Page 3856 - Business Finance
KPIT Q4 net profit rises 41.5 pc to Rs 76 cr
IT firm KPIT today said its consolidated net profit rose 41.5 per cent to Rs 76 crore for the fourth quarter ended March 2018. This is against a net profit of Rs 53.6 crore in the year-ago period, KPIT said in a BSE filing. The company's revenue from operations surged 12.5 per cent to Rs 966.43 crore in the reported period from Rs 858.46 crore in the same quarter a year ago, it added. For the 2017-18 fiscal, KPIT posted 6.02 per cent increase in net profit to Rs 252.85 crore, while revenue from operations was up 10.3 per cent to Rs 3,665.58 crore as compared to 2016-17. "We are back to industry leading growth, with FY18 registering a healthy growth of about 15 per cent. We have seen reassuring margin improvement in Business IT during the year. We expect to register a growth of 8-10 per cent in USD revenues for FY19 with operational EBITDA margins in the range of 11.5-12.5 per cent," KPIT CEO and MD Kishor Patil said. The company's dollar revenue for the quarter stood at USD 150.2 ...
Home Credit India raises Rs 600 cr in Jan-Mar quarter
NBFC firm Home Credit India Finance today said it has raised over Rs 600 crore in January-March period to support business growth. "The funds will be primarily utilised for supporting the rapid growth of business and expanding operations across India. Of the total amount raised, nearly Rs 280 crore has been raised through securitisation of consumer durables and cross-sell personal loans. The balance financing of Rs 320 crore has been raised through multiple term loans and a NCD," Home Credit said in a statement. The securitisation issues were subscribed by investors like DCB Bank and Hinduja Leyland Finance Limited, while term loans were raised from a clutch of leading financial institutions such as IFMR Capital, Tata Capital and JM Financial. "The tenor of these transactions ranges from 5 months to 3 years. With this round of funding, Home Credit India plans to augment its loan book, invest in technology infrastructure, and develop innovative financing products that broadens ...
Telecom subscriber base again crosses 1.2 bn mark in March
Telecom subscriber base in the country again crossed 1.2 billion mark, with mobile service companies recording a net addition of over 26 million customers in March, according to monthly subscriber report of telecom regulator Trai released today. "The number of telephone subscribers in India increased from 1,179.83 million at the end of February 2018 to 1,206.22 million at the end of March 2018, thereby showing a monthly growth rate of 2.24 per cent," the report said. The overall tele-density in the country reached to 92.84 with urban tele-density of 165.90 and rural tele-density at 59.05 at the end of March. The Indian telecom industry's subscriber base had for the first time breached 1.2 billion mark in May 2017 but slipped below it in November 2017. The net addition trend shows that March was a competitive month for mobile segment with Idea Cellular and Bharti Airtel reducing their gap significantly with Reliance Jio. Reliance Jio led the market with a net addition of 9.42 million, .
Trai asks telcos to put all tariffs online from June 30
Close on the heels of unveiling its plan-comparison portal, Trai today directed all telecom operators to start online filing of all tariffs offered to consumers in a specific format from June 30, but industry body COAI flagged concerns on inadequate implementation of timeline. The Telecom Regulatory Authority of India (Trai) said it has launched beta version of online tariff filing portal to enable consumers to view plans of all service providers and compare them. "Now, therefore, in exercise of powers conferred upon it... and to protect the interest of the consumers of telecom sector, the authority hereby directs all the access service providers to report to the authority with effect from the 30th June 2018, through XML API web-service, all the tariffs offered to the consumers, in addition to the existing tariff reporting requirements," Trai said in its directive. The purpose of this is to enable operators to push their respective tariff data to Trai server in a predefined ...
Groundbreaking ceremonies of Rs 54,000-cr projects in UP soon
Groundbreaking ceremonies of projects entailing expenditure of Rs 54,000 crore, regarding which MoUs were signed during "UP Investors Summit 2018" in February, will take place soon, an official said on Wednesday.
SpiceJet to commence 10 new flights across south India
Budget passenger carrier SpiceJet on Wednesday said it will launch 10 new flight services across south India region from May 25 to June 16.
