Page 3555 - Business Finance

Odyssey Corporation reports consolidated net loss of Rs 2.75 crore in the March 2018 quarter

Sales rise 14.18% to Rs 1.53 crore

Scam-hit PNB's capital adequacy fall below regulatory requirement

Fraud-hit Punjab National Bank's capital adequacy has fallen short of the regulatory requirement of Reserve Bank of India due to unprecedented loss in the fourth quarter of 2017-18. At the end of March, 2018, total capital ratio as per the Basel- III requirement declined to 9.20 per cent as against 11.66 per cent at the end of March 2017. On consolidated basis, it slipped to 9.82 per cent as against 11.98 per cent during the same period. As per the RBI's norms, the total capital adequacy, including counter-cyclical buffer should be upwards of 11.5 per cent. So to that extent, there is shortfall as far as capital adequacy of PNB is concerned as on the March 31, 2018. "...the capital position of the bank as at March 31, 2018 being below the regulatory requirement (including countercyclical buffer) of Reserve Bank of India, Hong Kong Monetary Authority (HKMA) is enhancing the Supervisory arrangements on our Hong Kong branch," PNB said in a regulatory filing today. The erosion of capital .

Realtors hail govt decision to increase carpet area under PMAY

Real estate developers and consultants expect housing sales to rise, especially in small cities, as the government has increased the carpet area to up to 200 square metre for availing interest subsidy under PMAY-U. The government yesterday relaxed norms on carpet area by 33 per cent for getting subsidy under the Pradhan Mantri Awas Yojana-Urban (PMAY-U). The housing and urban affairs ministry enhanced the carpet area of a house to 160 sq metre from 120 sq metre for Middle Income Group-I (MIG-I). For MIG-II, it has been increased to 200 sq m from 150 sq m. Under the Credit Linked Subsidy Scheme (CLSS), each beneficiary can avail of subsidy up to Rs 2.35 lakh on purchase of a house. CREDAI President Jaxay Shah tweeted that this is a government's gift to each MIG home buyer and big push for tier II-III urban housing. Rajeev Talwar, Chairman, NAREDCO said: "The Middle Income Group segment to which these carpet sizes would cater to, is the biggest in the country, therefore, real estate ...

Hiring activity sees 11 pc rise in May: Naukri.com

Hiring activity registered 11 per cent growth in May led by sectors like auto, construction and FMCG, says a report. The Naukri JobSpeak Index for May 2018 stood at 2,106, showing 11 per cent rise in hiring activity from May 2017 when it stood at 1,904. "The JobSpeak index continues to sustain the momentum gained and has shown 11 per cent year-on-year growth in May followed by an impressive 21 per cent growth in April," said V Suresh, Chief Sales Officer, Naukri.com. This growth is led by core sectors like auto, auto ancillary, construction, engineering & FMCG, he said. Suresh further noted that the overall rise in talent demand is a clear indicator of an increase in employment opportunities, thereby broadening India's hiring outlook. Sector wise, auto and ancillary have been hiring at a steady pace, showing 31 per cent year-on-year growth in May 2018. Recruitment activity for construction and engineering saw a sharp rise of 21 per cent. In terms of experience, there was a steady .

Vegoils: Palm extends fall to over 22-month low, dragged by weaker related oils

KUALA LUMPUR (Reuters) - Malaysian palm oil futures extended falls to a more than 22-month low on Wednesday, tracking weakness in related edible oils.

Drop in euro zone April factory output puts ECB in a quandary

BRUSSELS (Reuters) - Industrial production in the 19 countries sharing the euro fell by more than expected in April, data showed on Wednesday, providing further evidence that the bloc's economy is slowing before a European Central Bank meeting.

