Page 430 - Business Finance
Over 62% voting in fifth-phase Lok Sabha elections
Over 62 per cent voters exercised their franchise on Monday in the fifth phase of Lok Sabha elections in 51 constituencies, with voting percentage marginally higher than 61.75 per cent recorded in 2014 parliamentary elections.
Not going to allow trade deficit with China any more: Trump
President Donald Trump on Monday said the US has been losing USD 500 billion per year on trade with China and he will no longer allow that to happen any more. "The United States has been losing, for many years, 600 to 800 Billion Dollars a year on Trade. With China we lose 500 Billion Dollars. Sorry, we're not going to be doing that anymore!" Trump tweeted. The tweet, a follow up of a series of tweets a day earlier, is indicative of the fact that Trump does not want to wait any longer on trade negotiations with China and he is increasingly believing that Beijing deliberately wants to delay the trade talks. Earlier, a Chinese official in Beijing said that China's top trade envoy is preparing to travel to Washington for crucial talks, despite Trump threatening to impose more punishing taxes on USD 200 billion worth of Chinese products, citing slow progress in negotiations. "For 10 months, China has been paying tariffs to the US of 25 per cent on 50 billion dollars of High Tech, and 10 ..
Union threatens industrial action over Jet issue
Even as now grounded Jet Airways completes its 26th anniversary, Shiv Sena affiliated Bharatiya Kamgar Sena has threatened industrial action at the Mumbai airport if the airline's employees are not paid their due salaries.
CBDT refutes report of decline in e-filing of ITR
The Central Board of Direct Taxes (CBDT) on Monday refuted reports that e-filing of income tax returns (ITRs) had dropped in FY19, claiming that ITR e-filing figures of financial year 2018-19 were "not comparable" to thos of 2017-18.
Jaypee insolvency: NCLT to hear on May 21 IDBI's plea on deadline extension
Debt-ridden Jaypee Infratech's insolvency proceedings will continue for now as the Allahabad bench of NCLT has posted the matter for hearing on May 21 after lead lender IDBI sought extension of bankruptcy process beyond the deadline that expired on Monday. IDBI had approached the National Company Law Tribunal (NCLT) seeking extension of the corporate insolvency resolution process (CIRP) beyond the May 6 deadline as the proceedings are still underway to find a buyer for the Jaypee group's realty firm. According to sources, the Allahabad bench has posted the matter for hearing on May 21 and till then "status quo" will be maintained. A meeting of committee of creditors (CoC) has been scheduled on May 9, Jaypee Infratech's Interim Resolution Professional (IRP) Anuj Jain informed last week. Sources had said the CoC will now discuss the proposal of state-owned NBCC to acquire Jaypee Infratech, the real estate arm of Jaypee group. Jaypee Infratech is a subsidiary of Jaiprakash Associates, ...
India, US discuss outstanding trade issues
In an India-US bilateral trade meeting held here in Delhi, India and the United States discussed various outstanding trade issues.
HDFC Bank to consider stock split later this month
Private sector lender HDFC Bank Monday said its board will consider splitting the bank's each share into two with a face value of Rs 1 later this month. Presently, one share of HDFC Bank has a face value of Rs 2. Its shares closed at Rs 2,328.40 apiece on the BSE, down 1.71 per cent. "...we wish to inform you that the board of directors of the bank would inter-alia consider a proposal for sub-division of bank's equity shares from 1 (one) equity share of face value of Rs 2 each to 2 (two) equity shares of face value of Rs 1 each, at their meeting to be held on May 22, 2019," the bank said in a stock exchange filing. At present, the bank has issued about 272.33 crore shares of face value of Rs 2. The bank had posted a 23 per cent jump in its net profit to Rs 5,885.12 crore for the quarter ended March 2019 on a healthy growth in its net interest income. It had registered a net profit of Rs 4,799.28 crore in the January-March quarter of 2017-18. Total income for the quarter ended March ...
Airtel Q4 net profit up 29 pc to Rs 107 cr on exceptional gain
Telecom operator Bharti Airtel Monday reported a surprise 29 per cent surge in March quarter net profit as exceptional income gains and Africa business helped offset losses in India mobile services operations. The company -- whose profitability has been battered by intense price competition posed by richest Indian Mukesh Ambani's Reliance Jio -- earned a net profit of Rs 107.2 crore in January-March against Rs 82.9 crore it earned in the same period of the previous fiscal. This is the first rise in profit after several quarters for the company. Revenue soared 6.2 per cent to Rs 20,602.2 crore for the three months ended March 31, 2019. The firm had an exceptional income gain of Rs 2,022.1 crore in the quarter, it said in a regulatory filing to stock exchanges. The company's loss from India mobile services business more than doubled to Rs 1,377.8 crore in January-March when compared with Rs 482.2 crore loss in the same period of the previous fiscal year. This was in contrast to Africa ..
