Page 402 - Business Finance
China Market sinks to 11-week low
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."
TCS reclaims most valued firm status; pushes RIL to 2nd rank
Software services major Tata Consultancy Services Thursday reclaimed the status of the country's most valued firm by market valuation, surpassing Reliance Industries Ltd (RIL). RIL shares have been on a downhill, falling for the fourth day in a row on Thursday. In four days, the shares have plunged 10.79 per cent to Rs 1,255.15 on the BSE. Following the plunge in its share price, RIL's market valuation dropped to Rs 7,95,628.55 crore on the BSE. "Reliance Industries is leading the massive fall in Nifty. It fell down for the fourth consecutive day after touching lifetime highs of Rs 1,417," Samco Securities Head of Research Umesh Mehta said. At the close of trade, the market capitalisation (m-cap) of TCS stood at Rs 8,13,779.67 crore, which is Rs 18,151.12 crore more than that of RIL's valuation. The scrip of TCS closed at Rs 2,168.70, up 0.75 per cent on the BSE. RIL and TCS have in the past also competed with each other for the number one position in terms of market ...
HealthKart raises USD 25 mn from Sofina
Omni-channel nutrition platform HealthKart Thursday said it has raised USD 25 million (over Rs 174 crore) from investment firm Sofina in a fresh round of funding. The company will use the funds to expand its offline store network, develop additional direct-to-consumer nutrition brands and strengthen its vertical integration, HealthKart said in a statement. HealthKart founder and Chief Executive Officer Sameer Maheshwari said, "We are excited to partner with Sofina, who have deep experience in investing in consumer brands, for the next phase of our growth." With a strong focus on product development, manufacturing and distribution, the company's mission is to make health and nutrition mainstream and bring best-in-class nutrition solutions to customers, he added. In similar vein, Sofina Asia Investment Manager Tanya Sen said, "We look forward to partnering with HealthKart to further expand its brand portfolio and distribution network in the fast-growing nutrition and wellness space in ..
Bahrain gets first instalment of $10 bn Gulf package
Bahrain said on Thursday it has received the first instalment of a $10-billion support package from key Gulf allies aimed at balancing its budget by 2022. The initial payment of $2.292 billion for the year 2018 had been received "in full", the government said a statement carried by the official BNA news agency. With 80 per cent of its revenues from oil and a large budget deficit, Bahrain announced in October 2018 an economic reform plan backed by the package from Saudi Arabia, the United Arab Emirates and Kuwait. The plan, Bahrain says, was designed to save 800 million Bahraini dinars ($2.1 billion, 1.84 billion euros) annually as the kingdom looks to curb its debt after years of low oil prices. "The receipt of the second instalment (of $2.276 billion for this year) has already started," BNA reported. It added Bahrain would receive instalments up until 2023. The reform programme includes cutting public expenditure and government waste, voluntary retirements for government workers and .
Eastern Treads appoints Independent Directors
W.e.f. 09 May 2019
FADA Says Vehicle Inventory With Dealers Continues To Remain High
The Financial Year has began on a negative note for local auto industry as all categories of vehicle registered de-growth, noted the Federation of Automobile Dealers Associations (FADA) yesterday as it released the Monthly Vehicle Registration Data for April'19. Despite temporary uptick in March retails and April retail figures being above the lowest month of Feb in this CY, overall consumer sentiments continue to remain weak. Dealer inventory continues to remain high and unlike March, no substantial reduction is seen across any segment. FADA strongly advocates for 21-days of Inventory for sustained dealer viability. Dealer liquidity and access to working capital remains negative and is a matter of grave concern.
India's fiscal deficit touched 4.52% at end-February
The country's fiscal deficit at Rs 8.51 lakh crore at the end of February 2019 had touched 4.52 per cent of the GDP, a senior Finance Ministry source said on Thursday citing its data in this regard.
