Page 1050 - Business Finance
Renault reports Ghosn's wedding to investigators
Renault said Thursday it would inform investigators that its former chief Carlos Ghosn, who is being held in Japan on allegations of financial misconduct, personally benefited from a corporate sponsorship deal. The latest allegations concern Ghosn's lavish marriage at the Chateau de Versailles outside Paris in October 2016. According to a report in the Figaro newspaper, the operators of the palace waived the usual 50,000-euro (USD 57,000) fee for the reception at the 17th-century Grand Trianon complex as part of a sponsorship deal between Versailles and Renault. The firm's internal audits "identified that a contribution of 50,000 euros, under a sponsorship agreement signed with the Chateau de Versailles, was allocated to Mr. Ghosn's personal benefit", Renault said in its statement. Ghosn threw an extravagant Marie Antoinette-themed wedding party at Versailles to celebrate his second marriage which featured actors in 18th-century clothing. Ghosn's arrest in November in Japan and ...
ITC to invest Rs 1700 cr in personal care product plant in WB
Diversified conglomerate ITC Limited would invest Rs 1700 crore in West Bengal towards setting up an FMCG plant and upgrading of existing facilities. MD and CEO of ITC Sanjiv Puri said the company's Rs 4000 crore investments fructified in the state within a short span, for which a state-of-the-art personal care products manufacturing plant had been envisaged. Others who promised investments were DP World for Kulpi Port at Rs 3000 crore, Luxmi Tea Rs 350 crore, H-energy at Rs 2000 crore and YK Modi Rs 15,000 crore over five to six years. JSW group said it would double the cement manufacturing capacity at Salboni in the state.
Knitwear exporters, realtors welcome RBI repo rate cut
: Realtors and knitwear exporters' body in Tamil Nadu Thursday hailed the reduction of repo rates by the Reserve Bank, saying it would pave the way for the growth of investment and exports. Chennai-based realtor Akshaya Pvt Ltd Chairman and CEO T Chitty Babu said the repo rate cut was "indeed a positive step to revive the real estate sector. It will allow the banks to pass the rate cut benefits on home and other loans to customers". House of Hiranandani, Founder-Director, Surendra Hiranandani said, the repo rate cut would positively impact the economy ahead of the elections. "The overall direction of the monetary policy is oriented towards growth and the change in stance provides the central bank much needed flexibility to meet growth challenges in future", he said. The rate cut augurs well for the real estate sector, he said, adding it is upto banks to reduce lending rates and ensure that the common man reaps the benefit. Tirupur Exporters' Association President Raja M
Profit booking after rate cut subdues market (Third Lead)
The Indian equity market failed to hold on to early gains made on the back of the Reserve Bank of India's (RBI) suprise rate cut and ended on a flat to positive note on Thursday.
Reliance Ind plans Rs 10,000 cr investments in West Bengal
India's largest private sector company Reliance Industries Thursday said it had firmed up Rs 10,000 crore investments in West Bengal which is under implementation. "Today, our investments stand at Rs 28,000 crore in West Bengal alone, and we have firmed up our plan for further investment of over Rs 10,000," CMD of Reliance Industries Mukesh D Ambani said at the Bengal Global Business summit here on Thursday. Most of the investments would be from Reliance Jio. Jio network will cover 100 per cent of the state's population, he said. In 2016, Reliance made investments worth Rs 4500 crore and after more funds were pumped, it stood at Rs 28,000 crore at the moment, which accounted for one-tenth of total investments in India so far. Reliance Retail operates 500 retail stores and 46 petro retail outlets in West Bengal, Ambani said adding that Reliance operates three million square feet of warehouses in the state. The company was in the process of setting up a state-of-the art ..
