Page 399 - Business Finance

HCL Tech in spotlight after Q4 numbers

HCL Technologies' net income fell 1.7% to Rs 2,568 crore on 1.9% increase in revenue to Rs 15,990 crore in Q4 March 2019 over Q3 December 2018. The result was announced after market hours yesterday, 9 May 2019.

Govt likely to order SFIO probe into Jet over fund diversion allegations

The fresh investigation follows recommendation given by MCA's Mumbai regional office after inspecting the airline's books

Trade deal with China still 'possible,' Trump says

President Donald Trump on Thursday held out hopes of salvaging a trade deal with China, just hours before Beijing's negotiators were due to return to the bargaining table amid a sudden flare-up in hostilities. With punishing US tariffs on hundreds of billions in Chinese merchandise due to jump after midnight, Trump told reporters he had received a letter from his Chinese counterpart Xi Jinping, and would likely speak to him by telephone later. "It's possible to do it," Trump said of the trade deal at the White House. "I did get last night a very beautiful letter from President Xi." But Trump warned he was also more than happy to use tariffs in resolving his differences with China. "I am different than a lot of people. I happen to think that tariffs, for our country, are very powerful." Months of increasing comity and optimism in trade talks appeared to go up in smoke this week as American officials accused China of a wholesale retreat from previously agreed commitments - a claim ...

Food prices rise to highest levels in almost a year: FAO

Rome, May 9 (IANS/AKI) Global food prices climbed in April to their highest level in almost 12 months and were driven up by the cost of meat and dairy items, according to the United Nations Food and Agriculture Organisation's Food Price Index issued on Thursday.

RIL acquires global toy firm Hamleys for Rs 620 cr (2nd Lead)

In a bid to become a dominant player in the global toy retail industry, Mukesh Ambani-led Reliance Industries Limited (RIL) on Thursday announced it has acquired iconic British toy retailer Hamleys from Chinese fashion wear firm C Banner International.

PNB Housing Finance's Q4 consolidated net profit up 51%

PNB Housing Finance on Thursday reported a 51 per cent rise in its consolidated net profit for the fourth quarter of 2018-19.

CBI charge sheets journalist in Ponzi scam

The Central Bureau of Investigation has filed a supplementary charge sheet against a journalist for allegedly receiving Rs 4 crore from a ponzi company, officials said Thursday. In its charge sheet filed in a special court in Bhubaneswar, the agency has claimed that journalist Suman Chattopadhyay, who was a director of Disha Productions and Media Private Limited (DPMPL), had received the amount from the I-Core Group. The CBI said Chattopadhyay was already chargesheeted by the agency in August 2017 for Rs 2,421 crore fraud. It has alleged Chattopadhyay conspired with the directors of I-Core and received money from the ponzi company, which he used to liquidate his liabilities with a nationalised bank. The accused was running a daily Bengali newspaper, where he promoted collection of illegal deposits by I-Core by publishing advertisements of the said group, resulting in "phenomenal" rise in collection of deposits by the group from the investors of West Bengal, Odisha and Assam, the ...

ArcelorMittal net income shrinks 66% to $0.4 billion in March quarter

Steel giant ArcelorMittal Thursday reported an over 66 per cent fall in its net income to USD 0.4 billion for the quarter ended March 31, 2019. The world's largest steel-maker had posted a net income of USD 1.2 billion in the year-ago quarter, the company said in a statement. The company reported a "net income attributable to equity holders of the parent" of USD 0.4 billion in the first quarter. "ArcelorMittal recorded a net income for quarter 1, 2019 of USD 0.4 billion...as compared to a net income for Quarter 4, 2018 of USD 1.2 billion, and a net income for Q1 2018 of USD 1.2 billion," the company said. The world's leading integrated steel and mining company follows January -December as fiscal year. "Our first results reflect the challenging operating environment the industry has faced recent months. Profitability has been impacted by lower steel pricing due to weaker economic activity and continued global overcapacity, as well as rising raw material costs as a result of supply-

