Page 335 - Business Finance
Board of UPL approves bonus issue in ratio of 1:2
At meeting held on 17 May 2019
France posts new tourist record despite 'yellow vest' unrest
France welcomed nearly 90 million foreign tourists last year, a new record for the country despite the "yellow vest" anti-government protests that prompted many visitors to put off trips late last year, the government said Friday. "France remained the world's top destination in 2018," the government's tourism committee said in a statement. The total of 89.4 million visitors was a three percent jump from 2017, and France is now targeting 100 million foreign tourists for 2020. The biggest increase came from Asian visitors, up 7.4 percent from the previous year, though Europeans still make up the bulk of foreign tourists to France, representing 79 percent of the total. Statistics office Insee had already indicated another bumper year for tourism, saying last month it had tallied 438.2 million nights spent in hotels, campsites and youth hostels in 2018, an increase of nine million from the previous year. And that figure doesn't include the figures from home-sharing platforms like Airbnb, .
City Union Bank records 4qtr net at Rs 175.12 crore,up 15.1%
Private sector City Union Bank has recorded net profit at Rs 175.12 crore for the fourth quarter ending March 2019, a 15.1 per cent increase compared to the year ago period at Rs 152.12 crore. The Tamil Nadu-based bank had clocked a 15.3 per cent increase in its net profit for the year ending March 2019 to Rs 682.85 crore from Rs 592 crore. Total income of the bank for the March 2019 quarter grew to Rs 1,131.44 crore from Rs 990.48 crore. For the year ending March 31, total income went upto Rs 4,281.55 crore, from Rs 3,934.52 crore. The Board of Directors has recommended a dividend of 50 per cent (50 paise) for face value of Re 1 per equity share subject to approval of shareholders. Commenting on the financial performance, the bank's MD and CEO, N Kamakodi said deposits increased by 17 per cent to Rs 38,448 crore for the year ending March 31 from Rs 32,853 crore registered year ago. Advances grew by 17 per cent to Rs 33,065 crore from Rs 28,238 crore. Total busines of the
JK Tyre shares slip over 1 pc post Q4 results
Shares of JK Tyre & Industries Ltd Friday closed over 1 per cent lower after the company reported a 78.81 per cent decline in consolidated net profit for the quarter ended March 2019. The scrip declined 1.20 per cent to close at Rs 78.20 on the BSE. During the day, it dropped 5.24 per cent to Rs 75, its 52-week low. At the NSE, shares dipped 1.13 per cent to close at Rs 78.40. The company declared its earnings post market hours on Thursday. It reported a 78.81 per cent decline in consolidated net profit at Rs 33.66 crore for January-March quarter due to high raw material costs and expenses. The company had posted a consolidated net profit of Rs 158.87 crore in the year-ago period, JK Tyre said in a regulatory filing. Consolidated revenue from operations for the quarter under review stood at Rs 2,705.89 crore as against Rs 2,283.97 crore in the same period of 2017-18. The company said the cost of raw materials consumed was higher at Rs 1,436.82 crore as compared with Rs 1,420.08 ...
Indian Oil's profit jumps 17 pc to Rs 6,099 crore in FY 19
Indian Oil Corporation (IOC) on Friday reported net profit at Rs 6,099 crore during the March quarter of financial year 2018-19, up 17 per cent from Rs 5,218 crore in the year-ago quarter.Total income for the quarter was Rs 145,531 crore, up 6 per cent against its Rs 136,964 in the corresponding quarter of the previous fiscal.The average gross refining margin (GRM) during April 2018 to March 2019 fell to 5.41 dollars per barrel against 8.49 dollars per barrel in the previous financial year, the oil marketing major said in a statement.The company's board of directors recommended the final dividend of Re 1 per equity share. This is in addition to the interim dividend of nearly Rs 8.25 per equity share paid during the year, the oil marketing company said.IOC bought back 29.76 crore equity shares at a price of Rs 149 per equity share in cash for aggregate consideration of Rs 4,435 crore. The process of buyback was completed on February 14.Accordingly, the paid up equity share capital was .
