Page 3858 - Business Finance
Port of Amsterdam keen to invest in Rs 300cr cruise terminal
The Port of Amsterdam is interested in bidding for the Rs 300-crore new cruise terminal in the financial capital, Dutch Minister Cora van Nieuwenhuizen said today. "Amsterdam (port) is bidding for that, the management of the cruise terminal (in Mumbai)," Dutch Minister for infrastructure and water management, Nieuwenhuizen, told PTI here today. Nieuwenhuizen, who is leading a business and trade delegation to the country at present, however, said that there are no concrete investment tie-ups being evinced at present, apart from the know-how sharing and the initiatives of the Amsterdam port. Port of Amsterdam has tied up with local company J M Baxi and Co for the project and is understood to be bidding jointly with it. Tenders for the cruise terminal project, through which India is hoping to make inroads into the global 'cruising' market, are expected to be floated in a month's time and the winning bidder would invest Rs 100 crore in the project, a senior Mumbai Port ...
L&T Infotech Q4 net profit up 14% at Rs 289 cr
IT services company Larsen and Toubro (L&T) Infotech today said its consolidated net profit rose by 13.7 per cent to Rs 289.4 crore in the March quarter of 2017-18. This is against a net profit of Rs 254.5 crore in the same period last year, L&T Infotech said in a statement. The company's revenues from operations increased 19.3 per cent to Rs 2,001.2 crore in the reported quarter from Rs 1,677.2 crore in the year-ago period, it added. In dollar terms, its revenue stood at USD 309 million in March quarter, up 21.6 per cent year-on-year. For the full-fiscal, net profit increased 14.6 per cent to Rs 1,112.4 crore, while revenue from operations grew 12.4 per cent to Rs 7,306.5 crore from the previous fiscal. Sanjay Jalona, CEO and MD of L&T Infotech, said the company's growth of 5.3 per cent quarter-on-quarter in the January-March 2018 period is "a result of broad-based performance across all verticals". "We have delivered an industry-leading growth of 16.7 per cent for the ...
Shareholders vote Brian Tempest out of Fortis' board
Fortis Healthcare on Wednesday said that its shareholders have voted Director Brian W. Tempest out from the company's Board.
Nifty slips below key 10,500-mark, down 106 points
The NSE Nifty today shed 106 points to close at 10,430, hit by losses in sectors like metal, energy, realty and private banks amid continued foreign fund outflows and rising concerns over global crude oil prices. Besides, weaker rupee as well as tepid global cues weighed on the investors' sentiment. In the overseas markets, European shares dropped as crude prices weighed on energy companies. Asian shares too slipped after US President Donald Trump said he was not satisfied with bilateral trade talks with China that occurred last week. Back home, the 50-share NSE Nifty closed at 10,430.35, down by 106.35 points or 1.01 per cent, its lowest closing level since April 11. The index hit a high of 10,533.55 and a low of 10,417.80 during the day. It saw an intra-day movement of about 115.75 points. On the sectoral front, metal fell by 3.74 per cent followed by energy 2.11 per cent, media 1.26 per cent, realty 0.86 per cent, private bank 0.67 per cent, finance service 0.63 per cent, FMCG 0.62
Railways inks three MoUs
The railways today signed three agreements with two public sector enterprises and a joint venture company to ensure the continuation of projects across the rail network, a statement from the Ministry of Railways said. The railways and the Braithwaite & Company Limited (BCL), a Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of Railways, signed a Memorandum of Understanding (MoU) for the manufacture of new wagons, repairing of wagons, steel structural fabrication and manufacturing of cranes. Under the MoU, the BCL has projected revenues of Rs 285 crore from operations and Rs 1,300 crore from wagon production. The national transporter has signed another MoU with the RailTel Corporation of India Limited (RCIL), a CPSE under the ministry, for the implementation of several rail projects for doubling of lines, new lines, electrification etc. The RCIL has projected revenues of Rs 1,200 crore from operations and set several other targets regarding .
