Page 350 - Business Finance
Panasonic India aims Rs 700 cr revenue from energy biz by 2021
Diversified technology firm Panasonic India is betting big on its energy-related business and expecting to clock around Rs 700 crore in revenue by 2021 from this vertical, said a top company official. The company has divided its energy space business into two segments -- energy storage and mobility solutions, Panasonic President and CEO Manish Sharma said. Panasonic Wednesday introduced its smart electric vehicle charging service 'Nymbus' to tap emerging opportunities in the mobility sector. "This is a very important segment for us. Over all, from all energy related business by 2021, we are looking at a revenue of Rs 700 crore," Sharma told PTI. According to him: "The market opportunity would be around Rs 5,000 crore by then. This would include battery energy and electric charging business." Nymbus is a charging service that combines charging stations, swap stations, on board charges, telematics systems and the virtual components like cloud service, analytics, intuitive dashboard and .
Mahindra Holidays & Resorts Q4 PAT at Rs 14.42 cr
Mahindra Holidays & Resorts India Ltd (MHRIL) Wednesday reported standalone profit after tax (PAT) at Rs 14.42 crore in the fourth quarter ended March 31, 2019. The company had posted a standalone PAT of Rs 38.55 crore in the same quarter a year ago, MHRIL said in a regulatory filing. Standalone total income in the period under review was at Rs 252.13 crore. It was at Rs 305.99 crore in the year-ago quarter, it added. The company said year-on-year comparison is not available due to transition to new accounting standard Ind AS 115 effective April 1, 2018. Commenting on the performance, MHRIL Managing Director and CEO Kavinder Singh said: "Our focus on adding new destinations has increased our resort count to 61. Improved customer experience has helped us achieve healthy occupancy of 82.9% at our resorts." He further said, "Our focus on acquiring new members with higher down payment, lower EMI tenure and improved receivables management has enabled us to achieve healthy cash balance .
Petronet Q4 net drops 16 pc on inventory losses
Petronet LNG Ltd, India's biggest gas importer, Wednesday reported a 16 per cent drop in fourth quarter net profit after it booked inventory losses on falling gas prices. Net profit in January-March at Rs 440 crore was lower than Rs 523 crore in the same period of the previous fiscal, Petronet Managing Director and CEO Prabhat Singh told reporters here. "We had a loss on inventory valuation as the price of liquefied natural gas (LNG) in international markets slipped from about USD 8.5 per million British thermal unit (Btu) at the beginning of the quarter to USD 4.3," he said. According to accounting standards, an inventory has to be valued at the prevailing price and so the company had a 'notional' Rs 119 crore inventory loss, he said. But for the inventory loss, the company had a "very good quarter," he said. Its import terminals at Dahej in Gujarat and Kochi in Kerala processed 205 trillion Btu of LNG, down from 213 TBtu. The lower volume was because fertiliser plants had shutdowns .
Sebi fines individual Rs 5 lakh for non-genuine trade in illiquid stock options
Regulator Sebi on Wednesday imposed a fine of Rs 5 lakh on an individual for carrying out manipulative trades in the illiquid stock options segment on the BSE. The Securities and Exchange Board of India (Sebi) after observing large scale reversal of trades in stock options segment of the bourse conducted an investigation between April 2014 and September 2015. Pursuant to an investigation, it was found that 81.38 per cent of all the trades executed in the segment were non-genuine in nature. According to Sebi, Ram Ratan Chowdhary was among the individuals that had indulged in execution of reversal trades in the stock options segment. "The trading behaviour of the noticee (Chowdhary) confirms that such trades were not normal and wide variation in prices of the trades in the same contract in a short time without any basis for such wide variation, all indicate that the trades executed by the noticee were not genuine trades," it added. For violating norms by carrying out non-genuine trades,
J&K Bank Q4 net profit jumps over seven-fold to Rs 215 cr
Jammu & Kashmir Bank Wednesday reported over seven-fold jump in its net profit at Rs 214.80 crore in fourth quarter of the fiscal ended March 2019. The bank had posted a net profit of Rs 28.41 crore in the January-March period of 2017-18. Total income during the March quarter rose to Rs 2,473.47 crore as compared with Rs 1,763.95 crore in the same period of 2017-18, the bank said in a regulatory filing. For fiscal 2018-19, the net profit more than doubled to Rs 464.89 crore from Rs 202.72 crore in the preceding fiscal. Total income during the fiscal rose to Rs 8,444.19 crore from Rs 7,116.71 crore in 2017-18. The bank's gross non-performing assets (NPAs) or bad loans declined to 8.97 per cent of gross advances at the end of March 2019 from 9.96 per cent a year ago. Net NPAs stood at 4.89 per cent as against 4.90 per cent. The state-owned lender said its board of directors approved raising additional tier I/II capital to the tune of Rs 1,600 crore, subject to the approval of ...
