Page 464 - Business Finance
SEBI bars NSE from securities market for 6 months
Market regulator SEBI has directed the National Stock Exchange of India to disgorge Rs 624.89 crore in the co-location case.
Exide Industries reports 11% hike in Q4 net profit
Battery major Exide Industries on Tuesday reported a 11 per cent increase in its net profit to Rs 211 crore for the fourth quarter of 2018-19 (FY19) as compared to Rs 190 crore in corresponding quarter of the previous fiscal.
Cement, coal production accelerates March core sector growth
Higher production of cement and coal accelerated the output pace of India's eight major industries in March to 4.7 per cent on sequential and year-on-year basis, official data showed on Tuesday.
Co-location case: Sebi directs NSE to pay over Rs 687 cr, slaps ban on exchange officials, brokers
Cracking the whip in the NSE co-location case, regulator Sebi Tuesday directed the exchange to disgorge profits worth over Rs 687 crore, imposed a six-month ban on launching new derivative products, barred some present and past executives from the market and initiated strict action against stock brokers. In an unusual move, the markets watchdog passed five separate orders, together running into 400 pages, related to the co-location case, wherein some entities allegedly got preferential access in high frequency trading. The country's largest stock exchange has also been barred from accessing the securities market directly or indirectly for six months. Ravi Narain and Chitra Ramkrishna -- who had served as MD and CEO of the exchange -- have been prohibited from "associating with a listed company or a market infrastructure institution or any other market intermediary for a period of five years", according to a 104-page order. In another order, Narain and Ramakrishna have been directed ...
Patanjali's Rs 4,325 cr bid for Ruchi Soya gets lenders nod
In its first major acquisition, Yoga guru Baba Ramdev-led Patanjali Ayurved walked away with debt-ridden edible oil firm Ruchi Soya with a bid of Rs 4,325 crore, sources said. Patanjali acquired Ruchi Soya Industries in an insolvency auction started by lenders to recover over Rs 9,300 crore loans. Homegrown FMCG major almost got a walk over after rival Adani Wilmar decided to pull out from the race despite being selected the highest bidder few months back. According to sources, lenders Tuesday approved the Patanjali's revised bid of Rs 4,325 crore with around 96 per cent vote in favour. When contacted, Patanjali also confirmed the development. "We are informed about the development. Voting has gone in our favour," Patanjali Ayurved spokesperson S K Tijarawala said. "Tomorrow they would hand over the result to us and then we would proceed further," he added. With the acquisition of Ruchi Soya, Patanjali will become a major player in soyabean oils and other products. In December 2017, ..
Los Angeles Olympics to cost $6.9 billion
Los Angeles 2028 Olympics chiefs on Tuesday unveiled details of the $6.9 billion budget for the Games, vowing to deliver the spectacle without cost overruns that have dogged recent editions of the extravaganza. A statement from LA 2028 said the city's Olympic plan, which relies entirely on pre-existing venues and infrastructure, included a 10 percent contingency fund of $615.9 million. The $6.9 billion price tag is higher than the previous figure of $5.3 billion quoted during the bid process in 2017, which was calculated in 2016 dollar values. The higher figure cited on Tuesday takes into account likely inflation over the next decade. LA 2028 said the budget had been independently evaluated by accounting giants KPMG and had been computed in "real dollars to offer a clear picture of financial health over time." "Adjusted for inflation, LA 2028's real dollar budget is directly in line with the budget proposed for the 2024 Games bid," a statement said. The figure also factored in three ..
NSE co-location case : Sebi bars OPG Securities, 3 directors from markets for 5 years
Regulator Sebi Tuesday barred OPG Securities and its three directors for five years from accessing securities market and asked them to disgorge illegal gains of more than Rs 15 crore in the NSE co-location facility case. OPG Securities gained unfair advantage over other trading members and made illegal gains being the first logger as well as by connecting to a secondary server on a daily basis, a Sebi order said. The unlawful gains made OPG by connecting to secondary server, which is used only in case of trouble in primary server, amounted to Rs 15.57 crore, according to the order. The regulator had sent notices to OPG Securities and its directors during July 2018 after it completed an investigation based upon the forensic report of Deloitte and EY regarding 15 trading members, including OPG. Sebi observed that since trading members were permitted to trade through secondary pop server only in case of disconnections to primary pop server, OPG by connecting to secondary pop server ...
