Page 3908 - Business Finance
S.Korea's LG Group chairman dies from illness at 73
SEOUL (Reuters) - The chairman of LG Group, Koo Bon-moo, who helped transform South Korea's fourth-largest conglomerate into a global brand, passed away on Sunday after a battle with a brain disease.
Bangladesh plans floating rate bonds
Bangladesh has planned to issue floating rate bonds, the first of its kind in the country.
IDBI Bank appoints two independent directors on its board
State-run IDBI Bank said its board has approved appointment of two new independent directors following the resignation of two board members last week. The board on May 19, 2018, approved the appointment of Samaresh Parida and N Jambunathan as additionald directors, IDBI Bank said in a filing to stock exchanges. Parida is a consultant while Jambunathan was former Deputy Managing Director of SBI. Last week, two independent directors Ninad Karpe and S Ravi resigned from the board of state-owned IDBI Bank days after CBI filed an FIR in connection with Rs 600 crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him. The CBI's FIR had named the two independent directors and many other officials. The case pertains to loans of Rs 322 crore and Rs 523 crore given to the companies of Sivasankaran, who was at the centre of Aircel Maxis probe for alleging that then telecom minister Dayanidhi Maran put pressure on him to sell his company to a ..
Vijaya Bank defers capital raising plan for FY'19
Vijaya Bank today said its board has deferred the capital raising plan under Basel-III for 2018-19 fiscal. In a meeting held today, the board deferred the capital raising plan, the bank said in a regulatory filing. Vijaya Bank posted a net profit of Rs 207.31 crore during fourth quarter of the 2017-18 fiscal, as against Rs 203.99 crore in the same quarter previous year.
Corrected: South Korea's LG Group chairman dies from illness at 73
(Corrects biological father of heir apparent, paragraph 13)
Ultra Tech to acquire Century Textiles' cement business
Aditya Birla Group firm UltraTech said it would acquire the cement business of BK Birla Group company Century Textiles and Industries through a share swap deal, a move which would further consolidate its position as market leader in the segment. The Board of Directors of UltraTech Cement, at its meeting held today, approved a scheme of arrangement amongst Century Textiles and Industries and its respective shareholders and creditors, the Aditya Birla Group firm said in a statement. According to the scheme, the shareholders of Century would get one equity share of UltraTech, having a face Rs 10/- each for every eight equity shares of Century of face value Rs 10 each. "UltraTech will issue 1.4crore new equity shares to the shareholders of Century, which will increase its equity capital to Rs 288.58crore, divided into 28.86 crores equity shares of Rs. 10/- each," said UltraTech. "The acquisition will contribute positively to the company's earnings," it said further. The transaction would .
Finmin expects banks to get back over Rs 1 lakh cr with resolution of 12 major NPAs
Enthused by successful conclusion of Bhushan Steel case, the Finance Ministry expects banks to write back more than Rs 1 lakh crore after the resolution of all 12 NPA cases referred to insolvency proceedings by the RBI it its first list. Last week, Tata Group acquired controlling stake of 72.65 per cent in the debt-ridden Bhushan Steel Ltd for around Rs 36,000 crore will help in cleansing the banking system as well as boost lenders profitability. The remaining 11 NPA cases which are in the pipeline will easily bring to the table over Rs 1 lakh crore and the amount coming from resolution under the Insolvency and Bankruptcy Code (IBC) will directly add to the bottomline and help in reduction of NPAs of the public sector banks, a senior Finance Ministry official told PTI. Last year in June, RBI's internal advisory committee (IAC) identified 12 accounts, each having more than Rs 5,000 crore of outstanding loans and accounting for 25 per cent of total NPAs of banks. Following the RBI's ...
Wilful defaults by PNB's big borrowers rise further to Rs 15,200cr by April-end
State-run Punjab National Bank (PNB) saw wilful defaults by big borrowers growing further to Rs 15,199.57 crore in April this year over the previous month, soon after suffering a record loss of more than Rs 13,400 crore for January-March due to frauds and bad loans. The bank which posted a record loss of more than Rs 13,400 crore for the last quarter of 2017-18 closed the fiscal with big wilful defaults of Rs 15,171.91 crore, according to the PNB data. Big wilful defaulters are categorised by PNB as those borrowers with loan outstanding of Rs 25 lakh and over. The country's second largest public sector lender is already in troubled waters due to the Rs 14,357 crore fraud allegedly carried out by celebrity jewellery designer Nirav Modi and his associates. Major defaulters in big borrowers category include Kudos Chemie Rs 1,301.82 crore; Kingfisher Airlines Rs 597.44 crore; BBF Industries Rs 100.99 crore; ICSA (India) Ltd Rs 134.76 crore; Arvind Remedies Rs 158.16 crore and Indu ...
