Page 466 - Business Finance
IHCL Q4 profit jumps 55 pc to Rs 123 cr
Tata Group firm Indian Hotels Company Tuesday reported 54.55 per cent rise in consolidated profit after tax (PAT) at Rs 122.56 crore for the fourth quarter ended March 31, 2019. The company posted a PAT of Rs 79.30 crore in the year-ago period, Indian Hotels Company Ltd (IHCL) said in a filing to BSE. Revenue during the reported quarter stood at Rs 1,244.32 crore. It was Rs 1,143.46 crore in the year-ago period. The PAT in the full 2018-19 fiscal stood at Rs 296.12 crore as against Rs 103.52 crore in the previous year. Revenue from operations during last fiscal stood at Rs 4,512 crore. It was Rs 4,103.55 crore in 2017-18. IHCL is on track in the execution of its strategy, 'Aspiration 2022', MD and CEO Puneet Chhatwal said. The company's reimagined brandscape gave it the opportunity to sign 22 hotels with an inventory of over 3,200 rooms across brands in India and key international markets like London, Makkah, Kathmandu and Dubai, he said. "We opened five hotels in this fiscal ...
Amway India aims to tap 'nascent' kids dietary supplement mkt
Direct selling major Amway India on Tuesday launched two new kids dietary supplement products, aiming to boost revenues from the segment and tap this "nascent" market. According to Euromonitor estimates of about Rs 401 crore, the kids' vitamin and dietary supplement market is still at a "nascent stage and promises strong growth potential", Amway India Chief Marketing Officer Sundip Shah said. The segment contributes about 10 per cent to the overall nutraceutical sales. Amway India, part of the USD 8.8 billion global group, launched 'Nutrilite DHA Yummies', developed to support the nutritional gap of omega-3 fatty acids and vitamin D in children of age five years and above. "Nutrilite DHA Yummies is an addition to our existing range of supplements for kids," Shah said in a statement. As of 2018, the overall omega 3 supplement market was growing at a CAGR of 12 per cent, officials said. The new product will initially be imported from its global sourcing hubs. Amway Global .
I-T dept to soon share turnover, ITR data of biz with GSTN
The income tax department will share data with GST Network (GSTN) on important financial parameters such as status of I-T returns filing, turnover and income of businesses, as the authorities seek to plug loopholes and nab tax evaders. Income tax officers and GSTN, the company that handles the information technology backbone of the new indirect tax regime, will also decide on the modalities for "automatic" and "spontaneous" exchange of data besides the "request-based" data exchange. The principal director general of I-T (systems) or director general of I-T (systems) would enter into a memorandum of understanding (MoU) with GSTN to facilitate the process of furnishing information, according to an order by the Central Board of Direct Taxes (CBDT). The MoU would include modalities of exchange of data, maintenance of confidentiality, and mechanism for safe preservation of data. The timeline for furnishing information shall also be decided by the principal director general of I-T (systems)
Loan fraud: CBI raids YSR Congress leader's houses
The CBI on Tuesday carried out searches at the residence of YSR Congress Party leader Raghuram Krishnam Raju in Hyderabad and some other locations in a multi-crore loan default case, the agency said.
Godrej Properties Q4 net profit jumps 4-fold to Rs 157 cr, to raise up to Rs 2,500 cr
Godrej Properties Tuesday reported nearly four-fold jump in its net profit to Rs 156.66 crore for the quarter ended March 31 on the back of higher revenue, and announced record sales bookings of over Rs 5,300 crore in the last fiscal. The company had posted a consolidated net profit of Rs 42.28 crore in the year-ago period, the Mumbai-based developer said in a regulatory filing. Its total income more than doubled to Rs 1,203.21 crore during the January-March quarter of 2018-19 from Rs 533.09 crore in the corresponding period of the previous year. During the full 2018-19, Godrej Properties reported nearly three-times jump in its net profit to Rs 253.15 crore as against Rs 86.91 crore in the preceding year. Its total income during 2018-19 rose to Rs 3,221.98 crore, from Rs 2,102.36 crore in 2017-18. When contacted, Godrej Properties Executive Chairman Pirojsha Godrej said the company performed well and clocked highest-ever quarterly and yearly sales bookings. "It was the best-ever ...
High fuel costs drive Lufthansa deeper into red in Q1
German airline group Lufthansa plunged deeper into the red in the first quarter, it said Tuesday, blaming the rising price of fuel and intense competition in Europe but sticking to annual targets. Between January and March, the Frankfurt-based group lost 342 million euros (USD 382 million), almost nine times worse than in the first quarter of 2018. Lufthansa had warned earlier in April of the looming negative bottom line, suggesting an operating, or underlying loss of 336 million euros was in the offing -- a figure confirmed Tuesday. Meanwhile revenues were up three per cent year-on-year, at 7.9 billion euros. "The first quarter is traditionally a difficult one for airlines," the group said, with seasonal effects worsened by a 202-million-euro rise in fuel costs compared with last year. Looking ahead to the full year, Lufthansa now expects spending on jet fuel to rise by 700 million euros to 6.8 billion euros. Last year's bill was already up 850 million euros on the previous year. "A .