India-US to engage regularly to resolve outstanding trade issues
India and the US Monday agreed to engage regularly at various level to resolve outstanding trade issues by exploring mutually beneficial suitable solutions, an official statement said. "Both sides agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including Government, businesses and entrepreneurs," said a statement after meeting between visiting US Commerce Secretary Wilbur Ross and Commerce Minister Suresh Prabhu. Ross is visiting India to attend the 11th Trade Winds Business Forum and Mission hosted by the US Department of Commerce. Without giving details, the statement said the both sides also discussed various "outstanding trade issues" and agreed to engage regularly at various levels to resolve them by exploring "suitable solutions, which are mutually beneficial and promote economic development and prosperity in both countries". Both the countries are locked in a tariff dispute with the US deciding to end preferential .
Airtel Q4 consolidated net up 37.5% on exceptional gain
Gains from exceptional item aided telecom major Bharti Airtel to post a rise of 37.5 per cent in its total consolidated net profit for the January-March quarter, on an year-on-year (YoY) basis.
'Value of M&A deals in hospital sector up 155% in FY19'
The total transaction value of mergers and acquisitions (M&A) in the hospital sector surged 155 per cent in India during the financial year 2018-19 to Rs 7,615 crore, an ICRA report said on Monday.
L&T buys shares of Mindtree worth Rs 113 cr via open market
Infrastructure major Larsen & Toubro Monday bought shares worth about Rs 113 crore of Mindtree through open market transactions. According to the bulk deal data available with the NSE, L&T bought over 11.52 lakh shares, or 0.75 per cent, worth Rs 112.91 crore with the average price being Rs 979.94 per scrip. However, the seller could not be ascertained immediately. Last week, L&T had purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through block deal for about Rs 3,210 crore. Post this transaction, the infrastructure major is in fray to buy up to 46 per cent more stake in Mindtree. L&T had signed a deal to buy Cafe Coffee Day owner Siddhartha's 20.32 per cent stake in Mindtree and also placed an order with brokers to pick up another 15 per cent of the company shares from the open market for about Rs 2,500 crore. Subsequent to these deals, L&T would make an open offer to buy additional 31 per cent stake through an open offer. Mindtree .
Fall in ITRs in 2018-19 due to inclusion of past AY's return filings: I-T dept
The Income Tax Department Monday sought to justify a sharp 6.6 lakh drop in the number of I-T returns filed online during 2018-19 saying the number shown on its e-filing website for the financial year included returns of previous fiscal years. While the tax department's e-filing website showed returns filed in 2018-19 fell to 6.68 crore from 6.74 crore in the previous fiscal, the Central Board of Direct Taxes (CBDT) in a statement clarified that the returns filed included those of previous assessment years, excluding which returns filed in 2018-19 showed an almost 19 per cent rise. But the tax department had in the past taken returns filed in a fiscal year as a composite number to show an year-on-year increase. The last such statement by the department had come on April 2, 2018, stating the number of ITRs filed in 2017-18, and it did not issue a statement this year on returns filed in 2018-19. The CBDT in its statement on Monday said the 6.74 crore income tax returns filed in the ...
Great Eastern Shipping Q4 net profit at Rs 148 cr
India's largest private shipliner Great Eastern Shipping Company Ltd (GE Shipping) Monday reported a consolidated net profit of Rs 148.47 crore for the fourth quarter of 2018-19. The company had posted a net loss of Rs 419.10 crore in the year-ago period, GE Shipping said in a BSE filing. The company's total income during January-March quarter increased to Rs 1026.99 crore, from Rs 826.42 crore in the same period previous fiscal. In a separate filing the company said its board has approved plan to raise up to Rs 1,000 crore via issuance of non-convertible debentures on a private placement basis. "The board has also considered and approved the issue of non-convertible debentures up to an amount not exceeding Rs 1,000 crore by way of private placement during the year," the filing said.
