Page 400 - Business Finance
Icra Q4 profit slips by 5.2% to Rs 26 cr
Domestic rating agency Icra Thursday reported 5.2 per cent decline in consolidated net profit at Rs 26.10 crore for the quarter ended March 2019. The company had posted a net profit of Rs 27.55 crore in the same quarter last year. Total income during the quarter also declined to Rs 95.19 crore from Rs 99.65 crore in the year-ago period, Icra said in a regulatory filing. Meanwhile, the board of directors of the company recommended a dividend of Rs 30 per equity share for the financial year ended March 31, 2019, the company said in the statement. The board had approved the merger of two of its wholly-owned subsidiaries - ICRA Management Consulting Services Limited, involved in consulting services, with ICRA Online Limited, which is involved in outsourcing and information services, subject to requisite approvals, it said.
Tata Motors denies reports of sale of Jaguar Land Rover
Tata Motors Thursday denied reports that said the company is in the process of selling its British arm Jaguar Land Rover (JLR) to French automotive major PSA Groupe. The company's response came after various reports suggested that the sale process is already on. "As a matter of policy, we do not comment on media speculation. But we can confirm there is no truth to these rumours," a Tata Motors spokesperson said in a statement when asked to comment on the matter. The UK-based car giant, which was acquired by Tata Motors in 2008 from Ford, has been reeling under tough market conditions and uncertainty over Brexit issue. As part of its plans to achieve 2.5 billion pounds (about Rs 22,750 crore) of investment, working capital and profit improvements by March 2020, the company announced in January that it would reduce its global workforce by 4,500 people. This is expected to result in a one-time exceptional redundancy cost of around 200 million pounds (about Rs 1,820 crore).
US business delegates in city to explore opportunities
A high-level US business delegation Thursday interacted with leaders of the industry at Bengal Chamber of Commerce and Industry (BCC&I) here to explore opportunities in eastern India. The United States is Indias largest and most important trading partner and one of its largest investors, US Consul General in Kolkata, Patti Hoffman said. "This was a very special week for the US-India bilateral trade relationship," Hoffman said adding that Acting Assistant Secretary of Commerce, Ian Steff will visit the city tomorrow with a group of senior executives from the US Department of Commerce to meet business leaders. Next month, the US Ambassador Kenneth Juster will lead a delegation of Indian business leaders interested in investing in the US to participate in 'SelectUSA Investment Summit', Hoffman added. Deb A Mukherjee, Senior Vice President, The Bengal Chamber of Commerce and Industry, said "Our collaborations with overseas partners is increasing exponentially. The ...
India committed to building cooperative relationship with Vietnam: Naidu
India is committed to building its cooperative relationship with Vietnam in diverse fields, Vice President Venkaiah Naidu said Thursday, pointing that agricultural growth has been a key driver in the remarkable progress achieved by the South East Asian country. In his first engagement after arriving here on a four-day visit, Naidu addressed the Indian community in the country, highlighting their role and importance in promoting cultural understanding and harmony between India and Vietnam. Describing the ties between India and Vietnam as civilisational and historic, the vice president said, Our partnership has stood the test of time. More than 2000 years ago, Indian monks and traders brought with them the message of peace and compassion of Lord Buddha to Vietnam." Naidu said that successive generations of leaders from Ho Chi Minh and Mahatma Gandhi to the current leaders have built upon this trust and goodwill. Referring to the comprehensive strategic partnership between the two ...
GST Council extends deadline for realty firms to opt for old GST rate till May 20
The GST Council Thursday extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates. The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real estate players to shift to 5 per cent GST rate for residential units and 1 per cent for affordable housing without the benefit of input tax credit (ITC) from April 1, 2019. For the ongoing projects, builders have been given the option to either continue in 12 per cent Goods and Services Tax (GST) slab with ITC (8 per cent for affordable housing), or opt for 5 per cent GST rate (1 per cent for affordable housing) without ITC and communicate to their respective jurisdictional officers the same by May 10. "The date for exercising the option for residential real estate project to either stay at old GST rate (8 per cent or 12 per cent with ITC) or to avail new GST rate (1 per cent or 5 per ...
Jet's full time Director Gaurang Shetty resigns
In what seems to be suggesting the airline's revival remains a far-fetched possibility, Jet Airways' Whole Time Director Gaurang Shetty has decided to move on from the company as his resignation has been approved.
L&T acquires another 2% stake in Mindtree, holding reaches 25.9%
Infrastructure major Larsen and Toubro (L&T) has acquired another 2 per cent stake in Mindtree by purchasing shares from the open market, taking its overall holding in the mid-sized IT company to 25.93 per cent, according to a regulatory filing. Earlier this month, Larsen and Toubro had purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through a block deal for about Rs 3,210 crore, and has since topped that up with share purchases from the open market. In all, the infrastructure major is eyeing up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking the country's first-ever hostile takeover bid in the IT industry. "This is to inform you that, Larsen and Toubro Ltd has acquired 33,05,775 equity shares (with face value of Rs 10 each) of Mindtree Ltd, since its last disclosure...made on May 8, 2019," L&T said in a filing. The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at ...
