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U.K.-based Vodafone Group has cleared dues of around ₹11,650 crore or about 109 million pound that it raised against shares of Vodafone Idea, according to a regulatory filing. Vodafone Group had pledged almost the entire stake in VIL to raise the debt. The pledge was created in favour of HSBC Corporate Trustee Company (U.K.) for the debt raised by Mauritius and India-based entities of Vodafone Group. "On 27 December 2024, HSBC Corporate Trustee Company (U.K.) Limited acting as the security trustee for the lenders has released the pledges pursuant to repayment of the outstanding dues owed to the lenders by the Vodafone Promoter Shareholders. "Consequently, the indirect encumbrance on 15,720,826,860 equity shares of the target company held by the Vodafone Promoter Shareholders representing 22.56% of the equity share capital of the target company on a fully diluted basis has been released," the filing said. "Consequently, the indirect encumbrance on 15,720,826,860 equity shares of the target company held by the Vodafone Promoter Shareholders representing 22.56% of the equity share capital of the target company on a fully diluted basis has been released," the filing said. The shares are valued at around ₹11,649 crore as per the closing price of ₹7.41 apiece of Vodafone Idea stock on Friday. Vodafone Group holds a 22.56% stake, while the Aditya Birla Group holds 14.76%. The government has a 23.15% stake as of September 30, 2024. Published - December 28, 2024 10:39 pm IST Copy link Email Facebook Twitter Telegram LinkedIn WhatsApp Reddit telecommunication serviceUnwrap the latest AI features with Amazon Fire TabletsThe situation is further complicated by ongoing economic challenges and tension with North Korea, both of which require strong leadership and stability. The political crisis has left South Korea in a state of uncertainty, with the future of the country hanging in the balance.
Amidst the ongoing investigation, Mr. Bu has been admitted to a hospital for medical treatment. The nature of his condition remains undisclosed, but it has raised suspicions about the veracity of his involvement in the crimes he has been accused of. Some speculate that his hospitalization may be a tactic to evade responsibility or delay legal proceedings. Others believe that he may genuinely require medical attention, raising questions about his mental health and well-being.
SAND SPRINGS, Okla. , Dec. 2, 2024 /PRNewswire/ -- Webco Industries, Inc. (OTC: WEBC) today reported results for our first quarter of fiscal year 2025, which ended October 31, 2024 . For our first quarter of fiscal year 2025, we had a net loss of $0.1 million , or a loss of $0.13 per diluted share, while in our first quarter of fiscal year 2024, we had net income of $5.1 million , or $6.25 per diluted share. Net sales for the first quarter of fiscal 2025 were $141.4 million , a 10.4 percent decrease from the $157.8 million of sales in the first quarter of fiscal year 2024. Dana S. Weber , Chief Executive Officer and Board Chair, stated, "The domestic manufacturing economy has been worsening over the past year. Further, we have certain markets that are being adversely impacted by foreign imports. We continue to focus on positioning Webco for various economic environments and opportunities by maintaining a strong balance sheet and good liquidity and making compelling investments in our business. Our total cash, short-term investments and available credit on our revolver were $89.0 million at October 31, 2024 , which we believe to be a competitive advantage." In the first quarter of fiscal year 2025, we had income from operations of $1.1 million after depreciation of $4.7 million . The first fiscal quarter of the prior year generated income from operations of $8.0 million after depreciation of $3.7 million . Gross profit for the first quarter of fiscal 2025 was $13.6 million , or 9.7 percent of net sales, compared to $21.6 million , or 13.7 percent of net sales, for the first quarter of fiscal year 2024. Selling, general and administrative expenses were $12.6 million in the first quarter of fiscal 2025 and $13.6 million in the first quarter of fiscal 2024. SG&A expenses in the first quarter of fiscal year 2025 reflect a decrease in costs related to lower profitability, such as company-wide incentive compensation and variable pay programs, offset by inflation we have experienced in wages and other expenses. Interest expense was $1.2 million in the first quarter of fiscal year 2025 and $1.3 million in the same quarter of fiscal year 2024. Average construction-based investments decreased in fiscal year 2025 and, as a result, capitalized interest decreased $0.2 million when compared to the first quarter of fiscal year 2024. Capitalized interest decreases net interest expense in the consolidated statement of operations. Notwithstanding capitalized interest, the impact of increased interest rates was more than offset by lower average debt balances. Capital expenditures incurred amounted to $5.1 million in the first quarter of fiscal year 2025, down from $10.1 in the first quarter of fiscal year 2024. Included in our capital spending for the first quarter of fiscal year 2024 was construction of our F. William Weber Leadership Campus, which houses our Tech Center and corporate headquarters. The Tech Center, which is the tip of the spear that leads Webco's trusted and technical brand throughout our industry, was completed in the fourth quarter of fiscal year 2024. As of October 31, 2024 , we had $18.6 million in cash and short-term investments, in addition to $70.4 million of available borrowing under our $220 million senior revolving credit facility. Availability on the revolver, which had $44.0 million drawn at October 31, 2024 , was subject to advance rates on eligible accounts receivable and inventories. Our term loan and revolver mature in September 2027. Accounting rules require asset-based debt agreements like our revolver to be classified as a current liability, despite its fiscal year 2028 maturity. Webco's stock repurchase program authorizes the purchase of our outstanding common stock in private or open market transactions. In September 2023 , the Company's Board of Directors refreshed the repurchase