Page 469 - Business Finance
OGPL loss narrows to Rs 6.11 cr in March quarter
Orient Green Power Company Ltd's (OGPL) consolidated net loss narrowed to Rs 6.11 crore in the quarter ended March 31 as compared with a loss of Rs 59.47 crore a year ago, mainly due to higher revenues. The company's total income in the fourth quarter of this financial year rose to Rs 88.01 crore, from Rs 44.18 crore in the year-ago period, the company said in a statement. Its consolidated loss also narrowed to Rs 33.18 crore in 2018-19 from Rs 37.15 crore a year ago. During the financial year ended March, the firm's total income was down at Rs 370.80 crore as compared with Rs 398.64 crore in 2017-18. The company said that overall, this has been a subdued year for wind power generation with a shortfall of 640 lakh units, leading to a reduction in operational turnover of Rs 33.69 crore. OGPL Managing Director S Venkatachalam said in the statement, "The financial year 2018-19 has been a year of consolidation for OGPL; a year wherein we have made steady progress towards consolidating our
Exide reports 6 pc topline growth for Q4
Storage battery maker Exide Industries on Tuesday reported net turnover of Rs 2,598 crore during the quarter ended March 31 as compared to Rs 2,459 crore in the last corresponding period.The profit after tax (PAT) was higher at Rs 211 crore as against Rs 190 crore in the last corresponding period.For the fiscal year ended March 31, the net turnover was Rs 10,588 crore as compared to Rs 9,186 crore in the previous year. The profit after tax was Rs 844 crore as compared to Rs 668 crore in 2017-18.Gautam Chatterjee, Managing Director and CEO of Exide Industries, said that volumes in automotive batteries as well as in UPS, solar and other infrastructure segments continued to grow during the fourth quarter."The company is focusing on cost control and technology upgradation as strategies to improve the bottom line," he said in the statement.Meanwhile, the board of directors re-appointed Chatterjee in the present position for another two years from May 1. Subir Chakraborty has been appointed
What's on Google's plate after Pixel sales dip in Q1
Industry-wide "pressures in the premium smartphone market" led to a drop in Pixel sales in the first quarter of 2019 compared to the same time last year, a top official of Google parent company Alphabet has said.
BASF India to pay special dividend and final dividend
On or after 24 July 2019
Tourism Sector Records Growth Of 6.7% In 2018
The domestic tourism sector generated $247.3 billion (INR 16.91 trillion) in 2018, with a growth of 6.7%, latest FICCI-Yes Bank Report titled 'India Inbound Tourism: Unlocking the Opportunities' noted. This makes India the 8th largest country in terms of contribution to travel and tourism GDP and the largest market in South Asia. By 2029, Indian tourism sector is likely to grow at 6.7% per annum to reach INR 35 trillion with 9.6% of GDP.
Sensex, Nifty end lower; Yes Bank plunges 30 pc
Benchmark indices Sensex and Nifty Tuesday ended marginally lower after a volatile session, dragged by private sector lender Yes bank which posted a loss of Rs 1,506 crore in the March quarter on higher bad loans provisioning. 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. Yes Bank shares crashed nearly 30 per cent after the company reported a loss of Rs 1,506.64 crore for the fourth quarter ended March 2019, hit by higher provisioning for bad loans. Other major Sensex laggards were IndusInd Bank, HeroMoto Corp, Maruti Suzuki, PowerGrid and Mahindra and Mahindra -- plunging as much as 5.21 per cent. Banking and auto shares mainly led the fall in the Sensex. Shares of housing finance companies also came under heavy selling pressure with Indiabulls Housing Finance and PNB Housing finance diving as much as 6 per cent. Asian markets were mostly lower on Tuesday, tracking weak Chinese ...
Sensex, Nifty end with small losses
The Sensex and the Nifty ended with tiny losses after a volatile trading session. The barometer index, the S&P BSE Sensex, fell 35.78 points or 0.09% to 39,031.55, as per the provisional closing data. The Nifty 50 index fell 6.50 points or 0.06% to 11,748.15, as per the provisional closing data. The Sensex closed above 39,000 mark and the Nifty closed above 11,700 mark after falling steeply below these levels in morning trade.
