Page 3766 - Business Finance
Alcatel evaluates local assembly of smartphones in India
TCL Communication, which makes Alcatel brand of phones, today said it is evaluating setting up local assembly of Alcatel smartphones in India. "We are in discussions with various players. We are looking at starting with semi-knocked down (SKD) assembly by September and will expand accordingly," TCL Communications Regional Director India Praveen Valecha said. He added that Alcatel Mobility Devices in India is expected to clock revenues of USD 50 million this year. "We have been strengthening our portfolio to bring the latest to our customers at affordable prices... In the next three years, we want to be among the top five online smartphone brands in the country," he added. Stefan Streit, General Manager (Global Marketing) at TCL Communication, said the company is focussed on building a "sustainable" brand in India. "India is a very important market. We don't want to come in, burn money and go away. We want to be in India and build a sustainable brand," he said. TCL Communication has ..
Train delays to last 6-8 months more: Official
The railways today said passengers will have to bear with train delays for at least six to eight months more, even if the ongoing maintenance and repair works go as per schedule. The punctuality performance of the railways in 2017-18 was worse in comparison to the two financial years before that, with almost 30 per cent of trains running late, according to official data. "If we complete track maintenance work of about 5,000 km by 2018-2019, then in the next six to eight months passengers will be spared the inconvenience of delays," Mohd Jamshed, the Railway Board Member (Traffic), told reporters. The punctuality of mail and express trains during April 2017-March 2018 was 71.39 per cent as compared to 76.69 per cent in the corresponding period of 2016-2017, which is a deterioration of 5.30 per cent. In 2015-2016, 77.44 per cent trains ran on time.
Property prices stable in 66% major localities in India: Report
Property prices remained stable or witnessed an increase in 66 per cent of the 750 major localities in the country during January-March 2018, compared to the corresponding period of 2017, a report said here on Tuesday.
230mn Indians paid over 10% income as medical cost: WHO
While half of Indians do not have access to essential health services, a big chunk of those availing the services ended up shelling out more than 10 per cent of their income, says a World Health Organization (WHO) report.
Max India posts Q4 profit at Rs 1.80 cr
Diversified group Max India today reported a profit of Rs 1.80 crore in the fourth quarter ended March 2018. The company had reported a standalone loss of Rs 4.38 crore in the March quarter of the previous fiscal, Max India said in a filing to stock exchanges. Total income rose to Rs 18.81 crore in the latest quarter from Rs 7.82 crore in the corresponding year ago period. For the fiscal year ended March 31, 2018, Max India posted a net profit at Rs 6.31 crore as compared to loss of Rs 2.58 crore in the last fiscal. Total income increased to Rs 66.3.crore for the year from Rs 51.6 crore in the previous fiscal. On a consolidated basis, the company reported a loss of Rs 71.29 crore during the fiscal as against net loss of Rs 46.20 crore in the last year.
IndiGo to levy fuel surcharge as jet fuel prices soar
Budget passenger carrier IndiGo on Tuesday said that it has decided to reintroduce fuel surcharge on the back of a sharp uptick in the price of Aviation Turbine Fuel (ATF).
European oil majors set for best cash flow growth in decades: Goldman
(Reuters) - European oil companies' spending budgets are likely to be lower in 2018 and 2019, and that, along with improving project delivery, will drive the strongest volume and cash flow growth in over 20 years, Goldman Sachs analysts said.
BPCL appoints K Sivakumar as CFO
State-run Bharat Petroleum Corporation Ltd (BPCL) today said it has appointed K Sivakumar as its chief financial officer. "...K Sivakumar has been appointed as the chief financial officer with effect from May 29, 2018," BPCL said in a BSE filing. Sivakumar has worked in various facets of finance, internal audit, enterprise resource planning (ERP) and secretarial function, the filing added. Sivakumar has also contributed significantly in the governance, risk and control aspects of various processes across the company.
Paytm trims losses to Rs 899.6 cr in FY17
One97 Communications, which is the parent company of Paytm, has reduced its losses to Rs 899.6 crore in the financial year 2016-17 compared to the previous fiscal, as per regulatory documents. The company had posted a loss of Rs 1,496.7 crore in 2015-16 fiscal, as per documents filed by the company with the corporate affairs ministry. The documents, sourced by data intelligence company Paper.vc, showed that One 97 Communications' total income had grown over 38 per cent to Rs 828.6 crore in 2016-17 fiscal. This is against a total income of Rs 597.8 crore in the financial year 2015-16. One97 Communications' employee benefit expense in FY17 grew to Rs 333.87 crore, compared to Rs 143.13 crore in the previous fiscal. When contacted, Paytm CFO and senior vice president Madhur Deora said the company invested over Rs 2,000 crore in the fiscal ended March 2017 to expand digital payments ecosystem for consumers in the country and enabling small merchants to accept payments digitally. "We ...
