Page 3857 - Business Finance
HDFC Bank clocking Rs 1k cr in digital loan sales; launches
HDFC Bank is clocking loan sales of Rs 1,000 crore per month through digital platforms across products and expects it to go up further with the launch of a an online loan against mutual funds, a senior official said. The private sector lender launched the new product offering today in association with CAMS, which controls 65 per cent of the market share. The lender, which has digital platforms extending personal loans and loans against securities, is notching sales of over Rs 1,000 crore a month at present, its group head for unsecured loans Arvind Kapil told reporters. It has an approved credit limits of Rs 10,000 crore on the loans against mutual funds (MFs) and insurance policies, he said, adding that the newly launched digital offering will grow its portfolio multiple times due to the convenience, without giving an exact quantum targeted. The digital alternative will reduce time taken to pass a loan to a up to three minutes as against the current time of up to six ...
Direct tax collections grow 18% to Rs 10.03 lakh cr
India's direct tax collections for the last financial year crossed the Rs 10 lakh crore mark, registering an increase of 18 per cent over the previous fiscal, the government said on Wednesday.
Government partners with private firms to give mudra loans
The government on Wednesday said it had joined hands with several private companies, including Amul, Amazon, Flipkart, Ola, Uber and Oyo, to provide "mudra loans" to small businesses.
Board of SML ISUZU approves change in directorate
At meeting held on 23 May 2018
Vedanta update on operations at Sterlite Copper plant
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Britain's M&S says modernising rapidly to survive
LONDON (Reuters) - Marks & Spencer is modernising rapidly to survive and has finally found a strategy that will deliver the profitable, growing business craved by investors, the British retailer said on Wednesday.
Civic body to impose blanket ban on plastic
The Greater Hyderabad Municipal Corporation today banned use of all plastic bags and sheets in a bid to make the city free of plastic andpollution. The Corporation had earlier issued orders banning the usage of plastic below 50 microns. A resolution was passed at the council of the civic body here today, banning use of plastic of above 50 microns. The municipal corporation generates 5,000 tonnes of garbage every day, of which between 450 and 500 tonnes are plastic, mostly comprising plastic bags, it said. The decision on the ban was taken in compliance with the Environmental Protection Act 1986, it added. The resolution has been sent to the state government for approval, said an official press statement here.
LTI Q4 net up 13.7% to Rs 289.4 cr
LTI, the listed infotech arm of engineering major L&T, today reported a 13.7 per cent jump in its March quarter net at Rs 289.4 crore on a faster-than-industry revenue growth. The company had posted a net profit of Rs 254.5 crore in the year-ago period and Rs 282.8 crore in the preceding December quarter. Its profit for fiscal year 2017-18 grew 14.6 per cent to Rs 1,112.4 crore. The company's chief executive and managing director Sanjay Jalona said revenue grew 19.3 per cent to Rs 2,001 crore, driven primarily by the performance of the banking, finance services and insurance and consumer goods, retail and pharma verticals. When asked how it managed to buck the industry trend with a good show in these two verticals, he said the company did not face any client-specific difficulty. It, however, faced sluggishness in the retail sector in line with the industry, he said. For the fiscal year 2017-18, it reported a 12.4 per cent growth in its revenue at Rs 7,306 crore, ...
Jet Airways Q4 net loss at Rs 1,036 crore
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. 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, it said in a regulatory 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. For financial year 2017-18, the airline reported a standalone net loss of Rs 767.62 crore, against a net profit of Rs 1,482.52 crore, according to the filing. "The challenges notwithstanding, we are ...
NMDC announces prices of Iron Ore
With effect from 23 May 2018
Board of KPIT Technologies approves change in directorate
At meeting held on 23 May 2018
Scandal-hit Malaysian fund insolvent: finance minister
A Malaysian sovereign wealth fund at the centre of a major scandal that helped to topple the former government is insolvent and its chief is "utterly dishonest", the new finance minister said today. Ousted leader Najib Razak, his family and cronies are accused of looting billions of dollars from the fund, 1MDB, in a sophisticated fraud that stretched from the Cayman Islands to Switzerland. Public disgust at the corruption allegations played a big part in the shock defeat at polls this month of Najib's long-ruling coalition to an alliance headed by his 92-year-old former mentor Mahathir Mohamad. Najib and 1MDB, which is the subject of money-laundering investigations in several countries, deny any wrongdoing. Finance Minister Lim Guan Eng met with people involved in the fund and said in a statement its directors had confirmed that the fund was insolvent and "unable to repay its debts". One of the directors had informed him a purported investment of 9.8 billion ringgit (USD 2.4 billion) .
