Page 352 - Business Finance
IL&FS crisis: Independent directors come under corp affairs ministry scanner
Independent directors of various IL&FS companies are under the scanner of the corporate affairs ministry for alleged lapses in carrying out their duties as financial problems continued to brew at the diversified group, according to sources. The crisis at IL&FS, which is estimated to have a debt burden of over Rs 94,000 crore, came to light last year after some group companies defaulted on debt repayments. The sources said independent directors of various group companies have under the ministry's lens, including individuals who are on the boards of blue chip firms. The role of auditors, credit rating agencies and some former officials entities are already being looked into by the ministry, which had superseded the IL&FS board in October 2018. The Serious Fraud Investigation Office (SFIO) is probing the matter. The ministry is already working on ways to further strengthen the framework for independent directors, who have an important role in ensuring good corporate ...
ASIA FRUIT LOGISTICA brings opportunity for Indian fresh produce sector
Leading companies across the global fresh fruit and vegetable business are ready to come together and showcase their product and services at ASIA FRUIT LOGISTICA. The trade event, regarded as one of the biggest and most important platforms in Asia for the fresh produce sector returns to Hong Kong from September 4 to 6, 2019.ASIA FRUIT LOGISTICA 2018 saw participation by over 13,000 industry professionals and 826 exhibitors from more than 70 countries. According to visitor survey results, 90 per cent of trade visitors rated their participation in the trade show as extremely positive. Also, 87 per cent of the visitors and exhibitors indicated that the show gave them an ideal overview of the Asian market and enabled them to find new contacts or suppliers.Being a one-stop platform that makes it easier for businesses to discover new business opportunities, connect with right resources, and gain information on special products and technological solution, traders from diverse segments left ..
RBI's ex-Deputy Governor Gandhi joins Yes Bank board
Private lender Yes Bank on Wednesday said that Reserve Bank of India's former Deputy Governor R. Gandhi has joined its Board as Additional Director.
Australia Market rebounds from one-month low
The local market rebounded as worries over US-China trade friction receded after US President Trump offered an optimistic view on the prospects for the negotiations. On Tuesday, Trump tweeted: When the time is right we will make a deal with China, adding that his respect and friendship with President Xi is unlimited. However he also said the Federal Reserve could retaliate with cheap money in response to China's easy monetary policy. China will be pumping money into their system and probably reducing interest rates, as always, in order to make up for the business they are, and will be, losing. If the Federal Reserve ever did a 'match' it would be game over, we win! In any event, China wants a deal! Trump tweeted.
Welspun Enterprises Q4 net up 17% at Rs 30 cr
Welspun Enterprises Wednesday reported 17 per cent rise in its consolidated net profit at Rs 29.63 crore for the fourth quarter of 2018-19, on the back of higher income. The company had clocked a consolidated net profit of Rs 25.31 crore in the corresponding quarter a year-ago, Welspun Enterprises said in a regulatory filing to the BSE. The company's consolidated total income during January-March quarter rose to Rs 730.56 crore as compared with Rs 431.88 crore in the year-ago period. Total expenses during the quarter also increased to Rs 654.31 crore from Rs 376.39 crore in the year-ago period.
Tata Global Beverages and Tata Chemicals to combine consumer businesses
Tata Global Beverages Limited (TGBL) and Tata Chemicals Limited (TCL) on Wednesday approved the de-merger of consumer products business of TCL into TGBL through a National Company Law Tribunal (NCLT) approved scheme of arrangement.The proposed transaction will create a focused consumer products company with a combined turnover and EBITDA (earnings before interest, taxes, depreciation and amortisation) of Rs 9,099 crore and Rs 1,154 crore, respectively, for the year ended March 31."The combination of the two consumer-focused businesses will benefit both sets of shareholders who will be able to participate in a larger business poised to grow their share of the foods and beverages market with a broader exposure to the attractive and fast-growing FMCG sector," TGBL said in a statement.TCL shareholders will retain their ownership of a focused science-led chemistry solutions and specialty products company with a portfolio of products in basic and specialty chemicals and strong cash flows to
Japan Market gains for the first time in eight sessions
Total 26 issues of 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Textiles & Apparels, Real Estate, Electric Appliances, Precision Instruments, Oil & Coal Products, and Foods issues being notable gainers whereas Pharmaceutical, Iron & Steel, and Construction issues were notable losers. .
Nepal-India Franchise Investment conclave from today
The first Nepal-Indian Franchise Investment Expo and Conclave kicks off in Kathmandu on Wednesday with focus on building relations between the two neighbouring countries on entrepreneurship development.The two-day conclave is being organised by Federation of Nepalese Chamber of Commerce and Industry, in associated with Embassy of India and Franchise India.The conclave focuses on building relations between India and Nepal through entrepreneurship development comprising investment, brand concept and business operations.Nepalese Prime Minister KP Sharma Oli is scheduled to formally inaugurate the conclave on Thursday.Over 100 brands, 2500 buyers, 100 delegates and 1500 High Networth Investors (HNI) are expected to attend the expo, organisers said."We are out here to promote education," said Dhiral Panchmatia, a businessman participating in the event."This is the first time such a summit is happening in Nepal and we are here to seek a business partner in the field of education" he said.
