Page 360 - Business Finance
L&T Realty eyes Rs 3,200 cr revenues from Navi Mumbai project
Diversified group Larsen & Toubro's real estate arm L&T Realty is eyeing revenues of Rs 3,200 crore from an upcoming project in the satellite city of Navi Mumbai, official said Tuesday. The 10-acre parcel, the first transit-oriented development in India coming up near the Seawoods Darave railway station, has a development potential of 1.5 million sqft and will be developed in a phased manner. "Bookings for the phase-I of the project have finished and we are looking at revenues of around Rs 3,200 crore, once completed," a company official said. For the first phase, it has received nearly 1,800 booking applications from home buyers for 500 units offered, which belies the fears of a slowdown in the market. "The project has received an unprecedented response from the customers, brokers, corporate houses and international markets at a time when the market is muted," company's managing director and chief executive Shrikant Joshi told PTI. The company had launched a channel partner ..
L&T Finance to raise Rs 195 cr by issuing preference shares
L&T Finance Holdings plans to raise up to Rs 195 crore by issuing shares on a preferential basis. In an exchange filing, the company said it will issue up to 1,95,00,000 cumulative compulsorily redeemable non-convertible preference shares - at face value of Rs 100 each - aggregating up to Rs 195 crore on a private placement basis. Stock of the L&T Finance closed 3.05 per cent up at Rs 118.40 on the BSE.
Myntra Jabong appoints Harish Narayanan as Head of Marketing
Flipkart-owned Myntra Tuesday said it has appointed Harish Narayanan as the Head of Marketing for Myntra Jabong. Narayanan, who previously served as the Head of B2B Marketing (Asia Pacific) at YouTube, takes over the new role from Mithun Sundar, a statement said. Sundar, the current Head of Revenue and Marketing, will continue to lead Revenue and will also be responsible for Fashion Strategy, it added. Narayanan will report to Myntra Jabong Head Amar Nagaram. "In his new role, he will be working closely with Amar Nagaram and multiple group stakeholders to chart out the strategy for the next phase of growth for Myntra and Fashion as a business. He will also lead analytics, business intelligence and strategic planning and execution as a part of this role," it said. * * * * * * Dream11 becomes official fantasy game partner for T20 Mumbai League Dream11, an esports platform, Tuesday said it has entered into an exclusive four-year partnership with the Mumbai Cricket Association's (MCA) ...
Govt committed to strategic disinvestment of Air India:
The government is committed to strategic disinvestment of national carrier Air India, Minister of State for Civil Aviation Jayant Sinha said Tuesday. Speaking at a session hosted by the Indian Chamber of Commerce here, Sinha said the government was taking steps to make Air India a vibrant global airline and benchmark some of its services with the best in the world. "We want to make Air India a vibrant global airline going forward," Sinha said. On Jet Airways, which has been grounded due to financial crisis, the minister said "there is a bank-led resolution plan which is underway". "Some bids have been received and let see how the resolution plan unfolds," he said. Sinha said that in the interim, some assets of Jet Airways have been assigned for the convenience of passengers. "When the resolution process is complete, these assets will again be re-assigned." He said India has the most open and competitive aviation industry in the world and the desire was to benchmark it ..
StanChart slams Essar Steel's CoC for holding 'secret' talks with ArcelorMittal
Standard Chartered Bank Tuesday slammed Essar Steel's Committee of Creditors (CoC) for holding "secret" negotiations with ArcelorMittal, resulting in "illegality" that reduced bid amount and jeopardised its interest. Resuming arguments before the National Company Law Appellate Tribunal (NCLAT), senior counsel Kapil Sibal termed the secret settlement as "scam" that led to lenders of Orissa Slurry Pipeline Infrastructure Ltd gaining Rs 2,500 crore out of Rs 42,000 crore that ArcelorMittal had bid to takeover Essar Steel. He read out from a 9-page note StanChart had submitted before the NCLAT to argue that "illegality resulted from secret negotiations between the core committee (CoC) and ArcelorMittal India", which was detrimental to all creditors. StanChart has approached the NCLAT alleging that the CoC had discriminated against it, as it was being offered only 1.7 per cent of its total dues from Essar Steel's resolution plan, while other financial creditors, forming part of the CoC, ...
