Page 431 - Business Finance
South Africa inks oil exploration deal with South Sudan
South Africa on Monday signed a deal for the exploration and production of oil in South Sudan, as part of a USD 1 billion investment in the conflict-torn nation's struggling oil industry. The deal will see South Africa's state-owned oil company, Strategic Fuel Fund (SFF), and South Sudan's Nile Petroleum Corporation, explore an area of 31,000 square kilometres (12,000 square miles) known as "Block B2". South African Oil Minister Jeffrey Radebe described the agreement as "a great deal" for both countries. Exploration will begin immediately, and is expected to continue for six years. South Sudan has an estimated 3.5 billion barrels of oil with only 30 per cent of it being explored, Petroleum Minister Ezekiel Lol Gatkuoth said at the signing ceremony. The country has the third-largest oil reserves in sub-Saharan Africa, according to the ministry. At its peak, oil production in South Sudan was at 350,000 barrels a day, however production has been crippled, with oil fields severely damaged
Airtel Q4 net profit rises 29 pc to Rs 107 crore; logs exceptional gain of Rs 2,022 cr
Telecom operator Bharti Airtel on Monday posted a surprise net profit of Rs 107.2 crore for the fourth quarter ended March 31, a growth of 29.3 per cent over the year-ago period, on the back of exceptional gain of Rs 2,022 crore. The company's revenue for March quarter was up 6.2 per cent year-on-year to Rs 20,602.2 crore, as per a regulatory filing by the firm. For the full FY 2019, Airtel's net profit tanked 62.7 per cent to Rs 409.5 crore compared to Rs 1,099 crore in the previous fiscal. During the period, the revenue of Sunil Mittal promoted company stood at Rs 80,780.2 crore, down 2.2 per cent, compared to Rs 82,638.8 crore. The telecom sector has been battered by falling tariffs, eroding profitability, and towering debt, in the face of stiff competition triggered by disruptive offerings of Reliance Jio, owned by richest Indian Mukesh Ambani. The relentless tariff war that ensued after Jio's entry into the telecom sector with free voice calls and SMS, bundled with cheap data has
Britannia violated listing norms in not reporting Ness Wadia's arrest to stock exchange: InGovern
Proxy advisory and corporate governance firm InGovern Monday alleged that Britannia Industries violated listing regulations in not reporting arrest of its promoter and director Ness Wadia, while demanding his resignation. InGovern founder Shriram Subramanian also said the directors on the board of Britannia Industries should also ask themselves whether the continuance of Wadia, who was given a two-year suspended sentence by a court in Japan for drug possession, was good for corporate governance. Citing Sebi's listing obligations and disclosure requirements (LODR), he said a company has to report any fraud, default by promoter or arrest of key managerial persons or promoters as it is a material event. "The arrest of promoter was a material event and that was to be disclosed to the stock exchanges. That was not done by Britannia," Subramanian told PTI. This is a violation of LODR by the company, he said, adding Wadia must step down in the interest of larger corporate governance. He ...
SBI operationalises most branches in Odisha post cyclonic storm
State Bank of India Monday said it has made operational most of its branches in Odisha, which was hit by cyclone Fani late last week. The bank expects to restore remaining branches especially in the most cyclone-hit regions like Bhubaneswar and Puri within two days, SBI said in a statement. "All SBI customers will be able to do banking transactions like deposit, withdrawal and other services through all operational branches with immediate effect," it added. Additionally, the bank has also opened Chief Ministers Relief Fund account for citizens to donate funds for the affected individuals in the state. Cyclonic storm 'Fani' ravaged parts of Odisha, killing at least 12 people. The cyclone barrelled through Odisha on Friday, unleashing copious rain and windstorm that gusted up to 175 kmph.
UK entrepreneur says SBI allows him to bid for Jet
British entrepreneur Jason Unsworth, who has evinced interest in investing in the now grounded Jet Airways, has claimed that the lenders' consortium leader State Bank of India (SBI) has asked him to formally submit a bid for the airline.
RBI relaxes PSL norms for housing loans from RRBs and SFBs
Individual housing loan limits for eligibility under PSL raised to Rs 35 lakh in metro centres and Rs 25 lakh in other centres
Godrej Agrovet grants stock options under ESOS
Of Rs 10 each
Hindustan Composites outcome of Board meeting
On 06 May 2019
Gujarat Gas net profit jumps 77 pc in March quarter
Gujarat Gas Ltd Monday reported a 77 per cent jump in net profit for the quarter ended March on the back of higher sales. Its net profit in the January-March period at Rs 116.54 crore, or Rs 1.69 a share, was higher than Rs 65.95 crore, or Rs 0.96 per share, earning in the corresponding period of the previous fiscal, the company said in a regulatory filing. Sales rose to Rs 1,963.26 crore from Rs 1,777.82 crore in January-March 2018. For the full fiscal 2018-19, net profit was up 43 per cent at Rs 417 crore. The company said it added 63 new CNG stations in 2018-19, highest-ever in a year by the company. The firm commissioned its first CNG station in Narmada within four months of receiving city gas distribution licence. Gujarat Gas added close to 1 lakh domestic cooking gas connections and 300 industrial customers during 2018-19. "The National Green Tribunal has ordered on March 6, 2019, to ban the use of coal-based gasifiers in Morbi, Gujarat. As a result of this order, the industrial
15th Finance Commission to hold meetings with RBI, banks, financial institutions
The 15th Finance Commission will have meetings with the Reserve Bank of India (RBI), banks and financial institutions on May 8 and 9 in Mumbai.The Commission headed by Chairman N K Singh will include all members and senior officials, according to a statement issued here on Monday.In the meeting with RBI Governor Shaktikanta Das, the Commission is likely to discuss views on key macro-economic assumptions, cost of borrowings for the Centre and states, requirements for the recapitalisation of banks and RBI's assessment of dividends, and surpluses that can be transferred to the government.With banks and financial institutions, the issues will include the cost of borrowings for the Centre and states, recapitalisation of banks and their impact on the cost of borrowings for governments.The Commission will also hold a detailed meeting with eminent economists to discuss various terms of reference for the 15th Finance Commission.
