Page 3914 - Business Finance
Indian Metals & Ferro Alloys shuts down furnace at Therubali
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Currency situation normal, all ATMs functioning well says DEA Secy
The currency situation is completely normal and ATMs are working well across the country, Economic Affairs Secretary S C Garg said today. Adequate amount of currency is available across the country and there are no reports of shortage now, he told reporters here. It is to be noted that five-six states faced currency shortage last month, prompting the government and the RBI to take various steps to ease the situation. "For last few days in fact we are seeing net increase in the currency. In last 3-4 days there is surplus deposit of Rs 4,000 crore. With regard to fiscal deficit, he said it has been going on very smoothly. "The growth parameters are also very sound, macro economic parameters also continue to be very sound, the inflation is within the range. So on the macro-economic front the economy continues to do well and we have no downward revision on growth or upward revision on fiscal deficit," he said. "So none of those things are worrying despite whatever changes on the yield etc
CBI files charge sheet against Hyderabad-based firm in bank fraud case
The CBI today filed a charge sheet against Hyderabad-based Totem Infrastructure Ltd and its directors for allegedly defaulting on a Rs 313.84-crore loan from Union Bank of India which was part of a Rs 1,394-crore loan given by a consortium of eight banks, officials said. In its charge sheet filed in a special CBI court in Hyderabad, the agency charged the company, a contractor for railway construction works and other infrastructure projects, and its directors Tottempudi Salalith and Tottempudi Kavita with criminal conspiracy and cheating, they said. CBI spokesperson Abhishek Dayal said a probe found that the company and its directors allegedly availed credit facilities between 2005 and 2012 by manipulating its financial statements. They allegedly utilised the money for personal gains by diverting the same to various other companies not having business-related activities for which the loan was advanced, he said. "An alleged loss of Rs. 313.84 crore was caused to Union Bank of India. ..
Telangana govt inks MoU with DASAN, Celkon
A Memorandum of tri-party Understanding was today signed between DASAN Network Solutions, Inc., South Korea, city-based Celkon Impex Pvt Ltd and the Telangana government. The tie-up, promoting cooperation for facilitating investments in Telangana, is expected to generate more than 2,000 new employment opportunities in Telangana, a state government release said. Celkon with its direct investment in Telangana will create and develop GPON Manufacturing technology in Fab city with the complete support of DASAN in terms of technology, the release said. The three parties have recognised the need to promote mutual cooperation to expand bilateral and collaborative relationship in industrial development in Telangana, it said. Y Guru Swamy Naidu, CMD, Celkon Impex Pvt Ltd, Yung Kim, Global CEO, DASAN Network Solutions and Jayesh Ranjan, Principal Secretary, Industries Department, Government of Telangana signed the MoU in the presence of IT and Industries Minister KT Rama Rao.
Tata Chemicals Q4 net up 23.37% at Rs 355.90 crore
Tata Chemicals today reported a 23.37 per cent growth in consolidated net profit for the March quarter at Rs 355.90 crore, mainly driven by healthy margins in chemicals, soda ash and salt business and gains from sale of its urea business to Yara Fertilisers India. The company's net stood at Rs 288.48 crore in the same quarter last year. "Our key businesses including chemicals, soda ash and salt business continued to perform very well with healthy margins. We had record production in Tata Salt and in the consumer portfolio we continue to expand our product range. We recently launched new products like 'khichdi' and 'chila mix'," Tata Chemicals' managing director R Mukundan told reporters here. The revenue for the quarter declined by 1.40 per cent to Rs 2,555.08 crore, compared with Rs 2,591.59 crore in the same period last year. "The decline in revenue is mainly due to roll out of the goods and service tax (GST) from last July," he said. However, the company reported a ...
Apple pays Ireland first tranche of disputed taxes
DUBLIN (Reuters) - Apple has paid 1.5 billion euros ($1.76 billion) into an escrow account set up by the Irish government to hold 13 billion euros in disputed taxes, Finance Minister Paschal Donohoe said on Friday.
AP CRDA to raise Rs 2000 cr by issuing 'Amaravati bonds'
The Andhra Pradesh Capital Region Development Authority will raise Rs 2000 crore by issuing 'Amaravati Bonds' by the end of this month for the construction of the state capital, Amaravati. The necessary credit rating for the proposed bonds is expected by May 22 and the Andhra Pradesh government clearance will be finalised by May 23, an official release here said today. Subsequently, the bonds would be issued in the open market by the end of this month. CRDA Commissioner Ch Sreedhar, the release said, informed Chief Minister N Chandrababu Naidu at a review meeting here today that they were expecting a rating of A or A+ for the bonds. "We are working towards securing AA rating as well," the Commissioner said. The money raised through the bonds would be utilised for infrastructure development in the capital city, he added. The Chief Minister directed the CRDA to issue special bonds for non-resident Indians. Chandrababu said an exclusive organisation should be set up to ...