Pak borrows USD 1 billion from Chinese banks to avoid forex crisis: report
Pakistan has once again turned to its all-weather ally China for help in averting a foreign currency crisis by borrowing USD 1 billion from Chinese banks in April on "good, competitive rates, according to a media report today. In an interview with The Financial Times, the State Bank of Pakistan Governor Tariq Bajwa confirmed the loans were made by Beijing-backed banks on good rates. "The money strengthens the financial, political and military ties between the two countries," the top Pakistani banker was quoted as saying by the newspaper. "Chinese commercial banks are awash with liquidity," Bajwa said. Pakistan's foreign exchange reserves have dropped from USD 18.1 billion in April last year to USD 10.8 billion in May this year. According to the article, Pakistani officials also hope that borrowing from Chinese banks will also save Pakistan from seeking help from the Internation Monetary Fund (IMF). Since December 1988, Pakistan has had nine separate engagements with the IMF three of .
Jain Irrigation Q4 net profit surges 29% to Rs 159 cr
Jain Irrigation Systems today reported a 29.28 per cent jump in its standalone net profit to Rs 159.44 crore in the fourth quarter of fiscal 2017-18, mainly on the back of higher sales. Its net profit stood at Rs 123.32 crore in the same quarter previous fiscal, the company said in a regulatory filing. Net income rose by 12.14 per cent to Rs 1,584.94 crore in the January-March quarter, compared t0 Rs 1,413.33 crore in the year-ago period. Expenses too increased to Rs 1,417.97 crore from Rs 1,231.68 crore. The board has recommended a dividend of Rs 1 per share, subject to approval of shareholders. The company's scrip fell by 0.49 per cent to settle at Rs 60.75 apiece on the BSE today.
Worst for PSBs over; 'pain' for couple of quarters okay: Kumar
A day after the State Bank of India reported a record loss, the government today said one or two quarters of "pain upfront is okay" when the lenders are cleaning up books, but the worst for state-run banks is over. Financial services secretary Rajiv Kumar said the government will provide capital support to public sector banks (PSBs) and not allow any one of them to default. "Banks books are getting cleaned up and NPAs are also being recognised in a transparent manner. In the process, even if there is a (higher) provisioning requirement or even if there is a loss for one or two quarters, it is okay... We are ready to take this," Kumar told reporters on the sidelines of an event here. The worst, he said, is over. "Whenever you do the cleaning part, a bit of dust, a bit of pain upfront is okay. One or two quarters is not a problem. The future and the road map (for state-run banks) is only that worst is over and it is only the positive which can take place now," he ...
Tata Motors Q4 net profit down nearly 50% to Rs 2,176 cr
Homegrown auto major Tata Motors today reported 49.82 per cent decline in consolidated net profit at Rs 2,176.16 crore for the March quarter with its British arm JLR continuing to face challenges in the UK and Europe, in addition to one time impairment charge. It had posted consolidated net profit of Rs 4,336.43 crore in the corresponding period of last fiscal, Tata Motors said in a BSE filing. Its consolidated income from operations in the fourth quarter of 2017-18 was Rs 91,279.09 crore. It was at Rs 78,746.61 crore in the year-ago quarter. The company said an exceptional debit of Rs 1,641.38 crore was provided after it reviewed product development programmes in capital-work in progress and consequently provided for impairment during the quarter. The two figures are not comparable due to GST implementation from July 1 last year, after which revenue from operations is reported net of GST. During the quarter under review, Jaguar Land Rover's (JLR) net revenue grew by 4 per cent to ...
