Page 1180 - Business Finance
DHFL continues to fall; shares tank over 8%
Dewan Housing Finance Corporation Ltd continued to fall Tuesday, slumping over 8 per cent after the company reported a 36.7 per cent decline in net profit for the third quarter. Besides, alleged diversion of loans by DHFL also impacted its shares negatively. The stock slumped 8.01 per cent to close at Rs 170.05 on the BSE. During the day, it tanked 11 per cent to Rs 164.50. At the NSE, shares of the company plunged 8.22 per cent to close at Rs 169.70. In two days, the stock has plummeted 18.71 per cent. Housing finance company DHFL Friday reported a 36.7 per cent decline in net profit to Rs 313.60 crore for the third quarter ended December 2018. The Mumbai-based company had posted a net profit of Rs 495.44 crore in the third quarter of last fiscal. However, total income rose to Rs 3,255.9 crore during the quarter, compared to Rs 2,896.66 crore in the corresponding quarter a year ago, DHFL said in a statement. According to a Cobrapost expose, Dewan Housing Finance Corporation Limited ..
Wall Street opens flat after latest batch of earnings
(Reuters) - U.S. stocks opened flat on Tuesday, stabilizing after a slide a day earlier driven by concerns that the fallout from the U.S.-China trade dispute could be set to dominate the corporate earnings season and weaken profits.
Oriental Bank posts net profit of Rs 145 cr in Q3
State-owned Oriental Bank of Commerce (OBC) Tuesday reported a net profit of Rs 145 crore for the December 2018 quarter, on improvement in asset quality and increase in business efficiency. It had posted a net loss of Rs 1,985 crore in the corresponding quarter of the previous financial year, OBC said in a regulatory filing. Total income rose to Rs 5,128 crore during the third quarter, compared with Rs 4,756 crore a year ago. The lender said it has improved on its efficiency with the net interest margin consistently rising from 1.95 per cent in the December quarter of 2017-18 to 2.80 per cent in the third quarter of this year. Sequentially, it increased from 2.58 per cent in the second quarter of this fiscal. The bank's cost-to-income ratio also improved to 49.50 per cent in the quarter, from 50.87 per cent a year ago and 50.19 per cent in the second quarter. Net interest income, difference between interest earned and expended, increased to Rs 1,419 crore, compared with Rs 1,018 crore
Jet Airways shares fall over 1 pc
Shares of Jet Airways Tuesday fell over 1 per cent amid the crisis-hit airline deciding to seek shareholders' approval for conversion of loans into shares. The full-service carrier, which is looking to raise funds to tide over financial woes, would hold a meeting of the shareholders on February 21 and has sought nod from them for various proposals. Partially recouping the losses during the day, shares of Jet Airways settled at Rs 242.75 on the BSE, a decline of little over 1 per cent. The scrip had dropped more than 2 per cent during the day. After opening at Rs 245.50, the scrip touched a high of Rs 251.35 before shedding the gains. The airline would seek shareholders' approval for conversion loan into shares or convertible instruments or other securities, according to a regulatory filing made on Monday. The extraordinary general meeting of the shareholders is to be held on February 21. The airline would seek nod to "convert the whole or part of the outstanding under loans, extended .
PESB recommends MTNL chief PK Purwar for BSNL CMD post
The Public Enterprise Selection Board Tuesday recommended MTNL CMD PK Purwar as successor of his BSNL counterpart Anupam Shrivastava, who will superannuate by June this year. "PESB recommended the following name for the post of Chairman and Managing Director, Bharat Sanchar Nigam Limited (BSNL): Pravin Kumar Purwar," PESB said in its recommendation. Shrivastava was appointed BSNL CMD about one and half year after PESB recommended his name for the post. During Shrivastava's tenure, BSNL reported an operating profit of Rs 672 crore for 2014-15, aided by a fall in administrative costs and jump in revenue. Despite negligible investment support from the government compared to private firms, BSNL succeeded in enhancing its mobile customer base. BSNL outperformed private sector rivals such as Bharti Airtel, Vodafone India and Idea Cellular in net subscriber additions in 2017-18. Purwar was appointed CMD of loss making state-owned telecom Mahanagar Telephone Nigam Limited in March 2017. He ...
