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Fairfax India Holdings Corporation (FFXDF)

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10.70+0.20 (+1.89%)
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Previous Close10.50
Open10.49
Bid0.00 x 0
Ask0.00 x 0
Day's Range10.48 - 11.83
52 Week Range5.37 - 13.83
Volume51,095
Avg. Volume32,311
Market Cap1.608B
Beta (5Y Monthly)1.15
PE Ratio (TTM)4.04
EPS (TTM)2.65
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Fairfax India Holdings Corporation: Third Quarter Financial Results
    GlobeNewswire

    Fairfax India Holdings Corporation: Third Quarter Financial Results

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES(Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are prepared using the recognition and measurement requirements of International Financial Reporting Standards, except as otherwise noted, and are unaudited.) TORONTO, Oct. 29, 2020 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX: FIH.U) announces net earnings of $77.7 million in the third quarter of 2020 ($0.52 net earnings per diluted share), compared to net earnings of $89.2 million in the third quarter of 2019 ($0.58 net earnings per diluted share), reflecting decreased net unrealized gains on investments, partially offset by increased net foreign exchange gains and dividend income.Highlights for third quarter of 2020 included the following: * Net change in unrealized gains on investments of $74.4 million, principally from increases in market prices of the company's investments in the public companies CSB Bank ($39.4 million), Privi Speciality (formerly Fairchem Speciality) ($34.9 million), 5paisa ($11.2 million), IIFL Finance ($6.1 million) and an increase in the fair value of the company's investment in the private company NSE ($12.8 million), partially offset by decreases in market prices of the company's investments in the public companies IIFL Wealth ($9.5 million), IIFL Securities ($5.2 million) and a decrease in the fair value of the company's investment in private company NCML ($14.7 million). * On August 12, 2020 Fairchem Speciality completed the spin off of its wholly-owned subsidiary Fairchem Organics Limited ("Fairchem Organics") in a non-cash transaction. Fairfax India recorded the cost of its investment in Fairchem Organics at its estimated fair value of $34.9 million (approximately 2.6 billion Indian rupees). Subsequent to the spin off of Fairchem Organics, the remaining business (primarily Privi Organics) was renamed Privi Speciality Chemicals Limited ("Privi Speciality") and continued to trade on the BSE and NSE of India. The shares of Fairchem Organics are expected to be listed on the BSE and NSE of India in the fourth quarter of 2020, subject to applicable regulatory conditions. * At September 30, 2020 common shareholders' equity was $2,346.8 million, or book value per share of $15.63, compared to $2,577.9 million, or book value per share of $16.89, at December 31, 2019, a decrease of 7.5%, primarily related to a net loss during the first nine months of 2020 and unrealized foreign currency translation losses as a result of the weakening of the Indian rupee relative to the U.S. dollar.During this period of uncertainty, Fairfax India remains in strong financial health, with undeployed cash and marketable securities of approximately $185 million.The company is continuing to buyback shares under its normal course issuer bid and during the first nine months of 2020 purchased for cancellation 2,492,546 subordinate voting shares at a net cost of $22.5 million ($9.04 per subordinate voting share).There were 150.4 million and 152.6 million weighted average common shares outstanding during the third quarters of 2020 and 2019 respectively. At September 30, 2020 there were 120,138,935 subordinate voting shares and 30,000,000 multiple voting shares outstanding.Fairfax India's detailed third quarter report can be accessed at its website www.fairfaxindia.ca.In presenting the company's results in this news release, management has included book value per basic share. Book value per basic share is calculated by the company as common shareholders' equity divided by the number of common shares outstanding.Fairfax India Holdings Corporation is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.For further information, contact: John Varnell, Vice President, Corporate Affairs  (416) 367-4755 This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company's or an Indian Investment's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.  Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: taxation of the company, its shareholders and subsidiaries; risk of substantial loss of capital; geographic concentration of investments; risks associated with the global pandemic caused by COVID-19, and the related global reduction in commerce and substantial downturns in stock markets worldwide; financial market fluctuations; control or significant influence position risk; minority investments; risks upon dispositions of investments; bridge financings; reliance on key personnel and risks associated with the Investment Advisory Agreement; effect of fees; operating and financial risks of investments; valuation methodologies involve subjective judgments; lawsuits; foreign currency fluctuation; unknown merits and risks of future investments; illiquidity of investments; competitive market for investment opportunities; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share; emerging markets; volatility of the Indian securities markets; political, economic, social and other factors; natural disaster risks; sovereign debt risk; economic risk; weather risk, oil price risk and adverse consequences to the company’s business, investments and personnel resulting from or related to the COVID-19 pandemic. Additional risks and uncertainties are described in the company’s annual information form dated March 6, 2020 which is available on SEDAR at www.sedar.com and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

