Page 1003 - Business Finance
Great Eastern Shipping Company consolidated net profit rises 204.13% in the December 2018 quarter
Sales rise 17.86% to Rs 963.07 crore
NTPC signs pact with SBI for Rs 5K cr term loan
State-owned power giant NTPC said Monday that it has signed a term loan agreement for Rs 5,000 crore with State Bank of India Monday. "The loan facility is extended at an interest rate linked to 3-Month MCLR of the Bank. This loan has a door to door tenure of 15 years and will be utilised to part finance the capital expenditure of NTPC," a company statement said. The loan agreement was signed by Masood A Ansari, General Manager (Finance), NTPC Ltd and Neelabh Sinha, Dy General Manager, SBI in the presence of Saptarshi Roy, Director (Finance), NTPC Ltd , Sudhir Arya, CFO, NTPC Ltd and Pradeep Kelshikar, General Manager, SBI.
Record participation by Indian exhibitors at Ambiente trade fair in Germany
Over 500 exhibitors from India are showcasing their products representing Indian handicrafts at Ambiente 2019, the world's leading trade fair for consumer goods being held here in Germany's commercial hub where India is the partner country. Ambiente, an annual trade fair of home decors, kitchenware and textiles, is organised by Messe Frankfurt, a global trade fair organisation with more than 4000 exhibitors from about 80 countries participating in the event being held here from February 8 to 12. Around 35 special Geographical Indication (GI) tagged products representing the crafts of India are the main highlight of the fair this year, Messe Frankfurt's India head Raj Manak said. Traditional crafts such as Rajasthan's gemstone carvings and metal craft, Kashmir's Kani Shawl, Delhi's Mughal wood carving, West Bengal's Masland Mat weaving are showcased. Additionally, five Indian craftsmen are also giving live demos at the fair, Manek said. Talking about India's presence at the fair, Manek
Exatron to set up server, storage plant in Tirupati; plans Rs 360 cr investment
Exatron Servers Monday said it is setting up a manufacturing and assembly plant in Tirupati, Andhra Pradesh and plans to invest Rs 360 crore over the next five years to scale its operations. The facility, located at the Industrial Park Electronic MFG Cluster - II in Tirupati, is spread across over 2 lakh sq ft area and will be the assembling and manufacturing centre for high-end servers and storage products, the company said a statement. Exatron Servers Manufacturing will commence construction of the facility by early March and expects the manufacturing unit to be ready for commercial shipments within the next nine months, it added. Citing industry reports, Exatron said the server market in India is poised to grow by 29 per cent and 15 per cent in terms of value and volume, respectively, in the next 4 years, helped by large-scale digital transformation initiatives at enterprise and government levels. "Exatron plans to invest Rs 360 crore over the next five years to scale the company's
Max India posts Rs 3.18 cr loss in Q3
Max India Monday reported a standalone net loss of Rs 3.18 crore for the quarter ended December 31, 2018. The company had posted a net profit of Rs 0.55 crore during the year-ago quarter, Max India said in a filing to BSE. Total income stood at Rs 14.19 crore for the latest quarter. It was Rs 14.71 crore for the same period a year ago. Shares of Max India settled at Rs 77.40 per scrip on BSE, down 0.77 per cent from the previous close.
Board of Polo Queen Industrial and Fintech appoints director
With effect from 11 February 2019
SpiceJet sees improving outlook despite profit plunge
(Reuters) - Higher passenger yields for Indian low-cost carrier SpiceJet in its third quarter only partially offset higher crude oil prices and foreign-exchange losses that resulted in a sharp drop in profit.
Analjit Singh to take over as Chairman of Max Life and Max India
Max Group Monday said its Founder and Chairman Emeritus Analjit Singh will take over as Chairman of Max India and Max Life. He would be taking over the chairmanship of the two companies from Group President Rahul Khosla, who would be moving to a non-executive role as group advisor from April 1, 2019, Max India said in a filing to BSE. Khosla will also demit his role as Max Healthcare Chairman once regulatory approvals for the transaction with KKR-Radiant are received. This position will then be filled by KKR Radiant, it added. "Khosla joined the Max Group in August 2011, which was at the cusp of my shift to a nonexecutive role and allowed me to pursue other initiatives," Singh said. That journey could not have been possible without Khosla taking on the mantle of Managing Director and subsequently as Group President, he added. "Rahul and the team have implemented what ought to be seen as a 'benchmark' of succession from sponsor to seasoned professionals leading the Group in various ...
Pakistan 'very close' to securing IMF bailout: minister
ISLAMABAD (Reuters) - Pakistan is likely to secure an International Monetary Fund (IMF) bailout soon to stave off a balance of payment crisis and help shore up its economy, Finance Minister Asad Umar said on Monday, as talks between Islamabad and the fund continue.
UK economy slowest since 2012, as Brexit and global worries weigh
LONDON (Reuters) - Britain's economy slowed sharply in late 2018, pushing full-year growth to its weakest in six years as Brexit worries hammered investment by companies and the global economic slowdown weighed on trade, official data showed on Monday.
Oil market to reach balance in first quarter: UAE energy minister
DUBAI (Reuters) - The oil market should reach a balance between supply and demand in the first quarter of this year, UAE Energy Minister Suhail Al Mazrouei told Al-Arabiya television on Monday.
