Page 2952 - Business Finance
Elixir Capital consolidated net profit declines 98.35% in the June 2018 quarter
Sales decline 68.83% to Rs 0.96 crore
Arman Financial Services consolidated net profit rises 390.43% in the June 2018 quarter
Sales rise 108.66% to Rs 29.15 crore
Apar Industries consolidated net profit declines 25.59% in the June 2018 quarter
Sales rise 14.66% to Rs 1495.58 crore
ICRA consolidated net profit rises 12.30% in the June 2018 quarter
Sales rise 12.79% to Rs 78.67 crore
Religare Enterprises to classify promoters as public shareholders
Financial services conglomerate Religare Enterprises today said the promoter and promoter groups of the company will be reclassified into public shareholding category. "The Board of Directors has approved the proposal for re-classification of existing promoters and promoter group into the public shareholder category as requested by them, subject to approval of shareholders of the company," Religare Enterprises said in a statement. Brothers Malvinder Mohan Singh and Shivinder Mohan Singh are the promoters of the company. While RHC Finance and RHC Holding are the promoter groups. The brothers and promotor groups have brought down their shareholding in the company substantially over a period of time on a number of factors as also Malvinder and Shivinder quit from the boards of Fortis and Religare Enterprises in February this year. As on June 30, 2018, Malvinder and Shivinder held 0.56 per cent and 0.51 per cent respectively in the company. While, RHC Finance and RHC Holding had 0.99 per .
PE/VC investments touch USD 16.9 bn in Jan-Jul: Report
Private equity and venture capital (PE/VC) investments totalled USD 1.5 billion in July through 63 transactions, following which the deal tally for the first seven months of this year stood at USD 16.9 billion, says a report. According to EY's private equity monthly deal tracker, PE/VC investments till July 2018 have crossed USD 16.9 billion, 45 per cent higher compared to the same period last year. "Notwithstanding headwinds at a global as well as the domestic level, Indian PE/VC investment activity has maintained a steady run rate so far, clocking an average of USD 2 billion worth of PE/VC investments per month in 2018," Vivek Soni, Partner and National Leader Private Equity Services, EY said. Soni further noted that "it appears we are well on track to witness another record year for PE/VC investments in India". Breaking away from recent trends, July recorded fewer large size deals. There were three deals of value more than USD 100 million (cumulatively worth USD 402 million), ...
Textiles Secretary Anant Kumar Singh shunted to Land Resources dept
Textiles Secretary Anant Kumar Singh was shunted to the Land Resources Department as part of a minor top-level bureaucratic reshuffle effected today. Culture Secretary Raghvendra Singh would be new Textiles Secretary in place of Singh, an order issued by the Personnel Ministry said. Anant Kumar Singh, a 1984 batch IAS officer of Uttar Pradesh cadre, was appointed secretary in the Ministry of Textiles, which was headed by Union minister Smriti Irani, in May last year. He was appointed to post which became vacant after the superannuation of Dinesh Singh on June 30, the order said. It was the second time that a textiles secretary was moved out of the ministry during Irani's tenure. Senior bureaucrat and former textiles secretary Rashmi Verma was in May 2017 appointed as the tourism secretary. Verma, a 1982 batch IAS officer of Bihar cadre and sister of Cabinet Secretary P K Sinha, worked as textiles secretary during January 1, 2016 to May 10, 2017, according to her service records. Irani
D.Telekom braced for U.S. feedback this month on $26 billion Sprint deal
FRANKFURT (Reuters) - Deutsche Telekom said it expects to get initial feedback in late August from U.S. regulators on the proposed takeover of Sprint Corp by its T-Mobile unit, expressing confidence that the $26 billion deal will go through.
Flipkart to expand e-grocery store to 5-6 Indian cities by year-end
E-commerce major Flipkart plans to expand its online grocery service 'Supermart' to 5-6 major Indian cities by the end of the year as it takes head-on players like Alibaba-backed BigBasket and SoftBank-funded Grofers as well as rival Amazon India. The company plans to expand the service, which currently covers all major pin codes in Bengaluru, in 5-6 major cities by the end of 2018, Flipkart said in a statement. The development comes a day after the Competition Commission stated that it has cleared US retail giant Walmart's proposal to acquire 77 per cent stake in Flipkart, a deal estimated to be worth USD 16 billion. The deal, which was announced in May, will see significant shareholders like SoftBank Vision Fund, Naspers, venture fund Accel Partners and eBay exiting the Bengaluru-based company. In its statement today, Flipkart said its groceries portfolio currently spans staples, FMCG and dairy products, and that the category can be accessed through its Android and iOS mobile apps, .
Manappuram Finance net profit up 21% at Rs 200 cr in Q1
Manappuram Finance today reported 21 per cent rise in its net profit at Rs 199.99 crore in first quarter ended June of this fiscal. There was a net profit of Rs 165.39 crore in the similar April-June period of 2017-18. Total income during the period rose to Rs 947.18 crore from Rs 856.30 crore in same period year ago, it said in a regulatory filing. The company said its board has declared an interim dividend of Rs 0.55 per equity share. The interim dividend among the shareholders and the dividend/dividend warrants shall be paid/ dispatched on or before 7th September 2018, it said in the filing. Besides, the company said it has also been given approval by the board to raise up to Rs 3,000 crore through public issue of non-convertible debentures in multiple tranches in the current financial year. Stock of the company closed 1.31 per cent up at Rs 112.50 on BSE.
