Page 331 - Business Finance
Telecom woes: BSNL expects normalcy in liquidity position by Sept quarter
The BSNL management is making all efforts to ease liquidity pressure being faced by the company, and expects normalcy in liquidity position to be restored by the September quarter, according to a senior official of the crisis-ridden PSU. BSNL Director - Finance, S K Gupta has shot off a letter to all Chief General Managers of telecom circles, flagging the "fiercest ever competition" being faced by the telecom sector and said "predatory tariff offerings by the competitors" has triggered a sharp decline in revenue from services. "The BSNL management is making all out efforts to ease the pressure on liquidity. It is expected that in near future, the liquidity position of the company will start improving," Gupta said in the letter dated May 16. He asserted that normalcy in liquidity position is expected to be restored by the next quarter. BSNL has been able to sustain its customer base, despite the persistent pressure of competition on its revenue. "The telecom sector being capital ...
IOC net rises 17 pc on higher refinery margins
State-owned Indian Oil Corp (IOC) Friday reported a 17 per cent rise in its fourth-quarter net profit as inventory and foreign exchange gains neutralised lower refinery margins. The net profit of Rs 6,099.27 crore, or Rs 6.46 per share, in January-March 2019 was 16.88 per cent higher than Rs 5,218.10 crore, or Rs 5.51 per share, reported in the year-ago period, IOC Chairman Sanjiv Singh told reporters here. "The variation is mainly on account of inventory gains and product cracks," he said. As international oil prices fluctuated, the company accounted for inventory gains. IOC had an inventory gain of Rs 2,655 crore in January-March 2019 as compared to an inventory gain of Rs 4,172 crore in the corresponding period of the previous fiscal. Also, there was an foreign exchange gain of Rs 837 crore as compared to a forex loss of Rs 676 crore a year back. Inventory gain occurs when a company buys raw material (crude oil in case of a refiner like IOC) at a particular rate from the ...
L&T buys 13,440 shares of Mindtree, expands shareholding to 26.48%
Infrastructure major Larsen and Toubro (L&T) on Friday acquired 13,440 shares of Mindtree from the open market, as per a regulatory filing. Earlier this month, L&T had 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 the open market. "Larsen and Toubro Ltd has acquired 13,440 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 16, 2019," a Mindtree filing said. After the latest transaction, L&T's shareholding in Mindtree stands at 26.48 per cent. The latest stock purchase was made at Rs 979.98 apiece. On Thursday, L&T had acquired 8.86 lakh 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 technology industry. L&T had proposed to buy ...
Rupee snaps 3-day winning streak; settles 20 paise down at 70.23
Snapping its three-session winning streak, the rupee Friday declined by 20 paise to close at 70.23 against the US dollar as rising crude oil prices and recent foreign fund outflows weighed on investor sentiment. Forex traders said the decline in the local unit was in tandem with the weakness in other major Asian currencies vis-a-vis the US dollar. At the interbank foreign exchange (forex), the domestic currency opened at 70.22 a dollar and fell further to touch the day's low of 70.32. It finally settled at 70.23 per dollar, down 20 paise over its previous close. The rupee Thursday had settled at 70.03 to the US dollar. Besides, US-China trade related concerns, rising crude prices and foreign fund outflows also added pressure on the local unit. During the week, the rupee fell by 31 paise. This is the second straight week of loss for the domestic currency. "Indian rupee heads for the second weekly decline following weakness in Asian currencies against US dollar. Weak economic data, ...
Action Construction Equipments standalone net profit declines 43.01% in the March 2019 quarter
Sales decline 18.45% to Rs 299.65 crore
Valiant Communications reports standalone net loss of Rs 0.32 crore in the March 2019 quarter
Sales decline 35.52% to Rs 3.94 crore
J J Finance Corporation standalone net profit declines 66.67% in the March 2019 quarter
Sales decline 50.00% to Rs 0.07 crore
BSL reports standalone net loss of Rs 0.39 crore in the March 2019 quarter
Sales decline 7.07% to Rs 91.31 crore
Adlabs Entertainment reports consolidated net loss of Rs 229.02 crore in the March 2019 quarter
Sales rise 0.90% to Rs 51.29 crore
Take Solutions consolidated net profit declines 40.99% in the March 2019 quarter
Sales rise 17.63% to Rs 533.94 crore
Bajaj Finance consolidated net profit rises 57.32% in the March 2019 quarter
Sales rise 52.18% to Rs 5307.66 crore
Setco to supply BS VI-compliant clutches to MHCV makers
Auto component maker Setco Automotive Friday said it has received approval to supply BS VI-compliant clutches from leading medium and heavy commercial vehicle manufacturers. The Bharat Stage VI (or BS-VI) emission norms will come into force from April 1, 2020 across the country. Currently, the vehicles sold in the country conform to BS-IV emission standards. "We are excited to be one of the first in MHCV space to receive BS-VI approval, which has been achieved with intense design and development focus and by leveraging in-house capabilities. This significant step would further reinforce our product offering," Jatinder S Gujral, chief executive at Setco said in a release. The third largest MHCV clutch maker globally, Setco has the largest design and validation facility for clutches in the country. At present, it commands about 85 per cent market share in the domestic medium and heavy commercial vehicle segment. It supplies clutches to leading auto makers such as Tata Motors, M&M, ..
