IFC, a member of the World Bank Group, will provide a $85 million loan to Dewan Housing Finance to expand finance for affordable and energy-efficient housing in India. The loan is being given with the support of the government of Canada. Of the total loan, IFC will provide $70 million through external commercial borrowing. IFC has committed an additional $15 million to finance green mortgages under the IFC-Canada Climate Change Program. The loan to Dewan will reduce 6,200 tonne of carbon emissions per year.
Zomato raises $37 m from Sequoia Capital, Info Edge
Zomato, a web-based restaurant search engine in India, said on Wednesday it had raised $37 million from Sequoia Capital and Info Edge India to fund its expansion in overseas markets. Info Edge, which is an existing investor in Zomato, said in a separate filing to the stock exchanges that it had invested R57 crore ($9.2 million) in Zomato in the latest round. Info Edge said its cumulative investment in Zomato reached R143 crore, giving it a 50.1% stake of the company.
Omaxe declares bonus to public shareholders
Omaxe on Wednesday said it will issue 10 bonus shares to public shareholders for every 39 shares held by them in order to meet market regulator Sebi norm on minimum 25% public shareholding. Promoters had 89.14% stake in Omaxe as on March 31. After four-round of offer for sale, Omaxe is still required to increase public shareholding by about 4%. The board approved capitalisation of R9,33,35,400 from securities premium account by issuing 93,33,540 shares as bonus shares in proportion of 10 new shares for every 39 existing shares held by shareholders as on November 12, 2013.
ABB July-Sept net jumps 78% to R38.07 crore
ABB India on Wednesday reported a 78% jump in its net profit at R38.07 crore for the quarter ended September, compared with the net profit of R21.37 crore during the corresponding period last year. The total income from operations declined to R1,785.90 crore from R1,808.61 crore in the same period last year. The company stated in its statement that the profit figure was after giving impact to the scheme of amalgamation related to previous year.
GSK Consumer Q3 net up 14.29% at R146.93 crore
GlaxoSmithKline (GSK) Consumer Healthcare reported a 14.29% increase in standalone net profit at R146.93 crore for the third quarter ended September, aided by higher sales. The company had reported net profit of R128.55 crore in the same quarter a year ago. Net sales went up by 17.44% to R971.94 crore in the September quarter under review as against R827.54 crore in the corresponding period last year. The company follows January-December as fiscal year.
Sobha Developers posts 13% growth in net profit
Sobha Developers on Wednesday reported a 13% growth year-on-year in net profit for the September quarter on a 20% rise in sales value and better price realisation per square feet. The net profit stood at R56.6 crore, against the R50.1 crore it reported for the corresponding period of the previous fiscal. The firm reported revenue growth of 31% at R545 crore, against R416 crore for the same quarter last year. The company achieved average price realisation of R6,304 per square feet, up 13% year on year.
Ashok Leyland posts net loss of R25.05 crore
Hit hard by the dwindling sales coupled with heavy discounting during the July-September period, truck major Ashok Leyland has reported a net loss of R25.05 crore for the September quarter, against R142.59 crore profit recorded in the same quarter last fiscal. And for the first half of current fiscal, the sales dropped by 22% to 44,841 units, against 57,324 units sold in the same period last fiscal. Its only LCV Dost too suffered a setback with 12% drop in its sales during the first half.
M&M launches entry level XUV500 at R10.95 lakh
Mahindra & Mahindra launched an entry level version of its popular SUV, XUV500 priced at R10.95 lakh (ex-showroom, Delhi). The variant, W4 is powered by a a 2.2 litre diesel engine delivering power of 140 bhp, with a 6-speed transmission. The existing XUV500 is available at a price range of R12 lakh to R14.64 lakh (ex-showroom, Delhi).
Four Seasons to open three more hotels
Canadian luxury, five-star hotel management company Four Seasons Hotels and Resorts will soon expand its Indian presence by having four hotel properties by 2018. Four Seasons Hotels and Resorts Asia Pacific Hotel Operation president Chris Hart said that the Bangalore project will be operational in 2015, Delhi-NCR by 2016-end and Goa by 2018. Four Seasons on Wednesday also announced its northern India entry in a tie-up with realty firm, The 3C Company, for their mixed-use project ?Delhi One? at Noida.
