Page 370 - Business Finance
Maruti Suzuki opens 300th commercial vehicle retail outlet
To focus on commercial vehicle segment, automobile major Maruti Suzuki India on Monday said it has opened the 300th 'Commercial' channel in the country.
Indian economy to grow at 7% range in FY20: CEA
The Indian economy will grow at 7 per cent range in the current fiscal powered by the effects of the strong structural reforms such as bankruptcy laws, Goods and Services Tax (GST), crackdown on shell companies and the fiscal prudence undertaken in the last five years, Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian said on Monday.
Exporters ITC refunds to be processed online from June
In a major relief to exporters, the Central Board of Indirect Taxes & Customs (CBIC) has decided to process the input tax credit (ITC) claims online, which will reduce the ITC settlement time from a few months now to a fortnight and also clear the clogged working capital fast.
ED questions Kochhars for 9 hours, asks them to appear again on Tuesday
The Enforcement Directorate on Monday questioned former ICICI Bank MD and CEO Chanda Kochhar and her husband Deepak Kochhar for over nine houras and asked them to appear again on Tuesday in connection with its ongoing investigation into Rs 1,875-crore Videocon loan case.
Jaslok Hospital to invest Rs 300 cr to expand facilities
City-based charitable institution Jaslok Hospitals said Monday its board has decided to expand facilities by investing Rs 300 crore over five-six years. The institution has decided to embark on expansion on its own even as it received high interest from potential suitors. Six bidders, including international chains, had reportedly evinced interest at taking over operations of the hospital located in the tony Peddar Road area. The board of the trust running the hospital met Monday and decided to embark on an expansion drive, which will entail adding 50,000 sq ft of space and invest Rs 300 crore for it over 5-6 years, its chief executive Jitendra Haryan told PTI. The funds will be raised from internal accruals and by raising debt, the spokesperson added. "350-bedded Jaslok Hospital concludes today, that handling of operations and management control will remain with the hospital and rests all speculations about taking over of daily operations," an official statement said. The expansion ..
NIIT Tech completes divestment of stake in Esri India Technologies
IT firm NIIT Technologies said Monday it has concluded the sale of its stake in ESRI India Technologies. In April, NIIT Technologies had said it will sell its entire 88.99 per cent stake in Esri India Technologies Ltd to Environmental Systems Research Institute, Inc (Esri, Inc). "...the company today concluded the sale of 88.99 per cent equity shares in ESRI India Technologies Ltd, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies Ltd, India shall cease to be subsidiary of the company with immediate effect," a regulatory filing said. In its April notification, NIIT Tech had said the total consideration of the deal will be Rs 89.7 crore.
Vodafone Idea Q4 loss at Rs 4,882 cr; co says strategic initiatives taking effect
India's largest telecom operator 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 not comparable as the merger between India unit of Vodafone Group and Idea Cellular was completed on August 31, 2018. For Vodafone Idea -- whose financials has been battered by intense competition posed by the richest Indian Mukesh Ambani's Reliance Jio -- the revenue from operations for March quarter of 2018-19 came in at Rs 11,775 crore, almost flat compared to Rs 11,764.8 crore logged in the previous December quarter. A Vodafone Idea statement highlighted that the
April retail inflation up on food, fuel prices (Roundup)
Higher food and fuel prices increased India's April retail inflation to 2.92 per cent from 2.86 per cent in March, official data showed on Monday. But year-on-year, the Consumer Price Index (CPI) in April was lower than the corresponding period of last year when retail inflation stood at 4.58 per cent.
NBFC liquidity crisis hits 'loans against property' mkt in FY19
A fall in recoveries due to weak property markets in metros, coupled with rising delinquencies, has led to weakening of the loans against property (LAP) segment for financiers, a report said Monday. Other segments, especially commercial vehicle loans which were not doing so good recently, are showing signs of improvement, the report by domestic rating agency India Ratings said. In the LAP market, which the analysts have been flagging for potential risks recently, poor sentiment in the property market and the liquidity crunch faced by non-banking financial corporations weakened the performance of LAP, it said. Delinquency indices for the LAP transactions rated by the agency have been on the rise and the 90-day overdue loans rising to 1.77 per cent in January from 1.05 per cent in the year-ago period. High loan-to-value and high-yield buckets have reported higher delinquencies, it added. In the case of commercial vehicle loans, the rating agency said its early delinquency index for ...