Townscript eyes international expansion; to tap Dubai, Hong Kong mkts
Online ticketing startup Townscript today said it expects international markets to contribute 15-20 per cent of its revenues by the end of this fiscal as it expands into regions like Hong Kong, Singapore and Dubai. Founded in 2014 by Sachin Sharma and Sanchit Malik, Townscript is a DIY (do it yourself) event registration and ticketing platform that allows users to set up events like workshops, conferences and exhibitions. In February last year, BookMyShow (BMS) had acquired 75 per cent stake in Pune-based Townscript for an undisclosed amount. "After the investment from BMS, we have seen 200 per cent growth in number of events organised in India. Ticket sales and revenues have grown 110 per cent," Sharma told PTI. He, however, declined to comment on the financial numbers. Sharma said the company has already expanded its offerings to Indonesia using BMS' operations as the base there. "Since ours' is a DIY platform, we are already seeing a number of people from overseas use our platform .
Indiabulls Housing plans to raise Rs 15,000 cr via public issue
Indiabulls Housing Finance today said it will raise up to Rs 15,000 crore by issuing bonds through a public issue. The decision was taken at a board meeting today. "The Board of Directors ...approved the proposal of raising of funds by way of public issue of secured and/or unsecured redeemable non-convertible debentures (NCDs) of face value Rs 1,000 each for an amount of up to Rs 15,000 crore," the company said in a regulatory filing. This is however subject to other necessary approvals, it said. The company said the money can be raised in one or more tranches. The unsecured redeemable NCDs will be in the nature of subordinated debt and will be eligible for tier II capital. The NCDs are proposed to be listed on the exchanges, it said. Stock of Indiabulls Housing closed 0.23 per cent up at Rs 1,119.70 on BSE.
DHL to top up commitments, to invest in 10,000 trucks
German logistics major DHL today announced additional investments on top of the already committed Euro 250 million, in a specially created trucking company. The company aims to have 3,500 trucks by 2020 and take it up to 10,000 in a decade, but declined to give details of the investments which would be ploughed-in. "India is a focus market for us and we will be investing as much as needed," the chief executive for DHL Ecommerce in India, Malcolm Monteiro, told reporters. The company's investment plan of Euro 250 million, which envisages creating facilities like warehousing, is going on track and the investment into the trucking company is over and beyond the announced plan, he explained. The company announced launch of an asset-heavy trucking company, DHL Smartrucking, promising to deliver on time and save costs using technological tools, better fleet of trucks and manning the cabin with two drivers. The newly formed arm's chief executive Neeraj Bansal said it is ...
NSE-SGX dispute: Bombay HC adjourns hearing till tomorrow
The Bombay High Court today deferred until tomorrow the hearing on a dispute between the National Stock Exchange (NSE) and the Singapore Exchange (SGX) over the latter's plan to launch Nifty-based products beginning this June. Justice S J Kathawala had passed an interim order yesterday restraining the SGX from launching these new derivative contracts until further notice. As the NSE has sought relief under the Arbitration and Conciliation Act, the judge today expressed his wish to send the parties to a court-appointed arbitrator to resolve the dispute. But lawyers for the SGX sought time to take instructions on the issue of refraining from acting upon its April 11 circular - which announced launch of new derivative products in June - until the dispute was resolved by the arbitrator. The judge is expected to pass order - to send the matter for arbitration or decide it himself on merits - tomorrow after the SGX lawyers make their stand clear. The NSE had approached the Bombay High ...
India to take 'long-term' view on surging fuel prices
NEW DELHI/MUMBAI (Reuters) - India will take a long-term view on the retail pricing of petrol and diesel to shield consumers from volatility in global markets, the government said on Wednesday, suggesting it could change the way pump prices are calculated.
Cabinet approves ordinance amending Bankruptcy Code
The Union Cabinet on Wednesday gave its approval to an ordinance making amendments to the Insolvency and Bankruptcy Code (IBC) which now awaits the President's approval, IT and Law Minister Ravi Shankar Prasad announced here.
