Page 372 - Business Finance
India's April passenger cars sales down 20%
Passenger car sales in India declined 19.93 per cent in April as low demand along with high interest cost continued to dent purchases.
'Realty players expect home sales to rise in 6 months'
Majority of the stakeholders in the real estate sector including developers and financial institutions expect sales in the residential segment to increase in the coming six months, a Knight Frank report said on Monday.
Xiaomi to sell phones, mobile accessories via vending machines in India
People can soon buy Xiaomi smartphones and accessories through vending machines, with the Chinese handset maker set to install its own machines in major Indian cities. The latest move comes as the company works on ways to retain its dominant position in the hyper-competitive smartphone market in India. Called as 'Mi Express Kiosk', these vending machines will allow consumers to make purchases and pay for the transaction through credit or debit cards, cash and UPI. "These kiosks are specifically built for smartphone sales and mobile accessories of similar physical dimensions can also be added in it. The kiosk has a capacity of nearly 200 smartphones," Xiaomi India said in an e-mailed response to PTI. The company said this innovative model offers "the efficiency of e-commerce business making it a cost-effective approach and is scalable". "All technology equipping Mi Express Kiosks has been researched and developed in India, further extending the brand's commitment to India," it ...
Bigshare Services Circular on second reminder to FGP shareholders
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HDFC Q4 net profit jumps 27 pc at Rs 2,862 cr
Mortgage lender HDFC Monday reported a 27 per cent increased in standalone net profit to Rs 2,862 crore for the quarter ended March, mainly due to healthy growth in balance sheet and better asset quality. It had reported a profit after tax of Rs 2,257 crore for the same quarter last year. "Overall the balance sheet has grown. Spreads have moved up and non-performing loans have come down a little bit," its Vice-chairman and CEO Keki Mistry told reporters. For the year 2018-19, it reported a profit after tax of Rs 9,633 crore as against Rs 10,959 crore in FY2017-18. The profit numbers for the fiscal 2019 are not comparable with that of FY2018. "The higher profit in the previous year is on account of profit of Rs 5,265 crore on sale of its stake in HDFC Life," Mistry said. The spread on loans over the cost of borrowings for the year ended March 31, stood at 2.30 per cent. The spread on the individual loan book was 1.91 per cent and on the non-individual book, it was 3.17 per cent. Net ...
Locus raises Rs 155 cr from Falcon Edge Capital, Tiger Global
Locus, a supply chain optimisation company, Monday said it has secured USD 22 million (about Rs 155 crore) in funding from Falcon Edge Capital and Tiger Global Management. The series B round funding also saw participation from existing investors, Exfinity Venture Partners and Blume Ventures. After India, the company started expanding its presence in North America and Southeast Asia in 2018. The new round of funding will help Locus penetrate deeper into new markets by enhancing the product and solutions for each geography and also in expanding local teams, the company said in a statement. "Locus provides autonomous supply chain optimisation, thus, minimising the dependency on human intelligence, built by an incredible team of PhDs and engineers... The funding will act as a boost to our global expansion efforts as we amplify our team size specifically in North America and continue to build our IP," Locus CEO Nishith Rastogi said.
Karnataka Bank Q4 net jumps nearly 6-fold to Rs 62 cr
Karnataka Bank Monday posted close to a six-fold jump in net profit at Rs 61.73 crore during March quarter 2019. The bank clocked a profit of Rs 11 crore during January-March period of 2017-18. The profit was however lower from Rs 140.41 crore reported in December quarter 2018-19. Total income during the latest quarter grew 4.85 per cent to Rs 1,821.88 crore from Rs 1,737.55 crore in year-ago same period, Karnataka Bank said in a regulatory filing. Net interest income dipped 11.20 per cent to Rs 480.88 crore in March quarter, as against Rs 541.51 crore in the year-ago period. Net interest margin -- a gauge of profitability for banks--was lower by 67 basis points to 2.87 per cent for the latest quarter as against 3.54 per cent a year ago. Karnataka Bank said its gross NPAs came down to 4.41 per cent of gross advances by end of March 2019 from 4.92 per cent by the year-ago same period. Net bad loans were also down to 2.95 per cent from 2.96 per cent. For full 2018-19 fiscal, Karnataka ..