Fani: Vodafone Idea revives 90% network in 10 Odisha districts
Telecom major Vodafone Idea on Wednesday said that it has revived nearly 90 per cent of its network in 10 districts of Odisha which were impacted by cyclone Fani.
Move National Securities Clearing Corp for trade annulment: SAT tells IL&FS Securities
The Securities Appellate Tribunal Wednesday directed IL&FS Securities Services to approach National Securities Clearing Corporation regarding its plea for annulment of certain trades that were executed for stock broker Allied Financial Services. IL&FS Securities, a clearing member, had contended that settlement of trades were done on the basis of fraudulently transferred collateral by Allied Financial and sought annulment of certain trades. In its 16-page order, the tribunal also said that Sebi cannot deny IL&FS Securities the opportunity to be heard as it was a party affected by the irregularities committed by Allied Financial. IL&FS Securities is part of crisis-hit IL&FS group. In November 2017, both entities entered into a clearing member-trading member agreement, wherein Allied was obligated to place the margin with IL&FS Securities. The latter was clearing the trades of Allies in Futures & Options (F&O) segment of the National Stock Exchange. The ..
Pending for over 2 years, rlys instructs zones to expedite handover of retiring rooms to IRCTC
Railways has instructed its zones to expedite the process of handing over retiring rooms and dormitories at railway stations to IRCTC, which have been pending for over two years, so that they can not only be developed and upgraded but also facilitate online booking. In a letter issued by the railway board on May 2, railways has instructed all zones to expedite the process of signing agreements with the Indian Railway Catering and Tourism Corporation (IRCTC) to hand over such facilities. "We intend to upgrade the retiring rooms to international standards in hospitality offerings with facilities like quality mattresses and linen, almirah/locker for luggage, LED TV, telephone and intercom, firefighting equipment, potable water and room heaters. The services will be linked with local sightseeing and tours and travel services that the IRCTC has been successfully managing," a senior IRCTC official said. Railways currently manages around 2,000 retiring rooms or dormitories at more than 600 ..
Central Bank of India Q4 loss widens to Rs 2,477cr on high provisioning
Public sector lender Central Bank of India Wednesday reported widening in its losses to Rs 2,477.41 crore in the last quarter of 2018-19 due to a spike in provisioning of bad loans. The bank had reported a loss of Rs 2,113.51 crore in the January-March period of 2017-18. The bank had reported a loss of Rs 718.23 crore for the third quarter ended December 2018. Total income grew to Rs 6,620.51 crore in the three months to March from Rs 6,301.50 crore in the year-ago period, Central Bank said in a regulatory filing. For the full fiscal, the bank's loss widened to Rs 5,641.48 crore, as against Rs 5,104.91 crore in the preceding fiscal. Income during the year also fell to Rs 25,051.51 crore from Rs 26,657.86 crore year earlier. Gross non-performing assets stood at 19.29 per cent of gross advances at end-March 2019, against 21.48 per cent in the year-ago period. Net NPAs or bad loans stood at 7.73 per cent from 11.10 per cent a year ago. A substantial amount of Rs 4,523.57 crore was set ...
Murugappa Group capital expenditure on track: official
: Diversified conglomerate Murugappa Group Wednesday said that its Rs 2,000 crore capital expenditure plan, which include ramping up capacities at its existing facilities, was on track till 2020. The city-headquartered company earmarked Rs 2,000 crore to be spent as capital expenditure for FY 2018-19 and 2019-20. Executive Chairman M M Murugappan told reporters here Wednesday that the company was on track on its capital expenditure plans. "About Rs 750 crore has already been spent. As far as Capex is concerend, we will do that Rs 1,250 crore and Rs 1,300 crore (as capital expenditure). We will do that till 2020", he said. The Murugappa Group had spent about Rs 616 crore for financial year 2016-17, while it was Rs 660 crore for FY 2015-16. Murugappan said the capital expenditure programmes include expansion of phosphoric acid plant, capacity expansion in pesticide business under group company Coromandel. Under another group firm TI India, the company planned to set up new
Repoll in 5 polling stations in AP's Chandragiri constituency
The Election Commission of India Wednesday ordered a repoll on May 19 in five polling stations in Chandragiri Assembly segment under Chittoor Lok Sabha constituency in Andhra Pradesh, State Chief Electoral Officer Gopal Krishna Dwivedi said. Repoll would accordingly be held in polling stations 321, 104, 316, 318 and 313 of both Assembly and Lok Sabha segments, the CEO said in a release. YSR Congress MLA and contesting candidate Ch Bhaskar Reddy lodged a complaint with the Election Commission early this month that voters belonging to a particular community were not allowed to exercise their franchise when polling was conducted on April 11. The CEO reportedly received some other complaints over the polling in the constituency from other sources as well. The CEO asked the Chittoor district collector to inquire into the complaints and submit a report. Based on the Collectors report, the CEO recommended that a repoll be conducted in the five polling stations. The ECI, on ...
