Moneycontrol Bureau11:45 am Boardroom: Parag Shah, Managing Director, Man Infraconstruction said the projects in the pipeline will start booking revenues from the second and third quarter of FY17.
The company currently has Rs 150 crore cash on books.
The profits in Q4 of the last fiscal year were actually higher at Rs 7 crore but we had to pay the pending CSR (corporate social responsibility) donation of Rs 2 crore and make provisions for Rs 4 crore, said Shah. However, there are no pending bad debts on the book now, he said.
The consolidated year-on-year FY16 revenues stood at Rs 277 crore versus Rs 275 crore. YoY EBITDA came in at Rs 36 crore versus Rs 25 crore and margins were at 15.9 percent as against 9 percent.
11:30 am Exclusive: Piramal Enterprises is in the process of setting up a fund to invest in distressed assets and it will be with the backing of a marquee global partner.According to CNBC-TV18 sources reports that the company is looking to tie up with TPG Capital for a stressed asset fund. In this deal, both of the companies together will aim at launching a USD 1 billion fund to invest in debt-laden companies and ease the non-performing asset (NPA) in the banking space. The venture together will hire new management to run the fund. Don't miss: ITC Q4 profit seen up 7%, cigarette volume may decline 1-6%
The market is completely with no immediate triggers seen today. The Sensex is up 10.92 points at 25410.64 and the Nifty is down 2.35 points at 7781.05. About 815 shares have advanced, 1035 shares declined, and 122 shares are unchanged.
Adani Ports, NTPC, HDFC, Tata Motors and GAIL are top gainers while Lupin, ICICI Bank, Cipla, Bharti and Maruti are losers in the Sensex.
The Securities and Exchange Board of India (SEBI) tightened participatory notes (P-Notes) norms by imposing limits on the transfer of p-notes and seeking more disclosure.
In an interview to CNBC-TV18, Samir Arora, founder and fund manager of Helios Capital Management, said this won’t be a genuine issue for regular investors because foreign institutional investors (FII) using P-Notes meet the norms.
Now new P-Notes will be issued only after FII standards are complied with, he said. Further, Arora said money that leaves India is unlikely to come back soon.
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