Page 1123 - Business Finance
Honda Cars sales up 23% to 18,261 units in January
Honda Cars India Ltd (HCIL) Friday reported a 23 per cent increase in its domestic sales to 18,261 units in January. The company had sold 14,838 units in the domestic market in January 2018, HCIL said in a statement. The company also exported 200 units last month. "Responding to the tepid market situation with extensive marketing efforts, including on-ground activations focusing on tier 2 and 3 markets, drove sales of all Honda models in the month," HCIL Senior VP and Director-Sales and Marketing Rajesh Goel said. With additional benefits in direct taxes announced in the interim budget presented Friday, the company expects the consumer sentiment to improve in the coming months, he added. During the ongoing financial year, the company has registered a cumulative sales growth of 5.7 per cent, selling 1,53,058 units, as compared with 1,44,802 units in the corresponding period last year.
Amazon has another 'Prime' holiday: Profit tops USD 3 billion
Amazon had another strong holiday season: Its quarterly profit topped USD 3 billion for the first time as revenue grew across many of its businesses, including online shopping, advertising and cloud computing. The company, however, issued an estimate for the current quarter's revenue that was below what Wall Street analysts expected, sending its stock down about 5 per cent in after-hours trading Thursday. Amazon executives attributed the softness in this quarter to uncertainty about how new e-commerce rules in India could hurt sales in that country. They also said the company's costs may increase this year from last year, as it spends on hiring, warehouse construction and other investments. Amazon, which recently surpassed Microsoft as the most valuable company in the US, reported net income of USD 3.03 billion during the last three months of 2018. On a per share basis, it had earnings of USD 6.04, beating the USD 5.55 per share analysts expected, according to Zacks Investment ...
Mixed reaction to budget proposals from Bengal Inc
The proposals of the interim budget evoked mixed reaction from the industry of West Bengal, with one section hailing it as "a courageous policy statement" and another terming the announcements as election package. The Calcutta Chamber of Commerce said the budget was friendly to the farming and rural sector and growth oriented in so far as infrastructure, industry and MSME sector is concerned. RP Sanjiv Goenka group chairman Sanjiv Goenka said, "This certainly is not merely an Interim Budget, but a courageous policy statement of the country's long-term development journey. What is paining the different sections of India have been well-known, but the Budget this year has shown the courage to attack all the ailments simultaneously." BCCI indirect taxes committee chairman T B Chatterjee said 4 lakh of MSMEs will get out of GST compliance radar and GST revenue loss would be Rs 3000 crore a year in taxes, if exemption limit is raised to Rs 40 lakh from Rs 20 lakh. CII former ..
No doubling of IT exemption limit, only rebate is up
While announcing tax sops in his Interim Budget, Finance Minister Piyush Goyal has not raised the threshold exemption limit from Rs 2.5 lakh to Rs 5 lakh as is widely perceived but has only extended the benefit of rebate to those with income is up to Rs 5 lakh.
Markets end higher post Budget; auto, consumption stocks spurt
Benchmark indices finished with robust gains Friday after the government made a big populist push in its final budget before elections, even as some investors fretted about the fiscal impact of farm sops and tax rebates. The BSE Sensex climbed 212.74 points, or 0.59 per cent, to finish at 36,469.43, while the broader NSE Nifty rose 62.70 points, or 0.58 per cent, to 10,893.65. The Sensex rallied more than 500 points intra-day as Finance Minister Piyush Goyal tabled the Budget for 2019-20 in the Lok Sabha. The 30-share benchmark briefly slipped into the negative territory in late-afternoon trade, but finally managed to close in the green. Auto and consumption stocks buzzed as investors welcomed incentives for the agriculture sector and the middle class. The government exempted people with an earning of up to Rs 5 lakh from payment of income tax, announced an annual cash dole-out of Rs 6,000 to small farmers and provided a monthly pension of Rs 3,000 to workers in the unorganised ...
