Page 389 - Business Finance

Don't have resources, expertise to construct stalled projects of Amrapali: Noida, Gr Noida tells SC

Noida and Greater Noida authorities Friday told the Supreme Court that they don't have the requisite resources and expertise to construct the stalled projects of the embattled Amrapali Group and favoured handing over the properties to a reputed builder under the supervision of a high powered committee. They also said that they could not take any action like cancellation of lease agreements against the group which regularly defaulted on payments due to "bulk of home buyers" and "political weight". Both the authorities told the apex court that there was around Rs 5,000 crore pending from Amrapali Group towards the principal amount and interest component besides the penal interest. They said that as government entities keeping the interest of home buyers in mind they had not cancelled the lease agreements with Amrapali despite repetitive default of payment. The top court on May 8 had said that it may give ownership rights of all the 15 prime residential properties of embattled Amrapali ..

Etihad, a few others submit bids for Jet Airways

State Bank, which leads the consortium of the lenders of Jet Airways Friday said they have received bids from Etihad Airways and a few unsolicited parties to take over the grounded airline. The consortium of 26 lenders which now owns 51 percent in the airline, had invited expressions of interest between April 8 and 12 and had received four preliminary bids. Friday was the last day to submit financial bids by the qualified bidders. "Sealed bid from Etihad Airways has been received and the same will be submitted to lenders for examination," said SBI Caps, which is handling the bidding process. It further said a few unsolicited offers have also been received which the lenders may deliberate on subsequently. The lenders are offering 31.2-75 percent stake in the company on a fully diluted basis. Currently, the airline owes Rs 8,000 crore to the lenders.

Canara Bank Q4 loss narrows to Rs 551 cr on lower bad loans

State-owned Canara Bank Friday said its standalone net loss narrowed multi-fold to Rs 551.53 crore for the fourth quarter of fiscal 2018-19, mainly driven by lower provisioning for bad loans. The bank had posted a net loss of Rs 4,859.77 crore during the corresponding January-March period of the preceding fiscal. Total income of the bank during the March quarter rose to Rs 14,000.43 crore, compared to Rs 11,555.11 crore in the year-ago period, Canara Bank said in a regulatory filing. For the full 2018-19 fiscal, the bank has posted a net profit of Rs 347.02 crore. There was a net loss of Rs 4,222.24 crore in 2017-18. Total income during the fiscal was higher at Rs 53,385.30 crore as against Rs 48,194.94 crore a year earlier. The lender's operating profit (EBITDA) for FY2019 improved by 10.9 per cent to Rs 9,548 crore as compared to Rs 10,590 crore in FY2018, Canara Bank MD and CEO Sankara Narayanan told reporters. The Bengaluru-headquartered lender witnessed improvement in the asset ..

Procter & Gamble Health Q1 net profit rises 79% to Rs 40.7 crore

Pharma firm Procter & Gamble Health Friday reported a 79.21 per cent rise in its net profit to Rs 40.70 crore for the first quarter ended March 2019, driven by high interest income and operational efficiencies. The company had posted a net profit of Rs 22.71 crore for the corresponding period of the previous fiscal, Procter & Gamble Health said in a filing to the BSE. Total income of the company stood at Rs 248.72 crore for the quarter under consideration. It was Rs 203.54 crore for the same period a year ago. "With a brand portfolio backed by science and trusted by doctors, pharmacists and consumers, and the best of consumer health capabilities and cultures, we are working towards creating a much stronger presence in India's fast-growing consumer health industry," Procter & Gamble Health Ltd MD Milind Thatte said. Procter & Gamble Health (formerly Merck Ltd) manufactures and markets over-the-counter products, vitamins, minerals, and supplements products. Shares of the

Extent of overestimation of GDP in all likelihood marginal,says FinMin amid NSSO report controversy

Amid concerns raised over growth numbers in the wake of an NSSO report, the finance ministry Friday said the extent of overestimation of GDP "in all likelihood is marginal" as the proportion of closed and non-traceable enterprises in the corporate affairs ministry's database is falling. The statement comes against the backdrop of a Technical Report of Services Sector Enterprises in India released by the National Sample Survey Office (NSSO) which said that as much as 36 per cent units forming part of MCA 21 database, used in computing GDP, were either not identifiable or traceable in the field. MCA 21 is an electronic repository of corporate filings and is maintained by the corporate affairs ministry. This is the second time in three days that the government has come out with a release regarding the NSSO report. On Wednesday, the Ministry of Statistics and Programme Implementation had issued a release. The finance ministry Friday said the technical report has stated that 38.7 percent .

Jet Saga: Etihad sends in binding bid for Jet Airways

UAE-based Etihad Airways has sent in a binding bid for Jet Airways though its details have not been disclosed before the official deadline of 6 p.m. ended on Friday.

