Page 1037 - Business Finance
TN bud proposes 1 lakh houses in cyclone-hit areas, to cost Rs
The Tamil Nadu budget Friday proposed one lakh concrete houses at an estimated Rs 1,700 crore to replace huts damaged in last year's cyclone besides expanding the crop insurance ambit to include more factors that damage the farm produce. Presenting the fourth budget of the AIADMK government in the assembly, Deputy Chief Minister O Panneerselvam said no new taxes were proposed for the 2019-20 fiscal and assured the revenue deficit will come down in the coming years. Panneerselvam, who holds the Finance portfolio, pegged the state's revenue deficit at around Rs 14,300 crore for the coming financial year. The state's net outstanding debt by March 31, 2020 will be Rs 3,97,495.96 crore with a debt to GSDP ratio of 23.02 per cent, which he said was well within the debt-GSDP norm of 25 per cent. Amongst the proposals, the governmnent will procure 2,000 new electric buses, besides 12,000 new BS-VI vehicles, at an outlay of Rs 5,890 crore with loan assistance from the German ...
Spanish supermarket Dia to slash jobs
Financially troubled Spanish supermarket group Dia said Friday it wanted to cut up to 2,100 jobs as it reported a massive loss. Dia, the target of a public buyout offer by the Russian oligarch who is already its top shareholder, reported a net loss of 352.5 million euros (USD 399.3 million) for 2018. The discount supermarket chain, which has had to reduce prices in the face from competitors Lidl and Mercadona, saw net sales fall nearly 11 percent to 7.3 billion euros. The results were much worse than the expected 4-million-euro loss expected by analysts surveyed by data provider Factset. Dia's shares slumped 2.2 percent in morning trading in Madrid while the overall market was off 0.5 percent overall. Dia said the job cuts would be negotiated with trade unions. Russian billionaire Mikhail Fridman's LetterOne investment fund, which became Dia's top shareholder in 2017 with a 29-percent stake, launched a public share offer to take over the company on Tuesday given its "serious ...
Global Markets: World share index set for weekly loss as 'economic skies darken'
LONDON (Reuters) - Global shares fell for a third straight day on Friday and were set to post their first weekly loss in seven, as investors worried about a broadening global economic slowdown and the lack of any sign of a resolution to the U.S.-China trade row.
Kalyani Steels revenue moves up to Rs 374 crore in Q3 FY19
Kalyani Steels said on Friday its profit after tax was Rs 34.6 crore on the back of revenue from operations totalling Rs 374 crore during the quarter ending December 2018.The profit during October to December 2017 was Rs 30.8 crore while revenue was Rs 337 crore, the company informed the stock exchanges.The earnings per share (EPS) moved up to Rs 7.93 from Rs 7.06.Kalyani Steels is part of the 3 billion dollar Kalyani Group. It is a leading manufacturer of forging and engineering quality carbon and alloy steels using the blast furnace route..
Q3 FY19 results: IRB Infrastructure posts net profit Rs. 219 crs.; total income Rs. 1,835 crs
IRB Infrastructure Developers Ltd. (IRB Infra) has posted Net Profit of Rs. 219 Crs. for the 3rd Quarter ended 31st December 2018; thus registering growth of 6% as against the corresponding quarter of FY18.The Company has also posted Total Income of Rs. 1,835 Crs. for Q3 FY19, as against the Total Income of Rs. 1,342 Crs. in Q3 FY18; thus registering a growth of 37%.IRB Infra announced its unaudited financial results for Q3 FY19 at the Board Meeting held in Mumbai today. While commenting on the occasion, Mr. Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, "We are happy to report growth for yet another quarter aided by slight pick-up in traffic and continued execution of Projects on hand. We achieved Financial Closure for our Gujarat project during the quarter and will start construction shortly. Q4 FY19 is expected to be even stronger with continued traffic momentum and as we near completion for some of our projects."The highlights of ..
Gold flat; silver slides on weak demand
Gold prices were ruling flat at Rs 34,175 per 10 gram, while silver dropped by Rs 570 to Rs 40,930 per kg in the national capital on Friday, according to All India Sarafa Association. Traders said gold prices fell slightly by Rs 5 on weak demand, but a firm global trend overseas capped the fall. Globally, gold traded higher at USD 1,309.24 an ounce, while silver held steady at USD 15.63 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purities dropped by Rs 5 each to Rs 34,175 and Rs 34,025 per 10 gram, respectively. However, sovereign gold held steady at Rs 26,100 per piece of eight gram. Silver ready slumped by Rs 570 to Rs 40,930 per kg, while weekly-based delivery lost Rs 571 to Rs 39,829 per kg. On other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
Oil heads for weekly loss as slowdown worries outweigh supply cuts
LONDON (Reuters) - Oil markets inched down on Friday and were heading for a weekly loss, pulled down by worries about a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support.
