Page 324 - Business Finance
Spanish firm AlgaEnergy forms JV with KREPL to manufacture bio-stimulants
Spanish biotech firm AlgaEnergy and Krishi Rasayan Exports (KREPL) have formed a joint venture for manufacturing bio-stimulants based on microalage that boosts soil health, and plan to invest about USD 20 million in next 3-4 years in the business. The partner companies also said their JV firm AgMA Energy will have a soft launch of its products, which can be used on all kinds of crops, in the country during this Kharif season. The aim of the JV -- entered between AlgaEnergy's Indian subsidiary MicroAlgae Solutions India Pvt Ltd (MASI) and KREPL's sister concern Agrolife Sciences Corporation -- is to tap not only the Indian market but also other countries barring Europe, where AlgaEnergy has strong presence. "We will work jointly. We have the technology and KREPL has the market penetration...We are planning to invest USD 20 million in the next 3-4 years," AlgaEnergy's Asia Pacific Business Vice President Debabrata Sarkar told PTI. The JV firm AgMA Energy has already been established
Govt plans introducing artificial intelligence system in MCA 21 portal
Corporate affairs ministry plans to introduce artificial intelligence system in the MCA 21 portal as it seeks to make compliance process easier as well as ensure routine enforcement activities are done round-the-clock on autopilot basis. MCA 21 is the electronic backbone for dissemination of information to all stakeholders, including the regulator, corporates and investors. All filings under the companies law are submitted to the ministry through this portal. Corporate Affairs Secretary Injeti Srinivas has said the ministry would look to "introduce Artificial Intelligence in MCA 21 when version 3 of the portal is rolled out in about a year's time". "It will look to rationalise all the forms, follow the principle of single source of truth so that one is not required to fill in known details again (as it will get filled automatically) and also interlink databases, so that routine enforcement is done 24x7 on autopilot basis," he said. In the ministry's monthly newsletter, Srinivas also ..
Creditors expect increase in realisations through IBC despite hiccups
Innumerable litigations, defiant promoters, failing sectors and over-burdened National Company Law Tribunals (NCLTs) have negatively impacted corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) over the past two years, according to investment information and credit rating agency ICRA.Still, the process has chugged on, albeit at a slower pace than envisioned. Till the close of the financial year 2018-19 on March 31, a total of 715 cases of defaulting corporate debtors had been closed under the IBC.Of these, a significant portion of corporate debtors (378 cases) was ordered into liquidation while only 92 yielded a resolution plan where companies continue to operate as going concerns. During the last financial year, cases resolved under the IBC include Electrosteel Steel, Monnet Ispat Ltd and Amtek Auto Ltd.But the number of cases being admitted by the NCLT continues to increase quarter-on-quarter with the highest admissions of 359 cases reported in ...
Major ports cargo traffic rises 6 pc to 60 MT in Apr
India's 12 major ports recorded 5.65 per cent rise in cargo handling to 60.07 million tonnes (MT) in April this fiscal, mainly due to higher demand for coal, petroleum, oil and lubricants, industry body IPA said. These top ports, under the central government, had handled 56.86 MT of cargo in April last year. Increased demand from various sectors, including coal, POL (petroleum, oil and lubricant) and containers, was the main reason behind the growth in traffic, as per the latest data from the Indian Ports Association (IPA). Coking coal volumes handled by the 12 ports surged by 30.62 per cent to 5.51 million tonnes (MT) during the first month this fiscal, while thermal and steam coal grew 12.65 per cent to 10.91 MT. Thermal coal is the mainstay of the country's energy programme as 70 per cent of power generation is dependent on the dry fuel, while coking coal is used mainly for steel-making. India is the third-largest producer of coal after China and the US and has 299 billion tonnes ..
Chinese players wholly MILK Indian smartphone brands
Like the famous tech acronym FAANG (Facebook, Amazon, Apple, Netflix and Google), the Indian smartphone market once had its own buzzword: MILK.