Bajaj Electricals Q3 profit soars 73 pc to Rs 64 cr
Bajaj Electricals Thursday posted 73.55 per cent rise in standalone net profit at Rs 63.92 crore for October-December 2018 led by a robust performance in consumer products and EPC segments. It reported a profit of Rs 36.83 crore in the same period a year ago, Bajaj Electricals said in a BSE filing. Total income was also up at Rs 2,161.83 crore during the quarter under review, from Rs 1,145.13 crore in the year-ago period. "The current quarter has been extremely good for the company, with both business segments - Consumer Products (CP) and EPC - registering a robust performance," Chairman and Managing Director Shekhar Bajaj said. Total expenses were at Rs 2,067.33 crore as against Rs 1,097.51 crore in the year-ago period. Revenue from CP segment was at Rs 760.58 crore as against Rs 600.18 crore earlier. Engineering, procurement and construction (EPC) segment stood at Rs 1,401.18 crore in the latest quarter against Rs 544.91 crore in the year-ago period. "EPC segment performance is ...
PTC India Q3 net profit down 13 pc at Rs 51.34 cr
PTC India Thursday reported a standalone net profit of Rs 51.34 crore for the quarter ended December 2018, down about 13 per cent year-on-year mainly due to higher expenses. The company's standalone net profit stood at Rs 58.94 crore for the quarter ended December 2017, a company statement said. Total income rose to Rs 2,935.23 crore in the October-December quarter this year from Rs 2,717.46 crore in the year-ago period. Its expenses rose to Rs 2,855.85 crore in the third quarter of 2018-19 from Rs 2,630.49 crore in the year-ago quarter. Reacting to the financial numbers, shares of the company dropped 2.91 per cent to close at Rs 75.10 on BSE. PTC India is involved in the business of power trading, investment and offers trading solutions. Commenting on the results, PTC India Chairman and Managing Director Deepak Amitabh said, "The financial and operational numbers for the nine month period have been consistent with our business trends. Our business is increasingly insulated from the ..
Dip in job recommendations by railway recruitment boards and cells in past five years: Govt
There has been a decline in the number of candidates recommended for jobs by the Railway Recruitment Boards/cells in the past five years, the Personnel Ministry said in a written reply in the Rajya Sabha on Thursday. A total of 24,462 candidates were recommended by the Railway Recruitment Boards (RRBs) and Railway Recruitment Cells (RRCs) during 2017-18, as against 26,318 and 79,803 such selections made in 2016-17 and 2015-16 respectively, it said. As many as 47,186 and 63,455 candidates were recommended for jobs by the RRBs and RRCs in 2014-15 and 2013-14 respectively, the reply added. Giving details of the recruitments done by other agencies, the ministry said a total of 45,391 candidates were recommended for jobs by Staff Selection Commission (SSC) during 2017-18 as against 68,880 in 2016-17. In 2015-16, 25,138 candidates were recommended by the SSC as against 58,066 in 2014-15 and 48,842 in 2013-14, it said. The Union Public Service Commission (UPSC) recommended 6,294 candidates ..
Walmart bets on India despite change in FDI norms
American retail giant Walmart and its Indian e-tail major Flipkart are betting big on India despite the revised norms for Foreign Direct Investment (FDI) in e-commerce, the companies said.
Chalet Hotels shares gain over 4 pc in debut trade
Shares of Chalet Hotels Ltd ended with over 4 per cent gains in debut trade on Thursday against its issue price of Rs 280. Shares of the company, which owns, develops and manages high-end hotels in key metro cities in the country, settled at Rs 290.40 apiece, up 3.71 per cent from the issue price on the BSE. It opened the day at Rs 291, a gain of 3.92 per cent. During the day, the stock gained 5.46 per cent to Rs 295.30. At the National Stock Exchange (NSE), shares closed at Rs 291.95 apiece, up 4.26 per cent. On the traded volume front, 9.45 lakh shares changed hands on the BSE and over 94 lakh shares were traded on the NSE. The company's market valuation stood at Rs 5,953.89 crore on the BSE. Chalet Hotels' initial public offering (IPO) was open for subscription between January 29 and 31, and was in the price range of Rs 275-280 per share. The Rs 1,641-crore IPO was subscribed 1.57 times. JM Financial, Axis Capital and Morgan Stanley India Company managed the issue.
