Page 444 - Business Finance
Jaypee Infra CoC to discuss NBCC bid on May 9: Sources
The Committee of Creditors (CoC) of Jaypee Infratech will meet on May 9 to discuss the revised bid by NBCC for the insolvent company, sources told IANS.
Kamarajar Port pre-bid meet on May 7
DIPAM, the disinvestment department of the Finance ministry is set to see flurry of engagements in the coming months with a pre-bid meeting set for May for Kamarajar Port on May 7.
BSNL installs 54,000 mobile towers in FY19
State run Telecom Company Bharat Sanchar Nigam Limited, has installed 54,000 towers during 2018-2019, which is higher than the combined figures of previous 3 years.
Akzo Nobel India standalone Q4 profit at Rs 70.34 cr
Coatings company Akzo Nobel India Friday reported a standalone net profit of Rs 70.34 crore from continuing operations for the quarter ended March 31, 2019. The company had posted a net profit of Rs 46.17 crore for the corresponding period of the previous fiscal, Akzo Nobel India said in a filing to the BSE. Standalone total income from continuing operations for the quarter under consideration stood at Rs 720.79 crore, as compared with Rs 713.18 crore in the corresponding quarter year ago. Profit for the fiscal year ended March 31, 2019 stood at Rs 210.98 crore as against Rs 205.71 crore during the year-ago period. Standalone total income of the company from continuing operations stood at Rs 2,960.57 crore for the fiscal year ended March this year. It was at Rs 2,836.63 crore during 2017-18. After the conclusion of the sale transaction of speciality chemicals business during the quarter ended March 31, 2018, the company has only one segment viz. 'coatings', the company said. Akzo ...
Jaypee Infratech CoC rejects Suraksha's bid
Mumbai-based Suraksha Realty has failed to make the cut as the Committee of Creditors (CoC) of Jaypee Infratech Ltd (JIL) rejected its bid to acquire the insolvent company.
Sony India aims 20 pc revenue from audio segment in next 3-4 yrs
Consumer Electronics maker Sony India expects audio segment to be one of its growth driver, which will contribute around 20 per cent of revenue in next 3-4 years, said a top company official. Sony India is encouraged with the growth in segments such as headphones, sound bars and party speakers. "The audio market is growing very fast. We can expect around 18-20 per contribution coming from the audio segment," Sony India Managing Director Sunil Nayyar told PTI Friday. When asked about the time frame, he said: "It could happen in next 3-4 years". Presently, Sony India gets its 65 per cent revenue from TV segment, 15 per cent from audio, 10 per cent from camera and rest 10 per cent from other verticals. According to Nayyar, Sony India had registered around 50 per cent growth in the fast emerging headphone categories. Besides, it also has plans to introduce some more products in the segment to maintain its lead. Strengthening its portfolio in the segment, Sony India Friday introduced new ..
CEA K Subramanian joins Finance panel's advisory council
Chief Economic Advisor Dr Krishnamurthy Subramani an has been included as member of the Advisory Council of the Fifteenth Finance Commission.
Dollar swap auction boosts forex kitty by USD 4.7 bn to USD 418.5 bn
The country's foreign exchange reserves soared by USD 4.368 billion to USD 418.515 billion in the week to April 26, helped by the second dollar-rupee swap auction, RBI data showed Friday. In the swap auction conducted on April 23, the Reserve Bank had received bids worth USD 18.65 billion against USD 5 billion on offer. It accepted just five bids worth USD 5 billion. In the previous week, the forex reserves had declined by USD 739.2 million to USD 414.147 billion. In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by USD 4.387 billion to USD 390.421 billion. Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US currencies like the euro, pound and yen held in the reserves. The forex kitty had touched a life-time high of USD 426.028 billion in the week to April 13, 2018. Gold reserves remained unchanged at USD 23.303 billion, according to the data. The special drawing rights .
