Page 442 - Business Finance

Sheela Foam consolidated net profit rises 17.75% in the March 2019 quarter

Sales rise 1.30% to Rs 534.71 crore

Morepen Laboratories consolidated net profit rises 54.04% in the March 2019 quarter

Sales rise 27.56% to Rs 218.72 crore

Cholamandalam Financial q4 standalone net at Rs 34.26 cr

Cholamandalam Financial Holdings Ltd has clocked stand alone net profit for the quarter ending March 31, 2019 at Rs 34.26 crore, up from Rs 33.60 crore registered a year ago. The city-based firm, formerly known as TI Financial Holdings Ltd, clocked net profit at Rs 66.53 crore for the year ending March 31, 2019, compared to Rs 59.39 crore in the same period last year. The standalone total income for the January-March 2019 quarter grew to Rs 36.47 crore from Rs 35.61 crore, a company release said. For the full year ending March 31, 2019, standalone total income went up to Rs 73.52 crore from Rs 64.67 crore. Cholamandalam Investment and Finance Company disbursed loans totalling Rs 30,451 crore for the year March 31,2019 as compared to Rs 25,114 crore the previous year. Cholamandalam MS General Insurance Company Ltd registered a gross written premium of Rs 4,552 crore for the year ending March 31, 2019 as against Rs 4,113 crore in the year ago period. Cholamandalam MS Risk .

Haryana government score below par on key issues: ADR

In providing better employment opportunities, agricultural loans and higher price realisation for farm produce, top priorities for voters in Haryana, the state government's performance has been below average, according to an ADR survey.

ICRA downgrades Yes Bank's bonds as quality of large borrowers slides

Private lender Yes Bank said on Saturday that rating agency ICRA has downgraded its tier-I and tier-II bonds and infrastructure debt following deterioration in the credit quality of large ticket borrowers.The agency downgraded the bank's tier-I bond from 'AA-minus' to 'A' and tier-II bonds from 'AA' to AA-minus.'The outlook is negative on both bonds, the bank said.ICRA's rating action has also factored in further weakening in core equity (CET-I) capital cushion, due to voluntary provisions and consequent losses in fourth quarter of 2018-19.On April 26, the company reported quarterly loss of Rs 1,507 crore as compared to Rs 1,179 crore in the quarter ended March 2018. Net non-performing assets grew from 1.18 to 1.86 per cent quarter-on-quarter.Gross slippages, or accumulation of fresh bad loans, came in at Rs 3,481 crore during the quarter ended March 31, said Yes Bank.Of this, Rs 552 crore was due to exposure to debt-ridden and now-grounded Jet Airways. About Rs 529 crore was on ...

KoPT resumes operations after cyclone Fani leaves WB

The Kolkata Port Trust (KoPT) resumed operations in Haldia and Kolkata docks on Saturday after cyclone 'Fani' left West Bengal and crossed over to Bangladesh, a top official said. Loading and unloading of cargo were halted at both the docks on Friday as a precautionary measure, the official said. "Operations resumed at both the Kolkata and the Haldia docks since this morning. No damage was caused to the infrastructrure at any of the ports due to the cyclone," Kolkata Port Trust chairman Vinit Kumar told PTI. KoPT has achieved highest ever cargo in 2018-19 with a 10 per cent growth. The Kolkata Port handled 63.7 million tonne of cargo traffic in 2018-19 compared to 57.9 million tonne in 2017-18. The Haldia Dock Complex handled its highest ever cargo of 45.2 million tonne this year, surpassing the previous high of 43.6 million tonne, which was in 2007-08.

Average prices of BLF in West Bengal rise in April

Average prices of tea manufactured by bought leaf factories (BLF) during April increased over March with Jalpaiguri district registering the highest rise. In March 2019, the average prices of BLF in Darjeeling (plains), Coochbehar and Jalpaiguri were Rs 102, Rs 105.61 and Rs 105.58 per kilogram, which increased to Rs 119.56, Rs 118.12 and Rs 123.41 per kilogram respectively in April. In Andhra Pradesh, average prices of BLF in all its districts stood at Rs 203.94 kilogram last month as compared to 73 per kilogram in March. In Assam's Jorhat, the average prices of BLF in April fell to Rs 150.02 per kilogram from Rs 158.47 per kilogram in the previous month of March. However, in the state's Cachar district, prices registered a rise of BLF prices. It was Rs 130.64 per kilogram in April as against Rs 121.73 per kilogram in March 2019, a Tea Board statement uploaded on its website said. Kerala's Idduki and Wayanad districts registered a rise in prices to Rs 99.28 per kilogram .

