Page 3875 - Business Finance
Music Broadcast Q4 net jumps 261.3% to Rs 16.26 cr
Private FM radio broadcaster Music Broadcast today posted a 261.33 per cent jump in its net profit at Rs 16.26 crore for the quarter ended March 31. The company had posted a net profit of Rs 4.50 crore during corresponding quarter last fiscal, it said in a statement. Total income during the quarter under review stood at Rs 81.33 crore, compared to Rs 68.23 crore for the same period a year ago. "The growth in topline was majorly contributed by phase III stations in terms of volume and by legacy stations in terms of yields," its director Apurva Purohit said. For the year 2017-18, its net profit stood at Rs 51.72 crore, as against Rs 36.66 crore in the previous fiscal. Total income for the year stood at Rs 317.63 crore. It was Rs 275.86 crore in 2016-17. "Our Phase III stations have seen a break even for fourth quarter much before our estimates and they will have a meaningful contribution to the EBITDA in the quarters to come. Our legacy stations are running at a healthy ...
RCom shares surge 7.5% as co moves NCLAT challenging order
Shares of Reliance Communications (RCom) moved up by 7.5 per cent today after the company moved NCLAT challenging the order of NCLT allowing a plea for its insolvency filed by Swedish telecom equipment major Ericsson. The stock surged 7.46 per cent to end at Rs 14.40 on BSE. During the day, it zoomed 19 per cent to Rs 15.95. At NSE, shares of the company jumped 7.49 per cent to close at Rs 14.35. In terms of equity volume, 327.44 lakh shares of the company were traded on BSE and over 29 crore shares changed hands at NSE during the day. Anil Ambani-run RCom's plea is expected to be heard by National Company Law Appellate Tribunal (NCLAT) in the coming week. RCom informed stock exchanges that it has approached NCLAT along with its two subsidiaries - Reliance Telecom and Reliance Infratel- to stay the order passed by the Mumbai bench of the National Company Law Tribunal (NCLT) on May 15. "The Directors of RCom and two of its subsidiaries... today filed appeals before NCLAT challenging ...
Consultant to look at merger of three insurance cos: UIIC
: The Government would appoint a consultant to look after the merger of the three state-owned public sector insurance companies, a top official of a public sector firm said here today. "We at United India want the two other companies to merge into United India. Among the three, United India is the largest company. We want them to merge into us", United India Insurance Company, CMD M N Sarma told reporters here. The proposal for merger of Oriental Insurance, National Insurance Company and United India Insurance was announced in the budget for 2018-19. Union Finance Minister Arun Jaitley in the Budget speech had announced that the three companies would be merged into a single insurance entity and be subsequently listed. To a query on whether the company would take up a campaign to make Chennai as its headquarters after the merger, he said "unfortunately, as government employees we cannot do it as a campaign. What we can do is we can suggest and then validate how important .
NRB Bearings to pay dividend
On 20 August 2018
Honor aims to be among top 3 smartphone brands in India
Chinese telecom firm Huawei's smartphone brand Honor today announced entry into sub-Rs 10,000 handset segment to push up its market share, following its strategy to be among top 3 players in the country in a year. Huawei India's consumer business group vice president for sales, P Sanjeev said the company has adopted 'India first' strategy to achieve its global target of being among top 3 brands by 2022. "India is the only market which is growing at very fast speed. This year we expect smartphone users in India to be at least about 340 million. China is declining. If Honor wants to be among top 3 brands by 2022, India strategy is a key for us. If we have to reach top 3 soon, we have to go for sub-Rs 10,000 segment in India," Sanjeev said. He said that more than 50 per cent of smartphone users in India are in the sub-Rs 10,000 segment. "It was tough decision to price the smartphones at Rs 8,999 but we wanted to give this big market access to Honor phones as we want to be among top 3 ...