Sebi slaps Rs 5 lakh fines on Dharti Investment for fraudulent trade
Markets regulator Sebi Friday imposed a penalty of Rs 5 lakh on Dharti Investment and Holdings Ltd for indulging in non-genuine trades in illiquid stock options segment of the BSE. The orders are in line with the Sebi's announcement in April 2018, wherein it had decided to take action in a phased manner against 14,720 entities for fraudulent trade in illiquid stock options segment and has already passed orders against more than 80 entities since October last year. After observing large scale reversal of trades in the segment, the Sebi conducted an investigation into the trading activity of various entities between April 2014 to September 2015. During the probe, the regulator observed that Dharti Investment was one among the various entities that executed several reversal trades, which were non-genuine in nature. "Reversal trades executed by Noticee (Dharti Investment) do not follow the basic trading rationale, as they are not executed in normal course of trading in which trading ...
Britannia stocks slump on inter-corporate loan exposures
The stock price of FMCG company Britannia plunged on Friday to close over 3 per cent lower after the company declared that it had inter-corporate deposits (ICD) in associate companies accounting for 25 per cent of its total investment.
Cholamandalam Financial logs Rs 696 crore net profit
Murugappa Group's Cholamandalam Financial Holdings Ltd on Friday said it closed the last fiscal with a net profit of Rs 696.70 crore, an increase of 27 per cent over previous fiscal numbers.
Jaypee Infra insolvency: Creditors reject Suraksha Realty's bid; to meet on May 9 for future action
Financial creditors of Jaypee Infratech Friday rejected Suraksha Realty's bid for the debt-laden firm as the offer was low on upfront cash payment and will meet on May 9 to discuss the future course of action, sources said. Mumbai-based Suraksha group was the lone contender in the race to acquire Jaypee Infratech after the Committee of Creditors (CoC) rejected the bid of state-owned NBCC Ltd on the grounds that the offer did not have approval from various government departments. NBCC wants its bid to be reconsidered, while Adani Group has also shown interest in acquiring Jaypee Infratech and completing over 20,000 delayed flats in Noida. Interestingly, Jaypee Group's promoters too have put in a bid to retain control of the company. Under the insolvency proceedings Friday, members representing 41.85 per cent of voting rights were against the proposal, while 23.47 per cent were in favour. Most of those voting in favour were homebuyers, who hold about 60 per cent of the voting rights in .
RBI slaps Rs 11 lakh fine on Yes Bank for violating money transfer norms
Yes Bank Friday said the Reserve Bank of India has imposed a penalty of Rs 11.25 lakh on it for violating money transfer norms. "(The) Reserve Bank of India (RBI) vide its speaking order dates April 22, 2019, imposed a penalty of Rs 11,25,000 under the Payment and Settlement Systems Act, 2007," Yes bank said in a regulatory filing. The RBI has identified certain violations of its circular of 2011 on Domestic Money Transfer - Relaxations and master directions issued in October 2017 on issuance and operation of prepaid payment instruments in connection with certain product features for an open loop prepaid card (co-branded) previously issued by the bank, Yes Bank said. The bank said it had launched this product as a pilot programme from September 13, 2017, and, later, discontinued this product with effect from March 14, 2018, it said. Shares of Yes Bank closed 1.04 per cent up at Rs 175.60 apiece on the BSE.
Bundling of car parking, pool, gym facilities while selling flats to attract lower GST: AAR
Bundling of facilities such as car parking, swimming pool, club and gym with residential apartments will be treated as composite construction service and attract lower rate of the goods and services tax (GST), according to an AAR ruling. Following the ruling, these services will be regarded as composite construction service and attract 12 or 5 per cent GST, as against 18 per cent levied of variety of other services. The verdict by the West Bengal bench of the Authority for Advance Ruling (AAR) clears the confusion with regard to the GST rate to be levied on additional services provided by realtors to homebuyers. The ruling was given by the AAR on an application filed by Bengal Peerless Housing Development seeking clarification whether additional services would be treated as composite supply with construction service since they are usually bundled while booking a flat in an apartment complex. "The applicant (Bengal Peerless Housing Development) is providing service of construction of a
BSNL market share reaches 10.63 pc on account of network expansion
State-owned telecom firm Bharat Sanchar Nigam Limited Friday said its mobile services market share has increased to 10.63 per cent (till February 2019), mainly on account of network expansion. BSNL operates in 20 out of 22 telecom circles in the country. As of March 2018, its market share was 10.22 per cent. It has gained market share at a time when other incumbent telecom operators have been losing it after entry of Reliance Jio in 2016. Its market share in March 2016 was 9.05 per cent in its licensed service area and 8.35 per cent on pan-India basis. "BSNL has gained market share on the back of network expansion. At the end of February 2019, BSNL market share was 10.63 per centin service area where it operates," Sheetla Prasad, Director (CM), BSNL told PTI. The PSU is one of the two operators showing net addition of more than 9 lakh subscribers, during February 2019, as per latest report released by telecom regulator Trai. BSNL in a statement said it has installed 54,000 towers ...
