Page 2016 - Business Finance
Odisha CM launches Aerospace and Defence Manufacturing Policy
Odisha Chief Minister Naveen Patnaik launched "Odisha Aerospace and Defence Manufacturing Policy 2018", aiming to carry forward the process of industrialization through the promotion of aerospace and defence manufacturing enterprises, which is expected to generate employment opportunities.To attract large investment in this sector in the state, the policy proposed to extend subsidy up to 50 percent of the cost of land, Building, Plant and Machinery to the special purpose vehicle (SPV) for setting up the first state-of-the-art Aerospace and Defence Park in the State.According to this new policy, the ceiling will be Rs 50 crore for Common Facility Centre, 30 crore for Technology Innovation Centre and Rs. 25 crore for Testing to be established with private participation.The policy will also provide capital grants of 50 percent of the infrastructure cost limited to 10 crore for subsequent aerospace and defence parks.It will also extend a capital subsidy of Rs. 100 crore for the first ...
RBI, Centre's rift a family issue: Charan Singh
Amid the rift between the Reserve Bank of India (RBI) and the Bharatiya Janata Party-led Centre, former RBI Chair Professor of Economics, IIM Bangalore and CEO of EGROW Foundation, Charan Singh said that it is just a "family issue" and should not be seen too much.The Centre had earlier invoked Section 7 of the RBI Act, which allows it to issue directions to the central bank governor on matters of public interest."In America, Federal Reserve is considered as a very independent central bank, but the chief of the Fed themselves have said that we are independent within the Congress. This exactly was reflected in the Finance Minister's (Arun Jaitley) speech last Saturday, where he said that look at the end of the day elected representative have to answer the population because they go for voting very regularly and very often. Therefore, at the end of the day they are responsible for the country's economic growth," Charan told ANI."The other thing I would like to say is that this is a ...
ED searches places in Kolkata in Rose Valley chit fund case
The Enforcement Directorate on Saturday conducted searches in at least four places in the city and surrounding areas in the money laundering probe involving the Rose Valley chit fund.
RCom posts Rs 1,141-crore consolidated profit in Q2
Debt-ridden Reliance Communications posted consolidated profit of Rs 1,141 crore in the second quarter ended September 30, 2018 on account of one-time gain from business structuring and non-provisioning of interest to be paid to lenders. The company had recorded loss of Rs 2,712 crore in the same period a year ago. RCom reported a one-time exceptional gain of Rs 6,876 crore during the quarter due to de-recognition of assets and liabilities pertaining to its real estate subsidiary Reliance Reality Ltd (RRL) and investment made in RRL was accounted at fair value. RCom did not factor in interest of Rs 1,075 crore during the reported quarter due to its ongoing debt resolution proceedings. "Had the company provided interest and foreign exchange losses, the profit would have been lower by Rs 2,089 crore and Rs 3,876 crore for the quarter and half-year ended September 30, 2018," the report said. RCom in its statement said net loss for continuing business on a comparable basis for quarter ...
RCom clocks second-quarter profit surge due to one-time gain
NEW DELHI (Reuters) - India's Reliance Communications Ltd posted a sharp rise in its quarterly profit on Saturday, as it recorded a one-time gain.
Cadila Healthcare Q2 net profit drops 17 pc to Rs 417 cr
Drug firm Cadila Healthcare today reported a 17.04 per cent dip in its consolidated net profit to Rs 417.5 crore for the quarter ended September 30, 2018. The company had a net profit of Rs 503.3 crore in the corresponding period of the previous fiscal, Cadila Healthcare said in a filing to the BSE. Consolidated total revenue of the company stood at Rs 2,991.6 crore for the quarter under consideration. It was Rs 3,244.4 crore for the same period a year ago.
