Page 340 - Business Finance
Tata Sky partners Amazon to provide access to OTT players' content
Tata Sky and Amazon Thursday announced a tie up through which the DTH platform's users will be able to access over the top (OTT) players' content on their television sets. Tata Sky customers will have to pay Rs 249 a month to access content from OTT players like Hotstar, Eros Now, Hungama Play and Sun NXT, a statement said. The watching would be made possible through Amazon Fire TV Stick, it said. * * * * * Quick Heal Tech launches new security solutions Cybersecurity company Quick Heal Technologies Thursday launched a new security solutions suite. The new suite has been designed keeping in mind the emerging threats, an official statement said. * * * * Gokhale Constructions forays into commercial realty segment Gokhale Constructions, which is engaged in re-development of old residential societies, has forayed into the commercial real estate segment. Real estate investment management firm Capri Global Capital will fund up to Rs 100 crore for the first project, the release said. Since ..
Infosys to allocate up to 50 mn shares to incentivise staff; CEO to get stock units worth Rs 10 cr
India's second largest IT firm Infosys Thursday said it proposes to grant stock incentives worth Rs 10 crore to CEO Salil Parekh, as part of an new programme that aims to incentivise employees for performance. The company's board has approved an 'Expanded Stock Ownership Program 2019' that intends to allocate five crore shares to a broad base of employees. The 2019 Plan will be effective on and from the date of receipt of approval of the shareholders, the company said in a regulatory filing. The Benguluru-based company said it is proposed that CEO and Managing Director Salil Parekh be granted annual performance-based stock incentives in the form of restricted stock units (RSUs) worth Rs 10 crore under the 2019 Plan. The company has also tweaked the vesting period of Parekh's annual performance equity grant from the current three years to one year. Parekh, who had joined Infosys in January last year, has charted out a three-year transformation road map. In the first year, his focus was
JSW Energy logs Rs 3.87 cr profit in Q4 on better realisation
Sajjan Jindal-led JSW Energy Thursday reported a consolidated net profit of Rs 3.87 crore for the quarter ended March 31, 2019 against a loss of Rs 483.07 crore recorded in the same period last fiscal. The compay's revenue during the quarter under review increased 7.4 per cent to Rs 2,018.16 crore from Rs 1,879.01 crore a year ago, mainly on the back of better realisation. For fiscal 2018-19, consolidated net profit stood at Rs 695.13 crore as against Rs 77.97 crore in 2017-18. Revenue increased to Rs 9,505.56 crore from Rs 8,513.98 crore in 2017-18. During January-March quarter, total generation from power plants in four locations declined to 4,216 million units from 4,355 million units in the corresponding period last fiscal. "The demand for power was tepid at 1.6 per cent as against 7.5 per cent in Q4 2017-18, primarily due to extended winters as well as lower IIP. Our power generation also declined by 3 per cent during the period mainly because of lower merchant sales," company's .
Sebi slaps over Rs 1 cr fine on Basil Int'l, 3 others for failing to refund investors' money
Regulator Sebi Thursday slapped a fine of over Rs 1 crore on Basil International Ltd and its three individuals for not complying with earlier orders to refund money pooled from investors. Susanta Kumar Jana and Nirmalendu Bhowmik are present directors of the firm, while Mohammed Afaque Ahmed is a former director, according to Sebi's order. The regulator in May 2013 had asked the firm and its directors not to collect any money from the investors it was found that the firm had pooled Rs 92 crore till March 2012 from various investors through issuance of redeemable preference shares (RPS) in violation of public issue norms. Subsequently, in February 2015, the regulator directed the entities to refund the money to investors. In its fresh order, the regulator has said the entities not only failed to refund the money as directed but also collected about Rs 5 lakh even after the May 2013 order. "Failure to comply with direction for refund and directions prohibiting raising of further ...
