Page 470 - Business Finance
Eveready Industries India Ltd leads losers in 'B' group
Mcleod Russel India Ltd, Williamson Magor & Company Ltd, RPG Life Sciences Ltd and Lloyds Steels Industries Ltd are among the other losers in the BSE's 'B' group today, 30 April 2019.
HDFC AMC advances after strong Q4 result
HDFC Asset Management Company rose 4.96% to Rs 1,690.75 at 14:14 IST on BSE after net profit surged 60.7% to Rs 276.17 crore on 9.51% rise in total income to Rs 547.45 crore in Q4 March 2019 over Q4 March 2018.
Volumes soar at Prestige Estates Projects Ltd counter
Prestige Estates Projects Ltd recorded volume of 26.06 lakh shares by 14:14 IST on NSE, a 11.26 times surge over two-week average daily volume of 2.31 lakh shares
Market trades in range
Shares turned range bound in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 145.13 points or 0.37% at 38,922.20. The Nifty 50 index was down 50.50 points or 0.43% at 11,704.15. The Nifty was trading above 11,700 mark after flirting with that level in the intraday.
Govt sells 'enemy properties' worth Rs 1,874 cr in April
In a first, the government has sold 'enemy properties' worth Rs 1,874 crore in April, as it seeks to fast-track the sale process of such assets to meet the Rs 90,000-crore disinvestment target set for the current fiscal. The government has mopped up Rs 2,350 crore as the disinvestment proceeds in the first month of 2019-20, of which, Rs 476 crore was on account of IPO of Rail Vikas Nigam Ltd (RVNL) and Rs 1,874 crore from the sale of 'Enemy Property', according to data on the DIPAM website. The Cabinet in November 2018 had given its go-ahead to the Department of Investment and Public Asset Management (DIPAM) to sell 'enemy shares' and 'enemy properties' -- which refers to the assets left behind by people who migrated to Pakistan or China and are no longer citizens of India. Thereafter in March 2019, the Cabinet cleared the mechanism for monetisation of immovable 'enemy property' assets held under the custody of the Custodian of Enemy Property for India (CEPI). According to the asset ..
Airbus profits plunge on A380 scrapping and German arms freeze to Saudi
European aerospace giant Airbus on Tuesday reported a slump in first-quarter net profit, hit by Germany's freeze on weapons exports to Saudi Arabia and its own decision to stop building the loss-making A380 super-jumbo. It said profits were down 86 per cent from the same period in 2018 at 40 million euros (USD 45 million). It blamed "adjustments" including "a negative 190 million euros as a consequence of the prolonged suspension of defence export licences to Saudi Arabia by the German government". Germany in late March extended by six months an embargo on weapons exports to Riyadh. It had instituted the ban on arms sales to Saudi Arabia and other countries involved in the Yemen war last October in response to the murder of Saudi journalist Jamal Khashoggi at the Saudi consulate in Istanbul. But Berlin has since faced protests by EU partners because the ban has impacted joint defence projects such as the Eurofighter and Tornado jets. Airbus is affected by the freeze under a contract ..
Board of Steelco Gujarat approves loan facility agreement with holding co.
At meeting held on 30 April 2019
Takeda appoints Andrey Potapov as area head for ICMEA
Japan-headquartered drug firm Takeda Pharmaceutical Tuesday said it has appointment Andrey Potapov as area head for India, the Commonwealth of Independent States, Middle East including Turkey and Africa, (ICMEA). Potapov's appointment follows Takeda's recent acquisition of Shire Pharmaceuticals. He will be instrumental in guiding the successful integration of Takeda and Shire under the Takeda brand, the company said in a statement. The acquisition and subsequent integration will see Takeda evolve its operational focus from the NEMEA region (Near East, Middle East and Africa) to ICMEA, it added. In his most recent role as General Manager of Takeda Russia and Head of the CIS Area, Potapov oversaw the successful launch of new pharmaceutical products, while delivering above market profit growth for the past five years, the statement said. "Now is a great time to be heading up Takeda's regional operations as we look ahead to the integration of Shire into our business and the many ...
Coal allocation by CIL to power sector drops 6 pc in FY'19
State-owned CIL allocated 27.14 million tonne coal to the power sector under special forward e-auction mechanism last fiscal, registering a decline of six per cent from the previous year. According to the latest monthly report by the coal ministry prepared for the Cabinet, Coal India (CIL) allocated 28.93 MT of the dry fuel to the sector in 2017-18. In March 2019, the allocation stood at 1.12 MT in comparison to nil in the year-ago period. Recently, a World Bank report said India is still facing challenges to meet its growing demand for power and reliable supply remains low in the country. Last year, CIL said it would put on offer a little over 45 MT coal under the special forward e-auction mechanism in 2018-19. In an attempt to reach out to its consumers, CIL had earlier announced a special forward e-auction calendar for 2018-19 to facilitate power plants to systematically plan the lifting of coal. Coal India accounts for over 80 per cent of domestic coal output. The PSU produced ...