India, China sign protocol for export of Indian chilli meal
India and China Thursday signed a protocol for export of Indian chilli meal to the neighbouring country, the commerce ministry said. It was signed after a meeting of Commerce Secretary Anup Wadhawan and General Administration of Customs of China (GACC) Vice Minister Li Guo here. Both the sides "discussed trade-related issues of pending Indian request for clearance of agricultural products". "At the end of the meeting, a protocol was signed for export of chilli meal from India to China," the ministry said in a statement. Both the sides also agreed to resolve market access issues expeditiously in order to achieve the vision of the leaders of both India and China by promoting a more balanced trade. The meeting assumes significance as India is seeking greater market access for its manufactured and agricultural products in the Chinese market to bridge the widening trade deficit. Recently, India has identified and shared with China a list of 380 products, including horticulture, textiles, ..
Bharatpe launches India's first UPI Bahi Khata for merchants
BharatPe - India's first Fintech start-up enabling payments for merchants through interoperable UPI QR codes, has announced its foray into merchant services with a new app today.The app allows merchants to record their cash/credit (Udhar) sales customer wise, request accounts receivable from customers via SMS payment links, and keep track of accounts payable to suppliers, among other services.The BharatPe app also serves as a networking platform for merchants to connect with other BharatPe merchants near them and to collaborate with them to both sources and expand their businesses."Small and medium merchants are an under-served category, and at BharatPe, our mission is to resolve their concerns and provide them with an adequate platform to manage their businesses digitally. Along with UPI payments, the app now allows merchants to manage their entire Bahi Khata and even note receivables and payables seamlessly," said Ashneer Grover, CEO and Co-founder, BharatPe."Our app can be used by .
HCL Tech Q4 net up 14% to Rs 2,550 cr, forecasts 14-16% rev growth in FY20
IT major HCL Technologies Thursday posted a 14.3 per cent increase in its consolidated net profit to Rs 2,550 crore for the quarter ended March 2019. The company had registered a net profit of Rs 2,230 crore in the year-ago period as per the Indian Accounting Standards (Ind-AS), it said in a statement. HCL Technologies saw its revenue growing 21.3 per cent to Rs 15,990 crore in the quarter under review from Rs 13,178 crore in the January-March 2018 quarter. The company expects its 2019-20 revenues to grow between 14-16 per cent in constant currency basis. "We once again, for the third time this year, set a new bookings' record. These numbers are an emphatic testimonial of the brilliant execution of our chosen market strategy and our ability to provide an annual guidance and deliver to it for three years in a row," HCL Technologies President and Chief Executive Officer C Vijayakumar said. For the full year, net profit was higher by 16 per cent to Rs 10,120 crore, while revenue grew ...
Quick Wrap: Nifty Media Index rises 3.58%
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Kinara Capital secures Rs 100 cr funding from investors
Small business lender Kinara Capital Thursday announced it has secured funding of Rs 100 crore from investors, to boost technology and branch expansion. The funding was secured from private equity and impactinvestors-Gaja Capital, GAWA Capital, Michael & Susan DellFoundation and Patamar Capital, the company said. The funding will help accelerate Kinara Capital's growth in new and existing markets and increase its investment in technology to improve customer experience and assess credit decisions at a faster rate, the company said in a release. Kinara Capital claimed that it has disbursed Rs 1,160 crore across 33,785-plus loans to date, which has impacted over half a million lives in India. Kinara Capital provides loans in Rs 2-25 lakh range without taking property collateral from small business entrepreneurs. The company will now expand investment in services that refine the customer experience with features such as autopay and auto-disbursement, it said. On the ...
Sundram Fasteners 4qtr standalone net up 15% to Rs 109.54 cr
Sundram Fasteners Ltd, part of the diversified conglomerate TVS Group, has posted a 15 per cent rise in its fourth quarter standalone net profits ending March 31, 2019 at Rs 109.54 crore as compared to Rs 95.22 crore registered a year ago. For the year ending March 31, 2019 standalone profits surged to Rs 437.12 crore, from Rs 367.47 crore recorded last fiscal. Total income for the January-March 2019 quarter went upto Rs 1,015.82 crore, from Rs 968.36 crore registered year ago. For the year ending March 31, 2019 total income grew to Rs 4,034.28 crore, from Rs 3,502.34 crore registered same period of previous year. In a notification to stock exchanges, the company said its operating revenue crossed the Rs 4,000 crore mark to Rs 4,002.34 crore as against Rs 3,419.79 crore (last fiscal). Domestic sales, net of excise duties were at Rs 2,469.15 crore as against Rs 2,146.76 crore, on the back of increase in production of commercial vehicles. The company expanded the dealer ...
