Page 2312 - Business Finance
Board of Vedanta approves payment of dividend on preference shares
Through circular resolution passed on 10 October 2018
India's September gold imports drop 14 percent on weak rupee: GFMS
MUMBAI (Reuters) - India's gold imports in September dropped more than 14 percent from a year ago as a rally in local prices due to a depreciating rupee reduced demand in the world's second-biggest consumer of bullion, provisional data from precious metals consultancy GFMS.
Zee Entertainment Q2 down 38.2% to Rs 386.10 crore
Zee Entertainment Enterprises Ltd (ZEEL) Wednesday reported a 38.23 per cent decline in consolidated net profit at Rs 386.10 crore for the second quarter ended September 30, 2018. The company had posted a net profit of Rs 625.09 crore in the July-September period a year ago, ZEEL said in a BSE filing. However, its total consolidated income rose by 13.98 per cent to Rs 2,034.79 crore during the quarter under review as against Rs 1,785.18 crore of the corresponding quarter last fiscal. Its total expenses were up 20.8 per cent at Rs 1,386.45 crore as against Rs 1,147.05 crore. Commenting on the results, ZEEL Managing Director & CEO Punit Goenka said, "Our broadcast business continues to grow at an impressive pace as evident from the domestic advertising and subscription revenue growth numbers. We continue to consolidate our viewership share which is driving our market leading growth." ZEEL's advertising revenue during the quarter was Rs 1,210.6 crore, registering a growth of 22.7 per
Nifty October 2018 futures at premium
F&O segment turnover jumps
Rome digs in over budget plan as pressure rises
ROME (Reuters) - Italy's ruling coalition said on Wednesday it would not "backtrack" on plans to increase deficit spending, digging in against financial market and EU pressure and brushing off criticism from parliament's budgetary office.
Bandhan Bank Q2 net rises 47.4% on interest income growth
Private sector lender Bandhan Bank Wednesday reported a 47.4 per cent growth in its net profit at Rs 488 crore in the quarter ended September, aided by higher growth in interest income. It's profit after tax stood at Rs 331 crore in the same quarter last year. "During the quarter, our net interest income grew by 55.6 per cent, which helped in the profitability. Also, our loan growth was 51 per cent and NPA movement was restricted," the bank's managing director and chief executive officer, Chandra Shekhar Ghosh, told reporters here. The bank's net interest income for the quarter rose to Rs 1,078 crore, from Rs 693 crore in the year-ago quarter, while its net interest margins stood at 10.9 per cent, compared with 9.3 per cent. Gross non-performing assets (NPA) of the bank stood at 1.3 per cent, compared with 1.4 per cent, while net NPAs was at 0.7 per cent, against 0.8 per cent. Deposits rose by 29.6 per cent to Rs 32,959 crore as on September 30, 2018, compared with Rs ...
IKEA eyes partnership deals to boost Russian online business
MOSCOW (Reuters) - IKEA Group is looking to sign strategic partnerships with Russian companies to boost its local online business, the furniture retailer's Russia country manager Pontus Erntell said on Wednesday.
Vaibhav Global allots 1035 equity shares
Under ESOP
CBDT designates Court of Munsif to handle prosecutions
The Central Board of Direct Taxes (CBDT) has designated the Court of Munsiff No-3, Kamrup (Metro) in Guwahati to handle all prosecution cases of the North Eastern Region (NER). As a result, many prosecution cases filed at different stations are being transferred to this designated court, an official release said on Wednesday. The TDS wing of the Income Tax Department, NER, has, apart from conducting seminars and workshops to spread tax awareness, also prosecuted habitual TDS/TCS defaulters who deduct or collect tax but do not pay to the Centre. 'Such defaults not only delay the revenue but also create severe problems for individual taxpayers who face demand notices due to non-credit of their TDS, it said.