Board of Orient Refractories approves acquisiton of 'Intermetal Engineers India'
Since Orient Refractories (ORL) is one of the biggest refractory industry in India and aiming to increase market share, therefore making IEIPL 100% subsidiary will help ORL to increase the revenue. Hence, it was considered prudent to acquire 100% shareholding of IEIPL.
Atos Inaugurates New Global Delivery Centre in Tirunelveli India
/ -- Atos, a global leader in digital transformation, today announced the opening of a new global delivery centre in Tirunelveli, Tamil Nadu, India. The first building on the 100-acre campus will house 2,300 software engineers delivering digital and technology solutions to global clients. The new Tirunelveli campus will leverage the region's high-quality talent pool and provide opportunities to solve complex business problems using technology. Sean Narayanan, SEVP and Head of Business and Platform Solutions and member of the Atos Group General Management Committee, said the centre will generate employment opportunities for local talent and leverage their potential to create new digital ecosystems for global clients. He quotes, "At Atos, we strive to hire a diverse and competent talent pool and mould it to deliver cutting-edge technology solutions to our clients. This latest global delivery centre reinforces our commitment to growing and scaling our footprint in India." According to ..
Ankor Wat to SMEXASEAN - The Indian Connection to Cambodia
The Cambodian SME market looks poised for a major overhaul with the association between Small Entrepreneurs Association, an association formed by Tompen Virak Vitou, and SRAM & amp; MRAM Resources Limited, a global conglomerate."Reiterated the need for a greater private sector role in the development of the SME sector in Cambodia whose industries till date has been dominated by the services sector. The manufacturing sector needs to be given the necessary impetus by way of providing foreign collaborative efforts to uplift the quality of the products being produced which will, in turn, enable the manufacturing sector to compete with the best in the world," said Dr Sailesh Lachu Hiranandani at the press conference of SRAM & amp; MRAM Group Chairman."That this effort to provide the much-needed tooth to the Cambodian SME sector was absolutely necessary to see the sleeping ASEAN tiger rise again and become a force to reckon with in the ASEAN countries. With the western powers ...
Larsen & Toubro Infotech ranks Top Service Provider in France
For the second consecutive year
Board of Godrej Properties approves fund raising up to Rs 2500 cr
At meeting held on 30 April 2019
Silver futures fall to Rs 37,291 per kg
Silver prices were trading down by Rs 227 to Rs 37,291 per kg in futures trade Tuesday after speculators reduced their exposure to book profits. Silver for delivery in May contracts fell by Rs 227, or 0.61 per cent, to trade at Rs 37,291 per kg in a business turnover of 8,657 lots on the Multi Commodity Exchange. On similar lines, the white metal for delivery in July contracts shed Rs 247, or 0.65 per cent, to Rs 37,865 per kg with a business turnover of 13,745 lots. In the international market, however, silver rose 0.81 per cent to USD 14.96 an ounce in Singapore. Marketmen said trimming of positions by speculators to book profits at prevailing levels, mainly led to the fall in silver prices here.
Godrej Properties Q4 profit jumps 4-fold to Rs 157cr; to raise up to Rs 2,500cr
Realty firm Godrej Properties Tuesday reported nearly four-fold jump in its consolidated net profit to Rs 156.66 crore for the fourth quarter of last fiscal on higher sales. The company had posted a net profit of Rs 42.28 crore in the year-ago period, the Mumbai-based developer said in a regulatory filing. Total income more than doubled to Rs 1,203.21 crore during January-March quarter of 2018-19 from Rs 533.09 crore in the corresponding period 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. Total income rose to Rs 3,221.98 crore in the last fiscal from Rs 2,102.36 crore in the 2017-18 fiscal. The board, in its meeting held Tuesday, have approved raising of funds up to Rs 2,500 crore through issue of equity shares, preference shares, debentures and qualified institutions placement (QIP). "We have posted our best ever quarterly performance in terms of the ...
CARE puts PNBHFL rating on watch due to rising share of corporate loans
CARE Ratings has placed PNB Housing Finance Ltd (PNBHFL) rating on watch with developing implications due to its requirement for raising money to maintain comfortable capital adequacy and gearing level.The action is triggered by the increasing share of the corporate loan book in PNBHFL's total loan portfolio and consequent vulnerability arising out of weakness in the real estate sector."PNBHFL will be required to raise capital to fund its growth plans and provide a cushion in view of the increased vulnerability of the corporate loan book and rising funding costs for the housing finance sector in general," said the rating agency."CARE will continue to monitor developments with regard to the above and will take up review of rating when more clarity emerges on the above aspects," it said, adding that the impact of stake sale announced by the PNBHFL's promoter Punjab National Bank is also to be seen.However, it said that PNBHFL continues to derive strength from its experienced management .
L&T Finance Holdings consolidated net profit rises 105.64% in the March 2019 quarter
Sales rise 20.57% to Rs 3304.23 crore
Orient Green Power Company reports consolidated net loss of Rs 15.73 crore in the March 2019 quarter
Sales rise 43.06% to Rs 49.04 crore
K P R Mill consolidated net profit rises 17.56% in the March 2019 quarter
Sales rise 14.74% to Rs 913.84 crore