Global Markets: Gold reaches seven-month high as dollar struggles
LONDON (Reuters) - Gold climbed to a seven-month high on Tuesday and stocks were back on the up too, as investors dug in for three days of political and economic drama and a blizzard of big tech earnings, starting with Apple later.
Yashwant Sinha demands probe into alleged Rs 31,000 cr fund diversion by DHFL
Former finance minister Yashwant Sinha Tuesday demanded a probe into alleged diversion of Rs 31,000 crore of loans by DHFL that the company raised from state-owned banks including SBI and Bank of Baroda, a charge the NBFC termed as mischievous with a mala fide intention. According to a Cobrapost expose, Dewan Housing Finance Corporation Limited (DHFL) through layers of shell companies allegedly siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore. "If the government fails to order an immediate investigation into the allegations into the aspects including political funding, it would raise a question mark on the intent of the government. Therefore, I demand investigation under court supervision by a special investigative team," Sinha said after the details of Cobrapost were revealed. DHFL in a statement said the company is publicly listed housing finance company and is regulated by the National Housing Bank and the Securities and Exchange Board of India, amongst ...
Cremica Food Industries to open food park in Himachal's Una
FMCG firm Cremica Food Industries Tuesday said it would start a food park in Una district of Himachal Pradesh next month, for which it has made an investment of over Rs 100 crore. The food park is spread across 55 acre and has been developed as one of the finest food processing infrastructure facilities, said a top official of the company. "We are starting a food park in Una in February and it has come up at an investment of over Rs 100 crore. It will make a major difference to the area," Cremica Food Industries Ltd Chairman and Managing Director Akshay Bector told PTI. The core facility that is coming there is a fruit and vegetable processing line with a capacity of up to 40 tonne per hour, he added. "Food park will provide world-class infrastructure and technology to the enterprises engaged in the food processing industry," Bector said. It will have abundant water supply, large refrigeration area, reliable power supply and warehouses, among others, he added. When asked about the ...
Greece launches first bond sale since emerging from bailout
Greece has launched a 5-year bond auction, the first time the country has tapped international capital markets for financing since it emerged from its bailout programs in August. State-run ERT television said the initial guidance for Tuesday's bond sale was a yield of 3.75-3.85 per cent. Authorities are hoping the rate to be as low as 3.5 per cent, raising 2.5 billion euros (USD 2.87 billion). The government is planning a cautious return to bond markets after Greece ended its third international bailout last summer with a cash buffer aimed at covering financing needs for around two years. The bond sale was ordered following visit to Athens by bailout inspectors and after the government survived the departure of its junior coalition partner over disagreement on a deal to normalise relations with Macedonia.
Coal India to raise about Rs 1,065 cr by selling shares to arms
State-owned CIL will raise about Rs 1,065 crore by selling shares to its subsidiaries MCL, SECL and NCL, according to a filing. The three arms have in their separate board meetings have decided to buy back portion of their shares held by Coal India Ltd (CIL), the company said in the filing to the BSE. "MCL proposes to buy back 4,42,967 fully paid equity shares...aggregating to Rs 355 crore from the members of MCL on a proportionate basis through a tender offer," CIL added in the filing. The decision on the same was taken in the meeting of board of directors of Mahanadi Coalfields Ltd (MCL) held Monday, CIL added. The equity shares proposed to be bought back by MCL, at a price of Rs 8,014.13 apiece, represent 6.27 per cent of its existing paid-up capital. "The present issued, subscribed and paid-up equity share capital of MCL is 70,61,330 equity shares of face value of Rs 1,000 each. Post the buyback, the equity shares of MCL will be 66,18,363," the filing said. As MCL is a ...
Bajaj Finserv Q3 net profit up 16% at Rs 851 cr
Bajaj Finserv Tuesday reported 16 per cent increase in its consolidated net profit to Rs 851 crore for the third quarter ended December 2018. The company had registered a net profit of Rs 731 crore in the corresponding October-December quarter of 2017-18. Total income in the three-months to December 2018 rose 39 per cent to Rs 11,142 crore as against Rs 8,005 crore reported in the year-ago period, the company said in a release. Bajaj Finserv Limited (BFS) is the holding company for the various financial services businesses under the Bajaj group. It has 54.99 per cent holding in Bajaj Finance Limited (BFL), while in the insurance business it has 74 per cent holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company Limited (BAGIC) and Bajaj Allianz Life Insurance Company Limited (BALIC). "This quarter witnessed a situation of volatile interest rates, widening credit spreads and unusually tight liquidity conditions for NBFCs and HFCs in the aftermath of a default by a
Mnuchin says Huawei case 'separate' from U.S.-China trade talks
WASHINGTON (Reuters) - U.S. Treasury Secretary Steve Mnuchin said on Tuesday he expected to see significant progress in trade talks with Chinese officials this week and that U.S. charges against telecommunications giant Huawei Technologies Co Ltd were a separate issue.
