Page 412 - Business Finance
CCI approves General Atlantic's 6.5 pc stake buy in PNB Housing Finance
The Competition Commission on Wednesday said it has approved acquisition of 6.5 per cent stake by General Atlantic Group in PNB Housing Finance in a Rs 925 crore deal. State-owned Punjab National Bank (PNB) in March had said that it will sell 6.5 per cent of its stake in PNB Housing Finance to global private equity firm General Atlantic Group. PNB had entered into agreement for sale of 1,08,91,733 equity shares held in PNB Housing Finance (PNBHF) to General Atlantic Group at Rs 850 per share for Rs 925.80 crore, it added. The Competition Commission of India (CCI) in a tweet Wednesday said it "approves acquisition of 6.5 per cent of the equity share capital of PNB Housing Finance Ltd by General Atlantic Singapore HF Pte Ltd" According to the shareholding pattern as of March quarter, PNB held 32.79 per cent stake in PNB Housing Finance. General Atlantic Group is a growth equity fund with interest in consumer, financial services, healthcare and technology. Deals beyond a certain ...
Trade tensions, FII outflows drag equity indices lower (Roundup)
Global trade tensions along with disappointing quarterly results suppressed the key Indian equity indices on Wednesday.
Trump: Chinese trade officials coming to US 'to make a deal'
Chinese trade officials headed to Washington for talks this week intend to "make a deal," US President Donald Trump said Wednesday, reviving hopes for success in negotiations that had appeared to hang by a thread. "China has just informed us that they (Vice-Premier) are now coming to the US to make a deal," Trump said on Twitter, referring to top trade envoy Liu He. "We'll see but I am very happy with over $100 Billion a year in Tariffs filling US coffers...great for US, not good for China!" Citing sudden backtracking by the Chinese side after months of negotiations, the White House this week announced US tariffs on USD 200 billion in Chinese imports would more than double on Friday -- a prospect that had long sent shivers through the global economy. Trump's tweet suggested he was comfortable either with making a deal or with leaving the tariffs in place, however. Following the tariffs announcement, stock markets around the world sank for two trading days and Wall Street futures were .
Tata Communications losses widen to Rs 199 crore in Q4 FY19
Digital infrastructure provider Tata Communications Wednesday said its losses widened to Rs 198.8 crore for the fourth quarter ended March 31, from Rs 120.9 crore in the year-ago period. "PAT (profit after tax) loss for the quarter was at Rs 198.8 crore due to equity loss pick up in STT, Singapore data centre business to the tune of Rs 173 crore," the company said in a statement. Income from operations, on a consolidated basis, stood at Rs 4,243.5 crore for the just-ended quarter, up five per cent over the corresponding period previous year. For the full year ended March 2019, the losses narrowed to Rs 82.37 crore compared to Rs 328.6 crore. For the period in reference, Tata Communications' income from operations slid about 1.5 per cent to Rs 16,524.95 crore. "Consolidated revenue reported at Rs 16,525 crore; a decline of 1.5 per cent year on year (YoY) due to decline in voice business by 27.1 per cent YoY. Strong performance in data business has helped mitigate this decline in voice
IIFL Securities aims big leap in non-broking biz
IIFL Securities Ltd, which is awaiting listing on the bourses soon, aims to focus at non- broking or distribution business to ramp its topline as well as its bottom line. The company unveiled a new tool to rope in independent financial advisors on its business platform to boost distribution business like mutual funds, insurance, portfolio management service and fixed deposits. "Brokerage is 75 per cent of total revenue but after introduction of the new product - Advisor Anytime Anywhere we expect to have onboard one million advisors in three years," IIFL Securities director Chintan Modi said here. "We also expect in the next two-three years our distribution revenue will be doubled to be 50 per cent of our income," he said. He said the demerger awaits RBI's approval as National Company Law Tribunal has already given its nod to the scheme. IIFL Group has also unveiled a new brand identity. Modi said he does not foresee any hurdle owing to SEBI's recent ruling on India ...
65.99% polling in second round of polls in Jharkhand: EC
Jharkhand witnessed 65.99 per cent polling in the second round of voting in the Lok Sabha polls on May 6, the Election Commission said on Wednesday.
