Capitalstars Updates: Top Corporate News :- 16 Jan 2018

Top Headlines Of The Day :- 16 Jan 2018

GNFC shuts down TDI plant at Dahej; Stock slides downwards more than 7% 

BSE board approves buyback of shares upto Rs1,100 per share 

TV18 Q3 net profit down 8% at around Rs 16 cr

Network18 Media & Investments Q3 net profit at Rs 11.43 cr

ICICI Lombard Q3 PAT rises 5% to Rs 232 cr

GNFC shuts down TDI plant at Dahej; Stock slides downwards more than 7%
Gujarat Narmada Valley Fertilizers and Chemicals (GNFC), in its filing to BSE, has informed that it had to shut down its TDI-II (Toluene Di-Isocynate) plant at Dahej due to a sudden leakage.
The leakage in TDI-II plant at Dahej was noted in the morning on January 15, 2018. The company reported that there was no property damage or any loss of life.
The management has decided to close the plant indefinitely till the root cause is analyzed, reviewed and necessary further safety measures are taken.
The current capacity of TDI-II plant is 50,000MTPA, which was operating at optimum utilization level. The plant faced a similar issue in FY15 wherein it had accounted an impairment loss of Rs330cr due to the issue of gas emission and problems in bringing the plant at effective utilization level. However, as the issues were resolved by the company, the impairment loss was reversed in FY17.

BSE board approves buyback of shares upto Rs1,100 per share
The Board of Directors of BSE Limited approved a Buyback proposal at a price not exceeding Rs1,100  from the open market. The amount of the buyback is not to exceed Rs166cr. This buyback amount is 9.99% of the company’s standalone net-worth (as on March 2017). The total cash and current investments for the company stood at Rs906.4cr at the end of FY17.
BSE is the second largest stock exchange with a market share of 17% in FY17. BSE is the leader in the Small & Medium Enterprises and Mutual fund segments with 80% and 82% market share respectively. The company also has several ongoing initiatives such as Indian International Exchange and 
Commodity Trading. Trading on the International exchange began in January 2017, whereas commodity trading is yet to begin. The company has guided that they plan to levy transaction fees on the International Exchange by FY19.

TV18 Q3 net profit down 8% at around Rs 16 cr
Media firm TV18 Broadcast today reported an 8.1 per cent decline in consolidated net profit at Rs 15.87 crore for the quarter ending December mainly due to higher tax expenses.
The company had posted a net profit of Rs 17.27 crore during the same period previous fiscal, TV18 Broadcast said in a regulatory filing.
Total income during the quarter under review grew 8.88 per cent to Rs 277.37 crore as against Rs 254.73 crore in the October-December quarter previous fiscal.

Network18 Media & Investments Q3 net profit at Rs 11.43 cr
Network18 Media & Investments today reported a consolidated net profit of Rs 11.43 crore in the third quarter ended December 31, 2017.
The company had posted a consolidated net loss of Rs 77.82 crore in the year-ago period, Network18 Media & Investments said in a BSE filing.
Total income during the quarter under review stood at Rs 439.23 crore as against Rs 353.42 crore in the same quarter previous year.

ICICI Lombard Q3 PAT rises 5% to Rs 232 cr
ICICI Lombard General Insurance today reported a 5.20 per cent increase in profit after tax (PAT) at Rs 231.76 crore for the quarter ended December 31, 2017.
A subsidiary of ICICI Bank, the general insurance firm had earned a PAT of Rs 220.30 crore in the same quarter of the previous fiscal.
Total income rose to Rs 2,019.77 crore from Rs 1,842.93 crore in the year-ago period, ICICI Lombard said in a BSE filing.

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