Lockheed Martin forecasts 2019 profit below estimates, shares off
(Reuters) - Lockheed Martin Corp, the Pentagon's top weapons supplier, on Tuesday forecast 2019 profit below estimates and reported that quarterly margins slipped at the unit that makes the radar-evading F-35 fighter jet and C-130 transport plane.
GameStop abandons efforts to sell company
(Reuters) - GameStop Corp, the world's largest video game and gaming console retailer, said it had abandoned efforts to sell itself after failing to get a potential buyer on favorable terms, sending shares down 21 percent in early trading.
Mnuchin says Huawei case 'separate issue' from China trade talks
WASHINGTON (Reuters) - U.S. Treasury Secretary Steve Mnuchin said on Tuesday he expected to see significant progress in trade talks with Chinese officials this week and that U.S. charges against telecommunications giant Huawei were a separate issue.
Pfizer forecasts 2019 revenue, profit below Wall Street targets
(Reuters) - Pfizer Inc forecast 2019 profit and sales below Wall Street estimates on Tuesday as the company expects to take a blow from a stronger dollar and as well as the loss of patent on its blockbuster pain treatment Lyrica this year.
FIEO demands support measures in budget to push exports
Exporters body FIEO Tuesday expressed concerns over slow growth in exports and demanded support from the government in the forthcoming interim budget to boost outbound shipments. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said the export data for past two-three months, which are showing low or marginal growth, is a matter of concern to all. "I expect that the budget, though an interim one, will unveil certain benefits, particularly for MSME sector, and for those specific product clusters and research and development, which will help in increasing exports, giving boost to manufacturing and job creation," he said in a statement. In November 2018, the country's exports grew by 0.8 per cent, while in December 2018 it rose by a marginal 0.34 per cent. Gupta asked for refund of state taxes, including levies on petroleum and electricity. "Promoting exports in the budget and giving it a much needed support at a time when global economy is facing slowdown, ...
China fast tracking 5G network amidst Huawei row with US
China is fast tracking 5G network in the country to use the next generation telecom technology amidst escalating row with the US over the detention of Chinese telecom giant Huawei's Chief Financial Officer in Canada on charges of financial fraud. China has already launched the 5G service in Guangzhou airport, opened its first 5G base station for the Qinghai Tibet plateau region and announced the road trials of a 5G autopilot bus without a driver, driver cabin or a driving wheel. The 5G bus completed road trials in Southwest China's Chongqing, marking the city's first driverless bus trial in a 5G network environment, state-run reported here Tuesday. The tests were carried out in a 5G network-covered area, where the network helps the bus adjust speed, and detect obstacles and traffic lights. Powered by electricity, the bus can accommodate 12 passengers and run at a maximum of 20 km per hour. The technology was developed by Chongqing Mobile, Huawei, Southeast University and French ...
Granules India PAT for quarter ended Dec 31 at Rs 60 crore
Granules India Tuesday said its profit after tax for the quarter ended December 31 grew by 72 per cent to Rs 60 crore against Rs 35 crore in the third quarter of the last fiscal. According to a release from the city-based drug maker, the total income during the quarter under discussion was up by 55 per cent to Rs 638 crore. It was Rs 412 crore in Q3FY18. "We are pleased with the strong growth in Revenue and Profit for this quarter as compared to the corresponding quarter of the previous year, driven by better sales from FD segment (formulations) and increased contribution from North American market," Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India Limited, said. The Board has approved an interim dividend of Rs 0.25 per share value of Rs one each. The Board appointed Robert George Cunard as Additional Director categorised as Independent, the release said.
Consultant may be hired for merger of 3 PSU insurers
A consultant is expected to be appointed by next month for facilitating the proposed merger of three state-owned general insurers -- National Insurance Company, Oriental India Insurance Company and United India Assurance.