Murugappa Group plans capex of Rs 1,250 crore
City-based Murugappa Group plans to invest about Rs 1,250 crore this fiscal towards expansion of its facilities in a bid to log double digit growth, top company officials said on Wednesday.
India's merchandise exports inch up 0.64% in April
India's merchandise exports inched up 0.64 per cent, on a year-on-year basis in April, to $26.07 billion from $25.91 billion reported for the corresponding month of last year, official data showed on Wednesday.
Sales volume of EVs important than subsidy for localisation of parts: Maruti MD
Sales volume of electric vehicles is more important than subsidy for localisation of parts and the automobile industry must find ways on how to generate demand across segments, Maruti Suzuki India MD and CEO Kenichi Ayukawa said Wednesday. Speaking at an event here, he said hybrid vehicles which have common components like battery, motor, inverter with EVs, must also be encouraged to drive volumes for easier localisation of components. "The largest factor which can help localisation is volumes. Volumes are more important than the subsidy itself," Ayukawa said. He further said, "So, we need to deliberate in every vehicle segment like commercial vehicles, passenger vehicles, two-wheelers and three-wheelers on how to generate volumes." In the commercial vehicle segment, if state transport corporations can be requested to encourage electric buses, the volume will go up, he noted. "In cars, the components like battery, motor, inverter etc, are common to electric vehicles, strong hybrid ...
Simplilearn targets Rs 500 cr revenue by 2021
Ed-tech company Simplilearn Wednesday said it aims to clock Rs 500 crore in revenue by 2021 as it strengthens its international operations and enterprise offerings. The company had recorded a revenue of Rs 149 crore in 2017-18 and currently has a revenue run rate of Rs 300 crore. Founded in 2010, Simplilearn has grown its employee base from 400 in 2017 to over 1,000 in 2019. "We are witnessing a great demand for digital skilling certification courses amongst individual professionals and enterprises. Further, we have been able to grow very efficiently, running at roughly break-even," Simplilearn founder and CEO Krishna Kumar said in a statement. The company said it aims to reach Rs 500 crore revenue milestone by 2021 with its focus on four key areas. Simplilearn said it will continue to expand its international operations by strengthening its presence in core markets like US and Singapore. "Over 60 per cent of company's business comes from its international business... There are more ..
Piramal Realty aims to double portfolio in 2 years, in talks to raise funds
Piramal Group's real estate arm Piramal Realty plans to double its portfolio to 30 million sq ft in the next two years and is also in talks with global investors for raising funds, a top company official said. The company currently has over 15 million sq ft of saleable area under development across five projects and plans to take it to nearly 30 million sq ft, which will be a mix of residential and commercial real estate. "In the year 2018, we clocked nearly Rs 3,400 crore of revenues from our various projects and sold an inventory worth Rs 80,000 crore in the last calendar year. "We want to continue expanding our portfolio and we are looking at either outright buyouts or through entering into joint venture or joint development with developers," the company's founder Anand Piramal told reporters here. He further said the company is in talks with global funds for raising money to invest in both commercial and residential projects. However, Piramal did not divulge any details on the ...
Nestle India in spotlight after Q1 result
Nestle India reported 9.26% rise in net profit to Rs 463.28 crore on 9.33% rise in total income to Rs 3076.14 crore in Q1 March 2019 over Q1 March 2018. The result was announced after market hours yesterday, 14 May 2019.
Airtel upgrades its 4G network in Haryana
Telecommunication services provider Airtel on Wednesday said it has further upgraded its high speed 4G network in Haryana with the deployment of technology that will significantly enhance the network experience for its smartphone customers in the state.
Kesoram back in black with net profit of Rs 20.7cr in Q4FY19
Kesoram Industries Ltd Wednesday reported a net profit of Rs 20.75 crore for the quarter ending March, 2019 on the back of improved revenues from its cement business, after posting losses for 10 quarters. The company reported a net loss of Rs 158 crore in the corresponding quarter of FY18. The company got current tax credit of Rs 11.95 crore during the quarter. Revenue from operations during the quarter under review rose to Rs 1,036.58 crore against Rs 985.33 crore registered in the Q4 of FY18. The cement segment saw revenue growing to Rs 783 crore during Q4FY19 from Rs 612 crore in the same period of the previous fiscal. However, the tyre business continued to slumber with revenues declining to Rs 253 crore during the quarter from Rs 373 crore in the corresponding quarter of FY18. Plans are afoot to demerge the tyre business as a part of the restructuring exercise, targeted at reducing the debt level which stands at about Rs 2,200 crore as on March, 2019. The demerger is
GT forensic report indicts Ramesh Bawa in IL&FS scam (IANS Special)
While it is well known that IL&FS is in a pickle of its own making over a 30-year period where a secret society ran the affairs through a closed user group, the latest forensic report by Grant Thornton is extremely damning and damaging. The forensic report handed over to the new IL&FS board uncovers more muck. It throws into stark relief 107 instances of loan ever greening, loans given without adequate collateral, and exposes management's collusive links with borrowers.