Page 3912 - Business Finance
Indiabulls Real Estate board clears share buy back scheme worth Rs 624 cr
The board of Indiabulls Real Estate Ltd today approved a buy-back plan for up to 2.6 crore fully paid-up equity shares, amounting to Rs 624 crore. "The board of directors of the company, at its meeting held on May 18, 2018, has approved the proposal of buy-back of up to 2.6 crore fully paid-up equity shares of Rs 2 each of the company, being approx. 5.45 per cent of existing paid-up share capital of the company," Indiabulls Real Estate said in a BSE filing. The board has approved buy-back at prevailing market price on stock exchanges subject to a price not exceeding Rs 240 per equity share, aggregating up to an amount not exceeding Rs 624 crore. "The maximum buy-back offer price has been arrived at considering market price of the equity shares of the company during the last 6 months," the company said. Shares of the company closed at Rs 205.7 a unit, down 2.67 per cent from the previous close, on the BSE today.
Walmart approaches CCI for approval of Flipkart acquisition
Global retail giant Walmart has approached fair trade regulator CCI for approval of its proposed acquisition of a majority stake in e-commerce major Flipkart, saying the deal doesn't raise any competition concerns. Stating that the proposed acquisition would be done through its subsidiary Wal-Mart International Holdings, Walmart has told the regulator that Flipkart is a Singapore-based investment holding firm, which along with its direct and indirect subsidiaries, both in India and elsewhere, is primarily engaged in the business of wholesale cash and carry of goods and providing marketplace based e-commerce platforms to facilitate trade between customers and sellers in India. Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI). According to the notice submitted to the CCI by Wal-Mart International Holdings, the proposed transaction will be effected pursuant to the share purchase agreement and the share issuance and ...
Den Networks Q4 Net loss narrows to Rs 10 cr
Broadcasting and cable TV service provider Den Networks today reported narrowing of consolidated loss to around Rs 10 crore in the last quarter ended March of 2017-18. The company had posted a consolidated loss of Rs 59.87 crore in the same quarter a year ago. We have been able to deliver consistent improvement in our financial performance. All efforts are being pursued for further improving the subscription revenues across all phases to improve the margins," Den Networks CEO SN Sharma said in a statement. Total income of the company declined by around 2 per cent to Rs 322.74 crore during the reported quarter from Rs 328.69 crore in the corresponding quarter of the previous fiscal. For the year ended March 2018, the company's loss narrowed to Rs 17.11 crore from Rs 187.76 crore at the end of 2016-17. The consolidated income of Den Networks increased by 9.7 per cent to Rs 1,314.98 crore at the end of financial year 2017-18 from Rs 1,198.67 crore it registered in the preceding ...
Acquisition of Bhushan Steel by Tatas historic breakthrough: Goyal
Finance Minister Piyush Goyal today said the purchase of debt-ridden Bhushan Steel by a Tata Group company under the IBC proceedings as a "historic breakthrough" in resolving legacy issues of banks. Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) for around Rs 36,400 crore. Tata Steel Ltd had won the bid to acquire Bhushan Steel in an insolvency auction. The bankrupt firm was among the 12 stressed assets the RBI had referred to the NCLT proceedings last year. Goyal in a tweet said that it is a "historic breakthrough in resolving legacy issues of Banks". "Lenders recovered almost entire principal loan of Bhushan Steel through Rs 36,400 crore transparent bid by Tata Steel and also got 12% stake in the company," he tweeted. Goyal, who is holding the charge of Finance Ministry temporarily, further said that it is for the first time such a large loan resolution ..
