Page 375 - Business Finance
India smartphone mkt grows 7 pc to 32 mn units in March qtr : IDC
Smartphone shipment in India grew 7.1 per cent to 32.1 million units in the March 2019 quarter, even as the global market saw shipment volume decline 6 per cent year-on-year during the period, according to an IDC India report. However, high channel inventory from the previous quarter resulted in fall in shipment volume by 8.4 per cent on sequential basis. Xiaomi led the tally with 30.6 per cent share in the March 2019 quarter, followed by Samsung (22.3 per cent), Vivo (13 per cent), Oppo (7.6 per cent) and Realme (6 per cent). The feature phone segment, which still accounts for half of the total mobile phone shipments, registered shipment of 32.3 million units in the first quarter of 2019 falling sharply by 42.4 per cent year-on-year. "There was a sharp drop in 4G-enabled feature phones, declining by more than 50 per cent year-on-year due to channel inventory from previous quarters. There was also a sequential dip in 2G or 2.5G feature phones," IDC said. Interestingly, the average ...
HDFC stock rises over 1 pc post Q4 results
Shares of HDFC Monday rose over 1 per cent after the company posted 26.8 per cent rise in standalone net profit for March 2019 quarter. The scrip gained 1.06 per cent to close at Rs 1,951.70 on the BSE. Intra-day, it climbed 2.67 per cent to Rs 1,982.80. It was the top gainer among the frontline scrips on the BSE's key index. On the NSE, shares went up 1.30 per cent to close at Rs 1,957. Mortgage lender HDFC Monday posted 26.8 per cent rise in standalone net profit at Rs 2,862 crore for March 2019 quarter. The company had reported a net profit of Rs 2,257 crore in the January-March quarter of the previous fiscal. Total income during the quarter rose to Rs 11,586.58 crore as against Rs 9,322.36 crore in the year-ago period.
Sensex, Nifty slide on weak global stocks
Domestic stocks dropped sharply on first trading day of the week on negative stocks. Volatility was high with the Sensex maintaining the psychological 37,000 level after briefly falling below it in intraday trade. Domestic stocks registered losses for ninth straight trading session. Investors are concerned about global economic growth after trade negotiations between the US and China appeared at a deadlock.
Quick Wrap: Nifty PSU Bank Index registers a drop of 5.00%, NIFTY Crashes 1.16%
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Airtel partners HDFC Life for providing insurance cover with prepaid bundle
Bharti Airtel and HDFC Life Insurance Monday announced a partnership under which the telecom operator has launched a prepaid bundle that will come with in-built life insurance cover (term plan) from the private life insurer. "Airtel's new Rs 249 prepaid bundle will come with Rs 4 lakh life cover from HDFC Life along with 2 GB data, unlimited calls to any network and 100 SMS/day. The recharge is valid for 28 days and policy cover till recharge is active," a company statement said. A customer needs to enrol for the insurance after first recharge through SMS, My Airtel App or retailer, it said, adding that the insurance renews automatically for subsequent recharges. "The AirtelHDFC Life partnership leverages their respective digital platforms and Airtel's distribution reach, including a 'phygital' experience in rural pockets, to make it very simple for millions of uninsured and underinsured Indians with a mobile phone to get a life cover every time they recharge their mobile phones," it .
VKC group signs in Amir Khan as brand ambassador
With 10 per cent annual growth in the Rs 40,000-crore Indian footwear market, Walkaroo from U4ic (Euphoric) International, a VKC group company, is aiming to make it the biggest brand in the near future, a top company official said Monday. To achieve the target, the company has signed in Bollyood actor Amir Khan as its brand ambassador with the catchword 'Be Restless', which brings alive restlessness showcased by infinity chasers or millenials with hunger for more, managing director of VKC Naushad told reporters here. The company is now focussing on the sports segment considering the demand from the youth and younger generation, he said. Of the Rs 2,300-crore turnover, this segment contributed Rs 480 crore which is expected to touch Rs 1,000 crore next year. Stating that the company was exporting five per cent of its total sales and two-three per cent through on-line, Naushad said it was proposed to expand both the distribution and retail network. Considering the demand,
Automated GST refund for exporters by next month
Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said. Under GST, every person making a claim of refund on account of 'zero-rated' supplies has two options. Either he can export without payment of integrated tax under Bond/ LUT and claim a refund of accumulated Input Tax Credit (ITC) or he may export on payment of integrated tax and claim refund thereof. Currently, the facility of automatic refund is available only for those exporters who have paid Integrated Goods and Services Tax (IGST) while exporting goods. Since the GST Network (GSTN) systems are integrated with Customs, hence, refunds are generally transferred to the bank accounts of such exporters within a fortnight. However, manufacturing exporters and suppliers to SEZ, who want to claim a refund of ITC, have to file an application in Form GST .
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.
PV sales dip 17pc in April, log steepest decline in nearly 8 yrs
Passenger vehicle sales in India dropped by 17.07 per cent in April, the steepest fall since October 2011, as weak customer sentiment led by liquidity crunch, uncertainty revolving elections and high product prices hit sales. The domestic sales declined for a sixth straight month in April to 2,47,541 units against 2,98,504 units in the year-ago month. It is the worst dip in PV sales since October 2011 when sales had dropped by 19.87 per cent. All major segments, including two-wheelers and commercial vehicles, witnessed a decline in sales in April, according to data released by the Society of Indian Automobile Manufacturers (SIAM). Domestic car sales declined 19.93 per cent to 1,60,279 units last month compared to 2,00,183 in April 2018. Motorcycle sales declined 11.81 per cent to 10,84,811 units last month as against 12,30,046 units in the year-ago month. Total two-wheeler sales in April declined 16.36 per cent to 16,38,388 units compared to 19,58,761 units in the year-ago ...