5G conference warns on security as Huawei controversy rages
Experts called on 5G providers Friday to heed supply chain security in light of concerns about technology providers such as China's Huawei, recently banned by the US government. "The overall risk of influence on a supplier by a third country should be taken into account, notably in relation to its model of governance, the absence of cooperation agreements on security," said a statement published by a 5G security conference in Prague. "Security and risk assessments of vendors and network technologies should take into account rule of law, security environment, vendor malfeasance, and compliance with open, interoperable, secure standards and industry best practices," it added. Called "the Prague Proposals," the non-binding statement also singled out the supplier country's adherence to "multilateral, international or bilateral agreements on cybersecurity, the fight against cybercrime, or data protection" as a security criterion. The United States has banned government agencies from buying
Bullet train:33 NHSRCL employees complete language, culture course in Japan; 60 more to go this year
Thirty Three employees of the National High Speed Rail Corporation Limited (NHSRCL), received certificates Friday from the Japan Foundation for successfully completing the Japanese language and culture learning training programme as part of the cooperation between Japan and India for the bullet train project between Mumbai and Ahmedabad. Last year 35 NHSRCL employees received certification for the similar training programme, a statement from the high speed corporation said. "The high-speed rail technology is being adopted from Japanese Shinkansen train technology, hence there is a need of inter-country exchanges between the officials of two countries, which would be facilitated by proficiency in Japanese language and empathetic understanding of their culture. Similar course would continue to be organised for all the employees of NHSRCL," the statement said. More than 87 employees have received training in Japan in various fields like station area development, customer centric approach
GMR Rajahmundry Energy executes bank-led resolution
In a major development post Supreme Court's declaration of the RBI circular on NPAs as ultra vires, GMR Infrastructure on Friday announced the successful execution of the resolution plan between its associate company, GMR Rajahmundry Energy and it lenders.
NSDC ties up with UAE institute to set up international driver training centres in India
The National Skill Development Corporation (NSDC) Friday said it has collaborated with the UAE-based Emirates Driving Institute and the Youth Chamber of Commerce to set up driver training institutes in various parts of India. The corporation, under the Ministry of Skill Development and Entrepreneurship, is a a public-private partnership initiative which aims to catalyse creation of quality vocational training in India across different sectors. "The partnership will facilitate the candidates to acquire a UAE driving licence, in line with the requirements of UAE's roads and transport agencies and regulatory agencies of other parts of the Middle East," the NSDC said in a statement. It will help provide employment opportunities for Indians who wish to work in the UAE and other parts of the Middle East. The NSDC, it said, will facilitate collaboration with necessary stakeholders including states, domestic training partners and sector skill councils to operationalise the driver training ...
Tata Chem Q4 net profit up 26 pc at Rs 450 crore
Tata Chemicals Friday posted a 26.46 per cent jump in its consolidated net profit at Rs 450.10 crore during the fourth quarter of 2018-19 fiscal on strong sales. The company's net profit stood at Rs 355.90 crore in the same quarter during previous fiscal. This excludes Rs 854.29 crore profit from its discontinued operations in the said period, the company said in a regulatory filing. Total income increased to Rs 2,845.26 crore on a consolidated basis during the January-March quarter of 2018-19 from Rs 2,628.83 crore in the year-ago period. For the full 2018-19 fiscal, Tata Chemicals' consolidated net profit declined to Rs 1,394.83 crore from Rs 1,560 crore in 2017-18. Total income during the year increased to Rs 11,707.97 crore from Rs 10,504.82 crore in 2017-18. Commenting on the performance, the company's managing director and CEO R Mukundan said: "We are pleased to share a positive overall performance despite some challenges on the energy cost and overall plant's fixed cost." The ..