Dalmia Bharat posts Q4 net profit at Rs 183.65 cr
Cement maker Dalmia Bharat today reported a marginal increase of 0.79 per cent in its consolidated net profit to Rs 183.65 crore for the fourth quarter ended March 2018. The company had posted a net profit of Rs 182.21 crore in the January-March quarter a year-ago, Dalmia Bharat said in a BSE filing. Its total revenue during the quarter under review was up 7.7 per cent to Rs 2,703.49 crore as against Rs 2,509.31 crore in the corresponding period of the last fiscal. Dalmia Bharat's total expenses stood at Rs 2,388.97 crore, up 5.35 per cent, as against Rs 2,267.52 crore. Its sales volume during the quarter was up 14 per cent to 5.18 MT as against 4.55 MT in the corresponding quarter a year ago. For the 2017-18 fiscal, Dalmia Bharat's net profit was up by two-folds to Rs 535.90 crore as against Rs 255.26 crore in 2016-17. Its total income stood at Rs 9,133.80 crore in 2017-18, up 5.97 per cent, compared to Rs 8,619.09 crore in the previous fiscal. Shares of Dalmia Bharat today settled ..
Government proposal leaves markets gasping -- and Italians vaping
ROME (Reuters) - While Italy's 5-Star Movement and League party left financial markets gasping on Friday with promises to raise government spending dramatically, users and producers of electronic cigarettes were breathing more easily.
China: Market closes 1.2% stronger
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ECB looks to ESTER overnight rate to clean up after scandals
FRANKFURT (Reuters) - The European Central Bank has christened its new unsecured overnight rate ESTER, it said on Friday, the latest step in a long process to devise a new reference rate after confidence in previous benchmarks was shaken.
Manappuram Finance Q4 net down 9 pc at Rs 182 cr
Manappuram Finance today reported a fall of 9.2 per cent in its net profit at Rs 182.17 crore in the last quarter ended March 2018. The company had registered a net profit of Rs 200.58 crore in the same quarter of the preceding fiscal. Total income during March quarter of 2017-18 also fell to Rs 901.19 crore as against Rs 905.50 crore in the similar period of 2016-17, the company said in a regulatory filing. On yearly basis, net profit fell to Rs 670.89 crore from Rs 755.85 crore in year ended March 2017. Income for the year came down at Rs 3,476.56 crore from Rs 3,408.91 crore. The company mainly operates in single business of financing. Manappuram Finance said the company's board has declared an interim dividend of 50 paise per equity share for 2017-18. Stock of the company closed 1.56 per cent down at Rs 113.95 apiece on BSE today.
Govt may reduce H2 borrowing: DEA Secretary Garg
Allaying fiscal concerns, the Finance Ministry today said macro-economic parameters continue to be "very sound" and it may even reduce its borrowing target for the second half of 2018-19. The government will be borrowing a total of Rs 2.88 lakh crore in the April-September period of current fiscal, which is 47.56 per cent of the budgeted gross borrowing. The budgeted gross borrowing through G-Securities for the entire fiscal 2018-19 is Rs 6.05 lakh crore which would be used to fund the fiscal deficit of 3.3 per cent of the GDP. "We also have space of reducing our buyback (of government securities) programme further, which might lead to reduction in borrowing programme in H2 (second half) rather than increasing it," Economic Affairs Secretary S C Garg told reporters here. The government has noticed that the demand for shorter term bonds has not been as anticipated, and it will watch for one or two more weeks and tweak the composition of bonds if needed according to the demand, he ...
IBC a big success story for cleaning banking system: Rajiv Kumar
The acquisition of debt-ridden Bhushan Steel by Tata Steel reflects success of the insolvency and bankruptcy law which will help in cleansing the banking system as well as boost lenders' profitability, Financial Services Secretary Rajiv Kumar said today. Bamnipal Steel Ltd (BNPL), a wholly-owned subsidiary of Tata Steel, has successfully completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL) for consideration of Rs 36,400 crore. This amount would go directly to lenders improving their bottomlines. Tata Steel won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency auction. The bankrupt firm was among the 12 stressed assets that the RBI had referred to the NCLT proceedings last year. "It is a historic day as banks recover Rs 36,400 crore from sale of Bhushan Steels to Tata Steel under Insolvency and Bankruptcy Code. Banks will gain from write back. Result of silent and transformative change in credit culture," he told PTI. The ...
Exclusive: BP chief sees shale, OPEC cooling oil markets
LONDON (Reuters) - BP Chief Executive Bob Dudley expects a flood of U.S. shale and the reopening of OPEC taps to cool the oil market after crude rose above $80 a barrel this week.
