Page 363 - Business Finance
InnoVen Capital receives $200mn new funding commitment from shareholders
Venture debt provider InnoVen Capital Tuesday said it has received a capital commitment of USD 200 million (over Rs 1,400 crore) from its shareholders Temasek and United Overseas Bank Ltd. Both entities will contribute USD 100 million each and the additional commitment will allow InnoVen Capital to tap the immense potential in the venture debt space across Asia, a statement said. InnoVen Capital operates in India, China and South East Asia and has supported over 200 start-ups with over USD 500 million (over Rs 3,500 crore) in financing. "Access to additional equity capital along with the ability to leverage the balance sheet will position us well, as we drive an ambitious growth agenda," InnoVen Capital India CEO Ashish Sharma said. Chin Chao, CEO of InnoVen Capital Singapore and Southeast Asia, said the additional capital will allow it to engage with more start-ups and build a platform that allows collaboration with VCs, corporates and entrepreneurs from across Asia. Established in ..
Mahindra Logistics scouts for acquisition in SE Asia
Mahindra Logistics Ltd was scouting for acquisition in Southeast Asia to strengthen its freight forwarding business, expanding its warehousing space and touching Rs 6,000 crore topline by FY'21, its CEO Pirojshaw Sarkari said Tuesday. Warehousing offers better margin for the company and in the current fiscal plans are in place to add two million square feet of space. "We are looking for acquisitions in SE Asia in the freight forwarding sector. This segment is just 5 per cent of our total business," Sarkari said. The company's freight forwarding business is handled through Lords Freight, which it had acquired earlier. Globally, top logistics players generate at least 25 per cent of revenue from freight forwarding. Sarkari said the immediate target is to double the business in this sector. Apart from expanding freight forwarding, we will be expanding warehousing space, he said. "We will add 2 million sq ft in the current fiscal. We have 15 million sq ft now across India and
Vodafone Idea shares fall over 3% after Q4 results
Shares of Vodafone Idea Tuesday fell by over 3 per cent as the company's March 2019 quarter results failed to cheer investors. The scrip declined 3.11 per cent to close at Rs 14 on the BSE. During the day, it dropped 9.68 per cent to Rs 13.05 -- its 52-week low. At the NSE, shares went lower by 3.11 per cent to close at Rs 14. In terms of traded volume, 126.96 lakh shares were traded on the BSE and over 24 crore shares on the NSE during the day. The results were announced after market hours Monday. Vodafone Idea Monday said its consolidated loss has narrowed sequentially to Rs 4,881.9 crore in March 2019 quarter, as strategic initiatives to improve revenue and average realisation from subscribers helped financials. The loss has narrowed from Rs 5,004.6 crore during the third quarter of 2018-19, aided by 3.4 per cent drop in total expenses. The books of Vodafone Idea recorded a comprehensive loss of Rs 962.2 crore in the corresponding quarter a year ago, but the year-on-year figure is .
3M India's MD to take over as VP & GM in Abrasives Systems Division, Safety & Industrial Business Group
Effective 01 June 2019
Quick Wrap: Nifty PSU Bank Index gains 2.85%
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Japan Market end lower as Sino-U.S. trade war intensifies
Selling has intensified for local shares on Tuesday with the escalation of US-China trade tensions. China announced Monday that it will raise tariffs on $60 billion worth of U.S. goods, beginning on June 1. The goods targeted include a broad range of agricultural products. Last week, U.S. President Donald Trump raised duties on $200 billion in Chinese goods to 25% from 10%. .
Maha ACB books KDMC Shiv Sena corporator for bribery
A Shiv Sena corporator of the Kalyan-Dombivali Municipal Corporation was Tuesday booked for allegedly demanding a bribe of Rs 1 lakh from a contractor, a senior Anti-Corruption Bureau official said. Deputy Superintendent of ACB Navi Mumbai Unit Ramesh Chavan identified the corporator as Gorakh Jadhav (26) of Ward number 7 in Kalyan's Atali area. "The contractor had received a civic work costing Rs 9.49 lakh. The corporator wanted a ten per cent cut failing which he threatened to obstruct the work. The contractor lodged a complaint with ACB on February 23 this year alleging that Jadhav was demanding a bribe," Chavan said. He said an ACB probe confirmed that the corporator had demanded a bribe of Rs 1 lakh. "We booked him today under Prevention of Corruption Act. A case has been registered with the Khadakpada police station. Jadhav has not been arrested so far and further probe is on," Chavan said.
