Page 467 - Business Finance
Asitava Sen appointed new CEO of CropLife India
Asitava Sen has been appointed the new chief executive officer (CEO) of pesticide industry trade association CropLife India. He will replace Brij Uberoi, who has been with the organisation since June 2016. Sen, who has over 25 years of experience in the industry in India and abroad, will oversee the organisation's strategy, outreach to various stakeholders and be an interface for public policy intervention, an official statement said. His expertise is focused around agribusiness and food. Sen has earlier worked as an independent advisor in organisations such as the World Bank, the International Finance Corporation, the World Economic Forum and the Food and Agriculture Organization of the United Nations.
Shatrughan Sinha has movable & immovable assets of Rs 112.22
Actor-turned-politician and Congress candidate from Patna Sahib constituency Shatrughan Sinha has movable and immovable assets of Rs 112.22 crore. Sinha, who joined the Congress recently after switching his loyalty of more than three decades with BJP, is locked in a direct electoral battle with Union Law minister Ravi Shankar Prasad. Sinha filed his papers on Monday, the last date for filing of nomination papers for Patna Sahib constituency which would go to polls on May 19. As per the affidavit, Sinha has movable assets of Rs 8.60 crore and immovable assets of Rs 103.61 crore while his wife Poonam Shatrughan Sinha has movable assets of Rs 18.67 crore and immovable assets of Rs 62.65 crore. Sinha, who graduated from FTII, Pune in 1967, has shown Rs 4,58,232 as cash in hand while his wife has Rs 5,95, 366 as cash in hand. The filmstar has Rs 2.74 crore as fixed deposits in bank and Rs 29.10 lakh as investments in shares, bonds, mutual funds while his wife has FD of Rs ...
Liquor sale to be 100% through scanning by October in Delhi
All liquor sale will done through bar code scanning in Delhi by October this year, officials said. The move is intended to digitise records of real-time liquor sale in the national capital. According to the excise department, liquor outlets will have to achieve 80 per cent target by May and 100 per cent by October. Last month, the department had warned traders against selling alcohol using "coupon or token" system in order to curb distribution of liquor to influence voters during elections in Delhi. "In the month of June, a target of 90 per cent sale of liquor through scanning has been set by the excise department, while for July it is 95 per cent. "By October this year, all liquor shops will have to achieve the target of 100 per cent of liquor sale through scanning," officials said. In the run up to the Lok Sabha elections, the excise department had issued a circular directing liquor outlets to strictly follow opening and closing time of establishments. "Liquor outlets have also been
CropLife India appoints Asitava Sen as the new Chief Executive Officer
CropLife India is pleased to welcome Asitava Sen as the Chief Executive Officer, of the association of 18 R & amp;D driven member companies. Sen will oversee the organization's strategy, outreach to various stakeholders and be an interface for public policy intervention."The board of directors is unanimous in its enthusiasm for having Asitava lead CropLife India. Asitava has consistently demonstrated professionalism, integrity and a commitment to doing what is best for Indian agriculture and is well respected by stakeholders across India and other countries," said on the appointment, Rajendra Velagala, Chairman, CropLife India.Asitava Sen has over 25 years of experience in India and other countries, in the areas like public policy and social sector advisory; managing large scale multi-stakeholder participatory programs; innovative Public Private Partnership initiatives and blended finance. His expertise is focused on Agribusiness and Food.Prior to CropLife India, Asitava was an ...
BASF Q4 net profit up 9.77 pc at Rs 86.27 cr
BASF India Tuesday posted 9.77 per cent jump in its net profit at Rs 86.27 crore for the fourth quarter of 2018-19 fiscal. The company's net profit stood at Rs 65.99 crore in the year-ago period, BASF said in a BSE filing. Total income declined to Rs 1,321.3 crore during January-March quarter of 2018-19 from Rs 1,354.3 crore in the same period in previous fiscal. However, expenses shot up to Rs 1,359.2 crore from Rs 1,308.1 crore in the year-ago period. In view of the 75th anniversary milestone, the company's board has recommended a special dividend of Rs 2 per equity share in addition to a final dividend of Rs 3 per share subject to shareholders approval, it said. Shares of the company Tuesday rose 2.72 per cent to settle at Rs 1,368.35 apiece on the BSE.