Turnover on NSE's F&O segment jumps
Nifty August futures at premium
Indian shares mark record close; Sensex settles above 38,000
(Reuters) - Indian shares ended at record closing highs on Thursday, driven by strong gains in financial stocks such as ICICI Bank Ltd and Axis Bank Ltd.
Offering something for everybody, Ikea redefines shopping
Ikea's first India store, which opened its doors on Thursday, offers a world of options for Indian customers looking to furnish their homes with products of good quality and yet affordable.
MRF Q1 net profit jumps over two-fold to Rs 261 cr
Tyre maker MRF today posted over two-fold increase in its net profit to Rs 260.74 crore for the first quarter ended June 30. The company had reported a net profit of Rs 106.53 crore for the same period previous fiscal. Revenue from operations stood at Rs 3,855.55 crore for the quarter. It was Rs 3,971.76 crore during the April-June period of 2017-18, MRF said in a regulatory filing. Shares of the company today ended 1.73 per cent down at Rs 75,499.90 apiece on the BSE.
Sensex zooms 137 pts, closes above 38k-mark for first time
Benchmark Sensex soared 137 points today to close above the 38,000-mark for the first time, while the broader Nifty too ended at a fresh lifetime high on unabated buying by participants. ICICI Bank was the top gainer in the Sensex pack, surging 4.64 per cent, followed by Axis Bank at 3.86 per cent and SBI 2.53 per cent. The 30-share Sensex jumped 136.81 points, or 0.36 per cent, to end at 38,024.37, breaking its previous record close of 37,887.56 reached yesterday. The index has taken 11 sessions to scale the 38,000 mark from 37,000 level reached on July 26. The broader Nifty rose 20.70 points, or 0.18 per cent, to close at 11,470.70 -- surpassing its previous high of 11,450 reached yesterday. Brokers said sentiment got a lift on uninterrupted foreign and domestic fund inflows amid strong corporate earnings. On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 568.63 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 30.25 ...
22% of total income of regional parties from unknown sources in FY'17: ADR
Total income of as many as 29 regional political parties during 2016-17 was Rs 347.74 crore, where income from "unknown sources" stood at Rs 77 crore, says a report. Total income from "known donors" was Rs 91.29 crore, which is 26.25 per cent of the total income of the parties, a report released today by Association for Democratic Reforms (ADR) said. Besides, total income from "other known sources" (sale of assets, membership fees, bank interest, sale of publications, party levy) was Rs 179.37 crore, or 51.58 per cent of the total income, the think-tank said. For the analysis, 37 regional recognised parties were initially considered. Of them, only 29 filed Income Tax return and contribution reports, while rest eight did not submit either one of the reports, ADR said. Out of the total income of Rs 77.08 crore from unknown sources, 98.61 per cent, or Rs 76 crore, came from voluntary contributions. Through collection from sale of coupons, regional parties collected Rs 65.60 lakh and from
Ramco Systems bags 'multi-million' dollar deal from AP Cargo
: Software firm Ramco Systems today said it has bagged a "multi-million dollar" order from Manila-based air freight leader AP Cargo Logistic Network Corp to implement its logistics software. AP Cargo Logistic Network would implement the software to "streamline its freight operations countrywide," city-based Ramco Systems said in a statement here. The partnership comes at a time when the Philippines was adopting IT solutions to ramp up its logistics capabilities and infrastructure. With the rise of e-commerce and internet penetration in the Philippines, the freight and logistics market was expected to reach USD 60.22 billion by 2023, the statement said. Ramco System said its Philippines subsidiary bagged 40 per cent of its new order in APAC region from the Philippines in 2017-18. "We are pleased to announce AP Cargo as our latest consumer in the logistics and shipping space. Our intelligent, mobile-friendly enterprise suite has won us the trust of customers throughout ...
Modi to address diverse gathering on World Biofuel Day
Prime Minister Narendra Modi will address a diverse gathering here consisting of farmers, scientists, entrepreneurs, students, government officials and legislators to mark the World Biofuel Day 2018, a government statement said on Thursday.
Pharma exports up 3 pc to USD 17.3 bn in 2017-18
India's pharmaceutical exports grew merely 3 per cent to USD 17.3 billion in 2017-18 due to increasing regulatory concerns and pricing pressures in the global markets, including the US. The sector's exports in 2016-17 had declined to USD 16.7 billion as against USD 16.9 billion in the previous fiscal, according to commerce ministry data. Import alerts by the US Food and Drug Administration, regulatory hurdles and currency fluctuation also contributed to slow growth in the overseas shipments, an industry expert said. The US is the top destination for Indian pharma exports, followed by the UK. America accounts for about 25 per cent of the country's shipments. The other important destinations include South Africa, Russia, Nigeria, Brazil and Germany. Although the government is working on measures to promote exports in Japan and China, tough registration and regulatory procedures there act as hindrance for domestic exporters. The sector accounted for about 6 per cent in the country's ...
Market hovers near day's high
Key barometers were hovering near the day's high in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 148.59 points or 0.39% at 38,036.15. The Nifty 50 index was up 28.20 points or 0.25% at 11,478.20. The Sensex was trading above the psychologically important 38,000 mark. The Sensex and the Nifty, both, hit fresh record high levels in intraday trade.