Titan Q3 net profit up 46 pc to Rs 411.09 crore
Tata group firm Titan Company Friday reported a 45.97 per cent jump in consolidated net profit to Rs 411.09 crore for the third quarter ended December 2018. The company had posted a net profit of Rs 281.61 crore in the corresponding period last fiscal. Total income during the quarter stood at Rs 5,934.11 crore, up 35.34 per cent as against a total income of Rs 4,384.4 crore in the year-ago period, the company said in a BSE filing. In a separate filing, the company said its board has also approved the succession plan for the managing director of the company, Bhaskar Bhat, who will retire on September 30, 2019, on attaining the age of superannuation. Titan's jewellery division Chief Executive Officer C K Venkataraman will take over from Bhat on October 1, 2019. "The formal process to induct Venkat on the board of the company and his appointment as Managing Director of Titan will be completed in due course and the same is subject to shareholders' approval," the company added. During the .
BSE Q3 net profit drops 14%
Leading stock exchange BSE Friday reported 14.65 per cent decline in consolidated net profit to Rs 50.07 crore for December 2018 quarter. The exchange had posted a net profit from total operations at Rs 58.67 crore in the third quarter of 2017-18, the exchange said in a regulatory filing. Its total income rose to Rs 177.11 crore during the quarter under review from Rs 172.75 crore for corresponding quarter of the previous fiscal. BSE said its board of directors, in a meeting held in November, recommended a payment of interim dividend of Rs 5 per equity share. During the quarter, the bourse launched BSE Startups platform, which will help in listing of firms from hi-tech defence, drones, nano technologies, artificial intelligence, big data, virtual reality, e-gaming, robotics, genetic engineering, among other sectors. The exchange's group firms include CDSL, Indian Clearing Corporation, BSE Institute and BSE Investments. "BSE would continue to identify new opportunities in the exchange .
Berger Paints Q3 profit rises 2.65% to Rs 133.85 cr
Berger Paints Friday reported 2.65 per cent increase in its consolidated net profit to Rs 133.85 crore for the third quarter ended December 2018. It had posted a net profit of Rs 130.39 crore in the October-December quarter a year ago, Berger Paints said in a BSE filing. Total income of the company stood at Rs 1,631.82 crore, up 20.99 per cent, during the quarter under review as against Rs 1,348.68 crore in the corresponding period of the last fiscal. Berger Paints' total expenses were at Rs 1,427.14 crore as against Rs 1,154.99 crore, up 23.56 per cent. Shares of Berger Paints India settled at Rs 324.50 on BSE, up 1.68 per cent from their previous close.
Sensex, Nifty gain as FM presents interim budget
Domestic stocks settled with modest gains as finance minister Piyush Goyal presented the interim budget 2019-20. Intraday volatility was high. The Nifty 50 index settled a tad below the 10,900 level. The market breadth, indicating the overall health of the market, was negative.
Budget lifts up Sensex 212 points, Nifty closes at 10,893
Stock markets closed with an upbeat mood on Friday after the Central government announced higher rural spending as well as tax exemptions in the Interim Budget for 2019-20, the last before the General Elections due in the next three months.The Central government doubled the income tax exemption limit to Rs 5 lakh for individuals. Domestic consumption could increase due to the reduction in taxes. Domestic savings can also go up which are key drivers of a stock market.The benchmark BSE index Sensex closed 212 points up at 36,469 while the Nifty 50 closed 62 points higher at 10,893.Among the gainers were Maruti, Hero Motorcorp, Hindustan Lever and Reliance.While the economy has been growing at over 7.2 per cent annually, rural incomes have plunged in the past year due to low crop prices and rising costs.The Budget has announced direct income support for farmers with small land holdings..
Lendbox receives NBFC - peer-to-peer (P2P) certification from RBI
Delhi based P2P Lending platform, Lendbox has received its NBFC - Peer-to-Peer (P2P) certification from the RBI. NBFC-P2P is a new class of NBFCs, for non-banking institutions which carry on the business of Peer to Peer Lending in adherence to the guidelines released by Reserve Bank of India (RBI) in October 2017 to regulate the sector in India.Lendbox began operations in November 2015 and is one of India's largest P2P Lending platforms with almost 200,000 registered users and a loan book size of almost 40 crores. The company recently raised 6 crore INR from Mumbai-based VC Ivy Cap Ventures in a pre-series A round of funding.The P2P Lending Industry in India is growing rapidly year-on-year and is expected to hit the USD 4-5 Bn mark by 2023. The RBI first took note of P2P lending in April 2016 when it invited suggestions from existing platforms for framing regulations for the sector.It finally came out with these regulations in October 2017 - requiring these platforms to register ...
