Page 361 - Business Finance
Jet Airways' CEO, CFO resign from the board
Debt-laden Jet Airways' Chief Executive Officer Vinay Dube and Chief Financial Officer Amit Agarwal have resigned from their positions, the company said on Tuesday.Agarwal was also Deputy Chief Executive Officer of the grounded airline. Both Dube and Agarwal resigned due to personal reasons with immediate effect, the airline said in a statement.Jet Airways stopped its operations on April 17. It is under the management control of State Bank of India-led consortium of lenders following a debt-restructuring plan.Several top executives and board members have quit the airline. Former Chief Election Commissioner Nasim Zaidi resigned from his position as Non-Executive and Non-Independent Director on the airline's board citing personal reasons and time constraints.Independent Director Rajshree Pathy and top executive Gaurang Shetty have also quit the board.Jet Airways Chairman Naresh Goyal and his wife Anita holding 51 per cent of the equity resigned from the board on March 25, and ...
IBC implementation largely on track, though resolution timeline remains a challenge: Crisil
Exactly three years since it was legislated, the Insolvency and Bankruptcy Code (IBC) 2016 has made material progress in addressing the logjams it was supposed to -- which is faster recovery of stressed assets and quicker resolution timelines.Recovery through the IBC was about Rs 70,000 crore in fiscal 2019 -- or twice the Rs 35,500 crore recovered through other resolution mechanisms such as the Debt Recovery Tribunal, Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, and Lok Adalat -- in fiscal 2018."The recovery rate for the 94 cases resolved through IBC by fiscal 2019 is 43 per cent compared with 26.5 per cent through earlier mechanisms," said President of Crisil Ratings Gurpreet Chhatwal."What's more, the recovery rate is also twice the liquidation value for these 94 cases, which underscores the value maximisation possible through the IBC process," he said in a statement.A key economic reform, the IBC has shifted the balance of power
ED attaches properties worth Rs 483 crore in bank fraud case
The Enforcement Directorate (ED) has provisionally attached immovable properties consisting of commercially diverted land of 2,70,374 sq ft along with shopping mall in Nagpur worth Rs 483 crore of KSL & Industries Ltd, Mumbai under Prevention of Money Laundering Act (PMLA), 2002, in a bank fraud case.KSL & Industries Ltd, Mumbai is one of the group company of Tayal group of Companies, read a statement from ED."The Directorate initiated an investigation under PMLA on the basis of three FIRs of CBI(B & FC) against three different companies of Tayal group of Companies viz. Actiff Corporation Ltd, Jaybharat Textiles & Real Estate Ltd, KKTL and Eskay Knit (India) Ltd for cheating and fraudulently availing loans totalling to Rs 524 crore from Bank of India and Andhra Bank during the year 2008," the statement read.It was revealed in the investigation that during the year 2008, these Mumbai based companies of Tayal group availed loan to the tune of Rs 524 crore by ...
Taboola expands reach with new India office and Global Support Center
Taboola, the leading discovery platform, today announced their expansion in India, opening up new offices in Cyber City, Gurugram, a new sales center in Mumbai, and actively hiring 80 employees, all to support the company's operations in India and globally.The expansion follows the signing and renewing of partnership agreements with most of India's top publishers, including Indian Express, The Hindu, Zee Media, NDTV, India Today Group, Times Now, MSN, IndiaTV, ABP and Dinamalar. Taboola now has a monthly reach of 12 million unique views in Delhi, 7.3 million unique views in Mumbai, and 8.7 million unique views in Bengaluru."At Taboola, publishers come first," said Kalli Purie, Vice Chairperson, India Today Group."What I really like about Taboola is that they come in and work as partners, not suppliers or vendors. Once they were partners they were in our Newsroom working closely with us, always sharing what they are building and how we can use it. Taboola feels embedded in our ...
Stock markets snap 9-day fall, Sensex gains 228 points
Indian equity markets snapped a nine-day fall on Tuesday and closed in the green after erasing morning losses as European stocks opened higher.Besides, low retail inflation in April at 2.92 per cent brought hopes of a key interest rate cut in June. Except IT, all sectoral indices closed in the positive zone.The S & P BSE Sensex was up 228 points to close at 37,319 while the Nifty 50 gained 74 points to wind up at 11,222.Indiabulls Housing Finance was the top outperformer, gaining nearly 6.5 per cent to close at Rs 701.85.Bharti Airtel too gained over 6 per cent and closed at Rs 338 after announcement of scrapping its low-valued post-paid plans to improve its average revenue per user (ARPU) and boost profitability.But shares of Jet Airways fell 7.4 per cent to close at Rs 129.10 each after the company's chief financial officer resigned with immediate effect citing personal reasons.Most IT stocks were in the red. Tech Mahindra, Tata Consultancy Services, HCL Tech and Wipro lost ...
