Page 476 - Business Finance
Jan-Mar PE investment deal value touches USD 8,451 mn: Report
Private equity investments worth USD 6,198 million were announced last month, taking the total deal value during the January-March quarter to USD 8,451 million, largely driven by big ticket investments, says a report. According to Grant Thornton's PE Dealtracker, 69 PE investments worth USD 6,198 million were announced in March, registering a significant jump from USD 1,382 million in the year-ago period. In January-March period, there were 182 PE deals worth USD 8,451 million, recording a twofold jump in the investment values on account of increased big-ticket deals that saw 11 investments attracting funds in the range of USD 100-500 million. "PE firms looking for places to park their capital in leverage buyouts will help keep up the deal-making pace," Grant Thornton India LLP Director Pankaj Chopda said adding much of the action is dependent on the policies of the next government. A sector-wise analysis shows that a total of five PE transactions in the energy and natural resources ..
Majority of new cos yield good returns this year; gain up to 21%
A majority of the newly-listed companies are trading well above their issue price, giving investors returns of up to 21 per cent this year. Since the start of 2019, as many as six companies have got listed on the bourses. Of this, five firms are trading above their issue price, fixed after their initial public offerings, as per an analysis of the performance of the new listings showed. Among the new entrants, Rail Vikas Nigam Limited, which got listed on April 11, has seen the biggest rally in its scrip, which jumped 21.31 per cent from its initial public offer (IPO) price on the NSE. Wires and cables manufacturer Polycab India, whose scrip debuted on April 16, zoomed 19.94 per cent as compared to its issue price. The scrip of Chalet Hotels climbed 14.64 per cent and those of Xelpmoc Design and Tech Limited rose by 7.57 per cent against the price at which they had issued shares to investors. Both the companies had made their market debut earlier in February this year. Xelpmoc Design .
Castrol net profit up 2 pc in Jan-Mar
Castrol India Ltd Monday reported a 2 per cent rise in net profit in the March quarter on back of higher revenues. Net profit in January-March at Rs 185 crore, or Rs 1.87 per share, was higher than Rs 181.8 crore, or Rs 1.84 per share, in the same period of the previous year, the company said in a statement. Revenue rose 5 per cent to Rs 976.2 crore. "The company grew profits in a tough external environment," it said. Omer Dormen, Managing Director, Castrol India Ltd: "We continue progressing really well against our strategic priorities and in first quarter 2019, we have seen strong topline improvement contributed by growth in personal mobility space, focus channels and new premium products." In a tough environment, which witnessed softening of economic indicators, sluggish demand and higher input costs, the company has been resilient to grow, he said. "Through prudent cost control initiatives, strategic sourcing and better product mix management we have been able to protect our ...
Restaurants, small B2C entities under scanner for GST evasion
GST officers are working out a mechanism to deal with non-payment of taxes by large number of small restaurants and B2C entities which are collecting taxes from customers but not depositing the levy with the government. Several consumers have filed complaints through a mobile app -Iris Peridot - that GST was charged by small restaurants but the eatery neither deposited taxes with the government nor filed GST returns. Many customers have downloaded the Iris Peridot app, developed by a GST Suvidha Provider, allowing them to scan the unique GST Identification Number (GSTIN) of a business and find out whether the returns have been filed by the entity. Complaints of consumers about non-filing of returns by the entities which are charging Goods and Services Tax (GST) are being forwarded on a real-time basis to the tax department for further action. Small businesses with an annual turnover of up to Rs 1.50 crore can opt for the composition scheme and file returns quarterly. However, such ...