Liberty seeks time, CoC appeals for fresh Adhunik bid
The Committee of Creditors (CoC) for Adhunik Metaliks Tuesday appealed to re-initiate the CIRP as Sanjeev Gupta-led Liberty House had not paid the required upfront cash payment of Rs 410 crore to lenders by April 14, the deadline set by the NCLAT for the acquisition of bankrupt AML. The submission was made at the Cuttack bench of the National Company Law Appellate Tribunal (NCLAT). While Liberty House's counsel said the group needs more time for making the payment as regulatory approvals are still awaited for Adhunik Metaliks. "Regulatory approvals from the stock exchanges are still pending for Adhunik Metaliks in order to receive money under CIRP from us. We are working on procuring this statutory and regulatory approvals, which are a vital part of the implementation plan," Liberty House sources said. The CoC appealed to the NCLAT to re-initiate the Corporate Insolvency Resolution process as Liberty House has failed in its bid in earlier ocassions also. After hearing ...
Firoz Nadiadwala gets 3-month RI for TDS payment delay
Bollywood producer Firoz Nadiadwala has been sentenced to three-month rigorous imprisonment (RI) by a city court for delay in payment of Rs 8.56 lakh as tax deducted at source (TDS) for the fiscal year 2009-10. Additional Chief Metropolitan Magistrate R S Sarkale recently found Nadiadwala guilty of committing offence under relevant provisions of the Income Tax Act and awarded him three months of rigorous jail term. The case of delay in payment of Rs 8.56 lakh TDS is related to the financial year 2009-10. A complaint against Nadiadwala, known for producing hit Hindi films like 'Hera Pheri' and 'Welcome', was registered by an income tax officer in March 2014. The officer alleged the film producer had not given the exact reason for not paying the TDS amount within the stipulated period. When contacted, Nadiadwala declined to comment on the issue, saying the matter is sub judice.
8th edition of Asian Designer Week held in Delhi, emphasis on North-East textiles
The eighth edition of Asian Designer Week became witness to cutting-edge designs showcased by young fashion designers in a two-day event that commenced on Sunday.Organised by Asian Fashion Design Council (AFDC), the two-day event was marked with the presence of more than 40 young fashion designers from across the country."The main aim of organizing this fashion show is to give a platform to young budding designers to showcase their talent," said Roby, Director Asian Fashion Design Council (AFDC).With a special emphasis on promoting the North-East textiles in collaboration with Delhi Fashion Club (DFC), the event was marked by the presence of who's who of the North East fashion industry.During the event, renowned Manipur designer Robert Naorem showcased his latest summer collection. Celebrating spring summer, Robert's collection showcased the rich Manipuri cultural dress clubbed with Naga headgear.Speaking to ANI, the Manipuri designer said, "This collection speaks not only of design ..
Zensar Q4 net profit up 14% at Rs 82.74 crore
IT company Zensar Technologies Tuesday reported around 14 per cent increase in consolidated net profit at Rs 82.74 crore in the last quarter ended March 2019. The company had posted a net profit of Rs 72.65 crore in the same period a year ago. Revenue from operations grew 29.78 per cent to Rs 1,057.41 crore in the reported quarter from Rs 814.73 crore in the corresponding quarter of 2017-18. For the full year ended March 2019, Zensar posted around 30 per cent increased in net profit at Rs 313.59 crore as compared to Rs 241.53 crore in 2017-18. Annual revenue of Zensar Technologies increased 27.6 per cent to Rs 3,966.33 crore for 2018-19 from Rs 3,107.74 crore in the previous fiscal.