Nepal to construct West Seti hydel project itself, scraps Chinese contract
Nepal Finance Minister Yubaraj Khatiwada, said the government of Nepal has decided to construct the 750 MW hydel project on its own scrapping the agreement with the China Three Gorges Corporation (CTGC).Nepal Finance Minister made this announcement while unveiling the first federal budget for the fiscal year 2018-19.Since 2012, Nepal's power project which was occupied by the Chinese Company, CWE Investment Corporation with the signing of the Memorandum of Understanding (MoU) was stuck in limbo.Hence, Nepali government made the decision of scrapping the deal on the suggestion given by a separate committee.The reservoir type project located in far West Nepal couldn't be completed as the company demanded an increase in the power purchase rate.A year ago, it had provided Nepali government with an alternative to reduce the production capacity to 600 MW, in case the government of Nepal was not willing to increase the price.According to the pact signed between the two sides, the Chinese ...
CBI books Air Asia CEO, others on bribery charges
Central Bureau of Investigation on Tuesday booked Air Asia Group CEO Tony Fernandes among others under the Prevention of Corruption Act for violating aviation rule to get international flying licenses.The CBI has also booked Air Asia Director (Bengaluru) Ramachandran Venkatraman, and DTA consultancy Pvt Ltd founder Deepak Talwar.B.O. Lingan of Air Asia Berhad Malaysia, Rajendra Dubey- director of HNR Trading PTE Ltd Singapore, Sunil Kapoor- chairman of Total Food Services, Rashid Mansion, Worli Point (food services) have also been named in the case. Other unknown public officials and private persons are also involved.The CBI also held searches at five locations in Delhi, Mumbai and Bengaluru.Unknown officials of civil aviation ministry and then officials of Foreign Investment Promotion Board had allegedly entered in criminal conspiracy with V Ramachandaran, T Fernandes, BO Lingam, R Dubey with intent to help Air Asia India to expedite change in aviation policy to suit company, ...
Sebi chief to meet officials of stock exchanges next week
Regulator Sebi will hold a meeting with officials of stock exchanges next week to discuss various issues, including instances of technical glitches in trading platforms. The meeting of representatives from the bourses with Sebi Chairman Ajay Tyagi is scheduled on June 6, according to officials at stock exchanges. The exchanges are expected to apprise the Securities and Exchange Board of India (Sebi) about the various developments related to the capital markets, they said. Besides, the regulator may take up the R Gandhi committee report on norms related to Market Infrastructure Institutions (MIIs). According to the officials, the issues of recent technical problem with MCX's trading system and "disruption" in NSE's web-based tool NOW, are expected to be discussed. The regulator has already begun an initial probe into last week's technical glitches suffered by the two exchanges. It would look into whether adequate safeguard mechanism was in place to avoid such situations, senior ...
I-T dept raid on fashion designers in Delhi
The Income Tax Department today conducted multiple searches at showrooms and residences of fashion designers in the national capital on charges of alleged tax evasion, a senior official said. He said at least 25 locations were being raided and surveyed by the tax sleuths on the basis of inputs received by the department against the fashion designers related to large cash transactions. Locations in north and south Delhi and a few residential premises of designer showroom owners were reported to have been covered as part of the action. "The searches are still on. A number of documents and computer peripherals have been recovered," he said.
Dubai cancels corporate fines in fresh effort to boost business
DUBAI (Reuters) - Dubai is exempting companies from administrative fines in a fresh effort to stimulate business, which has been dampened by new taxes and slumping asset markets.