Bajaj Finance shares continue to gain; jump 6 pc post earnings
Shares of Bajaj Finance registered gains for the second straight day Friday, rising 6 per cent, after the company reported 50 per cent jump in net profit for March 2019 quarter. The scrip gained 6.09 per cent to close at Rs 3,301.20 on the BSE. During the day, it zoomed 6.52 per cent to Rs 3,314.95 -- its 52-week high. The scrip was the top gainer among the BSE 30-frontline companies. At the NSE, shares climbed 5.94 per cent to close at Rs 3,295. On the traded volume front, 3 lakh shares were traded on the BSE and over 58 lakh shares on the NSE during the day. Shares of Bajaj Finance Thursday climbed 4 per cent. Bajaj Finance Thursday reported 50 per cent jump in standalone net profit to Rs 1,114 crore for March 2019 quarter. The company had registered a profit of Rs 743 crore in the corresponding quarter a year ago. Total income during the quarter rose to Rs 4,887.76 crore from Rs 3,424.99 crore in the year-ago period, the company said in a regulatory filing.
TSPL appoints Agnivesh Agarwal as chairman
Vedanta Ltd Friday announced the appointment of Agnivesh Agarwal as the chairman of its wholly-owned arm TSPL. "TSPL (Talwandi Sabo Power Ltd) a wholly-owned subsidiary of Vedanta Ltd, has appointed Agnivesh Agarwal as the chairman of the board of directors," Vedanta Ltd said in a statement. The new development will be instrumental in balancing the many interests of the stakeholders and will help reinforce company's vision of achieving operational excellence and delivering value of the highest standard, it added. Agarwal has joined TSPL as the director and chairperson of the company from April 27. Agnivesh also holds the position of Chairman and Managing Director at Fujairah Gold FZC, a part of Vedanta Resources Limited, which operates a precious metal refinery and a continuous cast copper rod plant, strategically located at Fujairah Free Zone II, UAE. TSPL operates 1,980 MW (three Units of 660 MW each) thermal coal-based power plant at Talwandi, Punjab. Vedanta Ltd, an arm of Vedanta
Pak's efforts to act against terror groups, money laundering questioned at APG meet in China
Pakistan's seriousness to act against proscribed terror outfits and its efforts to curb money laundering and terror financing were questioned by members of a regional affiliate of the Financial Action Task Force (FATF) at a meeting held in China, according to a media report. A 10-member delegation, led by Finance Secretary Mohammad Younas Dagha, attended the two-day meeting of the Asia-Pacific Group (APG) of the Paris-based FATF in the southern Chinese city of Guangzhou where it defended Pakistan's efforts against money laundering and terror financing. According to a Dawn report, some participants, particularly those from India, raised very tough questions about Pakistan's seriousness to act against proscribed organisations and effectiveness of internal controls. On May 3, Finance Minister Arun Jaitley said India will ask the FATF to put Pakistan on a blacklist of countries that fail to meet international standards in stopping financial crime. The APG will submit to the FATF its ...
Indian hotels in strategic partnership with Singapore's sovereign wealth fund GIC
Tata group-led Indian Hotels Company Limited on Friday signed a strategic partnership with Singapore's sovereign wealth fund GIC for an investment framework to the tune of Rs 4,000 crore over a period of three years.The capital platform will be used to acquire fully operational hotels mainly in the luxury, upper upscale and upscale segments in India.It allows the hospitality company to pursue acquisitions in an asset-light format, with the equity contribution from Indian hotels at 30 per cent and the balance contributed by GIC in the next three years.The acquisitions are intended to be housed in a separate special purpose vehicle with its own funding. The hotels acquired within the framework will be managed by Indian Hotels under its marquee brands.This framework will complement Indian hotel's current growth aspirations via management contracts. In February 2018, Indian hotels had outlined a development strategy 'Aspiration 2022' to drive its inventory growth.Through this strategy, ...
