Page 1196 - Business Finance
SC directs transfer of Rs 53,852 cr to National Compensatory Afforestation Fund Authority
The Supreme Court on Monday directed the transfer of Rs 53,852 crore lying with the ad-hoc Compensatory Afforestation Fund Management and Planning Authority (CAMPA) to the National Compensatory Afforestation Fund Management and Planning Authority (NCAFMPA) for its utilisation.
Bank of India Q3 net loss widens to Rs 4,738 cr; NPA provisions jump 2-fold
State-owned Bank of India Monday reported widening of its net loss to Rs 4,737.56 crore in the third quarter ended December 2018, hit by nearly two-fold jump in provisioning for bad loans. Its net loss was Rs 2,341.20 crore in the October-December period of 2017-18. Total income of the bank, however, rose to Rs 11,839.53 crore during the reported quarter of 2018-19, as against Rs 10,376.03 crore in the same period a year ago. Bank's provisions for bad loans soared to Rs 9,179.48 crore in the December quarter, up from Rs 4,373.06 crore in the same period previous year. Although, the bank improved on its asset quality with the net non-performing assets (NPAs) trimming down to 5.87 per cent of the net advances as on December 31, 2018, as against 10.29 per cent by the end of December 2017. Gross NPAs (or bad loans) were down slightly at 16.31 per cent of the gross advances from 16.93 per cent a year ago. In absolute terms, the gross NPAs of the bank stood at Rs 60,797.55 crore at ...
In update of CPI, Israelis spend less on housing, more on transport
JERUSALEM (Reuters) - Israelis spend less each month on housing and more on food, transportation and telecommunications, the Central Bureau of Statistics said on Monday.
Zee stock shoots up over 16% on reaching deal with lenders
The Zee Entertainment Enterprises Ltd (ZEEL) stock gained 16.64 per cent on Monday after Zee and Essel Group Chairman Subhash Chandra said that the company has successfully arrived at an understanding with lenders to whom the shares held by the group's promoters have been pledged.
Mahindra Lifespace Q3 profit dips 21% at Rs 20.6 crore
Realty firm Mahindra Lifespace Developers Ltd Monday reported a 21 per cent decline in consolidated net profit at Rs 20.58 crore for the third quarter of this fiscal due to lower sales. Its net profit stood at Rs 25.97 crore in the year-ago period, the company said in a regulatory filing. Total income also fell to Rs 137.37 crore in October-December 2018 from Rs 185.64 crore in the corresponding period of the previous year. "Achieved Q3 sales of 0.35 million sq ft valued at Rs 215 crore, leading to 9M FY19 sales of 1.04 million sq ft, valued at Rs 616 crore," Mahindra Lifespace said in a statement. Its sales collection stood at Rs 195 crore in Q3 of FY19 and Rs 662 crore in the first nine months of this financial year. "It is encouraging to see continued momentum in sales, collections and execution. The expected notification of Mumbai DP2034 transition policy will pave way to launch our much awaited Mumbai projects in the near future," Sangeeta Prasad, MD and CEO, Mahindra Lifespace ..
Rupee up 7 paise against USD on easing crude prices
The Indian rupee on Monday managed to end 7 paise higher at 71.10 against the US dollar on increased selling of the greenback by exporters amid easing crude oil prices and uptrend in other emerging market currencies. Also, fresh foreign fund inflows propped up the rupee. However, heavy selling in domestic equity market capped the gains of the local unit to some extent. At the Interbank Foreign Exchange (forex), the rupee opened on a firm note at 70.99 following dollar selling by exporters. However, the domestic currency pared the initial gains and finally settled at 71.10, up 7 paise over its last close. The rupee Friday weakened by 10 paise to close at 71.17 against the US dollar. "... crude oil prices fell on higher US crude oil production and slower global growth. The strength in Asian currencies against American dollar also bode well for rupee as well," said V K Sharma, Head PCG and Capital Market Strategy, HDFC Securities. Brent crude, the global benchmark, was trading at USD ...
HPCL's Barmer refinery achieves financial closure
Hindustan Petroleum Corp Ltd's (HPCL) Rs 43,129-crore refinery project in Barmer district of Rajasthan has achieved financial closure with tying up of a Rs 28,753-crore loan from a consortium of lenders, the company said Monday. HPCL, a subsidiary of state-owned Oil and Natural Gas Corp (ONGC), signed a debt syndication agreement with the consortium of nine lenders led by State Bank of India, a company statement said. "SBI is the lead lender with more than 50 per cent share in the consortium," it said. "This is one of the largest project debt syndications in India." The project, where HPCL owns 74 per cent stake and the balance is held by the Rajasthan government, will cost Rs 43,129 crore. Two-thirds of the project cost is being funded through loans and the remaining through equity by promoters. It comprises a 9-million tonne a year oil refinery and a 2-million tonne per annum petrochemicals unit. SBI Caps was the debt arranger, it added. Prime Minister Narendra Modi on January 16, ..
