Page 330 - Business Finance
IndianOil's Q4 net profit at Rs 6,099 cr up 17%
State-run IndianOil Corp on Friday reported a 16.88 per cent rise in its standalone net profit for the fourth quarter ended March on the back of foreign exchange gains during the period.
Sundaram-Clayton's Rs 630 cr US plant to make it global player
The TVS Group's Sundaram-Clayton Ltd (SCL) on Friday said its Rs 630 crore US plant will establish the company as a global die-casting player from India.
Sebi refuses to lift market ban on Allied Financial, 7 entities for various violations
Regulator Sebi Friday refused to lift the market ban imposed on Allied Financial Services and seven entities in a case of alleged misappropriation of clients' securities. However, the watchdog revoked the directions against three former directors -- Rajeev Kumar Asopa, Lalit Agarwal and Rajendra Prasad Basia -- of the company in the same case. In an interim order in February, Sebi barred Allied Financial and ten others from securities market till furthers directions besides imposing various other restrictions. The ruling had come after Sebi found that mutual funds of Novjoy Emporium Pvt Ltd, OCL India Ltd and Dalmia Cement East Ltd were allegedly transferred illegally by Allied to IL&FS Securities Services as a collateral for margins of Allied. Further, various other violations were found to have been committed by the Allied. In its confirmatory order on Friday, the regulator said there is no case for revocation of the directions passed against Allied and seven entities, ...
Bajaj Auto Q4 standalone net profit up 21%
Bajaj Auto on Friday reported a rise of 21 per cent in its standalone net profit for the fourth quarter of 2018-19.
India fastest growing key market for Nestle in 2018
India was the fastest growing key market for Nestle in 2018, with a 10.9 per cent growth in local currency terms, the Swiss major said Friday. Nestle India, which had faced big crisis in its popular brand Maggi four years ago, reported a revenue of Rs 11,292.27 crore in 2018 and was among top 15 markets globally. "We are the fastest growing key market for Nestle in the world in 2018. We grew at 10.9 per cent in the local currency terms," said Nestle India Chairman Managing Director Suresh Narayanan. The company follows January-December financial year. As per Nestle's global result, the US is the leading market in terms of sales followed by China, France, Brazil and the United Kingdom. Other major markets for the Swiss major include Mexico, Germany, Philippines, Japan and Russia. Nestle India, Friday said as part of its product portfolio expansion, the company ventured into 'organic' food products and introduced 'Ceregrow Organic Selection' in its kids cereal brand. "This is a ...
Sundaram-Clayton's first overseas plant goes on stream
Sundaram-Clayton Ltd, a TVS Group company, Friday said its first overseas auto-component manufacturing facility in the United States has commenced operations. The facility, set up at a project cost of Rs 630 crore (USD 90 million), would make Sundaram-Clayton Ltd (SCL) a global player. It would produce 1,000 tonnes of castings in the first year which could be scaled up to 10,000 tonnes in five years. SCL would manufacture a range of high-pressure die-cast and gravity die-cast parts at the unit. The plant has been set up on a 50 acre land in Dorchester County in Ridgeville Industrial Park, South Carolina. The facility would supply auto-components for vehicles from two-wheelers to large trucks to major global players. "The long-term outlook for both the American and the Indian automotive industries are strong. OEM vehicle makers are focused on light-weighting and better fuel economy," company Joint Managing Director Lakshmi Venu said. "Our strategy of expanding in both ...
Jet saga: Now, Etihad's nominee on Jet board resigns
Grounded full service carrier Jet Airways' continues to lose its senior management level personnel, further damaging hopes of the airline's revival.
Police dismantle dreaded international cyber-crime gang
An international gang of cybercriminals involved in stealing $100 million from over 40,000 victims by infecting their computers with a banking malware has been dismantled.
