Page 462 - Business Finance
L&T buys VG Siddhartha, Coffee Day stake in Mindtree for Rs 3,210 cr
Infratsructure major Larsen & Toubro has purchased around 20 per cent stake of V G Siddhartha and Coffee Day in Mindtree through block deal for about Rs 3,210 crore. According to data available at the BSE, L&T bought 3.27 crore shares held by Siddhartha and Coffee Day Trading Limited on Tuesday. The infrastructure major is in fray to buy up to 66 per cent stake in the Mindtree for around Rs 10,800 crore. L&T has entered into a deal to buy Cafe Coffee Day owner Siddhartha's 20.32 per cent stake in Mindtree and has 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 has made an open offer to buy additional 31 per cent stake through an open offer. Mindtree had formed a panel of independent directors to look into "unsolicited open offer" by infrastructure major L&T to give its recommendations. Mindtree's promoters have called L&T bid as hostile and ...
Odisha records 73.08% polling in four phases
Odisha recorded an overall 73.08 per cent polling in four phases, Chief Electoral Officer (CEO) Surendra Kumar said on Wednesday.
GRUH Finance Ltd. - Profit After Tax for the Year Amounted to ? 446.67 Crore as Compared to ? 402.56 Crore for the Previous Year Indicating a Growth of 11%
/ -- GRUH FINANCE LTD. FINANCIAL RESULTS FOR THE PERIOD APRIL 1, 2018 TO MARCH 31, 2019 The Board of Directors of GRUH Finance Ltd. (GRUH) - a subsidiary of HDFC Ltd. - has approved the annual audited financial results for the year ended March 31, 2019 at their meeting held in Mumbai on April 30, 2019. The Company has adopted Indian Accounting Standards (Ind AS) from April 1, 2018 and the effective date of such transition is April 1, 2017. The comparative figures of corresponding period have been restated to make them comparable. The financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter. FINANCIAL RESULTS Profit after tax for the year amounted to ? 446.67 crore as compared to ? 402.56 crore for the previous year indicating a growth of 11%. Dividend The Board of Directors ..
SBI introduces new interest rates from May Day
State Bank of India (SBI), the country's largest lender, on Wednesday linked loan and deposit rates to the repo rate of Reserve Bank of India (RBI).As a result, customers will be able to get loans at cheaper rates.Most banks generally link loan interest rates to the marginal cost-of-fund-base lending rate (MCLR). However, the SBI has decided to link the repo rate to loan interest.The interest rate has been cut by 10 basis points for home loans of up to Rs 30 lakh. It is currently in the range of 8.6 to 8.9 per cent.But the country's largest bank has also reduced the interest rate on savings accounts. The interest rate with a balance above Rs 1 lakh will be 2.75 per cent lower than the RBI's repo rate, which currently stands at 6 per cent.That means the customers will earn an interest of 3.25 per cent. The interest rate may move up or down depending on what stance the RBI takes in bi-monthly monetary policy meeting.Those with less than Rs 1 lakh in their savings accounts will continue .
India manufacturing, retail top priority: Tim Cook
Reiterating that India is an important market for Apple, CEO Tim Cook said the current iPhone manufacturing will see maximum growth in days to come amid the renewed push to open its branded retail stores in the country.
April GST collection peaks at Rs 1.13 lakh cr
Goods and Services Tax (GST) collection rose 10.05 per cent to Rs 1,13,865 crore in April from a year-ago period, recording the highest ever monthly revenue mop-up since the new indirect tax system was rolled out on July 1, 2017, an official statement said on Wednesday.
Man critically injured after jumping before metro train
A man was critically injured after he allegedly attempted to commit suicide by jumping before a metro train at Dwarka Sector 9 station here on Wednesday.Due to the incident, services on the Blue Line between Dwarka and Dwarka Sector 21 metro stations were affected for a while."Blue Line Update -- Delay in services between Dwarka Sector 21 and Dwarka due to person on track. Normal service on all other lines," the Delhi Metro Rail Corporation (DMRC) said on its Twitter handle.Later, the DMRC said that operations in the affected section resumed.