RIL to acquire British toy-maker Hamleys for Rs 620 cr

Mukesh Ambani-led Reliance Industries Thursday announced it will acquire iconic British toy-maker Hamleys for 67.96 million pounds (around Rs 620 crore) in an all-cash deal. Hamleys, a 259-year-old toy-maker, has struggled to generate profits in recent times. It reported a profit after tax of 2.44 million pounds in 2018 after suffering a loss of 11.24 million pounds in 2017. It is currently owned by Chinese fashion conglomerate C Banner International, which had acquired it for 100 million pounds in 2015. C Banner also owns the Chinese units of marquee consumer retail brands such as Steve Madden and Sundance. "Reliance Brands Ltd, a subsidiary of Reliance Industries, and C Banner International Holdings, a Hong Kong-listed company, today signed a definitive agreement for Reliance Brands to acquire 100 per cent shares of Hamleys Global Holdings Ltd, the owner of Hamleys brand, from C Banner International," the company said in a statement. Reliance Brands would acquire 100 per cent equity

HCL Tech's Q4 standalone net profit up over 10%

IT major HCL Technologies on Thursday reported a 10.32 per cent rise in its standalone net profit (profit for the period) for the fourth quarter of 2018-19 at Rs 2,031 crore against Rs 1,841 crore reported in the corresponding period of the previous fiscal.

Reliance Industries acquires global toy firm Hamleys

In a bid to become a dominant player in the global toy retail industry, Mukesh Ambani-led Reliance Industries Limited (RIL) on Thursday announced it has acquired iconic British toy retailer Hamleys from Chinese fashion wear firm C Banner International for an undisclosed sum.

Reliance Industries acquires global toy company Hamleys

In a bid to become a dominant player in the global toy retail industry, Mukesh Ambani-led Reliance Industries Limited (RIL) on Thursday announced it has acquired iconic British toy retailer Hamleys from Chinese firm C Banner International for an undisclosed sum.

Jaypee Infra CoC seeks clarifications from NBCC over its bid

The Committee of Creditors (CoC) of insolvent Jaypee Infratech (JIL) has sought several clarifications from the NBCC regarding its revised bid to acquire the realty company, sources said.

Govt notifies thresholds for filing class action lawsuits

Investors can now seek class action against companies, with the government notifying the thresholds for filing such lawsuits. In a significant move, the corporate affairs ministry has notified the thresholds for filing class action -- a provision aimed at providing a redressal mechanism for small and minority investors. Under Section 245 of the Companies Act, investors can file a class action suit in case they feel that the management or conduct of the affairs of a company are prejudicial to their interests. An application for class action can be filed by a member or members representing five per cent of the total members of a company. It can also be done by 100 members of a company, whichever is less, according to the ministry. The same criteria will also be applicable for depositors of deposit-taking companies. In case of an unlisted company, a member or members holding at least five per cent of the issued share capital can file for class action. For listed companies, this threshold

US blocks China Mobile bid to provide telecom services

US regulators on Thursday denied a request by China Mobile to operate in the US market and provide international telecommunications services, saying links to the Chinese government pose a national security risk. The Federal Communications Commission said that because of China Mobile USA's ownership and control by the Chinese government, allowing it into the US market "would raise substantial and serious national security and law enforcement risks." The decision marks brings the Chinese telecoms giant's eight-year effort to crack the US market to an end.

Food services industry to play critical role in India's growth: Kant

The food services and restaurant industry will play a critical role in pushing India's economic growth, Niti Aayog CEO Amitabh Kant said Thursday. Kant also pointed out that the restaurant industry is the third largest after retail and insurance in the services sector. "If India was to grow from 7.5 per cent to 9-10 per cent, the restaurant industry will be very critical drivers of growth story...Food services industry will be main drivers of India's growth," he said at an event organised by the National Restaurant Association of India (NRAI). Kant also said there will be a huge food revolution in India and it will be driven by Indian entrepreneurs and chefs. Noting that restaurants are great wealth and job creators, he said, "Digital technology has played great role in expansion of restaurant industry." Indian soft power will be driven by Indian restaurants and chefs, Kant said, adding that Indian regional cuisines will make a major impact on global market in the days to come. Kant ..