Samsung sells 5 mn A series smartphones in 70 days, clocks USD 1 bn in sales
Samsung Tuesday said its A series smartphones have crossed sales of USD 1 billion (nearly Rs 7,000 crore) in 70 days and is "well on track" to reach the target of USD 4 billion sales by year-end in India. In February, the South Korean tech giant had said it aimed to garner USD 4 billion (around Rs 28,000 crore) in revenue this year in India from its Galaxy A smartphones range that is aimed at the millennials. "We now have six models in the A series and are receiving great response from across the country. The A2 Core, which was our entry-level offering, is driving huge volume. In 70 days, we have already sold 5 million units under the A series and are well on track with our USD 4 billion target," Samsung India Senior Vice-President and Chief Marketing Officer Ranjivjit Singh told PTI. He added that the company has clocked sales of USD 1 billion from the A series in the said time period. Samsung, which is locked in an intense battle with Chinese player Xiaomi for leadership in the ...
Jaypee Infratech creditors decide to vote on NBCC's revised bid
The creditors' panel of debt-laden Jaypee Infratech Tuesday decided to vote on the revised offer of NBCC as more than 20,000 home buyers favoured voting process for the state-owned firm's bid even as bankers dissented, sources said. Voting process would start on Thursday and end on Sunday, sources said, adding that the results would be declared on May 20. Bankers who participated in the Committee of Creditors (CoC) meet here on Tuesday opposed voting process for the NBCC's bid and pitched for further negotiations. During the meeting, bankers also proposed that they would take control of Jaypee Infratech and rope in NBCC as Project Management Consultant (PMC) to complete over 20,000 delayed flats, sources said. The opposition to the revised bid also comes against the backdrop of NBCC on Monday ruling out dilution of certain conditions, including exemption from tax liability, in its revised offer. However, sources said home buyers struck a different note. Kuldeep Verma, who represents ..
Citi ties up with Paytm to launch co-branded credit cards
Seeking to increase its penetration, American lender Citi has tied up with Paytm to launch a co-branded credit card with a slew of incentives. Citi is already one of the largest credit card issuers in India with over 2.7 million cards in March 2019, while Paytm with interests in e-wallets and e-commerce has 300 million users. "Within that population (of 300 million), even if we take one per cent of that population (for the card), that is 3 million customers. We think there is tremendous potential for growth of this partnership," Citi's Chief Executive (Global Consumer Banking) Stephen Bird told reporters here. Paytm Chairman and CEO Vijay Shekhar Sharma declined to spell out a formal target which the partners are aiming for with the new offering. Both the partners have jointly developed a tool through which Paytm will be able to identify a potential base of customers who will be interested for a card and also meet credit requirements for the unsecured product. Getting new credit ...
Religare Enterprises intimates of withdrawal of scheme of merger of subsidiaries
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Sensex snaps 9-day long losing streak
The Sensex snapped its nine-day long losing streak on Tuesday to end 227.71 points higher. Except for IT, stocks of all other sectors ended in the green.
Union Bank net loss widens to Rs 3,370cr in Q4 on higher provisioning
State-owned Union Bank of India Tuesday said its net loss widened to Rs 3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning. The company had registered a net loss of Rs 2,583.38 crore in the same quarter of the preceding fiscal. However, the bank had posted a net profit of Rs 153.21 crore in the third quarter of 2018-19. Total income in three months to March grew to Rs 9,621.01 crore, as against Rs 9,596.86 crore in the same period of 2017-18. For entire 2018-19, the bank reported a net loss of Rs 2,922.35 crore on a consolidated basis, as against Rs 5,212.47 crore loss in 2017-18. Income during the year stood at Rs 39,355.38 crore, up from Rs 38,413.65 crore a year earlier. The asset quality of the bank remained poor with the gross non-performing assets (NPAs) standing at 14.98 per cent of gross advances at March-end 2019 against 15.73 per cent as of March 31, 2018. Net NPAs came down to 6.85 per cent from 8.42 per cent. The high level of bad asset .
