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Ace investor Porinju Veliyath has picked up a stake in Raunaq EPC International. According to BSE bulk deal data, Porinju bought 35,000 shares of the pipeline and storage infrastructure solutions provider at an average price of ₹143.26. Rajiv Garg, who had held 49,930 shares (or 1.49 per cent stake) at the end of March 2017, sold 29,000 shares. Raunaq EPC is promoted by the Surinder P Kanwar Group, whose group company includes Bharat Gears.
North Pune is increasingly being preferred by residentials buyers for its affordability; about 60 per cent of new launches in this zone was below ticket size of Rs 25 lakh. »
The INDIA VIX is up 3.2% at 11.2. The S&P BSE Sensex is trading at 31112 down 149 points, while NSE Nifty is trading at 9626 down 42 points.
Strides Shasun will use the funding from KKR to restructure existing loans as well as expand some of the businesses
Key benchmark indices hovered with small gains in mid-morning trade. At 11:17 IST, the barometer index, the S&P BSE Sensex was up 31.01 points or 0.1% at 31.176.81. The Nifty 50 index rose 1.90 points or 0.02% at 9,623.15.
11:50 am Escorts at record high: Escorts said its agri machinery segment in May sold 6,886 tractors, higher by 29 percent over 5,331 units sold in year-ago month. The growth on month-on-month basis was 41 percent, it added.
Bharat Gears shares rallied nearly 5 percent in morning trade Thursday on board approval for term loan from KKR India Financial Services.
For 12 months ended Mar17, net sales were up by 2% to Rs 406.78 crore. OPM was lower by 40 bps to 7.5% resulting in a drop in OP by 2% to Rs 30.70 crore on YoY basis. Other income was lower by 62% to Rs 0.96 crore and depreciation was higher by 1% and stood at Rs 16.68 crore on YoY basis. Thus PBT was lower by 86% to Rs 0.18 crore. There was EO expenditure of Rs 2.14 crore for 12 months ended Mar17 pertaining to VRS expenditure for the period.
KKR and Co., which has so far made private equity and structured credit deals in India, is in talks to give Rs100-125 crore to Bharat Gears as a term loan
Other income was lower by 48% to Rs 0.47 crore. Interest costs were lower by 13% to Rs 3.84 crore. Depreciation was lower by 1% to Rs 4.12 crore. Thus, loss at PBT level before EO stood at Rs 0.12 crore as compared to profit of Rs 2.72 crore for June'15 quarter. There was an EO expenditure of VRS of Rs 1.44 crore for June'16 quarter as compared to Rs 0.62 crore for June'15 quarter. Thus loss at PBT after EO stood at Rs 1.
NEW YORK, May 4, 2016 /PRNewswire/ -- The global automotive gears market is projected to grow at a CAGR of 6.1% from 2015 to 2020. The market is estimated to be USD 28.47 billion in 2015 and is projected to reach 38.27 billion by 2020. The growth of this market is fueled by the rising vehicle production and increasing installation of mechanical components in cars. "Enhanced driving experience in terms of smooth gear shifting & improved acceleration to drive the automotive gears market" Asia-Pacific is estimated to be the largest market for automotive gears.
Increasing vehicle demand will primarily push the global automotive lighting market and Asia-Oceania region is estimated to dominate the lighting market for automotive in terms of value due to factors such as lenient labor laws, economical labor and raw materials, strong state support that supports growth in vehicle production.