Galaxy S10 made us premium segment leader: Samsung India
Riding on the success of its newly-launched Galaxy S10 series, Samsung India saw a massive jump in the premium smartphone segment in the first quarter of 2019 -- clocking 68.9 per cent market share (by volume) and 65.9 per cent (by value) 00 a top company executive said on Monday.
FCI to sell 10 million tonne of wheat to bulk consumers this fiscal
Saddled with huge stock, state-run FCI has decided to sell 10 million tonne of wheat to bulk consumers this fiscal, over 40 per cent more than the previous year, according to a government order. The government is offering wheat at a base price of Rs 2,080 per quintal for three main wheat-producing states -- Punjab, Haryana and Madhya Pradesh, while for other states the freight charges at Ex-Ludhiana will be added to the base rate. The Food Corporation of India (FCI), the government's nodal agency for procurement and distribution of grains, will sell wheat through an e-auction under the open market sale scheme (OMSS) throughout the fiscal except during procurement period in wheat growing states, it added. "Quantum of sale of wheat has been fixed at 100 lakh tonne. It may, however, be reviewed by the Department of Food and Public Distribution, if offtake is more," the food ministry's order said. The base rate will be increased by Rs 55 per quintal in the subsequent quarters of the ...
6.68 cr e-returns filed during 2018-19, most taxpayers switching to e-filing of income tax returns: CBDT
The Central Board of Direct Taxes (CBDT) said on Monday that a total of 6.68 crore income tax returns were e-filed during the financial year 2018-19 which included 6.49 crore returns of current assessment year 2018-19, marking an increase of almost 19 per cent.This would imply that a substantially larger number of taxpayers filed their returns electronically in FY 2018-19 as compared to FY 2017-18, it said in a statement.CBDT said that during FY 2017-18, apart from the returns for the assessment year 2017-18, nearly 1.21 crore returns were filed for the assessment year 2016-17. The balance number of returns were filed for the assessment year 2015-16 and prior assessment years is 0.06 crore.In comparison, during FY 2018-19, only 0.14 crore returns for the assessment year 2017-18 were filed.Thus, the apparent decrease in the number of returns filed during FY 2018-19 pertaining to earlier years was due to an amendment in Section 139(5) of the Income-tax Act 1961 brought in vide Finance ..
Indian Overseas Bank eyes to raise Rs 850 cr in FY19-20
Public sector Indian Overseas Bank Monday plans to raise about Rs 850 crore during the current financial year through sale of non-core assets, to augment capital. In a notification to the BSE, the city-based bank said it plans to raise the amount from sale of properties and investments. "The bank is currently exploring its options for stake sale in joint ventures to augment resources which could help raise over Rs 445 crore," it said. The bank was looking at all avenues to improve capital position, the notification said, adding, it was actively pursuing monetisation of its non-core assets. As part of the strategy to unlock assets to raise capital, the bank has identified 32 properties for sale including prime properties in Singapore and Hongkong aggregating to Rs 900 crore. During 2018-19, the bank said, it sold six properties including five at overseas occasions aggregating Rs 129 crore. "The Bank has already initiated the process for sales of 26 properties, valued at .
Mirae-Naver, Alibaba, CDC invest $150 mn in BigBasket
South Korean Asset financial group Mirae-Naver, Chinese e-tail behemoth Alibaba group and British development finance institution CDC on Monday said they have collectively invested $150 million (Rs 1,040 crore) in grocery major BigBasket's firm Supermarket Grocery Supplies Ltd.
Hero MotoCorp launches buyback scheme for scooters
The country's largest two-wheeler maker Hero MotoCorp has launched a buyback scheme for scooters with plans to cover top-10 markets of India going forward. The company had launched the scheme BuySurance in Pune, a big scooter market, in March to test the market proposition. It has now also introduced the scheme in two more markets Delhi and Bengaluru. Under the scheme, every customer buying new Hero Scooter will receive a guaranteed buyback certificate by used two-wheeler brand CREDR with fixed buyback value matrix in interval of six months over next five years. "Hero MotoCorp has come out with a disruptive value offering..a first of its kind offering in Indian two-wheeler market where customers get guaranteed future re-sale on their new Hero scooter purchase," Hero MotoCorp Head (Sales and After Sales) Sanjay Bhan said. "Over a period of time, our plan is to cover the top-10 markets in the country as part of the pilot project," he added. Customers would just have to reach out Hero ..
ICICI Bank's Q4 net profit at Rs 969 cr down 5%
Private sector ICICI Bank on Monday reported a five per cent decline in its standalone net profit for the fourth quarter of 2018-19 ending March.
Tivoli Constrt. to appoint Company Secretary
For the FY 2018-19