Air India clears dues with GMR, pays R415 crore
National carrier Air India has paid R415 crore to the GMR Group as part of its dues on account of airport charges for Delhi and Hyderabad airports. Out of the total amount, R75 crore was on account of operations at Hyderabad airport and the remaining R340 crore was for the charges at Delhi airport. “Air India is an important business partner,” said a GMR spokesperson. “It is heartening for us to note that Air India has made large payments over the last two months to clear the outstanding dues to the GMR Group.”
Uttam Galva to raise R2k cr for Lloyds Steel
After acquiring majority stake in the ailing Lloyds Steel, Uttam Galva plans to raise R1,500-2,000 crore working capital loan for the acquired entity and hopes to close the deal by the end of the current quarter. “We are in discussion with public sector banks to raise working capital loan of R1,500-2,000 crore for Llyods Steel and hope to close it by the end of the quarter,” Uttam Galva Steels deputy managing director Ankit Miglani said. He also said though the company is in talks with strategic investors to come on board Lloyds Steel, anything concrete is yet to come up in this regard. Lloyds Steel has a total long-term debt of R441 crore in its book.
Cipla profit up 25% on lower input costs
Cipla said that the company’s profit after tax grew by 25.5% to R339 crore, up from R270 crore a year ago, after the company spent 2.8% less on raw materials. Gross revenues grew by 18% to R2,103 crore, up from R1,783 crore a year ago. Operating margins grew 25.4% to R493 crore, up from R393 crore a year back. The company’s domestic business grew by 10.2% to R957 crore during the third quarter, while formulation exports grew 38% to R969 crore. Exports of active pharma ingredients fell 16%.
Apollo Tyres Q3 net up 84% to R181 crore
Apollo Tyres has reported a 84% jump in its net profit for the third quarter ended December to R181 crore compared with R98 crore during the same quarter of last fiscal. The net sales, however, declined marginally to R3,217 crore during the quarter under review compared with R3,228 crore in the corresponding quarter of previous year, said a press release on Wednesday. A continued focus on improving the product and customer mix across geographies has