Reliance Group says L&T Finance, Edelweiss Group caused share drop
(Reuters) - Three listed entities of Indian conglomerate Reliance Group - owned by Anil Ambani - on Friday said L&T Finance Holdings Ltd and certain entities of Edelweiss Group were responsible for their shares plunging near 55 percent over the last few days.
India's banks seen unlikely to match RBI's rate cut any time soon
MUMBAI (Reuters) - Indian bankers say piles of bad debt and the high cost of deposits mean they are unlikely to reduce interest rates on loans by as much as the central bank cut its key lending rate in a bid to spur growth.
Online Precious Metal Retailing is a Viable Investment and Gifting Option in India, Thanks to CoinBazaar
/ -- CoinBazaar is a niche e-commerce platform for buying Silver and Gold coins, and Platinum bars, etc. It is rare to find a family in India that does not invest in physical gold or jewellery. One of the reasons is the metal's high resale value. Launched in 2012, CoinBazaar read into this timeless trend and offered an online investment platform for its customers. The e-commerce firm has since then eased and assisted the way Indians invest in gold, silver and platinum. CoinBazaar works on a real-time inventory model, with complete control over the product being dispatched. This ensures a 100% trust on the product, which is both certified and verified before it is shipped. Priyesh Shah, Co-founder of CoinBazaar.in, explains, "We are the aggregators for various bullion selling brands and personally manage end-to-end operations. CoinBazaar.in is the only platform in India that offers 'LIVE' pricing for coins. Hence, investors regularly visit our platform to check the daily price. It is .
Sony stock jumps after first-ever share buyback announcement
TOKYO (Reuters) - Sony Corp announced its first-ever major share buyback on Friday, worth 100 billion yen ($910 million), helping its stock recover from a hammering days earlier when investors freaked over lacklustre earnings.
Alkem Labs Q3 net profit rises 14 pc to Rs 205.45 cr
Drug firm Alkem Laboratories Friday reported a 13.58 per cent rise in its consolidated net profit to Rs 205.45 crore for the quarter ended December 31, 2018. The company had posted a net profit of Rs 180.87 crore for the corresponding period of the previous fiscal, Alkem Laboratories said in a filing to BSE. Consolidated revenue from operations of the company stood at Rs 1,925.03 crore for the quarter under consideration as against Rs 1,741.19 crore for the same period a year ago. The company's board has declared an interim dividend of Rs 8 per equity share of the face value of 2 each, Alkem Laboratories said. Shares of the company were trading at Rs 1,893.50 per scrip on BSE, up 0.57 per cent from its previous close.
Sindhu signs approx 50 crore deal with Li Ning
Olympic and World Championship silver medallist P V Sindhu has signed a whopping four-year sports sponsorship deal in the tune of Rs 50 crore with Chinese sports brand Li Ning. The record deal comes after compatriot Kidambi Srikanth was offered a cool Rs 35 crore over a period of four years by the Chinese company last month. "Sindhu's deal is one of the biggest in world badminton. It is close to Rs 50 crore for sponsorship and equipment," Mahender Kapoor, director, Sunlight Sports Pvt Ltd, the multi-national exclusive partner of Li-Ning in India, told PTI. "It will be a deal which is very close to Puma's deal with Indian cricketer Virat Kohli in terms of yearly sponsorship. Sindhu will get Rs 40 crore as sponsorship while the rest will be for equipment, so it is close to Rs 50 crore," Kapoor claimed. In 2017, Puma had signed Kohli for reported deal of Rs 100 crore endorsement deal for a period of eight years, which came down to 12.5 crore per year. Sindhu, who rose to stardom after ...
Aluminium futures up 0.22% on spot demand, global cues
Aluminium prices inched up 0.22 per cent to Rs 134.40 per kg in futures trade Friday as speculators created fresh positions amid rising spot demand and positive overseas trend. At the Multi Commodity Exchange, aluminium for delivery this month edged up by 30 paise, or 0.22 per cent, to Rs 134.40 per kg in 225 lots. Analysts attributed the rise in aluminium prices to participants building up positions on rising demand from consuming industries in the physical markets, coupled with positive global cues.