Balrampur Chini posts Rs 42 cr net loss in Q4
Leading sugar firm Balrampur Chini Mills posted standalone net loss of Rs 42.69 crore for the fourth quarter of 2017-18, mainly due to higher expenses. The company had reported a net profit of Rs 200.39 crore in the same quarter previous fiscal, according to a regulatory filing. The revenue of the company increased to Rs 1,037.01 crore in the January-March quarter of FY18 from Rs 893.50 crore in the year-ago period. However, expenses remained rose to Rs 1,069.17 crore from Rs 667.47 crore. For the full 2017-18, the company's consolidated net profit declined to Rs 231.67 crore compared to Rs 592.76 crore in the previous fiscal. The company said its revenue and expenses for the fourth quarter of the last fiscal included the excise duty and are not comparable with that of this year due to implementation of the goods and services tax (GST). Commenting on the performance, Balrampur Chini Mills Managing Director Vivek Saraogi said, "The sugar industry is currently going through a ...
Tamil Nadu e-Governance Agency gets award for Ease of Doing Business
Tamil Nadu e-Governance Agency (TNeGA) has received an award for promoting ease of doing business by developing an investor facilitation portal that provides single window clearance to industrial proposals in the state. The award was given in recognition of simplification of procedure and ease with which clearances from various authorities can be procured by a business, Anand Patil, Commissioner e-goverance and TNeGA CEO said in a statement. TNeGA developed this portal for single window system for the TN Industrial Promotion and Guidance Bureau of Industries Department leading to 4th BW Business World Digital India Award, it said.
Jaiprakash Associates to appeal against NCLT order
Crisis-ridden Jaiprakash Associates Ltd (JAL) has decided to appeal against the NCLT order that directed the company to return nearly 760 acre land to its subsidiary Jaypee Infratech, while declaring the transfer of the land as "fraudulent" and "undervalued". The order came over a petition filed by Jaypee Infratech's resolution professional (RP) Anuj Jain in the the National Company Law Tribunal (NCLT) seeking direction over the transactions entered by the company's promoters, creating mortgage on its 858 acre to secure debt for JAL. In a regulatory filing, JAL said that the entire transaction was done at the behest of the banks in normal course of business. "...providing collateral security on unencumbered asset at fair market price was acceptable practice, therefore as an obedient borrower company has co-operated with the banks," the company said, adding that it is filing an appeal against the NCLT order. As per the order, NCLT has directed JAL to return only 759 acre out of total ..
Godrej may hike prices of fridge, washing machines by 2-3%
Godrej Appliances, the consumer durables division of the Godrej Group, is likely to hike prices of its refrigerators and washing machines by 2-3 per cent starting June, due to the rising input costs on weakening rupee and increasing oil prices, top company official said. "One can expect a price hike starting from June. Refrigerators and washing machine, which are largely plastic and steel led, will see a price increase. The quantum should be 2-3 per cent," its business head and executive vice president Kamal Nandi told PTI. He said that the industry is also likely to increase prices in similar amounts going forward. While the rupee is hovering around Rs 67 mark against the US dollar at present, the crude oil breached the USD 80 a barrel mark recently, thereby increasing the input cost for consumer durable companies. Asked if the price hike would impact the demand, Nandi said, "Given that there is good monsoon expected this year and the summer has been subdued in terms of
Godrej Properties among top 3 developers in Delhi-NCR, B'lore, Mum & Pune
Godrej Properties has emerged amongst the top three developers in Delhi-NCR, Mumbai, Bengaluru and Pune with sales bookings of over Rs 800 crore in each of the four markets, its executive chairman Pirojsha Godrej said. Godrej Properties Ltd (GPL) achieved a total sales bookings of Rs 5,083 crore during last fiscal. "We have just completed the best ever year in GPL's history in terms of the value and volume of real estate we have been able to sell," Godrej told investors as per the transcript posted on the company website. For the first time in the company's history, he said GPL delivered sales of more than Rs 1,000 crore in each of the four quarters of last fiscal. "Also, for the first time, we have emerged as amongst the top three developers by value of real estate sold in each of our four focus markets of Mumbai, NCR, Bengalure, and Pune," Godrej said. The company sold more than 1.25 million sq ft with a booking value of over Rs 800 crore in each of its four focus markets, he ...