  • GlobeNewswire

    Fairfax India Announces Intention to Make a Normal Course Issuer Bid

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESTORONTO, Sept. 28, 2020 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (“Fairfax India”) (TSX: FIH.U) announces that the Toronto Stock Exchange (the “TSX”) has accepted a notice filed by Fairfax India of its intention to commence a Normal Course Issuer Bid for its Subordinate Voting Shares through the facilities of the TSX (or other alternative Canadian trading systems) effective September 30, 2020. Purchases will be made in accordance with the rules and policies of the TSX and the Subordinate Voting Shares purchased by Fairfax India will be cancelled. The notice provides that Fairfax India’s board of directors has approved the purchase on the TSX, during the period commencing September 30, 2020 and ending September 29, 2021, of up to 3,500,000 Subordinate Voting Shares representing approximately 4.7% of the public float in respect of the Subordinate Voting Shares as at September 16, 2020. As at September 16, 2020, Fairfax India had outstanding 120,537,635 Subordinate Voting Shares. Under the bid, Fairfax India may purchase up to 15,429 Subordinate Voting Shares on the TSX (or other alternative Canadian trading systems) during any trading day, which represents 25% of the average daily trading volume on the TSX for the prior six months (being 61,719 Subordinate Voting Shares), all as calculated in accordance with the rules of the TSX. This limitation does not apply to purchases made pursuant to block purchase exemptions.Fairfax India is making this Normal Course Issuer Bid because it believes that in appropriate circumstances its Subordinate Voting Shares represent an attractive investment opportunity and that purchases under the bid will enhance the value of the Subordinate Voting Shares held by the remaining shareholders.Pursuant to its existing Normal Course Issuer Bid, Fairfax India sought and received approval from the TSX to purchase up to 3,500,000 Subordinate Voting Shares, and has purchased to date 2,525,260 Subordinate Voting Shares during the last twelve months through open market purchases on the TSX at a weighted average price per share of US$9.05.Fairfax India also announces that it has entered into an automatic share purchase plan (the “ASPP”) with a designated broker to allow for the purchase of its Subordinate Voting Shares under its Normal Course Issuer Bid at times when Fairfax India normally would not be active in the market due to applicable regulatory restrictions or internal trading black-out periods. Before the commencement of any particular internal trading black-out period, Fairfax India may, but is not required to, instruct its designated broker to make purchases of Subordinate Voting Shares under the Normal Course Issuer Bid during the ensuing black-out period in accordance with the terms of the ASPP. Such purchases will be determined by the broker in its sole discretion based on parameters established by Fairfax India prior to commencement of the applicable black-out period in accordance with the terms of the ASPP and applicable TSX rules. Outside of these black-out periods, Subordinate Voting Shares will be purchasable by Fairfax India at its discretion under its Normal Course Issuer Bid.The ASPP commenced on September 28, 2020 and will terminate on the earliest of the date on which: (a) the maximum annual purchase limit under the Normal Course Issuer Bid has been reached; (b) the Normal Course Issuer Bid expires; or (c) Fairfax India terminates the ASPP in accordance with its terms. The ASPP constitutes an “automatic securities purchase plan” under applicable Canadian securities laws.Fairfax India is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.For further information, contact: John Varnell, Vice President, Corporate Affairs   (416) 367-4755

