
JM Financial and Kotak Mahindra Capital Company were the managers to the IPO.
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JPMorgan To Add India To Its Emerging-Markets Bond Index From June 2024 Published 18 minutes ago
JPMorgan Chase & Co. will add Indian government bonds (IGBs) into its benchmark Emerging Market index, starting June 28, 2024.
“India is expected to reach the maximum weight of 10 percent in the Global Diversified index (GBI-EM GD),” according to the JPMorgan note.
The inclusion of the IGBs will be staggered over a 10-month period from June 28, 2024 to March 31, 2025, implying an inclusion of 1 per cent weightage per month.
Index inclusion follows “the Indian government's introduction of the FAR program in 2020 and substantive market reforms for aiding foreign portfolio investments,” the team led by the firm's global head of index research, Gloria Kim, said in a statement. Almost three-quarters of benchmark investors surveyed were in favor of India's inclusion in to the index, they said.
India's addition to a major global gauge will give global investors greater access to the world's fastest-growing large economy that offers some of the highest returns in the region. The inclusion may also prompt flows of as much as $30 billion, according to HSBC Holdings Plc.
Expectations that India may be added to international gauges had been rising in recent months as providers look to diversify index constituents. Russia's invasion of Ukraine had seen it drop off indexes, while China's worsening economic woes have taken the shine off the country's sovereign debt.
That left India as the world's last big emerging market that hasn't joined others like China on the global debt indexes.
Authorities in India have been largely uncompromising in making changes to tax policies that would make it easier for the securities to be added to global indexes. Korea, another large emerging market, signed an agreement to open an omnibus account with Euroclear Bank SA, facilitating foreigners' access.
Last year, JPMorgan had said investors wanted issues resolved such as a lengthy registration process and operational readiness required for trading, settlement and custody of assets onshore.
Mukesh Kochar, National Head – Wealth, AUM Capital, commenting on the addition of India to its emerging market bond index, said: “This is great news and one of the long-awaited one by the market. This JP Morgan index is 240 bln USD. India will be 10% of it which means 24 bln USD which is huge. This will reset the base rate for India and the yield should come down sharply. India's cost of borrowing will come down. Since covid, the fiscal deficit in India has remained elevated due to higher borrowing. This event will ease borrowing pressure as a large part of the borrowing will be observed by this route. Banks Treasury will be flushed with mark-to-market gains. At the same time, it is a big positive for our currency as a big dollar flow will be there due to the buying of gsec. As far as the equity market is concerned it is positive for Banks, NBFC, leveraged companies etc By and large it is a big macro positive for India.”
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NASA's Historic Asteroid Space Probe Set To Return To Earth After 7 Years
Touchdown is scheduled for Sunday at around 9:00 am local time. (File)
NASA's first mission to retrieve an asteroid sample and return it to US soil is expected to reach a perilous finale on Sunday with a descent into the Utah desert. Scientists hope the material -- possibly the most ever retrieved by such a mission -- will provide humanity with a better understanding on the formation of our solar system and how Earth became habitable.
The US space probe OSIRIS-REx, launched in 2016, scooped up the sample from an asteroid called Bennu almost three years ago.
Touchdown is scheduled for Sunday at around 9:00 am local time (1500 GMT), at a military testing site in the western state.
Some four hours earlier, at about 67,000 miles (108,000 kilometers) away from Earth, the Osiris-Rex probe will release the capsule containing the sample.
The final descent lasts 13 minutes: the capsule enters the atmosphere at a speed of around 27,000 miles (43,000 kilometers) per hour and reaches a maximum temperature of 5,000 degrees Fahrenheit (2,800 degrees Celsius), NASA said.
If all goes well, two successive parachutes will bring the capsule to a soft landing on the desert floor, where it will be retrieved by prepositioned staff.
Hitting the target area of 250 square miles (650 square kilometers) is like "throwing a dart across the length of a basketball court and hitting the bullseye," Rich Burns, OSIRIS-REx project manager at NASA, told a press conference last month.
The night before landing, controllers will have a final opportunity to abort if conditions are not correct. If so, the probe would then circle the Sun before its next attempt -- in 2025.
"Sample return missions are hard. There's a number of things that can go wrong," said Sandra Freund, Lockheed Martin's OSIRIS-REx program manager.
Teams have meticulously prepared for the capsule's return -- even a "hard landing scenario" according to Freund -- in order to preserve the asteroid material in its pristine form.
A final dress rehearsal took place in August, with a replica capsule dropped from a helicopter.
Texas 'clean room'
Once the capsule is on the ground, a team will check its condition before placing it in a net, which will be lifted by helicopter and taken to a temporary "clean room."
The next day, the sample will be flown to a highly specialized laboratory at NASA's Johnson Space Center in Houston, Texas.
Scientists will open the capsule and separate pieces of the rock and dust over a period of days.
Some of the sample will be for studies now, with the rest stored away for future generations equipped with better technology -- a practice first started during the Apollo missions to the Moon.
NASA is expected to unveil its first results during a press conference on October 11.
Obtaining the sample involved a high-risk operation in October 2020: the probe came into contact with the asteroid for a few seconds, and a blast of compressed nitrogen was emitted to raise the dust sample which was then captured.
Bennu had surprised scientists during sample collection: during the few seconds of contact with the surface, the probe's arm had sunk into the soil, revealing a much lower density than expected.
However it allowed NASA to take far more than the initial target of 60 grams -- the agency thinks the sample could be up to some 250 grams of material.
That mass would be the "largest from beyond the orbit of the moon" NASA program executive Melissa Morris said.
'Seeds of life'
The first samples brought to Earth by asteroids were carried out by Japanese probes in 2010 and 2020, with the latter found to contain uracil, one of the building blocks of RNA.
The finding lent weight to a longstanding theory that life on Earth may have been seeded from outer space when asteroids crashed into our planet carrying fundamental elements.
Asteroids like Bennu and Ryugu, one of the asteroids studied by Japan, may look similar but "can be very, very different," according to Morris.
Asteroids are interesting because they are composed of the original materials of the solar system.
The cupful of rocks may hold "clues we believe to some of the deepest questions that we asked ourselves as humanity," said University of Arizona at Tucson's Dante Lauretta, principal investigator on OSIRIS-REx.
The samples may represent the "seeds of life that these asteroids delivered at the beginning of our planet, leading to this incredible biosphere, biological evolution and to us being here today."
Bennu, 500 meters in diameter, orbits the Sun and approaches Earth every six years.
There is a small chance (1 in 2,700) that it will collide with the Earth in 2182, which would have a catastrophic impact.
NASA has studied ways to divert an asteroid's trajectory, and a better understanding of Bennu's composition could therefore prove useful.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)