Kalpataru completes acquisition of 85 pc stake in Swedish firm for USD 24 mn
Engineering firm KPTL Tuesday said its arm Kalpataru Power Transmission Sweden AB has completed acquisition of 85 per cent stake in Linjemontage i Grastorp AB for USD 24 million (around Rs 167 crore). "Kalpataru Power Transmission Sweden AB, wholly-owned subsidiary of the company, has completed the acquisition of LMG along with its two wholly-owned subsidiaries on April 29, 2019," a company statement said. Kalpataru Power Transmission Ltd (KPTL) announced the acquisition last month. The acquisition is in line with KPTL's stated objective of growth and greater geographical presence in stable and growing markets with focus on core power transmission segment. The transaction was expected to close in the first quarter of 2019-20. The Linjemontage i Grastorp AB was founded in 1993. It specialises in power supply solutions and services for electricity networks up to voltage range of 400 kv. The company has presence in Sweden and Norway with an order book of around SEK (Swedish Krona) 710 ...
Neogen Chemicals IPO gets strong demand
Receives bids for 17.82 crore shares
Airtel's Africa operations post USD 89 mn profit in Jan-Mar
Airtel Africa, a subsidiary of Bharti Airtel that provides services in Africa, Tuesday posted a net profit of USD 89 million for the quarter ended March 31, 2019, on account of increase in data consumption and Airtel Money penetration. The company had posted a loss of USD 33 million in the same period a year ago. Its 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. "Increase in Data & Airtel Money penetration led to faster net revenue growth," Airtel Africa said in its quarterly report. For year ended March 31, 2019, Airtel Africa posted a profit of USD 412 million while it had reported loss of USD 138 million a year ago. Revenue increased by 5.73 per cent to USD 3,077 million in 2018-19 from USD 2,910 million in 2017-18, the company said.
Nitstone Finserv Hires Ex-Foreign Banker as Strategic Finance Head
/ -- Nitstone Finserv, a Bangalore-headquartered NBFC, which focuses on digital and physical lending platform facilitating quick and hassle-free loans, has appointed Mr. Bosco Caldeira as its Senior Vice President - Head of Strategic Finance and Global Alliances. Mr. B Caldeira is a former Chartered Accountant and an MBA from IIM Ahmedabad. He has had a career spanning over 25 years in global banks and IT firms in the UK, UAE, India, Malaysia and Australia. Bosco has worked in senior management positions in Bank of America, Standard Chartered Bank, Deutsche Bank and CIMB Bank. Caldeira's appointment comes as a part of Nitstone's efforts to continue to attract institutional investments to raise growth capital. In his new role, he would be focused on raising investment capital, working on strategic partnership. He would be a part of the senior management team. Ms Bhatter, the company's spokesperson, said, "We are delighted to welcome Bosco Caldeira in the team. Caldeira is spearheading
IndiaMART App Crosses 10 Million Downloads and is Rated 4.6 Stars by Users on Google Play Store
/ -- IndiaMART app brings 10+ Mn users, which includes manufacturers, verified sellers, resellers, wholesalers and retailers looking for an easy way to widen their reach manifold. Connecting 5.98 Crore registered buyers with over 47 Lakh suppliers[1] India's largest online B2B marketplace for business products and services in fiscal 2017[2] , IndiaMART, has seen a phenomenal rise in app downloads on the Google Play Store . According to recent data, IndiaMART app has witnessed 10 million downloads until date, which is an achievement in the B2B space and makes IndiaMART as one of the top rated business apps on Google Play. The app connects buyers with relevant suppliers and allows them to do business on the go. The app has been awarded at various platforms for its features, customised solutions and user experience. It is also an attestation of IndiaMART's passion for providing the customers with significant levels of satisfaction and at the same time providing quality services through ..