HCL Tech Q4 net up 14%, aspires for $10bn revenue in FY20

IT services major HCL Technologies Thursday posted a 14.3 per cent rise in its consolidated net profit at Rs 2,550 crore for the March 2019 quarter and set an "aspirational" annual revenue target of more than USD 10-billion (about Rs 70,258 crore) in FY2019-20. The company reported 21.3 per cent growth in revenue to Rs 15,990 crore in the January-March quarter compared to Rs 13,178 crore in the January-March 2018 quarter, as per Ind-AS accounting norms. For the full year, net profit rose by 16 per cent to Rs 10,120 crore, while revenue grew 19.4 per cent to Rs 60,427 crore (about USD 8.6 billion) from 2017-18. In dollar terms, the net profit rose 5.9 per cent to USD 364.3 million for the March 2019 quarter, while revenue was higher by 11.8 per cent to USD 2.2 billion as compared to the year-ago period as per the US Generally Accepted Accounting Principles (GAAP). The revenue for the full fiscal was up 10.1 per cent. HCL Technologies President and CEO C Vijayakumar termed the ...

Reliance acquires British toy-maker Hamleys for undisclosed sum

Reliance Brands Limited, a subsidiary of Reliance Industries, said Thursday it will acquire Hamleys Global Holdings Limited, the owner of British toy brand Hamleys, for an undisclosed amount. Hamleys, owned by Hong Kong-listed C Banner International Holdings, has 167 stores across 18 countries. In India, Reliance has the master franchise for Hamleys and presently operates 88 stores across 29 cities. The RIL group firm and C Banner International Holdings Thursday signed a definitive agreement for Reliance Brands to acquire 100 per cent shares of Hamleys Global Holdings Limited, Reliance Brands said in a statement. This acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry, the company said.

India seeks greater access for agri, milk products, bovine meat in Chinese mkt

India has sought greater access for agricultural and animal husbandry products in Chinese market to boost exports and bridge trade deficit with the neighbouring country, an official said. Necessary documents for bovine meat, milk and milk products have been submitted to China's General Administration of Customs of China (GACC). China does not permit imports of Indian bovine meat due to fears over foot-and-mouth disease. The issues were raised during a meeting between Commerce Secretary Anup Wadhawan and GACC Vice Minister Li Guo here Thursday. India informed the Chinese side that it is exporting de-glanded and de-boned frozen meat to as many as 70 countries since several years. "China has stated that they would look into the issue," the official said. In the meeting, China sought greater market access for its dairy products such as chocolates and candies; and apple, pear and marigold seeds. India has banned import of chocolates, chocolate products, candies/ confectionary/ food ...

Pradhan urges Jaitley to help revival of cyclone-battered

Union Minister Dharmendra Pradhan Thursday urged Finance Minister Arun Jaitley to come to the rescue of the hospitality industry in cyclone-ravaged world famous tourists destination Puri. Pradhan, who paid a visit to Puri battered by severe cyclone on May 3, also urged finance minister to create a special scheme with beneficial interest rates for helping the hotel industry to rebuild the damaged hospitality sector. Extensive damage has been caused to the economy of Puri district. Tourism, which is the mainstay of the district, has completely collapsed. Presently, the hotel infrastructure is in dire need of financial hand holding. It is imperative that the hospitality industry is revived so as to restore livelihood of people and benefit tourists/pilgrims, Pradhan said in the letter to Jaitley. Pradhan also urged the finance minister to create a special scheme with beneficial interest rates for helping the hotel industry to rebuild the damaged hospitality sector. It will ..