Nifty February 2019 futures at premium
Turnover in F&O segment falls
China Market gains on trade talk optimism
Investors focus remained on U.S.-China trade talks as another round of negotiations is scheduled to start in Beijing this week, with U.S. Trade Representative Robert Lighthizer and Trade Secretary Steven Mnuchin meeting Chinese officials on Thursday and Friday. The latest round of talks follows a meeting between China's Vice Premier Liu He and U.S. officials in Washington at the end of January. A 90-day truce in the trade war between the two nations is scheduled to end on March 1. This week's meeting "probably won't result in a deal because the divergence on intellectual property rights is too big to close, and it is hard for China to make big concessions.
Covering cotton yarn under MEIS will help boost India's exports: CITI
Textile Industry body CITI Monday appealed to the Centre to include cotton yarn under Merchandise Exports from India Scheme (MEIS), to help boost India's exports and penetrate new markets. The Confederation of Indian Textile Industry (CITI) noted that cotton yarn and fabric shipments are struggling because of the duty disadvantage faced by the Indian exporters in major markets and asked the Government to enhance MEIS rate for fabric from 2 per cent to 4 per cent. According to CITI, there has been continuous decline in exports of cotton yarn and fabric in recent years. "India's exports of cotton yarn declined by 25 per cent from USD 4,570 million in 2013-14 to USD 3,443 million in 2017-18. In the same period fabric exports declined by 7 per cent from USD 4,941 million to USD 4,598 million," CITI said in a statement. CITI Chairman Sanjay Jain requested the Government to cover cotton yarn under MEIS to help boost India's exports and penetrate new markets especially in Africa, while ...
Quick Wrap: Nifty PSU Bank Index declines 1.74%
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Indo Amines Limited Declares a Robust Financial Growth Revenue at Rs. 120.16 Crs; EBITDA Stood at Rs. 16.09 Crs; PAT Reported at Rs. 6.88 Crs
/ -- Indo Amines Ltd, one of India's largest independent manufacturers of fine, specialty & performance chemicals, has announced its financial results for the quarter ended December 31st, 2018. Q3FY19 performance overview compared with Q3FY18 Revenues from operations stood at Rs. 120.16 crore, up by 1.82% EBITDA at Rs. 16.09 crore from Rs. 14.65 crore, a growth of 9.85% EBITDA margin at 13.59 % PAT stood at Rs. 6.88 crore, up by 10.24% EPS at Rs. 2.06 as compared to Rs. 1.80 for Q2FY19 9MFY19 Performance overview compared with 9MFY18 Revenues from operations stood at Rs. 337.89 crore, up by 29.49% EBITDA at Rs. 41.91 crore from Rs. 30.89 crore, a growth of 35.67% EBITDA margin at 12.61% PAT stood at Rs. 17.27 crore, up by 62.91% EPS at Rs. 5.18 as compared to Rs. 3.22 for 9MFY19 For the third quarter ended December 31, 2018: Revenue from operations for the quarter ended December 31, 2018 stood at Rs. 120.16 crore, as compared to Rs. 118.01 crore in the same period last .
Reliance Insurance files fresh IPO papers; removes Edelweiss as merchant banker
Reliance General Insurance, part of Anil Ambani-led Reliance Group, has filed fresh papers with the Sebi to float an initial share-sale after the regulatory approval for its IPO lapsed in November, market sources said Monday. According to the sources, the company's IPO comprises fresh issue of shares worth Rs 200 crore, besides, an offer of sale of 79,489,821 shares by Reliance Capital. Besides, the company has removed Edelweiss as one of the lead merchant bankers to manage its initial public offer (IPO), they added. The removal comes following the the Reliance Group accusing Edelweiss Group entities of "illegal" and "motivated" actions in invoking the pledged shares of the group's three listed firms and selling them in open market causing a steep fall in share values. Further, it has appointed CLSA India and IndusInd Bank replacing UBS investment company and IDBI Capital. Also, it has roped in Yes Securities. Other merchant bankers -- Motilal Oswal Investment Advisors, Credit Suisse .
Cement demand expected to grow 1.2 times of GDP growth rate: UltraTech
The average cement demand is expected to grow 1.2 times of the GDP growth rate in the country over the long term, according to UltraTech Cement. The growth of industry will be primarily driven by the government-led spending on big infrastructure projects and low cost housing, besides uptick in rural housing. India is the second largest producer of cement in the world after China, with an installed capacity of 472 mtpa. The domestic industry has sustained cement consumption growth of seven per cent in last 17 years. "Industry reached historical GDP multiple in FY'18 post slowdown in the last three-four years...Long-term average cement demand growth is expected to be 1.2 times of GDP growth rate," the Aditya Birla group firm said in its investor presentation. UltraTech, with an installed capacity of 105 mtpa (million tonne per annum), expects "demand momentum to maintain with improved focus on infrastructure, low cost housing and uptick in rural housing." The Reserve Bank of India had ..
Australia Market finishes lower
Financial stocks declined, with shares of the major banks were down between 1.24% and 1.62%, with NAB leading the losses, slipping down 40 cents to A$24.35. Bendigo and Adelaide closed down 6.8% to A$10.39, after the regional lender announced its first-half profits had dipped 2.4% to A$219 million.
China Lunar New Year retail sales rise, but pace slowest in years
SHANGHAI (Reuters) - Sales by China's retail businesses during the Lunar New Year holiday rose 8.5 percent from a year earlier, pushing up consumer stocks on Monday, but a cooler pace of growth added to evidence the economy is slowing.