IOC ties up oil from US, Saudi to make up for Iran shortfall
Indian Oil Corp (IOC), the nation's biggest oil firm, has tied up imports from the US and taken additional volumes from Saudi Arabia to make up for the bulk of the volumes lost because of sanctions prohibiting buying oil from Iran, top officials said Friday. Iran supplied more than a tenth of India's oil needs before the reimposition of US sanctions against the Persian Gulf nation stopped supplies this month. "We have tied up supplies from alternate sources. No single country can make up for the volumes lost, that's why we are keeping our sourcing diversified. We are fairly diversified in our sourcing and we have robust sourcing in place to make up for all of the Iranian oil," IOC Chairman Sanjiv Singh told reporters here. India bought close to 24 million tonnes of crude oil from Iran in the fiscal ended March 31 (2018-19). Of this, IOC sourced about 9 million tonnes from Iran. IOC and other Indian refiners stopped importing crude oil from Iran this month following the US' move to end
Dr Reddy's Q4 consolidated PAT up 44% at Rs 434 crore
: Dr Reddy's Laboratories Limiteds consolidated profit after tax for the quarter-ended March 31, 2019 was up by 44 per cent at Rs 434.4 crore against Rs 302.2 crore in the third quarter of FY 18, a senior official of the city-based drug maker said Friday. President, CFO and global head (HR) of Dr Reddys Saumen Chakraborty in a press conference said the revenue for the quarter under discussion was up by 14 per cent at Rs 4,017 crore against Rs 3,535 crore in the same quarter last fiscal. During the last quarter, the company entered into an agreement with Encore Dermatology, Inc. for sale and assignment of US rights relating to three of its dermatology brands. He said the company launched about 20 products during the last fiscal and expects to launch equal or more during the current fiscal. "Some of the new launches will be the key driver of growth this year in the USA," he further said. Revenues from global generics segment in the Q4 was reported at Rs 3,038 crore a ...
ILFS Engineering appoints Karim Raza Khan as CEO
IL&FS Engineering and Construction Company Ltd Friday said its board has appointed Kazim Raza Khan as its Chief Executive Officer. "The board of directors have re-designated Khan as "Chief Executive Officer" of the company effective May 16, 2019," the company said in a statement. Kazim Raza Khan was appointed as the manager and key managerial personnel of the company on December 24, 2018. The company said Khan, who has an overall professional experience of over three decades in technical field focused towards infrastructure will continue to be key managerial personnel of the company. The company said Khan had joined IL&FS Transportation Networks Limited in December 2005, as Project Manager and was promoted as Assistant Vice President in 2007 and was further promoted as Associate Vice President in 2010. He was working as Senior Vice President and Regional Head of South, Central and West India till his appointment as Manager (Key Managerial Personnel) of IL&FS Engineering ...
Court allows Bhushan Steel's ex-CFO to visit ailing mother
Delhi High Court on Friday permitted Nitin Johri, Bhushan Steel's former chief financial officer who is in judicial custody since May 8, to visit his ailing mother in the hospital for few hours.Johri, through senior counsel Sudhir Nandrajog, had approached the court for interim bail on account of his mother's drastically deteriorating terminal illness.Justice Sunil Gaur granted permission to Johri to meet his mother in the hospital while remaining in the custody.Nitin Johri was arrested by SFIO (Serious Fraud Investigation Office) earlier this month.According to the sources, Johri was managing the firm and looking after inter alia the affair of raising of funds from various banks and financial institutions.He was one of the signatories to the financial statements of Bhushan Steel (BSL) till the fiscal 2016-17 and was also a member of the "Committee of Board of Directors on Borrowing, Investment and Loans" of BSL along with Brij Bhushan Singal and Neeraj Singal.The SFIO probe alleged ..
Forex reserves up by USD 1.36 bn to USD 420.05 bn
The country's foreign exchange reserves rose by USD 1.368 billion to reach USD 420.055 billion in the week to May 10 on account of a rise in foreign currency assets, RBI data showed Friday. In the previous week, the reserves had increased by USD 171.9 million to USD 418.687 billion. In the reporting week, foreign currency assets, which are a major component of the overall reserves, swelled by USD 1.358 billion to USD 392.227 billion. Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and the yen held in the reserves. Gold reserves remained unchanged at USD 23.021 billion, according to the data. The special drawing rights with the International Monetary Fund rose by USD 3 million to USD 1.454 billion. The country's reserve position with the Fund also increased by USD 7 million to USD 3.351 billion, the according to the RBI data. The forex kitty had touched a life-time high of USD 426.028 billion in the
GIPC Q4 net profit up 135 pc at Rs 162.84 cr
Gujarat Industries Power Company (GIPC) Friday reported a 135 per cent jump in standalone net profit at Rs 162.84 crore in March 2019 quarter on the back of higher revenues. The company had posted a net profit of Rs 69.13 crore in the year-ago period, it said in a statement. Total income for the period under review rose to Rs 468.96 crore from Rs 400.21 crore in same period year ago. For fiscal 2018-19, standalone net profit stood at Rs 176.40 crore as compared with Rs 244.50 crore in 2017-18. Total income for 2018-19 stood at Rs 1,524.26 crore against Rs 1,405.07 crore in the previous fiscal. The company's consolidated net profit for 2018-19 was at Rs 254.75 crore as compared with Rs 166.04 crore in previous fiscal. Total consolidated income was at Rs 1,524.15 crore as compared with Rs 1,405.10 crore in 2017-18. The company's board has recommended a dividend of Rs 2.90 per equity share for 2018-19.
