Page 1143 - Business Finance
Sebi directs 16 entities to disgorge Rs 3-cr unlawful gains in Polytex India case
Markets watchdog Sebi Thursday directed 16 entities to disgorge over Rs 3 crore of 'unlawful gains' made by them while dealing in the scrips of Polytex India Ltd. In its ruling, Securities and Exchange Board of India (Sebi) has ordered the entities to disgorge the amount, along with an interest of 12 per cent per annum. Besides, four individuals have been barred from the securities markets for seven years while one person has been banned for five years. However, the regulator has not put any restriction on the remaining 11 entities as they have already undergone debarment for a period of more than 5 years. These directions come after Sebi found that these entities have violated PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. The regulator, which conducted an investigation in the trading of shares of Polytex India, Gemstone Investment and KGN Enterprises during April-December 2012, observed huge rise in their traded volumes and prices of scrips. Subsequently, the ...
Dr Reddy's appoints Axis Bank ex-MD Shikha Sharma as ind director
Pharma major Dr Reddy's Laboratories Thursday said it has appointed Axis Bank's former MD and CEO Shikha Sharma as company's independent additional director for five years. "Shikha Sanjaya Sharma has been appointed as an additional director, categorised as independent, on the Board of Dr Reddy's Laboratories Ltd for a period of five years, effective January 31, 2019," the company said in a filing to the BSE. Sharma was the Managing Director and CEO of Axis Bank from June 2009 up to December 2018, it added. She has more than three decades of experience in the financial sector, having begun her career with ICICI Bank Ltd in 1980. During her tenure with the ICICI group, she was instrumental in setting up ICICI Securities, Dr Reddy's said. Sharma holds an MBA from the Indian Institute of Management, Ahmedabad and PGD in Software Technology from National Centre for Software Technology, Mumbai, it added. Shares of Dr Reddy's Laboratories closed at Rs 2,723.75 per scrip on the BSE, up 2.21 .
Alibaba stock rallies on handsome profit beat, optimistic commentary
SHANGHAI (Reuters) - E-commerce giant Alibaba Group Holding Ltd reported quarterly profit far above market expectations and played down worries of Chinese economic slowdown and U.S. tariff effects, sending its shares up 6 percent.
Samsung Electronics forecasts weaker 2019 earnings as chip sales slow
SEOUL (Reuters) - Samsung Electronics Co Ltd warned of weaker earnings in 2019 as it posted a 29 percent drop in fourth-quarter operating profit on Thursday, hit by a slowdown in demand for memory chips.
India's December core industrial output slows to 2.6%
The output pace of India's eight major industries slowed down in December to 2.6 per cent, official data showed on Thursday.
Ajai Kumar appointed interim MD, CEO of Yes Bank
Yes Bank on Thursday announced the appointment of Ajai Kumar as its interim MD and CEO till Ravneet Singh Gill assumes office.
SLB in TN asks banks to streamline credit flow to MSMEs
In tune with the RBI's policy, the State Level Bankers' Committee in Tamil Nadu Thursday urged bankers to streamline credit flow to the micro, small and medium enterprises (MSMEs), saying the sector needed more attention. SLBC Chairman R Subramania Kumar, in a statement, said there was huge scope for expanding credit to the sector since a large number of MSME units were present in the state. The SLBC is an inter-institutional forum at state-level ensuring co-ordination between government and banks on matters pertaining to banking development and city-headquartered Indian Overseas Bank is the Convenor Bank of the committee in Tamil Nadu. Kumar who is also the Managing Director and CEO of IOB, said, "Bankers have to make a realistic assessment of the credit requirement and provide adequate credit on time by making use of automated portals so that the MSMEs need not look outside the Banking system for additional finance." The processing time should be reduced, sanctions to .
GST collection crossed Rs 1 lakh cr in January: Government
Revenue collection under Goods and Services Tax (GST) for January crossed Rs 1 lakh crore on Thursday, the Finance Ministry said.