IndiaFirst Life Insurance buys 9 pc stake in CSC e-Governance Services
IndiaFirst Life Insurance Monday said it has bought nine per cent stake in CSC e-Governance Services India Ltd. IndiaFirst Life Insurance is a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), while CSC is an integral part of Digital India initiative of the government under Ministry of Electronics and Information Technology. "The stated objective of IndiaFirst Life is to reach out to the masses and underserved customers with simple, easily accessed risk management solutions," IndiaFirst Life MD and CEO RM Vishakha said. This stake buy demonstrates bringing personal risk protection to all sections of the society in the four-year association with CSC (Common Services Centre) which has a network of over 2.5 lakh centres, she said. Dinesh Tyagi, CEO of CSC e-Governance Services, said in the financial inclusion journey, the two entities have worked towards enabling village-level entrepreneurs for reaching out to the last mile customers with tailored ...
OYO plans to invest USD 100 mn in Indonesia for expansion
Hospitality firm OYO has said it is planning to invest over USD 100 million (around Rs 711 crore) in Indonesia over the next five years to expand its presence across the country. The company is adding 70 hotels every month to its chain in Indonesia and is looking at closing 2019 with presence in 100 cities in the Southeast Asian country, OYO said in a statement. "We intend to invest over USD 100 million in this high-growth market and plan to expand our presence to the top-100 cities in Indonesia, including Yogyakarta, Bandung, Surabaya that we recently entered, and break into Bali over the next 11 months," OYO Hotels and Homes Founder and Group Chief Executive Officer Ritesh Agarwal said. Indonesia's hotel market is characterised by a demand-supply imbalance of quality living spaces, and OYO since the launch in the country has utilised its tech, operations, onboarding and transformational capabilities while creating an equilibrium between these factors, the hospitality firm said. OYO .
Equity market slumps over 1%; banking stocks tank
The Indian equity market slumped by over 1 per cent on Monday as banking, automobile, healthcare and consumer durables stocks came under heavy selling pressure.
Arvind Subramanian, colleagues propose Rs 18,000 basic income for rural households
Former Chief Economic Adviser Arvind Subramanian has proposed a quasi-universal basic rural income (QUBRI) of Rs 18,000 per year to each rural household, except those which are "demonstrably well-off", at an estimated cost of Rs. 2.64 lakh crore to tackle agrarian distress.
Century Textiles and Industries posts Q3 net profit at Rs 88 cr
BK Birla Group company Century Textiles and Industries Monday reported a standalone net profit of Rs 88.48 crore for the third quarter ended December 2018. It had posted a net profit of Rs 43.31 crore in the corresponding quarter of last year, Century Textiles and Industries said in a BSE filing. Its total income during the quarter stood at Rs 957.22 crore. It was Rs 1,033.46 crore in the corresponding quarter last fiscal. Meanwhile, the company said its results for the quarter and the nine months ended December 31, 2018 are "not comparable" with the corresponding periods. In the previous financial year, it had granted the right to manage and operate the its company's Viscose Filament Yam business, to Grasim Industries for 15 years and as a part of that received an upfront royalty of Rs 600 crore. "The company is recognising royalty over the period of 15 years on pro-rata basis," it added. Moreover, the company also classified its cement division as "discontinued operations" during ...
K P R Mill consolidated net profit rises 19.00% in the December 2018 quarter
Sales rise 7.60% to Rs 741.04 crore
Tata Power Company consolidated net profit declines 78.56% in the December 2018 quarter
Sales rise 21.17% to Rs 7706.71 crore
Rane Brake Lining standalone net profit declines 19.94% in the December 2018 quarter
Sales rise 3.11% to Rs 132.13 crore
Maharashtra Scooters standalone net profit rises 1310.26% in the December 2018 quarter
Sales rise 4.03% to Rs 3.10 crore
Wockhardt reports consolidated net loss of Rs 76.86 crore in the December 2018 quarter
Sales rise 4.03% to Rs 1045.86 crore
Bhagiradha Chemicals & Industries standalone net profit rises 28.26% in the December 2018 quarter
Sales rise 81.45% to Rs 84.34 crore
Shriram Asset Management Co reports standalone net loss of Rs 0.85 crore in the December 2018 quarter
Sales rise 39.13% to Rs 0.32 crore
Shriram Transport Finance Company standalone net profit rises 17.34% in the December 2018 quarter
Sales rise 18.19% to Rs 3991.04 crore