Page 356 - Business Finance
Sembcorp Energy India posts 12 pc rise in Q1 profit at Rs 385 cr
Sembcorp Energy India Ltd Wednesday posted a 12 per cent rise in its first quarter net profit at Singapore dollar 75 million (about Rs 385.12 crore) on the back of better performance of its renewable energy business. The Singapore-based Sembcorp Industries' Indian arm had posted Singapore dollar SGD 67 million profit in the same period of the previous year, the company said in a statement. Sembcorp Energy India Ltd (SEIL) reported a turnover of SGD 386 million (about Rs 8,873 crore) in the quarter under review amid stress in the Indian power sector. Its renewable energy business delivered superior profit from operations at SGD 26 million as against SGD 13 million a year-ago with improvement driven by better wind resource. With the strengthening of its self-operation and maintenance practice, renewable business in India reversed an accrued maintenance fees (SGD 7 million) which are no longer payable, the company said adding that benefits from operational and other synergies due to the
Turmeric prices rise on positive demand
Turmeric prices rose by 3.33 per cent to Rs 6,952 per quintal in futures trade Wednesday as participants raised their positions driven by pick-up in demand at the spot market. Marketmen said speculative positions created by participants driven by strong domestic as well as exports demand mainly attributed the rise in turmeric prices. On the National Commodity and Derivatives Exchange, turmeric for delivery in June contracts moved up by Rs 224, or 3.33 per cent, to Rs 6,952 per quintal with an open interest of 13,120 lots.
Crude oil prices decline 1.13% on global cues
Crude oil prices Wednesday fell by 1.13 per cent to Rs 4,303 per barrel as speculators indulged in reducing holdings amid a weakening trend overseas. On the Multi Commodity Exchange, crude for delivery in May fell by Rs 49, or 1.13 per cent, to Rs 4,303 per barrel in a business volume of 17,840 lots. Analysts said continuous off-loading of holdings by participants in line with a weakening global trend mainly weighed on crude prices at futures trade here. Globally, prices spiralled down on rising US inventories and Saudi Arabia's supply assurance, analysts said. Moreover, a strengthening Indian rupee also exerted pressure on crude prices. Oil for delivery in June also fell by Rs 52, or 1.19 per cent, to Rs 4,331 per barrel in 2,164 lots. The West Texas Intermediate (WTI) crude fell 0.91 per cent to USD 61.22, while Brent crude, the international benchmark, shed 0.38 per cent to USD 70.97 a barrel at the New York Mercantile Exchange.
Vakrangee Ltd leads losers in 'A' group
Union Bank of India, Dish TV India Ltd, Aditya Birla Fashion & Retail Ltd and Suzlon Energy Ltd are among the other losers in the BSE's 'A' group today, 15 May 2019.
Refined soya oil futures gain on spot demand
Refined soya oil prices rose 0.69 per cent, to Rs 744.75 per 10 kg in futures trade Wednesday as traders created fresh positions in sync with positive market sentiment. On the National Commodity and Derivatives Exchange, refined soya oil for June contracts went up by Rs 5.1, or 0.69 per cent, to Rs 744.75 per 10 kg with an open interest of 38,510 lots. On similar lines, the oil for July contracts was trading higher by Rs 5.8, or 0.8 per cent, to Rs 734.5 per 10 kg in 17,750 lots. Analysts said, restricted supplies from growing belts mainly encouraged traders to build up exposure leading to the rise in soya oil prices.
HDFC ties up with India Mortgage Guarantee Corp
Housing finance major HDFC Limited has partnered with the India Mortgage Guarantee Corporation (IMGC) to offer a mortgage-guaranteed home loan product.
N K Industries Ltd leads losers in 'B' group
Manaksia Coated Metals & Industries Ltd, Mangalam Seeds Ltd, Premier Polyfilm Ltd and Lumax Industries Ltd are among the other losers in the BSE's 'B' group today, 15 May 2019.