Comm Min organises workshop on organ bioprinting
With an aim to promote 3D printing industry in India and Australia, Andhra Pradesh MedTech Zone (AMTZ) has organised a day-long workshop on organ bioprinting, the commerce ministry said Wednesday. "The workshop explored 3D printing, an innovative technology that covers all medical disciplines and offers new opportunities in diagnostics and therapy," it said. Payal Mukherjee, an otologist, cochlear implant and lateral skull base surgeon in Sydney, stressed on the need for not only research but also availability of facilities for conducting clinical trials on large animals. * * * * * Games2win India launches REPLAY Gaming Fund * Games2win India Wednesday said it is launching a REPLAY Gaming Fund that is targeted at gaming startups and entrepreneurs. Alok Kejriwal, CEO and co-founder of Games2win, said due to lack of funds, gaming start-ups often have a very short, often incomplete runway to attempt its second and third game and succeed. "We will invite gaming start-ups to seek funding .
Jubilant Foodworks Q4 net profit up 8.6 pc at Rs 74 crore
Food services major Jubilant FoodWorks on Wednesday reported a net profit of Rs 73.9 crore in the fourth quarter ended March 31, marking a growth of 8.6 per cent over Rs 68 crore in the corresponding period of the previous year.Operational revenue rose 11 per cent at Rs 865 crore as compared to Rs 780 crore year ago.At the same time, earnings before interest, tax, depreciation, and amortisation (EBITDA) was up 15 per cent at Rs 147.6 crore against Rs 127.7 crore while the margin was at 17.1 per cent versus 16.4 per cent year-on-year."We continue to remain optimistic about the long-term growth prospects of the foodservice category and are confident that Jubilant is best placed to drive this growth," Chairman Shyam Bhartia and Co-Chairman Hari Bhartia said in a statement.For the full fiscal year 2018-19, operating revenues stood at Rs 3,530 crore, up by 18.5 per cent over last year, driven by robust same store growth of 16.4 per cent in Domino's Pizza.Profitability increased with FY19 ..
ICICI-Videocon loan case: ED questions Chanda Kochhar, her husband for 3rd consecutive day
Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar appeared before the Enforcement Directorate (ED) for the third consecutive day on Wednesday in connection with the ICICI-Videocon loan case.The ED is recording statements of the duo in connection with the investigation into alleged irregularities and corrupt practices in the sanction of Rs 1,875 crore loan disbursed by ICICI Bank to Videocon Group in 2009 and 2011.On Tuesday, Chanda and Deepak were grilled were over eight hours by the ED in connection with the aforesaid case.In March, the ED had conducted raids at locations linked to the Kochhars, following which the duo was called for questioning to the probe agency's Mumbai office.It had also questioned Deepak's brother Rajiv Kochhar from April 30 to May 2, stating that he withheld crucial information pertaining to the case.Videocon Group promoter Venugopal Dhoot was also questioned in connection with the case.
NSE penalises companies for non-compliance of listing regulations
The National Stock Exchange (NSE) said on Wednesday that it has imposed fines and issued notices to more than 250 companies for non-compliance of listing regulations as specified by the Securities and Exchange Board of India (SEBI).Big names on the list included Adani Ports and Special Economic Zone, Jet Airways, Power Grid, Bharat Electronics, New India Assurance Company, Indraprastha Gas, Bharat Petroleum Corporation and Oil India.More than 30 companies on the list are liable to pay a fine of Rs 4.5 lakh each.NSE said it can levy per day fines and freeze the holdings of promoter and promoter group if non-compliant listed entities fail to comply with the requirement of listing regulations and/or pay the fine levied within the stipulated period."If the non-compliance continues for two consecutive quarters, then the exchange can shift trading in securities of the companies to specified category wherein trade shall take place on 'trade for trade' basis, and subsequently suspend the ...