Bata India Q4 standalone net up 45% at Rs 52 cr
Footwear major Bata India today reported 44.9 per cent increase in standalone net profit to Rs 52.08 crore for the fourth quarter ended March 31, 2017-18. It had posted standalone net profit of Rs 35.94 crore in the January-March quarter of the preceding fiscal, Bata India said in a BSE filing. The company's revenue from operations during the quarter under review stood at Rs 632.31 crore. It was Rs 598.01 crore in the year-ago period. After the implementation of GST in July 1 last year, revenue from operations is reported net of GST. Accordingly, the two figures are not comparable. For the year 2017-18, net profit was at Rs 223.58 crore as against Rs 158.75 crore in the previous fiscal, the company added. Revenue from operations for last fiscal stood at Rs 2,636.32 crore. It was at Rs 2,497.24 crore in 2016-17. The board of directors have recommended a dividend of Rs 4 per share (80 per cent on an equity share of face value of Rs 5 each) for the year ended March, 31 2018, the company .
Dhanuka Agritech Q4 net up 15 pc at Rs 29 cr
Dhanuka Agritech today posted 14.65 per cent jump in standalone net profit at Rs 28.64 crore for the fourth quarter of 2017-18 financial year. Net profit in the year-ago period stood at Rs 24.98 crore, the company said in a regulatory filing. Net income rose to Rs 191.97 crore during January-March, 2017-18 from Rs 188.12 crore in the year-ago quarter. Expenses however rose marginally to Rs 157.47 crore from Rs 154.13 crore. The Board recommended a dividend of Rs 3.50 per share for 2017-18. Shares of the company rose 1.2 per cent to settle at Rs 570.75 a piece on BSE today.
L&T Tech Q4 net up 65%, targets $1 bn revenues by FY21
L&T Technology Services today reported a 65 per cent surge in its March quarter net at Rs 151.9 crore on a surge in core revenues. The company, an arm of the engineering giant L&T, had reported a post-tax profit of Rs 96.5 crore in the year-ago period. Revenue from operations jumped to Rs 1,054.8 crore from the year-ago period's Rs 812.3 crore and Rs 969.1 crore in the preceding December quarter. For the fiscal year 2017-18, it reported a 15 per cent jump in revenues to Rs 3,747 crore or USD 580 million, and a 19 per cent surge in net profit at Rs 506 crore. The company is targeting for a 16 per cent growth in the topline for fiscal 2018-19, and is looking at upping its revenues to USD 1 billion by FY21, chief executive and managing director Keshab Panda told PTI. "With a compound annual growth of 16 per cent and a contribution of USD 120 million from inorganic growth, we will reach USD 1 billion by FY21," he said. The company has earmarked four specific areas ...
Q4 results, value buying help equity indices break 5-day losing streak (Roundup)
Attractive valuations, along with healthy quarterly results supported the key Indian equity indices closed Tuesday's volatile trade session on a positive note after five consecutive days of decline.
Job offer decline maximum in IT sector: Survey
At 32 per cent, the rate of job offer declines is maximum in India's Information and Technology (IT) sector, show results of a new survey of mid and senior level candidates.
'Successfully demonstrated open pond culture of Asian Seabass'
The Marine Products Export Development Authority (MPEDA) today said it has successfully demonstrated open pond culture of Asian Seabass,which can significantly increase yield of this delectable much-in-demand seafood, with huge export potential. The demonstration was made by the Rajiv Gandhi Centre of Aquaculture (RGCA), the Research & Development (R&D) arm of MPEDA at its demonstration farm at Karaikal in Puducherry. Seabass, which is reared through 'cage culture', fetches a price of more than Rs 400 a kg in the domestic market. Under the open pond culture method, its yield can go up to nine tons per hectare and help small and marginal farmers adopt this method in a cost-effective manner. MPEDA ChairmanA Jayathilak, who witnessed the first catch of huge sizes of Seabass fish (average weight of 1.5 to 2.00 kg) and 1.10 tons being caught in a single haul from the Karaikanal demonstration farm, said it would be the best alternate species for shrimp, which ...