Turnover in F&O segment jumps
RIL, SBI, ICICI Bank May 2019 futures most active
GOI Announces Sale Of Five Dated Securities For Rs 17000 Crore
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Australia Market falls to one-month low
Selling has intensified for local shares on Tuesday with the escalation of US-China trade tensions. China announced Monday that it will raise tariffs on $60 billion worth of U.S. goods, beginning on June 1. The goods targeted include a broad range of agricultural products. Last week, U.S. President Donald Trump raised duties on $200 billion in Chinese goods to 25% from 10%.
Trump's election boosted Israeli settlement construction
Israel's government went on a spending binge in its West Bank settlements following the election of President Donald Trump, according to official data obtained by The Associated Press. Both supporters and detractors of the settlement movement have previously referred to a "Trump effect," claiming the president's friendlier approach to the settlements is leading to additional West Bank construction. While the new Israeli figures obtained in a freedom of information request do not prove a direct connection, they indicate this process may already be underway, showing a 39 per cent increase in 2017 spending on roads, schools and public buildings across the West Bank. Hagit Ofran, a researcher with the anti-settlement monitoring group Peace Now, said it appears that Trump's election has emboldened Israel's pro-settler government. "They are not shy anymore with what they are doing," she said. "They feel more free to do whatever they want." Nabil Abu Rdeneh, spokesman for Palestinian ...
Jet Airways shares continue to fall; plummet over 7%
Shares of Jet Airways Tuesday plunged over 7 per cent, its second day of decline, after the company's deputy chief executive officer and chief financial officer (CFO) Amit Agarwal resigned. The scrip tanked 7.42 per cent to close at Rs 129.10 on the BSE. During the day, it plunged 12.44 per cent to Rs 122.10. On the NSE, shares plummeted 7.33 per cent to close at Rs 128.90. In terms of volume, 22.14 lakh shares were traded on the BSE during the day, while over one crore shares were traded on the NSE. Shares of Jet Airways had plummeted over 8 per cent Monday amid continued uncertainty over bidders. "We wish to inform that Amit Agarwal, the deputy chief executive officer and CFO of the company, has resigned from service due to personal reasons, with effect from May 13," Jet Airways said in a regulatory filing. The airline seized operations temporarily around mid-April due to acute liquidity crisis. Most of the airline's board members have also quit in last one month.
Torrent Power raises Rs 270 cr via debentures
Torrent Power Tuesday said it has raised Rs 270 crore by issuing non-convertible debentures on private placement basis. The company issued 2,700 non-convertible debentures (NCDs) of Rs 10 lakh each aggregating to Rs 270 crore, it said in a BSE filing. The rated, taxable, unsecured, listed, redeemable NCDs were issued at coupon rate of 10.25 per annum on private placement basis, it said. In case of default in payment of interest and/ or principal redemption on due dates, the company shall pay additional interest at the rate of 2 per cent per annum over the coupon rate for the defaulting period, the filing said.
Floundering Thyssenkrupp plunges into red in Q2
Struggling German conglomerate Thyssenkrupp plunged into the red in its second quarter, posting a net loss of 86 million euros (USD 96 million) on Tuesday following news that it will slash 6,000 jobs. The plunge into loss-making at the start of the year contrasted with a 250-million-euro profit in early 2018, reflecting the troubled waters the Essen-based group has found itself in since last summer. On Friday, Thyssenkrupp announced 6,000 job cuts worldwide - including 4,000 in Germany - as part of a structural shakeup following the collapse of a proposed merger with Indian steel giants Tata. The German group's operating, or underlying profit (EBIT) fell 66 percent -- or 283 million euros - year-on-year down to 145 million euros. "In the steel sector, the historic low ebb of the river Rhine, lower demand from the automotive industry and the new collective agreement (with worker representatives) had a negative impact on earnings," Thyssenkrupp said in a statement. However, there was ...
