Page 312 - Business Finance
Irdai proposes to increase third-party insurance premium for cars, two-wheelers
Third-party insurance premium for cars, two-wheelers and transport vehicles may go up with the regulator Irdai proposing substantial increase in premium rates for the current financial year. The Insurance Regulatory and Development Authority of India (Irdai) has proposed to increase the Motor Third Party (TP) premium rates for cars below 1000 cc to Rs 2,120 from the existing Rs 1,850 for the fiscal 2019-20. Similarly, for cars falling between 1,000 cc and 1,500 cc also, premium is being proposed to be increased to Rs 3,300 from the existing Rs 2,863. However, for luxury cars (with engine capacity of over 1,500 cc) no change in TP premium has been proposed from the existing Rs 7,890. Normally, the TP rates are revised from April 1. However, this time, the Irdai had decided to continue with the old rates until further order. Now, the regulator has come out with a draft of new rates for TP premium for the current financial year. It has sought comments from stakeholders on the proposed ...
Nifty May futures at premium
Turnover in F&O segment drops
Air Asia India eyes corporate clients, foreign flights
Seeking long-term travel commitment, Tata Group joint venture Air Asia India plans to tie up with about 200 companies in the next few months, offering them a slew of benefits, including flexibility in last-minute flight change and onboard meals.
Bajaj Auto falls over 1 pc; defies market sentiment
Shares of Bajaj Auto Monday defied the broader market sentiment and settled with over 1 per cent loss on bourses. Though the fourth quarter earnings for the auto major was a good show in a tough environment, the company is expected to face margin pressure, market experts said. At the BSE, shares of Bajaj Auto opened at Rs 3,071, but slid 2.88 per cent to its intra-day low of Rs 2,953.95. They finally settled at Rs 3,005.85, down 1.18 per cent over its previous close of Rs 3,041.80. At the NSE, the scrip of the company fell 0.82 per cent to close the counter at Rs 3,015. Intra-day it was trading at a low of Rs 2,951. Bajaj Auto was trading in the negative zone even as the broader market was trading with significant gains. The stock was the biggest loser in the Sensex pack. "While we believe that margin downgrade cycle (but for any change to product mix) is behind, focus on domestic market share and higher share of Africa in exports are likely to keep margin range bound," Edelweiss ...
Tata Motors Q4 net dips 49% to Rs 1,109 cr
Homegrown auto major Tata Motors Monday reported 49 per cent decline in consolidated net profit to Rs 1,108.66 crore for the fourth quarter ended March 31. The company had posted a consolidated net profit of Rs 2,175.16 crore in the same period previous fiscal, it said in a regulatory filing. Total income during the period under review stood at Rs 87,285.64 crore as against Rs 91,643.44 crore in the year-ago period. For the entire 2018-19, the company posted a consolidated net loss of Rs 28,724.20 crore, compared to net profit of Rs 9,091.36 crore in 2017-18. Total income stood at Rs 3,04,903.71 crore for the last fiscal as against Rs 2,96,298.23 crore in 2017-18, the filing said. The company's domestic business posted standalone net profit of Rs 106.19 crore for the fourth quarter as against net loss of Rs 499.94 crore during the same period previous fiscal. Standalone total revenue from operations stood at Rs 18,561.41 crore as compared to Rs 19,173.46 in the fourth quarter a year ..
Peria Karamalai Tea & Produce Company consolidated net profit declines 88.65% in the March 2019 quarter
Sales decline 20.52% to Rs 15.73 crore
Ceinsys Tech reports standalone net profit of Rs 9.25 crore in the March 2019 quarter
Sales rise 27.01% to Rs 56.71 crore
Kashyap Tele-Medicines reports standalone nil net profit/loss in the March 2019 quarter
Sales rise 20.00% to Rs 0.06 crore
Sambhaav Media standalone net profit declines 42.86% in the March 2019 quarter
Sales decline 0.14% to Rs 14.25 crore
Infosys CEO drew Rs 24.67 cr pay package in FY19
Salil Parekh, the chief executive officer of Infosys, took home a pay package of Rs 24.67 crore in the last financial year, the company's annual report showed. Parekh, who joined Infosys in January 2018, received Rs 6.07 crore in fixed salary and Rs 10.96 crore in bonus, incentives and variable pay in 2018-19. He also received Rs 7.64 crore in perquisites on account of exercise of 1,03,604 restricted stock units (RSUs) during fiscal 2019, the annual report said. Compared to this, Tata Consultancy Services CEO Rajesh Gopinathan drew a package of over Rs 16 crore. In its annual report, the country's IT services firm said Gopinathan's compensation had grown over 28 per cent in FY2018-19. Gopinathan's remuneration included Rs 1.15 crore in salary, Rs 1.26 crore in perquisites, Rs 13 crore in commission and over Rs 60 lakh in other allowances - all of which added up to a package of Rs 16.02 crore. Infosys chief operating officer UB Pravin Rao earned Rs 9.05 crore in FY2018-19 against Rs ...
