Page 310 - Business Finance
Lakshmi Machine Works 4qtr standalone net at Rs 36.78 Cr
Lakshmi Machine Works has registered standalone net profit for the January-March 2019 quarter at Rs 36.78 crore. The Coimbatore-based company had registered standalone net profit at Rs 61.23 crore in the year ago period. For the year ending March 31, 2019, standalone net profit was at Rs 189.27 crore as against Rs 211.42 crore, the firm informed the BSE in a filing Monday. Total income from operations on standalone basis slipped to Rs 610.79 crore from Rs 781.30 crore. For the year ending March 31, 2019, standalone total income went upto Rs 2,741.98 crore from Rs 2,667.28 crore. The Board of Directors recommended a final dividend of Rs 35 per share (of the face value of Rs 10 each) for FY2018-19 subject to approval of the shareholders. The firm also informed the stock exchange that the Board of Directors authorised setting up a wholly owned subsidiary with focus on aerospace industry "at a suitable time.
RBI to issue Rs 10 banknotes bearing sign of Guv Das soon
Reserve Bank of India Monday said it will issue Rs 10 denomination banknotes bearing signature of Governor Shaktikanta Das. The Reserve Bank will shortly issue Rs 10 denomination banknotes in Mahatma Gandhi (new) series bearing the signature of Shaktikanta Das, Governor, RBI said in a release. The design of these notes is similar in all respect to Rs 10 banknotes in Mahatma Gandhi (new) series. All banknotes in the denomination of Rs 10 issued by the Reserve Bank in the past will continue to be legal tender, it said.
Pakistan raises key interest rate to 12.25 per cent
Pakistan's central bank Monday raised its key interest rate to 12.25 per cent to tighten the monetary policy, citing continuing inflationary pressures, a high fiscal deficit and recent exchange rate depreciation. The 150 basis points increase follows a preliminary agreement last week with the International Monetary Fund for a USD 6 billion loan that is expected to come with tough conditions, including pressure for higher interest rates. The State Bank of Pakistan (SBP) said that the new rate would be effective from May 21. The central bank had previously raised the interest rate by 25 basis points to 10.75 per cent in its last monetary policy announced in March, but "a greater reliance on central bank financing of the [fiscal] deficit has acted to dilute the impact of previous monetary tightening". "Despite the improvement in the current account and a noticeable increase in official bilateral inflows, the financing of the current account deficit remained challenging. Consequently, ...
NMRC writes to govt organisations, PSUs for co-branding of Aqua Line stations
The Noida Metro Rail Corporation (NMRC) has invited bids from various government organisations, public sector undertakings (PSUs) and nationalised banks to submit bids to acquire cobranding rights of Aqua Line Metro stations, officials said Monday. The NMRC has written to 33 government organisations, banks and PSUs for bidding for co-branding rights of 11 of its stations which are Noida Sector 76, Sector 101, Sector 81, NSEZ, Sector 83, Sector 143, Sector 144, Sector 145, Sector 146, Sector 147 and Depot Station, they said. "The main purpose behind writing to these government sector organisations is to remove third-party mediation from a potential transaction with fellow government organisations and simplify the process," the NMRC said. "It was observed across many Indian metros that government organisations take the co-branding of metro stations from a third-party vendor which resulted in government organisations paying a higher amount than required to the third party," it said in a .
Q4 GDP growth may have slowed down to 6.3%: sources
Battered by a severe slowdown, the Indian economy is expected to grow slower at 6.3 per cent in the January-March quarter of fiscal year 2018-19, clocking the lowest expansion in six quarters.
Sebi proposes norms for shifting firms on IGP to regular trade category
Markets regulator Sebi on Monday released draft norms for allowing companies listed on innovators growth platform (IGP) to trade under regular category of the main board. A company should be listed for a minimum period of one year on the IGP and have at least 200 shareholders at the time of making application to trade under the regulator category of main board, according to the consultation paper floated by Sebi. The IGP, earlier known as Institutional Trading Platform', has been created to facilitate listing of start-ups or new age ventures in sectors like e-commerce, biotechnology and data analytics. According to the proposed norms, none of the promoters or directors of the company should be a fugitive economic offender. Regarding lock-in requirements, Sebi proposed that the minimum promoters' contribution should be 20 per cent of the total capital. In case of shortfall, alternative investment funds, foreign venture capital investors, scheduled commercial banks among other ...