Minda Ind Q4 net declines 46 pc to Rs 74 cr
Auto component maker Minda Industries Thursday reported a steep 46 per cent decline in consolidated profit at Rs 74 crore for the fourth quarter ended March 2019. The company had posted a net profit of Rs 135 crore in Q4 of FY18, Minda Industries said in a release. Total sales, however, rose 8 per cent to Rs 1,486 crore during the quarter under review as compared to Rs 1,371 crore in the March quarter of FY18, it said. During the quarter, its lighting division bagged orders worth Rs 52 crore from Mahindra & Mahindra and another Rs 32 crore from Maruti Suzuki, while the two-wheeler alloy wheel division secured orders worth Rs 462 crore from Bajaj Auto, it said. The Bajaj order is to be realised by FY22, it said, adding the company's switch division also bagged new orders to the tune of around Rs 50 crore. For the full fiscal 2018-19, the consolidated profit slipped by 5 per cent to Rs 286 crore as against Rs 310 crore in FY18, it said. At a consolidated level, the company ...
SpiceJet to launch Mumbai-Jeddah service from July
Budget passenger carrier SpiceJet on Thursday said that it will introduce a daily non-stop flight on Mumbai-Jeddah-Mumbai sector from July 5.
SIDBI Q4 net jumps 28 pc to Rs 519.36 cr
Small Industries Development Bank of India (SIDBI) Thursday reported a 28.22 per cent jump in net profit at Rs 519.36 crore for the March quarter as against Rs 405.06 crore in year-ago period. For the full year, its profit after tax jumped 36.5 per cent to Rs 1,952.21 crore from Rs 1,429.21 crore in FY18 due to increased portfolio and reducing cost to income ratio. "Credit growth to the MSME sector is on a firm footing and aggregate MSME lending as a proportion to the gross domestic product is on the rise. This has helped us achieve such encouraging financial performance," its Chairman and Managing Director Mohammad Mustafa said in a statement. During the March quarter, net interest income (NII) improved by 29 per cent to Rs 721.20 crore from Rs 559.30 crore in the same period last year. Net interest margin went down by 47 basis points to 1.89 per cent as on March 2019 from 2.36 per cent as on March 2018 due to focus on low risk assets and increased cost of funding. Total income in ...
TCS CEO's annual pay rises 28%, takes home over Rs 16 cr in FY19
Tata Consultancy Services CEO Rajesh Gopinathan took home a pay package of over Rs 16 crore last fiscal, an increase of almost 28 per cent compared to the previous year, the company's annual report showed. Gopinathan's compensation included Rs 1.15 crore in salary, Rs 1.26 crore in perquisites, Rs 13 crore in commission and over Rs 60 lakh in other allowances - all of which added to a remuneration of Rs 16.02 crore. In 2017-18, his compensation was Rs 12.49 crore. TCS chief operating officer N Ganapathy Subramaniam earned over Rs 11.61 crore in FY19 as compared to Rs 9.29 crore last fiscal. His pay package swelled 24.9 per cent during the period. Ramakrishnan V, TCS' chief financial officer, took home a Rs 4.13 crore package in FY19. The Mumbai-based company said the average annual increase during the fiscal was six per cent in India. "However, during the course of the year, the total increase is approximately 7.2 per cent, after accounting for promotions and other event based ...
RBI asks large NBFCs to appoint CROs with fixed tenure
The Reserve Bank on Thursday asked NBFCs with asset size of over Rs 5,000 crore to appoint board-approved chief risk officer (CRO) with adequate professional qualification and a fixed tenure. This is being done to augment risk management practices in view of the increasing role of non-banking financial companies (NBFCs) in direct credit intermediation, the RBI said in a notification. "While boards of NBFCs should strive to follow best practices in risk management, it has been decided that NBFCs with asset size of more than Rs 50 billion shall appoint a CRO with clearly specified role and responsibilities," it said. As per the RBI, the CRO shall be a senior official in the hierarchy of an NBFC and shall possess adequate professional qualification/ experience in the area of risk management. "The CRO shall be appointed for a fixed tenure with the approval of the board," it said and added that the officer can be transferred/ removed from his post before completion of the tenure only with .
