Page 411 - Business Finance
Lesser known firms line up to board Jet
While a clutch of investors and lesser-known entrepreneurs on Wednesday claimed to have sent their bids for the grounded Jet Airways, industry insiders say they could be either non-serious players or acting as front for others.
India's domestic passenger market falls to 3.1 pc in March: IATA
The growth of India's domestic passenger market fell to 3.1 per cent in March as compared to 8.3 per cent in February as there was "reduction in flight operations of Jet Airways" and "disruptions at Mumbai airport owing to construction", global airlines body IATA said Wednesday. "Year-on-year RPK (revenue passenger kilometre) growth slowed substantially in the domestic India market this month, from 8.3 per cent in February, to 3.1 per cent currently," said the International Air Transport Association (IATA). RPK is a measure of passenger volumes. The monthly passenger traffic figures are in comparison to traffic figures of the same month last year. In India, over the past five years, annual growth has averaged a double-digit pace close to 20 per cent, the association said. "The slowdown largely reflects the reduction in flight operations of Jet Airways -which stopped flying in April - as well as disruptions at Mumbai airport owing to construction," the IATA said. "Rising airfares in ...
Riversong bets big on India, eyes Rs 100 cr revenue by 2020
Riversong, a subsidiary of the mobile phone developer IMG Technology Group, aims to clock annual revenue of Rs 100 crore in the Indian market by 2020 as it expands its product portfolio in the country. The company, which currently offers mobile accessories, power banks and IoT products like smart bulbs in the Indian market, is adding smartwatches to its bouquet of products to cash in on the multi-million dollar opportunity in the country. "India is a key market for us and while we have been here for a short time, we have seen strong growth. This year, we are looking at Rs 50 crore in revenue and we are confident of doubling that to Rs 100 crore by the end of 2020," Riversong India Chief Executive Officer Manvendra Chandola told PTI. He said the company is confident that its strategy of building online as well as offline presence will help it capture a strong position in the Indian market. Chandola said Riversong's products are present on Amazon and Flipkart, and will soon be expanded .
Will throw you out; transfer ownership rights of properties "lock, stock and barrel":SC warns Amrapali
The Supreme Court Wednesday warned the Amrapali Group that they can be thrown out from their 15 prime residential properties and may transfer "lock, stock and barrel" the ownership rights to Noida and Greater Noida Authorities. Observing that it would protect the rights of thousands of home buyers and push the Amrapali Group out of the projects, the court said the Noida and Greater Noida authorities can be asked to engage any builder or developer to finish the stalled projects and sell the properties under their supervision. The court was hearing a batch of pleas of 42,000 home buyers against the Amrapali Group which has defaulted in giving the possession of their flats. "We see that entire Amrapali Group has failed to discharge its duties towards home buyers, authorities (Noida and Greater Noida) and banks. You (Amrapali Group) have neither completed any projects nor invested any money in the projects. We think, you are the one who should be thrown out of these properties. We will ...
Fresh GDP doubts: 39% firms in MCA database 'not found'
Doubts about veracity of the new series of GDP launched in 2015 have resurfaced after a new National Sample Survey Office (NSSO) report showed that around 39 per cent of companies in the MCA-21 database, used for GDP calculation, could not be traced or surveyed.
Capacity constraint slows India's air passenger traffic growth
Capacity constraints due to Jet Airways' troubles decelerated the growth of India's domestic air passenger traffic to just 3.1 per cent in March.
Airport firms for exemption from tax on interest on overseas bonds
Airport companies such as GMR and GVK want the government to exempt them from withholding tax on payment of interest on overseas bonds having a maturity period of more than five years.
RBI warns Finance panel of more fiscal slippages for states
Continuing to voice concerns over populist measures, the Reserve Bank Wednesday warned that income support schemes and farm loan waivers will lead to fiscal slippages for the states. The remarks were made during a meeting between the members of the 15th Finance Commission and the RBI brass, including governor Shaktikanta Das and the deputy governors, at the central bank headquarters here. In its presentation, the RBI listed out specific factors that would drive fiscal slippages in the revised estimates of 2018-19, including "farm loan waivers and income support schemes", an official release said. The presentation mentioned that in the past, states' fiscal position was stretched due to the Uday bonds for the power sector. It can be noted that ahead of the general elections, a slew of states and also the Centre had doled out sops to the marginalised sections, including the farmers and the poor. While the BJP-led states have announced sops in the face of rural distress and agitations, ...