Sebi cancels registration of JP Morgan MF

Markets regulator Sebi today cancelled the registration certificate of JP Morgan Mutual Fund following the transfer of its schemes to Edelweiss Mutual Fund. Besides, the Securities ad Exchange Board of India (Sebi) has withdrawn the approval given to JP Morgan Asset Management India to act as an asset management company (AMC) to JP Morgan Mutual Fund. In a release, Sebi said pursuant to transfer of schemes of JP Morgan Mutual Fund to Edelweiss Mutual Fund and at the request of JP Morgan Mutual Fund, the regulator, vide its letter dated June 13, 2018 has cancelled the certificate of registration of JP Morgan Mutual Fund. The regulator has "withdrawn" the approval granted to JP Morgan Asset Management India, to act as an AMC to the mutual fund, it added. "Consequently, with immediate effect, the JP Morgan Mutual Fund, JP Morgan Mutual Fund India Pvt Ltd (trustee company) and JP Morgan Asset Management India Pvt Ltd cannot carry out any activity as a mutual fund, trustee company and ...

Max Bupa eyes 35 per cent growth in GWP in 2018-19

Private sector health insurer Max Bupa has targeted 35 per cent growth on the total gross written premium (GWP) for the current financial year, a top official said here today. The company, which signed an agreement with Tamil Nadu-based Karur Vysya Bank to retail its insurance products at the bank's branches, posted a 27 per cent growth last year as against industry growth of 22-23 per cent, Max Bupa, Managing Director and CEO, Ashish Mehrotra said. "Last year, we grew more than the industry growth. For current (financial) year, we are looking at a growth of about 35 per cent. Last year, we ended total GWP of about Rs 775 crore," he told PTI. On factors that offer the growth, Mehrotra attributed the increase in awareness levels among the public on health insurance policies and the agreements made by the company. On the signing of corporate agency agreement with Max Bupa, Karur Vysya Bank, Managing Director and CEO, P R Seshadri said the health insurance products of Max ..

World stocks capped by trade war concerns, central banks

LONDON (Reuters) - World stocks hovered near one-month highs on Wednesday as an expected U.S. interest rate rise and risks of a fresh outbreak of trade tensions between China and the United States overshadowed a generally benign political and economic backdrop.

PMAY: Carpet area hike to push home sales in smaller cities

The government's move to hike the carpet area of homes eligible for interest subsidy under the Pradhan Mantri Awas Yojna (PMAY) for the middle-income group (MIG) will give a much needed push to home sales, especially in tier II and III cities, say experts. The ministry of housing and urban affairs yesterday increased the carpet area of houses eligible for benefits under PMAY's credit linked subsidy scheme (CLSS) to 160 square meter (sqmt) for MIG-I and 200 sqmt for MIG-II, effective January 1, 2017. The carpet areas were earlier fixed at 120 sqmt for MIG-I and 150 sq meter for MIG-II. "This move will have a significant impact on home sales in tier II and III cities where the land costs and therefore, capital values of properties are low and larger apartments are within the reach of such buyers," said Anuj Puri, chairman, Anarock Property Consultants. Niranjan Hiranandani, national president of builders' body Naredco, said the positive impact will be felt in peripheral ..

LenDenClub launches InstaMoney Android app

Fastest growing peer-to-peer (P2P) lending platforms in India, LenDenClub has announced the launch of an Android-based App to connect lenders with creditworthy borrowers.With its new 'InstaMoney' application, available for download on the Google Play Store, users can now easily get advances on their salary or an instant cash loan. The applicant merely has to confirm that they have employment and have a monthly income in excess of Rs. 12000 and enter their Aadhaar number to have their application for credit processed.With smartphone and internet penetration in India growing rapidly, a new generation of digital natives is finding it easier to use apps and mobile platforms to access a wide variety of services LenDenClub is tapping into this opportunity by offering people better and quicker solutions for their financial needs through the InstaMoney app.This is particularly true for millennials in tier II and tier III cities in the country that are gainfully employed, but find it hard to ..

