Page 465 - Business Finance
'Stress on Yes Bank's profitability in 12-18 months'
The balance sheet cleanup will strain Yes Bank's profitability in the next 12-18 months as it provides for the stressed assets, a Moody's report said on Tuesday.
HC asks electricity dept to file reply on demand notice to Allahabad University
The Allahabad High Court Tuesday directed the Uttar Pradesh government and the electricity department to respond to a petition filed by Allahabad University challenging a demand notice of Rs 2.74 crore issued by the power corporation. The bench comprising justices Bharati Sapru and Vivek Varma passed the order on the university's writ petition against the demand notice issued by the power corporation on the ground that the corporation was not providing 24-hour power backup to the varsity and instead threatening to cut down power. On September 18, 2018, the court had directed Allahabad University to hold a meeting with the chief engineer of the corporation and raise its grievances before the officer. However, the matter could not be resolved in that meeting. Later, on April 19, the court had directed the university to deposit 50 per cent of the demand made by the power corporation. The university deposited Rs 1.37 crore. The bench has directed the state government and the power ...
Air India sticks to erring vendor SITA
In spite of two technical glitches causing operational disruption and financial loss, state-run Air India has refused to claim compensation from its passenger service system (PSS) provider SITA.
Ambuja Cement's net profit up 57% in March quarter
Ambuja Cements, a part of the LafargeHolcim Group, on Tuesday reported a 57 per cent growth in its standalone net profit to Rs 427 crore for the January-March quarter of 2019, as compared to Rs 272 crore in the corresponding period last year.
Co-location case: Sebi directs NSE to pay over Rs 625 cr, acts against two former exchange chiefs
Regulator Sebi Tuesday directed the National Stock Exchange to disgorge more than Rs 625 crore of profits derived from dissemination of data in the co-location case and barred two former chiefs of the bourse for five years from being associated with market intermediaries. Ravi Narain and Chitra Ramkrishna -- who had served as MD and CEO of the exchange -- have been asked to disgorge 25 per cent of respective salaries drawn during a certain period. They have also been prohibited from "associating with a listed company or a market infrastructure institution or any other market intermediary for a period of five years," Sebi said in a 104-page order. According to the order, the exchange has also been prohibited from accessing the securities market directly or indirectly for six months. The bourse should also carry out system audit at frequent intervals after thorough appraisal of the technological changes introduced from time to time. Further, the exchange has to reconstitute its Standing
Maharashtra records lowest turnout in final phase of polls
Maharashtra recorded a voter turnout of 57.32 per cent in the fourth and final phase, covering 17 parliamentary constituencies, which is the lowest compared with all the earlier phases so far, Election Commission (EC) officials said here on Tuesday.
UK car output to collapse on no-deal Brexit: industry
Britain's car output under a no-deal Brexit could collapse to a level last seen in "the dark days of the 1980s", the nation's industry body forecast on Tuesday. The warning came as Jaguar Land Rover said its new Land Rover Defender model would be assembled in Slovakia -- but did not blame the move on the UK's departure from the European Union. The Society of Motor Manufacturers and Traders (SMMT) said the worst case scenario would be for Britain to depart the EU without a deal struck with Brussels, forcing it to endure tariffs set by World Trade Organization rules. These customs duties average 1.5 percent, which is still quite low. But they can be higher in some sectors such as the crucial automotive sector where they are 10 percent. "Should Britain crash out of the EU and fall back on WTO rules for a sustained period, (UK car) output is forecast to fall around 30 percent on recent levels to just 1.07 million units by 2021, a level consistent with the dark days of the mid-1980s," the .
Punjab CM reviews wheat procurement operations
Punjab Chief Minister Amarinder Singh Tuesday reviewed wheat procurement operations in the state and directed the Department of Food, Civil Supplies and Consumer Affairs to facilitate farmers and ensure that every single grain is procured within 24 hours of arrival in the 'mandis'. The chief minister also directed the department to expedite the pace of lifting, a spokesperson of the Department of Food, Civil Supplies and Consumer Affairs said here. The arrivals have peaked with more than 10 lakh metric tonne arriving daily for the past 3-4 days and more than 60 per cent of the crop has already arrived in the grain market, the spokesperson said. With an anticipated increase of 3-5 per cent in wheat production, the state is heading towards a record purchase of more than 132 lakh MT, he said. The department has made elaborate arrangements for wheat procurement through the state procuring agencies, he added. Despite adverse weather conditions and untimely rains earlier in April, the ...