Signature Global to launch 6 projects in FY'19 with Rs 1,000 cr investment
Realty firm Signature Global Wednesday delivered its first affordable housing project in Gurugram and said it plans to launch six projects in 2018-19 with an investment of Rs 1,000 core. Signature Global has launched 9 projects in Gurugram comprising 9,400 flats under Haryana government's affordable housing policy. The company Wednesday delivered its first housing project 'Solera' comprising 1,000 units. This project was launched in 2015. "We have delivered our first affordable housing project . We will hand over two more projects this fiscal comprising 1,800 units," company's chairman Pradeep Aggarwal told PTI. He said the company is planning to launch five housing projects in Gurugram and one in Ghaziabad comprising 7,000 units. The total construction cost is estimated at around Rs 1,000 core, he said. Signature Global, which is into affordable housing, recently announced plans to invest Rs 100 crore to develop its first shopping mall at Ghaziabad in Uttar Pradesh. In this mall, the
LKP Finance settles case with Sebi; pays over Rs 14 lakh
Non-banking financial company LKP Finance Wednesday settled a Sebi probe into alleged violations of takeover norms and insider trading regulations after paying over Rs 14 lakh as settlement fee. The regulator agreed to settle proposed adjudication proceedings in the matter of United Breweries (Holding) Ltd, pertaining to alleged violation of SAST (Substantial Acquisition of Shares and Takeover) regulation and PIT (Prohibition of Insider Trading) norms after it was approached by LKP Finance with a plea under the settlement regulations. Under the settlement, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt. "...the pending adjudicating proceedings initiated against the notice (LKP Finance).... is disposed of," the Securities and Exchange Board of India (Sebi) said in a settlement order passed on Wednesday. While the adjudication proceedings were initiated in February 2016, the company had submitted an application for settlement of the ...
Indian cities to get free CCTV cameras as part of USD 1.5Bn 'Secure Our City' global campaign
UAE based by Secure Cam IT Solutions has announced the launch of their major campaign to equip more than 1.5 million buildings worldwide with security camera solutions.The first phase of the campaign by Secure Cam IT Solutions will be rolled out across 13 countries, starting with India and the UAE.In India, the campaign will begin with Delhi, Mumbai, Bengaluru, Chennai, Kochi and Thiruvananthapuram. While the key focus of the campaign will initially be on major metro cities, cities from the states of Kerala and Goa will also benefit from it.Secure Cam IT Solutions has already partnered with companies in India to execute the campaign. The company plans to enter India by the end of 2018."We aim to focus on the metros and a few other cities. Our idea is to secure at least one city in every country by the end of 2025. We plan to install a maximum of 10,000 cameras in each city. The total cost of the project is estimated at around USD 1.5 billion," said Rijoy Thomas, Chairman and CEO of ...
U.S. bond yields near seven-year high stymie world stocks' recovery
LONDON (Reuters) - World stocks flatlined on Wednesday just above eight-week lows, curbed by U.S. long-dated borrowing costs near multi-year peaks, renewed fears for the global economy and the possibility of an Italy-EU clash over budget spending.
Cabinet okays pact with Lebanon in agriculture
The Union Cabinet on Wednesday approved the signing of a MoU with Lebanon for cooperation in the field of agriculture and allied sectors between India and Lebanon.
MCCI seeks implementation of MV Act in BBIM region
The Merchants' Chamber of Commerce and Industry (MCCI) here has sought speedy implementation of the Motor Vehicles (MV) Act under the Bangladesh, Bhutan, India and Myanmar (BBIM) initiative. The new president of MCCI Vishal Jhajharia said that the chamber had decided to convene a forum in December where the issue would be taken up. Speaking to reporters on Wednesday, he said that as of now, intra-regional trade among these countries was far from its true potential. "Having an integrated MV Act can boost intra-regional trade in the region. The individual countries have some issues which need to be sorted out," Jhajharia said. On skill development, he said the chamber intends to partner with the state government in boosting employment generation. "MCCI will introduce demand-driven short term technical and vocational training courses in partnership with a few organisations," he added. Jhajharia said MCCI plans to organise agri-investors' forum to bring all the stakeholders .