Volumes jump at Elgi Equipments Ltd counter
Elgi Equipments Ltd saw volume of 6.31 lakh shares by 14:18 IST on NSE, a 38.24 fold spurt over two-week average daily volume of 16496 shares
Nickel futures up 0.63% on spot demand
Nickel prices rose 0.63 per cent to Rs 845.60 per kg in futures trade Wednesday after participants widened their positions supported by rising spot demand. At the Multi Commodity Exchange, nickel for delivery in May contracts was trading higher by Rs 5.30, or 0.63 per cent, to Rs 845.60 per kg in a business turnover of 12,474 lots. Analysts attributed the rise in nickel futures to strong demand from alloy-makers at the domestic market. The metal for delivery in June contracts also gained Rs 5.40, or 0.62 per cent, to Rs 881 per kg in a business volume of 116 lots.
Puri Constructions guilty of profiteering under GST, asked to refund Rs 15.90 lakh to home buyers
The anti-profiteering authority has found Delhi-based Puri Constructions guilty of not passing GST rate cut benefit, and asked it to refund Rs 15.90 lakh, to 92 home buyers. The order was passed by the National Anti Profiteering Authority (NAA) based on a complaint filed by a buyer of a flat in 'Anand Vilas Project' of Puri Construction in Faridabad, Haryana. The applicant had booked the flat on May 9, 2017, and complained that the benefit of lower taxes following roll out of goods and services tax (GST) from July 1, 2017, was not passed on by way of reduction in prices. The effective pre-GST tax incidence on under-construction housing property was 15-18 per cent, which was reduced to 12 per cent with input tax credit (ITC) post GST roll out. Later, the applicant wanted to withdraw his application saying that he was satisfied with the explanation provided by the builder, the Directorate General of Anti-Profiteering (DGAP) disallowed the applicant saying there was no such provision ...
Aluminium futures down 0.30% on low demand
Aluminium prices eased 0.3 per cent to Rs 149.75 per kg in futures trade Wednesday as speculators were engaged in reducing their positions, tracking a positive trend at the spot market. Besides, fading demand from consuming industries mainly fulled the downtrend. At the Multi Commodity Exchange, aluminium for May declined 45 paise, or 0.3 per cent, to Rs 149.75 per kg in a business turnover of 1,575 lots. On similar notes, the metal for June contracts was trading down by 30 paise, or 0.2 per cent, to Rs 150.40 per kg in 943 lots. However, aluminium was trading higher 1.95 per cent to USD 1,844.50 per tonne on the London Metal Exchange.
Darwin Platform Group, SBI Caps discuss unsolicited bid for Jet Airways
Officials of Darwin Platform Group of Companies and SBI Caps Wednesday held discussions on the Group's unsolicited bid for crisis-hit Jet Airways. Darwin Platform Group, which has investments across various sectors including oil and gas, hospitality and realty, among others has offered Rs 14,000 crore to acquire the grounded airline, its CEO Rahul Ganpule said. The Group had participated in expression of interest (EoI) and also submitted its financial bid on May 8, he said. "They (SBI Caps) had called us. We wanted to understand the liability and assets of Jet Airways," Ganpule told reporters after the meeting. He said the Group had done due diligence before submitting the financial bids but wanted some more details which were not publicly available. Ganpule said there is limited information available about the airline in Registrar of Companies and other public sources, and has requested SBI Caps to provide more details about the actual liability of the airline. "The solicited bidders
Chahal unveils CheQmate brand at WC send-off ceremony
Indian cricketer Yuzvendra Chahal in association with High Times Solutions (HTS), Indias leading sports and entertainment management company, unveiled CheQmate, an industry leading lifestyle brand in India at the World Cup send-off ceremony in Gurugram.
Oil supply drops as Iran sanctions bite: IEA
The world's oil supply fell last month, the International Energy Agency said Wednesday, amid rising global tensions as US sanctions on Iran tightened and OPEC+ members produced less crude in line with their pact. In its latest monthly report on the global oil market, the Paris-based IEA said that while geopolitics and industry disruptions were clouding the outlook it believes that the market balance is set to flip from surplus into deficit, a development that would favour efforts by oil producing nations to keep prices high. Tensions have been mounting in recent days after the mysterious sabotage of several tankers in the Gulf and drone attacks claimed by Iran-aligned Yemen rebels shut down one of Saudi Arabia's major oil pipelines. Saudi Energy Minister Khalid al-Falih called the pipeline attacks, which did not halt exports despite the temporary shutdown of the pipeline, an "act of terrorism... that not only targets the kingdom but also the security of oil supplies to the world and ..
