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CRISIL Affirms A Rating on Poddar Pigments Bank Loans; Outlook Stable

Crisil maintained an A long-term and A1 short-term rating on Poddar Pigments' (NSE:PODDARMENT, BOM:524570) bank loan facilities, according to a Tuesday filing on the Indian bourses.The rating outlook is stable, the filing said.

BOM:524570NSE:PODDARMENT

Asia154d ago

Vardhman Polytex Board Approves Sale of Ludhiana Land Parcel

Vardhman Polytex (NSE:VARDMNPOLY, BOM:514175) said its board has approved the sale or disposal of a land parcel at its Ludhiana unit in Punjab, India, according to a Tuesday filing on Indian bourses.The land, measuring about 26 acres, may be sold in one or more tranches, the filing said.The board has authorized the chairman and managing director, Adish Oswal, to finalize and execute the transaction, it added.

BOM:514175NSE:VARDMNPOLY

Asia154d ago

Sapporo to Dispose of Stone Brand Assets, Restructure US Production

Sapporo (TYO:2501) has agreed to transfer the Stone brand's intellectual property rights and related hospitality assets held by its U.S. subsidiary, Stone Brewing, to Firestone Walker and another Duvel Moortgat NV subsidiary.The company will also restructure its U.S. production by positioning the Richmond plant as its core Sapporo brand base and ceasing manufacturing at the Escondido plant by year-end, according to a Tokyo bourse filing on Tuesday.These measures aim to concentrate resources on the rapidly growing Sapporo brand amid a declining U.S. beer market and challenging operating conditions.As a result, Sapporo expects to recognize a gain on transfer of 3.6 billion yen while posting impairment losses and related expenses of 12.6 billion yen for the six months ending June 30.The company anticipates a negligible impact on its full-year consolidated earnings forecast, as certain structural reform costs had already been factored in.

TYO:2501

Asia154d ago

Sunwels Secures Repayment Deferral for 574 Million Yen Loan from Nine Banks

Sunwels (TYO:9229) has agreed to amend its loan repayment terms after obtaining consent from all nine of its financial institution partners to defer principal repayments totalling 574 million yen from April 30 to Sept. 30, according to a Tokyo bourse filing on Tuesday.The company has positioned the fiscal year ending March 2027 as a period for structural reforms, and the repayment deferral is intended to secure sufficient cash reserves while it works to transform its revenue model and cost structure.In conjunction with the loan amendment, Sunwels has revised the use of funds raised through treasury share disposal and a secondary offering, shifting 1.16 billion yen originally allocated for borrowing repayment and PD House furnishings to working capital.The company expects the impact of these changes on its financial results for the fiscal year ending March 2027 to be minimal, with further details to be disclosed in future earnings forecasts.

TYO:9229

Asia154d ago

Tianjin Construction Development's Controlling Shareholder to Reduce Holding by 28%

Tianjin Construction Development's (HKG:2515) controlling shareholder Wang Wenbin plan to sell up to nearly 72 million shares in the firm through his holding company, Shengyuan Group Holdings (Tianjin), according to a Tuesday Hong Kong bourse filing.The shares, to be disposed of through block trading, representing roughly 27.8% of the construction services firm's issued share capital.Following the proposed disposal, if fully undertaken, Wang will beneficially own 85.5 million, or 33.02%, shares in the company and remain as one of its controlling shareholders.

HKG:2515

Asia154d ago

Elecom Raises Year-End Dividend Forecast

Elecom (TYO:6750) has raised its year-end dividend forecast for the fiscal year ended March 31 to 31 yen per share from 26 yen previously, according to a Tokyo bourse filing Tuesday.The revision includes a commemorative dividend of 5 yen in conjunction with the electronics company's 40th anniversary of its founding in May.The year-end dividend increase raises the total annual dividend to 57 yen per share from 48 yen per share in the previous fiscal year.