Pak govt appoints veteran tax consultant to head Federal Board of Revenue
The Pakistan government on Monday appointed veteran tax consultant Shabbar Zaidi to the key post of Federal Board of Revenue chairman, days after the removal of Jahanzeb Khan from the position amid vital bailout negotiations with the IMF. Officials said initially Ahmad Mujtaba Memon, who is serving as the finance additional secretary, was tipped to become the new chief of the tax collection body. His name was endorsed by advisor on finance Dr Abdul Hafeez Shaikh. However, his nomination was not approved by Prime Minister Imran Khan and his Cabinet. We have appointed Shabbir Zaidi as chairman of FBR, Khan told reporters here. Jahanzeb Khan was removed as FBR head last week amidst reports that the tax collection body is heading to miss its targets by whopping Rs 350 billion by end of the current fiscal year on June 30. Zaidi is considered as highly professional who has been demanding stern laws to assess and collect taxes. He is a senior partner of accountancy firm A F Ferguson & ...
RBI's surplus tranfer to Centre to be discussed
The 15th Finance Commission will meet the RBI Governor, banks and financial institutions in a two-day meet in Mumbai, from Wednesday to discuss the transfer of central bank's surplus capital to the government, among other issues.
Supply of Indian students to Australia to come down in next few years: NITI Aayog CEO
The number of Indian students applying to universities and colleges in Australia could thin down in next few years as India is working on raising the standard of its educational system, a senior official of India's premier policy making body has said. According to the latest official data, India is the second largest source of international students in Australia after China, with over 79,000 studying in the country. NITI Aayog CEO Amitabh Kant, who was visiting Canberra last week, said that the current system of Indians sending students to Australia was not sustainable and it needs to look at this in a very "creative" and "innovative" manner. The National Institution for Transforming India (NITI) is the premier policy think tank of the Government of India, providing both directional and policy inputs. "The supply of students to Australia will come down in due course. In the next three to five years, Indian universities and colleges will become better and better. And this market of ...
Axiata, Telenor in merger talks to create telecoms giant
Malaysia's Axiata Group Berhad says it is in talks with Norway's Telenor ASA to merge their Asian operations to create one of the world's top telecommunications giants with some 300 million customers in nine countries. Axiata said in a statement Monday that Telenor is expected to hold a 56.5 percent stake and Axiata 43.5 percent in the proposed "merger of equals." Both companies operate in Malaysia, Thailand, Myanmar, Bangladesh and Pakistan. Axiata also has a presence in India, Sri Lanka, Nepal, Cambodia and Indonesia. It says its Bangladesh operation would be excluded. Annual sales for the merged company are estimated at $12 billion, with earnings of over $4.8 billion. Axiata said the merged company could potentially be one of the world's top five mobile infrastructure players.
PFS reports Rs 37 crore net profit in Q4 FY19
PTC India Financial Services (PFS) Monday reported net profit of Rs 36.76 crore crore in fourth quarter of fiscal 2018-19. The company had posted a loss of Rs 264.68 crore in the January-March quarter of 2017-18. Total revenue during March quarter stood at Rs 331.05 crore, up from Rs 296.75 crore in the year-ago period, it said in a release. For the full fiscal 2018-19, the company registered a net profit of Rs 184.14 crore. It had posted a loss of Rs 100.23 crore in 2017-18. Revenue during the year rose to Rs 1,336.51 crore from Rs 1,185.15 crore. PFS said it sanctioned fresh loans of Rs 5,124 crore last fiscal, while Rs 4,085 crore were disbursed. "Last year was challenging year for financial sector as a whole and for NBFCs in particular. We tied over the liquidity challenges and our strategy is to work on all possible dimensions simultaneously so as to strengthen our credit standing," said Pawan Singh - Managing Director & CEO, PFS. Singh said the company will continue to grow .
Maven Workforce launches Vasitum - an AI-powered recruitment partner
Maven Workforce, a decade old recruitment firm, has launched an AI-powered recruitment platform, Vasitum.The heart of Vasitum's creation is an AI bot, Vasi, which manifests as an effort to bridge the gap between those scouting for talent and the ones looking for the best-suited jobs.In the era of advanced technology, AI and machine learning (ML) has taken over all the industries. But in the HR industry, recruiters are still juggling over tons of resume and complicated hiring process thus losing productivity.Annually, 6 million graduates enter the Indian job market, alongside 397 million employees.The average open position receives more than 150 resumes83 per cent candidates rate their job search experience is bad and poor, while 23 per cent of employers report a loss of productivity due to wrong selection.Moreover, 27 per cent of companies say a bad hiring decision cost them three times over."Vasitum will bring about a tremendous increase in recruiter's productivity at the same time ..