Spiritual healer Khetarpal's Orient Tradelink marks turnaround

Spiritual healer Aushim Khetarpal-promoted devotional entertainment firm Orient Tradelink Ltd is looking to tap into digital platforms and the fast-moving consumer goods (FMCG) sector to accelerate the company's growth.

Jyothy Lab announces succession plan, to appoint M R Jyothy as MD

Jyothy Laboratories Ltd Friday announced its succession plan with M R Jyothy, daughter of company's chairman and managing director M P Ramachandran, slated to take over as its managing director from April 1 next year. "Her appointment comes with effect from April 1, 2020. M P Ramachandran continues to serve as the chairman emeritus of the company," the company said. Jyothy, who is with the company for the last 14 years, was chief marketing officer and whole-time director of Jyothy Laboratories in her last held position. Commenting on the development, Ramachandran said: "I am very happy that the next generation is ready to take charge... I am very confident that my daughter M R Jyothy as managing director will deliver results to all the stakeholders of the company." Jyothy has expertise in marketing and brand communication and was instrumental in integrating brands like Henko, Pril and Margo and has successfully handled the post acquisition operations of Henkel India, a company state ..

Eicher Motors Q4 profit after tax up 18% at Rs 545 cr

Eicher Motors Friday registered a 18.05 per cent rise in consolidated net profit after tax to Rs 544.84 crore for March 2019 quarter. The company had reported a net profit after tax of Rs 461.53 crore in the year-ago period. Total revenue from operations for the quarter stood at Rs 2,500.08 crore as against Rs 2,528.01 crore in the same period of 2017-18, Eicher Motors said in a regulatory filing. During the period under review, the maker of niche Royal Enfield bikes sold 1,97,567 units, down 13 per cent from 2,26,907 in the same period last year. For 2018-19, the company posted a net profit after tax at Rs 2,202.73 crore as compared to Rs 1,959.67 crore in 2017-18. Total revenue for 2018-19 was Rs 9,797.06 crore as against Rs 9,219.26 crore a year ago. "The latter half of 2018 was a challenging period for the two-wheeler industry in India with factors such as revision in insurance cost, increase in prices on account of new safety norms, affected consumer sentiment," Eicher Motors MD .

European Commission nips Tata Steel-Thyssenkrupp JV

Tata Steel on Friday said that the proposed joint venture with Thyssenkrupp will not go ahead as the "European Commission (EC) does not intend to clear the venture".

India's March factory output shrinks

India's factory production shrunk in March 2019 by (-) 0.1 per cent, first in FY 19, from a growth of 5.3 per cent reported for the corresponding month of 2018, official data showed on Friday.

SBI posts muted Q4 profit, but asset quality, interest income up

State Bank of India on Friday posted a muted net profit of Rs 838 crore in Jan-March period of last fiscal on account of massive provisioning at Rs 16,502 crore, but the asset quality moved northwards as gross and net NPAs both declined and interest incomes rose.

SBI books Rs 838 cr net income, says worst is behind

Better asset quality and a 100 bps dip in credit cost helped the largest lender State Bank Friday report a net income of Rs 838 crore for the March quarter as against a net loss of Rs 7,718 crore a year ago, and also guide towards sunnier days. For the full year to March, SBI, which controls a fourth of the nation's banking system, booked a net income of Rs 862 crore as against a net loss of Rs 6,547 crore. The management attributed the lower profit to the 100 percent provisions made for some key stressed accounts which are near the full resolution. "The bank has delivered an excellent performance on all parameters. The turnaround has happened. The improvement in asset quality is visible. Both the gross bad loans and net dud assets ratios are substantially down," chairman Rajnish Kumar told reporters. The credit cost improved by a full 100 bps to 2.66 percent from 3.62 percent a year-ago and for fresh slippages the credit cost was 0.52 percent, he said. Guiding towards .

Baring PE's plan to buy 30 pc stake in NIIT Tech gets nod from anti-trust authorities in US, Germany

Hulst B V, which has signed a deal to acquire about 30 per cent stake in NIIT Technologies, has received approvals from anti-trust authorities in Germany and the US for the transaction, as per a regulatory filing on Friday. In April, Baring Private Equity Asia (BPEA) announced plans to buy about 30 per cent stake in NIIT Tech from NIIT Ltd and other promoter entities at a price of Rs 1,394 per share, pegging the transaction at about Rs 2,627 crore. Hulst B V is a company registered in the Netherlands. It is indirectly owned and controlled by funds affiliated with BPEA, according to a notice submitted to CCI. "The purchaser (Hulst B V) has informed the company that it has received anti-trust approvals viz approval of the CCI and the anti-trust authorities in Germany and in the US," NIIT Tech said in a filing to BSE. The deal has already received clearance from the Competition Commission of India (CCI). The transaction will trigger an open offer under which BPEA will make an offer to ...