Harish Manwani appointed as independent director of Tata Sons
Tata Sons today said it has appointed former Unilever Global chief operating officer and the non-executive chairman of Hindustan Unilever, Harish Manwani as an independent director. Manwani is also the global executive advisor to Blackstone Private Equity group. He serves on the board of directors of Qualcomm Incorporated, Gilead Sciences, Nielsen Holdings, Whirlpool Corporation, Economic Development Board (EDB) of Singapore and is the chairman of the executive board of the Indian School of Business. *********** NSE derivatives access to US clients enabled * National Stock Exchange of India (NSE) today said it has become the first Indian stock exchange to be granted the Part 30 exemption from Commodity Futures Trading Commission (CFTC), that will enable exchange members to trade in derivatives for US clients. The CFTC issued a Part 30 exemptive order to the NSE as part of its programme of regulatory deference to foreign regulatory frameworks. Part 30 exemptive ...
Gold recovers, silver firms up despite global fall
Gold prices recovered by Rs 115 to Rs 30,945 per ten grams at the bullion market here due to fresh demand from stockists and retailers despite bearish global cues. Traders said, fresh buying by local jewellers to meet the demand at domestic spot market led to the recovery in prices, but a weak trend overseas capped the gains. Elsewhere, silver prices gained by Rs 200 to Rs 39,795 per kg owing to rising offtake from industrial units. Standard gold (99.5 per cent purity) rose by Rs 115 to end at Rs 30,945 per 10 grams from Thursday's closing level of Rs 30,830. Pure gold (99.9 per cent purity) also moved up by a similar margin to close at Rs 31,095 per 10 grams as against Rs 30,980 yesterday. Silver (.999 fineness) climbed by Rs 200 to finish at Rs 39,795 per kg compared to Rs 39,595 previously. Globally, gold prices dipped, weighed down by a firmer dollar, but some traders said signs pointed to a rebound. Spot gold was down at USD 1,286.56 per ounce in early European trade, after ...
Oil prices set for sixth week of gains
LONDON (Reuters) - Brent oil prices rose on Friday and were set for a sixth straight week of gains, boosted by strong demand, looming sanctions on Iran, plummeting Venezuelan production and Nigerian disruptions.
Japan tells WTO ready to retaliate against US steel tariffs
Japan told the World Trade Organisation today it was ready to take retaliatory measures against US tariffs on its steel and aluminium, reversing its earlier conciliatory stance toward its close ally. Japan informed the WTO it had the right to impose tariffs on US goods worth 50 billion yen (USD 451 million) -- equivalent to the impact of the US tariffs newly imposed on Japanese metal products, the foreign ministry said in a statement.
Wall Street opens lower as tech stocks weigh
(Reuters) - U.S. stocks opened slightly lower on Friday due to losses in technology stocks including Applied Materials and Alphabet, while investors kept a close watch on U.S.-China trade talks.
Toyota Kirloskar expects 10% growth in sales this year
Toyota Kirloskar Motor is expecting at least a 10 per cent growth in sales in the current year, an official said here on Friday.
NMDC Limited bags awards for corporate social responsibility
India's largest iron ore mining company NMDC Limited has bagged a prestigious award given by a leading global energy information provider in corporate social responsibility category. This is the first time since inception of S&P Global PLATTS Global Metals Award, an Indian Company bagged an award in this category. N Baijendra Kumar, IAS, Chairman-cum-Managing Director, NMDC Limited received the coveted award during a ceremony held here. S&P Global Platts is the leading independent provider of information, benchmark prices and analytics for the energy and commodities markets. It has been in existence for over 100 years. The S&P Global Platts Global Metals Award recognizes top performers industry leaders and innovators. The Corporate Social Responsibility (CSR) Award recognises the organization that best demonstrates leadership, commitment to action and real-world social impact on social responsibility of corporate business entity. NMDC is the largest iron ore mining ...