TVS Motor reports over 19 pc jump in revenue at Rs 18,217 crore
Two-wheeler manufacturer TVS Motor Company on Tuesday reported sales of 39.14 lakh units during 2018-19 which fetched revenue of Rs 18,217.5 crore, up 19.3 per cent in the year-on period.In the year ended March 2018, the revenue was to the tune of Rs 15,274.4 crore.Profit after tax was Rs 670.1 crore as against Rs 662.6 crore in the previous year. Operating profit after tax prior to consideration of fair valuation gains and one-time GST discount (net of tax) was Rs 606.7 crore.Hence the growth in operating profit after tax for FY 19 works out to 10.5 per cent, the company said in a statement.In the fourth quarter of FY 19, TVS Motor reported total revenue going up 9.2 per cent to Rs 4,387.6 crore from Rs 4,016.8 crore, and profit after tax of Rs 134.3 crore.The two-wheeler sales including exports during 2018-19 grew by 11.6 per cent to 37.57 lakh from 33.67 lakh units in the previous year.The board of directors declared two interim dividends for the year 2018-19. Total dividend paid ..
Exide Q4FY'19 net up 11pc to Rs 211cr
Storage battery major Exide Industries Ltd (EIL) Tuesday announced 11 per cent rise in net profit to Rs 211 crore in the quarter ending March 2019, against Rs 190 crore registered in the same period last year. The company in a statement reported a net turnover of Rs 2,598 crore for the period under review as compared to Rs 2,459 crore in the last corresponding period. The board announced 80 paise dividend for each share of Re 1. The board also extended the tenure of Managing Director & CEO Gautam Chatterjee by another two years starting May 1. Speaking on the Q4 results, Chatterjee said volumes in automotive batteries as well as in UPS, solar and other infrastructure segments continue to grow during the quarter. For the fiscal year ended FY19, the net turnover was Rs 10,588 crore as compared to Rs 9,186 crore registered in the previous year. The profit after tax stood at Rs 844 crore, up by 26 per cent as compared to Rs 668 crore in 2017-18.
Benchmark indices slightly lower as Yes Bank shares nosedive
Market benchmarks Sensex and Nifty Tuesday closed with marginal losses after a volatile session as a massive 30 per cent plunge in Yes Bank shares overwhelmed the gains in HDFC twins and IT stocks. The BSE Sensex closed with 0.09 per cent or 35.78 points loss at 39,031.55, while the NSE Nifty ended 0.06 per cent or 6.50 points lower at 11,748.15. After a three-day break, Indian bourses started off the session Tuesday on a negative note and struggled through the day fighting volatility. Indian financial markets were closed on Monday due to elections in Maharashtra. The 30-share gauge opened lower at 39,056.92 and touched a low of 38,753.46 and a high of 39,105.88 -- swinging over 352 points during the session. Similarly, the NSE benchmark Nifty started on a weak note at 11,748.75 and fell further to hit a low of 11,655.90 during the day. Its high was 11,756.25. A fresh round of panic gripped banks and finance company stocks as Yes bank delivered a large March quarter loss and two of ...
Rupee gains for 2nd straight session; settles 46 paise up at 69.56 vs USD
The rupee appreciated for the second straight session Tuesday to close higher by 46 paise at 69.56 against the US dollar as crude oil prices retreated from six-month high levels and the greenback weakened against global rivals. At the interbank foreign exchange market, the domestic unit opened at 69.83 and advanced to a high of 69.52 during the day. It finally settled at 69.56, registering a rise of 46 paise against the dollar over its previous close. The rupee had rebounded by 23 paise to close at 70.02 against the US dollar Friday. The forex market was closed on Monday due to general elections in Mumbai. "Rupee gains for the second day amid retracement in crude prices from the six-month highs," V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities said, adding that the activity remained light on account of holiday-shortened week. Sharma further said that "going forward, the month of May would remain volatile due to crucial election results scheduled on May ...
