Page 351 - Business Finance
Exports growth slides to 4-month low in Apr; trade gap at 5-month high
India's export growth slid to a four-month low of 0.64 per cent in April as shipments of engineering goods, gems and jewellery, leather and other products declined, widening the trade deficit to a five-month high, official data released Wednesday showed. Imports increased by 4.5 per cent, the highest growth in the last six months as crude oil and gold shipments shot up in the month. Merchandise exports stood at USD 26 billion in April while imports at USD 41.4 billion, leading to a trade gap of USD 15.33 billion, the widest deficit since November 2018, the trade data showed. The country's merchandise exports were down because of the negative growth in key sectors such as engineering, gems and jewellery, leather, carpet, plastic, marine products, rice and coffee during the month under review. Previously, exports had recorded a low growth rate of 0.34 per cent in December 2018. Oil imports grew by 9.26 per cent to USD 11.38 billion and non-oil imports expanded by 2.78 per cent. Gold ...
Pidilite Inds heads north after Q4 result
Pidilite Industries rose 2.2% to Rs 1,165 at 15:11 IST on BSE after the company declared its Q4 result after market hours yesterday, 14 May 2019.
Yes Bank shares tumble over 8 pc; m-cap drops by Rs 2,873 cr
Shares of Yes Bank plummeted over 8 per cent Wednesday after the RBI appointed an additional director on the board of the private sector lender. In a rare move, the Reserve Bank of India appointed its former deputy governor R Gandhi on the board of the bank. "This is to inform you that the Reserve Bank of India vide its letter dated May 14, 2019 informed that in exercise of powers conferred under sub- section (1) of Section 36AB of the Banking Regulation Act, 1949, appointed R Gandhi, Ex Deputy Governor, Reserve Bank of India as additional director on the board of the bank for a period of two years with effect from May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier," Yes Bank said in a regulatory filing. The scrip tumbled 8.01 per cent to close at Rs 143.65 on the BSE. During the day, it plummeted 8.74 per cent to Rs 142.50 -- its 52-week low. At the NSE, the shares tanked 8.27 per cent to close at Rs 142.95. The company's market valuation declined by Rs ...
India's exports up 1.34 pc in April to 44 billion US dollars
India's exports in April 2019 grew 1.34 per cent to 44.06 billion US dollars while imports jumped 4.53 per cent to 52.83 billion US dollars in the year-on period, the government said on Wednesday.The trade deficit for April 2019 is estimated at 8.78 billion dollars as compared to 7.07 billion dollars in April 2018, according to a statement by the Ministry of Commerce and Industry.Merchandise exports last month totalled 26.07 billion dollars as compared to 25.91 billion the same month of last year, registering a positive growth of 0.64 per cent. In rupee terms, exports increased by 6.45 per cent to Rs 181,021 crore from Rs 1,70,053 crore.The major commodity group of export was petroleum products, electronic goods, organic and inorganic chemicals, readymade garments of all textiles, drugs, and pharmaceuticals.The imports of merchandise goods totalled 41.40 billion dollars (Rs 287,433 crore), up 4.48 per cent higher in dollar terms and 10.52 per cent in rupee terms. In April 2018, the ...
Decisive govt at Centre crucial for economic reforms:PHDCCI
A decisive government at the Centre would be crucial to push India's growth trajectory to the next level and further improve the ease of doing business scenario, PHD Chamber of Commerce and Industry said Wednesday. India is currently in the process of electing a new government, with the Lok Sabha polls in their final leg with one phase of voting left and the results expected on May 23. PHD Chamber of Commerce and Industry (PHDCCI) President Rajeev Talwar said India is the fastest growing emerging economy in the world and has been projected to attain a size of USD 5 trillion in the next five years. "Significant improvement in the ease of doing business in the recent years is highly appreciable. However, the effect should become visible at the ground level with ease of doing business rankings improving to the level of 25," said Talwar. He pitched for reduction in corporate tax to a level of 25 per cent for all corporate tax payers without any turnover criteria to enhance collections and
Tata Chemicals' consumer business to merge with TGBL
The boards of Tata Global Beverages Ltd (TGBL) and Tata Chemicals Ltd (TCL), at their respective meetings held on Wednesday, have approved the de-merger of the consumer products business of the latter into the former through a National Company Law Tribunal (NCLT) approved scheme of arrangement.