JK Tyre Q4 net profit dips 79% to Rs 33.66 cr
JK Tyre & Industries Thursday reported a 78.81 per cent decline in consolidated net profit at Rs 33.66 crore for the quarter ended March 2019 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 to Rs 1,420.08 crore. Total expenses were also higher at Rs 2,665.91 crore as compared to Rs 2,146.54 crore. For the fiscal ended March 31, the company said its net profit jumped to Rs 170.57 crore from Rs 63.32 crore in the previous year. Consolidated revenue for 2018-19 was at Rs 10,369.94 crore, up from Rs 8,397.29 crore in 2017-18. Commenting on the performance, JK Tyre & Industries Chairman and Managing Director ...
'Infosys Expanded Stock Ownership Program 2019' approved by
IT major Infosys Thursday announced that its board of directors has approved the 'Infosys Expanded Stock Ownership Program 2019' that links long term employee incentives with shareholder value creation. Subject to shareholder approval, the "unique" plan proposes to allocate 50 million shares (or 5 crore shares) equating 1.15 per cent of the company's equity shares to a broad baseof employees, which will vest on challenging performance criteria, the company said in a release. The program builds on the strong legacy of meritocracy that was established by the founders, and strengthens the company's efforts towards wealth creation for employees, enhanced shareholder returns and delight for customers,it said. Infosys claims to be a "pioneer" in India, rewarding its employees through stock ownership programs starting in 1994, including the 2015 Incentive Compensation Plan. "Our employees are our biggest asset, and through thisprogram we aim to recognize and reward individuals .
IndiGo CEO in damage control mode over rift
A day after reports of a rift between IndiGo promoters surfaced, the airline's Chief Executive Officer (CEO) Rono Dutta played down the issue and said that the growth plan remains intact for the carrier.
Walmart reports jump in profit, warns on tariffs
Walmart reported a jump in first-quarter earnings Thursday on increased US store sales and eCommerce growth, but warned that higher US tariffs could hit its business. The world's biggest retailer, which has been unveiling new "omnichannel" retail ventures including a just-announced next-day delivery service in many US markets, pointed to increased US sales as evidence the strategy was working. But executives joined a chorus of retailers who have warned about tariffs in the wake of the Trump administration's latest moves in the long-running US-China dispute. President Donald Trump has started a process to impose new duties on about USD 300 billion worth of additional Chinese merchandise that cover virtually everything China sells to the United States and encompass household items such as clothing and appliances. "We're going to continue to do everything we can to keep prices low. It's who we are," Chief Financial Officer Brett Biggs said on a conference call with reporters. "However ...
Rs 2,500 cr in ArcelorMittal bid for Essar Steel is for working capital: CoC to NCLAT
The lenders of Essar Steel Thursday informed the NCLAT that out of Rs 42,000 crore coming from the resolution plan of ArcelorMittal, Rs 2,500 crore has been marked as the working capital of the debt-laden firm. The Committee of Creditors (CoC) submission before a National Company Law Appellatre Tribunal (NCLAT) implied that only Rs 39,500 crore would be available for distribution among the financial creditors and operational creditors. Senior advocate Gopal Subramanium representing the CoC informed the appellate tribunal that the actual upfront amount is Rs 39,500 crore and the rest Rs 2,500 crore has been committed as working capital for Essar Steel. In Monday's hearing, Standard Chartered, one of the secured financial creditors, claimed that bankers have clubbed Orissa Slurry Pipeline Ltd (OSPL) with Essar Steel in the auction to recover unpaid loans. It alleged that Rs 2,500 crore, which should have been paid to Standard Chartered, has been diverted to lenders of OSPL. On this, the
BoI swings to black, posts Q4 net profit of Rs 252 cr on higher interest income
After reporting losses for two straight quarters, state-run Bank of India Thursday posted a net profit of Rs 252 crore for the three months to March, helped by higher growth in interest income, reduction in bad loans and lower provisioning. The lender had reported a net loss of Rs 3,969 crore in the same quarter of last year. Its net losses in the third and second quarters of FY19 stood at Rs 4,738 crore and Rs 1,156 crore, respectively. The bank was taken out of the Reserve Bank of India's prompt corrective action (PCA) framework in January 2019. "Even during the most challenging times of PCA regime, we have still grown at around 12 per cent on domestic front. We have grown in a balanced way. As a result our net interest income (NII), net interest margin (NIM) have improved significantly and we have been able to post profit during the quarter," the bank's Managing Director and CEO Dinabandhu Mohapatra told reporters. However, for the full year, the bank's net loss stood at Rs 5,547 ..