Sundaram Finance Holdings Ltd 4th qtr net up over 113.3%
: Sundaram Finance Holdings Ltd Friday said its net profits clocked over 100 per cent rise for the fourth quarter ending March 2019 to Rs 32 crore. The wholly-owned subsidiary of city-based Sundaram Finance Group, recorded net profits at Rs 15 crore in same period of last fiscal. For the year ending March 2019, net profits of the company went up by 57.4 per cent to Rs 85 crore, from Rs 54 crore registered year ago. Revenues for the quarter ending March 2019 grew to Rs 42 crore from Rs 23 crore registered in the corresponding period of previous year. Revenues for the year ending March 31, 2019 surged to Rs 121 crore as compared to Rs 76 crore last fiscal. The Board at its meeting recommended a dividend of Rs 1.75 per share on face value of Rs five per share. In February 2017, the company announced a composite scheme of arrangement under which all non-financial services investments of the company together with identified shared services businesses were demerged into ...
Citroen sets 1.5 million units production target by 2021-22
French car manufacturer Citroen is planning to increase production to 1.5 million units by 2021-22 globally with new range of vehicles, and India will considerably contribute to this growth story, a top company official said. "I have an objective to grow the volumes from 1 million units to 1.5 million units by 2021-22 worldwide. The key aspect is - I need to become more international because I cannot be totally reliant on Europe. I need to have a balanced portfolio of regions. So, if something goes wrong in Europe, I know I have strong regions to bank on," Citroen Global chief executive officer Linda Jackson said here. She said, after the flagship vehicle Citroen C5 Aircross is launched in India by 2020, there will be new products coming in from 2021. "So, by 2023-24, we are expecting the culmination of that building exponentially. So, the 1.5 million will grow further. But, before that 1.5 million will not be much from India because India would literally have launched one vehicle by .
Bajaj Auto advances after good Q4 result
Bajaj Auto rose 3.75% to Rs 3,055 at 14:55 IST on BSE after consolidated profit after tax rose 20% to Rs 1408 crore on 9% rise in net sales and operating income to Rs 7464 crore in Q4 March 2019 over Q4 March 2018.
NCLAT annuls creditors' voting on NBCC's bid for Jaypee Infratech
The National Company Law Appellate Tribunal (NCLAT) Friday annulled voting by homebuyers and lenders on NBCC's bid to acquire debt-laden Jaypee Infratech, and allowed renegotiation on the offer by May 30. Hearing a plea by IDBI Bank, seeking a stay or annulment of the voting process, a three-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya also allowed nine homebuyers' associations representing around 5,000 buyers to file intervention application. The appellate tribunal also allowed the Committee of Creditors (CoC) to renegotiate on NBCC's bid by May 30. Fresh voting process will start from May 31, the bench said. On Thursday, voting started to approve or reject NBCC's bid to acquire Jaypee group's realty firm. As many as 13 banks and over 23,000 homebuyers of Jaypee Infratech have voting rights in the CoC. The voting process was to end on Sunday and the result was to be announced on May 20. In its order on Friday, the bench said,"in the meantime, the voting already ...