Godrej Industries posts Q4 net profit at Rs 277 cr
Diversified firm Godrej Industries today reported a consolidated net profit of Rs 277.09 crore for the quarter ended March 2018. The company had posted a net profit of Rs 95.23 crore in the January-March period a year-ago, Godrej Industries said in a BSE filing. Its total income during the quarter under review was at Rs 2,657.39 crore. It stood at Rs 2,045.96 crore in the corresponding quarter of the last fiscal. Meanwhile, the company said that the result of the quarter under review and financial year ending on March 31, 2018 was not comparable because of implementation of GST from July 1, 2017. "... revenue for all other periods presented (including the quarter ended June 30,2017 included in the figures presented for the year ended March 31,2018) is inclusive of excise duty and hence, total revenue from operations for the quarter and year ended March 31 , 2018 are not comparable with the previous periods," the company said. Its total expenses stood at Rs 2,502.79 crore. For the ...
Saudi Arabia to introduce Riyal coins from Thursday
Saudi Arabian Monetary Agency (SAMA) will introduce Riyal coins starting from Thursday to gradually replace the Riyal notes, the media reported on Wednesday.
Odisha govt begins refunding money to small investors
The Odisha government today began refunding money to small investors duped by different chit fund companies in the state. The first batch of beneficiaries comprised the small investors who had lost Rs 10,000 or less to the ponzi scheme companies, official sources said. The small depositors were identified by the Balasore district administration, they said. Balasore additional district magistrate Manash Chandra Padhi said Rs 12.48 lakh have been refunded to 350 depositors of different chit fund companies. The money was transferred to the bank accounts of the investors of Bhograi, Basta-Remuna, Soro and Bahanaga blocks. The money was earlier sanctioned to the district administration by the state's finance department from the Rs 300 crore corpus fund set up the government for the purpose of refunding money to the small depositors, the sources said. The district administration had earlier identified 1096 small depositors in six blocks of the district, an officer said. All the
Analysis: Deadly protests land a blow to Indian resources magnate Anil Agarwal's ambitions
NEW DELHI (Reuters) - Indian billionaire Anil Agarwal often talks about his dream to turn his London-listed company Vedanta Resources into a global resources giant. He has already bought stakes in big mining companies, such as Anglo American Plc and says he plans to spend at least $1 billion on investments in Africa.
Global Markets: Fears over growth, U.S.-China trade prompt equities sell-off
NEW YORK (Reuters) - Global stocks sold off while investors raced for the safety of the Japanese yen and some government bonds on Wednesday as concerns rose that setbacks to U.S.-China trade talks would undermine world economic growth.
Wall Street edges lower as Trump adds to trade talks uncertainty
(Reuters) - U.S. stocks were slightly lower on Wednesday after President Donald Trump's latest comments fueled skepticism over U.S.-China trade talks and ahead of a Federal Reserve report that could indicate the pace of future rate hikes.
Corrected: Mexico court ruling to shine light on executive wrongdoings
(Corrects paragraph 18 to show ICA said a court had declared fine void and that the regulator is appealing)
Analysis: Deadly protests land a blow to Indian resources magnate Agarwal's ambitions
NEW DELHI (Reuters) - Indian billionaire Anil Agarwal often talks about his dream to turn his London-listed company Vedanta Resources into a global resources giant. He has already bought stakes in big mining companies, such as Anglo American Plc and says he plans to spend at least $1 billion on investments in Africa.
No plans to reduce VAT on fuel, indicates Guj Deputy CM
The Gujarat government today indicated that it has no immediate plans to reduce the Value Added tax (VAT) on petrol and diesel, claiming that such tax revenue is the key source of income. Talking to reporters here today, Gujarat Deputy Chief Minister Nitin Patel said that the state government had already provided a relief to the people by reducing VAT on fuel last year. "Fuel prices change as per the international crude prices. There are many states where VAT is higher than what it is in Gujarat today. VAT on fuel is the main source of income for us," Patel said in response to a query. Presently, the state government charges 20 per cent VAT and 4 per cent cess on both petrol and diesel. "Gujarat is the only state which had reduced VAT some time back to give relief to the citizens. Though VAT on fuel in many states is higher than Gujarat, these states have not reduced this tax like we had done," Patel, who also handles Finance portfolio, said. He added that although the ..