Mukand reports standalone net loss of Rs 22.18 crore in the March 2019 quarter
Sales rise 2.64% to Rs 839.64 crore
Sensex, Nifty settle at record high as exit polls predict NDA win
Domestic stocks logged strong gains on first trading day of the week led by index heavyweights HDFC, Reliance Industries and HDFC Bank. The Sensex and the Nifty, both, settled at record high. Sentiment was boosted after most exit polls forecast a majority for the ruling BJP-led NDA in Lok Sabha polls.
Quick Wrap: Nifty PSU Bank Index records a surge of 7.88%, NIFTY climbs 3.69%
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Zomato offers discounts if you predict next PM
Online food delivering platform Zomato has rolled out a new offer wherein customers need to predict the country's next prime minister ahead of the final counting on May 23 and win caskbacks on food orders.
Adidas India appoints Neelendra Singh as GM
Sportswear major Adidas India Monday announced appointment of Neelendra Singh as the general manager of the company. Singh will succeed Dave Thomas, the company said in a statement. "Neelendra will fill the position effective of May 20, 2019, reporting to Thomas, managing director of emerging markets," Adidas said in a statement. Singh has been with Adidas for over 14 years, most recently as senior vice-president of Global DTC and Franchise. Thomas has moved to a new role as Adidas' managing director of emerging markets effective April 1, reporting to Roland Auschel board member responsible for global sales.
Sensex jumps 1,422 points after exit polls project second term for PM Modi
Indian shares surged at a phenomenal pace on Monday after multiple exit polls showed that Prime Minister Narendra Modi will retain power with a bigger majority in Parliament.The S & P BSE Sensex opened at 38,701 and galloped 1,422 points through the day to close at 39,353. The Nifty 50 too surged 421 points to wind up at 11,828.The polls on Sunday predicted that the BJP-led National Democratic Alliance (NDA) is likely to clinch over 300 seats in the just-concluded Lok Sabha elections, forming a stable government for the next five years.At the National Stock Exchange, all sectoral indices were in the green. Nifty PSU banks gained 7.7 per cent, realty 5.7 per cent, financial service 4.5 per cent and bank 4.4 per cent.Among stocks, Adani Group was one of the top outperformers with Adani Enterprises gaining over 24 per cent backed by a heavy addition of long positions.Indiabulls Housing Finance zoomed ahead close to 13 per cent, IndusInd Bank over 9 per cent, Adani Ports and State ...
Everstone Group partners Suresh Vaswani to boost IT investment
Private equity firm Everstone Group Monday said it has partnered Suresh Vaswani, former president of Dell Services and co-CEO of Wipro, to co-invest in the information technology sector. Suresh will work closely with Everstone Group to provide strategic and operational expertise in current and prospective investee companies worldwide, the firm said in a release. After the partnership, Vaswani will be a senior director at the Everstone Group and will also join the board of two group companies -- Servion Global Solutions and Innoveo AG, it added. "This partnership will strengthen our capability set on the sector as a whole, and specifically on our cross-border investment strategy, where we synergize with our infrastructure in India and South East Asia," said Everstone Group CEO Sameer Sain said. Vaswani said, "Everstone Group has a global mindset with a strong understanding and expertise in the information technology sector. I am delighted to partner with them and look forward to ...
Market gives thumbs-up to exit polls, ends 1,422 pts up (3rd Lead)
Along expected lines the benchmark Sensex advanced by a massive 1,422 points on Monday to finish at 39,352.67, marginally short of its lifetime high.
Elgi Rubber Company reports consolidated net loss of Rs 10.00 crore in the March 2019 quarter
Sales rise 4.81% to Rs 110.63 crore
Indian Terrain Fashions standalone net profit declines 9.34% in the March 2019 quarter
Sales rise 10.01% to Rs 118.74 crore