Mother Dairy appoints Sangram Chaudhary as MD
Mother Dairy Tuesday appointed Sangram Chaudhary as its new managing director after incumbent Sanjeev Khanna quit the company. Chaudhary would take charge as managing director with effect from May 1, 2019, Mother Dairy Fruit & Vegetable Pvt Ltd said in a statement. Sangram Chaudhary has an experience of over three decades in the dairy sector. He was earlier Executive Director, National Dairy Development Board (NDDB). Chaudhary is a Post Graduate in Rural Management from Institute of Rural Management Anand (IRMA), and Masters of Science with specialization in Life Sciences from University of Gujarat, Ahmedabad. Mother Dairy is a leading milk supplier in the national capital region with sale of over 30 lakh litre per day.
CBI raids YSR Congress candidate in loan default case
The CBI on Tuesday searched the residences and offices of YSR Congress candidate from Narsapuram, K Raghurama Krishnam Raju, for alleged loan default of over Rs 947 crore, agency officials said. Raju, who returned to YSR Congress in March, has contested this Lok Sabha election from Narsapuram constituency in Andhra Pradesh. The agency has alleged that Raju's company Ind Barath group had taken loans worth over Rs 2,655 crore from three non-banking financial companies -- Power Finance Corporation, Rural Electrification Corporation Limited and India Infrastructure Finance Company Ltd. It is alleged that the company defaulted in payments of Rs 947 crore which turned into non-performing assets, they said. The CBI had recently registered an FIR on the basis of which it carried out searches at four offices and two residences of Raju on Tuesday, the officials said. The agency has booked the company Ind Barath Power Limited, its Directors Raju, Madhusudan Reddy, another Ind Barath Power Infra
Airtel Africa posts USD 412 mn profit in FY19
Airtel Africa, a subsidiary of Bharti Airtel that provides services in Africa, Tuesday reported its first full-year profit at USD 412 million for the 2018-19 fiscal, helped by higher data consumption and Airtel Money penetration. The company had posted a loss of USD 138 million for 2017-18. Its revenue increased by 5.73 per cent to USD 3,077 million in 2018-19 from USD 2,910 million a year ago, the company said. "Increase in data and Airtel Money penetration led to faster net revenue growth," Airtel Africa said in its quarterly report. With profit-after-tax of USD 89 million including exceptional items in January-March 2019 period, Airtel Africa recorded profit in all the quarters of the reported fiscal. The company had posted a loss of USD 33 million in the January-March period of 2018. Revenue increased by 6 per cent to USD 781 million during the reported quarter from USD 736 million in the corresponding period of 2017-18. Data customers in Airtel Africa network increased by 5.1 ...
Sebi bars NSE from launching new derivative product for next six months
Cracking the whip in the high profile co-location case, markets regulator Sebi Tuesday restrained National Stock Exchange from introducing any new derivative product in the next six months. In a separate 202-page order, the watchdog also directed the bourse to prepare a comprehensive documented policy regarding colo facility, including eligibility criteria for telecom service providers and norms to be observed by stock brokers and other registered intermediaries. "The said documented policy is directed to be issued to the market intermediaries under intimation to Sebi, within three months from the date of this order," it noted. Further, Sebi has directed NSE "not to introduce any new derivative product for next six months from the date of this order". The exchange has to submit to Sebi a report duly certified by its MD and CEO, along with comments of its governing board, certifying that the network architecture and connectivity at its colo facility are in conformity with regulatory ...