Indian, French companies ink pacts entailing Rs 1,600 cr investment
As many as 12 formal agreements worth 200 million euros have been signed between Indian and French companies, including Thales Group, in Nagpur. These agreements were signed at the first edition of Indo-French Investment Conclave in Nagpur organised by the Indo-French Chamber of Commerce and Industry (IFCCI), in association with the Embassy of France on November 2. "Twelve formal exchanges of collaboration agreements worth 200 million euros (about Rs 1,660 crore) were signed between French and Indian companies leading to creation of 3,000 jobs," IFCCI said in a statement. "The French giant Thales Group set the stage for long-standing partnerships with seven Indian companies, namely Godrej Precision Engineering, Bharat Forge, Amphenol Interconnect India P Ltd, Larsen & Toubro, Solar Explosives, Mahindra Defence Systems and Coriollis," the statement said. The event also witnessed agreement signing between French firm Technique Solaire with Maharashtra Energy Development Agency, ...
Protecting depositors, taxpayers is public interest: RBI to Government
Amid speculation that the government may have invoked a hitherto unused section to overrule the Reserve Bank of India (RBI) on the pretext of "public interest", the central bank has shot back with its own definition of "public interest".
Andhra Bank Q2 net loss widens to Rs 434 crore
State-owned Andhra Bank Saturday reported widening of its net loss to Rs 434.10 crore in second quarter ended September. It had posted a net loss of Rs 385.11 crore during the July-September period of the previous fiscal. On a sequential basis, however, its net loss narrowed from Rs 539.83 crore loss in the first quarter ended June of the current fiscal. In the fiscal ended March 2018, the bank had posted a net loss of Rs 3,412.53 crore due to mounting bad loans. Total income during the second quarter of 2018-19 rose to Rs 5,249.32 crore as against Rs 5,005.34 crore in the same quarter of 2017-18, Andhra Bank said in a regulatory filing. Bank's asset quality witnessed a deterioration year-on-year as gross non-performing assets (NPAs) soared to 16.36 per cent of gross advances by end of September quarter 2018 as against 13.27 per cent by the same period of 2017. However, it improved a little when compared with 16.69 per cent by end of June quarter. Net NPAs, however, showed a slight ...
Jaiprakash Power Q2 net loss narrows to Rs 41.8 crore
Debt-ridden power firm Jaiprakash Power Ventures Saturday reported narrowing of its standalone net loss to Rs 41.86 crore during the second quarter ended September 2018. The company had a net loss of 156.55 crore in the same period a year ago. Total revenue increased by about 6 per cent to Rs 998.88 crore during the reported quarter from Rs 941.09 crore in the corresponding period of 2017-18. The company at the end of the reported quarter had aggregate power generation capacity of 2,220 MW, comprising hydro (400 MW) and thermal (1,820 MW).
Buffett's Berkshire doubles profit, repurchases $900 million stock in third quarter
NEW YORK (Reuters) - Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, on Saturday said its quarterly operating profit doubled as its insurance business dodged hurricanes and benefited from lower taxes.
Uflex Q2 net profit up 1.6% to Rs 96.10 cr
Packaging company Uflex Ltd on Saturday reported an increase of 1.59 per cent in consolidated net profit at Rs 96.10 crore for the second quarter ended September 2018. The company had posted a net profit of Rs 94.59 crore during the July-September quarter a year ago, Uflex said in a BSE filing. However, its total income was up 25.99 per cent to Rs 2,020.79 crore during the quarter under review as against Rs 1,603.83 crore in the corresponding quarter of the previous fiscal. Commenting on the results, Uflex Group CFO Rajesh Bhatia said: "The overall sales volume grew by 10.4 per cent to 79,992 MT (million tonnes) for packaging films and 11.6 per cent to 21,089 MT for packaging in Q2FY 2018-19 on a year-on-year basis." According to the company, it has "achieved the highest ever quarterly total production volume of 102442 MT" and registered "10.6 per cent increase in overall sales volume". Revenue from Uflex flexible packaging activities was at Rs 1,938.43 crore, up 26.93 per cent, as ..
Charcoal Eats announces its first International Destination: takes it Flavors to Bahrain in the Middle East
Full stack QSR start-up, Charcoal Eats, today announced its international expansion with its first foray into Bahrain in the Middle East. Bahrain will also serve as a testbed for further expansion into the Middle East. In addition, the company also has plans to launch in the UK by March 2019.Anurag Mehrotra, Co-founder & CEO of Charcoal Eats said, "Our endeavour has been to position ourselves firmly as a quick-service restaurant for delicious, high-quality Indian food, with emphasis on consumer convenience. We have come a long way since our inception and have successfully earned a distinct name in the Indian market. Today, we serve nearly 60,000 customers every month across all our outlets in India. There is a high demand for quality Indian food across the world and we're looking to delight consumers in Bahrain and in other countries as we take Indian food globally. We intend to be at 75 outlets in India and 6 overseas by March 2019."Launched in September 2015, Charcoal Eats ...