Corrected: Exclusive - Sanctions-hit Vekselberg repays 1 billion Sfr credits to Western banks
(Corrects figure in ninth paragraph to 720 mln Sfr (not 750 mln Sfr))
Jaiprakash Associates posts Q4 net loss at Rs 78.70cr
Crisis-hit Jaiprakash Associates Ltd (JAL) has reported a standalone net loss of Rs 78.70 crore for the fourth quarter of 2017-18 against a loss of Rs 1,882.40 crore in the same quarter of previous fiscal. The company in a regulatory filing noted that financial results for the last quarter and for full 2017-18 fiscal were not comparable with the year-ago period as it sold major part of its cement business to Birla group firm UltraTech Cement. JAL posted a standalone net income of Rs 1,674.2 crore for the January-March quarter of 2017-18 as against Rs 1,834.11 crore in the year-ago period, according to the filing. Expenses remained lower at Rs 1,750.60 crore when compared with Rs 3,046.30 crore in the said period. For the full 2017-18 fiscal, JAL reported a consolidated net loss of Rs 2,596.62 crore as against net loss of Rs 9,412.59 crore in the previous year. Net income was at Rs 7,906.92 crore in 2017-18 fiscal, as against Rs 14,403.88 crore in the previous year. "... the results ...
Shobha Q4 net profit surges 42% to Rs 65 cr
Realty firm Shobha Ltd has reported a 42.17 per cent increase in its consolidated net profit to Rs 65.4 crore in the fourth quarter of 2017-18, on higher sales. Its net profit stood at Rs 46 crore in the same quarter last year, the company said in a regulatory filing. Total revenue rose over 32 per cent to Rs 789.2 crore during January-March quarter of 2017-18 compared to Rs 601.3 crore in the year-ago period. Its expenses, however, remained higher at Rs 698.5 crore as against Rs 525.6 crore. The Board has recommended a dividend of Rs 7 per equity share for the 2017-18. The company's scrip closed at Rs 529.85 apiece on May 18 on the BSE.
Dabur to invest Rs 250-300 crore in capacity expansion in FY19
FMCG firm Dabur India has planned to invest Rs 250-300 crore in capacity expansion this fiscal year, and is looking for acquisitions in the domestic market going forward, top company officials said. "We are going in for brownfield expansion to increase capacity this year. We will have approximately Rs 250-300 crore capex (capital expenditure) for the current year going forward in FY19," Dabur India chief financial officer Lalit Malik said at an investor concall following announcement of the company's March-quarter results recently. The company has just done a couple of acquisitions in South Africa, and is looking at doing something "substantial" in India going forward, the company's chief executive officer, Sunil Duggal, told analysts. "...we are still looking at some targets but nothing is really coming out of it. Our intent in terms of M&A remains completely intact. We still have over Rs 2,000 crore of cash in the pocket and it will be built up during this year as
Bank of Baroda consolidates operational activities at GIFT City
State-owned Bank of Baroda today said it has consolidated all its operational activities at a shared service center (SSC), which employs over 2,000 people, at Gujarat's GIFT City. Operational services such as retail loan processing, deposit account opening, forex transactions, call center, among others have been migrated to the SSC. "The SSC employs more than 2,000 staff, making Bank of Baroda one of the largest employers in the Ahmedabad-Gandhinagar region," the lender said in a statement. The bank said it has taken 20,000 sq, ft of office space in GIFT City, making it the first India bank to actually move a lots operations to the smart city. Some other banks have already opened branches and representative offices there. The bank has been on a journey of rapid transformation in its services and processes over the last two years. Part of the transformation in processes was the idea to move the operations at the branch level to a centralised facility. This frees space at the branches ..
IIFCL operational control may move to economic affairs dept
The finance ministry has mooted a proposal to transfer operational control of India Infrastructure Finance Corporation Limited (IIFCL) to Department of Economic Affairs as its nature of funding has changed. Currently, IIFCL is under administrative control of Department of Financial Services, which also controls public sector banks and financial institutions. "There is a Cabinet announcement that we will use this for funding the strategic and socially justifiable projects. That requires some restructuring of IIFCL," a senior finance ministry official told PTI. "Since this kind of investment is basically is in the ambit of economic affairs, therefore this proposal is there to transfer the IIFCL to the Department of Economic Affairs," the official said. The proposal to this effect was made in the Budget 2018-19. "My ministry will leverage the India Infrastructure Finance Corporation Limited (IIFCL) to help finance major infrastructure projects, including investments in educational and ...
'Benefits will outweigh costs of extended trading in equity derivatives'
Even as the equity brokers are trying to figure out a way to cope with the longer trading hours on equity derivatives, many feel the benefit of "real-time" alignment with global markets would outweigh infrastructure challenges.