Page 2031 - Business Finance
Equitas Holdings Q2 net jumps over 4-times at Rs 50 crore
Equitas Holdings Friday reported a more than four times jump in consolidated net profit at Rs 49.70 crore in the July-September quarter of 2018-19. The company's net profit in year ago period stood at Rs 10.9 crore. Equitas said it posted healthy advances growth during the quarter, rising by 36 per cent from a year ago to Rs 9,981 crore. The net interest income were up 22 per cent at Rs 277 crore. The net interest margin were stable at 7.7 per cent. Equitas Holdings is a non-deposit taking systematically important -core investment company and is involved in making investment in subsidiary companies -- Equitas Small Finance Bank and Equitas Technologies Pvt Ltd. Shares of the company closed 1.32 per cent down at Rs 111.90 on BSE.
REC raised USD 700 mn in overseas bonds issue
REC Ltd said Friday it has raised USD 700 million (about Rs 5,140 crore) through a five-year overseas bonds issue to finance power projects. The bonds have been raised at a coupon of 5.25 per cent per annum, payable semi-annually and a maturity date of November 13, 2023, the company said in a regulatory filing. REC, formerly Rural Electrification Corp Ltd, said the transaction saw an oversubscription of about 2.5 times. "Proceeds of the bond will be utilised to finance power projects," it said.
Reliance Power Q2 net dips 7.4 pc to Rs 252.92 cr
Reliance Power Ltd Friday reported a 7.4 per cent decline in its September quarter net profit at Rs 252.92 crore. The company had posted a net profit of Rs 273.15 crore in the July-September period of the previous year. Turnover was marginally higher at Rs 2,283.09 crore in the quarter under review as compared to Rs 2,282.17 crore a year ago, the company said in a statement. Reliance Power said its 3,960 MW Sasan ultra mega power project in Madhya Pradesh operated at a plant load factor of 87 per cent. Sasan coal production in the quarter was 4.14 million tonnes. Its 1,200 MW Rosa power plant in Uttar Pradesh generated 1,360 million units of electricity while its 600 MW Butibori plant in Maharashtra generated 806 million units. The firm's 100 MW solar project in Dhursar, Rajasthan generated 12.77 million units. Reliance Power neither gave reasons for the decline in profits nor comparable generation from its power plants in the second quarter of the previous fiscal year.
Rahul accuses Dassault of paying kickbacks to Ambani; Reliance rejects charges
Making fresh charges, Congress president Rahul Gandhi Friday accused Rafale manufacturer Dassault Aviation of paying "first tranche of kickbacks" of Rs 284 crore to businessman Anil Ambani, citing investments made by the French firm in a "loss-making" Reliance group company. In a statement, the Reliance Group said Dassault Aviation's investment in Reliance Airport Developers Limited (RADL) has no link with the Rafale fighter jet deal, and accused the Congress of resorting to "blatant lies" for political gains. Addressing a press conference, Gandhi repeated his allegations of "huge" corruption in the Rs 58,000 crore Rafale deal and said "if an inquiry starts on this, Narendra Modi is not going to survive that inquiry, guaranteed". "Dassault gave Rs 284 crore to a loss-making company with a valuation of Rs 8.3 lakh. This is the first instalment of kickbacks that has been given to Anil Ambani," he alleged. In a tweet later, he said "Rs 284 crore of Rafale kick-back money has been traced .
Wall Street higher for fourth day on trade deal hopes, but Apple drags
(Reuters) - The Dow and the S&P rose for a fourth straight day on Friday, lifted by strong earnings and optimism that the United States and China were trying to resolve their trade dispute, but Apple's slide after a disappointing forecast curbed gains and pulled the Nasdaq lower.
U.S. job growth jumps; annual wage gain largest since 2009
WASHINGTON (Reuters) - U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.
Loan under 59 minutes among Modi's major sops for MSMEs
Prime Minister Narendra Modi on Friday announced a host of sops for the ailing Micro, Small and Medium Enterprises (MSME) sector including approval for loans up to Rs 1 crore within 59 minutes with 2 per cent interest subvention.
India's rise in ease of doing business index historic: World Bank president to Modi
World Bank president Jim Yong Kim Friday described India's jump in the ease of doing business index as a "historic and unprecedented achievement". Kim made these remarks during a telephonic conversation with Prime Minister Narendra Modi, a statement from the Prime Minister's Office said here. Kim congratulated the prime minister for India's "historic rise" in the ranking. He said it is remarkable that a nation of over 1.25 billion people has achieved a rise of 65 ranks in a short period of four years. He also that this has been made possible, in large measure, due to the unwavering commitment and leadership of Prime Minister Modi. He described this as a historic, and unprecedented achievement, the statement said quoting him. The World Bank chief also recalled the recent honours received by the Prime Minister, including the UNEP Champions of the Earth Award and the Seoul Peace Prize, and congratulated him for the same. Kim promised the World Bank's "unflinching and continued support" ..