Reliance Capital to raise Rs 10,000 cr in current fiscal by selling assets
Cash-strapped Reliance Capital Saturday said it expects to raise Rs 10,000 crore by selling assets and cut down its debt by about 50 per cent in the current fiscal. The company has been working diligently to ensure timely debt repayments and is regular in all its debt payments, Reliance Capital said in a statement. The company's asset monetisation plan is on track, it said, adding, it is in the process of monetising its entire 42.88 per cent stake in Reliance Nippon Life Asset Management Limited, which at current market price is valued at over Rs 5,000 crore. It has also announced its plans to monetise 49 per cent stake in Reliance General Insurance Company and the DRHP has recently been filed with the Securities and Exchange Board of India (Sebi). The company is at an advanced stage of monetisation of several of its non-core investments, the statement said. "Based on the above, the company expects to realise minimum proceeds of over Rs 10,000 crore, and sharply cut its overall debt ..
Reports of rift between promoters baseless speculation: IndiGo CEO
Days after reports of a rift between IndiGo promoters surfaced, the airline's Chief Executive Officer (CEO) Rono Dutta on Saturday termed the reports as "baseless speculations".
IndiGo has great track record of resolving issues: CEO Ronojoy Dutta
There may be differences between IndiGo promoters Rakesh Gangwal and Rahul Bhatia on certain matters but the company has a great track record of resolving such matters and coming out ahead, said airline's CEO Ronojoy Dutta Saturday. "If the current differences were to not get resolved, you shall certainly hear about it; however, it serves no purpose speculating about it," Dutta said in a press release on Saturday evening. This is a first statement issued by Dutta since Thursday morning when various media reports were published about differences between Bhatia and Gangwal. "We all know, that in any strong and well-managed company there will always be differences," Dutta said. "And, yes, there may be differences currently on certain matters but the company has a great track record of resolving issues and coming out ahead," he added. Dutta said that he "deeply resents and wishes" to dispel all attempts to portray "us as a fractured team at IndiGo". While Gangwal owns around 37 per cent ..
Canyon buys Tata International DLT, DLTM for Rs 305 cr
Tata International Limited and Dutch Lanka Trailer Manufacturers(DLTM) have executed definitive documents to sell their 50-50 joint venture Tata International DLT Pvt Ltd (DLT) to Canyon Point Investment Holdings.
US company evacuates foreign workers from Iraqi oil field
The US Exxon Mobil oil company has evacuated all its foreign workers from West Qurna 1 oil field in Iraq's Basra province, the media reported on Saturday.
ICICI-Videocon case: 20 questions that may trouble Chanda Kochhar, her husband (Reissuing with corrected date)
Former ICICI Bank CEO and Managing Director Chanda Kochhar and her husband Deepak Kochhar have failed to provide satisfactory answers to about 20 out of over 100 key questions posed to them by Enforcement Directorate sleuths during over 60 hours of questioning in five days starting May 13, according to sources in the investigating agency.
ICICI-Videocon case: 20 questions that may trouble Chanda Kochhar, her husband
Former ICICI Bank CEO and Managing Director Chanda Kochhar and her husband Deepak Kochhar have failed to provide satisfactory answers to about 20 out of over 100 key questions posed to them by Enforcement Directorate sleuths during over 60 hours of questioning in five days starting May 13, according to sources in the investigating agency.
Section of Jet staff seeks financial details to raise $700 mn
A section of grounded Jet Airways' employees comprising members of airline unions have written to SBI Caps seeking asset and other financial details of the crisis-hit company for raising $700 million (Rs 4,917 crore) from a mix of domestic and foreign investors.
CredRight commences operations in TN
: CredRight, a financial technology start-up focused on facilitating loan to the MSME sector, Saturday said it has commenced its operations in Tamil Nadu and aims to disburse more than Rs 50 crore by 2020. The Hyderabad-based company announced setting up of branch network in the city and said it would soon foray into Coimbatore and other cities in the state. During the next 12 months, CredRight planned to reach out to more than 10,000 customers in Tamil Nadu to serve the chit funds subscribers in micro, small and medium enterprise (MSME) sector with a targeted monthly disbursement of more than Rs 20 crore, a company release said. CredRight aims to disburse loans of more than Rs 50 crore by end of March 2020. The data-driven lending platform, facilitates loans to micro and small enterprises, the release said. In Chennai, the company has tied-up with Mayabaram Financial Company to reach out to 10,000 customers, the release added.