Top 20 highlights of Budget 2019
Following are the highlights of the budget1. Full Tax rebate upto 5 lakh annual income after all deductions.2. Tax-free Gratuity limit increased to 20 Lakhs from 10 Lakhs3. Minimum 14 per cent revenue of GST will be given to states by the Central Government.4. Exemption of tax on tax on second self-occupied house5. Rs 60,000 crore allotted for MANREGA6. Rs 1.7 Lakh crore to be given to ensure food for all7. Rs. 750 crore kept for National Gokul Mission for cows8. 22nd AIIMS to be set up in Haryana9. 25% additional seats in educational institutions to meet the 10% reservation for the poor10. The Government will make 1 lakh villages into Digital Villages over the next five years11. 26 weeks of Maternity Leaves approved for women12. Custom duty abolished from 36 Capital Goods13. Exemptions from GST for small businesses doubled from Rs. 20 lakh to Rs. 40 lakh14. 12 .
Scandal-hit Danske Bank to tighten controls as 2018 profit plunges
COPENHAGEN (Reuters) - Danske Bank, caught up in one of the world's biggest money laundering scandals, reported a 28 percent drop in 2018 profit, cut its dividend and promised to spend around $300 million to tighten safeguards against financial crime.
Sensex, Nifty gain, 10-year yields spike after budget
(Reuters) - Indian shares ended higher on Friday, after the government announced higher rural spending as well as tax exemptions in its last budget before the general elections due by May.
SBI expects asset quality to improve further after quarterly profit beats estimates
(Reuters) - State Bank of India (SBI) on Friday said it expects non-performing asset levels to come down in the short term after it beat expectations with its highest quarterly profit in nearly seven years.
Jagran Prakashan Q3 net profit down 19.3% to Rs 70.37 cr
Jagran Prakashan Ltd (JPL), the publisher of leading Hindi daily Dainik Jagran, Friday reported a decline of 19.32 per cent in its consolidated profit after tax to Rs 70.37 crore for the third quarter ended December 2018. The company had posted a profit after tax of Rs 87.23 crore during the October-December quarter a year-ago, Jagran Prakashan said in a BSE filing. However, its revenue from operations rose 2.63 per cent to Rs 613.83 crore during the quarter under review as against Rs 598.06 crore in the corresponding quarter year-ago. "Sharp fall in profit is primarily because of absorbing maximum impact of newsprint price increase which will come down going forward," JPL Chairman and Managing Director M M Gupta said. JPL's total expenses rose 9.70 per cent year-on-year to Rs 523.38 crore from Rs 477.08 crore. Revenue from printing, publishing and digital segments was at Rs 494.60 crore, up 1.73 per cent from Rs 486.15 crore in Q3 of 2017-18, while that from FM radio business was up .
Nifty February 2019 futures at premium
Turnover in F&O segment drops
Chalet Hotels IPO subscribed 1.57 times
Receives bids for 6.49 crore shares
Jubilant Life Sciences Q3 net profit up 26% to Rs 267.52 cr
Jubilant Life Sciences Friday reported a 25.69 per cent rise in its consolidated net profit at Rs 267.52 crore for the quarter ended December 31, 2018, mainly on account of robust sales in pharmaceuticals segment. The company had posted a net profit of Rs 212.84 crore for the corresponding period of the previous fiscal, Jubilant Life Sciences said in a filing to BSE. The consolidated total revenue from operations of the company stood at Rs 2,377.10 crore for the quarter under consideration as against Rs 2,067.76 crore for the same period a year ago. "The continued record performance in revenues and profits is driven by robust results in all key businesses in the pharmaceuticals segment, especially in our CDMO and US generic businesses," Jubilant Life Sciences Chairman Shyam S Bhartia and Co-Chairman and MD Hari S Bhartia said. The company expects to continue healthy performance going forward in the pharmaceuticals segment and steady performance in life science ingredients segment; and
Interim Budget buoys market, Sensex ends 212 pts up (Fifth Lead)
Interim Budget announcements of higher tax exemption limit and key measures for the rural economy and SME sector buoyed the Indian equity market on Friday.