Change in Board of Directors of Eon Electric
W.e.f. 01 April 2019
Apollo Tyres shares fall nearly 4 pc after Q4 results
Shares of Apollo Tyres Thursday fell by nearly 4 per cent after the company reported 66.41 per cent plunge in consolidated net profit for the fourth quarter of 2018-19. The scrip declined 3.62 per cent to close at Rs 184.90 on the BSE. During the day, it dropped 5 per cent to Rs 182.20 -- its 52-week low. On NSE, the shares fell 3.62 per cent to close at Rs 184.80. On the traded volume front, 5 lakh shares were traded on the BSE and over 91 lakh shares changed hands on NSE during the day. Earlier in the day, Apollo Tyres reported 66.41 per cent plunge in consolidated net profit at Rs 83.99 crore for the fourth quarter of 2018-19, hit by Rs 100 crore write-off related to IL&FS. The company has written off Rs 100 crore for the March quarter and a total of Rs 200 crore for the entire 2018-19 fiscal on account of IL&FS issue. It had posted a net profit of Rs 250.10 crore for the fourth quarter of 2017-18. Sales for the period under review stood at Rs 4,176.25 crore. It stood at Rs
EID Parry shares up 2% post Q4 results
Shares of agriculture major EID Parry Thursday closed 2 per cent higher after the company posted a 87.23 per cent jump in consolidated net profit for the fourth quarter of 2018-19. The scrip rose 1.60 per cent to close at Rs 187.85 on the BSE. During the day, it jumped 4.29 per cent to Rs 192.85. On NSE, the shares gained 2 per cent to close at Rs 187.80. The company Wednesday reported 87.23 per cent rise in consolidated net profit at Rs 158.06 crore for the quarter ended March 31, 2019, on the back of strong sales. Net profit stood at Rs 84.42 crore in the year-ago period, the company said in a regulatory filing. Total income rose to Rs 3,671.40 crore as against Rs 3,378.43 crore in January-March quarter of 2017-18. EID Parry is in business related to sugar, crop protection, co-generation, distillery, bio-pesticides.
RBI withdraws circular asking banks to declare exposure to IL&FS
Following an NCLAT order, the Reserve Bank of India (RBI) has withdrawn its circular asking banks and financial institutions to declare details of their exposure and provisions related to the crisis-hit IL&FS. Last week, the National Company Law Appellate Tribunal (NCLAT) had allowed banks to declare their defaulting accounts of Infrastructure Leasing & Financial Services (IL&FS) and its group companies as non-performing assets. "In view of the NCLAT order dated May 2, 2019...the instructions contained in (April 24) circular stand withdrawn," the RBI said Wednesday. The circular had asked banks and financial institutions to disclosure their exposure to IL&FS and its group entities as the NCLAT verdict was pending. The cash-strapped IL&FS group is sitting on a debt of about Rs 94,000 crore. Several group companies have defaulted on the payment of interest payment on loans.
India may export 10-11 mt ore pallets to China this year, say traders
India is expected to export 10-11 million tonnes of iron ore pallets to China this year against 9.5 million mt last year on good demand notwithstanding trade tensions with the key export market of the US, traders said Thursday. The price of high grade pallet of 64fe content with 3 per cent aluminium content has also improved to USD 122-125 per tonne, up from USD 114-116 in February 2019, a trader said the Singapore Iron Ore Forum. High grade pallets are in good demand but mining issues and export restrictions have kept India's iron ore out of the high-demand Chinese market in recent years, traders pointed out. In 2007, India was among China's largest iron ore supplier with 100 million tonne shipped, they said. Traders expect India to ship 10-11 million tonnes of pellet to China this year, up from 9.5 million tonnes shipped last year. "Pellet demand is good in China," said a trading company executive. Pallet prices were gaining though these were still off from the October 2018 peak of .
ICRA consolidated net profit declines 5.73% in the March 2019 quarter
Sales rise 1.43% to Rs 83.65 crore