Page 482 - Business Finance
Japan Nikkei falls on yen's ascent, ahead of 10-day holiday
Investors were adjusting their positions ahead of the long holidays. Japanese investors were mindful of fears of a repeat of the flash crash seen during Tokyo's New Year holidays, which temporarily boosted the yen against the dollar.
Jaypee Infratech lenders reject NBCC's bid, to vote on Suraksha offer: Sources
Lenders of debt-ridden Jaypee Infratech are believed to have rejected the bid of state-owned NBCC Ltd and will put to vote the offer of Mumbai-based Suraksha Realty for acquiring the realty firm, sources said. A meeting of Committee of Creditors (CoC) was held on Friday to consider the revised offers of both NBCC Ltd and Suraksha group to acquire Jaypee Infratech and complete over 20,000 housing units in various projects in Noida. According to a source, the CoC decided not to consider the NBCC's bid as it found the offer to be conditional and subject to approvals from various government departments. The offer of NBCC, a public sector unit under the aegis of the Ministry of Housing and Urban Affairs, put some other conditions as well. In the meeting, NBCC representatives sought some time to take approvals from different government departments, sources added. Under the insolvency law, conditional bids are not allowed. NBCC had submitted its revised bid on April 24 and offered to give ...
HDFC AMC posts 61 pc rise in Q4 profit at Rs 276 cr
HDFC Asset Management Company Friday posted a 61 per cent jump in profit after tax at Rs 276.17 crore for the three months ended March. It had reported a profit after tax of Rs 171.85 crore in the same period a year ago. In a regulatory filing, the company said its total income rose to Rs 547.45 crore in the latest March quarter from Rs 499.92 crore in the year-ago period. The company's board has recommended a final dividend of Rs 12 per share for the 2018-19 fiscal. "The total dividend for the financial year ended March 31, 2019 (including the interim dividend of Rs 12 per equity share) is Rs 24 per equity share," it said. Shares of the company closed flat at Rs 1,610.80 on the BSE. For the year ended March 2019, the company's profit after tax climbed 31 per cent to Rs 930.60 crore. In the year-ago period, the same stood at Rs 711.29 crore. Total income increased to Rs 2,096.78 crore in the last financial year from Rs 1,869.77 crore earlier. "Total AUM of Rs 3,439 billion (Rs 3.439 ..
Australia Market ends edge higher
Gold stocks were the biggest gainers, after bullion climbed on Friday, as signs of weak global growth rekindled investor interest in the safe-haven metal. Saracen Mineral Holdings and Newcrest Mining jumped 5.5% and 2.4%, respectively.
Modi opened bank accounts under PMJDY, but money went to Anil Ambani: Rahul
Congress president Rahul Gandhi on Friday alleged that although Prime Minister Narendra Modi opened bank accounts for people under the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme, money was deposited in Anil Ambani's bank account."You will get Rs 6,000 per month until you get Rs 12,000 as your monthly income. Narendra Modi ji did a good work that he opened bank accounts," Gandhi said while addressing a poll rally here. "However, he made a fool of people. He opened bank accounts and deposited money in the bank account of Anil Ambani. But we will deposit money in the accounts opened by him."The Congress president also promised increased prices of paddy to cultivators in the region."Chhattisgarh farmers get Rs 2500 per quintal for their paddy and you get only Rs 1200 in Odisha. This is an injustice of Patnaik. You will get Rs 2600 for your paddy here," he said.Gandhi went on to claim that Modi tried to revoke bills related to tribals."We brought a land acquisition bill and tribal bill.
Clean-up has Yes Bank in Rs 1,506-cr net loss as provisions soar over nine-times
Under a new head after the forced exit of its promoter-chief executive Rana Kapoor, Yes Bank Friday reported a whopping Rs 1,506 crore net loss for the March quarter as against a profit of Rs 1,179 crore in the year-ago period as provisions soared over nine-times. Higher provisions for possible reverses, including a massive Rs 2,100-crore contingency reserve, was the prime reason for the massive loss, the bank said. The heavy quarterly loss crimped the full year profit at Rs 1,720 crore as against Rs 4,224 crore in FY18. Had it not been for a Rs 831-crore write-back, the private sector lender would have reported higher losses for the quarter. An almost 10-times spike in provisions to Rs 3,661 crore from Rs 399 crore in the year-ago period led to the massive hit on the bottomline. This includes a contingent provision of Rs 2,100 crore. Leadership changes have often led to massive clean-ups at banks, and the practice, normally at state-run banks, has been adopted by the new Managing ...
NBCC may redevelop land bank with sick PSUs
The government plans to rope in state-run developers such as NBCC (India) Ltd to maximise value from the sale of sick and loss-making public sector undertakings (PSUs) that failed to generate suitable investor in the initial round of bidding.