Jet Airways Q4 loss at Rs 1,036 cr on oil price rise, weak Re
Naresh Goyal-promoted Jet Airways today reported a standalone net loss of Rs 1,036 crore in the March quarter due to rise in oil prices and weaker rupee. The company had reported a net profit of Rs 602.42 crore in the year-ago period, according to the BSE filing. The total income also declined by 3.44 per cent to Rs 6,055 crore during the quarter, against Rs 6,271.21 crore in the same quarter last year, as per the filing. Fuel expenses rose by 31 per cent to Rs 2,063.34 crore, against Rs 1,282.41 crore. "Financial performance during the quarter was weaker due to the continuing increase in the price of Brent fuel without a corresponding increase in air fares, as well as mark-to-market adjustments due to a weaker rupee," Jet Airways chief executive officer Vinay Dube said in a press release. The airline saw an year-on-year increase in fuel prices of Rs 366 crore, and mark-to-market adjustment due to weaker rupee of Rs 156 crore in the quarter, against a gain of Rs 54 crore .
India, EU officials take stock of long stalled FTA negotiations
Senior officials of India and European Union (EU) today held detailed discussions on the long stalled negotiations for a proposed free trade agreement and updated each other on their positions, a government official said. "Both the sides took stock of the progress on the free trade pact," the official who did not wish to be named said. The meeting assumes significance as Commerce and Industry Minister Suresh Prabhu had indicated that negotiations on the agreement could resume soon. The negotiations for the pact have been held up since May 2013 and both the sides are yet to bridge substantial gaps on crucial issues. Since June 2007, both the sides have completed 16 rounds of talks and five stock-taking meetings on the proposed pact, officially dubbed as Bilateral Trade and Investment Agreement (BTIA). The negotiations have witnessed many hurdles with both sides having major differences on key issues like intellectual property rights, duty cut in automobile and spirits and liberal visa .
Lowe's sticks to annual forecasts, expects sales rebound
(Reuters) - Home improvement retailer Lowe's stuck to its annual financial targets, brushing aside lower-than-expected quarterly same-store sales that were hurt by cold weather, driving its shares up 10 percent on Wednesday.
India, Netherlands to launch initiative on May 25 to promote startups
India and the Netherlands will jointly launch an initiative on May 25 in Bengaluru to facilitate market access for startups in the two countries and promote innovation and entrepreneurship, the commerce and industry ministry said today. In an endeavour to further the spirit of innovation and entrepreneurship, Startup India under the ministry and the Dutch government are jointly launching the "Indo-Dutch #StartUpLink initiative". It is developed for Indian and Dutch startups that are exploring each other's markets and offers access to key information, relevant networks, pilot opportunities, and navigators, the ministry said in a statement. "The initiative will fulfil the twin objective of facilitating market expansion for startups in the two countries alongside fostering a joint sense of innovation and entrepreneurship," the ministry said in a statement. It also said that 'Clean Air' India Ring, a critical component of the initiative will be launched tomorrow here by Dutch Prime ...
Punjab fuel pump owners demand reduction in VAT on fuel
Fuel pump owners in Punjab today sought reduction in taxes on petrol and diesel, alleging that higher retail prices in the state have led to smuggling of fuel from Chandigarh, where rates are comparatively lower. Pump owners further said they are suffering losses as vehicles and industries that require fuel cross over to Chandigarh-based fuel pumps to meet their petrol and diesel requirements. Petrol price in Punjab has touched Rs 82.37 per litre which is around Rs 8 per litre costlier than what is in Chandigarh. Similarly, diesel price, which is ruling at Rs 68.70 a litre in Punjab, is over Rs 2 per litre costlier than that in Chandigarh. "With the price of fuel soaring frequently, the business of petroleum products has been affected adversely," said Ashwinder Mongia, member of Petrol Pump Dealers' Association of Punjab, here. "With the record rise in retail prices, the rampant smuggling of fuel is taking place. Be it car owners or industry which requires fuel, all of them have ...