Page 2944 - Business Finance
MEP Infra to sell 6 road projects to IHD for over Rs 450 cr
MEP Infrastructure Developers is planning to sell its entire stake in six road projects to Indian Highways Developers (IHD) for over Rs 450 crore. It had signed a non-binding term sheet with IHD on August 4 in respect of divestment of its total stake in its six special purpose vehicles (SPV), MEP said in a release. "A consideration of over Rs 450 crore will be received from the sale of 100 per cent stake in the SPVs," it added. The SPVs to be sold include MEP Nagpur Ring Road 1, MEP Sanjose Nagpur Ring Road 2, MEP Sanjose Arawali Kante Road, MEP Sanjose Kante Waked Road, MEP Sanjose Talaja Mahuva Road and MEP Sanjose Mahuva Kagavadar Road. The company hopes to complete the sale proceeds before to March 31, 2020, in conformance with the provisions of the respective concession agreements, it said. Indian Highways Developers is a company set up in Singapore with the objective of acquiring and operating of transportation projects, the release said. MEP Infrastructure ...
Govt says Rs 268 cr collected as UDAN levy from airlines
The government today said an amount of Rs 268.10 crore has been collected as levy from various airlines towards regional air connectivity scheme. The scheme, also known as 'Ude Desh ka Aam Nagrik', seeks to connect unserved and under-serve airports. To fund the scheme, an amount of Rs 5,000 is collected from airlines on every flight operated on major routes. "All scheduled airline operators have been remitting the RCS levy. Total funds collected from RCS levy till August 3, 2018 is Rs 268.10 crore approximately," Minister of State for Civil Aviation Jayant Sinha told the Lok Sabha. In a written reply, he also said that no revenue has been earned by the Regional Air Connectivity Fund Trust (RACFT) under the scheme except for deposits of RCS levy. Responding to a query, he said the Tourism Ministry has requested for introduction of "cities/ towns/ places of tourist importance" under the scheme. Many routes awarded under UDAN are already operational. "Deccan Air and Air Odisha stopped ...
Mahindra Holidays & Resorts Q1 net profit falls 58% to Rs 14 cr
Mahindra Group firm Mahindra Holidays & Resorts India today reported a 57.58 per cent dip in its standalone net profit to Rs 13.73 crore for the quarter ended June 30, 2018. The company had posted a net profit of Rs 32.33 crore for the corresponding period of the previous fiscal, Mahindra Holidays & Resorts India Ltd (MHRIL) said in a filing to BSE. Standalone total income of the company stood at Rs 242.32 crore for the quarter under consideration. It was Rs 273.57 crore for the same period year ago. "Our strategy of enhancing our resort experiences, member engagement and digitisation of customer facing processes has yielded significant growth in all key operational and financial metrics e.g. member additions, resort income, high occupancies and improved profit margins," MHRIL MD and CEO Kavinder Singh said. Shares of Mahindra Holidays & Resorts India today closed at Rs 290.05 per scrip on BSE, up 0.75 per cent from its previous close.
India's online shopping can grow to $50 bn: Report
India has the potential to generate e-commerce value of over $50 billion by driving awareness, usage and transactions among the current and next set of Internet users and shoppers, said a report on Thursday.
Cabinet nod to pacts between India, Indonesia for cooperation in science & tech, health
The Union Cabinet today gave its nod to a pact on cooperation between India and Indonesia in scientific and technological sectors and also approved the signing of an MoU between the two countries in health sector. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved signing of the MoU between India and Indonesia which covers various areas of cooperation, including in research and development, active pharmaceutical ingredients and IT-based medical equipment. It also covers cooperation in human resource development, health services, and other areas mutually agreed upon by both the countries. "A working group will be set up to further elaborate the details of cooperation and to oversee the implementation of this MoU," an official statement said. The cabinet also approved a pact between India and Indonesia on scientific and technological cooperation, which was signed by Science and Technology and Earth Sciences Minister Harsh Vardhan and Mohamad Nasir, Minister for ...
Corrected: 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.
Uber rival Taxify bets on motorcycles and rickshaws in East Africa
NAIROBI (Reuters) - Taxify, an Estonian ride-hailing company aiming to take on Uber in emerging markets, will invest millions of euros in East Africa in the next five years with a strategy focused on motorised rickshaws and motorcycles, it said on Thursday.