Zinc futures marginally up on spot cues
Zinc prices were marginally higher 0.63 per cent to Rs 215.25 per kg in futures trade Wednesday after participants raised their bets amid increased demand at the spot market. On the Multi Commodity Exchange, zinc for delivery in May contracts rose by Rs 1.35, or 0.63 per cent, to Rs 215.25 per kg in a business turnover of 4,810 lots. Also, the metal to be delivered in June contracts gained Rs 1.45, or 0.69 per cent, to trade at Rs 212.20 per kg in a business turnover of 381 lots. Market analysts said a firming trend in base metals at the London Metal Exchange (LME) where the metal was trading up 1.50 per cent at USD 2,594 per ounce and pick-up in domestic demand led to the rise in zinc prices.
Karur Vysya Bank Q4 profit up 19 pc at Rs 60 cr
Karur Vysya Bank Wednesday reported a rise of 18.7 per cent in March quarter net profit at Rs 60.02 due to healthy income from retail banking even as bad loans spiked. The bank clocked a profit of Rs 50.56 crore during the corresponding January-March period of 2017-18, as per a regulatory filing. Total income in the latest quarter rose to Rs 1,746.04 crore from Rs 1,699.53 crore in the year-ago period. Income from retail banking was higher 4.6 per cent to Rs 967.23 crore. For full 2018-19 financial year, the bank posted a decline of 39 per cent in net profit at Rs 210.87 crore as against Rs 345.67 crore in 2017-18, it said. Income during the year increased to Rs 6,778.59 crore from Rs 6,599.58 crore in 2017-18. Bank's asset quality deteriorated during the year with gross non-performing assets (NPAs) hitting 8.79 per cent of gross advances as on March 31, 2019, as against 6.56 per cent by end-March 2018. Net NPAs rose to 4.98 per cent from 4.16 per cent. In absolute value, gross NPAs ..
Silver rises on positive global cues
Silver prices rose Rs 63 to Rs 37,584 per kg in futures trade Wednesday as speculators were engaged in raising bets tracking a firm trend in overseas market. On the Multi Commodity Exchange, silver for delivery in July contracts was trading higher by Rs 63, or 0.17 per cent, to Rs 37,584 per kg in a business turnover of 21,816 lots. The white metal for delivery in September contracts rose by Rs 25, or 0.07 per cent, to Rs 38,077 per kg in 922 lots. Analysts said participants raised bets amid a firm trend overseas after US President Donald Trump hinted at the possibility of a trade deal with China in the future. In the international market, silver rose 0.01 per cent to USD 14.81 an ounce in New York.
GRM Overseas acquires manufacturing facility and land at Gandhidham, Gujarat
The company has also purchased an adjoining plot of land for Rs 1.55 crore. The plot area is 16,500 sq. mtr. The company proposes capex of Rs 5 crore to develop a warehouse and additional production capacity
Board of NESCO approves change in directorate
(i) Resignation of Alka Adatia from the directorship of the Company with effect from 10 May 2019;
Gold futures fall 0.13% on weak global cues
Gold prices fell 0.13 per cent in futures trade Wednesday as speculators were engaged in reducing their holdings amid a weak trend overseas. On the Multi Commodity Exchange, gold for delivery in June contracts was trading lower by Rs 42, or 0.13 per cent, to Rs 32,199 per 10 gram in a business turnover of 9,005 lots. On a similar note, the August contract of gold fell by Rs 102, or 0.31 per cent, to Rs 32,335 per 10 gram in a business volume of 8,123 lots. Analysts said, off-loading of positions by participants tracking a weak trend overseas led to the fall in gold prices here. Gold prices fell 0.15 per cent to USD 1,294.40 an ounce in New York.