Jaguar Land Rover woes drive Tata Motors to biggest quarterly loss
(Reuters) - Indian automaker Tata Motors Ltd posted its biggest quarterly loss on Thursday, hurt by an impairment charge for its British luxury car business Jaguar Land Rover.
India jumps 8 places to 36th on International IP Index
India has jumped eight places to 36th position on the International Intellectual Property (IP) Index, which analyses the IP climate in 50 global economies, this year. India's eight-point jump in 2019 from 44th position in 2018 is the highest increase among 50 nations mapped by the index, a release said. The US, the UK, Sweden, France and Germany remained the top five economies on the intellectual property index in 2019 retaining their spots from the last year. The index brought out by the US Chamber of Commerce's Global Innovation Policy Center (GIPC) ranks countries based on 45 indicators that are critical to an innovation-led economy supported by robust patent, trademark, copyright, and trade secrets protection. "The improvement reflects important reforms implemented by Indian policy-makers towards building and sustaining an innovation ecosystem for domestic entrepreneurs and foreign investors alike," the release said. India's overall score has also increased substantially from ...
EU's Moscovici says Commission will continue monitoring Italy's economy
BRUSSELS (Reuters) - The European Commission will continue to closely monitor developments in the Italian economy after it slashed its growth forecasts for the country this year and next, the EU's economic commissioner said on Thursday.
Tata Motors Q3 net loss at Rs 26,961 cr
Tata Motors Thursday reported a consolidated net loss of Rs 26,960.8 crore for the third quarter ended December 31, hit by asset impairment in its British arm Jaguar Land Rover (JLR). The company had reported a net profit of Rs 1,214.6 crore in the October-December quarter of 2017-18. The auto major said profit was impacted by an exceptional item of asset impairment in its British arm Jaguar Land Rover (JLR) of Rs 27,838 crore (3.1 billion pounds). Total revenue from operations, however, rose 4.36 per cent to Rs 77,582.71 crore as compared to Rs 74,337.7 crore in the year-ago period, Tata Motors said in a regulatory filing. On a standalone basis, the company posted PAT of Rs 617.62 crore as against Rs 211.59 crore in the year-ago quarter. Total standalone income rose to Rs 16,477.07 crore as against Rs 16,186.15 crore in the same period of previous fiscal. JLR's revenue, however, declined 1 per cent to 6.2 billion pounds. Tata Group Chairman N Chandrasekaran said the company's ...
Adani Green Energy loss widens to Rs 118.74 cr in Q3
Adani Green Energy's net loss widened to Rs 118.74 crore in the December 2018 quarter compared to the year-ago period, owing to higher expenses such as borrowing cost and depreciation. Its consolidated net loss was Rs 13.98 crore in the quarter ended on December 31, 2017, the company said in a statement on Thursday. The firm's total income in the third quarter of the current financial year rose to Rs 470.94 crore, compared with Rs 456.21 crore a year ago. The company's finance costs rose to Rs 277.46 crore in the quarter from Rs 100.23 crore in the year-ago period. Depreciation also increased to Rs 270.19 crore, against Rs 133.45 crore in October-December 2017. The company said mark-to-market losses of Rs 12.87 crore on the contracts, which qualify as cash flow hedge, have been recognised in the Cash Flow Hedge Reserve Account at the end of the quarter. To hedge the foreign currency and interest rate exposure on external commercial borrowings, the Group has entered into various ...
Punj Lloyd reports standalone net loss of Rs 2795.06 crore in the December 2018 quarter
Sales decline 53.34% to Rs 475.59 crore
Manappuram Finance standalone net profit rises 25.36% in the December 2018 quarter
Sales rise 21.03% to Rs 897.67 crore
Choksi Imaging standalone net profit declines 17.72% in the December 2018 quarter
Sales decline 44.79% to Rs 4.08 crore
SEAMEC reports standalone net profit of Rs 35.87 crore in the December 2018 quarter
Sales rise 155.92% to Rs 98.99 crore
Pradeep Metals standalone net profit rises 5.81% in the December 2018 quarter
Sales rise 25.98% to Rs 44.17 crore