Jet Airways shares plunge over 8 pc;
Shares of Jet Airways (India) Limited plummeted over 8 per cent Monday amid continued uncertainty over bidders. The scrip tumbled 8.14 per cent to close at Rs 139.45 on the BSE. During the day, it plunged 11 per cent to Rs 135.05. On the NSE, shares tanked 8.40 per cent to close at Rs 139. On the traded volume front, 17.31 lakh shares were traded on the BSE and over one crore shares changed hands on the NSE during the day. Media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier. Jet Airways stopped operations on April 17 due to acute financial distress. The State Bank of India-led consortium of lenders to Jet Airways Friday said it has received bids from Etihad Airways and from a few unsolicited parties to acquire stake in the grounded airline. In a filing to the stock exchanges, Jet Airways Monday said it has received notice from the Provident Fund Office in respect of non-payment of
Muthoot Finance posts 14 pc jump in net profit during FY'19
Muthoot Finance Friday posted a 14 per cent increase in consolidated profit at Rs 2,103 crore for the fiscal ended March 2019. The company had posted a profit of Rs 1,844 crore in 2017-18. Muthoot Finance consolidated loan assets under management achieved an year-on-year increase of 20 per cent at Rs 38,304 crore as against last year's Rs 31,921 crore, the group said in a statement. On standalone basis, Muthoot Finance (MFIN), the largest gold financing company in India in terms of loan portfolio, registered an11 per cent increase in net profit at Rs 1,972 crore for 2018-19 as against Rs 1,778 crore in the previous year. Loan assets stood at Rs 34,246 crore as of March 31, 2019 as against Rs 29,142 crore as of March 31, 2018, registering a growth of 18 per cent. Shares of Muthoot Finance closed at Rs 546.85 apiece on BSE, down 4.64 per cent over Friday close.
EV push on shaky ground, government should look at other clean energy alternatives
With India's electric vehicle (EV) push replete with uncertainties, the focus seems to be shifting again to readily available clean fuels to run the country's growing transport industry.
Unfazed China hikes tariff on US products; says will not succumb to Trump's pressure tactics
China on Monday retaliated against the US imposing additional tariffs and vowed that it will "never surrender to external pressure" after President Donald Trump warned his Chinese counterpart Xi Jinping that Beijing "will be hurt very badly" if he did not strike a deal with America. As the two trading giants and top economies were locked in a bruising trade war, President Trump on Monday warned the Communist giant not to impose retaliatory tariffs on American products. After the near collapse of trade talks with China last week, Trump on Friday imposed punitive duties on USD 200 billion worth of Chinese imports, raising them to 25 per cent from 10 per cent, and asked for a similar increase on tariff on the rest of the Chinese import of over USD 300 billion. In the latest escalation of the trade war, the Chinese Ministry of Finance said tariffs on USD 60 billions of US exports to China would rise by "25, 20 and 10 per cent" respectively. Products that were taxed at five per cent would .
RIL moves out five cos' regd offices to Ahmedabad
Reliance Industries has moved out registered offices of its five subsidiaries to Ahmedabad over the last year, officials said here Monday. The list of companies includes four related with telecom arm Reliance Jio, while the fifth one is an investment company promoted by Mukesh Ambani. It can be noted that the Ambani family is originally from Gujarat and RIL's largest petrochemicals complex is also located in Jamnagar. "There was a view internally that we should have something registered in Gujarat, so this has happened," a RIL official said. The official added that from the company's perspective nothing changes as the tax treatment and all other aspects are the same across the country and added that with online filing of documents, there is not much of change on that front as well. The list of companies reportedly includes Reliance Jio Infocomm, Reliance Jio Infratel, Reliance Jio Messaging Services, Reliance Jio Digital Services, and Ambani's investment holding company Reliance ...
Investors desert healthcare counter; Sun Pharma plunges over 9%
Shares of healthcare companies Monday witnessed massive sell-offs, led by Sun Pharmaceutical Industries that plummeted over 9 per cent amid reports that a lawsuit has been filed against generic companies in the US. Sun Pharma shares dived 9.39 per cent to close at Rs 396.85 on the BSE. During the day, the scrip plunged 20 per cent to Rs 350.40 -- its 52-week low. It was the biggest drag on the BSE key index at close of trade. On the NSE, shares tumbled 9 per cent to close at Rs 398.10. Among others, shares of Cadila Healthcare Ltd plunged 7.18 per cent, Sun Pharma Advanced Research Company 6.37 per cent, Wockhardt Ltd 5.57 per cent, Lupin Ltd 4.24 per cent and Glenmark Pharmaceuticals Ltd 4.20 per cent on the BSE. Led by the sharp fall in these scrips, the BSE Healthcare index closed at 13,310.47, down 486.83 points or 3.53 per cent. According to media reports, a lawsuit has been filed against Teva Pharmaceuticals and 19 other generic companies in the US. The lawsuit named Taro ...