Naspers to exit MakeMyTrip for 5.6% stake in Chinese major Ctrip.com
South African internet firm Naspers will exit online travel company MakeMyTrip by selling its entire shareholding to Chinese travel major Ctrip.com International. Naspers will get a 5.6 per cent stake in Ctrip.com International for selling its stakeholding in MakeMyTrip, according to a statement the internet firm. Ctrip.com, an existing stakeholder in MakeMyTrip, will increase its stake in Indian travel company to 49 per cent after the completion of the deal. The transaction is expected to close as soon as practicable in the second half of 2019, the statement said. "The agreement we have announced today is a significant step in the growth ambitions of both MakeMyTrip and Ctrip and we believe continuing to support them as a shareholder will create additional value for Naspers and our shareholders," Naspers CEO Bob van Dijk said. The share exchange transaction allows Ctrip to enjoy a larger exposure to the Indian travel market and benefit from the growth of MakeMyTrip, Naspers ...
Axis Bank plans to raise Rs 35,000 crore
Private sector lender Axis Bank Friday said it plans to raise Rs 35,000 crore debt instrument, including in foreign currency, to fund business growth. The decision in this regard will be taken at the annual general meeting held on July 20. The board has already given an approval to raise funds in Indian or foreign currency by issue of debt instruments including but not limited to long-term bonds, non-convertible debentures, perpetual debt instruments and tier-II capital bonds up to an amount of Rs 35,000 crore, Axis Bank said in a regulatory filing. The bank has reported a net profit of Rs 1,505 crore for the March quarter of 2018-19 as against a net loss of Rs 2,188 crore in the corresponding quarter of the previous fiscal. Gross non-performing assets as percentage of loans has declined to 5.26 per cent in the March quarter of 2018-19, from 6.77 per cent in the year-ago period.
PM Khan meets IMF chief & WB CEO in Beijing; seeks backing for bailout package for Pak
Pakistan Prime Minister Imran Khan Friday held separate meetings with IMF chief Christine Lagarde and World Bank CEO Kristalina Georgieva here and discussed the cash-strapped country's efforts to tide over the financial woes. 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. Khan met IMF Managing Director Lagarde and World Bank Chief Executive Officer Georgieva on the sidelines of the 2nd Belt and Road Forum (BRF) hosted by Chinese President Xi Jinping in Beijing, Pakistani media reported. After the meeting, Lagard tweeted that she was glad to meet Khan in a meeting where a comprehensive policy package was discussed to alleviate Pakistan's economy. "We discussed prospects for a comprehensive policy package and international financial support to help stabilize the economy of Pakistan, and also the need to strengthen governance and protect the poor," ...
IL&FS Tranport network re-designates Bhatia as CEO
IL&FS Transportation Networks on Friday announced the re-designation of Dilip Bhatia as CEO of the company.
SpiceJet to connect Durgapur with Mumbai
Airline major SpiceJet on Friday said it will commence two new daily flights connecting the underserved market of Durgapur with Mumbai from June 25.
Sebi slaps Rs 70 lakh penalty on 14 entities for fraudulent trade
Markets regulator Sebi levied a total fine of Rs 70 lakh on 14 entities for fraudulent and manipulative trading in the stock options segment on the BSE. Sebi conducted an investigation between April 2014 and September 2015 into the trading activity in illiquid stock options on the BSE and observed that the majority of volume generated in the bourse's stock option segment was artificial volume which was created by execution of trade reversal. The probe found that the entities were among those that had bought and sold option contracts with the same counter parties and also reversed their trades in less than few minutes from its earlier buy or sell trades, at substantial price difference, Sebi noted in separate orders. "The said reversal trades are non-genuine as they are not executed in normal course of trading, lacks basic trading rationale and lead to false or misleading appearance of trading in terms of generation of artificial volume, hence are deceptive and manipulative," Sebi said
TRAI withdraws over 6-yr old directive on 'Wangiri' calls
Telecom regulator Trai has withdrawn its more than six-year old direction placing restrictions on international call facility for pre-paid SIMs to protect consumers from missed call scam known as Wangiri calls. The move came after the industry informed the regulator about steps being taken to shield subscribers from such international phone call frauds, according to Trai. Wangiri, a Japanese word which means one ring and drop, is a phone scam where typically automated systems are used to make short and random calls to mobile phone numbers, leaving behind a missed number that is either premium or has promotional messages, all in the hope that the unsuspecting recipient will call back. The Telecom Regulatory Authority of India (Trai) had issued a direction in September 2012 asking access service providers to ensure that no ISD facility is activated on pre-paid SIMs without explicit consent of the consumer. The move was aimed at protecting the interest of the consumer. At that time, Trai
Pawan Bansal files nomination papers from Chandigarh
Congress leader and former Railway Minister Pawan Kumar Bansal filed his nomination papers from Chandigarh parliamentary seat here Friday. Accompanied by his wife Madhu and the union territory's Congress president Pradeep Chhabra, the 70-year-old former MP filed his nomination before the Deputy-Commissioner-cum-Returning Officer here. As per his affidavit, the total value of Bansal's moveable assets that includes cash in hand, bank deposits and investments in jewellery is over Rs 1.29 crore. The value of his wife's moveable assets is nearly Rs 2.55 crore. She works at Theon Pharmaceuticals Ltd, a Himachal Pradesh based pharma company, as per the affidavit. The value of immoveable assets of Bansal, a law graduate from Panjab University here, is nearly Rs 5.60 crore that includes a share he holds in his Sector-28 based house here. The four-time parliamentarian owns a 2013 model car whose current value has been shown as Rs 4 lakh in the affidavit. Bansal is pitted against BJP's sitting ..