Delay in release of GST share impinging TN finances: Dy CM
Tamil Nadu was yet to receive its share of integrated GST to the tune of Rs 5,454 crore from the Centre despite being among the best performing states in implementation of the new tax regime, Deputy Chief Minister O Panneerselvam Friday said. Presenting the budget for 2019-20 in the assembly, he said the delay in release the dues was impinging on the state's finances. He said Tamil Nadu was one of the best performing states in implementing the GST and has achieved good growth in GST revenues. "However, the state is yet to receive its due share of IGST to the tune of Rs 5,454 crore as well as the assured GST compensation of Rs 455.16 crore for 2017-18," he said. The introduction of the Goods Service and Tax has taken away the limited taxation powers of the state governments thereby curtailing their tax mobilisation capacity, Panneerselvam said. "The consistent downgrading of tax rates, lack of full operability in the filing of tax returns on GST network and the undue ...
UK firm keen to make electric SUV vehicles in Pondy: Minister
London-based Laureti Automotive Corporation has evinced interest to set up its unit here to make electric SUV vehicles. Puducherry Industries and Transport Minister M O H F Shah Jahan announced this Friday while inaugurating a one-day workshop on 'Smart Mobility: Puducherry Forward' organised by the Confederation of Indian Industry (CII) here. The London company would have an initial capacity to manufacture 10,000 electric SUV vehicles per annum with an investment of around Rs 2,800 crore, he said. Laureti would expand production in the next stages, he said. Puducherry government has at its disposal around 350-acre site in Karaikal region, which could be made available to the company, the Minister said. The initiative of Laureti would be of help for Puducherry to meet the current challenges in the traffic and mobility sector, he said. Soon, a delegation of the UK company would hold talks with the territorial administration, the Minister said. Traffic management was a big .
US-based Avalara acquires AI start-up Indix
Seattle-headquartered Avalara, a provider of tax compliance automation software for businesses, on Friday said it had acquired Indix's Artificial Intelligence (AI)technology and the team that created it for an undisclosed sum.
India's Bellwether Logistic Company, Snowman Logistics, Back on the Growth Track
/ -- Quarter Highlights: Revenue up by 19% compared to corresponding Quarter last year EBITDA increased by 10% compared to corresponding Quarter last year PAT increased by 774% compared to corresponding Quarter last year During the third quarter ended December 31, FY 2018-19, Snowman recorded a revenue of Rs. 59.34 crores as against Rs. 49.81 crores during the corresponding quarter ended December 31, 2017, an increase of 19%. While EBITDA increased by 10 % to Rs. 14.39 crores as compared to Rs. 13.11 crores during the corresponding quarter and PAT increased to Rs. 2.35 crores as against Rs. 0.27 crores during the corresponding quarter, an increase of 774% in profit. Commenting on the results, Mr. Prem Kishan Gupta, Chairman, Snowman Logistics Ltd., said, "The turnaround witnessed in the performance of the Company since the 3rd Quarter of the last year continues, with the company reporting Q-o-Q growth in sales and profits for the fifth straight quarter. While continued improvement in
Uttarakhand budget to focus on agriculture
Despite the inflating non-plan expenditure, Uttarakhand Finance Minister Prakash Pant will present the state budget for the 2019-20 fiscal on February 11 with a focus on agriculture and allied sectors with a challenge to keep revenue and fiscal deficits under the prescribed limits.
Coriander dips 0.37% on subdued demand
Coriander prices fell 0.37 per cent to Rs 6,210 per quintal in futures trade Friday as participants cut down their positions amid muted domestic as well as exports demand against ample stocks position. Besides, rising arrivals from major producing regions and profit-booking at higher levels mainly weighed on the sentiment. At the National Commodity and Derivatives Exchange, coriander prices for delivery in April declined by Rs 23, or 0.37 per cent, to Rs 6,210 per quintal with an open interest of 29,440 lots. On similar lines, rates for far-month May was trading at Rs 6,275, down 0.59 per cent, or Rs 37. The open interest of the contract stood at 4,110 lots. Analysts attributed the fall in coriander futures to subdued demand in the physical market against adequate stocks position on increased supplies from producing regions.