HDFC Bank fixes record date for dividend
Record date is 01 June 2018
Board of HDFC Bank approves change in directorate
At meeting held on 22 May 2018
Board of SRG Housing Finance approves availing of credit facilities of Rs 10 crore
At meeting held on 22 May 2018
Wall Street rises at open as U.S.-China trade talks progress
(Reuters) - Wall Street opened higher for the second straight day on Tuesday, boosted by gains in tech stocks as trade talks between the United States and China gained momentum.
CCI clears Bayer's deal for Monsanto
NEW DELHI (Reuters) - The Competition Commission of India (CCI) has approved the acquisition of U.S. seed major Monsanto Co by Bayer AG, in a decision that moves the $62.5 billion deal a step closer to the finish line.
NSE drags SGX to court over Indian derivatives products launch
Singapore Exchange (SGX) today said it will list new India equity derivatives products in June despite NSE dragging the overseas bourse to court for an interim injunction on the new products. The leading Indian bourse is making an effort to stop SGX from launching derivatives which could replace its Nifty 50 index. "SGX has been notified by the National Stock Exchange of India (NSE) of an application made in the Bombay High Court for an interim injunction on our new products," the overseas exchange said in a statement. "We have full confidence in our legal position and will vigorously defend this action," it added. SGX also said that it has informed NSE that India needs to maintain liquidity in its offshore equity derivatives market in order to connect international participants to Gujarat International Finance Tech (GIFT) City at International Financial Services Centre (IFSC). Defending its move, SGX said that its new India futures and options, which have received the relevant ...
India's steel output grows 4 pc to 8.59 MT in Apr
India's crude steel production grew 4.4 per cent to 8.59 million tonne (MT) during April 2018, according to official data. The country had produced 8.22 MT during the same month a year ago, the Joint Plant Committee (JPC) said in a report. "During April 2018, crude steel production was at 8.59 MT, a growth of 4.4 per cent over April 2017," it said. SAIL, Rashtriya Ispat Nigam Ltd (RINL), Tata Steel , Essar Steel, JSW Steel and Jindal Steel and Power Ltd together produced 5.01 MT during April. This was 6.7 per cent more compared to 4.7 MT the six players had produced in April 2017, the report said. "The rest 3.57 MT came from other producers, showing a growth of 1.4 per cent over April 2017," it added. During April 2018, the output of hot metal was at 5.80 MT as compared to 5.38 MT during the year-ago month. While 4.83 MT was produced by the six companies, the rest 0.96 MT came from other producers. Output of pig iron rose 1.9 per cent to 0.80 MT from 0.78 MT in April 2017. According ..
'Delhi: I-T raids on farm house, land developers unearth Rs 215cr black money'
The Income Tax Department (ITD) has unearthed black money of over Rs 215 crore after it conducted multiple raids over the weekend against two real estate groups who were selling land and farm houses on the Yamuna plains to high-end investors in the national capital, officials said today. Sleuths of the Delhi investigation wing of the department searched and surveyed a total of 33 premises of the two property developers, whom they did not identify. They said the two developers largely dealt in cash while cracking these deals and thus evaded income tax along with their clients, who are now under the ITD scanner. The modus operandi undertaken by the developers, sources said, was to file their IT returns based on the sale of the property on actual circle rates but the actual transaction was priced "much higher." "The difference between the circle rate and actual rates was settled in cash which represented the unaccounted and undisclosed income of the sellers," a senior official said. He ..
SBI posts Q4 loss of Rs 7,718 cr on provisions, gross NPAs up
Reflecting the continued pressure on state-run banks, State Bank of India (SBI) on Tuesday posted a loss of Rs 7,718 crore for the fourth quarter ended March, mainly due to increased provisioning, the bank said in a stock exchange filing.