Page 401 - Business Finance
Sundram Fasteners floats subsidiary to tap defence biz
Sundram Fasteners Ltd has set up a wholly owned subsidiary to tap the aerospace and defence segments. Sunfast TVS Ltd would focus on aerospace and defence sectors, the city-based TVS Group firm said in a release. It has bagged orders for forged, cast and machined parts for all terrain and land systems vehicles for defence, the release said. Besides tapping terrain and land systems, the company would also focus on armoured vehicles and trucks. The subsidiary would also continue to grow Sundram Fasteners' Ltd existing business in space vehicles and helicopter components, it said. According to the company, the union government's new Defence Procurement Policy has created an excellent opportunity for Indian manufacturing firms. Finance Minister Arun Jaitley, in his budget speech in February 2018, had announced that two defence industrial production corridors would be set up in the country to promote domestic industry base. While one corridor would be in Tamil Nadu, the other
KPTL Q4 net profit rises over 30 pc to Rs 137 cr
Kalptaru Power Transmission Ltd (KPTL) Thursday reported a 30 per cent rise in its standalone net profit to Rs 136.88 crore in the fourth quarter ended March 31, helped by higher income. The company had posted Rs 104.83 crore net profit during the same quarter a year ago, KPTL said in a BSE filing. During January-March 2019, the company's total income grew to Rs 2,498.97 crore, compared to Rs 1,942.33 crore in the year-ago quarter. Its total income stood at Rs 2,280.50 crore as against 1,772.43 crore in January-March period of the preceding fiscal. KPTL is engaged in power transmission & distribution, oil & gas pipeline, railways, infrastructure development, civil contracting and warehousing & logistics business.
Unlimit opens centre in Bengaluru for innovations in IoT
Leading Internet of Things (IoT) service provider Unlimit of the Reliance ADA Group on Thursday opened its research and development (R&D) centre in this tech hub for innovations in the IoT domain.
Rooh Afza back in retail stores: Hamdard
Amid reports of an acute shortage of the summer refreshment syrup Rooh Afza in India, its maker Hamdard Laboratories (India) on Thursday said that the syrup is now available in the market and can be bought from major retail stores and grocery outlets across the country.
La Liga posts revenue of 4.479 billion euro
According to the latest financial report of Spanish professional football corresponding to the most recent completed season (2017-18), La Liga clubs posted a revenue of 4.479 billion euro, recording a growth of 20.6 per cent over the previous season, the best in the cometition's history.
ESAB India Submission of information pursuant to Regulation 30
W.e.f. 09 May 2019
Go Digit General to get fresh capital of Rs 165 cr
Non-life insurer Go Digit General Insurance Company will focus on the fire, health and personal accident protection businesses this fiscal with the launch of new products and signing up bancassurance deals, a top company official said on Thursday.
CBI books absconding diamantaire Jatin Mehta in a fresh case
The CBI has registered a fresh case against absconding diamantaire Jatin Mehta, Winsome Diamonds and Jewellery and a Jordanian Hathyam Salman Ali Obaidah for allegedly cheating Bank of India to the tune of Rs 82.55 crore, officials said Thursday. The agency has booked Winsome Diamonds and Jewellery, the then Director of the company Mehta , a Jordanian Hathyam Salman Ali Abu Obeidah, Forever Diamonds and unidentified officials of Bank of India in the case, they said. Mehta continued to be Managing Director of the company till April, 2011 when he stepped down from the post and became non executive director for strategic and policy decisions of the company, the Bank of India has claimed in its complaint. By the time the alleged fraud surfaced, Mehta had left the country and was believed to be in one of the The Caribbean islands, the sources said. The agency has already filed at least six FIRs against him related to alleged bank frauds. It is alleged that Bank of India had sanctioned ...
McDonald's strikes out-of-court settlement with Vikram Bakshi
US fast food chain McDonald's Thursday said it has reached an out-of-court settlement with estranged partner Vikram Bakshi, buying out the former partner from their joint venture that operated outlets of the chain in north and east India. Connaught Plaza Restaurants Pvt Ltd (CPRL) is now wholly owned by McDonald's India Pvt Ltd (MIPL) and its affiliate (McDonald's Global Markets LLC, "MGM"), following the completion of a settlement reached with Bakshi, the company said in a statement. As part of the agreement, MGM has acquired 50 per cent voting equity shares in CPRL, held by Bakshi and his affiliated entity since inception. CPRL operates McDOnald's outlets in north and east India. The company, however, did not disclose financial details of the settlement. On Monday, the estranged partners McDonald's and Bakshi had told the NCLAT that they are working towards an out-of-court settlement to end their over 5-year-old dispute.
Granules India Q4 profit zooms over 3-fold to Rs 64 cr
Drug firm Granules India Thursday reported over three-fold jump in consolidated net profit to Rs 64.03 crore for the March quarter of 2018-19, mainly on account of robust sales. The company posted a profit of Rs 20.43 crore for the year-ago period, Granules India said in a filing to BSE. Total income during the reported quarter stood at Rs 615.19 crore. It was Rs 513.49 crore for the same period a year ago. For 2018-19 financial year, the company posted a profit of Rs 236.40 crore as against Rs 132.59 crore in the previous fiscal. Total income in the last fiscal stood at Rs 2,305.88 crore. It was Rs 1,702.69 crore in 2017-18. "We achieved this growth on the back of inherent stability of the molecules in our portfolio combined with our relentless focus on efficient manufacturing," Granules India Chairman and MD Krishna Prasad Chigurupati said. The primary revenue growth driver for this quarter is US formulation business, which complemented in overall improvement in profitability ...
