Page 445 - Business Finance
My firm has bought 1st Amazon shares, says Buffett
Berkshire founder and CEO Warren Buffett has said that his firm just bought its first Amazon shares. The news led to Amazon shares surge 2.3 per cent in the pre-market trade on Friday.
Sensex ends 18 pts down, TCS loses 3.70%
Reversing early gains, the Sensex and Nifty ended lower on Friday, dragged by IT sector stocks. TCS fell the most on the BSE as the IT companies witnessed heavy selling pressure after leading US-based IT services company Cognizant revised down its revenue growth guidance.
IDBI Federal Life Insurance reports 31 pc rise in net profit to Rs 133 cr in FY19
IDBI Federal Life Insurance Friday reported a 31 per cent rise in its net profit to Rs 133 crore for the fiscal 2019. The company's net profit stood at Rs 101 crore in 2017-18. It is the seventh consecutive year of profit for the company since it first declared profit in 2012-13, IDBI Federal Life said. The insurer witnessed a growth of 8 per cent in its total premium from Rs 1,933 crore in 2018-19, compared to Rs 1,783 crore in the preceding fiscal, IDBI Federal Life Insurance said. The growth was mainly driven by a 19 per cent rise in renewals and over 50 per cent increase in credit life. Credit life is a product in which a life insurance policy is being designed to pay off a borrower's debt if the policy holder dies. It has also announced a maiden dividend of 10 per cent as recommended by the board, subject to approval in the annual general meeting. "During the year, IDBI Federal experienced a robust growth of 32 per cent in VNB (value of new business premium) driven by a ...
Deepak Nitrite appoints an Additional Director
W.e.f. 03 May 2019
Birla Corporation Q4 net profit falls 2.23pc to Rs 128.19cr
Birla Corporation on Friday reported a 2.23-per cent on-year fall in net profit to Rs 128.19 crore during the quarter to March. Revenue from operations of the flagship company of the M P Birla group, however, rose to Rs 1,872.76 crore in the three months ended March from Rs 1,650.81 crore in the corresponding period a year ago, the company said in a statement. Cement production during the 2018-19 fiscal stood at 3.77 million tonne, an increase of 3.4 million tonne from the previous fiscal. EBIDTA for the quarter under review grew 15 per cent to Rs 333.95 crore on the back of better sales and realisation, while the operating profit for the full fiscal was at Rs 1,027 crore. The company's production units are now operating at more than 90 per cent of their installed capacity, the statement said. The board declared a dividend of Rs 7.50 per share.
US job creation surges in April as jobless rate hits 49-year low
The United States had another giant month of job creation in April, with strong hiring in the vast services sector and unemployment fell to a level not seen since 1969, the government reported Friday. The blockbuster report will help allay fears of a slowing economy and cheer President Donald Trump as he seeks reelection next year. Employers scooped up workers in construction, health care, computer systems design, administrative support and other industries, adding a total of 263,000 net new positions for the month. That was well above the result economists expected, and worker pay continued to climb. The jobless rate fell two tenths to 3.6 per cent but the decline was in part because the pool of workers shrank and fewer people were looking for jobs, pulling them out of the labour force. Average hourly pay also climbed 3.2 per cent over April of last year, its ninth consecutive month with annual growth above three per cent, again outstripping inflation and boosting purchasing power ...
Rupee maintains form, spurts 15 paise to 69.22 vs dollar on sliding oil prices
Rising for the fourth straight session, the rupee strengthened by 15 paise to close at 69.22 against the US dollar Friday, bolstered by easing crude oil prices. However, fresh foreign fund outflows and subdued sentiment at the domestic equity markets capped the gains, forex traders said. At the interbank foreign exchange market, the domestic unit opened flat at 69.38 and advanced to a high of 69.20 during the day. It finally settled at 69.22, showing a rise of 15 paise over its previous close. During the week, the rupee climbed 80 paise. This is the second consecutive week of gain for the domestic currency. "The Indian rupee has appreciated more than a percent in the last week...Indian rupee is the best performing emerging market currency in last five days," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. Brent crude futures, the global oil benchmark, fell 0.27 per cent to USD 70.56 per barrel. Meanwhile, foreign institutional investors (FIIs) pulled out Rs ...