Maruti Suzuki cut production by 9.6% in April
India's largest passenger car manufacturer on Thursday said it cut its production by 9.6 per cent to 147,669 units in April this year from 163,368 in April 2018.
L&T acquires additional 2 pc stake in Mindtree; takes total holding to 25.9 pc
Infrastructure major Larsen and Toubro (L&T) has acquired another 2 per cent stake in Mindtree by purchasing shares from the open market, taking its overall holding in the mid-sized IT company to 25.93 per cent, according to a regulatory filing. "This is to inform you that, Larsen and Toubro Ltd has acquired 33,05,775 equity shares (with face value of Rs 10 each) of Mindtree Ltd, since its last disclosure...made on May 8, 2019," L&T said in a filing. The mode of the acquisition was open market purchases and L&T's holding after the said purchase stood at 25.93 per cent, compared to 23.92 per cent prior to the transaction, another filing said. The shares were purchased at Rs 980 apiece. Earlier this month, Larsen and Toubro had purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through a block deal for about Rs 3,210 crore. The infrastructure major is in fray to buy up to 66 per cent stake in Mindtree for around Rs 10,800 crore -- marking the ...
PNB Housing Finance profit up 51 pc at Rs 380 crore
PNB Housing Finance Limited said on Thursday its net interest income registered a growth of 13 per cent to Rs 609.7 crore in the quarter ending March 31 from Rs 540.8 crore in the corresponding period of previous fiscal year.While profit after tax grew by 51 per cent to Rs 379.7 crore from Rs 251.6 crore. The spread on loans for Q4 FY18-19 stood at 2.59 per cent compared to 2.98 per cent for Q4 FY 17-18.The net interest margin stood at 3.18 per cent compared to 3.59 per cent in the previous year. Gross margin, net of acquisition cost but including fees stood at 3.51 per cent compared to 3.78 for Q4 FY18."FY18-19 was a challenging year with tight liquidity, which impacted the overall Indian financial and real estate sectors," said Managing Director Sanjaya Gupta."Amid such environment, we continued our focus on maintaining adequate liquidity, balanced asset liability management, efficient operations and robust asset quality. This resulted in double digit growth across all the ...
Indian Overseas Bank to raise Rs 1,500 cr in 2019-20
State-run Indian Overseas Bank (IOB) will raise up to Rs 1,500 crore in tranches through private placement and public issues in domestic or overseas markets, IOB said on Thursday.
Gillette India Ltd announces Third Quarter results
Gillette India Ltd (GIL) announced today its financial results for the quarter ended March 31, 2019. The company delivered sales of Rs 466 Cr, up 3 per cent vs year ago, behind brand fundamentals, the strength of the product portfolio and improved in-store execution.The Profit after Tax (PAT) was Rs 88 Cr, up 23 per cent versus year ago behind continued focus on productivity; cost efficiency and reduced advertising spend during the quarter. Sales for the year till date are up 10 per cent and Profit after Tax (PAT) is up 7 per cent versus year ago."We have delivered growth for the third consecutive quarter this year driven by category development and execution excellence. We will continue to focus on raising the bar on superiority of our products, packaging, go-to-market and communication, improving productivity and strengthening our organization and culture", said Madhusudan Gopalan, Managing Director, Gillette India Ltd.This story is provided by BusinessWire India. ANI will not be ...
GenY Medium wins the Digital Mandate for heritage foods
GenY Medium (GenY) has bagged the digital mandate of one of the largest players in the dairy and value-added dairy products segment in India, Heritage Foods Limited. GenY Medium is a rapidly growing, award-winning performance marketing and technology firm.As part of this mandate, GenY Medium will handle the digital advertising, performance marketing, social media & listening and reputation management for the company."We are thrilled about this opportunity and this will further our depth within the consumer goods domain. I am sure our technology & analytics centric approach and insights led communication strategies will help us achieve the desired business results for Heritage Foods", said Yashwant Kumar, CEO at GenY Medium."We are very excited about this partnership and are committed to serve and engage with the new age consumers across all the key digital touchpoints. Our digital transformation will play a significant role and contribute to our vision of delighting every .
Pradhan writes to Jaitley suggesting measures for economic revival of cyclone-hit areas
Union Minister Dharmendra Pradhan on Thursday wrote a letter to Finance Minister Arun Jaitley outlining measures for banks and insurance companies to provide adequate service in cyclone-hit areas and seeking his intervention for the same.Suggesting measures for the economic revival of different cyclone-affected districts in Odisha, Pradhan has outlined the need for increasing mobile ATMs, adopting a uniform model for dispensing limited cash from bank branches and ensuring delivery of cash through Point of Sale (PoS) devices.He also mentioned that it is imperative that the hospitality industry is revived so as to restore the livelihood of people and benefit tourists. He suggested that a special scheme with beneficial interest rates must be created for helping the hotel industry rebuild the damaged infrastructure.He also called for adopting measures to expeditiously settle the insurance claims of claimants in all the cyclone-affected districts, whose property has been extensively ...