8th edition of Asian Designer Week promotes North-East textiles
With a theme to promote the North-East textiles, a two-day long 8th edition of Asian Designer Week 2019 was held here on Sunday.Organised by Asian Fashion Design Council (AFDC), the event gave a platform to young designers from across the region to showcase their latest collection.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 but of emotions of our Northeast culture also. We need to bring these fashion trends in limelight and make the woven textiles of Northeast the fashion trend of India."In the event, more than 40 designers showcased their creativity and talent on the ramp including Saroj Mitra's brand 'kraft corridor'.Vivek Rawat, the creative director of Asian Designer week said, "The last season was our huge success, we hope ...
Airtel Africa posts $83 mn net on data & payment biz growth
Bharti Airtel's Africa subsidiary has posted a net profit of $83 million (around Rs 581 crore at Rs 70 a dollar exchange) for the March-end quarter, compared with a net loss of $49 million a year ago, boosted by a surge in data consumption and a rise in the volume of transaction value on the Airtel Money platform.
Co-location case: Sebi directs NSE to pay over Rs 625 cr
Markets regulator Sebi Tuesday directed National Stock Exchange to pay more than Rs 625 crore in the case of misuse of its co-location facility. Sebi has been probing alleged lapses in high-frequency trading offered through NSE's co-location facility. Besides, the bourse's two former chief executive officers -- Ravi Narain and Chitra Ramkrishna -- have been asked to disgorge 25 per cent of respective salaries drawn during a certain period. They have also been prohibited from "associating with a listed company or a Market Infrastructure Institution or any other market intermediary for a period of five years," Sebi said in a 104-page order. According to the order, the exchange has also been prohibited from accessing the securities market directly or indirectly for six months. The bourse "shall disgorge an amount of Rs 624.89 crore... along with interest calculated at the rate of 12 per cent per annum from April 1, 2014 onwards to the Investor Protection and Education Fund (IPEF) ...
MakeMyTrip acquires majority stake in corporate travel firm Quest2Travel
Online travel firm MakeMyTrip Tuesday said it has acquired a majority stake in Mumbai-based corporate travel management firm Quest2Travel.com for an undisclosed amount. Quest2Travel.com serves some of India's well-known and large corporates, including Tata Motors, Aditya Birla Group, Times Group, HDFC Ergo and Thermax, MakeMyTrip said in a statement. Commenting on the development, MakeMyTrip Founder and Group CEO Deep Kalra said: "This investment will help us extend our service offerings to large corporates for their travel requirements while helping Quest2Travel benefit from the travel expertise and depth of supplier relationships that MakeMyTrip has forged over the years". MakeMyTrip has historically focused on providing travel solutions for retail customers and with this investment, it is making a decisive foray into providing travel solutions for corporate customers as well, Kalra added. "This partnership is a perfect fit because it combines the best in corporate travel with the ..
BSE's MF platform executes 42.6 lakh transactions in April
The BSE's mutual fund distribution platform BSE StAR MF has executed 42.6 lakh transactions this month. In a tweet, the BSE said, "42.6 lakh transactions in a month on StAR MF, India's largest online MF platform!" According to estimates, BSE StAR MF now accounts for 20 per cent of all MF transactions and 40 per cent of all new subscribers to the industry. "BSE StAR MF has seen more than 100 per cent year-on-year growth every year for the last 10 years consistently," said Ashishkumar Chauhan, Managing Director and CEO, BSE. He said it is a testimony to the BSE's ability to harness capital formation in India and help investors grow their wealth instead of indulging in day trading and speculation. The BSE had launched its BSE StAR MF platform on December 4, 2009.
CBI searches YSRCP leader's premises in bank loan case
The Central Bureau of Investigation (CBI) on Tuesday conducted searches at the premises of YSR Congress Party leader and industrialist K. Raghu Rama Krishna Raju here and in Andhra Pradesh in connection with alleged evasion of bank loans by his companies.
Reliance Group shares face heavy selling; tank up to 18 pc
Shares of Reliance Group companies faced huge selling Tuesday, tumbling up to 18 per cent, amid liquidity concerns. Among group firms, Reliance Power was hit the most, tumbling 18.13 per cent on the BSE. Shares of Reliance Home Finance dived 10.60 per cent, Reliance Infrastructure plummeted 9.92 per cent, Reliance Capital plunged 8.47 per cent. Reliance Naval and Engineering dropped 6.89 per cent and Reliance Nippon Life Asset Management 2.40 per cent on the BSE. Rating downgrade of some group companies also played spoilsport. Reliance Capital (RCL) in a filing to BSE on Friday said ICRA has revised its rating to A4 (on rating watch with negative implications) for the short-term debt programme of the company for which outstanding is Rs 950 crore. ICRA said this action is primarily due to slow pace of monetisation of the non-core investments and liquidity position in Reliance Commercial Finance (RCF) and Reliance Home Finance (RHF), it added. "The company considers the above rating ...