JSW Steel in pact to buy Italian special steel maker for Rs 440 cr
Domestic steel major JSW Steel today said it has signed an agreement with Algeria-based Cevital to acquire its Italian arm Aferpi, a specialised steel products maker, for about Rs 440 crore. The acquisition of Aferpi, which owns the second largest steel plant in Italy, will help JSW expand its reach in the specialised steel market, particularly in the automobile sector, the Indian steel maker said in a statement. The deal would also provide JSW a foothold for future opportunities in the European markets, the Sajjan Jindal-owned firm further said. JSW Steel Italy Srl, a subsidiary of JSW Steel, has entered into a sale and purchase agreement dated May 17, 2018, with Cevitaly Srl for acquisition of 100 per cent shares of Aferpi SpA (Aferpi), Piombino Logistics SpA and 69.27 per cent of the share capital of GSI Lucchini SpA for a cash consideration of Euro 55 million on a cash free, debt free basis, JSW Steel said. JSW Steel had earlier tried to acquire the Italian plant in 2014, when it .
Thermax Q4 net more than doubles to Rs 75 cr
Thermax today posted more than double consolidated net profit of Rs 75.69 crore in the quarter ended March 2018. The company's consolidated net profit was Rs 35.31 crore in the quarter ended March 2017, a BSE filing said. According to the statement, total income of the company stood at Rs 1,486.97 crore in the quarter under review as compared to Rs 1,548.73 crore a year ago. Besides approving the financial results, the board today also approved a dividend of Rs 6 per equity share of Rs 2 each (300 per cent), for 2017-18 subject to approval of shareholders at the ensuing 37th annual general meeting. Thermax Group posted a consolidated revenue of Rs 4,486 crore in 2017-18 compared to Rs 4,590 crore in the previous year. Its net profit after tax and minority interest for 2017-18 was Rs 231 crore compared to Rs 216 crore in the previous fiscal. The consolidated order intake as on March 31, 2018, was Rs 6,380 crore, 45 per cent higher than last year's Rs 4,394 crore. Order backlog for the .
NITI Aayog invites French investments in India
NITI Aayog CEO Amitabh Kant on Friday urged French investors to invest in India not only to target one billion people but to build solutions here for the seven billion-strong global market.
Sumitomo buys 49% in Mukand Sumi Special Steel for Rs 1,181cr
Japan's Sumitomo Corporation has bought 49 per cent stake in its Indian joint venture (JV), Mukand Sumi Special Steel, for Rs 1,181 crore. Mukand (the Indian JV partner) will retain 51 per cent equity in the company, which will be a leading speciality steel supplier for the fast growing automotive and engineering industries, Mukand's chairman and managing director Rajesh V Shah told reporters here. The JV is at present engaged in the business of rolling, finishing and marketing of alloy steel wire rods and bars made from blooms and billets, procured from Mukand's Hospet plant in Karnataka. It has 100 acre of land adjoining Mukand's existing plant at Hospet for the proposed construction of new steel rolling facilities by mid 2020 at a cost of around Rs 600 crore, Shah said, adding that the money will be raised through internal accrual and debt. Mukand is a supplier of speciality steels to all global manufacturers in the domestic automotive sector for their critical ...
Currency situation back to normal: Finance Ministry
The Finance Ministry on Friday said the currency situation had completely returned to normal across the country and there was no shortage of cash anywhere.
NSE receives US CFTC "Part 30" exemption
The National Stock Exchange of India (NSE) on Monday said that it has received the "Part 30" exemption from the US Commodity Futures Trading Commission (CFTC).
India's services exports jump 18.7% in March 2018
Services exports improves 8.8%, trade surplus rises to US$ 69.55 billion in FY2018
Oil prices little changed but set for sixth week of gains
NEW YORK (Reuters) - Brent oil prices were little changed on Friday but were on track for a sixth straight week of gains, boosted by strong demand, looming U.S. sanctions on Iran and plummeting Venezuelan production.