IFCI Q4 net loss widens to Rs 566 cr on higher provisioning for bad loans
Infrastructure term lender IFCI Ltd reported a 78 per cent rise in its standalone net loss to Rs 566.64 crore in the last quarter ended March 2017-18, due to higher provisioning for bad loans and write off. The state-owned lender had posted a net loss of Rs 317.90 crore in the same period of previous fiscal. There was a write off and provisions for bad assets to the tune of Rs 1,111.18 crore during the March quarter, more than double from Rs 499.63 crore in the year-ago period. Income from operations, however, increased to Rs 734.33 crore during January-March period of 2017-18 compared to Rs 577.53 crore in same period a year ago, IFCI said in regulatory filing. For the full fiscal, the company's net loss widened by 120 per cent to Rs 1,008.51 crore from Rs 458.49 crore in 2016-17. Income stood at Rs 2,701.29 crore, down from Rs 2,739.73 crore. On consolidated basis, IFCI registered a net loss of Rs 971.52 crore in 2017-18 as against Rs 324.27 crore in 2016-17. Income during the ...
MEP Infra Q4 net profit more than doubles to Rs 26 cr
MEP Infrastructure Developers today witnessed its net profit more than double to Rs 26.59 crore for the quarter ended March 2018. The company had clocked a net profit of Rs 12.04 crore in the corresponding quarter of the preceding fiscal. Total consolidated revenue from operations for MEP Infrastructure Developers for the financial year 2017-18 stood at Rs 2,322 crore as compared to Rs 1,729 crore in the last fiscal due to increase in construction and toll revenues, the company said in a statement. Jayant Mhaiskar, Chairman and MD, MEP Infrastructure said, "FY18 was an exciting year for growth and development. The company ended the year with balance order book of Rs 7,284 crore in the hybrid annuity space with 10 projects and is one of the leading players in this space." He said positive response from investors to the company's QIP has also been extremely encouraging and the capital raised shall be used for the growth of business including investment and supporting operational ...
Treating homebuyers as financial creditors may boost consumer
The Cabinet approval to treat homebuyers as financial creditors under the Insolvency and Bankruptcy Code 2016 (IBC) is likely to give more protection to property buyers and boost consumer confidence, say experts. Homebuyers were so far treated as operational creditors, and were given the least priority in the process of liquidation of a defaulting builder, after financial creditors such as banks. However, once the proposed changes are incorporated in the IBC, homebuyers will have the right to initiate a resolution process against builders to get their money back, just like financial creditors. "This move will grant home buyers equal priority as banks and other institutional creditors while recovering dues from stressed or insolvent realty firms," said Ramesh Nair, chief executive offier and country head, JLL India. CBRE South Asia executive director and head, valuation and advisory services Vamshi KK Nakirekanti said If homebuyers are treated fairly in terms of their ...
Gold rises on U.S.-China trade negotiations despite firmer dollar
LONDON (Reuters) - Gold prices rose on Wednesday on uncertainty about trade talks between the United States and China, which boosted the metal's safe-haven appeal despite a firmer dollar.
Wall Street drops as Trump fuels uncertainty over trade talks
(Reuters) - U.S. stocks fell on Wednesday after President Donald Trump injected a fresh dose of uncertainty into the outcome of U.S.-China trade talks by suggesting that any possible deal needed "a different structure."
Grasim Ind draws up Rs 13,327 cr capex plan for expansion
Aditya Birla Group company Grasim Industries has drawn up a capital expenditure plan of Rs 13,327 crore for its fast-growing viscose staple fibre (VSF), chemicals and cement businesses. "We are investing Rs 4,257 crore in brownfield expansion including de-bottlenecking of VSF segment and around Rs 1,400 crore in brownfield expansion in chemical division and manufacturing business of chemicals division," Grasim Industries managing director Dilip Gaur told PTI here. The company's board today also evaluated an additional Rs 1,000 crore investment for adding capacity in its caustic soda and chlorine facility, Gaur said. The company will also be investing about Rs 5,900 crore in the cement, capacity expansion, modernisation, and upgradation and its logistics infrastructure project, Gaur added. Last year, the company has a capex of around Rs 3,145 crore, which includes Rs 2,040 crore in its cement division. The capex will be mainly financed through debt and internal accruals .
Bayer CropScience posts net loss of Rs 12.9cr in Q4
Bayer CropScience today reported a net loss of Rs 12.9 crore for the fourth quarter of the 2017-18 fiscal. Its net loss stood at Rs 36.1 crore in the same quarter of the previous fiscal, according to a regulatory filing. The revenue from the operation rose to Rs 300.2 crore during the January-March quarter of the 2017-18 fiscal from Rs 238 crore in the year-ago period. Expenses too increased to Rs 327.5 crore from Rs 305.7 crore in the said period. Commenting on the performance, Bayer CropScience vice chairman and managing director Richard van der Merwe said, We are satisfied with the business performance for 2017-18 fiscal, given the challenging business environment and the change-over to the new GST system." On the future outlook, he said, "We remain confident that 2018-19 fiscal will be a year of positive growth for the company, given the favourable monsoon predictions. "In the months ahead, we plan to launch 8 to 10 new products across our crop protection, seeds and environmental