Page 332 - Business Finance
Musk to personally examine, review all Tesla expenses
To cut losses, Tesla CEO Elon Musk has decided to personally examine and review every expenditure at Tesla, no matter how small, alongside Zach Kirkhorn, the company's Chief Financial Officer (CFO), the media reported.
Spencer's to acquire Nature's Basket; posts Rs 2.4cr net FY19
Spencer's Retail Ltd on Friday said it will acquire 100 per cent stake in grocery chain Nature's Basket -- a wholly-owned subsidiary of Godrej Industries Ltd -- for a cash consideration of Rs 300 crore. The RP-Sanjiv Goenka Group company, which runs 156 grocery stores in 39 cities, Friday reported a consolidated net profit of Rs 2.39 crore for the fiscal 2018-19 against a loss of Rs 14.12 crore a year ago. Shashwat Goenka, the group's sector head Retail and FMCG, said, "Nature's Basket will make Spencer's a truly national player, giving it access to the west of India through its 36 stores in Mumbai, Pune and Bengaluru." The deal is subject to approval of the shareholders of both the companies. "Looking forward, we realised... we need to pass on the torch to owners who have prioritised retail in their portfolio strategy and have the relevant ecosystems to take the business to the next level," said Tanya Dubash, executive director and chief brand officer, Godrej ...
Spencer's Retail to acquire Nature's Basket for Rs 300 cr
Sanjiv Goenka Group's Spencer's Retail Friday said it will acquire Godrej Industries' grocery chain Nature's Basket for Rs 300 crore. Natures Basket's acquisition will make Spencer's Retail a national player, giving it access to the western parts of India through its 36 stores in prime locations in Mumbai, Pune and Bangalore. "...The Board of Directors of the company....has approved a proposal for acquisition of entire 100 per cent stake held by Godrej Industries Ltd in its wholly owned subsidiary Nature's Basket Ltd, subject to requisite approval of the shareholders of the company and execution of a share purchase agreement for undertaking the transaction contemplated above. "This acquisition will bring in many synergies in Spencer's business and fits in well with Spencer's omnichannel strategy," Spencer's Retail said in a regulatory filing. Spencer's Retail will acquire Nature's Basket's entire share capital comprising 44,58,30,000 fully paid-up equity shares of Rs 10 ...
Piramal Realty FY'19 sales booking jumps nearly 4-fold to Rs 3,400 cr
Anand Piramal-led Piramal Realty's sales booking jumped nearly four-fold to Rs 3,400 crore in 2018-19 on the back of improved housing demand. The company's sales booking stood at about Rs 900 crore in 2017-18. Piramal Realty sold nearly 1,000 apartments in the last fiscal, with South Mumbai accounting for more than half of the total sales. "For the current fiscal, we are looking at sales of Rs 3,800 crore," company's founder Anand Piramal said. The company is looking at doubling its portfolio to 30 million sq ft in the next two years, he added. Piramal Realty has so far launched over 3,500 units under five real estate projects. The company will continue focusing on Mumbai as it believes the market has a lot of potential given the current scenario post new realty law RERA and demonetisation, Piramal said. According to the data, inventory worth Rs 80,000 crore was sold in the last fiscal in the Mumbai Metropolitan Region. "Mumbai is growing at an exponential pace owing to the constant .
Reliance Capital shares gain over 2 pc
Shares of Reliance Capital rose by over 2 per cent Friday after the company reiterated that it had invited Nippon Life Insurance to acquire up to 42.88 per cent stake held by RCap in Reliance Nippon Life Asset Management. The scrip gained 2.18 per cent to close at Rs 114.95 on the BSE. During the day, it rose sharply by 8.22 per cent to Rs 121.75. At the NSE, shares climbed 1.68 per cent to close at Rs 114.50. Shares of Reliance Nippon Life Asset Management went up by 2.33 per cent to close at Rs 201.70 on the BSE. BSE had sought clarification from Reliance Capital (RCap) earlier Friday regarding news reports related to the transaction. In its reply, RCap said, "With reference to your email dated May 17, 2019 on the subject, you may kindly note that Reliance Capital had invited its partner Nippon Life Insurance Company to make an offer to acquire up to 42.88 per cent stake held by Reliance Capital in Reliance Nippon Life Asset Management." Further announcements in this regard shall be
Spencer's Retail to acquire Godrej's Natures Basket
The RP-Sanjiv Goenka Group controlled Spencer's Retail on Friday said its board of directors has approved acquisition of 100 per cent stake in Nature's Basket Ltd, a wholly-owned subsidiary of Godrej Industries, for a consideration of about Rs 300 crore.
Aviation secretary meets representatives of airlines for reallocation of Jet Airways' international slots
The Ministry of Civil Aviation held a meeting on Friday with representatives of all domestic airlines to discuss reallocation of grounded Jet Airways' international slots.Though Air India too is grappling with mounting debt but still running, Civil Aviation Secretary Pradeep Singh Kharola said preference will be given to the government-owned airline.Among Indian carriers, Air India reportedly has the maximum number of international flights and serves 380 routes.It operates 33 weekly flights to Chicago, New York JFK, San Francisco, Washington Dulles and Newark in the United States, besides 66 to London, Vienna, Paris, Frankfurt, Copenhagen, Madrid, Rome, Milan, Stockholm and Birmingham in Europe.Before cash-strapped Jet Airways stopped operations on April 17, it served over 350 international routes. More than 85 aircraft of its 119-strong fleet have been de-registered, which means lessors with unpaid dues have been allowed to lease them to other airlines.Other airlines have officially .