Jet sinks deep, resolution faces many challenges
Grounded Jet Airways faces multiple challenges even as lenders act on partner Etihad Airways' suggestion to find a majority buyer for the airline.
Now, grounded Jet Airways' CEO Vinay Dube quits
Jet Airways' chief executive Vinay Dube resigned on Tuesday, ending a 21-month long tumultuous tenure during which the once-storied carrier shuttered operations due to cash crunch. An Indian-American, Dube joins the growing list of exits at Jet Airways, which served the Indian skies for more than 25 years. His resignation comes a day after Deputy CEO and Chief Financial Officer Amit Agarwal quit. "We wish to inform that Vinay Dube, Chief Executive Officer (CEO) has resigned from services of the company with immediate effect due to personal reasons," Jet Airways said in a regulatory filing Tuesday. Before joining Jet Airways as CEO in August 2017, Dube had served in various roles at Delta Airlines, Sabre Inc and American Airlines in the US, Europe and Asia. He took over the reins of Jet Airways almost 15 months after the exit of his predecessor Crammer Ball. During this period, Agarwal was the acting CEO. Earlier on Tuesday, Jet Airways informed stock exchanges that Agarwal has ...
NCDRC directs Unitech to refund over Rs 1 crore to buyer, give compensation
The National Consumer Disputes Redressal Commission (NCDRC) has asked real estate giant Unitech Limited to refund over Rs 1 crore to a home buyer for failing to hand over the possession of an apartment. The apex consumer commission has asked the company to refund within three months Rs 1,77,95,300 and give a compensation of simple interest at 10 per cent per annum to Gurgaon residents Amal and Minakshi Ganguli for a delay of over two years in handing over the possession. "Refund the entire principal amount of Rs 1,77,95,300 to the complainants along with compensation in the form of simple interest at 10 per cent annum with effect from the date of each payment till the date of refund," Presiding Member of the Commission Justice V K Jain said. The commission also asked the firm to pay Rs 25,000 as litigation cost to the home buyer. The Gangulis had booked a residential apartment with Unitech Limited in its 'The Exquisite' project in Nirvana Country-2 which was to be developed in ...
MCFL posts net loss of Rs 5.95 cr in Q4
Mangalore Chemicals and Fertilizers Ltd (MCFL) Tuesday reported a net loss of Rs 5.95 crore during the fourth quarter of the 2018-19 fiscal. The company had posted a net profit of Rs 20.30 crore in the corresponding quarter last year, according to a regulatory filing. Net income rose to Rs 643.09 crore during January-March quarter of the 2018-19 fiscal from Rs 634.1 crore in the year-ago period. For the full 2018-19 fiscal, the company's net profit declined to Rs 32.87 crore from Rs 60.58 crore in the previous year. However, net income increased to Rs 3,073.63 crore from Rs 2,692.90 crore a year-ago in the same period. The company's board has recommended a dividend of Re 1 per equity share of Rs 10 each for the 2018-19 financial year. MCFL has a urea plant near the Mangalore port with an annual capacity of about four lakh tonne and three lakh tonne of phosphatic fertilisers. Its products are marketed under the 'Mangala' brand. Shares of the company Tuesday fell 1.84 per cent to settle
NPA recoveries via IBC in 2018-19 at Rs 70,000 cr: Crisil
Bad loan recoveries in the last fiscal effected through the Insolvency and Bankruptcy Code (IBC) route was at Rs 70,000 crore, posting a recovery rate of 43 per cent, and was twice the Rs 35,500 crore recovered through previous resolution mechanisms like the Debt Recovery Tribunal and Lok Adalat, as per a report by ratings firm Crisil.