NTPC Meja JV plant's unit-1 to begin operations from Tuesday
State-owned power giant NTPC Monday said that the first unit of 660 MW of its joint venture Meja Urja Nigam will be commercially operational from midnight Tuesday. "Unit-l of 660 MW of Meja Thermal Power Station Stage-I (2 x 660 MW) of Meja Urja Nigam (P) Ltd (a JV company of NTPC Ltd) will be declared on commercial operation from 00:00 hrs of April 30, 2019," a company statement said. With this, the commercial capacity of Meja Thermal Power Station and the NTPC Group will become 660 MW and 54,326 MW, respectively, according to the statement. The Meja Urja Nigam was incorporated on April 2, 2008 with UPRVUNL (Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd). The objective of the JV firm was to set up a 2 X 660MW thermal power plant at Meja in district Prayagraj in Uttar Pradesh. The NTPC and UPRVUNL equity ratio is 50:50 in the the joint venture.
IGNOU to launch awareness programme on GST
The Indira Gandhi National Open University (IGNOU) will launch an awareness programme on Goods and Services Tax (GST) in collaboration with Bombay Stock Exchange Institute Limited from its July 2019 session, the varsity said Monday. The programme, which will be launched by IGNOU's School of Management Studies aims to impart basic knowledge and skills required to fulfil various requirements under the GST Act. This programme would be beneficial to people who are engaged in maintaining accounts and filing of various indirect tax returns, the varsity said. Entrepreneurs engaged in small-scale business ventures can also benefit from this programme as it gives an overview of the procedures and formalities to comply under the GST Act, it said. The main objective of the programme is to impart skills to book keeping professionals to file various regular GST returns along with the various compliance requirements, it said. Those who have passed Class 12 are eligible for the course, which will be
Indian tourism sector to reach Rs 35 lakh crore by 2029: FICCI-Yes Bank report
The tourism sector generated 247.3 billion dollars (about Rs 16.9 lakh crore) in 2018, marking a growth of 6.7 per cent and contributing 9.2 per cent to the gross domestic product (GDP), an industry report said on Monday.The FICCI-Yes Bank report titled 'India Inbound Tourism: Unlocking the Opportunities' said India is a tourism powerhouse and the largest market in South Asia. "By 2029, Indian tourism sector is likely to grow at 6.7 per cent per annum to reach Rs 35 lakh crore with 9.6 per cent contribution to the GDP."The sector generated 2.67 crore jobs in 2018. By 2029, it is expected to provide employment to nearly 5.3 crore million people directly and indirectly.Foreign tourist arrivals crossed one crore in 2017 and the growth trend is expected to continue. Consumption by domestic tourists remains a key strength of the sector in India, much stronger than the global average.Growing disposable income, increase in new millennial tourists, new travel destinations, as well as new ...
Shanthi Gears Jan-March 2019 quarter net at Rs 6.01 crore
: Shanthi Gears Ltd Monday clocked net profit at Rs 6.01 crore for the January-March 2019 quarter as against Rs 9.62 crore registered same period of last year. The Coimbatore-based Murugappa Group company had clocked net profit of Rs 33.35 crore for the full year ending March 31, 2019 as against Rs 28.58 crore registered year ago. Total income for the January-March 31, 2019 quarter grew to Rs 62.67 crore from Rs 58.79 crore registered year ago. For the full year ending March 31, 2019, total income of the company surged to Rs 254.77 crore, from Rs 231.47 crore registered during the same period of last fiscal. In a statement, the company said, the Board of Directors recommended a final dividend of Re one per equity share for year ending March 31, 2019. Total dividend for financial year 2018-19 is Rs six per equity share including an one time special interim dividend of Rs five per equity share of Re one each. The company continues to focus on expanding customer base ...
NFRA plans to hire 10 chartered accountants
The National Financial Reporting Authority plans to hire up to ten chartered accountants and company secretaries on contractual basis, according to an official release. The applicant should be a qualified chartered accountant (CA) or cost accountant or company secretary (CS) having passed the final examination of the concerned institutes. Besides, candidate should have minimum two years of experience post-passing their final examination, among others. "National Financial Reporting Authority (NFRA) intends to engage up to ten chartered accountants/cost and management accountants/company secretaries on contractual basis," according to a government release dated April 24. Regarding the terms and conditions, it said, the selected candidates will not practice during the period of their engagement in the NFRA. Those selected will be engaged for a period of initial three months. Further extension may be considered on the basis of output of selected candidate, it added. The NFRA would pay ...