Tesla car explosions in China prompt battery upgrades
After two cases of cars exploding in China, electric vehicle (EV)-maker Tesla is planning to upgrade the battery systems of some of its cars.
Turnover in F&O segment tumbles
Nifty May futures at premium
China Market falls 2.5%
Market sentiment has been hurt further 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.
Bajaj Auto Q4 net up 20 pc at Rs 1,408 cr
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 year-ago quarter, it said. In the fourth quarter, the company's total sales were up 14 per cent at 11,93,590 units as against 10,45,378 units in the same period previous year, it said. Commenting on the performance, Bajaj Auto Executive Director Rakesh Sharma said in a conference call that the motorcycle segment, particularly in the domestic market, has done well even as the company faced headwinds in the commercial vehicles three-wheeler segment. During the quarter, the company clocked 23 per cent rise in domestic bike sales at 6,10,094 units as against 4,97,587 units in .
Etihad nominee on Jet Airways board Robin Kamark quits
Grounded carrier Jet Airways Friday said Etihad nominee director on the airline's board, Robin Kamark, has quit the company with effect from May 16. After Kamark's exit, only Ashok Chawla and Sharad Sharma remain on Jet Airways board, which ceased operations around mid-April. The Gulf-based Etihad, which acquired 24 per cent stake in the then Naresh Goyal-promoted carrier in 2013, had two nominee directors, Kevin Night and Robin Kamark, on the airline's board. Night stepped down in March along with Jet Airways founder-chairman Naresh Goyal and his wife Anita Goyal on March 25 following a debt recast plan. Naresh Goyal also stepped down from the post of chairman. "Robin Kamark nominee director of Etihad Airways PJSC, has resigned from the company with effect from May 16," Jet Airways said in a regulatory filing. Last week, four senior executives, including chief executive Vinay Dube and his deputy Amit Agarwal quit the defunct carrier. Last month, Independent Director Rajshree Pathy, ..
Quick Wrap: Nifty Media Index rises 3.53%, NIFTY jumps 1.33%
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City Union Bank posts Rs 683 cr net profit in 2018-19
City Union Bank closed last fiscal with a net profit of Rs 682.85 crore, up from Rs 592 crore registered during the previous year, a senior bank official said on Friday.
Kerala board celebrates London Masala Bond listing
The Kerala Infrastructure Investment Fund Board's (KIIFB) on Friday celebrated its debut Masala Bond listing on the London Stock Exchange with a special market open ceremony. The KIIFB is the first sub-sovereign entity in India to tap the offshore Rupee international bond market with the USD 312 million equivalent (INR 21.5 billion) senior secured fixed-rate bond and is aimed at accessing capital from international investors for the southern state's infrastructure development. "KIIFB strives to be at the forefront of creating a sustainable development model for infrastructure financing in the emerging markets and an exemplar for best practices in corporate governance and fund management," said KIIFB CEO K.M. Abraham, who described the development as a milestone for the company and the state of Kerala. "KIIFB is the first sub-sovereign entity in India to access the international debt capital markets in this manner. This transaction has realised our objective of diversifying our sources
STL Launches Disruptive Portfolio of Software Products to Accelerate CSPs' Digital Reinvention
/ -- Based on the DevOps agility approach, these cloud-native digital solutions enable CSPs to go to market faster and offer an enhanced experience to their users Sterlite Technologies Ltd (STL) (BSE: 532374) (NSE: STRTECH), a global leader in end-to-end data network solutions, today announced the launch of 'Digital Software Portfolio', a portfolio of digital products that enables Communication Service Providers (CSPs) to go to market faster and offer enhanced and personalised experience to their users. (Logo: https://mma.prnewswire.com/media/876464/Sterlite_Technologies_STL_New_Logo.jpg) The 'Digital Software Portfolio' is now available for STL's CSP customers globally. This best-in-class software solutions portfolio includes: Digital Revenue Management System Digital Engagement Platform Digital Policy Control and Charging Intellza - Business Analytics Platform Digital Wi-Fi Service Management, including Smart Mobility that allows for automated seamless movement between ...
Sensex jumps 537 points to 37,931, Nifty above 11,400
Equity benchmark indices continued their upward momentum on Friday led by financial and FMCG stocks and gained the most in nearly two months ahead of exit polls of general elections.The S & P BSE Sensex galloped 537 points to close at 37,931 while the Nifty 50 gained 150 points to wind up at 11,407.HDFC, Bajaj Finance, Hindustan Lever, ITC, and Reliance Industries were top contributors to the Sensex's rally despite weakness in global markets and rising crude oil prices.At the National Stock Exchange, most sectoral indices were in the green. Nifty Media was up 3.53 per cent, Financial Services 2.56 per cent, FMCG 2.51 per cent, Auto 2.46 per cent and Bank 2.06 per cent.Among stocks, Zee Entertainment gained 8.3 per cent and closed at Rs 374.45. Bajaj Finance was up 5.9 per cent, Bajaj Finserv 4.7 per cent, Maruti 4.9 per cent and Hero MotorCorp over 4 per cent.Those which lost included Dr Reddy, Yes Bank, Indian Oil, Vedanta and Hindalco.The last phase of seven-stage Lok Sabha ...
Bajaj Finserv standalone net profit declines 82.78% in the March 2019 quarter
Sales rise 2.18% to Rs 30.95 crore
Sarvamangal Mercantile Co. reports standalone net profit of Rs 0.05 crore in the March 2019 quarter
Sales reported at Rs 1.60 crore
Kinetic Trust standalone net profit rises 160.00% in the March 2019 quarter
Sales rise 100.00% to Rs 0.18 crore