NCLAT refuses to stay voting by Jaypee Infratech creditors' panel
The NCLAT Tuesday refused to stay voting by the creditors' panel of Jaypee Infratech on the revised offer of state-owned NBCC Ltd to acquire the debt-laden realty firm through insolvency proceedings. Soon after a Committee of Creditors (CoC) decided to put for vote NBCC's bid, banks sought a stay on the voting process. Refusing to entertain the plea by banks, a two-member NCLAT bench headed by Chairman Justice S J Mukhopadhaya also warned banks that they would get "zero rupees" if the process is stalled. Justice Mukhopadhaya said the interest of thousands of home-buyers was of prime importance and the matter needed to be resolved even if there is just one bidder. The banks made the plea before the bench which was to take up the matter of an appeal against an NCLT order that directed Jaiprakash Associates Ltd (JAL) to return nearly 760-acre land to its subsidiary Jaypee Infratech. Jaypee Infratech's interim resolution professional (IRP) Anuj Jain had filed a petition in the National ...
Jayant Agro Q4 net profit up 51 pc at Rs 13.32 cr
Castor oil maker Jayant Agro-Organics Tuesday reported a 50.84 per cent jump in standalone profit at Rs 13.32 crore for the quarter ended March 2019. Net profit stood at Rs 8.83 crore in the same quarter previous year, the company said in a statement. Net income for the January-March quarter increased to Rs 221.64 crore from Rs 203.07 crore in the year-ago period. Commenting on the performance, Jayant Agro Group Chairman and whole-time Director Abhay Udeshi said the company has maintained a growth momentum despite the challenging market condition last year. "The company remains positive for the next year as well. We are optimistic about specialty chemical demand growth in international markets," he added. Shares of the company Tuesday fell 2.83 per cent to settle at Rs 197.30 apiece on the BSE.
Indian Bank to decide on raising Rs 7,000 crore in Q2: MD
State-owned Indian Bank will take a call on raising Rs 7,000 crore during the second quarter of the current financial year, its Managing Director and CEO Padmaja Chunduru said Tuesday. "We have received approval to raise upto Rs 7,000 crore. We will decide about it during the second quarter," she told PTI here. In December 2017, the bank's Board accorded approval to raise equity capital upto Rs 7,000 crore in one or more tranches in the current or subsequent financial years based on requirement through FPO, private placement, QIP/rights issue/preferential issue/institutional placement programme. To a query whether the bank has chalked out plans to reduce Non-Performing Assets, she said the target was to bring it down to less than three per cent. Gross NPA of the bank reduced to 7.11 per cent at the end of March 2018 while net NPA was at 3.75 per cent.
PTC India Q4 profit down 16 pc at Rs 54 cr
PTC India Tuesday reported 16.32 per cent drop in standalone net profit at Rs 53.86 crore for the quarter ended March 31, 2019, mainly due to lower dividend from its subsidiaries. The profit in the year-ago quarter stood at Rs 64.37 crore, as per a BSE filing. A company official said PTC India got total dividend of Rs 8 crore from its subsidiaries PTC Energy and PTC Financial Services for 2018-19 as compared to Rs 62 crore in the pervious fiscal. According to the filing, total income of the firm rose to Rs 2,673.25 crore in the latest quarter from Rs 2,179.08 crore in the year-ago period. Total income during 2018-19 increased to Rs 13,627.29 crore from Rs 11,518.49 crore in 2017-18. Net profit dipped to Rs 262.32 crore in 2018-19 from Rs 319.20 crore in the previous year. The company's board recommended a dividend at the rate of 40 per cent (Rs 4 per equity share) on 29,60,08,321 fully paid up equity shares of Rs 10 each. During 2018-19, loan amounting to Rs 385.77 crore has been ...