HUL Q4 net profit up 13.8 pc to Rs 1,538 cr
FMCG major Hindustan Unilever Friday reported a 13.84 per cent rise in net profit to Rs 1,538 crore for the quarter ended March 31, helped by improvement in margins and volume growth. The company had posted a net profit of Rs 1,351 crore in the January-March quarter of the previous fiscal. Sales during the quarter under review stood at Rs 9,809 crore, up 8.95 per cent, as against Rs 9,003 crore in the corresponding period a year ago, Hindustan Unilever Ltd (HUL) said in a regulatory filing. Its total expenses for the said period was Rs 7,765 crore compared to Rs 7,181 crore, up 8.13 per cent. "Prudent management of volatility in costs (crude and currency led) along with improved mix and operating leverage has driven margin improvement," HUL said in a statement. During the quarter, HUL's "domestic Consumer Growth was 9 per cent with Underlying Volume Growth at 7 per cent. EBITDA margin was up 90 bps". HUL Chairman and Managing Director Sanjiv Mehta said the company has delivered a ...
Indian textile, jewellery go under the hammer in UK
Rare metal-thread embroidered textile and a gem-set gold pendant dating back to 17th to 18th century India were among the big highlights of an auction in London which fetched a whopping 16 million pounds. Textiles and jewellery were among some of the major auction lots at the Islamic and Indian Worlds sale at Christie's auction house on Thursday. Intricately decorated versions of the Quran, from India and other parts of the world, also attracted frenzied bidding at the auction which fetched a total of over 16 million pounds. "This was the strongest result achieved in the last decade, with high prices throughout all categories. The full saleroom welcomed new buyers and witnessed competitive bidding with numerous telephone lines and online buyers from across the globe," said Behnaz Atighi Moghaddam, Acting Head of Sale for Islamic Art at Christie's. A Mughal velvet and metal-thread dais cover, from between late 17th and early 18th century India, went under the hammer for 225,000 pounds
RBI slaps penalty on Vodafone m-pesa, PhonePe and 3 others
The Reserve Bank of India Friday said it has imposed penalties on five prepaid payment instrument (PPI) issuers, including Vodafone m-pesa and PhonePe, for violation of regulatory norms. Also, penalties have been imposed on Western Union Financial Services Inc and MoneyGram Payment Systems Inc, both US firms, for non-compliance of guidelines. "In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India (RBI) has imposed monetary penalty on...five PPI Issuers for non-compliance of regulatory guidelines," the central bank said in a statement. A penalty of Rs 3.05 crore has been imposed on Vodafone m-pesa and Rs 1 crore each on Mobile Payments, PhonePe, Private and GI Technology. Also, a penalty of Rs 5 lakh has been imposed on Y-Cash Software Solutions. In another statement, the RBI said it has imposed penalty of Rs 29,66,959 and Rs 10,11,653 on Western Union Financial Services Inc, USA, and MoneyGram Payment Systems Inc, USA,
Hindustan Lever PAT up 14 pc to Rs 1,538 crore in Q4 FY19
FMCG major Hindustan Unilever on Friday reported 13.8 per cent increase in its net profit to Rs 1,538 crore for the quarter ended March 31.The company had posted a net profit of Rs 1,351 crore in the January to March quarter of previous financial year.Sales were up 8.9 per cent at Rs 9,809 crore as against Rs 9,003 crore in the corresponding period of 2017-18, the company said in a statement. Total expenses were Rs 7,765 crore compared to Rs 7,181 crore in previous fiscal, up 8.1 per cent.For the financial year ended March 31 (2018-19), the company's turnover was Rs 37,660 crore as against Rs 34,619 crore in the previous year. The net profit increased to Rs 6,036 crore from Rs 5,237 crore in the same period.The board of directors have proposed a final dividend of Rs 13 per share. Together with the interim dividend of Rs 9 per share, the total dividend for financial year ending March 31 amounts to Rs 22 per share."We have delivered a strong performance for the quarter despite some ...
NYAY will boost country's economy: Rahul Gandhi
Congress President Rahul Gandhi on Friday said that the Congress's NYAY scheme will improve the country's economy and will work as petrol or diesel for the "economic engine".