UCO Bank posts net loss of Rs 1,552 cr in Mar quarter; yearly loss at Rs 4,321 cr on higher NPAs
State-owned UCO Bank Tuesday said its net loss has narrowed to Rs 1,552.02 crore in March 2019 quarter, amid a persistent high level of bad loan ratio. The bank had reported a net loss of Rs 2,134.36 crore during the corresponding January-March quarter of 2017-18. Sequentially, the loss in March 2019 quarter was higher than Rs 998.74 crore in the December quarter of 2018-19. Thus, for the entire financial year, there was a net loss of Rs 4,321.09 crore, against Rs 4,436.37 crore loss in 2017-18. Its total income in the March quarter rose to Rs 4,148.52 crore as against Rs 3,424.65 crore in the corresponding quarter of the previous fiscal, the bank said in a regulatory filing. In full 2018-19, the total income moved up to Rs 15,844.14 crore as against Rs 15,141.13 crore. The Kolkata-headquartered bank witnessed worsening in its gross bad loan ratio at 25 per cent of the gross advances at end-March 2019, against 24.64 per cent by the end of March 2018. In the December quarter, the ...
Market halts 9-day losing streak; Sensex spurts 227 pts
Indian equities Tuesday reversed their nine-session losing streak, with the BSE Sensex recovering over 227 points and the NSE Nifty regaining nearly 74 points, helped by gains in pharma, banking and energy stocks. Sensex heavyweights Reliance Industries, ITC and SBI were mainly responsible for the recovery. In percentage terms, however, Sun Pharma topped the chart with 5.87 per cent. 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 30-share index. The gauge started off the session on a slightly positive note at 37,146.58 against the previous close of 37,090.82. Intra-day, the index touched a high of 37,572.70 and a low of 36,956.10. It finally settled the day at 37,318.53, gaining 227.71 points or 0.61 per cent. Similarly, the NSE gauge Nifty opened higher at 11,151.65 and touched a high of 11,294.75 and low of ...
Siemens March qtr profit up 28 pc at Rs 280 cr
Siemens Tuesday posted 27.6 per cent jump in net profit at Rs 280.3 crore for the March quarter 2019 mainly due to higher revenues. The company follows October-September financial year. Net profit in March quarter 2018 stood at Rs 219.7 crore, a company statement said. For the second quarter, Siemens recorded a revenue of Rs 3,461 crore, a 9.4 per cent increase over the corresponding period of the previous year, it said. According to the statement, new orders during the quarter under review were worth Rs 3,635 crore, 24.3 per cent rise over the year-ago period. Order backlog recorded a six-year high. "Siemens has delivered yet another robust and profitable performance this quarter. Our short cycle businesses did exceptionally well this quarter and we are seeing an acceleration in interest and demand from customers for our digitalisation portfolio," MD and CEO Sunil Mathur said. Siemens focuses on areas of power generation and distribution, intelligent infrastructure for buildings and .
Working to come out of PCA framework by Q2FY20: UBI chief
State-owned lender United Bank of India is working towards coming out of Prompt Corrective Action (PCA) farmework by second quarter of the current fiscal, its chief Ashok Kumar Pradhan said Tuesday. After posting losses for seven consecutive quarters, UBI reported a net profit of Rs 95.18 crore in the last quarter of 2018-19. "The bank's entire efforts is towards recovery and to come out of the Prompt Corrective Action by the second quarter of the current fiscal," Pradhan, the bank's Managing Director amd CEO, told reporters. The bank's Gross Non-Performing Asset (GNPA) and Net NPA stood at 16.48 per cent and 8.67 per cent, respectively, at the end of the last fiscal. "Our target is to bring down GNPA levels to 8-9 per cent and NNPA to 3-4 per cent, which will help us in getting out of the PCA, which has also led to restrictions in expansion of branches," Pradhan said. The PCA framework kicks in when banks breach any of the three key regulatory trigger points -- namely ..
Board of Mega Fin (India) appoints CFO and CEO
At meeting held on 14 May 2019
Magadh Sugar & Energy standalone net profit rises 102.93% in the March 2019 quarter
Sales rise 15.78% to Rs 209.57 crore