Avenue Supermarts shares drop over 5 pc as Radhakishan Damani to sell up to 1 pc stake
Shares of Avenue Supermarts plunged over 5 per cent today as Radhakishan Damani, the promoter of the company, will sell up to 1 per cent stake in the firm. Despite opening the day on a positive note, the stock dropped 5.24 per cent to end at Rs 1,416.85 on BSE. During the day, it plunged 7.76 per cent to Rs 1,379. On NSE, shares of the company tanked 5.20 per cent to close at Rs 1,417.20. On the equity volume front, 2.70 lakh shares of the company were traded on the BSE and over 31 lakh shares changed hands on the NSE during the day. Radhakishan Damani, the billionaire investor and promoter of Avenue Supermarts which operates D-Mart stores, will sell up to 1 per cent stake in the company for an estimated sum of over Rs 884 crore. Damani will sell shares to comply with minimum public shareholding requirements. "Radhakishan Shivkishan Damani, one of our promoters, has conveyed to us his intention to sell the equity shares...of the company to enable us to comply with the requirements of .
20 innovative Indian companies get London Mayor's award
Twenty of India's fastest-growing companies were today felicitated with the prestigious London Mayor's awards for their innovation and high-growth promise. The Mayor's India Emerging 20 (IE20) business programme covers companies from regions across India and represent some of country's stand-out ventures specialising in technology, life sciences and business services. They will now receive help from the Mayor's office in setting up or expanding their business in London. "London has strong cultural and economic ties with India, and Indian businesses make an important contribution to our city," said London Mayor Sadiq Khan. "Following my visit to India last year, I see lots of opportunities to strengthen investment between London and Indian cities," the Pakistan-origin Mayor said. The 20 winners were chosen from over 300 applications from some of India's leading business hubs such as Mumbai, Bengaluru and New Delhi. The IE20 programme was launched by the Mayor of London's official ...
Tata Chemicals net profit jumps to Rs 1,210 crore in Q4
Tata Chemicals on Friday reported an over 3.5 times jump in its consolidated net profit to Rs 1,210.19 crore in the quarter ended March 31, 2018 as compared to Rs 343.02 crore in the year-ago period.
Ashok Leyland lines up new product launches for FY 2018-19
Hinduja Group flagship Ashok Leyland has lined up a series of new product launches during the current financial year which would also witness a total capital expenditure of Rs 1,000 crore, a top company official said. The company had spent about Rs 600 crore as capital expenditure during the last financial year. Declaring the annual performance, company Managing Director, Vinod K Dasari said, the profits for the fourth quarter ending March 31, 2018 was at Rs 667.38 crore as compared to Rs 476.16 crore registered during same period of previous year. "It has been a fantastic year for us (Ashok Leyland). Our total volume increased by 14 per cent to 1,16,534 units for FY 2017-18 and exports recorded a 36 per cent growth in the financial year. Our stock performance surpassed our competitors (last financial year)," he told reporters. The company's net income rose to Rs 8,830.22 crore during the fourth quarter as against Rs 7,133.43 crore registered during same period of last .
Sebi 'disappointed' with co secretaries for non-disclosures
Capital markets regulator Sebi today said it is "disappointed" with company secretaries for lack of disclosures regarding actions taken by stock exchanges in secretarial audits of companies. "I was rather disappointed to see that many of the secretarial audit reports did not report on the non-compliances pointed out by the stock exchanges," Sebi chairman Ajay Tyagi said addressing an Institute of Company Secretaries of India event here. Pointing out to an analysis of secretarial audit reports undertaken by the National Stock Exchange recently, he said the shortcomings included not reporting penalties levied by stock exchanges and overlooking compliance and corporate action events like changes in capital schemes. Reminding that the company secretaries have been entrusted with the responsibility of secretarial audit in practice, Tyagi said, "I would urge to further step up the quality of the secretarial audit especially for listed companies." "Disclosure and reporting has
Tata Group plans aggressive expansion of Westside stores
Upbeat on the economic prospects of the country over the next 3-5 years, Tata group company Trent Ltd has undertaken aggressive expansion plans for its retail chain Westside, a top company official said today. The expansion could see doubling the number of Westside stores over the next five years. "I am optimistic for the mid-term. We will open 30 Westside stores this year of which 10 would be in the east. Last year, the number was 18. In the next 3-5 years, we will open at least 30 stores a year," Trent managing director Philip Auld said here today at the opening of a new store in the city. He said such aggressive expansion for Westside has been unprecedented but did not mention how much the company will be investing in its aggressive push. Trent's standalone net profit of Rs 11.66 crore in the Q4 period ended March 2018, down from Rs 25.26 crore in the corresponding period of the previous year, has not set it back on expansion plans, he said. Auld said Westside ...