Waterbase Ltd PAT stands at Rs 2.49 crore
: The Waterbase Ltd, engaged in manufacturing shrimp feed, today said the profit after tax for the quarter ending March 31, 2018 stood at Rs 2.49 crore as against Rs 2.84 crore during the corresponding quarter last year. For the financial year 2017-18, PAT rose to Rs 29.90 crore from Rs 11.57 crore recorded the previous year. Total income in January-March 2018 increased to Rs 66.61 crore from Rs 59.78 crore during the corresponding quarter last year. For the year ending March 31, 2018 total income went upto Rs 344.28 crore from Rs 323.49 crore. "Year 2018 has been a landmark year for the Waterbase. Focus on shrimp feed business and leveraging distribution network led to growth", chief executive officer of the company Ramakanth V Akula said in a press release. Stating that the company made the highest-ever annual profit in 2017-18, he said, "We've made progress in launching our first Vannamei shrimp hatchery unit". The company has completed the construction of the phase-I
M&M Q4 net jumps 50% at Rs 1,155 cr; plans Rs 15,000-cr capex
Mahindra & Mahindra today posted 50 per cent jump in net profit at Rs 1,155 crore for the March quarter, against a profit of Rs 770 crore in the year-ago period, driven by robust sales across utility vehicle and tractor segments. The The Anand Mahindra-led automaker also announced a capex of Rs 15,000 crore for the three years till FY21. Its revenue and other income rose by 24 per cent to Rs 13,355 crore, compared with Rs 10,795 crore. For financial year 2017-18, the company posted a net profit of Rs 4,623 crore, up 18 per cent from Rs 3,924 crore in 2016-17. Revenue for the year rose to Rs 48,529 crore, up 14 per cent from Rs 42,584 crore in 2016-17. "We had the best quarter ever. Our auto segment grew 20 per cent, while the tractor segment grew 44 per cent, the highest ever growth in the last 21 quarters," said Pawan Goenka, managing director, Mahindra & Mahindra. Besides, the company also also clocked the highest ever revenue and profit for both the segments in
Farmers protest against diesel hike, hand over tractor keys to officials
Thousands of farmers today drove down to the office of the local authorities in Samrala, Ludhiana to hand over the keys of their tractors as part of a unique protest against the rising diesel prices. Organised by the Bharatiya Kisan Union (Rajewal), the protesters alleged apathy on the part of the central government claiming that the incessant fuel price hikes were only adding to the woes of the debt-ridden farmers. "The price of diesel, which is an important input cost of cultivation, has risen so sharply that it has gone out of the reach of the farmers," BKU (Rajewal) chief Balbir Singh Rajewal said. The increase in the diesel prices has come at a time when paddy sowing is going to start next month. As per rough estimates, the rise in the fuel rates will put an additional burden of Rs 400-600 per hour for ploughing operations," he claimed. The livid farmers blamed the high fuel prices for agricultural activities getting severely affected. "It has become unviable to carry out farming
IndiGo to levy up to Rs 400 fuel surcharge; fares to rise
Country's largest airline IndiGo today announced levying fuel surcharge of up to Rs 400 per passenger on domestic routes to offset rising oil prices, a move that would increase fares. IndiGo is the first local carrier to announce passing on the burden of spiralling jet fuel prices to the passengers. In the wake of a sharp uptick in the price of oil and the cost of Aviation Turbine Fuel (ATF), it has been decided to re-introduce fuel surcharges effective May 30, the airline said in a release. A sum of Rs 200 would be levied on every ticket on routes having less than 1,000 kilometre distance. The amount would be Rs 400 on routes longer than 1,000 kilometre. "A marginal increase in airfares in the form of fuel surcharge will not have any significant adverse impact on the air-traffic demand," the release said. Aircraft fuel expenses account for around 40 per cent of the airline's operational costs, making it the single largest item of its total expenses. "Furthermore, the depreciating ...
BPCL profit rises 45 percent in fourth-quarter, tops estimates
(Reuters) - Oil refiner Bharat Petroleum Corp Ltd reported a 45 percent jump in fourth-quarter net profit on Tuesday, easily beating analysts' estimates.
Glenmark posts Q4 net profit at Rs 151 cr
Glenmark Pharmaceuticals today reported a consolidated net profit of Rs 151.62 crore for the fourth quarter ended March 2018. The company had posted a net profit of Rs 183.76 crore for the same period of the previous fiscal. Revenues stood at Rs 2,279.81 crore for the fourth quarter ended March 31, 2018. It was at Rs 2,457.18 crore in January-March period of 2016-17, Glenmark said in a regulatory filing. The Mumbai-based firm said results are not comparable to the corresponding quarter of the previous year, as the company through its partner Endo had launched Ezetimibe in the US in December 2016 and was entitled to an exclusivity on the product. Consolidated net profit for the year stood at Rs 803.87 crore. It stood at Rs 1,108.75 crore in 2016-17. Revenues stood at Rs 9,103.07 crore for the year while the same was at Rs 9,185.68 crore in 2016-17. "While 2017-18 was a challenging year mainly on account of pricing pressure in the US, our other key markets like Europe and India ...