Hackers steal over $40mn in bitcoin from Binance
Hackers stole over more than $40 million in cryptocurrency from Binance, which provides a platform for trading more than 100 cryptocurrencies.
IRCTC draft RHP likely to be filed with Sebi next month
The catering unit of Indian Railways IRCTC is likely to file the draft red herring prospectus for its Rs 400 crore IPO next month with market regulator Sebi.
JK Paper Q4 net jumps 52 pc to Rs 112.23 cr
JK Paper Ltd Wednesday reported 52.48 per cent jump in standalone net profit at Rs 112.23 crore for the fourth quarter ended March 31. The company had posted a standalone net profit of Rs 73.6 crore in the same quarter of previous fiscal, JK Paper said in a regulatory filing. Standalone revenue from operation for the quarter under review stood at Rs 854.37 crore as compared with Rs 799.27 crore in the year-ago period. Consolidated net profit for the fiscal ended March 31, 2019 stood at Rs 424.94 crore as against Rs 260.58 crore in 2017-18, up 63 per cent. Consolidated revenue from operations for the year stood at Rs 3,256.71 crore as against Rs 2,877.49 crore in the previous year, it said. "Improved market conditions leading to higher sales realisation and lower input cost have helped increase profit margins," JK Paper Vice-Chairman and Managing Director Harsh Pati Singhania said. He further said better operating efficiencies and lower finance cost due to deleveraging have also had a .
Will throw Amrapali Group out and give ownership rights of properties to Noida and Greater Noida: SC
The Supreme Court on Wednesday said that it may give ownership rights of all the 15 prime residential properties of embattled Amrapali Group to Noida and Greater Noida Authorities as it has failed to fulfil its obligations towards 42,000 hassled home buyers. The top court said that Amrapali Group by its own admission took Rs 11,652 crore from home buyers and invested only Rs 10,630 crore from it for construction of the residential projects. It also questioned how Amrapali Group could mortgage the entire projects and secure loan worth thousands of crores of rupees from banks when it was only an agent to develop the property. A bench of justices Arun Mishra and U U Lalit said that it would protect the rights of thousands of home buyers and push the Amrapali Group out of the projects. "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 ...
Need to set up state finance panels discussed: RBI
The necessity of setting up 'State Finance Commissions' was discussed in a meeting between RBI Governor Shaktikanta Das and Finance Commission Chairman N.K. Singh.
BharatPe launches UPI for merchants
BharatPe, a fintech startup enabling payments for merchants through interoperable UPI QR codes, has announced its foray into merchant services with a new app. 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, BharatPe said in a statement. It also serves as a networking platform for merchants to connect with other BharatPe merchants near them and collaborate with them to source and expand their businesses, it said.
Sebi allows Magadh Stock Exchange to exit bourse business
The Securities and Exchange Board of India (Sebi) Wednesday allowed Magadh Stock Exchange to exit the stock bourse business. The regulator said that Magadh Stock Exchange (MSE) has substantially complied with the exit conditions laid down by it and therefore, it is a fit case to allow MSE to exit which will also enable the exchange to liquidate its assets post exit and to pay the outstanding dues. "...it is observed that all the known liabilities have been brought out and that there is no future liability that is not known as on date," Sebi said in an exit order. Besides, it is noted that MSE has no outstanding dues to Sebi pertaining to 10 per cent of the listing fee and the annual regulatory fee, the regulator said. The regulator has asked the MSE to change its name and not to use the expression ''stock exchange'' or any variant of this expression in its name, among other things. According to Sebi, MSE was recognised as a stock exchange for a period of five years commencing from ...
States' debt rising despite moderation in interest payment, RBI tells Finance Commission
The fiscal deficit of states is budgeted to be lower in 2019-20 but revised estimates and actuals deviate significantly which reflect poor fiscal marksmanship, the Reserve Bank of India (RBI) said on Wednesday.Their outstanding debt as percentage of gross domestic product (GDP) is rising despite moderation in interest payment, said the central bank in a presentation before the 15th Finance Commission here.Specific factors driving fiscal slippages include UDAY, or Ujwal Discom Assurance Yojana, in the past besides farm loan waivers and income support schemes in 2018-19 revised estimates, said the central bank adding that importance of states in the economy has increased with the shift in composition of government finances.The 15th Finance Commission headed by Chairman N K Singh held a detailed meeting with RBI Governor Shaktikanta Das and Deputy Governors, according to an official statement.The RBI has called for setting up state finance commissions for state governments. It discussed .