Trident Group recommends stock split of equity shares
To FV of Re 1/- per equity share
Nifty May futures at premium
Turnover in F&O segment rises
ITC reports net profit of Rs 3,482 crore in Q4 FY19
ITC Ltd said on Monday that its cigarettes and fast moving consumer goods (FMCG) segment pushed up the net profit to Rs 3,482 crore during January to March quarter of 2018-19.In the corresponding period of previous fiscal, it had reported a net profit of Rs 2,933 crore.Total income from operations stood at Rs 12,946 crore in Q4 FY 19 as against Rs 11,330 crore in Q4 of FY 18.The company's board recommended a dividend of Rs 5.75 per ordinary share for 2018-19.The company also appointed Managing Director Sanjiv Puri as the Chairman in place of Yogi Deveshwar, who passed away on Saturday.During the entire financial year 2018-19, ITC had a net profit was Rs 12,464 crore on a total income of Rs 48,267 crore.Cigarettes and FMCG segment contributed Rs 33,218 crore to the total income. The volume of agri businesses was Rs 9,396 crore, paperboards, paper and paper packaging Rs 5,860 crore and hotels Rs 1,665 crore.
Sensex logs 9th straight loss, crashes 372 pts
Continuing their losing spell for a ninth session in a row on Monday, the BSE Sensex crashed over 372 points and the NSE Nifty dived nearly 130 points on sustained sell-off across the board. The index widened its loss towards the fag-end on emergence of intense selling in heavyweights like ITC, RIL and ICICI Bank. 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. After trading range-bound for most part of the day, the 30-share BSE benchmark saw steep plunge in the last hour and closed 372.17 points, or 0.99 per cent, lower at 37,090.82. The index hit an intra-day low of 36,999.84 and a high of 37,583.57. Similarly, the broader NSE Nifty sank 130.70 points or 1.16 per cent to settle at 11,148.20 points. During the day, the NSE gauge hit a low of 11,125.60 and a high of ...
ITC Managing Director Sanjiv Puri named Chairman
Sanjiv Puri, Managing Director of diversified conglomerate ITC Ltd, was on Monday appointed the company's new Chairman in the place of veteran Yogi Deveshwar, who died on Saturday.The appointment of Puri, till now the Managing Director, was made by ITC at a meeting of its Board of Directors, which conveyed this in a regulatory filing.72-year-old Deveshwar, one of India's longest-serving top executives and Chairman of ITC, died on Saturday morning after a brief illness.Puri was mentored by Deveshwar for the dual role of Chairman-cum-Managing Director for a transition originally scheduled for 2021-22. He was holding the charge of Managing Director from May 16 last year.Puri was appointed as a Director on the board of ITC on December 6, 2015 and Chief Executive Officer from February 5, 2017. He is also the Chairman of the Corporate Management Committee.Prior to this, he was the Chief Operating Officer of ITC since July 22, 2016. He was earlier responsible for overseeing the fast moving
Avadh Sugar & Energy recommends issue of Bonus shares
In the ratio of 1:1
Sanjiv Puri appointed ITC's Chairman
FMCG major ITC Ltd on Monday said its board of directors has appointed company Managing Director Sanjiv Puri as its Chairman with immediate effect following the demise of Y. C. Deveshwar, who was the Chairman and Non-Executive Director of the diversified conglomerate.
Nabventures launches maiden fund to back agri, food and rural start-ups
Nabventures, a subsidiary of NABARD, Monday announced its maiden fund to back agriculture, food and rural start-ups. The fund -- NABVENTURES Fund I -- with a proposed corpus of Rs 500 crore has a greenshoe option of Rs 200 crore and has received an anchor commitment from NABARD, Nabventures said in a release. The National Bank for Agriculture and Rural Development (NABARD) is a development finance institution. "The fund plans to raise the resources from a mix of domestic as well as global investors. The fund is registered with SEBI as a Category II Alternative Investment Fund," it said. NABARD Chairman Harsh Kumar Bhanwala said the fund is expected to provide a big boost to the investment ecosystem in the core areas of agriculture, food and improvement of rural livelihoods in India. The impact potential of NABVENTURES Fund I is very high, he added. As per the release, NABARD has contributed to 16 other alternative investment funds with an overall capital commitment of Rs 273 crore so .
ESAF Small Finance Bank net profits soar to Rs 90.28 Cr
Kerala-based ESAF Small Finance Bank Ltd Monday said it has recorded a whopping 234 per cent increase in its net profits for the FY19, in its second year of operation as a bank, largely led by its higher interest income and efficient NPA management. According to the audited results for the year ending March 31, 2019, the net profit stood at Rs 90.28 crore against Rs 26.99 crore in the previous year, the bank said in a statement here. Commenting on the results, K Paul Thomas, Managing Director and CEO of ESAF Small Finance Bank, said the highly encouraging results showed the growing confidence in the bank. "Despite a slowdown in internal consumptions, declining investments and changing macro situations, we were able to improve upon our own benchmarks of performance," he said. "The higher asset quality and higher interest returns contributed to the growth of bottom lines. It also indicates the growth aspirations in rural India, prompting us to further expand our reach ...