India expects improvement in WB's doing biz ranking this year
India is expecting improvement in its ranking in the World Bank's doing business report this year particularly in indicators such as paying taxes and trading across borders, a top official said Wednesday. An official delegation including secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Ramesh Abhishek, apprised a World Bank team in Washington of reform measures taken by the government in easing the business process. "Once again, we presented our doing biz reforms to the World Bank Team in Washington DC for further improvement of India's rank in World Bank Doing business report. "We hope to further improve our rank in World Bank Doing Business report this year, especially in indicators of paying taxes, insolvency resolution, trading across borders, issue of building permits and starting a business," Abhishek said in a tweet. In its annual Doing Business report, the World Bank ranks nations based on 10 parameters relating to starting and doing business in
Indian drivers face the heat as Uber plans IPO
As Uber drivers planned a global strike on Wednesday ahead of the ride-hailing giant's massive initial public offering (IPO), Uber drivers in India said they are facing the heat as cash incentives have considerably gone down while work hours have gone up.
EID Parry Q4 net profit up 87.23pc
Agriculture major EID Parry Wednesday posted an 87.23 per cent jump in its consolidated net profit at Rs 158.06 crore in the fourth quarter of 2018-19 on strong sales. Net profit stood at Rs 84.42 crore in the same quarter of the previous year, the company said in a regulatory filing. The board has approved the issue of Non-Convertible Debentures on a private placement basis for an amount not exceeding Rs 300 crore during the 2019-20 fiscal subject to the approval of the shareholders, it said. Its income increased to Rs 3,671.40 crore on a consolidated basis during the January-March period of 2018-19 from Rs 3,378.43 crore in the previous year. For the entire 2018-19 fiscal, EID Parry said net profit dropped by 40 per cent to Rs 153.49 crore from Rs 255.82 crore in the previous financial year. The company's income rose to Rs 16,517.82 crore from Rs 15,610.99 crore in the said period. Commenting on the performance, EID Parry Managing Director S Suresh said, "The performance of the ...
Economy has entered 'disastrous phase of slowdown' under Modi govt: Chidambaram
Senior Congress leader P Chidambaram Wednesday said macro economic indicators confirm that the Indian economy has entered a "disastrous phase of slowdown" and criticised Prime Minister Narendra Modi and Finance Minister Arun Jaitley for their failures. He also accused Jaitley of perfecting the art of "concealing" data and projecting "doctored" information. "The Finance Ministry's report is a damning indictment of the state of the economy in the country. This is perhaps the weakest point in the economy," he told reporters here, adding the next government has a lot of work to repair the economy to which the BJP has done "great damage". "With each passing day, as Modi indulges in vile rhetoric, the Finance Minister blogs poor attempts at rationalising that language. Between the rhetoric and the blogging, this government has forgotten the economy. The next government has a huge task of reviving the economy. Thankfully, the Congress party is ready to steer the Indian economy out of the ...
NMDC cautions against fake recruitment notice
State-owned miner NMDC Ltd Wednesday cautioned against a fake recruitment notice for the post of executive trainees. NMDC has observed that some websites have hosted recruitment notice about 'NMDC Executive Trainees Recruitment 2019', the PSU said in a statement. "This is to inform that it is a fake news that is being spread through websites and social media with malicious intent. All concerned are requested to beware of such mischievous act aiming to deceive the innocent by fraudulent means and hence do not pay any attention or act upon it," the company said. NMDC said that it has not issued any such notification pertaining to the recruitment of executive trainees on any website or newspaper. "NMDC does not take any responsibility for public responding to/applying against such fake posts," the company added. According to its website, NMDC, under the Ministry of Steel, is India's largest iron ore producer, presently producing about 30 million tonnes of iron ore from 3 fully mechanized
Shriram Transport Finance Q4 net declines 22 pc to Rs 746 cr
Shriram Transport Finance Company Wednesday reported a 22.4 per cent fall in its net profit at Rs 746.04 crore for the fourth quarter ended March 31, 2019. The company had reported a net profit of Rs 961.76 crore in the same period of 2017-18, it said in a regulatory filing. Total income in March quarter rose to Rs 3,880.43 crore from Rs 3,605.47 crore in the year-ago period. The company's board of directors has recommended a final dividend of Rs 7 per equity share, subject to shareholders approval in the ensuing 40th Annual General Meeting. It had paid an interim dividend of Rs 5 per equity share on November 16, 2018. With this, the total dividend for the financial year 2018-19 will be Rs 12 per share. The company's total assets under management as on March 31, 2019 stood at Rs 1.04 lakh crore as compared to Rs 96,260.61 crore as on March 31, 2018. Shares of Shriram Transport Finance Wednesday closed 0.48 per cent higher at Rs 1,027.90 on the BSE.
