1 ) Coal India today blamed early rains and inclement weather in the eastern region for playing spoilsport in achieving its 98.7 million tonnes (MT) target for the first quarter.
2 ) Financial technology company Polaris Software Lab has reported a marginal dip in profit after tax (PAT) to Rs 44.56 crore for the first quarter ending June 30, 2011, down 4.37 per cent year-on-year.
The Chennai-headquartered company had reported a PAT of Rs 46.46 crore for the first quarter ending June 30, 2010, a company statement here said.
For the year ending March 31, 2011, the company's PAT stood at Rs 202.45 crore
Total income for the first quarter ending June 30, 2011, was Rs 455.78 crore, as against Rs 369.34 crore during the same period last fiscal.
Total income for the year ending March 31, 2011, stood at Rs 1,611.71 crore.
"After the success of Intellect in Europe and the Americas, our focused efforts in Asia resulted in the 'lighthouse' RBI win and the joint venture with the largest bank in Bangladesh," Polaris Software Lab Chairman and CEO Arun Jain said.
"These are defining wins for Intellect in the region and with the healthy trend of the deal sizes increasing consistently, we can predict better margins in product deals which will accelerate our vision of being a global financial technology leader," he added
MUMBAI: Crompton Greaves sees a slower-than-expected growth in its overseas business and some delays in order pickup in the domestic market, top executives said on Wednesday.
The Mumbai-based firm expects its international business to grow between 5-7 percent in euro terms in FY12, slower than the 8-9 percent it forecast earlier, CEO Laurent Demortier said in a conference call that was televised by the business news channels.
The below-forecast profits and the gloomy business outlook have sent the company's shares skidding 29 percent between Tuesday and early trade on Wednesday. Shares in Crompton, which is at present valued by the market at $2.99 billion, has lost close to 44 percent since beginning of the calendar year.
"We believe this is only a short-term phenomena. I guess once the unrest in the Middle East and Africa settles down we should be in a much better position than we are today," said Chief Financial Officer Madhav Acharya in the call.
The firm is now betting on good demand from the wind offshore sector in western Europe, while it expects better domestic orders in the next quarter, said Demortier, who joined Crompton eight weeks back from a bigger global rival Alstom
where he was a senior vice president. Overseas business comprises half of the company's consolidated revenues with Europe comprising around 17 percent, as per a Kotak Institutional Securities report.
The Gautam Thapar-led Avantha group firm said on Tuesday its consolidated net more than halved for April-June quarter, sending its shares down more than 15 percent, the steepest fall in the past 27 months.
MARGINS CONTRACTION
The competitive pressures in the domestic market and a drop in revenue in Europe has hit the margins for the firm, the officials said in the conference call.
The margin contraction stood at a sharp 550 basis points, the Kotak report said.
Crompton Greaves posted a drop in overseas revenues for the June quarter due to a general slowdown in that geographic segment, said Acharya, adding, unrest in Africa and the Middle East earlier this year also hurt business in the region.
"There is a sizeable drop in topline in Europe in the international operations which is a primary cause for our lower margins," Acharya said.
The company has manufacturing facilities in France, Hungary, Belgium and Canada among others.
Crompton is seeing a delay in new orders in the domestic market due to a slowdown in project finalisation by customers, Demortier said.
"Due to some slowdown in project infrastructure in India...customers are taking a little bit more time to pick up the equipment on site."
At 12:33 a.m., shares in the firm were trading down 17.16 percent at 172.55 rupees, near its 52 week low of 170.55, in a Mumbai market that was little changed.
2 ) Financial technology company Polaris Software Lab has reported a marginal dip in profit after tax (PAT) to Rs 44.56 crore for the first quarter ending June 30, 2011, down 4.37 per cent year-on-year.
The Chennai-headquartered company had reported a PAT of Rs 46.46 crore for the first quarter ending June 30, 2010, a company statement here said.
For the year ending March 31, 2011, the company's PAT stood at Rs 202.45 crore
Total income for the first quarter ending June 30, 2011, was Rs 455.78 crore, as against Rs 369.34 crore during the same period last fiscal.
Total income for the year ending March 31, 2011, stood at Rs 1,611.71 crore.
"After the success of Intellect in Europe and the Americas, our focused efforts in Asia resulted in the 'lighthouse' RBI win and the joint venture with the largest bank in Bangladesh," Polaris Software Lab Chairman and CEO Arun Jain said.
"These are defining wins for Intellect in the region and with the healthy trend of the deal sizes increasing consistently, we can predict better margins in product deals which will accelerate our vision of being a global financial technology leader," he added
MUMBAI: Crompton Greaves sees a slower-than-expected growth in its overseas business and some delays in order pickup in the domestic market, top executives said on Wednesday. The Mumbai-based firm expects its international business to grow between 5-7 percent in euro terms in FY12, slower than the 8-9 percent it forecast earlier, CEO Laurent Demortier said in a conference call that was televised by the business news channels.
The below-forecast profits and the gloomy business outlook have sent the company's shares skidding 29 percent between Tuesday and early trade on Wednesday. Shares in Crompton, which is at present valued by the market at $2.99 billion, has lost close to 44 percent since beginning of the calendar year.
"We believe this is only a short-term phenomena. I guess once the unrest in the Middle East and Africa settles down we should be in a much better position than we are today," said Chief Financial Officer Madhav Acharya in the call.
The firm is now betting on good demand from the wind offshore sector in western Europe, while it expects better domestic orders in the next quarter, said Demortier, who joined Crompton eight weeks back from a bigger global rival Alstom
where he was a senior vice president. Overseas business comprises half of the company's consolidated revenues with Europe comprising around 17 percent, as per a Kotak Institutional Securities report.
The Gautam Thapar-led Avantha group firm said on Tuesday its consolidated net more than halved for April-June quarter, sending its shares down more than 15 percent, the steepest fall in the past 27 months.
MARGINS CONTRACTION
The competitive pressures in the domestic market and a drop in revenue in Europe has hit the margins for the firm, the officials said in the conference call.
The margin contraction stood at a sharp 550 basis points, the Kotak report said.
Crompton Greaves posted a drop in overseas revenues for the June quarter due to a general slowdown in that geographic segment, said Acharya, adding, unrest in Africa and the Middle East earlier this year also hurt business in the region.
"There is a sizeable drop in topline in Europe in the international operations which is a primary cause for our lower margins," Acharya said.
The company has manufacturing facilities in France, Hungary, Belgium and Canada among others.
Crompton is seeing a delay in new orders in the domestic market due to a slowdown in project finalisation by customers, Demortier said.
"Due to some slowdown in project infrastructure in India...customers are taking a little bit more time to pick up the equipment on site."
At 12:33 a.m., shares in the firm were trading down 17.16 percent at 172.55 rupees, near its 52 week low of 170.55, in a Mumbai market that was little changed.
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