Page 1142 - Business Finance
Three properties of Rabri Devi, daughter Hema seized in Patna
The Income Tax Department has seized three properties belonging to former Bihar chief minister Rabri Devi and her daughter Hema as these were found to be benami. The development comes barely three days after a Delhi court granted bail to Rabri Devi, her husband and RJD supremo Lalu Prasad, son Tejashwi Yadav and others in the Indian Railway Catering and Tourism Corporation (IRCTC) land for hotels scam. According to sources in the department, the three plots are in the outskirts of Patna and are said to have been gifted to them by some of their former domestic servants. The sources said during investigations, the servants could not explain as to how with their own meagre sources of income, they came to own the properties before they gifted it to their mistresses. The properties were, therefore, held to be benami and were seized, the sources said. Members of the family had been named in a number of cases in the recent past lodged by agencies like the Income Tax department, Enforcement ..
ICICI Bank shares give up early gains; end flat
Shares of ICICI Bank gave up all its early gains and ended flat on the bourses Thursday. The shares closed at Rs 364.25, falling 0.27 per cent on the BSE. During the day, it gained 3.10 per cent to Rs 376.60. At NSE, shares declined 0.39 per cent to close at Rs 364.45. ICICI Bank Wednesday reported improvement in its asset quality with gross non-performing assets (NPAs) falling to 7.75 per cent of gross loans at December-end 2018 compared to 7.82 per cent a year ago. The bank posted 2.7 per cent decline in standalone net profit to Rs 1,604.91 crore for the third quarter ended December 2018. It had registered Rs 1,650 crore net profit in the corresponding quarter of 2017-18. Total income rose to Rs 20,163.25 crore during the quarter as compared to Rs 16,832.22 crore in the same period a year ago, ICICI Bank said in a statement. Net NPAs, too, came down to 2.58 per cent of total advances from 4.20 per cent at December-end 2017. Also, an independent enquiry panel Wednesday indicted ...
SCR records 100 MT in freight loading, earns Rs 8,655 cr
: South Central Railway (SCR) Thursday said it has transported over 100 million tonnes (MTs) in freight upto January 31 in the current fiscal and earned Rs 8655 crore. "A record 100.052 million tonnes of highest ever freight up to January 31, 2019 has been transported during the current financial year. The achievement in freight loading is around 17.433 MTs more when compared to the previous financial year loading for the same period, which was 82.619 MTs",SCR Chief Public Relations Officer Ch Rakesh said in a release. The freight earnings of SCR also reached a new heigh of Rs 8,655 Crore. These earnings registered a growth of around 26 per cent, resulting in Rs 1,764 Crore more revenue as compared to the previous fiscals freight revenue, he said. The zone (SCR) is likely to reach 120 MTs by the end of this financial year, he said. Amongst the major commodities which contributed to the record loading are coal (53.555 MTs) Cement at 22.948 MTs, Fertilizers (5.374 MTs) ...
Pakistan central bank raises key policy rate to 10.25 percent
ISLAMABAD (Reuters) - Pakistan's central bank raised its key policy rate by 25 basis points to 10.25 percent on Thursday in the face of high fiscal and current account deficits and continuing inflation pressure, governor Tariq Bajwa said.
Musk not worried about Tesla Model 3 demand, but Wall Street is
(Reuters) - Shares in Tesla Inc fell nearly 4 percent on Thursday as Wall Street analysts following up on its fourth-quarter results questioned underlying demand for its crucial Model 3 sedan and the electric car maker's ability to make inroads in China.
Indian, Thai rice markets quiet; Bangladesh clamps down on hoarders
(Reuters) - Top Asian rice exporters India and Thailand saw muted activity this week, while a government clampdown on hoarding pushed down local prices of the staple in Bangladesh.
Indiabulls Ventures to transfer its stock broking business to Indiabulls Commodities
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Gold eyes fourth month of gains as U.S. Fed pauses rate hikes
(Reuters) - Gold rose to its highest in nine months on Thursday, after the U.S. Federal Reserve paused its monetary tightening cycle, denting the dollar and putting bullion on track for its fourth straight monthly gain.
Raheja Group-owned Chalet Hotels $230 million IPO over subscribed
(Reuters) - Chalet Hotels Ltd's initial public offering (IPO) to raise 16.41 billion rupees ($230.80 million) was subscribed 1.57 times at the end of the book-running process on Thursday.
HSIL Q3 net profit surges 63.67% to Rs 25.5 cr
Bathroom solutions major HSIL Ltd Thursday reported 63.67 per cent increase in net profit to Rs 25.5 crore in the third quarter ended December 31, 2018. The company had posted net profit of Rs 15.58 crore in the same period previous fiscal, HSIL said in a statement. Total income during the period under review stood at Rs 737.53 crore as against Rs 580.47 crore in the year-ago period, it added. "These solid sales gains, along with cost efficiencies generated Rs 25.5 crore profit for us this quarter," HSIL Ltd Vice Chairman and Managing Director Sandip Somany said. He further said the company's substantial investment in businesses outside of bathware space are yielding results, and this is visible from the initial success of plastic pipes and fittings business and profitability of consumer business. "We have maximised our manufacturing capacity utilisation and the same has aided us to achieve a strong result this quarter," he added.