Ind-Ra affirms long-term issuer rating on ITNL for tight liquidity position
India Ratings and Research Wednesday said IL&FS Transportation Networks continues to face tight liquidity position amid delay in realisation of pending claims. The rating agency affirmed its long-term issuer rating at 'IND D' on IL&FS Transportation Networks (ITNL), a group company of IL&FS. Instruments with IND D rating are in default or are expected to be in default soon. The rating affirmation reflects continued delays in debt servicing by the company owing to a tight liquidity position, resulting from delay in realisation of pending claims from various government authorities and delays in undertaking deleveraging initiatives, Ind Ra said in a statement. ITNL in March informed the bourses that it has defaulted on payment of Rs 20.91 crore due on principal and interest of non-convertible debentures because of insufficient funds. The principal amount and interest due and payable on March 18, 2019, was not paid to the debenture holders due to insufficient funds, the ...
Adani Green Energy Q4 loss widens to Rs 94 cr; plans to raise up to Rs 5K cr
Adani Green Energy Wednesday reported widening of its consolidated loss to Rs 94.08 crore for the March quarter, mainly due to higher depreciation and borrowing cost. The company had posted a consolidated net loss of Rs 42.81 crore in the quarter ended March 31, 2018, it said in a statement. Depreciation in the fourth quarter of 2018-19 was at Rs 293 crore, up by 77 per cent. Interest and bank charges rose to Rs 274 crore from Rs 142 crore a year ago The increase in finance cost was primarily on account of capitalisation of interest during project phases and ramp up of capacity in the previous year, it added. The company's total income in the March quarter was Rs 718.73 crore, up from Rs 416.68 crore in the same period of the previous year. For the 2018-19 fiscal, the firm's consolidated loss swelled to Rs 475.05 crore from Rs 137.51 crore in the previous financial year. Total income in 2018-19 increased to Rs 2,130.99 crore from Rs 1,519.27 crore. As on March 31, 2019, the company's .
Canara HSBC OBC Life Insurance posts Rs 165 cr profit in FY19
Canara HSBC Oriental Bank of Commerce Life Insurance Company Wednesday registered a profit of Rs 165 crore for the financial year ended March 2019. With this, the company has managed to wipe out accumulated losses and achieved break even, Canara HSBC Oriental Bank of Commerce Life Insurance Company chairman R A Sankara Narayanan said here. Expressing satisfaction over the performance, he said the company has done well since its operation in 2008 and going forward there are huge opportunities for growth. Narayanan, who also happens to be the managing director of Canara Bank, said the company is well capitalised and will take care of its growth for the next three years. The company -- jointly owned by two leading public sector banks Canara Bank (51 per cent stake) and Oriental Bank of Commerce (23 per cent) -- has HSBC Insurance (Asia Pacific) Holdings Limited as foreign partner with 26 per cent stake. The paid up capital of the company was Rs 950 crore at the end of March 2019. During .
RBI appoints former dy-guv Gandhi on Yes Bank board
Yes Bank said Wednesday the Reserve Bank has appointed former RBI deputy governor R Gandhi as additional director on its board for two years. "The Reserve Bank of India vide its letter dated May 14, 2019, informed that in exercise of powers conferred under ... the Banking Regulation Act, 1949, appointed R Gandhi, Ex Deputy Governor, Reserve Bank of India as additional director on the board of the bank for a period of two years with effect from May 14, 2019 to May 13, 2021 or till further orders, whichever is earlier," Yes Bank said in a regulatory filing. The private lender said its board "heartily" welcome the appointment of Gandhi given his impeccable background and track record as a highly respected Regulator in India. "This appointment will significantly strengthen YES Bank's Board Composition and the bank will immensely benefit from R. Gandhi's experience and wisdom at the YES Bank," the filing said. Shares of Yes Bank tanked 8.01 per cent to close at Rs 143.65 on BSE.
Torrent Power Q4 net down 88 pc at Rs 25.80 cr
Torrent Power Wednesday reported over 88 per cent fall in its consolidated net profit at Rs 25.80 crore for the quarter ended March 2019. The company's consolidated net profit in the year-ago period stood at Rs 221.25 crore, it said in a statement. Torrent Power's total income rose slightly to Rs 2,964.65 crore in the March quarter from Rs 2,909.12 crore a year ago. The company's consolidated net profit for 2018-19 also dipped to Rs 903.83 crore from Rs 952.12 crore in the previous fiscal. However, its total income in 2018-19 increased to Rs 13,340.56 crore from Rs 11,775.64 crore in the previous fiscal. The company's board also recommended a final dividend of Rs 5 per equity share of Rs 10 each. The board also approved issuance of non-convertible debentures up to Rs 1,500 crore in one or more tranches by way of private placement, subject to approval of shareholders in the 15th Annual General Meeting, the company said.