PNC Infratech Q4 net soars to Rs 111 cr
PNC Infratech today reported over three-fold jump in standalone net profit at Rs 111.52 crore during March quarter, on higher income. The company had clocked Rs 33.74 crore net profit during the same quarter a year ago. Total income during the reported quarter more than doubled to Rs 765.52 crore from Rs 361.15 crore in the year-ago period. Total expenses stood at Rs 628.19 crore as against Rs 325.52 crore in March quarter of 2016-17. "The company has core competency in planning, development, construction, operation and management of highway projects with proven track record of completing projects ahead of scheduled time. We have been awarded two bonus amounts for early completion of projects," Managing Director Chakresh Jain said. The company received an amount of about Rs 60 crore as bonus from Uttar Pradesh government for early completion a section on Agra-Lucknow expressway, he said. Another bonus of Rs 34 crore was received from National Highways Authority of India (NHAI) for ...
Rupee turbulence sharpens, plunges 38 paise to 68.42 a dollar
The rupee today plummeted by a massive 38 paise to hit a near 18-month low of 68.42 against the US dollar following relentless capital outflows amid concerns over macro conditions and surging crude oil prices. This is the lowest closing for the Indian currency since November 29, 2016, when it had ended at 68.65 a dollar. Apprehensions remained on the fiscal front amid rising global crude prices that threaten to further raise India's import bill. Also, domestic forex market sentiment succumbed to bouts of pressure on revival of fresh global trade war fears after the US President Donald Trump tempered optimism over the progress made in the recent US-China trade talks. Currency traders turned extremely cautious about possibility that the adverse US trade and monetary policy will have a substantial impact on the Indian economy. Minutes of the US Fed May meeting, due later today, will be closely scrutinised to assess how many more times the US central bank will raise interest rates in .
Natco Pharma PAT for Q ending March 31 up by nearly 70 pc
: Natco Pharma Limited today said its consolidated Profit After Tax (PAT) for the quarter ending March 31, 2018 was up by nearly 70 per cent to Rs 300 crore as against Rs 176.4 crore during the same quarter in FY'17. A press release from the city-based drug-maker said the company recorded a net revenue of Rs 788 crore, on a consolidated basis during the quarter as against Rs 577.2 crore in Q4, 2017, an increase of 36.50 per cent. For the full FY '18,total revenuewas Rs 2,242.2 crore against Rs2,079 crorein FY '17 while net profit was Rs 695.2 crore as againstRs485crore, a growth of 43.37per cent. "The growth in revenue and profit during the year was driven primarily by formulation business in the USA that included niche generic product launch of glatiramer acetate, liposomal doxorubicin and lanthanum carbonate,"the press release said. Additionally, generic oseltamivir sales in the USA was a strong contributor for the company in spite of the competition while the domestic
Goa extends mining debt relief scheme again; says it's final
The Goa government today granted the fifth and final extension of six months to the state debt relief scheme, targetting mining dependents, till September 30, 2018. "The Cabinet accorded a post-facto approval for extending the scheme by six months from April 1, 2018. The extension will be limited only to those proposals that are pending with banks or those which were rejected earlier," stated a Cabinet resolution issued on May 21. The scheme offers financial assistance to mining truck owners, barge owners and others for repaying bank loans. Under the scheme, which was launched when mining was first banned in the coastal state by the supreme court in 2012, a subsidy up to 35 per cent is provided on the total loan settlement amount of those borrowers who are affected by closure of the mining industry. "Since this is the last revision of the scheme, the final authority to grant full benefit either fully or in exceptional cases as an ex-gratia benefit in either case or ...
Pic of Markle as chocolate-covered marshmallow causes stir
A German confectionery company has apologised for tweeting a picture of a chocolate-covered marshmallow dressed up as bride Meghan Markle at her wedding to Prince Harry. A spokesman for Dickmann's Schokokuesse, a popular sweet in Germany especially among children, apologized for the picture depicting Markle, who has an African-American mother, as a chocolate-covered marshmallow with a crown, a white dress and wedding bouquet. The company deleted the tweet but top-selling Bild newspaper reprinted it today, adding fuel to the controversy. The chocolate marshmallow was linked in the past to racism, being widely known as the "Negerkuss" or "negro kiss" in Germany until about 20 years ago. Company spokesman Bernd Roessler said yesterday, the picture was "stupid and embarrassing," German news agency dpa reported.