A decade after Satyam scam, systems still take long time to detect discrepancies at cos: Gurnani
A decade might have passed after the infamous Satyam Computer scam and subsequent regulatory actions but Tech Mahindra chief C P Gurnani feels systems still take long time to detect discrepancies at corporates and better data analytics are needed to plug the loopholes. Satyam Computer Services was hit by an accounting scam perpetrated by its founder B Ramalinga Raju that came to light in January 2009 and the once storied company was later acquired by Tech Mahindra in April the same year. In an interview to PTI, Gurnani said that even after ten years of Satyam Computer scam, "our systems still take a long time to get alerted to discrepancies which may lead to crisis situations". "All stakeholders, including banks, lending agencies and companies, need to be more responsible. We need to incorporate better data analytics and dashboards to capture loopholes and avoid crisis like Satyam or IL&FS. I think we all are wiser but we need to have better processes and systems in place," he ...
Subex wins multi-year deal from Econet Wireless Zimbabwe to deploy Analytics Centre of Trust
Licensed as a mobile telecommunications operator in 1998, Econet is listed on the Zimbabwe Stock Exchange, and is part of the pan-African, diversified Econet Wireless Group. Econet Wireless Zimbabwe is building a strong, consumer-centric ethos that is committed to providing innovative, accessible and refreshingly simple communication solutions that suit customers' everyday needs.
Infra sector growth improves to 4.7 pc in Mar
The growth of eight core sectors improved marginally to 4.7 per cent in March 2019 against 4.5 per cent in the same month last year. For the full 2018-19 fiscal, the expansion rate of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- remained flat at 4.3 per cent, official data released Tuesday showed. Coal generation growth was flat at 9.1 pet cent in March 2019. Natural gas, refinery products, fertiliser, steel and cement sectors recorded positive growth rates. Crude oil production, however, contracted by 6.2 per cent in March. Electricity generation declined by 1.4 per cent during the month under review. A fall in production of crude oil and refinery products had dragged the growth of the eight core sectors to 2.1 per cent in February. The infrastructure sector growth will also have an impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total factory ..
Wadia Group shares fall; Bombay Dyeing tanks 10% amid reports Japanese court sentences Ness Wadia
Shares of Wadia Group firms tanked up to 10 per cent Tuesday amid media reports that Ness Wadia has been sentenced to a two-year jail term by a court in Japan over alleged possession of drugs. Bombay Dyeing shares plunged 9.78 per cent to close at Rs 112.60 on the BSE. During the day, it tumbled 17.42 per cent to Rs 103.05. Shares of Britannia Industries went down by 2.50 per cent to Rs 2,893.10 and Bombay Burmah Trading Corporation fell by 2.40 per cent to close at Rs 1,241.30. Meanwhile, the BSE Tuesday sought clarification from the three companies with respect to the news. "Wadia group shares such as Bombay Dyeing, Bombay Burmah, Britannia slipped today as the Wadia Group heir Ness Wadia was sentenced to two years jail in Japan due to possession of drugs," said Umesh Mehta, head of research, Samco Securities Ltd. Wadia Group scion and co-owner of IPL team Kings XI Punjab, Ness Wadia has been sentenced to a two-year jail term by a court in Japan over alleged possession of drugs, a ..
Farmers not to be jailed for not paying debt: Rahul
Congress President Rahul Gandhi here on Tuesday described 'NYAY' as a scheme that would change the economic situation of the country and promised that farmers would not be jailed for not repaying debt if the Congress came to power.
US Commerce Secretary Wilbur Ross to meet Prabhu on May 6
US Commerce Secretary Wilbur Ross will meet Commerce Minister Suresh Prabhu on May 6 here to discuss trade-related issues amid America's decision to withdraw export benefits to Indian exporters, sources said. "Ross is coming to participate in the Trade Winds Indo-Pacific Forum and Mission and would hold bilateral meeting with Prabhu," one of the sources said. Currently, the India-US trade relation is going through a rough patch as the US has decided to withdraw export benefits to Indian exporters under the Generalized System of Preferences (GSP) programme. The Trump administration has alleged that India in imposing high import duties on products such as paper and Harley Davidson motorcycles from America. On the other hand, India has notified retaliatory tariffs on 29 US products but has time and again extended the deadline for imposing them. The latest deadline will end on May 2 and the commerce ministry has asked the revenue department to again extend the deadline by another 14 ...