Nepal probes journalists for Dalai Lama news
Three Nepali journalists are being probed for circulating a news item on the Dalai Lama, officials said Tuesday, in a sign of growing Chinese influence on its small Himalayan neighbour. The journalists, who work with Nepal's national news agency Rastriya Samachar Samiti (RSS), were asked for clarifications after translating a wire report about the Dalai Lama's discharge from a hospital and his return to Dharamshala in April. The circulation of the translation coincided with the visit of Nepal's president Bidhya Devi Bhandari to China on invitation of Chinese President Xi Jinping. Hari Adhikari, chairman of RSS, said that a committee has been formed and the management will decide whether to take any action against the three after it submits a report. "As the national news agency, we don't carry news that is against the foreign policy of our country and affects the relationship with our neighbours," Adhikari said. Nepal, home to around 20,000 Tibetans, is under intense pressure from its
Myntra Jabong appoints Harish Narayanan as marketing head
Harish Narayanan, who headed YouTube's Asia Pacific marketing, has joined fashion e-tailer Myntra Jabong as its Head of Marketing.
Great Eastern Energy's net profit for 2018-19 up 57%
Integrated gas production and exploration company Great Eastern Energy Corporation on Tuesday reported a 57.12 per cent rise in its net profit for FY 2018-19.
RIL again becomes most-valued firm by m-cap
Reliance Industries Ltd Monday reclaimed the status of the country's most-valued firm in terms of market valuation after two trading sessions, overtaking software services major TCS. At the close of trade, RIL's market capitalisation (m-cap) was at Rs 7,98,385.98 crore, which is Rs 12,505.29 crore more than that of Tata Consultancy Services (TCS) Rs 7,85,880.69 crore valuation, according to data available with the BSE. Shares of Reliance Industries Ltd (RIL) rose 2.33 per cent to close at Rs 1,259.50 apiece on the BSE, while those of TCS fell by 1.72 per cent to Rs 2,094.35. RIL shares were on a downhill for the past few days. TCS had on Thursday became the country's most-valued firm by market valuation, surpassing RIL. RIL and TCS have in the past also competed with each other for the number one position in terms of market capitalisation. In the domestic m-cap chart, RIL is at number one position followed by TCS, HDFC Bank (Rs 6,24,089.61 crore), HUL (Rs 3,66,787.51 crore) and ITC ..
CAIA's "Stackable Credential" program enters second year with strong momentum, global reach
The Chartered Alternative Investment Analyst (CAIA) Association, the global leader in alternative investment education, is marking the successful first year of their "stackable credential" program which allows a limited number of qualified members of CFA Institute to move directly to Level II of the rigorous two-part CAIA exam.Since the program's inception, more than 1,000 CFA charter holders from 30 countries have enrolled. Many of the largest asset owners, asset managers, and pension consultants are among the employers consistently seen in the profiles of the Candidates approved to participate in this program."We have been very pleased with the reaction to our stackable credential initiative and look forward to welcoming more CFA charterholders to the ranks of CAIA Members," said William J. Kelly, CEO of CAIA."We always looked upon this program as ultimately a benefit to the asset owners for whom we all have the pleasure and obligation to serve. The early indications are that we are
Polycab Q4 net profit down 27% at Rs 137.25 crore
Wires and cables manufacturer Polycab India Tuesday reported a 27.26 per cent decline in its consolidated net profit to Rs 137.25 crore for the fourth quarter ended March 31, mainly on the back of an increase in expenses. The company, which was listed in April, had reported a net profit of Rs 188.71 crore in the year-ago period, it said in a BSE filing. Its income from operations for the quarter, however, increased 15.85 per cent to Rs 2,444.79 crore from Rs 2,110.24 crore in the corresponding period a year ago. The company's expenditure for the quarter increased to Rs 2,280.6 crore, from Rs 1,837.47 crore in the fourth quarter of 2017-18, which reflects the fluctuation in commodity prices. For the fiscal year 2018-19, Polycab's profit after tax (PAT) increased 39.53 per cent to Rs 500.36 crore, while the income from operations grew 15.05 per cent to Rs 7,955.98 crore as against Rs 358.56 crore and Rs 6,914.95 crore, respectively, in 2017-18. "Last fiscal has been a year of record ...