RBI allows banks to provide partial credit enhancement to bonds issued by NBFCs
The Reserve Bank Friday permitted banks to provide partial credit enhancement (PCE), or a partial guarantee, to bonds issued by systematically important NBFCs and Housing Finance Companies, a move that will enhance their liquidity position. Global ratings agency Moody's in a recent report had warned that non-banking financial companies (NBFCs) may be impacted significantly if the liquidity situation, triggered by Infrastructure Leasing & Financial Services (IL&FS) default, continues to remain tight. "It has now been decided to allow banks to provide PCE to bonds issued by the systemically important non-deposit taking non-banking financial companies (NBFC-ND-SIs) registered with the Reserve Bank of India and Housing Finance Companies (HFCs) registered with National Housing Bank," the RBI said in a notification. It further said the proceeds from the bonds backed by PCE from banks should only be utilised for refinancing the existing debt of the NBFC-ND-SIs/HFCs. For this, banks ..
Global Markets: Trade hopes lift equity markets; best day for emerging stocks since 2016
NEW YORK (Reuters) - World equity markets rallied on Friday with emerging market stocks seeing their best day since 2016 on hopes the United States and China were mending trade relations, while strong U.S. wage growth boosted bond yields.
China likely to give $6 bn aid to Pakistan: Report
Pakistani Prime Minister Imran Khan on Friday held talks with Chinese President Xi Jinping here amid reports that Beijing was likely to give $6 billion economic aid to Islamabad to manage its financial crisis.
T-Works to host 'Maker Faire' in Hyderabad
: T-Works, a Hardware prototyping centre promoted by the Telangana Government will host the city's first and the country's largest 'Maker Faire' from November 9 to 11 here, a top company official said Friday. According to an official release, Maker Faire, started over a decade ago in the USA, is a celebration of invention, creativity and curiosity, showcasing the best of the global 'Maker Movement'. "The three-day event is an attempt to make Hyderabad the hub for maker movement as well. The Hyderabad edition of Maker Faire is the largest in India. Though couple of smaller versions held before, this is the first time the large version of Maker Faire is happening in India at Hyderabad," Sujai Karampuri, CEO of T-Works said. Last year, as many as 191 Maker Faires were held in 38 countries, attracting 1.4 million people, the release said.
Chola MS renews Bancassurance partnership with IndusInd Bank
Chola MS General Insurance and IndusInd Bank Ltd. have renewed their corporate agency arrangement further for a period of 5 years. This decade-long partnership garnered around Rs. 3700 crores in the last five years and serviced close to half a million customers during the last financial year alone.On the special occasion, Managing Director of Chola MS, SS Gopalarathnam said, "IndusInd Bank is a valued partner and we are happy to renew our multi-year partnership a 3rd consecutive time. Aiming to grow together, Chola MS has embarked on various digital initiatives to help IndusInd Bank offer more products and services across customer segments of Consumer Banking Division. Instant policy issuance process has led to better customer retention and satisfaction for the bank, and the benefits of cost reduction have been passed on to the end customer. During the next few months, the partnership is geared to roll out more digital innovative insurance solutions especially in claims servicing that
Loans for MSMEs up to Rs 1 cr in 59 mins: PM Modi
Prime Minister Narendra Modi on Friday launched the Centre's Support and Outreach Initiative for Micro, Small and Medium Enterprises (MSMEs) at the Vigyan Bhawan here.Prime Minister Modi said that every MSME registered under Goods and Services Tax (GST) would be given a rebate of 2 per cent interest on the amount of a new loan or incremental loan of up to Rs 1 crore. He added that MSMEs would get loans of up to Rs 1 crore in 59 minutes."Every MSME registered under the GST, will be given a rebate of 2% interest on the amount of a new loan or incremental loan up to Rs 1 crore. Loan of up to Rs 1 crore will be sanctioned for MSME sector in 59 minutes," the Prime Minister said at the launch of MSME Support and Outreach Programme.The Prime Minister also said that the central government has decided to increase subvention on pre and post shipment credit for exports by MSMEs from 3 percent to 5 percent."The government has decided to increase interest subvention on pre and post shipment credit
Closing bell: Sensex ends 579.68pts higher, Nifty above 10,550
Market indices on Friday closed for the week on a positive note, backed primarily by favourable outcomes in the automobile and banking sectors.BSE's Sensex ended 579.68 points higher at 35011.65, while Nifty surpassed the 10,550 mark to trade at 10,553. Among sectoral indices, banking and automobile traded in green in the closing session, while technology was seen trading in red.While Maruti Suzuki, Tata Motors and Bharat Petroleum registered gains, technology giants such as Wipro and TCS incurred losses.Shares of Punjab National Bank (PNB) also saw a steep decline after the state-owned lender reported a loss of Rs 4,532.4 crore for the quarter ended September 30.Meanwhile, the Indian Rupee closed at Rs 72.87 against one dollar.