Arcelor paying Rs 39,500 cr for Essar Steel and not Rs 42,000 cr: SCB counsel Kapil Sibal
The world's largest steel maker ArcelorMittal is in effect paying Rs 39,500 crore and not Rs 42,000 crore for buying Essar Steel as the remaining sum is being adjusted towards outstanding of an associate business, senior counsel Kapil Sibal Monday alleged in the NCLAT. Appearing on behalf of Standard Chartered, which is seeking to be treated at par with the secured financial creditor for its claim of Rs 3,500 crore, Sibal said bankers have clubbed Orissa Slurry Pipeline Ltd with Essar Steel in the auction to recover unpaid loans. Orissa Slurry Pipeline Ltd, he said, is a separate entity owned by SREI Infrastructure and Essar Steel, and was not part of the original offer to sell Essar Steel. Clubbing it with Essar Steel in the sale would benefit Lakshmi Mittal-run firm. Sibal argued that acceptance of Rs 39,500 crore as the bid amount by the Committee of Creditors (CoC) of Essar Steel, to which Standard Chartered Bank (SCB) was not part, is contrary to the undertaking given by ...
Indices log 9th straight session fall; financial stocks drag
Indian equities fell for the ninth session in a row on Monday as investors fretted about health of non-banking finance sector, US-China trade tensions and uncertainty over poll outcome. In their longest losing streak in years, the BSE Sensex crashed over 372 points and the NSE Nifty dived nearly 130 points on sustained sell-off across the board. In the past nine sessions, the Sensex has lost 1,940.73 points and the Nifty has lost 599.95 points. The BSE index widened its loss towards the fag-end on emergence of intense selling in financial stocks as fresh concerns over liquidity crunch returned. In percentage terms, however, Sun Pharma was the biggest loser with 9.39 per cent drop. Intra-day, the pharma major's shares tanked over 20 per cent. Other top Sensex laggards were Yes Bank, Tata Steel and Indusind Bank -- falling as much as 5.58 per cent. Among the gainers on the Sensex, HDFC topped the chart, rising 1.06 per cent, after the mortgage lender posted a 26.8 per cent rise in its ..
Retail inflation may rise to 4% in FY20: Report
Headline inflation, the key gauge tracked by the Reserve Bank for setting its policy rates, will increase by 0.60 percentage point to 4 per cent in 2019-20, a report said Monday. The rise in the consumer price inflation (CPI) will be largely on a surge in food inflation to 3 per cent from the abnormally low of 0.1 per cent, the report by the research arm of domestic ratings agency Crisil said. It added that the surge in the overall inflation is largely due to statistical reasons, because of a low-base effect. It can be noted that under the medium term inflation targeting framework, the Reserve Bank is committed to ensuring inflation is at 4 per cent with a two percentage point leeway on either side. Crisil said FY2018-19 is the second consecutive year that the inflation has undershot the RBI's target of 4 per cent. Its chief economist Dharmakirti Joshi said the low food inflation should sustain if the RBI were to achieve its aim of containing inflation. In a special report, the agency
Benelli cuts price of TNT 300, 302R in India
Italian motorcycle-maker Benelli Monday said it has cut prices of its 300-cc bikes TNT 300 and 302R, due to reduction in manufacturing cost. The company, along with Adishwar Auto Ride India - Mahavir Group, has cut the price of TNT 300 to Rs 2.99 lakh from Rs 3.5 lakh. It has also reduced price of 302R to Rs 3.10 lakh from Rs 3.7 lakh. "We strongly believe in the value proposition of our products and customer sentiments towards the brand Benelli," Benelli India MD Vikas Jhabakh said. The company has witnessed a significant reduction in the manufacturing cost of the TNT 300 and 302R models and this has helped to pass on the benefit to the biking enthusiasts in India, he added. Adishwar Auto Ride India (AARI) is the exclusive partner of Benelli to distribute its premium product range in the country.
ITC shares decline nearly 3% post Q4 results
Shares of ITC fell nearly 3 per cent Monday despite the company reporting 18.72 per cent increase in standalone net profit for the fourth quarter ended March 31, 2019. The scrip declined 2.64 per cent to close at Rs 289.85 on the BSE. During the day, it dropped 3.25 per cent to Rs 288. At the NSE, shares dipped 2.83 per cent to close at Rs 289.30. The company Monday reported 18.72 per cent increase in standalone net profit at Rs 3,481.9 crore for the fourth quarter ended March 31, 2019. It had posted a net profit of Rs 2,932.71 crore in January-March quarter a year ago. The company also announced elevation of its MD Sanjiv Puri as the Chairman and Managing Director of the company.