CCI clears Canadian fund CDPQ's acquisition of convertible debentures in Edelweiss NBFC arm
The Competition Commission of India has approved Canadian fund manager CDPQ's acquisition of compulsorily convertible debentures of Rs 1,800 crore in Edelweiss Group's non-banking financial services arm. Earlier in March this year, Edelweiss said CDPQ Private Equity Asia Pte, a wholly-owned subsidiary of CDPQ, and Edelweiss Group signed an agreement for the investment of Rs 1,800 crore (USD 250 million) in ECL Finance Ltd. ECL Finance is part of the Edelweiss Group and is registered with the Reserve Bank of India as a non-banking financial company. The Competition Commission of India (CCI) in a tweet on Friday said "it approves acquisition of compulsorily convertible debentures of ECL Finance Ltd by CDPQ Private Equity Asia Pte Ltd". The agreement with CDPQ will enable ECL Finance to capitalise on opportunities in the credit market and confirm the capability of the group to capture opportunities in the NBFC space, the group had said. Deals beyond a certain threshold require clearance .
At Rs 217 cr, Badal couple richest in Punjab poll scene
With a combined declared net worth of Rs 217 crore, Shiromani Akali Dal (SAD) President Sukhbir Singh Badal and his Union Minister wife Harsimrat Kaur Badal are so far the richest candidates to enter the fray for Lok Sabha elections in Punjab.
SAD chief Sukhbir Badal, wife Harsimrat Kaur declare assets worth Rs 115.95 cr
SAD chief Sukhbir Singh Badal and his Union minister wife Harsimrat Kaur Badal together have assets worth Rs 115.95 crore, according to their election affidavits. Sukhbir Singh, who is in fray from the Ferozepur Lok Sabha seat, has moveable and immovable property worth Rs 75.88 crore. His wife and Union minister Harsimrat Kaur, who is contesting from the Bathinda Lok Sabha, has assets worth Rs 40.07 crore. Before filing nomination papers on Friday, the couple paid obeisance at the Golden Temple in Amritsar. Both the candidates along with their supporters took out road shows in Ferozepur and Bathinda. Sukhbir Singh, who is an MLA from Jalalabad, owns horses worth Rs 95.82 lakh while his wife possesses paintings worth Rs 3.40 lakh. He has two weapons worth Rs 4 lakh and his wife has a weapon worth Rs 1.25 lakh, according to their affidavits. He has moveable assets worth Rs 23.12 crore while his wife's moveable assets are valued at Rs 24.17 crore. Harsimrat Kaur owns jewellery worth Rs ..
Hero MotoCorp Q4 net dips 24% to Rs 730 cr on account of lower sales
The country's largest two-wheeler maker Hero MotoCorp Friday reported 24.5 per cent fall in its standalone net profit at Rs 730.32 crore for the fourth quarter of 2018-19 on account of lower sales in a sluggish market. The company had posted a net profit of Rs 967.40 crore during the fourth quarter of 2017-18. Revenue from operations also declined by 7.92 per cent to Rs 7,884.96 crore from Rs 8,564.04 crore in the year-ago period. The company sold 17,81,160 units during January-March, down 11.1 per cent from 20,01,595 units sold in the same period of 2017-18. For the fiscal 2018-19, the company reported a net profit of Rs 3,384.87 crore, down 8.45 per cent from Rs 3,697.36 crore in 2017-18. Revenue from operations for the fiscal stood at Rs 33,650.54 crore, up 2.36 per cent from Rs 32,871.82 in 2017-18. Hero MotoCorp sold 78,20,745 units in 2018-19 as compared with 75,87,154 units in 2017-18. "It is a testimony to our grit and resilience that we registered record sales of 7.8 million .
NTC Group launches two new entities
: Logistics firm NTC Group Friday said it has launched two new verticals -- SCINNTC and Everenew Energy Pvt Ltd -- and has set a target revenue of Rs 900 crore over the next 7-8 years. The Tamil Nadu-based firm launched SCINNTC and said it has invested heavily in excess of five million square feet in the warehousing segment. SCINNTC provides cost effective returnable packaging solutions. It would also offer services across various industry segments including autombile, lifescience, healthcare, energy, consumer and Fast Moving Consumer Goods. SCINNTC has set a target revenue of Rs 500 crore in five years, a company statement said. EVERENEW Energy Pvt Ltd offers project management solutions to the renewable industry. Besides it would also offer build projects from scratch to completion. Service offerings of EVERENEW Energy include identification of land, data analysis to ascertain project viability, permits and approvals, movement of equipment, installation and ...