City Union Bank has finalised its plans to come out with a rights issue of equity shares. At a meeting of the board of directors held on Saturday, it was decided to fix the issue price at Rs. 20 per share of Re. 1 face value.
The existing shareholders will be offered equity shares in the ratio of one share for every four equity shares held by them. The record date has been fixed as November 23.
Meanwhile, the bank has reported a 29.7 per cent rise in its total income at Rs. 596.03 crore in the second quarter ended September 30, 2012, against Rs. 460.24 crore in the year-ago period with a good contribution from corporate and retail banking operations.
The net profit after tax has risen to Rs. 80.42 crore from Rs. 77.52 crore. Total deposits registered a rise of 20.15 per cent to Rs. 17,688.59 crore as on September 30, 2012 from Rs. 14,722.16 crore as on September 30, 2011. Gross advances rose by 27 per cent to Rs. 13,436.79 crore from Rs. 10,600 crore.
The net NPA (non-performing assets) ratio was 0.60 per cent as on September 30, 2012 against 0.42 per cent as on September 30, 2011. The provision coverage ratio stood at 70.77 per cent.
MRPL
Mangalore Refinery and Petrochemicals (MRPL) registered a strong performance in the second quarter of 2012-13 with the post-tax earnings soaring to Rs.1,185 crore as against Rs. 24 crore in the corresponding period of the previous fiscal.
The rise was aided by a net foreign exchange gain of Rs.284 crore, whereas in the second quarter of 2011-12 the company, which is a subsidiary of ONGC, had suffered a foreign exchange loss of Rs.352 crore.
The financial performance in the second quarter enabled MRPL to recover substantial portion of losses posted in the previous quarter. It had posted a loss of Rs.1,521 crore in the first quarter.
A press release issued by ONGC on Friday said the gross refining margin of MRPL in the quarter ending September 30, 2012 was $ 9.19 per barrel as compared to $ 4.80 in the year ago quarter. The GRM was higher on account of increased throughput and distillate yield, favourable movement of rupee against the US dollar and availability of higher cracks in the market for diesel, petrol and aviation turbine fuel.
MRPL achieved a turnover of Rs.17,148 crore, including Rs.7,474 crore exports in the quarter, as against Rs.12,392 crore (exports Rs.5,245 crore). The refinery’s throughput was 17 per cent more. In the half year ended September 30, the turnover of Rs.30,613 crore, which was 13.74 per cent more than the Rs.26914 crore turnover in the corresponding half year of 2011-12.
The company posted a loss of Rs.355 crore in the first half as against a profit of Rs.197 crore in the corresponding half of 2011-12.
On the phase III refinery, the release said the project was nearing completion. The commissioning of DHDT (diesel hydrotreater unit) will be completed by second week of this month.
Divi’s Lab
Divi’s Laboratories has reported a 34 per cent rise in its total income at Rs. 474 crore for the quarter ended September 30, 2012 against Rs. 354 crore in the same period in the previous year. The profit after tax rose by 11.3 per cent to Rs. 118 crore from Rs. 106 crore.
The company said in a release that other expenses had significantly increased due to purchase of power from the grid at higher prices and increase in manufacturing expenses. The company also suffered forex loss to the tune of Rs. 21 crore.
Elgi Equipments
Elgi Equipments, manufacturers of air-compressors and automotive equipment, registered Rs.35.50 crore net profit for the half-year ended on September 30, 2012.
According to a release , the profit for the first six months during the last financial year was Rs.34 crore.
However, the consolidated profit after tax for the group during the said period came down to Rs.27.90 crore from Rs. 37.2 crore during the same period last year. .
Jairam Varadaraj, Managing Director of Elgi, said in the release that the company recently acquired 100 per cent stake in Rotair, Italy. With this, Elgi had access to new technologies and product lines and also foothold in new markets. The compressor segment of the company saw mixed performance in the domestic market.