TYO:6750

Asia154d ago

Triton Corp Rebrands to Homre

IT services company Triton Corp. (BOM:523387) said its name has been changed to Homre following shareholder and regulatory approvals, according to a Tuesday filing on Indian bourses.The new name will be effective on the BSE platform from April 24, the company said in the filing.

BOM:523387

Asia154d ago

Road King Infrastructure Unit Disposes Of 65% Stake in Property Development Firm

Road King Infrastructure (HKG:1098) unit Shanghai Junxiang Properties Developments and Shanghai Lianxin Enterprise Development agreed to sell an 80% stake in Shanghai Junxin Property to Shanghai Waigang Industrial Development for 116.4 million yuan.Shanghai Junxiang Properties Developments will see proceeds of 94.4 million yuan from the sale of its 65% interest in the target, according to a Tuesday Hong Kong bourse filing.Following the sale, the property firm will no longer hold any interest in the target.Shanghai Junxin Property was formed for the joint development of a 70-mu land parcel in Shanghai into residential units and car parking spaces that have been sold.

HKG:1098

Asia154d ago

Crisil Upgrades Rating on Aurionpro Solutions' Bank Loan Facilities to A; Outlook Stable

Crisil raised its long-term rating on Aurionpro Solutions' (NSE:AURIONPRO, BOM:532668) bank loan facilities to A from A- and the short-term rating to A1 from A2+.The rating outlook is stable, according to a Tuesday filing on Indian bourses.

BOM:532668NSE:AURIONPRO

Asia154d ago

Nojima to Acquire 80.1% of Hitachi's Home Appliance Unit for 110 Billion Yen

Nojima (TYO:7419) has agreed to acquire an 80.1% stake in a newly established company that will absorb Hitachi's (TYO:6501) home appliance business, for a total consideration of 110.1 billion yen, according to a Tokyo bourse filing on Tuesday.The acquisition of Hitachi Global Life Solutions (Hitachi GLS) will be executed through a special purpose company (SPC), a wholly owned subsidiary of Nojima.Under the agreement, Hitachi GLS will transfer its home appliance operations to the new company via an absorption-type company split, and Nojima's SPC will then purchase the majority stake.Concurrently, Hitachi GLS will acquire the remaining 60% of Arcelik Hitachi Home Appliances (AHHA) from Arcelik, giving the new company full ownership of AHHA and consolidating Hitachi's home appliance operations globally.Nojima aims to combine its customer engagement strengths with Hitachi's manufacturing expertise to deliver high-value-added products and build a globally integrated business model.The share purchase is expected to be completed during the fiscal year ending March 2027.

TYO:6501TYO:7419

Asia154d ago

Bama Tea Plans 250 Million Yuan Share Buyback

Bama Tea (HKG:6980) intends to buy back up to 250 million yuan of Hong Kong-listed shares from the market from time to time, according to a Tuesday Hong Kong bourse filing.The premium tea producer will cancel and/or hold the repurchased shares in treasury as appropriate.

HKG:6980

Asia154d ago

Mahindra EPC Irrigation's Consolidated Profit Declines in Fiscal Q4

Mahindra EPC Irrigation (NSE:MAHEPC, BOM:523754) recorded a decline in its consolidated profit after tax to 47.9 million Indian rupees in the fiscal fourth quarter ended March 31, against 62.5 million rupees a year ago.Earnings per share slipped to 1.71 rupees compared with the year-ago figure of 2.24 rupees, according to a Tuesday filing to the Indian stock exchanges by the end-to-end irrigation and water management solutions provider.Revenue from operations in fiscal Q4 increased to 1.07 billion rupees from 958.9 million rupees a year earlier.Shares of the company were up nearly 2% in after-market hours.

