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Page 475 - Business Finance

Trent's revenue totals Rs 2,532 crore in FY 19

Tata Group's retail arm Trent Limited said on Monday its revenue from operations increased to Rs 2,532 crore in fiscal 2018-19, up from Rs 2,066 crore in the previous year.At the same time, net profit after tax moved up from Rs 117 crore to Rs 127 crore.During the fourth quarter ended March 31, total revenue was Rs 669 crore as compared to Rs 529 crore in the corresponding period of the previous year.Net profit moved up from Rs 11.7 crore in January to March 2018 to Rs 40 crore in Q3 FY 19 (October to December 2018) and then slipped to Rs 16 crore during Q4 of FY 19 (January to March this year).The board of directors have recommended a 130 per cent dividend -- Rs 1.30 per equity share of Re 1 each, which will be paid on or after August 7.Trent operates 143 Westside departmental stores across 82 cities and 20 Zudio fashion across 12 cities besides 26 Star grocery supermarkets and 10 hypermarkets.

Updated On : 29 Apr 2019 | 6:25 PM IST

Reliance Nippon Life March qtr profit rises over 34 pc to Rs 151 cr

Reliance Nippon Life Asset Management (RNMA) Monday posted a rise of 34.16 per cent in consolidated net profit at Rs 151.08 crore for the quarter ended March 31, 2019. The company had logged a profit of Rs 112.61 crore in the same quarter a year ago, according to a BSE filing. Total income fell to Rs 397.49 crore from Rs 440.19 crore in March quarter 2018, RNAM, asset manager of Reliance Mutual Fund, said. For the entire 2018-19 financial year, the company's net profit was Rs 486.09 crore, as against Rs 455.74 crore in the previous year. As on March 31, 2019, RNAM's assets under management was Rs 4,22,149 crore, an increase of 7 per cent year-on-year, it added. "Mutual fund industry remains underpenetrated and presents a huge untapped potential. Industry faced multiple headwinds during the year due to regulatory changes, market volatility and credit events. However, post elections, we expect much stronger growth. "Our focus continues to be on retail assets. In FY'19, retail assets ...

Updated On : 29 Apr 2019 | 6:10 PM IST

Scoot to stop flying to four cities, including Lucknow

Singapore Airlines group's budget arm Scoot on Monday announced it will suspend services to four cities, including Lucknow, from June due to weak demand and a shortage of planes. The other cities include Kalibo in the Philippines, Quanzhou in south-east China and and Male in the Maldives. The last flights from Singapore will depart on June 29 for Lucknow, June 30 for Kalibo, August 24 for Quanzhou and October 25 for Male, it said. All flights are operated with Scoot's Airbus 320 aircraft, the airline said on Monday. The budget carrier currently operates three times a week to Lucknow, Kalibo and Quanzhou and four times a week to Male. The aircraft shortage is because SilkAir is no longer able to transfer its Boeing 737-800NG aircraft to Scoot in the current financial year, as originally announced in November 2018, Scoot said. Both Scoot and SilkAir are part of the internationally renowned Singapore Airlines group. The budget carrier said that customers with existing bookings have been .

Updated On : 29 Apr 2019 | 6:00 PM IST

Themes for Economic Survey still developing: CEA

The themes for the upcoming Economic Survey are still in the works, Chief Economic Advisor Krishnamurthy V. Subramanian said on Monday.

Updated On : 29 Apr 2019 | 5:45 PM IST

Reliance Nippon Life Asset Mgmt Q4 net profit up 34%

Asset management firm Reliance Nippon Life Asset Management (RNAM) on Monday reported a 34 per cent increase in its net profit for the January-March quarter on a year-on-year basis.

Updated On : 29 Apr 2019 | 5:21 PM IST

Can Jet and Other Indian Carriers Learn from Singapore Airlines?

Clementi [Singapore], Apr 29 (ANI): After almost 27 years in business, it looks increasingly likely that airplanes painted with the Jet Airways livery have made their final touchdowns.On April 17, Jet Airways suspended all domestic flights following its inability to obtain interim funding necessary to continue operations. Just 5 days before, it announced the "temporary" cessation of its international routes as a stop-gap measure to give itself some breathing space from creditors which are owed some US$1.2 billion.In its heyday, it flew to 22 international cities and over 50 local airports. It was once India's most valuable airline, had the largest market share in India and admired by Indians for breaking the monopoly of state-owned Air India and bringing into the market better services, reliability, and nicer airplanes.Although there are talks of a rescue being mounted, led by SBI (State Bank of India), the longer Jet Airways stays out of operation, the more difficult it is for it to .