BFMe.in and DTDC Retail Ltd Launches International Cosmetics in India in Collaboration With Lung Fung Group
/ -- BFMe.in or Buy For Me India a part of BFMe International, Hong Kong has signed an exclusive MOU on Tuesday, the 9th of October with Lung Fung Group, Hong Kong to launch international cosmetic products online in India. The MOU was signed in an exclusive video linking ceremony organized at one of the premier retail stores of DTDC Retail Ltd (DRL) - BFMe.in's strategic partner in India during the occasion of launch of Lung Fung Mall in Hong Kong on 9th October. (Photo: https://mma.prnewswire.com/media/766842/BFMe_DTDC_Lung_Fung.jpg ) The exclusive tie up will allow Lung Fung to extend its cross border distribution into India via the expertise of BFMe.in which already is an established player in cross-border e-commerce in India. The tie up will now help Indian consumers buy cosmetic products from international brands like Innisfree, The Goat Skincare, Loreal, NYX, Jack n Jill among others at an affordable price for which Lung Fung has exclusive retail distribution rights. Further ...
Oil steady as IMF cuts outlook, Michael hits U.S. Gulf
LONDON (Reuters) - Oil prices steadied on Wednesday after the IMF lowered its global economic growth forecasts, but markets were supported as Hurricane Michael closed nearly 40 percent of U.S. Gulf of Mexico oil output and U.S. sanctions restricted Iranian exports.
Pepperfry looks to turn profitable in 4-6 quarters
Online furniture and home products marketplace Pepperfry, owned and operated by TrendSutra Group of Companies, is looking at becoming profitable in the next four to six quarters, a senior official said. The unlisted company Wednesday said it has narrowed its losses to Rs 169.26 crore in FY18, from Rs 248.5 crore in FY17, while its revenues rose 20 per cent to Rs 308.46 crore in FY18, from Rs 257.96 crore in FY17. The company also reduced its underlying EBITDA loss by 42 per cent year-on-year to Rs 138.94 crore. "Our revenue growth is in line with the country's e-commerce sector, which is the fastest growing globally. The gap in our losses has been narrowing every successive financial year, and we are looking to be profitable in the next four to six quarters," Neelesh Talathi, chief financial officer of Pepperfy, told PTI. He indicated that the marketplace model has been successful for the company, and it is also going to focus on its own private brands. "We have over 10 .
Sea Tech Week 2018: Spotlight on Marine Bioresources
/ -- From 8 to 12 October 2018, 'Sea Tech Week', Business France India, is returning to its quarters in Le Quartz, in Brest, for what promises to be a thrilling week, once again combining a trade fair, conferences and workshops. This latest edition is shining a spotlight on marine bioresources, an area of excellence for Brittany, France. On this occasion, a delegation from India composed of 7 faculty members from IIT Goa will be participating. A special session is devoted to the GOAT project (Goa Atlantic cooperation programme on Marine Science and Technology). A series of visits is also organised. A leading region in terms of marine bioresources Boasting a vast, rich coastline, together with the appropriate academic and industrial skills, Brittany has quite naturally emerged as a leading force in terms of marine bioresources and nearly 70 enterprises are currently implementing them across the region. All of these form part of the network put in place by Capbiotek, a specialised ...
CCEA approves closure of Biecco Lawrie Limited
The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved the proposal for closure of Biecco Lawrie Limited (BLL) including giving Voluntary Retirement Scheme (VRS)/ Voluntary Separation Scheme (VSS) to the employees of the Company.The idling assets of BLL will be subsequently put into productive use after meeting all the liabilities in accordance with the extant guidelines of the government. Moreover, the Ministry of Petroleum and Natural Gas has taken various steps for the revival of the company from time to time. However, the Company could not be revived and further, there appeared no possibility of revival of the company considering the competitive business environment as well as huge capital requirement. A continued loss has made further operations of the company not only unviable but also resulted in substantial distress to officials and staff due to an uncertain future, the Centre said.BLL is a Schedule 'C' Central Public Sector Enterprise ...