CBI searches YSR Congress candidate's offices, residences in Rs 947 crore 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 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 Tuesday, they said.
GE CEO remains 'confident' in Boeing 737 MAX
The head of General Electric said Tuesday he remained "confident" in Boeing's 737 MAX aircraft, which has been grounded worldwide following two fatal crashes that killed 346 people. "We are confident in the 737 MAX aircraft," said Larry Culp, chief executive of the firm that manufacturers engines for the popular aircraft. "We're working closely with Boeing through the recertification process," he said during a conference call on the company's quarterly earnings, adding that the partnership with Boeing was "strong.
Maharashtra records 57.32% voting in final phase
Maharashtra recorded a moderate voter turnout of 57.32 per cent for the remaining 17 parliamentary constituencies in the state which went to the polls in the fourth phase of Lok Sabha elections on Monday, an Election Commission (EC) official said here on Tuesday.
Ambuja Cement Jan-Mar net profit up 35.2% at Rs 695.30 crore
Ambuja Cement Ltd Tuesday reported 35.18 per cent increase in its consolidated net profit at Rs 695.30 crore for the first quarter ended March, 2019 led by volume growth. The company, which follows January-December fiscal, had posted a consolidated net profit of Rs 514.34 crore in the January-March period a year ago, Ambuja Cement said in a regulatory filing. The company's total income during the March quarter was at Rs 7,093.27 crore, up 8.36 per cent from Rs 6,545.91 crore reported in the corresponding quarter a year ago. "The quarter ended March 2019 saw a steady growth in top line. On the market side, we have introduced various innovative products to deliver superior experience and to become a preferred partner for our customers," Ambuja Cement Managing Director and CEO Bimlendra Jha said. Total expenses in the quarter under review rose 6.23 per cent to Rs 6,151.66 crore from Rs 5,790.43 crore a year ago. Cement sales volume was up 2.41 per cent to 6.37 million tonne as against ...
Sensex closes 35 points lower, Yes Bank tanks 30%
After a volatile trade session on Tuesday, Sensex and Nifty finished on a flat-to-negative note amid weak global cues as China reported a weaker than expected factory data and investors awaited the US Fed policy decision, due on Wednesday.
India's March industrial output rate rises to 4.7%
The output of India's eight major industries increased in March to 4.7 per cent on sequential and year-on-year basis, official data showed on Tuesday.
Monsanto India net profit falls 57.45 pc in March quarter
Seed firm Monsanto India Tuesday posted a 57.45 per cent drop in its net profit to Rs 22.61 crore during the fourth quarter of 2018-19. Its net profit had stood at Rs 53.14 crore in the corresponding quarter of the previous financial year, the company said in a BSE filing. The company's total income declined to Rs 132.56 crore during the January-March 2019 period, compared with Rs 161.18 crore in the year-ago quarter. Global chemical and pharma major Bayer has acquired the US-based Monsanto globally for over USD 60 billion. Shares of Monsanto India fell 0.55 per cent to settle at Rs 2,504.10 apiece on the BSE on Tuesday.
Cosmetic firm HRI to launch two new brands this fiscal
Cosmetic firm Hygienic Research Institute, which sells a range of products under the Streax and Vasmol labels, is planning to launch two new brands this fiscal and targeting a significant growth in its professional products vertical. The company is looking to market a new hair care brand and also foray into men's grooming category by the end of this financial year, Hygienic Research Institute (HRI) Professional Division Head Rochelle Chhabra told PTI. "At present, professional division contributed about 15-20 per cent of Hygienic Research Institute's overall sales...but we expect is to grow significantly...We have about 150 stock keeping units (SKUs) under professional division," Chhabra said. The company is also mulling introducing a new brand skin care portfolio in the near future. It had reported a turnover of Rs 500 crore in the previous fiscal. HRI is now eyeing a turnover of Rs 750-800 crore in the next two years, she said. In 2015, Wipro chairman Azim Premji's firm Premji ...
LS polls: Maha records 57.32% voter turnout in fourth phase
An average voter turnout of 57.32 per cent was recorded for the 17 Lok Sabha constituencies in Maharashtra that went to polls in the fourth and final phase Monday, tad up from 55.72 per cent in these seats during the 2014 elections. As per the final figures released by the Election Commission of India Tuesday, Nandurbar in North Maharashtra recorded the highest 68.31 per cent turnout while Kalyan the lowest at 45.28 per cent. The constituencies where polling was held are spread across the Mumbai metropolitan region and parts of northern and western Maharashtra. A total of 323 candidates were in the fray. Final voting figures in remaining 15 seats are: Dhule-56.68 per cent, Dindori- 65.76 per cent, Nashik- 59.43 per cent, Palghar- 63.72 per cent, Bhiwandi- 53.07 per cent, Thane- 49.21 per cent, Mumbai North- 60 per cent, Mumbai North West 54.23 per cent, Mumbai North East- 56.85 per cent, Mumbai North Central- 53.64 per cent, Mumbai South Central- 55.23 per cent, Mumbai .