Updated On : 29 Apr 2019 | 5:21 PM IST

Reliance Nippon records 34 pc jump in profit at Rs 151 crore

Reliance Nippon Life Asset Management (RNAM) on Monday reported 34 per cent jump in its net profit at Rs 151 crore during the fourth quarter of 2018-19.For the entire fiscal (April 2018 to March 2019), the net profit moved up 7 per cent at Rs 486 crore, the Anil Ambani-led company said adding the company recorded one online purchase transaction processed every 30 seconds.RNAM's assets under management at the end of fiscal 2019 were Rs 422,149 crore, marking an increase of 7 per cent year-on-year.The mutual fund MF assets under management totalled Rs 233,617 crore while retail assets were Rs 89,911 crore. Equity assets saw 13 per cent jump to reach Rs 108,043 crore.Total income in Q4 FY 19 was Rs 397 crore and Rs 1,650 crore in the entire fiscal.RNAM's Executive Director and CEO Sundeep Sikka said: "The mutual fund industry remains underpenetrated and presents huge untapped potential. The industry faced multiple headwinds during the year due to regulatory changes, market volatility and

Updated On : 29 Apr 2019 | 5:20 PM IST

Bank of Maharashtra reports net loss of Rs 4,784 crore in FY 19

The government-owned Bank of Maharashtra on Monday reported a mounting net loss of Rs 4,784 crore in 2018-19 from Rs 1,146 crore in the previous fiscal year, mainly due to slippages from agriculture loans.During January to March this year, the net loss was Rs 72 crore compared to Rs 113 crore in the same period of last year. In the third quarter ended December 31, it was a whopping 3,764 crore.In the financial year ending March 31, loans and advances totalling Rs 1,448 crore have been classified as fraud in terms of Reserve Bank of India (RBI) guidelines, according to an official statement.The bank's accumulated losses stand at Rs 7,327.53 crore.Meanwhile, reports said the Bank of Maharashtra has decided not to extend loans in eight zones of Maharashtra and Madhya Pradesh that include Aurangabad, Latur, Akola, and Amravati, which are hit by drought.The other zones are Solapur and Jalgaon in Maharashtra, and Bhopal and Jabalpur in Madhya Pradesh. Bank branches in these zones with high .

Updated On : 29 Apr 2019 | 5:20 PM IST

Zomato's Hyperpure in Delhi, eyes 22 warehouses by 2020

Food ordering app Zomato on Monday announced the launch of a warehouse for its business-to-business food ingredients supply arm Hyperpure, marking the opening of the second warehouse for the company after Bengaluru.

Updated On : 29 Apr 2019 | 5:15 PM IST

Wipro Consumer Care to acquire Splash Corporation

Wipro Consumer Care (WCC) Monday announced that it has signed a definitive agreement to acquire Philippine based personal care company Splash Corporation. This will be Wipro Consumer care's 11th acquisition, said WCC Chief Executive Officer Vineet Agrawal. Addressing a press conference here, he said Splash Corporation has a presence in Indonesia, Thailand, Malaysia, Hong Kong, Vietnam, Nigeria and the Middle East. "This is an exciting milestone for us, given our vision ofbeing amongst the top three players in personal care in Asia. Splash gives us a market leading position in the Philippines,which is one of the strong economies in the region and aformidatble personal care market," Agrawal said. The WCC CEO did not share the deal size, saying that it was confidential. He however, noted that Splash has a revenue of USD 80 million. After the acquisition, Splash founder Dr Rolando B Hortaleza would remain as the consultant and the rest of the team would become part of Wipro ..

Updated On : 29 Apr 2019 | 5:15 PM IST

Bank of Maharashtra posts net profit of Rs 72 crore in March quarter

State-owned Bank of Maharashtra Monday posted a net profit of Rs 72.38 crore in the quarter ended March 31. The bank had posted a net loss of Rs 113.51 crore in the corresponding quarter of the previous financial year. Its total income during the January-March quarter of 2018-19 stood at Rs 3,160.79 crore in the March quarter, up from Rs 3,094.46 crore in the year-ago quarter, the bank said in a release. On the assets front, gross bad loans or non-performing assets (NPAs) of the bank came down to 16.40 per cent of the gross advances as on March 31, 2019, from 19.48 per cent a year ago. Net bad loans came down sharply to 5.52 per cent from 11.24 per cent a year ago. The bank said it will raise Rs 3,000 crore by way of preferential allotment of shares to the government, financial institutions or by way of qualified institutional placement, further public offer or rights issues or bonds. Also, Rs 1,000 crore is to be raised by way of issue of Basel III-compliant tier-I and II bonds or ...

Updated On : 29 Apr 2019 | 5:05 PM IST