Manali Petro clocks 4qtr standalone PAT at Rs 20.93 cr
: Polyol manufacturing company Manali Petrochemicals Monday recorded a decline in its standalone Profit After Tax at Rs 20.93 crore for the January-March 2019 quarter. The company had clocked standalone PAT at Rs 26.64 crore registered a year ago. For the year ending March 31, 2019 PAT surged to Rs 65.17 crore, from Rs 54.87 crore a year ago. The standalone total income for the January-March 2019 quarter was Rs 165.78 crore as against Rs 190.52 crore a year ago. For the year ending March 31, 2019, standalone total income was at Rs 708.91 crore from Rs 664.57 crore in the same period of the previous fiscal. The board of directors, at its meeting, recommended a 15 per cent dividend (75 paise per share of Rs 5) for the year from 10 per cent (50 paise per share) last year, an increase of 50 per cent. On the financial performance, company Chairman Ashwin Muthiah said "MPL's performance for the year has been robust in spite of various macro-economic challenges". The company's .
ICICI Bank to buy stake in BSE subsidiary INX for Rs 31 crore
ICICI Bank Monday said it has entered into an agreement with the BSE to buy stake in its subsidiary INX - located at GIFT City Gujarat - for nearly Rs 31 crore. India International Exchange (INX) - a wholly owned subsidiary of the BSE - is India's first international exchange at International Financial Services Centre (IFSC) in GIFT City. The investment is subject to regulatory approvals and comes at a cash consideration of up to Rs 305 million in tranches to acquire up to 9.9 per cent shareholding in INX, ICICI Bank said in a regulatory filing. "Post the proposed investment, ICICI Bank would have a shareholding of up to 9.9 per cent in INX," the filing said. INX was incorporated in September 2016 and has posted a loss of Rs 31 crore in 2018-19. The total revenue was Rs 2.25 crore. During 2017-18, INX had earned revenues of Rs 1.14 crore, while in 2016-17 the exchange earned Rs 3,225. Stock of ICICI Bank closed 4.48 per cent higher at Rs 407.80 on the BSE.
Dhampur Sugar Mills posts Q4 net profit of Rs 108.82 cr
Dhampur Sugar Mills Monday posted a consolidated net profit of Rs 108.82 crore for the fourth quarter of the 2018-19 fiscal. The company had reported a net loss of Rs 8.91 crore in the same quarter of the previous financial year, according to a BSE filing. Net income declined to Rs 900.69 crore during the January-March quarter of the 2018-19 fiscal from Rs 936.06 crore a year ago. Dhampur Sugar Mills said it has adjusted Rs 48.46 crore during the fourth quarter as a reduction in cost of raw material consumed taking advantage of a central scheme which was launched with a view to offset the cost of cane crushed during 2018-19 season (October-September) to facilitate timely payment of cane price dues of farmers. During the year, the company has recognised financial assistance paid by the Uttar Pradesh government for the 2017-18 season amounting to Rs 33.41 crore.
Flash Electronics files suit against Royal Enfield in US
Electric auto components maker Flash Electronics India on Monday said it has filed a law suit against Eicher Motors' Royal Enfield in the US for alleged patent infringement of a component used in two-wheeler vehicles.
Trump lashes out at press over coverage of his finances
US President Donald Trump, apparently unhappy about the media's coverage of his finances, on Monday said that he did not need banks to do business.
At 67.11 pc, 2019 turnout highest for LS polls
An estimated 67.11 per cent of the nearly 91 crore electors turned up to cast their vote in this year's seven-phase Lok Sabha elections, the highest ever turnout recorded in any parliamentary polls in India. The overall turnout in 2014 was 66.40 per cent. But, the Election Commission figures are provisional and are subject to change. The overall turnout was recorded at 67.11 per cent, as per data available on Monday morning. Out of the 543 Lok Sabha seats, elections were held in 542 constituencies as the EC had cancelled polls to the Vellore constituency on the grounds of excessive use of money power. The poll panel is yet to announce a fresh date for elections in Vellore. While there were 83.40 crore voters in the 2014 polls, their number stood at 90.99 crore as on April 23, the day third phase of polling took place for the 2019 Lok Sabha elections. In the 2009 elections, the turnout was pegged at 56.9 per cent. In 2019, the voter turnout saw a decreasing trend from the first to the .