Asian Development Bank must expand private sector ops: Subhash Chandra Garg

Economic Affairs Secretary Subhash Chandra Garg said there is a rising need for the agency to focus on strengthening human capital and develop social safety nets

Dangerous to let viable cos close down: IBBI chief

Committees of Creditors (CoCs) should provide all relevant information and share their vision for companies under the insolvency process, a senior official said Saturday as he asserted that it will be dangerous to let viable firms to close down. Amid rising number of stressed assets being referred for resolution under the Insolvency and Bankruptcy Code (IBC), IBBI chief M S Sahoo said the law also gives opportunities to rectify the mistakes during the insolvency process. The objective of the law is to rescue viable companies and close down unviable ones, he said. "If due to incompetence (of market participants) the reverse happens, then it is dangerous," Sahoo said here. The Insolvency and Bankruptcy Board of India (IBBI) Chairperson also noted that CoCs must provide all relevant information to resolution applicants so that they find interest in the companies. "Commercial decisions are not black and white. There is no mathematical formula to say that a company is unviable and another .

NIIT profit for FY19 jumps 44 pc to Rs 403 crore

IT solutions major NIIT Technologies on Saturday reported revenue of Rs 3,676 crore in 2018-19, representing a growth of 23 per cent over the previous year.The operating profits expanded over 28 per cent to Rs 645 crore and net profit improved by 44 per cent at Rs 403 crore.Cumulative order intake for the year was 646 million dollars (about Rs 4,475 crore), up 27 per cent over the previous year. "FY 19 was one of the most successful years in our firm's history," said Chief Executive Officer Sudhir Singh."Not only did we clock accelerated growth but we also increased operating margin simultaneously. Our strategy of transforming the three industries we serve at their intersection with emerging technologies continues to differentiate and drive growth." he said in a statement.Revenues in insurance vertical expanded 35.7 per cent year-on-year, contributing to early 29 per cent of the mix, banking and financial services expanded over 18 per cent contributing to 16 per cent of revenue while .

Amrapali promoters siphoned home buyers' money for personal use

Promoters and top officials of realty firm Amrapali Group diverted homebuyers' money for personal benefits and building their own empire, said the forensic report submitted to the Supreme Court.

Birla Corporation net profit up by 66 percent

Birla Corporation Limited, flagship Company of the MP Birla group announced its financial results for the quarter and financial year that ended on 31 March 2019.This has been a year of consolidation and all-round improvement in performance. The March quarter EBIDTA grew by 15 per cent to Rs. 333.95 Cr (Rs 290.09 Cr the previous year) on the back of growth in sales and better realisation. The full-year EBIDTA at Rs 1,027.08 Cr was 18 per cent higher than the previous year. Cash profit for the full year jumped by 33 per cent to Rs. 657 Cr and net profit was up by 66 per cent over the previous year at Rs. 256 Cr.Volume growth for the March quarter was at 13 per cent and 10 per cent for the full year, which combined with a sharp increase in the sale of premium products and blended cement in the portfolio. In the quarter till March, blended cement contributed to 92 per cent of the company's sales by volume.The share of trade (channel) sales has now crossed 80 per cent of the Company's ...

Aditya Birla Capital to raise up to Rs 3,500 cr via equity, debt instruments

Aditya Birla Capital Saturday said its board has approved raising funds up to Rs 3,500 crore through both equity and debt issuances. The funds can be raised in one or more tranches by way of issuance of equity shares and equity linked instruments, including convertible preference shares, non-convertible debt instruments along with warrants, debentures, and/or any other securities convertible into equity shares, global depository receipts, American depository receipts and foreign currency convertible bonds, the company said in a BSE filing. Following the board approval for raising of up to Rs 3,500 crore, the company will now seek shareholders' nod for the same, it added.

'Roja' plan for Jet revival involving staff, frequent flyers

After a section of employees floated the proposal to take over management control of the grounded Jet Airways and arrange up to Rs 3,000 crore from external investors, a group of frequent flyers of the cash-strapped airline has approached the key lenders, including State Bank of India, ICICI Bank and Punjab National Bank, to submit the 'Revival of Jet Airways Plan' or 'Roja'.