Praj Industries consolidated net profit rises 24.43% in the March 2019 quarter
Sales rise 34.11% to Rs 368.17 crore
Arvind Ltd reports Q4 profit of Rs 66.71 crore
Textile major Arvind Ltd Friday reported a consolidated profit of Rs 66.71 crore for the quarter ended March 31, 2019. The company had posted a profit of Rs 115.47 crore crore in the same quarter of 2017-18. Total income in the reported quarter stood at Rs 1,879.03 crore. It was at Rs 1,863.03 crore in the year-ago period, the company said in a BSE filing. The results are not comparable with the previous year's period beacuse of demerger of branded apparel undertaking of the company to Arvind Fashions Ltd with effect from November 30, 2018 (the appointed date), it said. "To the extent current quarter ended on March 31, 2019, year ended March 31, 2019 and quarter ended on December 31, 2018 are not comparable with previous periods presented," the company said. Giving future growth outlook, the company said it expects 7-8 per cent topline growth over the year, which will mostly be realized in the second half of the current fiscal. The company's board has recommended a dividend of Rs 2 ...
Bajaj Auto shares gain 3.5 pc; m-cap rises by Rs 2,812 cr post earnings
Shares of Bajaj Auto jumped 3.5 per cent Friday after the company reported 19.82 per cent increase in net profit for the fourth quarter ended March 31, 2019. The scrip climbed 3.30 per cent to close at Rs 3,041.80 on the BSE. During the day, it jumped 6.82 per cent to Rs 3,145.55. At the NSE, shares gained 3.54 per cent to close at Rs 3,046.90. On the traded volume front, 1.58 lakh shares of the company were traded on the BSE and over 19 lakh shares on the NSE during the day. The company's market valuation rose by Rs 2,811.66 crore to Rs 88,019.66 crore on the BSE. Riding on good domestic motorcycle sales, Bajaj Auto Friday reported 19.82 per cent increase in consolidated net profit at Rs 1,408.49 crore for the fourth quarter ended March 31, 2019. The company posted a profit of Rs 1,175.47 crore in the year-ago period, Bajaj Auto said in a regulatory filing. Total revenue from operations for the period under review stood at Rs 7,395.19 crore as against Rs 6,788.43 crore in the ...
Industrial city AURIC eyes investment worth Rs 70,000 cr over 12 yrs
Aurangabad Industrial City (AURIC) in Maharashtra is looking to attract investments of up to Rs 70,000 crore over the next 12 years, which can create over 1.5 lakh jobs, its joint managing director Gajanan Patil said Friday. Patil was speaking at a road show event organised here to interact with investors and apprise them about the business and growth opportunities at the 10,000 acre industrial city near Aurangabad. AURIC is a special purpose vehicle of Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) and Maharashtra Industrial Development Corporation (MIDC). "AURIC is a well-planned greenfield smart industrial city over an area of 10,000 acres in Maharashtra as a part of DelhiMumbai Industrial Corridor (DMIC). About 52 industrial plots have been allotted. "Two mega projects, one is of about Rs 200 crore, and 11 SME units have already started their production there. The city is ready for investors," he told reporters on the sidelines of the event. AURIC is eyeing ...
Control Print standalone net profit rises 4.94% in the March 2019 quarter
Sales rise 1.43% to Rs 46.04 crore
Kirloskar Brothers standalone net profit rises 11.69% in the March 2019 quarter
Sales rise 23.81% to Rs 761.20 crore
Hong Kong Market falls 1.16%
Market sentiment was hurt by U.S. government moves to block China's Huawei Technologies from buying vital American technology, throwing into question prospects for sales at some of the largest tech companies and drawing a sharp rebuke from Beijing. An executive order by the Trump administration, aimed at banning Huawei equipment from U.S. networks, took effect on Thursday. The order also subjects the Chinese telecommunications giant to strict export controls. China has threatened to retaliate. It remains to be seen how the move will affect trade negotiations.
Spencer's Retail to acquire 100% Stake of Godrej Nature's Basket
Operating since 2005, Nature's Basket is a neighbourhood convenience store format grocery retailer which sells products ranging from fresh fruits & vegetables, fish & meat, artisanal breads, FMCG and staples.