Food prices raise India's April retail inflation
Higher food prices accelerated India's April retail inflation to 2.92 per cent from 2.86 per cent in March, official data showed on Monday.
Meru pioneers digital tipping in the mobility sector
Now Indian consumers can digitally tip their cab driver as a token of appreciation for providing an excellent ride experience. This feature is yet another first from India's pioneer mobility service, Meru, which allows customers to offer an instant and cashless tip to the driver. However, tipping is entirely optional and as per the customer's discretion.At the end of every ride, the customer gets a notification on their app to rate the experience. Tip option will appear here. By default, 'No Tip' option is selected. Customers can choose the tip amount from the three options, i.e., Rs 10, Rs 20 and Rs 50 and the same gets deducted from customer mobile wallet linked to Meru App. The company transfers the full tip amount given by the customer instantly to the driver's account."Many of our driver partners go that extra mile while offering their services to customers, and we receive many positive feedbacks from such customers. A lot of customers told us that they would like to offer a tip .
Pidilite Industries intimation on grant of stock options
On 13 May 2019
India smartphone market grew 7% in Q1 2019: IDC
With a total shipment of 32.1 million units, India's smartphone market grew 7.1 per cent year-on-year (YoY) despite the global market falling by six per cent during the same period, a new report by the International Data Corporation (IDC) said on Monday.
Highest voter turnout in Delhi recorded in Shakur Basti, lowest in Delhi Cantt
The highest voter turnout of 68 per cent in the national capital was recorded in Shakur Basti and Ballimaran assembly segments, with a sizable minority population, while Delhi Cantt recorded the lowest at 42.13 per cent. People from the two assembly segments voted in maximum numbers despite scorching heat and fasting during the ongoing Ramzan. The opposition had demanded that the Election Commission postpone the polls because of the holy month. Ballimaran and Shakur Basti recorded the highest voter turnout of 68.25 and 68.7 per cent respectively. Other minority-dominated areas like Matia Mahal (66.94 per cent), Seelampur (66.47 per cent), Mustafabad (65.22 per cent), Babarpur (62.14 per cent) also recorded an average voter turnout of 60 per cent. New Delhi assembly segment, known for its VVIP voters, saw a turnout of 52.58 per cent. Delhi recorded a voting percentage of 60.34 per cent, five per cent less than the 2014 Lok Sabha poll. In 2014, Ballimaran clocked 67.17 per cent while ...
Crisil foresees CPI rising 60 bps this fiscal to 4 pc
Global analytical company Crisil said on Monday that its research expects headline inflation, measured by the consumer price index (CPI) to rise 60 basis points (bps) to 4 per cent this fiscal from 3.4 per cent in fiscal 2019.This base case assumes food inflation rising to 3 per cent from an abnormal low of 0.1 per cent. To be sure, this is a largely statistical low-base effect at play.However, the rise in food prices may well remain subdued on a sequential basis for two reasons. One, the Indian Meteorological Department has suggested a well-distributed monsoon this year.Two, global food prices are expected to decline in 2019, as projected by the International Monetary Fund and World Bank.The CPI-based gauge has now undershot the Reserve Bank of India (RBI)'s the medium-term target of 4 per cent for two straight fiscals. The sharp decline in fiscal 2019 left analysts scratching their heads.In a report titled 'Whither inflation?' CRISIL proffered two inflation scenarios for this ...
Dinesh Pangtey appointed as CEO of LIC Mutual Fund
Dinesh Pangtey has been appointed as Chief Executive Officer of LIC Mutual Fund. He started his career as a direct recruit officer with LIC of India in 1984 and has risen through the ranks to this senior position. Prior to taking over as CEO of LIC Mutual Fund, Dinesh Pangtey was Director and Chief Executive Officer at LIC HFL AMC.Dinesh Pangtey has 35 years of experience across private equity, life, pension, group superannuation scheme, and insurance sector. During his stint as CEO with the private equity division of the LIC Group, Pangtey completed an investment of the maiden fund corpus and achieved exit from 4 portfolio companies with an IRR of 22 per cent and returned 79 per cent of the amount drawn from Investors. He strategized the setting up of the new fund under SEBI AIF platform & directly raised 92 per cent of the base corpus. The fund is shortly poised to exhaust the green shoe option and close at Rs 1000 CrHe is a direct recruit officer in LIC at various key ...