CESC posts 9pc rise in Q4 net profit
Power utility CESC Ltd on Friday reported a consolidated net profit of Rs 309 crore in the quarter ended March, registering a 9 per cent year-on-year rise, despite lower income. Total consolidated income from operations was at Rs 1,734 crore for the reporting quarter against Rs 1,852 crore a year ago. For the entire fiscal, income from operations stood at Rs 10,664 crore compared with Rs 10,275 crore registered in 2017-18. CESC is planning demerger of its generation and distribution units. A power purchase agreement between the company and Haldia Energy is also awaiting clearance from the West Bengal Electricity Regulatory Commission.
Data breach: Check if you are fearful or angry
Once a data breach is reported, people who are fearful quickly become sensitive towards the size and scope of the breach than those who get angry, finds a study led by Indian-origin researchers.
Sensex rebounds, ends 537 pts higher (Roundup)
Sensex staged a strong rebound on Friday advancing by 537 points boosted by strength in banking and auto shares.
Areteans to expand in Bengal
South based IT company, Areteans Technology has identified West Bengal to expand its first destination in the domestic market, a top official said on Friday. "We do not have business now in east. But due to easy access to talent here we have decided to expand here first then moving to other locations," CEO of Areteans Mahesh Agrawal said. The small IT company has taken 120 seater facility in Salt Lake, the IT hub of Kolkata and hopes to expand it further in a year's time. "We are a Rs 60 crore company now but we hope to double it in two years time," Agarwal said. The company is also a key implementation partner of Boston based Pegasystems Inc, a key player in the CRM space. Pegasystem India claimed it is growing fast in India and already has received contract in the Rs 2500 crore E- Pragati project a statewide rollout of citizen services for Andhra Pradesh. "As the market demand for Pega rapidly expands worldwide and in India, partners play a critical role in ...
UPL Q4 profit down 72 pc at Rs 206 cr
Pesticides maker UPL Friday reported a 72 per cent decline in consolidated net profit at Rs 206 crore for March 2019 quarter. The company had posted a net profit of Rs 737 crore in the year-ago period, the Mumbai-based firm said in a regulatory filing. Total income during the period under review rose to Rs 8,573 crore from Rs 5,809 crore in the year-ago period. For fiscal 2018-19, the net profit fell to Rs 1,447 crore from Rs 2,022 crore in 2017-18. Total income during the year rose to Rs 22,077 crore from Rs 17,920 crore in the year-ago period. The above results of UPL are after excluding Arysta's performance for two months for comparable purposes, the company said. The company's board of directors also announced a bonus of one equity share of Rs 2 each for every two fully-paid up existing equity shares of Rs 2 each for the golden jubilee year. It also approved a dividend of Rs 8 per equity share of Rs 2 each.
Jubilant Life Sciences revenue up 21 pc to Rs 9,111 crore in FY 19
Jubilant Life Sciences said on Friday its consolidated revenue moved up 21 per cent to Rs 9,111 crore in fiscal 2018-19 year-on-year.Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 14 per cent YoY to Rs 1,775 crore with EBITDA margin of 19 per cent.At the same time, finance costs came down to Rs 220 crore compared to Rs 284 crore last year. Normalised profit after tax was Rs 855 crore with normalised earnings per share at Rs 54.The capital expenditure stood at Rs 567 crore, gross debt at Rs 4,860 crore and net debt at Rs 3,490 crore."Our strategic focus on de-risked business model and being closer to a customer with a leadership position in key products has driven this growth," said Chairman Shyam S Bhartia and Co-Chairman & Managing Director Hari S Bhartia."Our global competitive edge due to low cost, vertical integration and capacity additions with commitment to ensure high level of compliance will further strengthen our businesses. We witnessed