Indian Bank posts Q4 loss of Rs 189 cr on provisioning
After logging a net loss of Rs 189.77 crore in the fourth quarter of the last fiscal ended March, state-run Indian Bank should be back in black in the current quarter, a top bank official said on Tuesday.
Rupee recovers 7paise along with stocks, ends at 70.44 vs USD
The rupee Tuesday recovered 7 paise to close at 70.44 to the US dollar on the back of gains in equity markets while US-China trade-related concerns and rising crude oil prices continued to weigh on investor sentiment. Stock markets cut short their nine-day losing streak with the benchmark BSE Sensex closing 0.61 per cent higher and NSE Nifty regaining nearly 74 points on value buying in pharma and banking counters. At the interbank foreign exchange market, the rupee opened strong at 70.43 against the US currency. During the day, the local unit moved in a range of 70.51 to 70.30. The domestic currency finally ended at 70.44, up 7 paise against its previous close. The rupee had slid to a two-and-a-half-month-low of 70.51 Monday on heavy forex outflows. "Strong recovery in the domestic equity markets and US Futures helped the rupee maintain strength throughout the session," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. Foreign fund outflows, rising crude ...
RBI needs to go for large rate cut in June: SBI report
The RBI needs to go in for a larger rate cut, more than 25 basis points, in the next monetary policy review in June to reverse the current slowdown in the economy, said a research report by country's largest bank SBI. The Reserve Bank of India (RBI) had cut the key short term lending rate (repo) by 25 points each in its last two policy reviews and is slated to announce the next bi-monthly policy on June 6. "Are we currently facing a quasi growth slowdown? The apparent nervousness is clearly reflected in the trends exhibited in key stock indices," said the SBI's research report 'Ecowrap'. Initial trends in fourth quarter of 2018-19 exhibit overall decline in sectors such as telecom equipment and infra services; agro chemicals; petrochemicals; infrastructure developers and castings, it noted. Also, pharmaceutical companies dependent on exports are likely to report poor growth numbers. In January-March 2018-19 quarter, of 384 companies more than 330 companies exhibited negative growth in
Market halts 9-day losing run; financial, energy stocks lead recovery
Indian stock market bounced back after nine sessions of losses on Tuesday, with participants showing keen interest in financial and energy stocks after benign inflation data kindled rate cut hopes in the RBI's June policy meet. Reclaiming some lost ground, the BSE Sensex rose about 228 points and the NSE Nifty closed nearly 74 points higher. Index heavyweights Reliance Industries, ITC and SBI were mainly responsible for the recovery on bourses. In percentage terms, however, Sun Pharma topped the chart with 5.87 per cent rise. Other major gainers include Bharti Airtel, Vedanta, Indusind Bank, SBI and RIL -- rising as much as 5.40 per cent. On the flip side, TCS, HCL Tech, Bjaja Finance, Bajaj Auto and Infosys were among the top losers on the Sensex. Sectorally, telecom, energy and capital goods were the top three performers -- rising up to 2.81 per cent. The BSE Sensex started off the session on a positive note at 37,146.58 against the previous close of 37,090.82. Intra-day, the index .
India may again extend retaliatory tariff deadline on US products by 30 days
India is expected to again extend the deadline by a month to impose retaliatory import duties on 29 US products, including almond, walnut and pulses, an official said. The previous extension will end on May 16. The commerce ministry has asked its finance counterpart to issue a notification with regard to further extension of the deadline, the official added. These deadlines were extended several times since June 2018, when India decided to impose these duties in retaliation to a move by the US to impose high customs duties on certain steel and aluminium products. This extension comes in the backdrop of the US decision to withdraw export incentives being provided to Indian exporters under Generalised System of Preferences (GSP) programme, which is expected to impact India's exports to the US worth USD 5.6 billion under this scheme. America had given 60 days notice, which ended on May 2 but has yet to withdraw those benefits. Meanwhile, US Commerce Secretary Wilbur Ross and Commerce ...
Endurance Technologies consolidated net profit rises 27.75% in the March 2019 quarter
Sales rise 9.55% to Rs 1900.36 crore
Lumax Industries consolidated net profit declines 19.63% in the March 2019 quarter
Sales decline 22.59% to Rs 432.65 crore
Paul Merchants standalone net profit declines 98.56% in the March 2019 quarter
Sales decline 20.31% to Rs 960.33 crore
Tribhovandas Bhimji Zaveri standalone net profit declines 83.38% in the March 2019 quarter
Sales decline 4.17% to Rs 415.43 crore