Clarity on Jet Airways expected in a week: SBI chief
It may not be over till it is over. Even as some industry veterans believe that grounded Jet Airways may have hit the end of the road, State Bank of India (SBI) Chairman Rajnish Kumar remains optimistic that clarity over the future course of the airline will emerge in a week's time.
Zee Learn FY19 total revenue doubles to Rs 549 Cr; EBITDA at all time high of Rs 158 Cr
Zee Learn Limited, India's leading Education Company and India's Most Trusted Diversified Education Brand, today reported its standalone and consolidated Q4FY19 and FY18-19 Annual financial results.Q4 FY19 performance on a consolidated basis:* Total Revenue for Q4 FY19 at Rs 176.0 Cr up from Rs 90.8 Cr in Q4 FY18* EBITDA for Q4 FY19 at Rs 51.9 Cr up from Rs 36.1 Cr in Q4 FY18* PBT for Q4 FY19 at Rs 41.1 Cr up from Rs 27.7 Cr in Q4 FY18* PAT for Q4 FY19 at Rs 31.3 Cr up from Rs 17.4 Cr in Q4 FY18* Total Revenue for FY19 at Rs 549.3 Cr up from Rs 272.5 Cr in FY18* EBITDA for FY19 at Rs 157.7 Cr up from Rs 102.1 Cr in FY18* PBT for FY19 at Rs 113.9 Cr up from Rs 75.6 Cr in FY18* PAT for FY19 at Rs 83.4 Cr up from Rs 49.3 Cr in FY18"The overall performance of the company for this year and the past few years has been very good. The Company has now got all the building blocks in place for ensuring an even faster-paced growth in
WeChat executives concerned about potential exit of head
As daily users of China-based messaging platform WeChat exceed one billion, its key executives have raised concerns amid rising competition and rumours of potential exit of its head Allen Zhang, the media has reported.
Debt-ridden IMFA suffers loss of Rs 74 crore in Q4 of FY 19
Debt-laden Indian Metals and Ferro Alloys (IMFA) reported on Saturday revenue of Rs 434 crore in fourth quarter (January to March) of 2018-19 compared to Rs 443 crore in the year-on period.The fully integrated producer of ferro alloys stradling the value chain from mining to smelting said its profit of Rs 4.6 crore in Q4 of FY 18 turned into a loss of Rs 73.8 crore in Q4 of FY 19. Earnings before interest, tax, depreciation and amortisation (EBITDA) came down to Rs 45 crore from Rs 62 crore.Exports, however, were up at Rs 395 crore versus Rs 378 crore in the same period. The company has a long-term debt of Rs 547 crore, it said in a statement adding that exceptional charge of Rs 73.71 crore on account of impairment of investment and related expenses led to the loss in quarter gone by.In the entire FY 19, IMFA clocked revenue of Rs 1,634 crore, down from Rs 1,769 crore in previous fiscal, exports of Rs 1,470 crore, down from Rs 1,507 crore, EBITDA of Rs 285 crore, down from Rs 461 ...
Edufly Academy aims to create 1 lakh entrepreneurs in 3 years
Aloha India - The Indian Franchisee of Malaysian Aloha, has launched its subsidiary Edufly Academy and Business Education E-commerce Platform (BEEP) in association with Edufly College, Malaysia in the city. The Chief Guest for the launch was Yap Keong Foon, Director, Edufly College and Guest of Honour was I.S.A.K. Nazar, Founder Director and CEO, Manna Foods.Aloha India is known for its educational initiatives for the past two decades across India and has introduced this unique concept with the sole aim to create 1 lakh entrepreneurs in India after realizing the dismal employability skills of the students who and the fact that 56 per cent of the World's young population are Indians."Edufly Academy is an e-commerce training academy that would train these budding entrepreneurs in the e-commerce business making them self reliant and ready to start a business with just the basic requirements," said Aloha Kumaran, MD, Edufly Academy."BEEP, as the name suggests, is the platform that these ..
Trans Globe Textiles reports standalone net loss of Rs 0.07 crore in the March 2019 quarter
Reported sales nil