Gold shines on firm global cues
Gold prices rebounded by Rs 50 to close at Rs 29,490 per 10 gram at the bullion market here today on fresh buying by local jewellers amid a firm trend overseas. Silver prices also staged a recovery, climbing Rs 310 to Rs 37,960 per kg on the emergence of buying by industrial units. Standard gold (99.5 per cent purity) moved up by Rs 50 to end at Rs 29,490 per 10 gram from Wednesday's close of Rs 29,440. Pure gold (99.9 per cent purity) also gained the same amount to settle at Rs 29,640 per 10 gram against Rs 29,590 yesterday. Silver (.999 fineness) climbed by Rs 310 to conclude at Rs 37,960 per kg as against Rs 37,650, previously. Globally, gold steadied after two sessions of gains as a stronger dollar index weighed on upside momentum, though precious metal took some comfort from a steadier yuan. Spot gold was up by 0.1 per cent at USD 1,214.51 an ounce in an early trade, having gained 0.2 per cent in the previous session. Silver rose 0.5 per cent to USD 15.46 an ounce.
JSPL clocks Rs 110 cr profit in April-June qtr
Private steel maker JSPL today reported Rs 109.89 crore consolidated net profit for the quarter ended June 30, 2018. The company had incurred Rs 421.43 crore loss during the same quarter a year ago, Jindal Steel and Power Ltd (JSPL) said in a BSE filing. Total income during April-June 2018 rose to Rs 9,665.35 crore from Rs 6,126.61 crore in the year-ago-period. Total expenses were at Rs 9,401.68 crore, higher from Rs 6,636.71 crore in the year-ago period. On standalone basis, the company clocked a profit of Rs 332.24 crore in the reported quarter. It posted a loss of Rs 177.73 crore in the year-ago period. The company said its crude steel output during the said period grew 30 per cent to 1.65 million tonne (MT) from 1.27 MT in June quarter of 2017-18. The sales at 1.61 MT were 40 per cent up from 1.15 MT in April-June 2017, JSPL said. In Oman, its subsidiary Jindal Shadeed produced 0.43 MT crude steel as against 0.36 MT in the year-ago period. Part of the USD 18 billion OP Jindal ...
8K Miles Q1 net income up 25% at Rs 47.51 cr
Cloud computing services provider 8K Miles Software Services today reported a healthy 25 per cent growth in net income at Rs 47.51 crore for the three months period to June. The Silicon Valley-based company registered in Chennai said its revenue grew 22.92 per cent to Rs 240.22 crore over the same period last year. The net profit of Rs 47.51 crore would be much higher if we include the same before the payout to the minority shareholders, at Rs 58.50 crore, which is up 32.49 per cent, said the company. Suresh Venkatachari, chairman and managing director, 8K Miles Software Services, said the company is investing in building additional artificial intelligence and machine learning bots to its CloudEz platform which can further reduce infrastructure costs for life sciences and healthcare cloud customers, which are its key revenue drivers. He said the additional investment are being pumped into artificial intelligence and machine learning as he expects these two to continue ..
ICICI Bank shares soar nearly 9% intra-day; m-cap rises by Rs 9,519 cr
ICICI Bank shares soared nearly 9 per cent in intra-day trade today after the company denied media reports alleging covering up of bad loans. The stock jumped 8.57 per cent to Rs 345.50 in intra-day on BSE. It finally ended at Rs 332.95, up 4.64 per cent on BSE. ICICI Bank was the top gainer among the BSE 30-share blue chip basket. On NSE, shares of the company gained 4.17 per cent to close at Rs 332. During the day, the company's scrip surged 8.51 per cent to Rs 345.85. Led by the smart jump in the stock price, the company's market valuation zoomed Rs 9,519.24 crore to Rs 2,14,176.24 crore on BSE. In terms of equity volume, 33.78 lakh shares of the company were traded on BSE and over seven crore shares changed hands on NSE during the day. In a clarification to BSE yesterday, the company said, the media report 'ICICI Bank masked bad loans through change in accounting policy' is a mischievous and motivated attempt to malign the image of ICICI Bank in the eyes of its investors. The ...
CreditAccess Grameen IPO subscribed 37%
Receives bids for 69.86 lakh shares
Aurobindo Pharma first-quarter profit misses estimates
(Reuters) - Aurobindo Pharma Ltd reported a 12 percent fall in quarterly profit on Thursday and missed analysts' expectations, hurt by higher expenses.
PNB Housing Finance net profit jumps 50% to Rs 256 cr in Q1
PNB Housing Finance today reported a jump of 50 per cent in its net profit at Rs 255.80 crore in first quarter of the current fiscal on healthy loan disbursements. The company had reported a net profit of Rs 170.10 crore in the similar April-June period of 2017-18. Total income during the quarter increased to Rs 1,616.03 crore from Rs 1,160.21 crore in the same period a year ago, it said in a release. Interest income rose by 28 per cent to Rs 432.80 crore as against Rs 339.30 crore in the same period of the previous fiscal. "We continue to register a strong double-digit growth in all our business and financial vectors. However, we believe in a profitable growth, hence pre-empting the interest rate scenario, increased our lending rates on the book as well as on incremental disbursements," Managing Director Sanjaya Gupta said. Among other business metrics, the net interest margin stood at 2.74 per cent in June quarter of 2018-19 as compared to 3.10 per cent in the year-ago ...