Calcutta HC vacates stay on new TRAI tariff regime
The Calcutta High Court, modifying its earlier stay order, on Thursday allowed the Telecom Regulatory Authority of India (TRAI) to bring into operation its new tariff regime and regulations for broadcast and cable sector from February 1. The TRAI had earlier planned implementation of the new regime from January 1, but later extended it by a month. Justice Arindam Sinha directed Local Cable Operators (LCOs) to enter into a revenue sharing agreement with Multi System Operators (MSOs) by February 8 either through negotiations or under an arrangement formulated by the TRAI. Justice Sinha had on January 29 stayed implementation of the new tariff order and regulatory regime. The LCOs, who provide cable television connections to subscribers, had moved the high court claiming that the tariff order heavily favoured the MSOs -- the distributors of TV channels, and would render their businesses financially unsustainable. Lawyers representing four of the 28 MSOs operating in West Bengal and ...
Laurus Labs ltd Q3 net profit down by 49 percent to Rs 17.8 cr
Laurus Labs Ltd Thursday said its profit after tax for the quarter ended on December 31 was down by 49 per cent to Rs 17.8 crore against Rs 34.9 crore during the same quarter last fiscal. According to a press release issued by the drug maker, revenues from operations stood at Rs 529.5 crore up 10.6 per cent. The same was Rs 478.9 crore in Q3 FY18. CEO of Laurus Labs, Satyanarayana Chava said, "We delivered healthy revenue growth of 11 per cent this quarter and for 9M FY19, driven by growth in our Synthesis, and Generic API portfolio.
GST collection hits 1 lakh crore
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Core sectors' growth hits 18-mth low of 2.6 pc in Dec
Eight core sectors grew at their slowest pace in 18 months at 2.6 per cent in December 2018 due to fall in output of crude oil, refinery products and fertilisers, official data showed Thursday. The previous lowest expansion in output of these key industries was recorded in June 2017 at 1 per cent. The growth rate of the eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- stood at 3.8 per cent in December 2017. Crude oil, refinery products and fertiliser production recorded negative growth of 4.3 per cent, 4.8 per cent and 2.4 per cent, respectively in December 2018. Growth of cement and electricity sectors slowed to 11.6 per cent and 4 per cent in December 2018 as against 17.7 per cent and 4.4 per cent in December 2017, respectively. However, coal, natural gas and steel output grew by 0.9 per cent, 4.2 per cent and 13.2 per cent in December 2018. Slow growth in the key sectors would also have implications on ...
Hero MotoCorp Q3 PAT dips 4.5% on account of higher expenses
Hero MotoCorp Thursday reported 4.5 per cent decline in its standalone profit after tax (PAT) to Rs 769.1 crore for the third quarter ended December 31, on account of higher expenses despite selling more vehicles in the period. The country's largest two-wheeler maker, which had posted a PAT of Rs 805.43 crore for the same period previous fiscal, incurred higher expenses in the third quarter that impacted its bottomline. Total income from operations for the quarter under review stood at Rs 8,052.46 crore as against Rs 7,424.23 crore in the same period last fiscal, Hero MotoCorp said in a statement. During the October-December quarter, the company's expenses stood at Rs 6,914.04 crore, up 9.81 per cent from Rs 6,296.07 crore in the same period previous fiscal. The company sold 17,98,905 units during the third quarter, up 5.25 per cent as compared with 17,09,107 in the October-December period of 2017-18 fiscal. Commenting on the results, Hero MotoCorp Chairman Pawan Munjal said there ...
Subsidised LPG price cut by Rs 1.46; non-subsidised rate reduced by Rs 30 a cylinder
Domestic cooking gas (LPG) price was cut by Rs 1.46 per cylinder Thursday, the third straight reduction in a month's time due to tax impact on reduced market rate of the fuel. A 14.2-kg subsidised LPG cylinder will now cost Rs 493.53 in the national capital from midnight of Thursday as against Rs 494.99 currently, Indian Oil Corp (IOC), the country's largest fuel retailer, said in a statement. This is the third straight monthly reduction in LPG rate. On December 1, subsidised LPG price was cut by Rs 6.52 per bottle and by Rs 5.91 on January 1. IOC said non-subsidised or market priced LPG rates have been cut by a Rs 30 per cylinder "due to fall in price of LPG in international market and strengthening of US dollar-rupee exchange rate". It will now cost Rs 659 per 14.2-kg cylinder in Delhi. The reduction comes on the back of a steep Rs 120.50 cut on January 1 and Rs 133 on December 1. All LPG consumers buy the fuel at market price. The government, however, subsidises 12 cylinders of ...