Pidilite Industries reports 11% consolidated net sales growth over same quarter last year
Pidilite Industries Limited, India's leading manufacturer of adhesives, sealants and construction chemicals on Wednesday announced its financial results for the quarter and for the year ended March 31, 2019.Financial PerformanceConsolidated PerformanceNet sales at Rs 1,631 Cr grew by 11 per cent over the same quarter last year. Comparable* net sales for the financial year 2018-19 stood at Rs 7,035 Cr and grew by 17 per cent (excluding the sales of Cyclo Division of Pidilite USA Inc which was sold by Pidilite USA Inc in June 2017) over the previous financial year.EBITDA before non-operating income stood at Rs 279 Cr and grew by 2 per cent over the same quarter last year, given the input cost led contraction in gross margins by 1.6 per cent. EBITDA for the financial year 2018-19 stood at Rs 1,376 Cr and grew by 2 per cent over the previous financial year given the input cost led contraction in gross margins by 3 per cent.Profit after tax at Rs 237 Cr declined by 4 per cent over the same
Stock markets wipe out early gains, Sensex plummets 204 points
Equity markets resumed their downward momentum with a huge selloff in the closing hour of trade on Wednesday.The S & P BSE Sensex was down 204 points and closed at 37,115 while the Nifty 50 shed 65 points to wind up at 11,157.Except for IT and realty, all sectoral indices at the National Stock Exchange were in the negative zone. The Nifty Media was down 3.7 per cent, metal 2.1 per cent, PSU bank 1.8 per cent and auto 1.2 per cent.Jet Airways slipped to Rs 123.70 per share, down over 4 per cent, after four top executives resigned a day earlier.On the other hand, SpiceJet gained 7.6 per cent and traded at Rs 131.15 when the closing bell rang. InterGlobe Aviation, the parent company of low-cost carrier IndiGo, was also up 2.9 per cent at Rs 1,608.55.Shares of Yes Bank nosedived by 8.6 per cent and IndusInd Bank by 4 per cent.Tata Motors was down 7.5 per cent, Zee Entertainment 6.8 per cent, JSW Steel 5 per cent and IndusInd Bank 4 per cent -- indicating a buildup of heavy short ...
With Amir Khan as brand ambassador, Walkaroo eyes Rs 1,000-cr
With Bollywood star Amir Khan as its brand ambassador, south India-based footwear maker U4ic (Euphoric) International is aiming Rs 1,000 crore turnover in two years from its youth-centric brand Walkaroo. The footwear maker has amped up its marketing campaign since 2016 when they hired cricketer Rohit Sharma as their first brand ambassador. "Since 2016 our revenue from Walkaroo has jumped from Rs 100 crore to Rs 480 crore. We are targeting to touch Rs 1,000 crore sales in the next two years," the company's Managing Director Noushad Veluthedath said. The group has an annual turnover of Rs 1,500 crore, which includes revenue generated from its other brands and exports, he said. Veluthedath said the company has roped in Amir Khan as they want to make Walkaroo a youth brand and not just restrict it to the sports footwear category. Despite signing high-profile celebrities, total marketing spending is restricted to about 2.5 per cent of the revenue, he said. The Indian footwear
Karna govt should relax norms under 'ease of doing' business:
The Confederation of Real Estate Developers' Associations of India (CREDAI) Wednesdaydemanded that Karnataka government should relax norms under the 'ease of doing business,' emphasising that the affordable housing in the city was set to boom. "From CREDAI, we are emphasising the government for the ease of doing business in Karnataka because long procedures for approvals and clearances is delaying the projects," said R National Vice President of CREDAI, Nagaraj Reddy told reporters here. He appealed to the state government to reduce the stamp duty to one per cent for affordable housing on the lines of Telangana government. "Stamp duty in Telangana for Affordable Housing is just one per cent. As of now it is 6.6 per cent (in Karnataka). For plan sanction and licence fee, we are almost paying around Rs 80 per sq ft inclusive of all the clearances. For affordablehousing, we have asked the government to fix the rates at Rs 20 per sq ft,"Reddy said. Noting that Whitefield, ...
Japanese space startup aims to compete with US rivals
A Japanese startup that launched a rocket into space last month plans to provide low-cost rocket services and compete with American rivals such as SpaceX, its founder said Wednesday. Interstellar Technology Inc. founder Takafumi Horie said a low-cost rocket business in Japan is well-positioned to accommodate scientific and commercial needs in Asia. While Japan's government-led space programs have demonstrated top-level technology, he said the country has fallen behind commercially due to high costs. "In Japan, space programs have been largely government-funded and they solely focused on developing rockets using the best and newest technologies, which means they are expensive," Horie told reporters in Tokyo. "As a private company, we can focus on the minimum level of technology needed to go to space, which is our advantage. We can transport more goods and people to space by slashing costs." Horie said his company's low-cost MOMO-3 rocket is the way to create a competitive space ...
Rupee rises for 2nd straight day; settles up 10 paise at 70.34 vs USD
The rupee Wednesday appreciated by 10 paise to close at 70.34 against the US dollar, marking the second straight session of gain driven by easing crude prices, while the Reserve Bank's plan to conduct open market operation also buoyed investor sentiment. The rupee opened strong at 70.32 and later rose to the day's high of 70.17 at the interbank forex market. During the day the local unit touched an intra-day low of 70.39 against the US dollar. The domestic currency finally settled at 70.34, higher by 10 paise from the previous close. The rupee Tuesday had recovered 7 paise to close at 70.44 to the US dollar. Forex traders said the rupee strengthened after the RBI announced a plan to conduct the open market operation. On the other hand, heavy selling in domestic equities and foreign fund outflows restricted its gains. "Bond yields fell for the third session after Reserve Bank of India announced plans to conduct more open-market operations," said V K Sharma, Head PCG & Capital ...
Odyssey Technologies standalone net profit declines 93.64% in the March 2019 quarter
Sales decline 3.49% to Rs 3.60 crore