Future Retail Q1 net rises 3.56%; Mittal resigns from board
Kishore Biyani-led Future Retail today posted a 3.56 per cent rise in net profit at Rs 153.12 crore for the quarter ended June 30, 2018, against a net profit of Rs 147.85 crore in the same period a year ago. Future Retail also announced resignation of Rajan Bharti Mittal as non-executive director of the company "due to preoccupations". Mittal came on board of Future Retail after merger of Bharti group's retail business under the EasyDay chain with Future Group in an all-stock deal. In June 2018, three years after the merger, Bharti group sold more than half of its stake in Future Retail for nearly of Rs 1,697 crore through open market transactions. Bharti group entity Cedar Support Services disposed of 3.03 crore shares, amounting to 6.04 per cent stake in Future Retail. Cedar Support Services, which held 9.23 per cent stake in Future Retail as on March 31, 2018, also exited from Biyani's Future Enterprises by selling its 13.64 per cent stake for nearly Rs 243 crore. According to a ...
Jaiprakash Associates, Jaypee Infra shares plunge up to 5% after SC ruling
Shares of Jaiprakash Associates and Jaypee Infratech plunged up to 5 per cent today after the Supreme Court asked the National Company Law Tribunal, Allahabad, to deal with insolvency proceedings against the group. The scrip of Jaiprakash Associates tumbled 5.15 per cent to close at Rs 14.19 on BSE. During the day, it plunged 9.75 per cent to Rs 13.50. Shares of Jaypee Infratech also went down by 4.90 per cent to end at Rs 4.66, its lower circuit limit, on the BSE. In a setback to the Jaypee group, the Supreme Court today asked the NCLT, Allahabad, to deal with insolvency proceedings against Jaypee Infratech Ltd (JIL) and barred the group or its promoters from participating in the fresh bidding process. A bench headed by Chief Justice Dipak Misra said the limitation period of 180 days to conclude the insolvency proceedings will commence from today. The top court also allowed the Reserve Bank of India (RBI) to direct the banks to initiate separate insolvency proceedings against JIL's ..
Power tariff concessions to textile industry in Maharashtra
Maharashtra Chief Minister Devendra Fadnavis today announcedconcessions of Rs 370 crore in power tariff to the textile industry in the state. It will help revive sick textile mills and generate jobs, the chief minister said at a review meeting of textile department officials here. He also directed officials to provide interest and capital grants to the industry, the chief minister tweeted. The land belonging to the Maharashtra State Textile Corporation, which is struggling financially, should be sold and the proceeds should be transferred to the textile department, he directed.
McLeod Russel intends to be asset light, focuses on bought-leaf
In a bid to bring down debt and be competitive in the future, tea major Mcleod Russel is looking to be "asset-light" and to expand its capacity in bought-leaf sector, an official said on Thursday.
Eicher Motors Q1 net up 25% to Rs 576 cr
Eicher Motors today reported 25.36 per cent rise in consolidated net profit to Rs 576.18 crore for the quarter ended June 30, 2018. The company had posted a net profit of Rs 459.62 crore in April-June 2017-18, Eicher Motors said in a BSE filing. Consolidated total revenue from operations stood at Rs 2,547.75 crore for the quarter under review. It was Rs 2,254.94 crore in the year-ago period. Shares of Eicher Motors today closed flat at Rs 27,484.25 per scrip on BSE.
Metro Bikes raises $12.2 mn funding; rebrands to Bounce
Bike rental startup Metro Bikes today said it has raised USD 12.2 million in series-A funding round led by Sequoia India and Accel Partners, and has rebranded itself as Bounce. Raghunandan G, founder of TaxiForSure, along with a consortium of other investors also participated in the funding round, the company said in a release. The company will use the funds to further scale its network across Bengaluru, invest in a robust delivery model through innovations in technology and develop a pan-India presence by expanding to all major cities by 2020, it added. Meanwhile, the company today said it has changed its brand name to Bounce. Its co-founder Vivekananda HR said there is tremendous potential for innovation in the shared mobility segment given the major gap in last mile connectivity in intra-city travel. "We are looking at a market opportunity of USD 4.5 billion and with the support of Sequoia India and Accel Partners, we can bring these innovations and solutions to ...