Page 2942 - Business Finance
Par panel suggests insurance coverage for chit fund subscribers
A parliamentary panel today suggested the government to bring in a provision in the Chit Fund (Amendment) Bill, 2018, "incorporating element" of insurance coverage for subscribers. The Bill was introduced in the Lok Sabha in March and was referred to the Standing Committee on Finance for scrutiny. In its report tabled in Parliament today, the panel said it has been submitted to the Committee that there should be provision for insurance coverage for the subscribers/ members, the cost of which will be borne by the chit fund company. "The Committee therefore recommend that a provision may be brought in the Bill incorporating the element of insurance coverage for the chit subscribers," said report of the panel headed by senior Congress leader M Veerappa Moily. The report noted that mobilising short-term funds to meet various personal needs has been a chronic problem faced by the general public in developing countries like India. "They have to often resort to high-interest loans from money
Deepak Fertilisers Q1 net up 10% at Rs 37.25 crore
Deepak Fertilisers and Petrochemicals Corporation today posted a 10 per cent rise in consolidated net profit to Rs 37.25 crore in the June quarter. The company had reported a net profit of Rs 33.78 crore in the year-ago period. Its total income grew 74 per cent from Rs 1,280.30 crore in Q1 FY18 to Rs 2,226.19 crore in Q1 FY19, the company said in a release. The chemicals segment reported revenues of Rs 1,637.53 crore in the June quarter, compared with Rs 810.83 crore in the year-ago period, with segment profit standing at Rs 151.29 crore, against Rs 86.22 crore last year. Its industrial chemicals traded products portfolio recorded a substantial 253 per cent jump in revenues. The fertiliser segment reported revenues of Rs 580.14 crore, compared with Rs 461.69 crore, with the segment profit standing at Rs 17.05 crore, against Rs 26.13 crore. "The company said multiple global phosphoric acid and LNG price hikes and a lag in transferring its impact in the new MRPs have led to
Pradhan says ONGC is promoter of HPCL after co refuses to recognise majority shareholder
Oil Minister Dharmendra Pradhan today said ONGC is the new promoter of Hindustan Petroleum Corp Ltd (HPCL) as he tried to put an end to the row where HPCL had refused to recognise the former as its promoter despite it acquiring majority shares. Pradhan made the comments after HPCL Chairman and Managing Director Mukesh Kumar Surana virtually rejected ONGC's demand for being recognised as the promoter of the company. "Today, it is ONGC. ONGC is the promoter of HPCL," Pradhan told reporters when asked who is the promoter of HPCL. ONGC, he said, has invested in acquiring majority stake in the company and so it is the promoter, he said. Earlier, Surana had stated that "Whatever we are doing, whatever we have done and whatever we will be doing will be as per our understanding of the statute and the guidelines and Companies Act and the SEBI guidelines... Beyond that who is interpreting whatever, it is his understanding of the situation. We need not subscribe to that". He was asked about ONGC
Foundation laid for Nalco's Rs 131cr alloy wire rod unit
Aluminium major Nalco today laid the foundation stone to set up a Rs 131 crore alloy wire rod manufacturing facility to address the rising demand of the power sector, particularly in power transmission. The foundation stone for the new facility, being set up at Nalco's smelter plant at Angul, was laid by Union Mines Secretary Anil Mukim through video conferencing at a function held here. "The upcoming alloy wire rod manufacturing facility, to be set up at a cost of about Rs 131 crore, will have an installed capacity of 40,000 TPY (Alloy Grade) /60,000 TPY (EC Grade)," said an official of the Navaratna firm. Congratulating Nalco for its performance in the first quarter of this fiscal, Mukim said the aluminium major has become the pride of India in non-ferrous sector and the cost focus of management has made Nalco recognised as the lowest cost producer of alumina in the world. He said the result orientation and value creation by Nalco management was also highly ...
VA Tech Wabag consolidated Q1 net up 39.7% to Rs 14.21 crore
Water treatment company VA Tech Wabag Ltd today said its consolidated net profit for April-June period grew by 39.7 per cent to Rs 14.21 crore. The city-based firm registered consolidated net profit at Rs 10.17 crore during the corresponding quarter of previous year. For the financial year ending March 31, 2018, the consolidated net profit stood at Rs 147.05 crore, Va Tech Wabag said in a BSE filing. The consolidated total income for the quarter ending June 30, 2018 grew to Rs 688.50 crore from Rs 670.52 crore. For the year ending March 31, 2018, consolidated total income stood at Rs 3,462.93 crore. Company Managing Director Rajiv Mittal said, "We are pleased about continuing to strengthen our global presence through efficient execution of key products across the group." The consolidated results for the quarter is a reflection of that, he said. The company said its order book for the quarter ending June 30, 2018 grew to Rs 7,358 crore. The shares of the company remained ...