BOM:523754NSE:MAHEPC

Asia154d ago

Johnson Electric Warns of Up to 25% Drop in Full-Year Profit

Electro-mechanical component firm Johnson Electric (HKG:0179) expects a 21% to 25% decline in attributable profit for the year ended March 31 to between $207 million and $197 million from a net profit of $263 million a year prior, according to a Tuesday filing with the Hong Kong bourse.The company attributed the forecast to higher selling and administrative staff costs, foreign currency impacts on operating expenses, provisions for claims and compensation, the recognition of a non-cash impairment of intangible assets, and an adverse change in the fair value of certain investments.

HKG:0179

Asia154d ago

Persistent Systems' Consolidated Net Profit Climbs in Fiscal Q4

Persistent Systems (NSE:PERSISTENT, BOM:533179) said its consolidated net profit rose to 5.29 billion Indian rupees in the fiscal fourth quarter from 3.96 billion rupees a year ago, according to a Tuesday filing with the Indian bourses.Earnings per share in the quarter ended March 31 climbed to 33.55 rupees from 25.39 rupees a year earlier.Revenue from operations of the digital engineering company rose year on year to 40.6 billion rupees from 32.4 billion rupees, the filing said.The company's board declared a final dividend of 18 rupees per share for the fiscal year ended March 31.

BOM:533179NSE:PERSISTENT

Asia154d ago

Furyu's March Net Sales Surges 38%

Furyu's(TYO:6238) March net sales surged 38% on year to 4.55 billion yen, according to a Tokyo bourse filing on Tuesday.Sales in the entertainment company's "Girls Trend" business jumped 23% on year, while its "Sekaikan" character ID development business soared 44%.Total plays gained 2.1% on year, and the number of paid PICTLINK mobile app members at month-end was down by 7.3% compared with the previous year.

TYO:6238

Asia154d ago

Bukwang Pharmaceutical Returns to Profit in Q1

Bukwang Pharmaceutical (KRX:003000) posted first-quarter net income attributable to shareholders of 1.2 billion won, reversing the attributable net loss of 69 million won a year earlier, according to a Tuesday filing with the Korea Exchange.Sales of the South Korean pharmaceutical company were down 0.1% year over year to 47.8 billion won.Shares of Bukwang Pharmaceutical fell nearly 7% at market close.

KRX:003000

Asia154d ago

Sihuan Pharmaceutical's Trustee Buys Back Shares Under Award Scheme

Sihuan Pharmaceutical's (HKG:0460) trustee bought back 3 million shares of the firm from the market for around HK$1.3567 apiece under a 2022 share award scheme, according to a Tuesday filing with the Hong Kong bourse.The shares represent 0.0328% of the pharma firm's issued share capital.

HKG:0460

Asia154d ago

Powerchip Semiconductor Logs NT$14.2 Billion Profit in Q1

Powerchip Semiconductor Manufacturing (TPE:6770) booked net income of NT$14.2 billion for the first quarter, or NT$3.36 per share.Revenue for the three months stood at NT$13.6 billion, according to a Tuesday Taiwan Exchange filing.Meanwhile, operating income for the three months came in at about NT$14.23 billion.The company noted that the figures are preliminary.

TPE:6770

Asia154d ago

Mitsui DM Sugar to Book 4.12 Billion Yen in Extraordinary Loss on Doubtful Accounts for Subsidiary Loan

Mitsui DM Sugar (TYO:2109) expects to record an extraordinary loss of 4.12 billion yen as a result of provisions for doubtful accounts for subsidiaries and associates in its non-consolidated financial statements for the fiscal year ending March.The provision relates to loans extended to the company's consolidated subsidiary, SIS'88, according to a Tokyo bourse filing on Tuesday.Although this allowance will be recognized in the non-consolidated results, it will be eliminated in the consolidated financial statements.

TYO:2109

Asia154d ago

GS Engineering & Construction Wins KRW375.09 Billion Housing Redevelopment Project

GS Engineering & Construction (KRX:006360) secured the Boncheon 4-1-3 District housing redevelopment project, the construction company said in a Tuesday filing with the Korea Exchange.The contract is valued at 375.09 billion won.Shares of GS Engineering & Construction jumped more than 13% at market close.

KRX:006360

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