Gold, silver prices fall on tepid demand
Gold prices fell by Rs 55 to Rs 32,945 per 10 gram at the bullion market here on Tuesday due to tepid demand from jewellers, according to the All India Sarafa Association. Tracking gold, silver also dropped by Rs 200 to Rs 38,500 per kg due to reduced offtake by industrial units and coin makers. Traders said easing demand from local jewellers at the domestic market led to the decline in prices, but a firm trend overseas restricted the fall. Globally, spot gold was trading higher at USD 1,285.40 an ounce, while silver was up at USD 15.06 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity declined by Rs 55 each to Rs 32,945 and Rs 32,775 per 10 gram, respectively. However, sovereign gold held steady at Rs 26,400 per eight gram. Silver ready slumped by Rs 200 to Rs 38,500 per kg and weekly-based delivery reduced by Rs 28 to Rs 37,222 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100
India's crude steel output falls 1 pc to 9.412 MT in March: worldsteel
India's crude steel production fell by 1 per cent to 9.412 million tonne (MT) during March 2019, according to World Steel Association's (worldsteel) report. India had produced 9.506 MT crude steel during the same month a year ago, the global steel industry body said in its latest report. India produced 9.412 MT crude steel in March 2019, down 1 per cent from 9.506 MT in March 2018, it said. This is the second fall reported by India in crude steel production since January. Before registering a 2.3 rise in crude steel output in February, India had reported 1.9 per cent fall in steel production in January. "Global crude steel production for the 64 countries reporting to the worldsteel was 155 million tonne (MT) in March 2019, a 4.9 per cent increase compared to 147.71 MT in March 2018," the association said. China's crude steel production during March was at 80.326 MT, up 10 per cent from 73.047 MT produced in March 2018, worldsteel said. Japan's crude steel production remained unchanged
No funds to pay premium for group mediclaim policy: Jet Airways tells staff
In continuing woes for staff, Jet Airways has said there are no funds to pay premium for the group mediclaim policy that expires on Tuesday. The more than 25-year-old airline temporarily suspended operations on April 17 as it ran out of cash after lenders declined to extend emergency funds. Jet Airways Chief People Officer Rahul Taneja has informed employees that the airline would not be able to fund the premium for the group mediclaim policy. "In the absence of any emergency funding from the lenders or any other source of funds forthcoming in the near future, we find ourselves facing a situation where we are not able to fund the premium of our Group Mediclaim Policy. The policy lapses on the midnight of April 30. "These circumstances are not of our doing and much as we would wish to do things differently, we are left with little choice," he said in a communication. The full service carrier has more than 20,000 employees, including pilots and engineers. Noting that the group mediclaim
US starts probe against alleged dumping of a alloy steel rod from India, other nations
The US has initiated a probe into alleged dumping a particular variety of steel rod from four countries including India, according to American department of commerce. In a statement, the department has said that it is also probing whether producers of 'carbon and alloy steel threaded rod' in India and China are receiving 'unfair' subsidies from their respective governments. If it is established that the dumped imports and subsidies are hurting the interest of companies there, the US would impose anti-dumping and countervailing duties. And if it would not find anything, the department would terminate the investigations. If the department makes an affirmative finding in these investigations, and if the US International Trade Commission determines that dumped and the "unfairly subsidised" imports from China, India, and Taiwan are causing injury to the industry, it "will impose duties on those imports in the amount of dumping and/or unfair subsidisation found to exist," it said. The ...
Godrej Properties net profit jumps to Rs 156 crore in Q4 FY19
Realty major Godrej Properties said on Tuesday that higher sales pushed up its consolidated net profit by 271 per cent to Rs 156.6 crore during the fourth quarter of fiscal 2018-19 ended March 31.It had recorded a net profit of Rs 42.3 crore in the year-on period. At the same time, total income moved up 133 per cent to Rs 1,203.2 crore from Rs 533 crore.During the entire fiscal 2018-19, the company clocked net profit of Rs 253.2 crore as against Rs 86.9 crore in the previous year. Total income rose to Rs 3,221.9 crore from Rs 2,102.4 crore in 2017-18."We expect to further scale our business development and sales momentum in FY20, given our exciting launch pipeline across the country," Pirojsha Godrej, Executive Chairman of Godrej Properties, said in a statement.The earnings per share work out to Rs 11.15 for FY19 compared to Rs 4.01 in the previous fiscal year.
Yes Bank Ltd leads losers in 'A' group
Reliance Power Ltd, Bombay Dyeing & Manufacturing Company Ltd, Reliance Infrastructure Ltd and Navkar Corporation Ltd are among the other losers in the BSE's 'A' group today, 30 April 2019.
Will continue to sell diesel models in India: Ford
US automaker Ford will continue to sell diesel models in India and has no plans to pull the plug on such vehicles, a senior company official Tuesday said. The automaker, which sells models like EcoSport and Endeavour in the country through a wholly-owned subsidiary, said it would also be ready with BS VI-compliant diesel powertrains for its model range before the April 1, 2020 deadline. "We will continue to offer the power of choice to consumers and will not stop diesel models. Ford will also be fully ready with its range of BS-VI compliant diesel powertrains ahead of April 2020 implementation," Ford India Executive Director, Marketing, Sales and Service Vinay Raina told PTI. This shows the company's commitment in offering what consumers want, he added. With diesel cars set to become costlier from next year with the implementation of stricter BS-VI emission norms, major automakers in India are contemplating about the future of such vehicles in their portfolios. Already, the country's .
Centre took loans worth Rs 30 lakh crore: Congress
The Congress on Tuesday blamed Prime Minister Narendra Modi for wrecking the economy and cited Finance Ministry data to allege that the Modi government took additional loans worth Rs 30 lakh crore since 2014.