Gold slides on sluggish demand, silver firms up
Gold prices Wednesday fell by Rs 75 to Rs 32,870 per 10 gram at the bullion market here due to sluggish demand from jewellers amid weak trend overseas, according to the All India Sarafa Association. Silver however gained Rs 25 to Rs 38,525 per kg due to fresh offtake by industrial units and coin makers. Traders said besides tepid demand from local jewellers, a weak trend overseas influenced sentiment here, leading to decline in gold prices. Globally, spot gold was trading lower at USD 1,282.10 an ounce, while silver was down at USD 14.99 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 75 each to Rs 32,870 and Rs 32,700 per 10 gram, respectively. Sovereign gold held steady at Rs 26,400 per eight gram. Silver ready advanced by Rs 25 to Rs 38,525 per kg and weekly-based delivery slumped by Rs 149 to Rs 37,073 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
Pakistan, IMF delegation hold talks in Islamabad
Pakistan and the International Monetary Fund (IMF) held an important meeting here on Wednesday to discuss the proposed bailout package for the cash-strapped country, among other matters.
GST collection scales record high of Rs 1.13 lakh cr in April
GST collection scaled all-time high of over Rs 1.13 lakh crore in April, up from Rs 1.06 lakh crore in the previous month, the finance ministry said Wednesday. "The total gross GST revenue collected in April 2019 is Rs 1,13,865 crore of which Central GST is Rs 21,163 crore, State GST (SGST) is Rs 28,801 crore, Integrated GST is Rs 54,733 crore and cess is Rs 9,168 crore," an official statement said. Total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13 lakh. April is the first month of 2019-20 fiscal. The collection last month has been the highest since introduction of GST and also reflects 10.05 per cent growth over April 2018, when the collection was Rs 1,03,459 crore, it said. The government has settled Rs 20,370 crore to CGST and Rs 15,975 crore to SGST from IGST as regular settlement. Further, Rs 12,000 crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between Centre .
36 posts of PSB directors lying vacant: AIBEA
Thirty six posts of directors in public sector banks (PSB) haven't been filled for a long time, said a top leader of a major bank union.
Govt fixes 2.1 MT quota for sugar sale in May
Sugar mills can sell 2.1 million tonne of the sweetener in the open market in the current month, higher than the April quota of 1.8 million tonne, according to a food ministry order. The quota also includes additional quantity given as incentive to mills for achieving more than 75 per cent of their export target and also for producing ethanol from B-heavy molasses instead of sugar, it said. The food ministry has allowed 534 mills to sell a total of 2.1 million tonne (MT) in this month, the order said. Any violation of this order would attract penal provisions under the Essential Commodities Act, 1955, it added. The wholesale sugar prices have remained sluggish and in fact below the cost of production throughout the year because of surplus domestic production. The government has raised its sugar production estimate for 2018-19 (October-September) to a record 32.5 MT from 31.5 MT estimated in March, similar to what was achieved in the previous year. The production, however, is expected .
Escorts tractor sales down 15 pc in April
Farm equipment major Escorts Ltd Wednesday reported 14.9 per cent decline in its tractor sales at 5,264 units in April. The company had sold 6,186 units in the same month last year, Escorts Ltd said in a regulatory filing. Domestic sales last month were down by 18.2 per cent at 4,986 units as against 6,094 units in the year-ago period, it said. Exports in April stood at 278 units as compared to 92 units in the same month last year, it added.
Crude oil futures up on domestic cues
Crude oil prices rose by Rs 63 to Rs 4,472 per barrel in futures trade Wednesday as speculators were indulged in creating positions, taking positive cues from the domestic market. On the Multi Commodity Exchange, crude oil for delivery in May contracts was trading higher by Rs 63, or 1.43 per cent, to Rs 4,472 per barrel in a business turnover of 13,425 lots. Meanwhile, West Texas Intermediate was trading lower by 1.19 per cent at USD 63.15, while global benchmark Brent was up 1.05 per cent at USD 72.80 a barrel.
India challenging market in short-term: Apple CEO Tim Cook
Describing India as a "challenging market in the short-term", Apple CEO Tim Cook said the company plans to make a foray into the Indian market with "all of our might" through its retail stores and manufacturing capability. Cook, during the fiscal year 2019 second quarter earnings conference call Tuesday, said that while India is a very important market in the long-term it is also a very challenging market in the short-term. "I think India is a very important market in the long-term. It's a challenging market in the short-term. But we're learning a lot," he said. "We have made some adjustments in India and we've seen preliminarily some better results there. Everything that we do, does advise everything we do in the future so we try to learn the best we can and fold that into our thinking. And we'll obviously do that with this as well," he said. Last month, Apple dropped the selling price of iPhone XR by up to 22 per cent in the face of stiff competition in the premium smartphone ...