PHD Chamber Appreciates Breakthrough in GST Collections
The outstanding GST collections over Rs. 1 lakh crore in October 2018 are highly appreciable and indicative of the fact that GST regime is becoming simple and business-friendly, said, the President of PHD Chamber of Commerce and Industry, Rajeev Talwar in a press statement issued here today."The total gross GST revenue registered a growth of 6.7% at Rs. 1,00,710 crore in October 2018 from Rs. 94,442 crore in September 2018," said Rajeev Talwar.The CGST (Central Goods and Service Tax) is Rs. 16,464 crore, SGST (State Goods and Service Tax) is Rs. 22,826 crore, IGST (Integrated Goods and Service Tax) is Rs. 53,419 crore (including Rs. 26,908 crores collected on imports) and Cess is Rs. 8,000 crore (including Rs. 955 crores collected on imports)."This is the second time since the launch of GST that the collections have crossed the mark of Rs. 1 lakh crore. High collections indicate that tax compliance is becoming visible. Going ahead, with the spread of awareness of GST and widening of ..
Sun TV Network Q2 net up 23.41% to Rs 351.32 cr
Broadcasting firm Sun TV Network Friday reported a 23.41 per cent increase in standalone net profit at Rs 351.32 crore for the September quarter, against Rs 284.67 crore in the same period last year. Its total income increased to Rs 811.67 crore, from Rs 713.13 crore in the year-ago period, an official release said. The subscription revenues for the quarter stood at Rs 339.79 crore, against Rs 280.05 crore last year. Meanwhile, the company said its board of directors have declared an interim dividend of Rs 2.50 per share on a face value of Rs 5 per share. ********************** Kalburgi Cement expands footprint across Maharashtra * Kalburgi Cement Company, a 100 per cent subsidiary of VICAT France, Friday said it has expanded its footprint across Maharashtra through its flagship 'VICAT' brand. The company had recently launched brand 'VICAT' in the Mumbai market with the inauguration of 1.2-MTPA bulk cement terminal here. "Excited with the good response of VICAT brand in .
NTPC Q2 net dips marginally to Rs 2,426.02 cr
NTPC Ltd, India's largest electricity generator, Friday reported a marginal decline in its second quarter net profit at Rs 2,426.02 crore. NTPC had posted a net profit of Rs 2,438.60 crore in July-September 2017, the company said in a statement here. Turnover rose 12.65 per cent to Rs 22,485.96 crore on the back of rise in electricity generation. However, NTPC did not give reasons for the marginal dip in the net profit. Total expenses rose 17.5 per cent to Rs 19,851 crore. NTPC, having installed capacity of 52,946 MW, generated 65.987 billion units of electricity in July-September this year as compared to 65.037 billion units generated in the year ago period. During April-September, NTPC generated 135.199 billion units against 129.457 billion units generated in the corresponding period of the previous year, an increase of 4.44 per cent. NTPC coal stations achieved plant load factor (PLF), or capacity utilisation, of 75.29 per cent as against national PLF of 60.67 per cent. On ...
Tata Chemicals Q2 net up 17% to Rs 409 cr
Tata Chemicals Friday reported a 16.94 per cent year-on-year growth in consolidated net profit at Rs 408.82 crore during the quarter ended September. The company had posted a profit of Rs 349.59 crore in the corresponding quarter of the previous financial year. Tata Chemicals managing director R Mukundan told reporters here that the profit is from the "continuing operations" of the company. The total income, which includes revenue from operations and other income, grew by 12.55 per cent during the quarter under review to Rs 3,084 crore, against Rs 2,740 crore last year. The company's income from operations for basic chemistry products grew by 7 per cent to Rs 2,033 crore, the consumer products segment by 22 per cent to Rs 460 crore and specialty products by 12 per cent to Rs 669 crore. "We are pleased to share a good overall performance across all three businesses. India's basic chemistry products business continues to register a robust performance, due to operational ...
Industry terms PM measures for MSMEs as Diwali gift
Terming the measures announced by Prime Minister Narendra Modi for supporting MSMEs as a 'Deepawali gift', the industry said these steps would ensure easier access to credit for the sector and address its pain points in long term. "We are confident that these measures will certainly go a long way in mitigating the pains of the MSME sector and also give them new energy and vigour, Assocham Secretary General Uday Kumar Varma said. "These are Deepawali gifts in the true sense of the term to the MSME sector in India," he added. Confederation of All India Traders Secretary General Praveen Khandelwal said the announcement regarding in-principle approval of loan within 59 minutes reflects the government's commitment towards the MSME sector and will certainly boost business in the country. "Reduction of 2 per cent interest rate by Banks to GST registered lenders is termed as a real Diwali gift and will encourage more and more people to register with GST," he said. Exporters' body FIEO's ...