US says "good conversation" after opening session of trade talks with China
US Treasury Secretary Steven Mnuchin said China and US officials had a "good conversation" during the opening session of trade talks here.Further negotiations are slated to be continued on the next day after which Chinese Vice-Premier Liu He is set to meet US President Donald Trump in the Oval Office, reported South China Morning Post.Except for Mnuchin, most of the delegates refused to comment while Chinese Vice-Minister for Finance Liao Min refused to speak saying he was heading out for dinner.The meetings are a part of the agreement of a 'temporary truce' reached by Trump and his Chinese counterpart Xi Jinping during their dinner on December 1 on the sidelines of the G20 summit in Argentina.Part of their agreement was to engage in 90 days of negotiations with a view to achieving the needed structural changes in China that affect trade between the United States and China.The US delegation comprises US Trade Representative Robert Lighthizer, Steven Mnuchin, Trade adviser Peter ...
Yes Bank appoints Ajai Kumar as interim chief executive
(Reuters) - Yes Bank Ltd on Thursday named Ajai Kumar as interim chief executive, effective Feb. 1, until Ravneet Gill takes charge.
Non-food Bank Credit Growth Improves To 12.8% In December
RBI announced data on sectoral deployment of bank credit collected from select 41 scheduled commercial banks, accounting for about 90% of the total non-food credit deployed by all scheduled commercial banks, for the month of December 2018. On a year-on-year (y-o-y) basis, non-food bank credit increased by 12.8% in December 2018 as compared with an increase of 10% in December 2017.
NMDC net profit jumps over 77 pc to Rs 1,576.70 cr in Dec quarter
State-run miner NMDC Thursday said its standalone net profit jumped 77.85 per cent to Rs 1,576.70 crore during the December 2018 quarter, on higher income. The company had clocked Rs 886.53 crore net profit during the year-ago quarter, NMDC said in BSE filing. Its total income grew to Rs 3,785.57 crore, from Rs 2,580.17 crore a year ago. Total expenses were at Rs 1,574.10 crore, against 1,347.52 crore in the December 2017 quarter. The company further said operations at its Donimalai iron ore mine in Karnataka are suspended at the moment. "The Karnataka government, while renewing the lease of the company's Donimalai iron ore mine, imposed a new condition asking for a premium of 80 per cent on the average sale value. As the demand of the state government is against the MMDR Act, the company requested the government to reconsider its decision. Since there was no response, the company has suspended its operations from November 4 2018 and moved the High Court of Karnataka praying for a ...
Delhi Police launches online facility for granting online arms licenses
Delhi Police Thursday launched an online facility for granting arms licenses to simplify the process. The 'Online E-Arms Licensing System' is intended to simplify the process like - issue of new arms licences, renewal of existing arms licences, registration of arms licences issued from other states and addition of weapons, police said. "The system has been designed, developed and implemented after consultations with all stakeholders and IT professionals. It would enable citizens to apply for licence from the comfort of their homes and they would be able to check the status of their applications online," they added. The applicant will now be able apply and upload the required documents online for availing various services related to arms licences at the click of the mouse, police said. The facility would also reduce repetitive paper work in the licensing unit and give the unit more time for a better output. The system links all 15 police districts and the licensing unit for online ...
Blackstone fourth-quarter distributable earnings down 42 percent on year at $722 million
NEW YORK (Reuters) - Blackstone Group LP, the world's largest manager of alternative assets such as private equity and real estate, said on Thursday fourth-quarter distributable earnings fell 42 percent from a year earlier to $722 million.