Even coalition government must work for growth: Anand Mahindra
Chairman of Mahindra group Anand Mahindra said on Monday that whosoever comes to power at the Centre after the Lok Sabha elections, including a coalition government, must work for growth and development.
Housing sales down 5% in Jan-Mar 2019 on changes in GST rates, rules: PropTiger
Housing sales dipped by 5 per cent to 75,706 units in nine major cities during January-March period because of transition in GST rates, according to a report by property brokerage firm PropTiger. The company, which is part of News Corp-backed Elara Technologies that also owns Housing.com and Makaan.com, Monday released its 'Real Insight Report' for Q4 2018-19 that tracks housing sales and new launches in nine major cities -- Bengaluru, Kolkata, Mumbai, Chennai, Hyderabad, Pune, Ahmedabad, Gurugram and Noida. "Housing sales in India's nine key property markets declined 5 per cent year-on-year (y-o-y) and new project launches fell 32 per cent annually during Q4 2018-19," the report said, adding that the unsold housing stock numbers declined by 10 per cent. PropTiger attributed the decline in home sales numbers to changes in the Goods and Services Tax (GST) transition rules. In contrast to PropTiger report, real estate consultant Anarock recently said housing sales rose by 58 per cent to
IMF delegation arrives in Pak to hold talks on bailout package
A delegation of the IMF arrived in Pakistan on Monday to hold technical discussions for a bailout package to the cash-strapped country, days after Prime Minister Imran Khan met IMF chief Christine Lagarde in China. Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. With the generous Chinese assistance, Pakistan has so far received a total of USD 9.1 billion in financial aid packages from friendly countries during the current fiscal year. According to adviser and spokesman for the Ministry of Finance Khaqan Najeeb, the IMF team will meet officials of the ministry, the Federal Board of Revenue and the State Bank during its visit. The two sides will discuss the possibility of a USD 7 to USD 8 billion loan for Pakistan, Geo News reported. "The talks aim to determine the terms and conditions of the three-year programme," an official at the finance ministry .
Compact segment firmly in driver's seat in Maruti's growth story
Maruti Suzuki India's compact models, including premium hatchbacks such as Swift and Baleno and sedan Dzire have become the primary growth driver for the country's largest car maker accounting for almost half of its total domestic sales last fiscal. According to an investor presentation by Maruti Suzuki India (MSI), the compact segment accounted for 49.7 per cent of its total domestic sales in 2018-19 as compared to 45.3 per cent in 2017-18. The compact segment, including models such as new WagonR, Ignis, Celerio, Swift, Baleno and Dzire, sold 8,71,864 units in 2018-19 as against 7,48,475 units in 2017-18, up 16.5 per cent. MSI had sold a total of 17,53,700 units, including light commercial vehicle Super Carry, in the financial year ended March 2019 as against 16,53,500 units a year ago, a growth of 6.1 per cent. The mini segment comprising Alto and the old WagonR -- which was once the bread and butter for the company -- accounted for 21 per cent of its total domestic sales at ...
Startups: Accredited investors may get exemption from angel tax
Funds received by startups from accredited investors may be exempted from angel tax subject to complying with certain net worth criteria, an official said. This provision is considered by the government as part of an exercise to define 'accredited investors' with a view to increase investment flow in startups. The Department for Promotion of Industry and Internal Trade (DPIIT) is working on the definition, which would be submitted to the finance ministry for approval. "Accredited or genuine investors can invest any amount but we will make some criteria for that. It should be liberal enough so that all such people can come under its purview. But it should not be over liberal and extra-stringent," the official said. "How much a genuine investor is investing per year would depend on his/her net worth. For example, if you invest Rs 2 crore, then the net worth should be 10 times of that. There should be a linkage between investments and investors' net worth and certain income should be ...