Get guaranteed returns with Bajaj Finance Fixed Deposit
In a market rife with volatility, investors look for ways to ride on the crests and troughs of the market to get guaranteed returns. However, returns offered by most investment avenues are based on market performance or the underlying asset, which makes them unpredictable.In such a scenario, fixed income investments can offset unpredictability and offer stability. For risk-averse investors seeking high returns and low risk, Fixed Deposit is one of the best investment options. With uncertainty looming over the investment horizon, investing in fixed deposit can be a smart choice.Fixed Deposit is not just a great investment avenue for risk-averse investors, but also for investors with a high-risk appetite. When market-linked investments grapple the impact of high volatilities, FDs can enable investors to balance the risk in their portfolio, so the overall yield is high.With the ongoing general elections, market experts predict that the volatility in the market will increase that would ...
BJP remains top spender on Facebook for political ads
Political parties, led by the Bharatiya Janata Party (BJP), and their affiliates have ramped up spending on social media ads ahead of the sixth phase of Lok Sabha elections.
FinComm meets RBI Guv; discusses setting up of state-level commissions
The 15th Finance Commission Wednesday deliberated on the need to set up such panels in states during its meeting with RBI Governor Shaktikanta Das and other senior functionaries of the central bank. The other issues which came up for discussion during the meeting in Mumbai include public sector borrowing requirements and continuity of the Finance Commission and development of expenditure codes, especially given that expenditure norms vary from state to state. On the continuity of the Finance Commission, an official statement said in the meeting it was "felt that this was required more in view of the fiscal management requirements of the states, especially given the absence of mid-term reviews of awards granted by the Finance Commission, as it used to happen earlier with the awards granted by the Planning Commission". The RBI made presentations to the Finance Commission on state Government Finances for 2019-20 and also on the issues and challenges of the market borrowings of state ...
Titan Q4 net up 14 pc at Rs 348 cr
Tata Group firm Titan Company Wednesday posted a 14.41 per cent increase in consolidated net profit at Rs 348.30 crore for the the fourth quarter of 2018-19. The company had reported a net profit of Rs 304.41 crore for the corresponding period of the 2017-18 financial year. Total income increased to Rs 4,945.06 crore for the quarter under review as compared to Rs 4,125.69 crore in the same period of 2017-18, Titan Company said in a regulatory filing. For 2018-19 fiscal, the company posted a net profit of Rs 1,388.65 crore as against Rs 1,101.91 crore in 2017-18. Total income during the last fiscal rose to Rs 19,961.46 crore from Rs 16,244.81 crore in 2017-18. "The growth momentum of the past few years continued in 2018-19 backed by the strong revenue as well as profit growth across all key divisions," Titan Company Managing Director Bhaskar Bhat said. The jewellery business grew through successful launch of design differentiated collections as well as tailwinds provided through ...
China, US bilateral trade declines amid trade war between two economies
The bilateral trade volume between US and China dropped by 20 per cent in the first four months of this year following a trade war between the world's two largest economies and it could get worse if US President Donald Trump goes ahead and clamp punitive tariffs on USD 200 billion worth of Chinese imports this week, according to official data. The data - released by the General Administration of Customs here ahead of the crucial 11th round of trade talks to be held in Washington on May 9-10 - said that from January to April, the trade between the two countries was 1.1 trillion yuan (USD 173 billion), down from 20 per cent in 2017 prior to they engaged in a tit-for-tat trade tussle last year. If Trump goes ahead with his threat to raise tariffs on USD 200 billion worth of Chinese imports from 10 per cent to 25 per cent Friday, the bilateral trade is poised to tumble further, inflicting deeper wounds on the two sides and claiming collateral damages on others, state-run Global Times ...
Musk works 90 hours per week to keep Tesla alive
Elon Musk works more than 90 hours a week because he thinks if he does not, his Electric Vehicle (EV) company Tesla would die, as per a report.