Govt notifies taking over of NHB from RBI
The government has issued a notification taking over the National Housing Bank (NHB) after buying entire stake for Rs 1,450 crore from the Reserve Bank of India (RBI). The RBI has exited the NHB, thus making it a fully government-owned entity. The central bank was holding 100 per cent stake in the NHB, the housing finance regulator. The move is part of ending the cross-holding in regulatory institutions and follows the recommendation of Narasimham-II committee report of October 2001 and the RBI's own discussion paper on the same, titled 'Harmonising the Role and Operations of Development Financial Institutions and Banks'. "The central government hereby notifies that the subscribed capital of Rs 1,450 crore of the NHB by the RBI, stands transferred to, and vested in the central government upon payment of the face value of the subscribed capital, to the RBI, with effect from the 19th day of March, 2019," said the finance ministry notification dated April 29. The Narasimham panel had ...
SIPL takes control of SPS Steels Rolling Mills post resolution
City-based Shakambhari Ispat and Power Ltd (SIPL) on Tuesday announced taking control of SPS Steels Rolling Mills Ltd and its brand 'Elegant Steel', after the NCLT approved a resolution plan worth Rs 270 crore. "We have taken control of SPS management and assets including the brand from April 12, after we completed the required payment. Our resolution plan was worth Rs 270 crore, which was approved by NCLT Kolkata," Shakambhari Group Chairman and Managing Director Deepak Kr Agarwal said. SIPL was last headed by Vipin Vora of the SPS Group, which once claimed to have a turnover of Rs 5,000 crore. It also faced a CBI probe for an alleged bank fraud case. Following continuous defaults, SPS was referred to NCLT about 18 months ago. Agarwal said the main target of the Shakambhari Group was the "well-known brand, which had a decent marketshare" in the retail TMT bars and structurals segment, and not its physical assets. He said the group would be pumping Rs 150 crore in ...
NCLAT prepones hearing on Essar Steel to May 7
The National Company Law Appellate Tribunal (NCLAT) on Tuesday preponed its scheduled hearing over the resolution process of debt-ridden firm Essar Steel to May 7. The Committee of Creditors (CoC) of the company had moved an urgent plea to seek an early hearing in this matter. An NCLAT bench headed by Chairman Justice S J Mukhopadhaya Tuesday directed the matter to be listed on May 7. The NCLAT was scheduled to hear the Essar Steel matter on May 13, where operational creditors and other stake holders of Essar Steel have moved over distribution of Rs 42,000 crore coming in from ArcelorMittal. The promoters of the company had also approached the NCLAT, challenging the order of the Ahmedabad bench of the National Company Law Tribunal (NCLT), which had on March 9 approved ArcelorMittal's bid for the company. On April 12, in this matter, the Supreme Court had stayed the disbursement of funds to creditors while directing parties to maintain status quo. It had also asked the tribunal to ...
Infrastructure output up 4.7% in March year-on-year
Infrastructure output across the country grew 4.7 per cent in March from a year earlier, the government said on Tuesday.For the financial year 2018-19, the combined index of eight core industries was 4.3 per cent higher over the previous year, according to data released by the Ministry of Commerce and Industry.Coal production went up by 9.1 per cent in March 2019 over the same month of previous year, natural gas production increased by 1.4 per cent, petroleum refinery production by 4.3 per cent, fertiliser production also by 4.3 per cent, steel production by 6.7 per cent, cement production by 15.7 per cent and electricity production by 1.4 per cent.However, crude oil production declined by 6.2 per cent in March, said the statement.These eight core industries account for 40.27 per cent of the country's industrial output..
IOC's R&D centre patent filing crosses 1,000-mark
State-owned Indian Oil Corp (IOC) Tuesday said its research and development centre at Faridabad has become the first public sector oil and gas company to cross the milestone of filing 1,000 patents. The Centre filed the 1,001st patent this week, the company said in a statement here. "The R&D Centre's IP (Intellectual Property) portfolio comprises 794 active patents, of which 542 patents were granted abroad and 252 in India. The centre has also registered a healthy commercialisation rate for its patents, higher than the global average," it said. Complimenting the R&D team for lending a competitive edge to IOC's business through innovative products, processes and technologies, company chairman Sanjiv Singh said several quality upgradation projects implemented at its refineries for production of ultra-clean BS-VI grde fuels are based on deep desulphurisation, isomerisation and dimerisation technology patents developed in-house. IOC's internationally-awarded INDMAX technology ...