Bajaj Auto Q4 net up 19.82% at Rs 1,408.49 cr
Bajaj Auto Ltd Friday reported a 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 had posted a consolidated net profit of Rs 1,175.47 crore in the year-ago period, Bajaj Auto said in a regulatory filing. Consolidated 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 at 11,93,590 units as against 10,45,378 units in the corresponding period previous year, a growth of 14 per cent, it said. For the year ended March 31, 2019, the company said its consolidated net profit was at Rs 4,927.61 crore as against Rs 4,218.95 crore in the previous year, a growth of 16.79 per cent. Total revenue from operations for the year was at Rs 30,249.96 crore as against Rs 25,617.27 crore in the previous fiscal, it added. Total sales in FY2018-19 stood at 50,19,503 units as against
Dr Reddy's Q4 PAT up 44 per cent at Rs 434 crore
: Dr Reddys Laboratories Limited Friday said its 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. Revenue for the quarter under discussion was up by 14 per cent at Rs 4,016.60 crore against Rs 3,534.90 crore in the same quarter last fiscal, the city-based drug-maker said in a press release. The CEO and co-chairman of the company G V Prasad said in the release it has been a good year with a significant turnaround in the financial performance and steady progress on the quality front. "Looking ahead, we will focus on profitable growth, continue the emphasis on operational excellence and drive innovation to deliver value to patients and healthcare systems worldwide," he said. For FY 19, PAT stood at Rs 1,880 crore while revenue was 15,385 crore. Revenue from global generics segment in the Q4 was reported at Rs 3,038 crore a year-on-year growth of nine per cent ...
Mpasis CEO wins America's premier business award
India's leading IT solutions provider Mphasis on Friday said its Chief Executive Nitin Rakesh was named winner of the 2019 Gold Stevie award for 'Tech Innovator of the Year' (Services) by the New York-based premier 17th Annual American Business Awards in the US.
Guar gum futures fall on weak spot demand
Guar gum prices fell by Rs 90 to Rs 8,851 per five quintal in futures trade Friday as investors cut their bets, driven by a weak trend at physical markets. Marketmen said subdued demand on persistent arrivals from growing belts, mainly exerted pressure on guar gum prices here. On the National Commodity and Derivatives Exchange, guar gum contracts for June slipped by Rs 90, or 1.09 per cent, to Rs 8,851 per five quintal with an open interest of 59,410 lots. Besides, guar gum for May delivery eased by Rs 89, or 0.98 per cent, to Rs 8,990 per five quintal with an open interest of 8,545 lots.
Ficci for more inclusive LTTC policy of Railways
Industry body Ficci has suggested to the railways ministry various measures like inclusion of coal and coke in long-term tariff contract(LTTC) policy, to promote growth of steel industry. The policy was unveiled by the ministry for key customers using predetermined price escalation principle. Ficci also suggested rationalisation of freight class for iron ore, formulation of long-term policy on freight structure for short lead traffic, allocation of more rakes for movement of cargo for industries, and route rationalisation policy for iron ore and limestone. It also said it is essential to rationalise freight class for iron ore in view of the viability of domestic iron ore mining and steel sector. "Since a wide range of industrial segments ranging from metals to thermal power generation are dependent upon coal, coke and iron ore, these commodities should also be covered under the LTTC policy," it said. Ficci noted that while this policy provides certainty in logistics operations to the .
Textiles major Arvind reports muted revenue growth in Q4 FY19
Textiles and clothing major Arvind Limited on Friday reported sluggish growth in revenue during the fourth quarter of 2018-19 at Rs 1,859 crore, one per cent up from Rs 1,843 crore in the corresponding period of the previous fiscal year."Denim volumes were lower by 30 lakh metres in the year-on period although they grew by the same number compared to sequential quarter," it said in a statement. "This was offset by 52 per cent increase in revenue of advanced materials business."The earnings before interest, tax, depreciation and amortisation (EBITDA) grew four per cent to Rs 184 crore from Rs 176 crore in the same period, said the company.Profit after tax before exceptional items increased 14 per cent to Rs 68 crore from Rs 60 crore in Q4 of FY18 while PAT after exceptional items was Rs 63 crore, up eight per cent from Rs 59 crore.Beginning 2011, Arvind has brought in some of the biggest global fashion brands like Calvin Klein, Tommy Hilfiger, Gap, Ed Hardy, Hanes, Nautica and Elle to .
Delta Corp Ltd leads losers in 'A' group
Aurobindo Pharma Ltd, Blue Dart Express Ltd, SpiceJet Ltd and PC Jeweller Ltd are among the other losers in the BSE's 'A' group today, 17 May 2019.