Dalmia Bharat Sugar posts Q4 net profit of Rs 46.18 cr
Dalmia Bharat Sugar and Industries Monday reported a standalone net profit of Rs 46.18 crore in the fourth quarter of 2018-19 fiscal on strong sales. The company had posted a net loss of Rs 12.56 crore in the corresponding quarter in the previous fiscal, according to a BSE filing. Net income increased to Rs 589.08 crore during January-March quarter from Rs 492.30 crore in the year-ago period. Expenses also rose to Rs 541.18 crore as compared with Rs 526.45 crore in January-March last year. The company's board recommended a dividend of Rs 1.60 per share of face value Rs 2 each. Dalmia Bharat Sugar and Industries said Jawaharpur distillery in Uttar Pradesh was commissioned this January after expanding the capacity to 120 kilo litres per day (KLPD) from 80 KLPD. The company has business interests in integrated sugar (including cogen and distillery), windfarms, magnesite and miscellaneous businesses. It has three sugar factories in Uttar Pradesh (Jawaharpur, Nigohi and Ramgarh) and two in
Adani Green Energy's 8.75 cr shares to be offered for sale on Tuesday
Adani Green Energy said on Monday that two of its promoters Adani Tradeline LLP and Universal Trade and Investment together would offer 8.75 crore equity at an offer price of Rs 43 per piece on Tuesday. The offer for sale would open for one day on Tuesday, May 21, 2019, stated a BSE filing. Adani Tradeline LLP and Universal Trade and Investment proposed to sell 7,57,13,197 and 1,17,86,803 equity shares, respectively, at floor price of Rs 43 per shares, it added. The offer for sale is generally done to increase public holding in the company. All companies are mandated to maintain 25 per cent public holding. The promoters of the company had 86.50 per cent of the equity share capital as on March 31, 2019. The 8.75 crore shares at a face value of Rs 10 each constitute 5.59 per cent of the paid-up equity share capital of the company, it said.
Amul milk prices hiked by Rs 2 a litre across country
Amul Milk prices have been hiked by Rs 2 a litre with effect from Tuesday across all its six brands sold in major markets of Delhi NCR, Gujarat, West Bengal, Uttarakhand and Maharashtra.
L&T buys 73,953 shares of Mindtree, hikes shareholding to 26.53%
Infrastructure major Larsen and Toubro (L&T) on Monday acquired 73,953 shares of Mindtree from open market, taking its shareholding in the IT services firm to 26.53 per cent, according to a regulatory filing. "Larsen and Toubro Ltd has acquired 73,953 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 20, 2019," a Mindtree filing said. After the latest transaction, L&T's shareholding in Mindtree stands at 26.53 per cent. The latest stock purchase was made at Rs 979.99 apiece. Earlier this month, L&T purchased around 20 per cent stake of V G Siddhartha and Cafe Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from open market. On Friday, L&T had acquired 13,440 shares of Mindtree from the open market. In all, the infrastructure major is eyeing up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking the country's first-ever hostile takeover bid in the information .
Stocks, rupee rally as exit polls point to NDA victory
Indian equities Monday posted their biggest single-day gains in over six years, the rupee saw its best day in two months and government bond prices surged after exit polls predicted a clear mandate for the Narendra Modi-led NDA in the Lok Sabha elections. The BSE Sensex vaulted 1,422 points to close at a record 39,352.67 -- the biggest one-day rise in the last six years. The NSE Nifty surged over 421 points to log its best single day gains in over 10 years. The Indian rupee appreciated by 49 paise, the biggest single-day gain in two months, to close at 69.74 against the US dollar following sharp gains in equities and forex inflows. At the interbank foreign exchange, the domestic unit opened at 70.36 and advanced to a high of 69.44 during the day. The 10-year bond yield was at 7.29 per cent as compared with Friday's close of 7.36 per cent. Helped by across-the-board buying, the market capitalisation of BSE-listed companies jumped by Rs 5,33,463.04 crore on Monday. As of Monday's close,
Tata Motors JLR posts GBP 3.6bn loss amid weak China demand
Tata Motors-owned Jaguar Land Rover (JLR) on Monday posted an annual loss of 3.6 billion pounds, largely attributed to a nearly six per cent "weak" demand for its luxury car models in China. Britain's largest carmaker, which has made a number of interventions over the threats posed by a hard Brexit on the automotive industry's profit margins, celebrated a return to profit in the fourth quarter of the 2018-19 financial year. "Jaguar Land Rover has been one of the first companies in its sector to address the multiple headwinds simultaneously sweeping the automotive industry," said JLR CEO Ralf Speth. "Jaguar Land Rover is focused on the future as we overcome the structural and cyclical issues that impacted our results in the past financial year. We will go forward as a transformed company that is leaner and fitter, building on the sustained investment of recent years in new products and the autonomous, connected, electric and shared technologies that will drive future demand," he ...
Manali Petrochemicals announces change in directorate
On 20 May 2019
Huawei to continue providing security updates,after sales services post Android license cancellation
Chinese handset maker Huawei Monday said it will continue to provide security updates and after-sales services to its existing smartphones and tablets, even as the future roadmap of products remain uncertain after the cancellation of its Android license. Tech giant Google is said to be ending transfer of hardware, software and technical services to Huawei amid the ongoing trade war between the US and China. Pointing out that it had made substantial contributions to the development and growth of Android around the world, Huawei said it has worked closely with Android's open-source platform to develop an ecosystem that has benefitted both users and the industry. "Huawei will continue to provide security updates and after-sales services to all existing Huawei and Honor smartphone and tablet products, covering those that have been sold and that are still in stock globally. We will continue to build a safe and sustainable software ecosystem, in order to provide the best experience for all .