SBI savings a/c holders with Rs 1 lakh plus balance to get lower interest from Wed
Savings bank account holders in SBI having more than Rs 1 lakh balance will earn a quarter percentage point less interest from Wednesday with the country's largest lender linking the interest rate to the RBI's repo or short-term lending rate. However, SBI savings bank account holders with less than Rs 1 lakh balance will continue to get 3.5 per cent interest on deposits. According to the information provided on the website of State Bank of India (SBI), the interest rate on savings bank accounts with balances above Rs 1 lakh will be 2.75 per cent below the RBI's repo rate, which currently stands at 6 per cent. Hence, the SBI will give 3.25 per cent interest on savings bank deposits with a balance exceeding Rs 1 lakh. At present, the interest rate is 3.5 per cent. The interest is paid quarterly. The interest rate on such balances will go up in case the Reserve Bank hikes repo rate (the rate at which it lends to banks) and may fall further if the repo rate continues its downward ...
Ajanta Pharma Q4 net profit declines 5.92 pc to Rs 89 cr
Ajanta Pharma Tuesday reported a 5.92 per cent decline in its consolidated net profit to Rs 88.89 crore for the March 2019 quarter, mainly on account of a decline in anti-malarial business. The company had posted a net profit of Rs 94.49 crore for the corresponding period of the previous financial year, Ajanta Pharma said in a filing to the BSE. Its consolidated revenue from operations fell to Rs 515.16 crore as compared with Rs 530.31 crore for the corresponding period a year ago. "The decline in anti-malarial business impacted the performance of the quarter and the year," Ajanta Pharma Managing Director Yogesh Agrawal said. Other businesses have posted growth and continue to perform well, he added. For full financial year 2018-19, the company's consolidated net profit was Rs 387 crore, against Rs 469 crore for the corresponding period a year ago. The firm posted revenue from operations of Rs 2,055 crore for the fiscal year ended March 2019. It was Rs 2,131 crore in the previous ...
Wishfin forays into Insurance; launches 2-wheeler insurance on Whatsapp
Wishfin, one of India's leading financial market place, has forayed into insurance through Wishfin Insurance (Web Aggregator Private Limited) and its site.Wishpolicy.com has launched a unique product - "Buy Two-wheeler Insurance on Whatsapp".First time in India, through "Buy Two-wheeler Insurance on Whatsapp" customers can buy two-wheeler insurance on Whatsapp, by simply giving a missed call to 85 27 844 822 and chatting on Whatsapp. Alternately, you can start the Whatsapp chat by clicking on this link and sharing your number: wishpolicy.com/minsure.Wishpolicy has tied up with Bharti AXA General Insurance, a joint venture between Bharti Group and AXA, to offer this unique proposition."Bharti Axa has one of the best plans in two-wheeler insurance, in terms of price and service, and hence we partnered with them. At Wishpolicy, we are always innovating to make it easy and convenient for our customers to access the best financial products and services," said Puru Vashishtha, Chairman ...
Gruh Finance Q4 net profit flat at Rs 129 cr
HDFC Ltd's subsidiary Gruh Finance Tuesday reported net profit of Rs 129.44 crore in the fourth quarter ended March 2019, nearly flat on year. The company's net profit was at Rs 128.44 crore in January-March quarter of fiscal 2017-18. Total revenues from operations during March quarter stood at Rs 557.77 crore as against Rs 444.15 crore in the year-ago period, the company said in a regulatory filing. Loan assets increased by 12 per cent to Rs 17,408 crore as on March 31, 2019 as against Rs 15,588 crore as on March 31, 2018, it said. Gruh Finance is engaged in the business of providing loans for purchase or construction of residential houses. The company's board of directors, at its meeting held in January, had approved the scheme of amalgamation for the merger of Gruh Finance with Bandhan Bank, it said. Earlier in March, RBI had approved the proposed merger of Gruh Finance with Bandhan Bank. Shares of Gruh Finance closed at Rs 316.85 apiece on the BSE, up 0.99 per cent from previous ..
Indian-origin hedge fund boss breaks UK's rental record
An Indian-origin boss of an India-focussed hedge fund has broken the UK property market's record for the highest office rent as he prepares to move into a new office in the heart of London. Ravi Mehta, Founder and Managing Director of Steadview Capital Management, has reportedly agreed to pay 250 pounds a square foot for his company's new headquarters at Berkeley Square in Mayfair, well above the previous high of 190 pounds a square foot rent. Berkeley Square is one of the most sought-after buildings in the central London that is the home of many fund management companies. "It's such a special building. I think clearly when there's someone out there that wants something so much they will pay what they need to get it," a source close to the deal told 'The Times'. Steadview Capital Management, which specialises in Indian investments, was founded by Mehta in 2009. In the past 10 years it has grown to USD 2.5 billion in assets under management and employs around 10 people, investing in ...