DHFL to raise up to Rs 2,000 cr

Dewan Housing Finance Ltd (DHFL) Saturday said it will raise funds up to Rs 2,000 crore in one or more tranches. The board of the company in its meeting on Saturday approved the proposal to raise capital up to Rs 2,000 crore, DHFL said in a filing to the BSE. "The Board has constituted a sub-committee named "Special Committee for Issuance of Securities" and authorised the said Committee to decide upon various factors viz. mode, pricing, terms & conditions and other allied matters in respect of the said issuance," DHFL added.

India Business Awards 2019: Bollywood actress Dia Mirza felicitates winners at Blindwink

India Business Awards, 2019, conceived and initiated by Blindwink is aimed at eulogizing and felicitating the achievers. The most sought after awards were organized on 28th April 2019 (Sunday) in Taj Hotel at Bengaluru by Blindwink.Bollywood Actress Miss Dia Mirza was the Chief Guest for the event who gave away the awards.The lists of awardees are:Renovision Management Consultants - Best Graphology Trainer of India Award, ArtDelightGroup - Best Professional Painting Classes in Bengaluru, WinZig Wings Preschool - Best Innovative Preschool in India, Kshama Veenaprakash Achanna - Most Promising State Board Tutorials in Nashik, Bharat Head Hunters Pvt. Ltd. - Best Recruitment Consultants 2019, Ask Spoken English Academy - Best English Learning Academy in Solapur, MKVN School, Pauri Garhwal - Most Disciplined CBSE K12 Day Cum Residential School in Uttarakhand, Anil Pandya - Most innovative Edupreneur & amp; philanthropist in Gujarat, Budania IAS Group - The Best Online Coaching Of ...

Congress lying on farm loan waiver: Shivraj Singh Chouhan

Accusing Congress of blatantly lying on farm loan waiver in the state, BJP leader Shivraj Singh Chouhan said that both Congress president Rahul Gandhi and Madhya Pradesh Chief Minister Kamal Nath have given contradictory statements on loan-waiver to farmers."Both Congress president Rahul Gandhi and Chief Minister Kamal Nath gave contradictory statements on farm loan waiver. While the former is saying that the loans of farmers were waived within two hours of forming a Congress government in the state, the latter has sent messages to lakhs of farmers on their mobiles stating that though the application for waiving loans have been received it cannot be granted as Model Code of Conduct (MCC) for the Lok Sabha elections is in place," said Chouhan.The former MP chief minister accused Gandhi of deceiving farmers, saying, "The Congress president has deceived farmers and is telling an utter lie on the issue of farm loan waiver. 120 days have passed since the Congress government was formed in ..

Shah targets Rahul Gandhi over UPA-era defence deal

BJP president Amit Shah Saturday cited a media report to attack Congress chief Rahul Gandhi over a defence deal under the UPA government in which an alleged business partner of Gandhi had got an offset contract. According to Business Today magazine, a co-promoter of a UK-based firm in which Gandhi owned a majority stake received defence contract as an offset partner of a French company when the Congress-led UPA was in power. "With Rahul Gandhi's midas touch, no deal is too much! When he has a say, his business partners make hay. Doesn't matter if India suffers on the way! #StealLikeRaga," Shah tweeted, tagging the report. The report claimed that subsidiaries associated with Rahul Gandhi's former business partner received defence contract as an offset partner of a French firm in 2011.

Embassy Office Parks REIT raises Rs 3,000 cr via debentures

Embassy Office Parks REIT, India's first listed real estate investment trust, has raised Rs 3,000 crore through private placement of debentures mainly to repay debt. Embassy Office Parks, a joint venture between global investment firm Blackstone and realty firm Embassy Group, is a leading developer of commercial real estate. It launched the country's first real estate investment trust (REIT) to raise Rs 4,750 crore. In a statement, the company said "it has successfully priced and allotted by way of a private placement Rs 30 billion of rupee-denominated, listed, rated, secured, redeemable and non-convertible debentures (NCDs)." The NCDs will be listed on the Wholesale Debt Market segment of the BSE. The debentures, EMBASSY REIT Series I NCD 2019, carry a face value of Rs 1,000,000 with yield to maturity of 9.4 per cent and will mature in June 2022. Embassy REIT intends to use the proceeds from the issue to repay its existing debt and for general corporate purposes, it added. On April

Shah targets RaGa over ex-biz partner's defence contracts during UPA rule

Bharatiya Janata Party President Amit Shah on Saturday pushed back Congress chief Rahul Gandhis attacks on the BJP and Prime Minister Narendra Modi with a telling tweet: "Midas Touch, no deal is too much!