American Express buys restaurant reservation service Resy
American Express is buying the online reservation startup Resy, the companies announced Wednesday, the latest move by AmEx to establish and maintain a foothold for its card members in some of the world's most desired restaurants. AmEx and Resy, founded in 2014, declined to disclose the terms of the deal. However, in early 2017 Resy announced it raised $13 million from a group of investors that included Airbnb, valuing the company at around $70 million. New York-based Resy is an online reservation management service. It allows diners to make reservations and also serves as a platform for restaurants to manage their upcoming reservations. While OpenTable has a bigger market share, Resy often works with more exclusive restaurants that are harder to get into or serve higher-spending clientele. AmEx's purchase comes as the credit card industry has shifted its marketing tactics in the last several years. Credit card companies want to be thought of as avenues to "experiences," as the ...
Ola launches Ola Money SBI Credit Card
In a move to enrich the customer experience of millions of the homegrown ride hailing platform's users, Ola has partnered the state-run SBI cards to launch Ola Money SBI Credit Card for the country's first such co-branding initiative in the segment, a statement said on Wednesday.
TradingBells looking at raising second round of funding worth USD 10mn
Indore-based discount broking start-up TradingBells has embarked on an aggressive growth strategy. In line with this, the company is aiming to triple its customer base to 30,000 and augment average daily trading turnover by 10 times to Rs 420Cr [USD 60 million] in two years.The start-up, which is already profitable, is also exploring a second round of funding of USD 10 million [Rs 70 Cr approx] to strengthen its technology, expand team, roll out more products and for marketing. The company had earlier raised a seed round of Rs 2 crore from leading Mumbai based stockbroker Swastika Investmart Ltd.Founded in 2016 by IIT Delhi graduate and technology nd finance professional, Parth Nyati and chartered accountant and former investment banker, Amit Gupta, TradingBells aims to make trading easy, accessible and transparent for retail investors by leveraging cutting edge technology and automation.TradingBells is India's first broking company to offer both discount broking and premium plans and
Riverbed launches 'Saas Accelerator' solution
IT and performance management company Riverbed on Wednesday announced "SaaS Accelerator", a new solution that claims to improve the performance of leading software-as-a-service (SaaS) apps by up to 10 times.
CII to focus on enhancing industry competency, job creation
Trade body Confederation of Indian Industry would focus on enhancing industry's competency and employment generation under its seven point charter for the southern region this year, its Southern Region Chairman Sanjay Jayarathnavelu said Wednesday. The seven points would be -- policy and regulatory excellence, enhancing industry's core competitiveness, employment generation, strengthening the small and medium enterprises, bridging the urban-rural divide, developmental growth and active membership engagement programme, he said. CII would focus on high growth sectors like manufacturing, automobiles, information and communication technology as part of its move to enhance industry's core competitiveness, he said. Employment generation would focus on education, skills, livelihood, human resource development. According to him, CII was working towards a 'Model State Budget' in select States to encourage specific action and promote fiscal discipline. 'Under the Competitiveness ..
Exports grow marginally, imports up 4.5pc in Apr
India's exports rose marginally by 0.64 per cent in April to USD 26 billion while imports increased by 4.5 per cent to 41.4 billion compared to the year-ago month, according to official data released Wednesday. Trade deficit, the difference between exports and imports, widened to USD 15.33 billion in April 2019 from USD 13.72 billion in April 2018. Oil imports grew by 9.26 per cent to USD 11.38 billion and non-oil imports expanded by 2.78 per cent. Gold imports rose by 54 per cent to USD 3.97 billion in April.
China Market rebounds 1.91%
China on Wednesday reported surprisingly weaker growth in retail sales and industrial output for April, adding pressure on Beijing to roll out more stimulus as the trade war with the US rumbles on. Growth in industrial output slowed more-than-expected to 5.4% in April from a year earlier, pulling back from a surprisingly strong 4-1/2-year high of 8.5% in March. Retail sales were also worse-than-expected, with the headline number rising 7.2%; the slowest pace since May 2003.
British Airways to introduce new A350 aircraft on India routes
British Airways on Wednesday said that it will introduce its new Airbus A350 aircraft on India routes from later this year.
GRM acquires manufacturing plant near Mundra Port
Basmati rice exporter GRM Overseas Wednesday announced the acquisition of a manufacturing facility from United Foods at Gandhidham in Kutch, Gujarat, for Rs 12 crore. This acquisition is in-line with GRM's strategic plan to expand capacity and develop a warehouse closer to the Mundra port to augment exports. "The deal is valued at Rs 12 crore and has been funded through a combination of bank borrowings and internal accruals," the company said in a statement. The acquired facility includes land, building and two Sortex plants and has a production capacity of 800 tonnes per day. The company has also purchased a large plot of land adjoining the plant to develop a warehouse, it said. GRM Overseas MD Atul Garg said these initiatives are in-line with the company's long-term strategic plan to increase the production capacity to meet the growing demand. "Further, the additional warehousing capacity near the Mundra port will lower lead times for our export order deliveries, thus, improving ...