Tech stocks drive Nasdaq higher; Dow, S&P flat
(Reuters) - The Dow and the S&P 500 were little changed, while the Nasdaq was firmly higher, propped up by the high-flying technology trio of Apple, Amazon and Microsoft.
Viacom reports revenue below estimates on weak advertising sales
(Reuters) - Viacom Inc reported quarterly revenue below Wall Street estimates on Thursday, as domestic advertising sales fell and the media company collected lower fees from cable TV operators and online distributors.
McLeod Russel to expand purchase of bought leaf, sell marginal
Bulk tea producer McLeod Russel, a part of the Williamson Magor group, today said it would draw up strategy to become asset-light, would sell its marginal loss making gardens and expand purchase of bought leaf. Vice-chairman and MD of McLeod Russel Aditya Khaitan told shareholders at the company's AGM that the idea behind disposing off marginal gardens was to pare debt. He said the company would assess the gardens on the basis of which the sell-off decision would be taken. "We want to bring down interest costs and be asset light", he added. In the last seven to eight years, the company purchased around 18 to 20 million kilograms of bought leaf from the unorganised sector. Cash received from selling the tea estates would be used for making long-term investments, Khaitan said.
Cabinet nod to give land on lease and other concession to revive 3 urea units
To revive fertiliser plants at Gorakhpur, Sindri and Barauni, the Centre today decided to give land on lease to Hindustan Urvarak and Rasayan Ltd (HURL) as also other concessions to implement these projects. The decision in this regard was taken in the cabinet meeting chaired by Prime Minister Narendra Modi. HURL, a joint venture company, was incorporated in June 2016 to revive these three plants. The cabinet approved the proposal to provide the concession agreements and land lease agreements for the revival of Gorakhpur and Sindri units of Fertilizer Corporation of India Ltd (FCIL) and Barauni unit of Hindustan Fertilizer Corporation Ltd (HFCL) by HURL, an official statement said. The lease deeds are to be signed with HURL by FCIL/HFCL. The lease of land is for a period of 55 years. "The Lessee (HURL) would pay a nominal lease rent of Rs 1 lakh per annum to the lessor (FCIL/HFCL)," it said. With regard to the concession agreements, the government said they are to be entered between ..
ED files chargesheet in Upendra Rai case
The Enforcement Directorate (ED) on Thursday filed a chargesheet in connection with its ongoing probe into a money laundering case against senior journalist Upendra Rai, the agency said.
CRT backs local taxi operators against app-based service
Centre for Responsible Tourism (CRT), an organisation backed by Goa Church, today came out in support of taxi operators who are opposing an app-based cab service launched by the Goa Tourism Development Corporation. Father Freddy Braganza, incharge of CRT, said in a press release that the 'GoaMile' service introduced by GTDC is entirely operated by a Pune-based private firm. The GTDC's initiative thus only benefits corporates and not local taxi operators, he alleged. "Instead of curbing illegal activities in...taxi operations, the government engaged a private operator to introduce app-based taxi service without engaging and encouraging traditional tourist taxi owners and drivers to manage their own app for the service," he said.
Setback for Jaypee Group, SC orders fresh resolution process against JIL
In a setback to the Jaypee Group, the Supreme Court today ordered re-commencement of resolution process against Jaypee Infratech Ltd (JIL) and barred the firm, its holding company and their promoters from participating in the fresh bidding process. The apex court also allowed the Reserve Bank of India (RBI) to direct the banks to initiate corporate insolvency resolution proceedings (CIRP) against Jaiprakash Associates Ltd (JAL), the holding company of JIL, under the Insolvency and Bankruptcy Code (IBC). A bench headed by Chief Justice Dipak Misra said there was "no manner of doubt" that JAL and JIL lacked financial capacity and resources to complete unfinished housing projects in which 21,532 home buyers have not been given possession of their flats. The bench, also comprising justices A M Khanwilkar and D Y Chandrachud, said that the initial period of 180 days for the conclusion of CIRP in respect of JIL would commence from today, and if it becomes necessary to apply for further ...
J.C. Penney eyes Babies 'R' Us customers with addition of more baby products
(Reuters) - J.C. Penney Co Inc will stock more baby products at outlets in the vicinity of stores shut by Babies 'R' Us', taking advantage of the recent collapse of parent Toys 'R' Us.
Nifty scales another peak of 11,470, up 20 points
The NSE benchmark Nifty today hit a new closing high of 11,470.70, rising by 20.70 points on hectic buying mainly in banking sector stocks. Sentiments were firm following International Monetary Fund (IMF) pegging India's economic growth at 7.5 per cent for the 2019-20 fiscal. Gains in rupee, lower crude and unabated buying by foreign institutional investors also supported the market to hit record highs. Asian equities too closed higher with China ending over a per cent higher. However, European markets fell as investors turned cautious of intensifying trade war tensions between the US and China. Developments around corporate earnings also kept investors on their feet. The Nifty 50 index rose 20.70 points, or 0.18 per cent, to end at 11,470.70, its record closing high. The index rose 45.20 points to hit the day's high of 11,495.20. It witnessed an intra-day movement of about 41.10 points. Sector-wise, PSU rose by 2.98 per cent followed by realty 2.08 per cent, metal 1.39 per cent, ...