program with a new limit of up to $40 million and extended the program's expiration until July 31 , 2026. We purchased 2,850 shares of our stock during the first quarter of fiscal year 2025. Including the current fiscal year, Webco has purchased approximately 158,000 shares over the course of the last five fiscal years. The repurchase plan may be extended, suspended or discontinued at any time, without notice, at the Board's discretion. Webco's mission is to continuously build on our strengths as we create a vibrant company for the ages. We leverage our core values of trust and teamwork, continuously building strength, agility and innovation. We focus on practices that support our brand such that we are 100% engaged every day to build a forever kind of company for our Trusted Teammates, customers, business partners, investors and community. We provide high-quality carbon steel, stainless steel and other metal specialty tubing products designed to industry and customer specifications. We have five tube production facilities in Oklahoma and Pennsylvania and eight value-added facilities in Oklahoma , Illinois , Michigan , Pennsylvania and Texas , serving customers globally. Our F. William Weber Leadership Campus is in Sand Springs, Oklahoma and houses our corporate offices and our Webco TechCenterTM, providing a state-of-the-art laboratory and R & D facility to lead and develop technical solutions. Risk Factors and Forward-looking statements: Certain statements in this release, including, but not limited to, those preceded by or predicated upon the words "anticipates," "appears," "believes," "estimates," "expects," "forever," "hopes," "intends," "plans," "projects," "pursue," "should," "will," "wishes," or similar words may constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company, or industry results, to differ materially from any future results, performance or achievements expressed or implied herein. Such risks, uncertainties and factors include the factors discussed above and, among others: general economic and business conditions, including any global economic downturn; government policy or low hydrocarbon prices that stifle domestic investment in energy; competition from foreign imports, including any impacts associated with dumping or the strength of the U.S. dollar; political or social environments that are unfriendly to industrial or energy-related businesses; changes in manufacturing technology; the banking environment, including availability of adequate financing; worldwide and domestic monetary policy; changes in tax rates and regulation; regulatory and permitting requirements, including, but not limited to, environmental, workforce, healthcare, safety and national security; availability and cost of adequate qualified and competent personnel; changes in import / export tariff or restrictions; volatility in raw material cost and availability for the Company, its customers and vendors; the cost and availability, including time for delivery, of parts and services necessary to maintain equipment essential to the Company's manufacturing activities; the cost and availability of manufacturing supplies, including process gases; volatility in oil, natural gas and power cost and availability; world-wide or national transition from hydrocarbon sources of energy that adversely impact demand for our products; problems associated with product development efforts; significant shifts in product demand away from internal combustion engine automobiles; appraised values of inventories that can impact available borrowing under the Company's credit facility; declaration of material adverse change by a lender; industry capacity; domestic competition; loss of, or reductions in, purchases by significant customers and customer work stoppages; work stoppages by critical suppliers; labor unrest; conditions, including acts of God, that require more costly transportation of raw materials; accidents, equipment failures and insured or uninsured casualties; third-party product liability claims; flood, tornado, winter storms and other natural disasters; customer or supplier bankruptcy; customer or supplier declarations of force majeure; customer or supplier breach of contract; insurance cost and availability; lack of insurance coverage for floods; the cost associated with providing healthcare benefits to employees; customer claims; supplier quality or delivery problems; technical and data processing capabilities; cyberattack on our information technology infrastructure; world, domestic or regional health crises; vaccine mandates or related governmental policy that would cause significant portions of our workforce, or that of our customers or vendors, to leave their current employment; global or regional wars and conflicts; our inability or unwillingness to comply with rules required to maintain the quotation of our shares on any market place; and our inability to repurchase the Company's stock. The Company assumes no obligation to publicly update any such forward-looking statements. No assurance is provided that current results are indicative of those that will be realized in the future. - TABLES FOLLOW - SOURCE Webco Industries, Inc.Cyber Monday Deal Slashes This Long-Lasting Android Smartwatch’s Price With $140 Off
Unwrap the latest AI features with Amazon Fire TabletsAs we eagerly await the official launch of the Deep Blue S09 in 2025, one thing is clear: the future of automotive innovation is here, and it looks brighter and more exciting than ever before. Stay tuned for more updates on this groundbreaking vehicle as it prepares to make its mark on the roads of tomorrow.Bills defense looks to get physical to rebound against Lions' top scoring offense
As the launch of the AI data center draws nearer, anticipation is mounting among industry experts, investors, and technology enthusiasts. With its potential to revolutionize the way businesses leverage data and AI, the facility is poised to become a beacon of innovation in the digital age. By harnessing the power of AI and data analytics, Sharp and KDDI are poised to make a transformative impact on businesses and society at large.
Gehlot terms abolition of districts & divisions ‘anti-people’; Cong plans protests
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