Saffron Cap Advisors buyback equity shares
Of FV Rs 10/- each
EEPC seeks RBI help to stay afloat in tense global trade
With the US-China trade tensions leaving the global financial markets and trade in a state of anxiety, EEPC India on Thursday said it has sought help from the RBI for easy and less expensive bank loans, more so for the MSME exporters.
Gates Foundation appoints Hari Menon as Country Director for India
Bill & Melinda Gates Foundation Thursday said it has appointed Hari Menon as the Country Director for India, effective from May 24. Menon takes over from Nachiket Mor, who held the position for the past three years and resigned last month to return to his prior work as a donor and investor in India's development sector, the foundation said in a statement. In his new role, Menon will oversee the foundation's priorities in India to improve conditions of family health, sanitation, digital financial inclusion, agriculture, and gender equality, it added. "India has made tremendous progress on expanding access to health coverage, good nutrition, safe sanitation, digital financial services, agricultural productivity, and women's economic empowerment. "We look forward to supporting these initiatives through our technical and global expertise, to ensure that everyone has the opportunity to lead a healthy and productive life," Menon said. Currently, Menon is Director, Global Program ...
News channel CEO, telugu actor booked for cheating
A case was registered against the head of a prominent TV news channel here Thursday for allegedly cheating the company's promoters by forging documents and preventing them from taking over its operations, police said. Searches were carried out by a police team at the office of the CEO and the residence of a Telugu actor, who is said to be in possession of some shares of Associated Broadcasting Company Limited (ABCL), which runs the bouquet of channels, they said. Last year, Alanda Media had bought majority stake in ABCL. However, differences cropped up between the buyers and the CEO, who is said to be holding a little over 8 per cent stake in the company, sources said. "Based on a complaint by a representative of Alanda Media, a case has been registered against the CEO. The complainant alleged that the CEO created fake documents and was trying to prevent the new management of the company from taking over, police sources said. The CEO claimed that the company owed some ...
South Indian Bank Q4 net falls 38 pc to Rs 70.51 cr on higher provisioning for bad loans
Private sector South Indian Bank Thursday reported a fall of 38 per cent in net profit at Rs 70.51 crore for the March quarter due to a rise in bad loans. The bank had registered a net profit of Rs 114.10 crore in the same period of the 2017-18 fiscal. Total income during the quarter ended March 2019 increased to Rs 2,026.59 crore from Rs 1,767.65 crore a year ago, the bank said in a regulatory filing. The bank registered a 13 per cent rise in interest income at Rs 1,790.94 crore from Rs 1,588.98 crore. Asset quality of the bank deteriorated, with the gross non-performing assets (NPAs) rising to 4.92 per cent of the gross advances as on March 31, 2019 from 3.59 per cent a year ago. Net NPAs increased to 3.45 per cent from 2.60 per cent. In absolute value, gross NPAs stood at Rs 3,131.67 crore by the end of fiscal 2018-19 from Rs 1,980.30 crore a year ago. Net NPAs were valued at Rs 2,163.62 crore as against Rs 1,415.80 crore earlier. Consequently, the provisions for bad loans during ..
Hong Kong Market falls to 2-months low on trade-war fears
Risk aversion selloff continued after the US President Donald Trump accused China of scuppering the two nations' trade talks, fanning traders' fears that his threatened tariff increases on Chinese goods will be implemented on Friday. US President Donald Trump said on Wednesday that China "broke the deal" it had reached in trade talks with the United States, and vowed not to back down on imposing new tariffs on Chinese imports unless Beijing "stops cheating our workers."
Lakshmi Vilas Bank extends its tenure of appointment of RBI Nominee Director
For a period of 2 years from 17 May 2019 to 16 May 2021
Samsung unveils world's highest-resolution image sensor
Samsung Electronics Co on Thursday introduced the world's highest-resolution image sensor, with 64 megapixels for smartphones, to meet the growing demand for mobile devices with better image quality.
Rupee slumps 23 paise vs US dollar on persistent trade war worries
Falling for the fourth straight session, the rupee depreciated by 23 paise to 69.94 against the US dollar Thursday on unabated foreign fund outflows amid simmering US-China trade tensions. Firming oil prices and a prolonged spell of weakness in the equity markets also weighed on the domestic unit, dealers said. At the interbank foreign exchange market, the rupee opened marginally lower at 69.70 and slipped further to breach the 70-mark, touching a low of 70.03, before finally settling at 69.94, down by 23 paise over its previous close. The rupee has now lost a hefty 72 paise in four sessions. Globally, the Japanese yen rallied to three-month highs against the dollar as investors retreated to safe haven assets following the fresh flare-up in tensions between the US and China. Ahead of the next round of talks aimed at ending the trade conflict between the world's two largest economies, China said it will retaliate if US raises tariffs on Chinese products. "The uncertainty related to ...