Kerala, Maha, K'taka & TN get 60% of total remittance in FY17
Kerala, Maharashtra, Karnataka and Tamil Nadu together received close to 60 per cent of the total remittances in the country in financial year 2016-17, according to a RBI survey. Of the total remittances into the country in 2016-17, 74.2 per cent was routed through private sector banks, while the share of public sector banks stood at 17.3 per cent. Foreign banks accounted for 8.5 per cent of the total remittance, according to RBI's 'Inward Remittances Survey'. "Kerala, Maharashtra, Karnataka and Tamil Nadu together received 58.7 per cent of total remittances in 2016-17," it said. The findings is based on the responses from 42 major authorised dealers (ADs), accounting for 98.3 per cent of total remittances in 2016-17. Nearly 82 per cent of the total remittances received by the country originated from eight countries - the United Arab Emirates, the United States, Saudi Arabia, Qatar, Kuwait, Oman, the United Kingdom and Malaysia. In the reporting year, 70.3 per cent of ...
Dodla Dairy files IPO papers with Sebi
Dodla Dairy, a leading dairy company in South India, today filed draft papers with capital markets regulator Sebi to float an initial public offering. The initial public offer (IPO) comprises fresh issuance of shares worth up to Rs 150 crore, besides, an offer for sale of up to 95,43,770 equity shares by TPG Dodla Dairy Holdings Pte Ltd and Dodla Deepa Reddy, according to the draft papers filed with Sebi. Proceeds from the issue will be used for payment of certain borrowings, purchase of equipments, and for general corporate purposes. Edelweiss Financial Services and ICICI Securities will manage the company's initial share sale. The equity shares will be listed on NSE and BSE. The company's operations in India are primarily across the four south Indian states of Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. Its international operations are based in Uganda and Kenya. Earlier in 2015, Prabhat Dairy came out with its IPO.
Cummins Q1 net dips 17% to Rs 183 cr
Engine-maker Cummins India today reported 17.56 per cent decline in its net profit at Rs 183 crore for the first quarter ended June 30. The company had posted a net profit of Rs 222 crore during the same period of previous fiscal. Sales of the company stood at Rs 1,296.49 crore for the first quarter ended June 30. Cummins had reported sales of Rs 1,387.69 crore in the April-June period of 2017-18, the company said in a regulatory filing. "Domestic sales in the current quarter declined 7 per cent over the same quarter last year. However, the same quarter last year had a strong tailwind from pre-buy on account of impending GST implementation effective July 1, 2017," Cummins India Managing Director Sandeep Sinha said. The company is also carrying forward orders into the current quarter as few of our suppliers faced supply constraints, he added. "We expect fulfilment of these carry forward orders in the current quarter," Sinha said. On business outlook, he added, "We are positive on the ..
Insecticides India Q1 net profit rises 11.44%
Agro-chemical firm Insecticides (India) today posted a 11.44 per cent jump in its standalone net profit at Rs 33.99 crore for the first quarter of the current fiscal. Its net profit stood at Rs 30.50 crore in the same quarter of the previous financial year, the company said in a regulatory filing. Net income declined to Rs 319.10 crore during the April-June quarter of the 2018-19 from Rs 345.62 crore in the year-ago period. However, expenses remained lower at Rs 271.06 crore as against Rs 303.46 crore in the said period. The company's scrip fell 0.58 per cent to Rs 776.40 a piece on the BSE today.
Eicher reports best-ever profit, revenues in June quarter
Eicher Motors today reported its best consolidated net profit in a quarter at Rs 576 crore in the April-June period, driven by robust motorcycle sales. The company posted 25.36 per cent rise in net profit in the first quarter ended June 30 from Rs 460 crore in April-June period of 2017-18. Consolidated total revenue from operations stood at Rs 2,548 crore for the quarter under review, the company's highest ever so far in a quarter. It stood at Rs 2,255 crore in the year-ago period. During the period under review, the maker of niche Royal Enfield bikes sold 2,25,286 units, registering a growth of 23 per cent over 1,83,731 units in the same period of last year. "We continue to make significant progress on all the targets that we have set for ourselves and are happy to report strong financials quarter on quarter," Eicher Motors Managing Director and CEO Siddhartha Lal said in a statement. To better cater to demand, the company has commenced work on second phase of its Vallam Vadagal ...
Wall Street opens flat as tech boost offset by big banks
(Reuters) - U.S. stocks opened flat on Thursday as gains in the high-growth technology sector were offset by a drag in shares of big U.S. lenders.