Specialised account offering for Exporters launched
Lakshmi Vilas Bank (LVB) has launched a specialised current account for the benefit of exporters, called 'JU$T A Dollar'. It is an exclusive account catering to the requirements of exporters, priced at Rs 75 for a host of remittance, trade and forex transactions. The product was launched at Tirupur on Monday by Tirupur Exporters Association president Raja M Shanmugham in the presence of Peeush Jain, Head- Retail Banking, Lakshmi Vilas Bank, a bank release said Tuesday. The pricing for trade and foreign exchange transactions by banks are often pegged as a percentage of the value of transactions. But for customers, costs of such transactions can often run into several hundreds, thousands, or even lakhs of rupees. However, this product is applicable for customers or entities that have Import Export Code, it said. "We are pleased to launch JU$T A Dollar account in association with Tiruppur Exporters Association. The proposed solution will significantly bring down transaction
UiPath Raises $568 Million Series D Funding Round
/ -- In 24 months, the RPA and AI leader has grown ARR from $8 Million to over $200 Million, and valuation from $110 Million to $7 Billion The leading robotic process automation (RPA) company, UiPath is blazing a path to an 'automation first' era, closing its Series D investment round raising $568 million at a post-money valuation of $7 Billion, led by Coatue and joined by Dragoneer, Wellington, Sands Capital, and funds and accounts advised by T. Rowe Price Associates, Inc. Accel, who led the Series A and B rounds, and CapitalG and Sequoia who led the Series C round, all participated in this round, as did other existing investors, including IVP and Madrona Venture Group. At the $7 Billion valuation, UiPath is one of the fastest growing and highest-valued AI enterprise software companies worldwide. (Logo: https://mma.prnewswire.com/media/879623/UiPath_Logo.jpg ) UiPath closed its Series A funding in April 2017, and since then has expanded on its most important milestones: Cultivated ..
LoginRadius plans to on-board 200 Million Indian identities by 2020
LoginRadius, the cloud-based customer identity platform has announced their plans to onboard 200 million Indian users by the end of next year. The company has already begun ramping up their India operations and will triple its workforce by 2020.LoginRadius raised $17 million in a series A funding last year, led by ForgePoint Capital and Microsoft's venture fund, M12. It currently reaches over a billion users and is serving over 1,50,000 websites globally. With digital transformation at the forefront of Indian innovation and the rise of an on-demand digital economy, LoginRadius is already working with top Fortune 500 companies in India and also in conversation with some of the biggest brands in India. The plan is to specifically target certain key sectors where they have proven expertise. These include media, publishing, retail, travel, and hospitality."India has 460 million users on the Internet with an average of 12 identities per person. That's a total of over 5.5 billion in digital
Amazon targets USD 5 billion e-commerce exports from India by 2023
Online marketplace Amazon Tuesday said it expects e-commerce exports from India to reach USD 5 billion by 2023 under its global selling programme. "Amazon launched the global selling programme in India four years ago, aligning with this vision. Over the next five years, 'India to Global' has the potential to become huge," Amazon India Country Head Amit Agarwal said in a statement. He said the firm is confident that the "global selling programme will hit the USD 5-billion mark by 2023 fuelling the growth of lakhs of Indian manufacturers, exporters and small enterprises". The programme started with just few hundred sellers in 2015 and has now crossed USD 1-billion export mark from India with 50,000 exporters. Amazon in second edition of its annual 'Export Digest' said there has been a growth of 56 per cent in the number of global sellers from India in 2018. It said Amazon's international marketplaces saw a rise of 55 per cent in the selection of Indian products offered globally and 71 ..
UiPath raises $568 million in series D funding round
US-based IT company UiPath Tuesday said it has raised USD 568 million at a total valuation of USD 7 billion in series D investment round led by Coatue. "UiPath is blazing a path to an 'automation first' era, closing its Series D investment round, raising USD 568 million at a post-money valuation of USD 7 billion, led by Coatue," the company said in a statement. The lead investor was joined by "Dragoneer, Wellington, Sands Capital, and funds and accounts advised by T Rowe Price Associates, Inc, Accel, CapitalG, Sequoia, IVP and Madrona Venture Group". The company, which provides robotic process automation, said it will invest in India to train 5 lakh people on its technology. "India is in a prime position to become an RPA powerhouse, because of the rapid adoption of RPA (robotic process automation) and AI and the growing talent pool. We are committed to investing in India to realize our global vision of 'A Robot for Every Person' and create a talent base of over 5,00,000 ...