Oriental Bank logs Q4 net profit of Rs 202 crore
Public sector Oriental Bank of Commere (OBC) Monday posted a net profit of Rs 201.50 crore for the January-March quarter of the last fiscal, helped by fall in bad loans, arrest of fresh slippages and a healthy growth in retail loan portfolio. The bank had clocked a loss to the tune of Rs 1,650.22 crore in the corresponding period of the fiscal ended March 2018. Total income grew to Rs 5,711.92 crore in the March 2019 quarter from Rs 4,689.12 crore in the same period of the preceding fiscal. On a yearly basis, the bank managed to return to profit after two fiscals by registering a net profit of Rs 55 crore for FY 2018-19. The lender had posted a loss of Rs 5,872 crore in 2017-18 and of Rs 1,094.07 crore in 2016-17. For FY 2018-19, total income stood at Rs 20,536.77 crore as against Rs 20,181.25 crore in the previous fiscal. On the asset quality front, gross non-performing assets (NPAs) came down to 12.66 per cent of gross advances at the end of March 2019 from 17.63 per cent in March ..
Sebi bans Ritman Infra, 6 officials from markets for violating LODR norms
Markets regulator Sebi on Monday directed Ritman Infra to comply with the provisions of listing obligations and disclosure requirements norms within six months besides restraining the firm from accessing the securities markets. Five directors of the firm and its chief financial officer have also been barred from the securities market and prohibited from buying, selling or dealing in securities in any manner, the Sebi said. In its final order passed on Monday, the Sebi from the forensic audit report noted that the firm not only failed to appoint a company secretary but also failed to have proper composition of the audit as well as nomination and remuneration committee. "The directors of Noticee No 1 (Noticee No 2 to 6) and the Chief Financial Officer (Noticee No 8) are responsible for non-compliance with the applicable accounting standards which resulted into violation of Regulation 48 of the SEBI LODR Regulations," the regulator said. Noticee 1 here refers to Ritman Infra Ltd while ..
I-T officers to fast track disposal of appeal cases; look into taxpayer grievances between May 16-31
The income-tax department Monday said it will undertake expeditious disposal of appeal cases, and look into taxpayer concerns of adjustment of past tax demands with due refunds during the fortnight beginning May 16. In a letter to field formations, the Central Board of Direct Taxes (CBDT) said that during May 16-31, all assessing officers would accord top priority to appeal cases and passing of rectification orders and would earmark the first half of the day to meet applicants/counsels who seek to have a hearing to explain their case. With regard to rectification, the CBDT further said that special attention should be given to demands on account of TDS mismatch, and demands disputed by taxpayers in response to proceedings under section 245 "as these are creating widespread dissatisfaction among taxpayers". Under section 245 of the I-T Act, the tax authorities can adjust the refund payable to the taxpayer against the past demand due from them. "The Board has decided to dedicate the ...
Trade war: China retaliates with tariff hike on US goods worth USD 60 billion
China on Monday increased tariffs on USD 60 billion worth of US goods in a tit-for-tat to America's move to raise tariffs on USD 200 billion worth of Chinese imports, saying Beijing will not "succumb to foreign pressure". China's retaliation came hours after US President Donald Trump warned his Chinese counterpart Xi Jinping that Beijing "will be hurt very badly if you don't make a deal." In the latest escalation of the trade war between the world's two biggest economies, the Chinese Ministry of Finance said tariffs on USD 60 billions of US exports to China would rise by "25, 20 and 10 per cent" respectively. Products that were taxed at five per cent would not be affected. The statement came days after the US raised tariffs on USD 200 billion worth of Chinese imports from 10 per cent to 25 per cent on Friday after the 11th round of trade talks held in Washington failed to resolve the trade fight. The Chinese Ministry of Finance said that the move was "a response to unilateralism and ..
New India Assurance posts Q4 loss at Rs 271 cr
State-owned general insurer New India Assurance Co Ltd Monday reported a loss of Rs 270.52 crore in the fourth quarter of fiscal ended March 31. There was a net profit of Rs 335.96 crore in the similar January-March period of 2017-18. Total income in the March quarter rose to Rs 6,570.11 crore from Rs 6,060.47 crore in same period a year ago, the company said in a regulatory filing. For the full year, the insurer registered a net profit of Rs 604.77 crore in 2018-19 as against Rs 2,189.22 crore in the previous fiscal. Total income in the year went up to Rs 25,406.19 crore from Rs 23,365.03 crore. The board of directors has recommended a dividend of Rs 1.50 per share for 2018-19, subject to shareholders' approval, the filing said. Stock of NIACL closed 0.35 per cent down at Rs 172.80 on the BSE.