  • GlobeNewswire

    Fairfax India Holdings Corporation: Second Quarter Financial Results

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES(Note: All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are prepared using the recognition and measurement requirements of International Financial Reporting Standards, except as otherwise noted, and are unaudited.)TORONTO, July 30, 2020 (GLOBE NEWSWIRE) -- Fairfax India Holdings Corporation (TSX: FIH.U) announces net earnings of $52.4 million in the second quarter of 2020 ($0.35 net earnings per diluted share), compared to a net loss of $55.5 million in the second quarter of 2019 ($0.36 net loss per diluted share), reflecting increased net unrealized gains on investments, partially offset by decreased realized gains on investments.Highlights for second quarter of 2020 included the following: * Net change in unrealized gains on investments of $70.5 million, principally from increases in market prices of the company's investments in the public companies, including CSB Bank ($65.9 million), Fairchem ($37.1 million), IIFL Securities ($14.0 million), 5paisa ($10.5 million), IIFL Wealth ($5.2 million), and Other Public Indian Investments ($11.7 million) partially offset by a decrease in the fair value of the company's private investments in Sanmar ($56.8 million), NSE ($14.5 million), and NCML ($7.7 million). * On June 26, 2020 the company extended its $550 million secured term loan facility with a syndicate of Canadian banks to June 28, 2021 with an option to extend for an additional year. * At June 30, 2020 common shareholders' equity was $2,220.0 million, or book value per share of $14.75, compared to $2,577.9 million, or book value per share of $16.89, at December 31, 2019, a decrease of 12.7%, primarily related to a net loss during the first six months of 2020 and unrealized foreign currency translation losses as a result of the weakening of the Indian rupee relative to the U.S. dollar.During this period of uncertainty, Fairfax India remains in strong financial health, with undeployed cash and marketable securities of approximately $180 million.The company is continuing to buyback shares under its normal course issuer bid and during the first six months of 2020 purchased for cancellation 2,093,846 subordinate voting shares at a net cost of $19.6 million ($9.34 per subordinate voting share).There were 151.3 million and 152.6 million weighted average common shares outstanding during the second quarters of 2020 and 2019 respectively. At June 30, 2020 there were 120,537,635 subordinate voting shares and 30,000,000 multiple voting shares outstanding.Fairfax India's detailed second quarter report can be accessed at its website www.fairfaxindia.ca.In presenting the company's results in this news release, management has included book value per basic share. Book value per basic share is calculated by the company as common shareholders' equity divided by the number of common shares outstanding.Fairfax India is an investment holding company whose objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in India and Indian businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, India.For further information, contact:John Varnell, Vice President, Corporate Affairs  (416) 367-4755 This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company's or an Indian Investment's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, an Indian Investment, or the Indian market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”.  Forward-looking statements are based on our opinions and estimates as of the date of this press release, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: taxation of the company, its shareholders and subsidiaries; risk of substantial loss of capital; geographic concentration of investments; risks associated with the global pandemic caused by COVID-19, and the related global reduction in commerce and substantial downturns in stock markets worldwide; financial market fluctuations; control or significant influence position risk; minority investments; risks upon dispositions of investments; bridge financings; reliance on key personnel and risks associated with the Investment Advisory Agreement; effect of fees; operating and financial risks of investments; valuation methodologies involve subjective judgments; lawsuits; foreign currency fluctuation; unknown merits and risks of future investments; illiquidity of investments; competitive market for investment opportunities; use of leverage; significant ownership by Fairfax may adversely affect the market price of the subordinate voting shares; trading price of subordinate voting shares relative to book value per share; emerging markets; volatility of the Indian securities markets; political, economic, social and other factors; natural disaster risks; sovereign debt risk; economic risk; weather risk, oil price risk and adverse consequences to the company’s business, investments and personnel resulting from or related to the COVID-19 pandemic. Additional risks and uncertainties are described in the company’s annual information form dated March 6, 2020 which is available on SEDAR at www.sedar.com and on the company’s website at www.fairfaxindia.ca. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully.Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.