Granules India Q4 PAT triples to Rs 64 cr
Granules India Ltd Thursday said its profit after tax for the quarter ended March 31 was up by 213 per cent to Rs 64 crore against Rs 20 crore. According to a press release issued by the drug maker, the company's consolidated total income for the fourth quarter of Financial Year 2019 was Rs 615 crore, an increase of 20 per cent from the same quarter of the previous financial year. For the full year FY 19, total income grew by 35 per cent while the PAT was up by 78 per cent to Rs 236 crore, it said. Board of Directors recommended a final dividend of Rs 0.25pershare of face value of Re.oneeach in addition to the interim dividend of Rs 0.75 already paid for the financial year 2019. "I am pleased to see another quarter of continued growth in revenue and profit in the fiscal 2019. We achieved this growth on back of inherent stability of the molecules in our portfolio combined with our relentless focus on efficient manufacturing," Chairmanand Managing Director, Granules India ..
Inflows into equity MFs slump 61 pc in April; FMPs register Rs 17,644 cr outflow
Net inflows into equity mutual funds plunged 61 per cent to Rs 4,609 crore in April compared to the previous month, as volatility in stock markets and uncertainty over outcome of general elections impacted investor sentiments. In March, net inflows into equity funds stood at Rs 11,756 crore. Latest data from the Association of Mutual Funds in India (AMFI) showed that net inflows into these funds dropped 60.79 per cent in April compared to the previous month. The average Assets Under Management (AUM) of the mutual funds rose to Rs 25.27 lakh crore in April. In the same month a year ago, the same was at Rs 23.25 lakh crore. The Fixed Maturity Plans (FMPs) witnessed a net outflow of Rs 17,644 crore last month while net outflow from debt-oriented schemes stood at Rs 18,949.76 crore, as per AMFI. Net AUM in FMPs stood at Rs 1,41,170 crore in April. FMPs are close-ended mutual fund schemes that invest in debt instruments. In recent months, the mutual fund industry has been grappling with ...
Corp Affairs Min database fairly reliable, not a black box: Official
The corporate affairs ministry maintains a fairly reliable database that is not a "black box", a senior official said Thursday and emphasised that it is up to statistical authorities to decide on which data is representative for GDP calculation. Against the backdrop of concerns over data used for calculating GDP numbers, Corporate Affairs Secretary Injeti Srinivas asserted that the ministry's MCA 21 portal is a "trust-based system" as the information reported there are company disclosures. A report by the National Sample Survey Office (NSSO) on the services sector found that nearly 36 per cent of companies in the MCA 21 system that were used in computing GDP were either not traceable or not classified properly. MCA 21 is an electronic repository of corporate filings. "The information reported on MCA 21 are company disclosures and companies have to validate it. It is a trust-based system. We have been alive to this problem of data reliability and have been continuously taking steps for
Indian Overseas Bank Q4 loss narrows to Rs 1,985 cr
Indian Overseas Bank (IOB) Thursday reported narrowing of net loss to Rs 1,985.16 crore for the March quarter of the previous fiscal due to reduction in bad loans and provisioning. The public sector lender reported a loss of Rs 3,606.73 crore during January-March, 2017-18. During December quarter of the last fiscal, the bank's loss stood at Rs 346.02 crore. "Net loss is only due to additional provision in the existing NPA to the tune of Rs 1,400 crore and one fraud account provision to the extent of Rs 700 crore," the bank said. Total income during the quarter was down at Rs 5,473.92 crore from Rs 5,814.42 crore in the year-ago period, the bank said in a regulatory filing. For 2018-19, the net loss was down at Rs 3,737.88 crore from Rs 6,299.49 crore during 2017-18. Income was slightly higher at Rs 21,837.58 crore from Rs 21,661.65 crore a year ago. Gross non-performing assets (NPAs) of the bank came down to 21.97 per cent (Rs 33,398.12 crore) of the gross advances by end of March ...
Trump says China 'broke' deal; Beijing vows retaliation
US President Donald Trump has accused China of "breaking" the deal in trade talks and is likely to increase tariffs on $200 billion worth of Chinese goods on Friday, prompting Beijing to vow to hit back with "necessary countermeasures".
Temple Run: Tirupati temple sits on over 9,000 kg gold reserves (Lead, Supersedes earlier version)
The worlds richest Hindu temple at Tirupati in Andhra Pradesh is sitting on pure gold reserves of over 9,000 kg, officials said.