Matrimony.com appoints new chief operating officer
: City-based online matchmaking service provider Matrimony.com Saturday announced the appointment of Sankara Narayanan as the chief operating officer with immediate effect. Narayanan had served telecom operator Aircel as its national operations-Head and Vodafone Essar as its chief executive officer (Karnataka), said a press release. "We are pleased to welcome Sankara Narayanan to join Matrimony.com leadership team and lead our matchmaking business...His diverse and rich experience is an asset to the organisation", the press release quoted CEO of the company Murugavel Janakiraman as saying. Matrimony.com offers service in India and the Indian diaspora. It has a consortium of over 300 community matrimony websites, the release said.
Industry-friendly Maha policies brought foreign investment: CM
Industry-friendly policies and amendments to various laws for industrial development have fetched foreign investment in Maharashtra, ensuring that it attracted 49 per cent of all such investment in the country, Chief Minister Devendra Fadnavis said Saturday. He was speaking at the foundation stone-laying ceremony for the Midea Technology Park at Supa industrial area in Ahmednagar district's Parner, over 100 kilometres from here. Fadnavis said the technology park, set up by a Chinese home appliances manufacturer, would generate jobs for people in Supa and Parner regions. He added that the state would provide space for Chinese firms to set up industrial clusters, adding that foreign investors would be given all cooperation in order to attract more investment in Maharashtra. He said Maharashtra had a considerable role to play in India jumping 23 places to 77th spot on World Bank's 'Ease of Doing Business' ranking.
Economic growth made India bright star: Naidu
Vice President Venkaiah Naidu on Saturday said that India's dynamism and economic growth made the country a bright star in the international arena.
Corrected: Berkshire Hathaway operating profit nearly doubled in third quarter
(Corrects to say 3rd quarter, not 2nd, in paragraph 3)
Godfrey Phillips Q2 net profit up 19.7% at Rs 70.38 crore
Cigarette maker Godfrey Phillips India Saturday reported an increase of 19.69 per cent in its standalone net profit at Rs 70.38 crore for the second quarter ended September 2018. The company had reported a net profit of Rs 58.80 crore in the July-September quarter a year ago, Godfrey Phillips said in a BSE filing. Its total income from operations was marginally up at Rs 675.56 crore during the quarter under review as against Rs 670.92 crore in the corresponding period of the previous fiscal. Godfrey Phillips India's total expenses stood at Rs 567.07 crore as against Rs 587.31 crore, down 3.44 per cent.
Oil marketing cos rope in common service centres for booking, re-filling LPG cylinders
In a move to push the distribution of LPG connections in rural areas, oil marketing companies (OMCs) Bharat Petroleum, India Oil and Hindustan Petroleum on Saturday authorised Common Service Centres to book and distribute gas cylinders. These OMCs and common service centres Saturday signed a memorandum of understanding (MoU) to facilitate booking new connections, re-filling and delivery of LPG cylinders through three lakh Common Service Centres (CSCs) across the country. As per agreement, the village level entrepreneurs (VLEs), who run CSCs franchisee in rural areas, will get Rs 20 for booking a new connection, Rs 2 for re-filling, Rs 10 for delivery at their CSC premise and Rs 19.5 per cylinder if the VLE delivers cylinder to the doorstep of customers, Oil Minister Dharmendra Pradhan said. "LPG connections in the country are reaching to around 25 crore. Ujjwala accounts for 5.75 crore. The facility of refilling and distribution should increase. With our MoUs signed with common ...
ONGC second-quarter profit rises, beats estimate
NEW DELHI (Reuters) - India's Oil and Natural Gas Corp Ltd posted a 61 percent jump in second-quarter profit on Saturday, with higher crude oil prices helping it to beat forecasts.