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Sensex down 25 points in opening trades
The Sensex opened marginally lower this morning.

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StatsGuru-02-November-09
Thanks to a sharp turnaround IN THE fortunes of PSU oil marketing companies due to lower oil subsidies, savings in overall costs of production and interest earnings on the cash piles it is sitting on, India Inc’s profits rose over 63 per cent in the September quarter. This is while topline sales fell 6.3 per cent. Once you net out sectors like oil and refining or steel where prices have fallen hugely over the year, the sales growth is a more respectable 8.3% — net profit margins also rise, from 8.9% to 11%. Sales and profits, however, tend to be concentrated and the top 10 firms account for over 40 per cent of sales/profits of our sample of 1,068 firms — remove these top 10 firms, and net profit margins for the sample fall around 30 per cent. Tax provisions are up 23 per cent due to the Minimum Alternate Tax. Most of the top companies — in terms of sales/profits — have seen a relatively poor quarter. Costs of raw materials to sales are down 80 bps on a year-on-year basis but are up 540 bps on a sequential quarter basis, suggesting the extra boost to profits from lower commodity prices in the quarter will reduce in the months ahead. Should that happen, though, it will boost the topline and bottomlines of commodity firms.

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'RBI studying Dubai World default impact'
The Reserve Bank India today said it is examining the impact of the Dubai government"s decision to suspend debt payments by Dubai World, which led global stock markets to tumble amid fears of widespread default.
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UTV to consolidate motion pix biz; to buy 23.18% in UK arm

Media and entertainment firm UTV Software today said it plans to acquire the remaining 23.18 stake in its UK subsidiary UMP Plc in a move to consolidate its motion picture business and enhance shareholders value. - War of reality shows on TV this week - UTV Software net profit declines 40% - Govt rejects Varun"s plea for more security - Mukherjee outscores Chidambaram as FM: Snap poll - Colours of paradise - Business brigade The board of directors of the company today considered a proposal of consolidating the business of its subsidiaries UMP Plc and UTV Mauritius into UTV Software to reap the benefits of operational synergy and enhance shareholders value, it said in a filing to the Bombay Stock Exchange. The board has also approved the issuance of one equity share in the company for every 3.75 shares held in UMP, it added. The proposal values the entire issued ordinary share capital of UMP at approximately $194.74 million and each UMP share at $1.87 based on the Indian closing price of Rs 341.45 per UTV share on July 17, the filing said. "In view of the ongoing working capital funding requirements of the movie production business (and the fact that UTV is the most likely source of funding for UMP), UTV considers that it would be preferable to have full ownership of the business and to seek investment as a single integrated movie business," it added. UTV Software currently holds 76.82 per cent in UMP and the balance is widely held by independent shareholders.


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