India discusses 'Oil Buyers Club' with China; seeks US crude to counter OPEC

With oil producers' cartel OPEC playing havoc with prices, India discussed with China the possibility of forming an 'oil buyers club' that can negotiate better terms with sellers as well as getting more US crude oil to Asia to cut dominance of the oil block. As a follow up of Oil Minister Dharmendra Pradhan's idea floated at the International Energy Forum (IEF) meeting here in April, Indian Oil Corp (IOC) Chairman Sanjiv Singh travelled to Beijing this month to meet Wang Yilin, Chairman of China National Petroleum Corp (CNPC), a top source said. On discussion table was debottlenecking infrastructure to facilitate more US crude oil comes to Asia so as to cut the dominance of Organization of the Petroleum Exporting Countries (OPEC), which supplies about 60 per cent of India's oil needs. Production cuts by OPEC have led to international oil prices hitting a four year high last month that forced a Rs 3.8 per litre hike in petrol and Rs 3.38 a litre increase in diesel prices. Rates started

Zoomcar brings EVs to Kolkata, increase its share in fleet

Zoomcar, the self-drive car rental firm, would increase the number of electric vehicles (EVs) in its fleet to 2,000 by December this year, a company official said roday. Zoomcar today started offering EVs on its platform in Kolkata after Mysuru, Hyderabad, Jaipur, New Delhi and Mumbai. Initially, 50 'e2o' vehicles manufactured by Mahindra would be pressed into service by Zoomcar in the metropolis. "Zoomcar has partnered with Mahindra to provide green mobility solutions in Kolkata. Initially, 50 electric vehicles will be offered on the platform," co-founder of Zoomcar Greg Moran told reporters here today. Moran said, presently there were 4,000 electric vehicles offered on the platform nationally, which would be increased by another 2,000 by the end of the year. "Presently, the percentage of such vehicles is 10 per cent, which is expected to go up to 25 per cent by 2019, and 50 per cent by 2020," he said. The electric cars could be used as a personal car by subscribing to ..

Hero expands lead over HMSI in first two months of fiscal

The country's largest two-wheeler maker Hero MotoCorp has increased its lead over rival Honda Motorcycles and Scooters India (HMSI) to over 2.15 lakh units in the first two months of the current fiscal. According to the latest Society of Indian Automobile Manufacturers (SIAM) data, Hero has sold 13,70,393 units in April and May as compared with 11,54,911 units sold by HMSI during the period, thus registering a gap of over 2.15 lakh units. During the same period of previous fiscal, Hero had sold 11,98,674 units as compared with 10,62,113 units of HMSI, a gap of over 1.36 lakh units. With increase in sales, Hero has also been able to regain some of the market share which it had lost to competition over the past few years. At the end of May, Hero's overall market share in the domestic two-wheeler market stood at 37.4 per cent - a gain of more than 1 per cent over the same period last year, when its market share stood at 36.2 per cent. In the domestic motorcycle market, Hero continues to

Equity indices cede major gains to end flat

Broadly negative global markets ahead of US Federal Reserve's rate setting meet led the key domestic equity indices to provisionally close on a flat-to-positive note on Wednesday.

Ruchi Soya shares hit upper circuit, jump 5 pc

Shares of Ruchi Soya surged 5 per cent today amid reports that Gautam Adani's group company has offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of the bankruptcy-hit edible oil firm. The stock gained 4.94 per cent to close at Rs 12.74 -- its upper circuit limit -- on the BSE. On NSE, shares of the company climbed 4.93 per cent to end at Rs 12.75 -- its highest trading permissible limit for the day. In terms of equity volume, 17.18 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day. The Committee of Creditors (CoC) of Ruchi Soya, in its meeting held yesterday, opened the bids submitted by the two contenders -- Patanjali group and Adani Wilmar, which sells cooking oil under the Fortune brand. BSE today sought clarification from Ruchi Soya Industries with reference to the news. Ruchi Soya, which is facing the insolvency proceedings, has a total debt of about Rs 12,000 crore.

VMS Industries reports standalone net profit of Rs 1.24 crore in the March 2018 quarter

Sales rise 72.00% to Rs 54.68 crore

Supreme Infrastructure India reports standalone net loss of Rs 300.09 crore in the March 2018 quarter

Sales decline 32.67% to Rs 219.17 crore

BCL Enterprises reports standalone nil net profit/loss in the March 2018 quarter

Sales rise 105.21% to Rs 1.97 crore

Real Growth Commercial Enterprises reports standalone net profit of Rs 2.29 crore in the March 2018 quarter

Sales rise 46.02% to Rs 74.88 crore