Atos sets up global delivery centre in Tamil Nadu
: Atos, global leader in digital transformation Monday said it has set up a new global delivery centre in Tamil Nadu. The building spread across 100 acres in Tirunelveli district would house 2,300 software engineers delivering digital and technology solutions to global customers. The Tirunelveli campus would leverage the region's high quality talent pool and provide opportunities to solve complex business problems. The inauguration of the centre was attended by Atos Global leadership and representatives from government of Tamil Nadu among others on Monday. Commenting on setting up new delivery centre, Sean Narayanan, SEVP and Head of Business and Member of Atos Group General Management Committee said it would generate employment opportunities to local talent and leverage their potential to create a new digital ecosystems. "At Atos, we strive to hire a diverse and competent talent pool and mould it to deliver cutting-edge technology solutions to our clients," he said. The
Max India to venture into new verticals after divesting insurance, healthcare biz
Max India Monday said it is planning to venture into new business verticals, after divesting healthcare and health insurance business. The new business areas will be in adjacencies to group's current verticals of life insurance, real estate, senior care, hospitality, Max India said in a release. Max India also said that it will offer shareholders of the company a part of the divestment proceeds from healthcare and insurance business. The company is currently in the process of selling its 51 per cent stake in health insurance joint-venture Max Bupa to private equity firm True North. Besides, the company has also inked a deal which will result in its demerger from two listed entities. The first entity, created from a merger of Max Healthcare with the KKR backed hospital operator Radiant Life Care, will be India's third largest corporate hospital chain with over 3,200 beds and 16 hospitals and will be automatically listed on the Indian stock exchanges, it said. Max India's other demerged
Gold rises Rs 30 to Rs 33,000 per 10 gm, silver firms up
Gold prices Monday gained by Rs 30 to Rs 33,000 per 10 gram in the national capital on the back of demand from jewellers, according to the All India Sarafa Association. Silver also surged Rs 250 to Rs 38,700 per kg on increased offtake by industrial units and coin makers. Traders said despite weak global trend, gold prices saw an upward movement due to a rise in domestic demand. Globally, spot gold was trading lower at USD 1,283.50 an ounce, while silver was down at USD 15.05 an ounce in New York. On Saturday, the yellow metal had declined by Rs 50 to Rs 32,970 per 10 gram. In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 30 each to Rs 33,000 and Rs 32,830 per 10 gram, respectively. However, sovereign gold held steady at Rs 26,400 per eight gram. Silver ready rose by Rs 250 to Rs 38,700 per kg, while weekly-based delivery fell by Rs 268 to Rs 37,250 per kg. On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling
PURE EV to launchelectric two-wheelers in May
: PURE EV, an Indian Institute of Technology, Hyderabad-incubated startup plans to launch long-range, high-performance electric two-wheelers across the country next month. PURE EV has set up an 18,000-sq ft state-of-the-art facility for cutting-edge research and development of the vehicles for Indian conditions, a press release said here. It aims to sell over 10,000 electric vehicles this financial year, the release said. PURE EV is the electric vehicle vertical of PuREnergy, a startup incubated by IIT-Hyderabad, which manufactures high-performance lithium batteries, it said.
Max India exploring new lines of businesses after divesting healthcare and health insurance
Max India Ltd, one of India's leading multi-businesses corporate, announced its intent to enter new areas of business after the two recently announced transactions are concluded. Max India is currently in the midst of selling 51 per cent stake in its Health Insurance JV Max Bupa, to leading private equity firm True North.The process is expected to conclude in six months. The company has also undertaken a transaction which will result in its de-merger into two listed entities. The first entity, created from a merger of Max Healthcare with the KKR backed hospital operator Radiant Life Care, will be India's third largest corporate hospital chain with over 3200 beds & amp; 16 hospitals and will be automatically listed on the Indian stock exchanges.Max India's other demerged entity, which has currently been named as Advaita, will own the Group's Senior Living business-Antara Senior Living. It will also manage a corpus of over Rs 500 Cr received from the divestment of Max Bupa.Max ...
Amazon Pay enables instant money transfer on Android
Amazon Pay on Monday launched person-to-person (P2P) payments for Android users who can now make instant bank-to-bank transfers using the UPI platform on the Amazon app.