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Page 2034 - Business Finance

BSE begins providing live status of all applications filed by cos

Top bourse BSE Friday said it has started offering live status of all the applications filed by listed companies on the exchange's popular online filing portal. The move will offer more transparency to the listed firms and enable them to know the status of their filings for all the applications, including those related to listing, with the exchange. The decision would boost confidence of the companies and give them full insight on the stage of processing their application has reached. In a statement, the BSE said it "is now offering live status of applications filed by listed companies on the exchange's popular online filing portal, BSE Listing Centre". In September, the BSE had started providing live updates about applications status filed by companies for schemes of arrangement.

Updated On : 02 Nov 2018 | 6:00 PM IST

India to be among 3 largest economies in coming years: Jaitley

Finance Minister Arun Jaitley Friday said India would become the world's fifth largest economy in 2019 and among the top three in the coming years. Speaking at the 'Support and Outreach Initiative for the MSME sector' event here, the minister said since the Narendra Modi-led government took over about four years ago, India has moved from the ninth to sixth position in the global economic landscape. "Next year, India will become the fifth largest economy," he said, adding hopefully in the coming years the country would be among the top three economies of the world. India emerged as the world's sixth largest economy in 2017, surpassing France, and is likely to go past the United Kingdom, which is at the fifth position, according to an analysis of data compiled by the World Bank. In 2017, India became the sixth largest economy with a Gross Domestic Product (GDP) of USD 2.59 trillion, relegating France to the seventh position. The United Kingdom, which is facing Brexit blues, had a GDP of

Updated On : 02 Nov 2018 | 6:00 PM IST

Magma Fincorp Q2 net rises marginally to Rs 77 cr

Non-banking financial company (NBFC) Magma Fincorp Friday reported a marginal increase in consolidated net profit to Rs 77 crore for the quarter ended September, from Rs 73 crore in the year-ago period. Assets under management (AUM) of the company increased by 6 per cent year-on-year to Rs 16,623 crore during the quarter under review, a release said. The company's disbursements grew at 34 per cent, while net interest margins (NIMs) rose by 70 basis points to 9 per cent in the quarter. Vehicle finance disbursements rose 21 per cent, driven by a growth of 62 per cent for commercial vehicles and 33 per cent for the used assets segment. In the mortgage business, home loan disbursement grew 219 per cent, according to the release. The SME business saw its disbursement grow by 67 per cent year-on-year during the quarter. Gross non-performing asset (NPA) of the firm stood at 9.5 per cent and net NPA at 4.4 per cent. Kailash Baheti, group chief financial officer, Magma Fincorp, ...

Updated On : 02 Nov 2018 | 6:00 PM IST

IOC Q2 profit drops 12.6pc on forex losses, low margins

Indian Oil Corp (IOC), the nation's biggest company, Friday reported a 12.6 per cent drop in its second-quarter net profit on the back of foreign exchange losses and lower refining margins. Net profit of Rs 3,246.93 crore, or Rs 3.43 per share, in July-September compared with a net profit of Rs 3,696.29 crore, or Rs 3.90 a share, in the same period of previous year, IOC Chairman Sanjiv Singh told reporters here. The company suffered a foreign exchange loss of Rs 2,600 crore in the quarter as rupee depreciated, making repayment of loans as well as crude oil purchase costlier, he said. Foreign exchange loss occurs when a company borrows, for example, USD 1 at an exchange rate of 70 rupees to a US dollar. But by the time it is obliged to repay, the exchange rate has fallen to 73 rupees to a US dollar and since the company has to repay USD 1, its outgo is now Rs 73 - a loss of Rs 3. Similarly, when the company buys crude oil at a particular exchange rate but when the payment is due - say .

Updated On : 02 Nov 2018 | 6:00 PM IST

Shares of oil marketing cos soar up to 6.7% on falling crude prices

Shares of state-run oil marketing companies BPCL, IOC and HPCL gained up to 6.7 per cent Friday, amid falling crude oil prices. The scrip of Bharat Petroleum Corporation Limited soared 6.69 per cent, Indian Oil Corporation Limited rose by 4.85 per cent and Hindustan Petroleum Corporation Ltd surged 4.77 per cent on the BSE. Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 72.65 by falling 3.48 per cent. In the broader market, the BSE benchmark Sensex surged 579.68 points to end at a one-month high of 35,011.65 Friday.

Updated On : 02 Nov 2018 | 6:00 PM IST

City Union Bank witnesses increase in PAT by 16 per cent

: Private sector City Union Bank Friday said its profit after tax (PAT) rose to Rs 167.99 crore during the second quarter of this financial year as against Rs 144.74 crore during the corresponding period last year, an increase of 16 per cent. For the half-year ending March 31, PAT was Rs 329.64 crore (Rs 285.07 crore), said the bank in a filing on the Bombay Stock Exchange (BSE). The total income for the quarter ending September 30 grew to Rs 1,045.05 crore (Rs 996.11 crore), a five per cent increase. The income for the six-month period ending September 30 grew to Rs 2,063.66 crore (Rs 1,956.98 crore), a five per cent rise. Gross NPA stood at 2.85 per cent while net NPA at 1.69 per cent as on September 30. The total business for the quarter ending September 30 grew by 14 per cent. It was Rs 64,319 crore (Rs 56,270 crore). The deposits grew by 12 per cent. They were Rs 34,534 crore (Rs 30,882 crore). Each share of the bank on the BSE ended at Rs 169.15 up by 0.24 per cent

Updated On : 02 Nov 2018 | 5:55 PM IST

PM announces incentives for MSMEs, Rs 1 cr loan in 59 minutes

Prime Minister Narendra Modi Friday announced a slew of measures including sanction of loans of up to Rs 1 crore to small and medium enterprises in 59 minutes through a special portal to give a boost to the nation's second biggest employing sector. GST-registered small and medium enterprises (MSMEs) can now avail of loan of up to Rs 1 crore in just 59 minutes, he said announcing the measures. Also, GST-registered MSMEs will get 2 per cent interest subvention or rebate on incremental loan of up to Rs 1 crore, he said. Interest subvention on pre and post shipment credit for exports by MSMEs has been increased from 3 per cent to 5 per cent, he said. In all 12 decisions, which he termed as "historic", were announced to boost MSMEs. Talking of India jumping 23 places on World Bank's latest 'Ease of Doing Business' ranking, Modi said in four years his government has achieved what many did not believe and achieved what no other nation in the world has done - leaping from 142 rank in 2014 to .