CBRE-Nasscom join hands to support tech startups looking to transform real estate
Property consultant CBRE Wednesday said it has tied up with IT industry body Nasscom to identify and support startups that seek to transform Indian real estate sector with technological innovations. CBRE South Asia Pvt Ltd will conduct a 'Proptech Challenge' in collaboration with the National Association of Software and Services Companies (NASSCOM) that aims to identify budding startups working towards innovating and building technology solutions for the real estate sector. The collective objective is aimed to support emerging businesses with the potential to transform the real estate market with creative, innovative and disruptive thinking. Speaking on the initiative, Nasscom Head Membership Srikanth Srinivasan said it is collaborating with CBRE to nurture the real estate segment in the startup ecosystem. "Creating the next-generation of startups is the need of the hour and this platform will provide opportunities to not only present emerging technologies and innovations but also ...
ADB plans to fund Rs 30,000 cr Delhi-Meerut rapid rail corridor, 4 metro projects
Asian Development Bank (ADB) has given in-principle nod for financing four metro rail projects and a Rs 30,000 crore rapid rail corridor between Delhi and Meerut as part of its effort to improve urban transport system in India. Simultaneous discussion are going on with other multi-lateral funding agencies for co-financing of these large urban transport projects in India including Bhopal and Indore Metro projects, ADB Director General (South Asia) Hun Kim said Wednesday. In addition, other projects especially expansion of Chennai and Bengaluru Metro are also under consideration, he said at the Annual Meet of ADB here. "ADB has in-principle agreed to finance these projects with the Centre, which is the guarantor. It depends on the client. If they complete the formalities, we're ready to go (for final approval from the board)," he said. ADB has funded Jaipur Metro and expansion of Mumbai Metro in the past. On rapid rail project between Delhi and Meerut (in Uttar Pradesh), Kim said ...
Gold futures slide 0.52 pc on weak global cues
Gold prices fell 0.52 per cent to Rs 31,765 per 10 gram in futures trade Wednesday as speculators reduced exposure, driven by a weak trend in overseas market. On the Multi Commodity Exchange, gold for delivery in June eased by Rs 174, or 0.52 per cent, to Rs 31,765 per 10 gram in a business turnover of 12,119 lots. Analysts said off-loading of positions by participants to book profits and a weak trend in global markets, mainly influenced gold prices at futures trade here. Gold prices fell 0.31 per cent to USD 1,278.79 an ounce in New York.
Maruti reports 17 pc dip in April sales at 1,43,245 units
The country's largest car maker Maruti Suzuki India Wednesday reported 17.2 per cent decline in sales at 1,43,245 units in April. The company had sold 1,72,986 units in April last year, Maruti Suzuki India (MSI) said in a statement. Domestic sales declined by 18.7 per cent at 1,34,068 units last month as against 1,64,978 units in the year-ago month, it added. Sales of mini cars comprising Alto were at 22,766 units as compared to 37,794 units in April last year, down 39.8 per cent. Sales of compact segment, including models such as Swift, Celerio, Ignis, Baleno and Dzire, were down 13.9 per cent at 72,146 units as against 83,834 units in April last year, the company said. Mid-sized sedan Ciaz sold 2,789 units as compared to 5,116 units in the same month a year ago. Utility vehicles, including Vitara Brezza, S-Cross and Ertiga were up 5.9 per cent at 22,035 units as compared to 20,804 units in the year-ago month, MSI said. Exports in April were up by 14.6 per cent at 9,177 units as ...
Silver futures slip 0.93% on weak global cues
Silver prices eased by 0.93 per cent to Rs 37,756 per kg in futures trade Wednesday as investors cut down their bets taking weak cues from overseas markets. Also, profit-booking at existing levels by speculators weighed on silver prices. At the Multi Commodity Exchange, silver for delivery in July contracts was trading lower by Rs 356, or 0.93 per cent, to Rs 37,756 per kg, in a business turnover of 18,890 lots. Similarly, the white metal for delivery in September eased by Rs 419, or 1.08 per cent, to Rs 38,250 per kg in a business turnover of 2,240 lots. Traders said off-loading of positions by participants due to a weak global trend led to the fall in silver futures. Globally, silver shed 0.03 per cent to USD 14.89 an ounce in Singapore.