Lenders approve Patanjali's Rs 4,325 cr bid for Ruchi Soya
In its first major acquisition, Yoga guru Baba Ramdev-led Patanjali Ayurved walked away with debt-ridden edible oil firm Ruchi Soya with a bid of Rs 4,325 crore, sources said. Patanjali acquired Ruchi Soya Industries in an insolvency auction started by lenders to recover over Rs 9,300 crore loans. Homegrown FMCG major almost got a walk over after rival Adani Wilmar decided to pull out from the race despite being selected the highest bidder few months back. According to sources, lenders Tuesday approved the Patanjali's revised bid of Rs 4,325 crore with around 96 per cent vote in favour. With the acquisition of Ruchi Soya, Patanjali will become a major player in soyabean oils and other products. In December 2017, the National Company Law Tribunal (NCLT) had referred Ruchi Soya for insolvency proceedings on the application of financial creditors Standard Chartered Bank and DBS Bank. Shailendra Ajmera was appointed as resolution professional (RP) to manage the company's affairs and ...
NSIC net profit to be lower in 2018-19; to start new services for MSMEs: Official
State-owned National Small Industries Corp's (NSIC) net profit for 2018-19 is likely to be lower because of stiff competition from private players, an official said Tuesday. The company is also looking to start offering services like insurance, transport, logistics and IT solutions to the micro, small and medium enterprises (MSMEs). "We may take a hit in our profitability. We have to compete with the private players and profit is not our only motive. Our prime objective is to serve people," NSIC Director (Planning and Marketing) P Udayakumar said. The turnover of the firm will, however, rise in 2018-19, Udayakumar said while addressing a press conference here. "The exact figures I cannot tell at this moment. It will be known when the final audit will be done. I am saying this from the trend we are seeing," he said. During fiscal 2017-18, NSIC had clocked a turnover of Rs 22,457 crore, he said. On entering new business, Udayakumar said the entity will start offering aggregated services
General Electric tops profit estimates, calls 737 MAX 'new risk'
General Electric reported better-than-expected quarterly profits on Tuesday, lifting hopes over its turnaround, even as it signaled a potential hit tied to the Boeing 737 MAX grounding for which it provides engines. Shares rose after the industrial conglomerate, which has struggled the last two years amid weakness in key divisions, reported first-quarter profits of $3.5 billion, compared with a loss of $1.2 billion in the year-ago period. Revenues dipped 1.8 percent to $27.3 billion. Earnings rose in aviation, oil and gas and healthcare, offsetting a loss in renewable energy and much lower earnings in power, an albatross for GE in recent years. But in an earnings presentation, GE flagged the 737 MAX as a "new risk" for the company in the wake of Boeing's travails following the two deadly crashes that led to the global grounding of the aircraft. Earlier this month, Boeing slashed production on the 737 MAX by about 20 percent, raising new challenges for suppliers, including GE, which ...
SEBI bars NSE from securities market for 6 months
The Securities and Exchange Board of India (SEBI) has prohibited leading stock exchange NSE from accessing the securities market directly or indirectly for a period of six months in the co-location case.The market regulator has also directed NSE to disgorge an amount of Rs 624.89 crores along with interest rate of 12 per cent per annum from April 1, 2014 onwards to the Investor Protection and Education Fund (IPEF) created by SEBI within 45 days.The regulator has also barred the exchange from the securities market for six months, which means that the NSE cannot access the capital market in terms of IPO for six months.The SEBI has also found the two former managing directors of NSE guilty in the case. NSE's former MD and CEO Ravi Narain has been directed to disgorge 25 per cent of his salary drawn for FY 2010-11 to 2012-13 to the IPEF within 45 days. While, former MD Chitra Ramkrishna has also been asked to disgorge 25 per cent of the salary, drawn for the FY 2013-14, to the IPEF in the
Samsung Q1 profit slips at USD 5.33 billion over weak chip demand
Samsung posted its quarterly earnings report and despite strong Galaxy S10 sales, the company recorded a decline in its profit in Q1, 2019.In its official release, Samsung revealed it made KRW 52.4 trillion in consolidated quarterly revenue (approximately USD 45 billion) and KRW 6.2 trillion (approximately USD 5.33 billion) in quarterly operating profit.The company acknowledged that the earnings were impacted due to poor sales of chips and displays. Samsung says the overall memory chip market will remain slow in Q2, while the demand for flexible displays is expected to remain weak.