No need to rush with China trade deal: Donald Trump

Hours after Washington doubled tariff on 200 billion dollars worth of Chinese goods, US President Donald Trump said that there is "absolutely no rush" to reach a trade deal with China.Trump also declared that the process of imposing tariffs on the rest of China's imports has begun.China has vowed that it will retaliate.In a series of tweets on Friday, the US President wrote, "Talks with China continue in a very congenial manner - there is absolutely no need to rush - as Tariffs are NOW being paid to the United States by China of 25% on 250 Billion Dollars worth of goods & products. These massive payments go directly to the Treasury of the U.S....""....The process has begun to place additional Tariffs at 25% on the remaining 325 Billion Dollars. The U.S. only sells China approximately 100 Billion Dollars of goods & products, a very big imbalance. With the over 100 Billion Dollars in Tariffs that we take in, we will buy," Trump went on to ...

GAIL completes award of contract for Pradhan Mantri Urja Ganga pipeline project

State-owned gas utility GAIL India Friday said it has completed awards for all major contracts for the ambitious Pradhan Mantri Urja Ganga natural gas pipeline project that transverse from Jagdishpur to Haldia and Bokaro (Jharkhand) and Dhamra in Odisha. In a statement, GAIL said it has placed a Rs 475 crore order for steel pipes of about 280-kilometers to provide pipeline connectivity from Durgapur to Haldia, including spur lines to Kolkata in West Bengal. This completes contracting for the 3,400-km Jagdishpur (Uttar Pradesh) -Haldia (West Bengal) & Bokaro - Dhamra Natural Gas Pipeline (JHBDPL). "Till date, the company has committed over Rs 12,500 crore for the project," GAIL said. The pipeline has already reached Barauni in Bihar and GAIL is ready for supplying gas to a refinery and upcoming fertiliser plant. The pipeline also supplies natural gas for Patna city gas distribution network (CGD). "This is a major milestone towards providing green fuel to the eastern part of the ...

Industrial output contracts 0.1% in March, lowest in 21 months

India's industrial production contracted by 0.1 per cent in March this year, the lowest in 21 months, mainly due to manufacturing sector slow down, official data showed Friday. Factory output, as measured in terms of the Index of Industrial Production (IIP), had grown by 5.3 per cent in March 2018, according to data released by the Central Statistics Office (CSO). IIP's previous low was recorded in June 2017, when output shrank by 0.3 per cent. On annual basis, IIP growth slowed to three-year low of 3.6 per cent in the 2018-19 fiscal as against 4.4 per cent in the previous fiscal. Industrial production growth was 4.6 per cent and 3.3 per cent in 2016-17 and 2015-16, respectively. Meanwhile, IIP growth for February 2019 has been revised downwards to 0.07 per cent from 0.1 per cent earlier. The manufacturing sector, which constitutes 77.63 per cent of the IIP, contracted by 0.4 per cent in March as compared to 5.7 per cent expansion in the year-ago month. Capital goods output declined ..

GSK Consumer Healthcare Q4 profit up 35 pc to Rs 285 cr

GlaxoSmithkline (GSK) Consumer Healthcare Friday reported 34.60 per cent increase in standalone net profit at Rs 285.11 crore for the fourth quarter ended March 31, 2019. The company clocked a profit of Rs 211.81 crore in the January-March quarter a year ago, it said in a BSE filing. Total income in the latest quarter was up 11.48 per cent to Rs 1,408.95 crore as against Rs 1,263.75 crore in the year-ago period. Total expenses in the March quarter 2019 were Rs 982.70 crore, up 4 per cent from Rs 944.86 crore in the year-ago period. For 2018-19, the company registered a profit of Rs 982.80 crore, a rise of 40.37 per cent from Rs 700.10 crore logged in 2017-18. Total income during 2018-19 stood at Rs 5,214.61 crore as against Rs 4,634.46 crore in the previous year. In a separate filing, GSK Consumer Healthcare informed that its board has recommended a dividend at the rate of Rs 105 per equity share of Rs 10 each. Shares of the company settled at Rs 7,035.85 per scrip on BSE, down 0.70 ..

PVR Q4 profit moves up 78 pc to Rs 47 crore

Multiplex cinema operator PVR Limited said on Friday its consolidated profit after tax was Rs 47 crore during Q4 of 2018-19 as compared to Rs 26 crore in the corresponding period of the previous year, marking a growth of 78 per cent.The company's revenue increased 43 per cent to Rs 846 crore from Rs 592 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) was up 66 per cent to Rs 169 crore as against Rs 102 crore in the same period last year.Consolidated revenues for the financial year ending March 31 were Rs 3,119 crore as compared to Rs 2,365 crore during FY 18, witnessing a growth of 32 per cent.Consolidated EBITDA was up 43 per cent at Rs 619 crore as against Rs 433 in the previous year. Profit after tax jumped 47 per cent to Rs 184 crore as compared to Rs 125 crore during the corresponding period of last year."We crossed the landmark of 750 screens and served almost 100 million patrons, a feat which placed us among top 10 cinema chains globally in ...

Nifty May futures at small premium

Turnover in F&O segment drops