Chief economic advisor included in Finance Commission's Advisory Council
Chief Economic Advisor Krishnamurthy Subramanian has been included in the Advisory Council of the 15th Finance Commission as its member. The Advisory Council was set up in April 2018 to advise the commission on any issue or subject related to the terms of reference (ToR) of the commission, and also to assist in the preparation of any paper or research study which would enhance the commission's understanding on the issue contained in its ToR. The council now has 12 members, including NIPFP Professor Pinaki Chakraborty, noted economists Surjit Bhalla, Arvind Virmani, Indira Rajaraman and M Govinda Rao. The council had also been mandated to help in broadening the 15th Finance Commission's ambit and understanding to seek best national and international practices on matters pertaining to fiscal devolution and improving the quality and reach and enforcement of its recommendations. In December 2018, the government appointed Subramanian of Indian School of Business (ISB), Hyderabad, as the ...
CESC says staff, mobile vans on standby for cyclone 'Fani'
Power utility CESC Ltd on Friday said it has deployed 200 mobile vans around the city to tackle any likely disruption caused by cyclonic storm 'Fani', which is headed to West Bengal from neighbouring Odisha. A company spokesman said the mobile vans are fitted with dedicated radio communication sets, and are capable of promptly springing into action in the event of power supply failure. Focus will also be on electricity supply to drainage pumping stations to reduce water logging in and around the metropolis, he said. "Teams comprising engineers, workmen and contractors are on stanby to respond to consumer requirements across 567 sq km of licensed area," the CESC spokesman said. Company representatives will be present at the Kolkata Police Control Room and Kolkata Municipal Corporation (KMC) control rooms, he added. Cyclone 'Fani' rolled through Odisha earlier Friday, packing rain and windstorm that gusted up to 175 kmph, leaving at least three people dead, blowing away ...
Hyundai pockets 2,000 bookings for Venue in one day
Hyundai Motor India Friday said it has received 2,000 bookings of its upcoming compact SUV Venue on the first day of initiating the process. The company had opened the pre-launch bookings for the model on May 2. "The Day-1 response is a record booking for an SUV, with an average of 84 Venue cars every hour," Hyundai Motor India Ltd (HMIL) National Sales Head Vikas Jain said in a statement. The company is receiving customer enquiries at all its touch points across the country, he added. "Further, the notable traction in online booking is coming from semi-urban areas due to strong telecom infrastructure. This showcases emergence of new era of connected-mobility solutions and acceptance of technology in day-to-day life," Jain said. The company is scheduled to launch the model on May 21.
Sensex slips to 38,963 while Nifty ends below 11,720
Equity benchmark indices ended in the negative zone on Friday after a volatile session as traders resorted to profit booking in the absence of any positive cues.The S & P BSE Sensex closed 18 points lower at 38,963 while the Nifty 50 was down 13 points to 11,712.IT stocks were the worst sufferers through the day. Tata Consultancy Services dipped 2.8 per cent, Tech Mahindra 2.4 per cent and HCL Tech 2.3 per cent.Britannia and Hindustan Lever also slipped between 1.7 and 2.5 per cent.However, Bharti Airtel closed 3 per cent up after the firm's Rs 25,000 crore rights issue opened for subscription. The capital infusion is aimed at building large network capacity and technology partnerships to ensure strong customer experience.Bombay Dyeing surged 5 per cent after reporting profit of Rs 1,253 crore in Q4 of FY19 against loss of Rs 159 crore in Q3 of FY19. Revenue increased to Rs 2,786 crore against Rs 413 crore on q-o-q basis.Meanwhile, Asian share markets were calm amid thin holiday ..
Creditors reject Suraksha Realty's bid for Jaypee Infratech
Mumbai-based Suraksha Realty's bid to acquire debt-ridden Jaypee Infratech failed on Friday, with the creditors rejecting the offer, sources said. Under the insolvency proceedings, 41 per cent of the members of the committee of creditors (CoC) voted against the proposal, while 23 per cent were in favour. The remaining around 35 per cent abstained from the voting process, which started on April 30 and concluded on Friday. As much as 66 per cent votes is required for acceptance of a proposal. Suraksha group was lone contender in the race to acquire Jaypee Infratech after the CoC rejected the bid of state-owned NBCC Ltd on the ground that the offer did not have approval from various government departments.
Pix Transmission standalone net profit declines 26.48% in the March 2019 quarter
Sales decline 5.69% to Rs 75.28 crore
VST Industries standalone net profit rises 9.72% in the March 2019 quarter
Sales decline 2.32% to Rs 272.35 crore
Hindustan Unilever standalone net profit rises 13.84% in the March 2019 quarter
Sales rise 8.95% to Rs 9809.00 crore