L&T acquires 8.86 lakh shares of Mindtree
Infrastructure major Larsen and Toubro (L&T) has acquired 8.86 lakh shares of Mindtree from the open market, taking its overall holding in the mid-sized IT company to 26.48 per cent, according to a regulatory filing. "Larsen and Toubro Ltd has acquired 8,86,438 equity shares (with a face value of Rs 10 each) of Mindtree Ltd on May 16, 2019," a Mindtree filing said. After the transaction, L&T's shareholding in Mindtree increased to 26.48 per cent. The latest stock purchase was made at Rs 979.81 apiece. 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. On Tuesday, L&T had acquired 1,168 shares of Mindtree from the open market that had taken its holding to 25.94 per cent. In all, the infrastructure major is eyeing up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking the ...
HDFC Capital Advisors launches HeART initiative
HDFC Capital Advisors Ltd, a wholly owned subsidiary of HDFC, has announced the launch of its new initiative termed 'HeART' that seek to promote technologies to make affordable housing more affordable. The HDFC Affordable Real Estate and Technology (HeART) programme seeks to mentor, partner and invest in real estate technology companies that drive innovation and efficiencies within the affordable housing ecosystem, the company said in a statement. "The company's endeavour is to act as an enabler to the growth of affordable housing in the country. HeART will support businesses which are innovating and building technology solutions to enhance the supply of affordable housing," HDFC Chairman Deepak Parekh. India has a huge shortage of housing and these incremental steps will help lower the cost of housing for homebuyers, he said. As part of the HeART initiative, HDFC Capital will provide a platform to real estate technology companies with innovative products aimed at creating ...
SpiceJet to start daily Mumbai-Jeddah flight from July 5
SpiceJet announced Thursday that it will start a daily non-stop flight on Mumbai-Jeddah sector from July 5. The airline said it will also start six new domestic flights from May 20 on the following sectors: Mumbai-Dehradun-Mumabi, Mumbai-Guwahati-Mumbai and Guwahati-Bagdogra-Guwahati. "Mumbai is the third destination after Hyderabad and Kozhikode which is being connected by SpiceJet with the pilgrim city of Jeddah," SpiceJet said in a statement. The airline added that tickets are available at a special fare of Rs 12,399 (all-inclusive) for MumbaiJeddah trip and Rs 15,399 (all inclusive) for Jeddah-Mumbai trip. From May 20, SpiceJet would be starting second frequency flights on Mumbai-Dehradun-Mumbai sector and Mumbai-Guwahati-Mumbai sector. It also announced a new flight connecting Guwahati to Bagdogra from May 20. "SpiceJet will deploy its Boeing 737 NG aircraft on both the international as well as domestic routes," the airline said.
Cash, liquor, drugs seized in Punjab
Enforcement teams in Punjab have seized cash, liquor and psychotropic substances valued at Rs 283 crore after the model code of conduct came into force, Chief Electoral Officer S. Karuna Raju said on Thursday.
Sebi fines IFCI Financial Services for not complying with power of attorney norms
Sebi Thursday slapped a Rs 2 lakh fine on IFCI Financial Services for "lackadaisical behaviour" as it failed to comply with power of attorney guidelines. IFCI Financial Services is a depository participant of National Securities Depositories Ltd and Central Depositories Securities Ltd. In 2010, the regulator had issued guidelines to standardise the norms to be followed by stock brokers and depository participants while obtaining power of attorney (POA) from their clients. Accordingly, the standardised POA was required to be implemented latest by May 31, 2010 in case of new clients and September 1, 2010 for existing clients, Sebi said in its order. However, pursuant to inspection conducted by the regulator in September 2014, Sebi observed that IFCI had implemented the circular for the new clients but had not completely updated the POA for existing clients. As per the submission by IFCI, there were 1,651 existing clients whose POA had to be updated even after the regulator's inspection .