WhatsApp to dole out Rs 1.75 crore for 5 top start-ups in India
In a bid to encourage entrepreneurs and small businesses in India, Facebook-owned messaging app WhatsApp on Thursday announced it will grant top five start-ups $250,000 (nearly Rs 1.75 crore) that can make a change in the country.
Noida top choice for retail realty investors in NCR: Sr President, Wave City Center
Noida is the best choice for retail investors in the National Capital Region's (NCR) real estate segment due to the developed infrastructure, said C.J. Singh, Senior President of Wave City Center.
'move for flood cess can have adverse impact on industry'
A commerce and industry body Thursday welcomed the Kerala budget that seeks to provide an impetus to infrastructure development, but said the move to impose flood cess could have adverse impact onindustries. "The move to impose a one per cent flood cess on items under the 12 per cent, 18 per cent, 28 per cent GST slab could have adverse an impact on industries and also prove burdensome to the common man,"president of the Cochin Chamber of Commerce and Industry, V Venugopal, said in a release here. Seeking to mobilise additional revenue, Finance Minister T M Thomas Issac in his budget speech said for supply of goods coming within the GST, the tax bracket of 12 per cent, 18 per cent and 28 per cent and on all services, 1 per cent flood cess will be imposed on the value of supply. The chamber said it was happy to learn that the Economic Review has indicated that the States GDP grew at 7.18 per cent during the last year as against 6.22 per cent in the previous year. "The ...
Factbox: With Brexit looming, UK Plc triggers emergency measures
(Reuters) - With Britain at risk of leaving the European Union without a divorce deal, many of its biggest companies have lost patience and started to restructure their operations to prepare for the chaotic fallout that could ensue.
DHFL shares fall for 4th day, tank 16% as probe begins in alleged loan diversion
Shares of Dewan Housing Finance Corporation Ltd (DHFL) Thursday plunged nearly 16 per cent, the fourth straight session of decline, after the corporate affairs ministry initiated inquiry into allegations of DHFL diverting Rs 31,000-crore loans. DHFL stock tanked 15.93 per cent to close at Rs 135.85 on the BSE. Intra-day, it plummeted 19.80 per cent to Rs 129.60 -- its 52-week low. On the NSE, shares crashed 15.82 per cent to close at Rs 135.90. In four trading sessions, DHFL shares have fallen by 35 per cent, wiping out Rs 2,301.71 crore from the company's market valuation on the BSE. The corporate affairs ministry has started inquiring into allegations of DHFL diverting loans and would seek more information from the housing finance firm, a senior official said. DHFL is in the eye of a storm after news portal Cobrapost alleged that the company through layers of shell companies siphoned off Rs 31,000 crore out of the total bank loans of Rs 97,000 crore. According to the expose, DHFL ...
Vedanta net profit drops 25.54 pc to Rs 1,574 cr in Dec quarter
Metals and mining giant Vedanta Ltd Thursday reported a 25.54 per cent decline in consolidated net profit at Rs 1,574 crore for the December 2018 quarter, on the back of higher expenses and drop in commodity prices. It had posted a consolidated net profit of Rs 2,114 crore in the corresponding quarter of the previous fiscal, the company said in a filing to the BSE. The net profit is "after taxes, non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items." However, the consolidated income of the company increased to Rs 25,067 crore in the quarter, over Rs 24,842 crore in the year-ago period. The company's consolidated total expenses increased to Rs 21,589 crore, from Rs 20,456 crore a year ago. In a separate statement, the company announced the appointment of Srinivasan Venkatakrishnan as a whole-time director and the chief executive officer (CEO), effective March 1. Venkatakrishnan is the CEO and a member of the board of ..
Ashoka Buildcon receives Rs 35 crore from Morgan Stanley India Infrastructure
Towards investment into city gas distribution business of subsidiary - Unison Enviro
SC summons Subrata Roy for not refunding investors' money
The Supreme Court on Thursday summoned Sahara group head Subrata Roy to be present in the court on February 28 to explain the non-refunding of Rs 24,000 crore the group's two companies involved in real estate and financing had collected from the investors through optionally fully convertible debentures (OFCDs).
Algeria should consider investments in India's oil reserves, refineries: Prez
Algeria should consider investments in Indian oil reserves and refineries, President Ram Nath Kovind said Thursday. Welcoming Algerian Foreign Affairs Minister Abdelkader Messahel, Kovind said India and Algeria enjoy traditionally warm and historic relations. He said both the countries are cooperating in several strategic areas including space, defence and civil nuclear energy. The president said that in the recent past, several countries in the Arab world have made investments in refineries, pipelines and related infrastructure in India. "Algeria being the sixth largest exporter of gas and the 13th largest producer of petroleum products should consider similar investments, particularly in oil reserves, refineries and Liquefied Natural Gas (LNG) terminals. Such investments would be in mutual interest," Kovind said.