Indians buy 23 tonne gold on Akshaya Tritiya
Indians bought 23-tonne gold on the occasion on Akshaya Tritiya this year, a rise of four tonne as compared to the previous year, said Surendra Mehta, National Secretary of the India Bullion and Jewellers Association (IBJA), on Wednesday.
EID Parry reports 4qtr consolidated PAT at Rs 201.72 cr
: Sugar manufacturer EID Parry has clocked an over four fold increase in consolidated Profits Ater Tax for the quarter March 2019 to Rs 201.72 crore. The city-based Murugappa Group company had registered consolidated PAT at Rs 40.48 crore a year ago. For the year ending March 31, 2019, consolidated PAT marginally slipped to Rs 437.65 crore as against Rs 517.43 crore registered a year ago. The consolidated total income grew to Rs 3,671.40 crore for the January-March 2019 quarter from Rs 3,378.43 crore registered a year ago. For the year ending March 31, 2019 consolidated total income went upto Rs 16,517.82 crore rom Rs 15,610.99 crore registered a year ago. On the performance of the sugar division during the quarter ending March 31, 2019, the company said it reported operating profits of Rs 169 crore against Rs 14 crore registered a year ago. The farm Inputs division reported operating profits of Rs 251 crore for the quarter ending March 31, 2019 against Rs 192 crore in ..
Hackers steal USD 40 million from major Bitcoin exchange
One of the biggest Bitcoin exchanges, Binance, announced that hackers carried out a large scale security breach to steal USD 40 million.The official release notes that the hackers were able to withdraw 7,000 Bitcoins in the transaction, impacting about 2 per cent of the company's total Bitcoin holdings.The hackers carried out the attack through multiple independent accounts in a way that passed Binance's existing security checks. Binance said that a thorough security review will be conducted which will take about a week, during which all deposits and withdrawals will remain suspended.
Religare Finvest skips April installment to banks; proposes debt resolution plan
Religare Finvest Limited (RFL) failed to pay installment of principal amount on its loans in April and has proposed a debt resolution plan (RP) to banks, according to a statement Wednesday. The Religare group company has been going through difficult times in the recent past on account of mismanagement and misappropriation of funds orchestrated by the erstwhile promoters, RFL said in a release. This has resulted in the RBI putting RFL under a Corrective Action Plan (CAP) in January 2018. "However, given the inherent asset-liability mismatch, RFL has proposed a debt resolution plan (RP) to streamline its liability profile," it said, adding that the reference date for the RP is April 1, 2019. The banks are in the process of seeking internal approval for the RP, it added. "As per the RP from the reference date, RFL is in a standstill arrangement and is required to service only interest. The principal installments will be restructured to align with asset maturity profile. In line with this
RoC submits report on Jet Airways' books to ministry
The Registrar of Companies (Mumbai) has submitted the inspection report of the beleaguered Jet Airways' books to the Corporate Affairs Ministry which will shortly start examining the details.
Siemens to cut 10,000 jobs in major overhaul
German industrial equipment maker Siemens says it will cut some 10,000 jobs in a major restructuring that will involve spinning off its oil, gas and power generation business and creating new areas of growth. News of the moves to increase profitability and address the struggling power business sent the company's share price up 4.6 per cent to 107.30 euros (USD 120.20) in morning trading in Europe on Wednesday. The company said it would spin off its division that makes power turbines to increase its entrepreneurial freedom, while embarking on a sweeping cost-cutting effort at its remaining operations. The gas and power division has been under pressure due to a broader trend toward renewable energy such as sun and wind power. Competitors in the power business such as Boston-headquartered General Electric and Japan's Mitsubishi have struggled as well. Siemens said in the announcement late Tuesday that it would keep a significant stake of less than 50 percent in the spun-off company and ..