Page 486 - Business Finance
HDFC Life Insurance posts Rs.1,277 crore net profit
Private life insurer HDFC Life Insurance Company Ltd on Friday said it closed last fiscal with a 15 per cent growth in net profit.
HDFC Life Insurance net profit rises 5 pc to Rs 364 cr in March quarter
HDFC Standard Life Insurance Friday reported a 5 per cent rise in standalone net profit to Rs 364.01 crore for the fourth quarter ended March 31. It had registered a net profit of Rs 346.84 crore in the corresponding quarter of 2017-18. The company's total income increased to Rs 14,374.56 during the quarter, from Rs 8,134.61 crore a year ago. "In line with our stated strategy, we continue to focus on profitable growth and providing the best value proposition to our customers, partners and shareholders," HDFC Life Insurance Managing Director and Chief Executive Officer Vibha Padalkar said in a statement. Net premium collection grew to Rs 10,247.50 crore, compared with Rs 8,900.02 crore in the year-ago quarter. For the entire fiscal, the standalone net profit increased 15 per cent to Rs 1,276.79 crore, from Rs 1,109 crore a year ago. The company's embedded value (EV) increased 20 per cent to Rs 18,301 crore at the end of March 2019, it said. The EV is similar to the book value of ...
HCL Tech expands US operations with cybersecurity centre
HCL Tech has said it has launched CyberSecurity Fusion Center (CSFC) in Frisco, Texas.
Mahindra Lifespace industrial cluster in city goes on stream
: Mahindra Lifespace Developers Ltd Friday announced the inauguration of the first industrial cluster ORIGINS in association with Sumitomo Corporation, Japan. Japan Ambassador to India Kenji Hiramatsu along with top company officials formally inaugurated ORIGINS here. ORIGINS, Chennai is a 60-40 joint venture between Mahindra World City Developers, a subsidiary of Mahindra Lifespace Developers Ltd and Japan-based Sumitomo Corporation. The companies have jointly committed to invest around Rs 1,000 crore in ORIGINS which is expected to generate 7,000 new jobs when the cluster becomes fully operational. The first phase of ORIGINS spread across 300 acres and the target customers would be in engineering, food processing, automotive, logistics and aerospace sectors. "It is gratifying to see our vision of a future-focused and sustainable industrial cluster come to life," Mahindra Lifespace Developers, Managing Director and CEO, Sangeeta Prasad said. "ORIGINS, Chennai provides a .
IL&FS Transportation Networks re-designates Dilip Bhatia as CEO
IL&FS Transportation Networks Ltd, a company of the crisis-hit IL&FS group, on Friday announced re-designation of Dilip Bhatia as its chief executive officer. "The board of directors has re-designated Bhatia as chief executive officer of the company effective April 4," IL&FS Transportation Networks Ltd (ITNL) said in a filing to BSE. Bhatia, it said, continues to be key managerial personnel of the company. "Bhatia was appointed as chief executive officer-officiating of the company effective November 15, 2018," the filing said. Last month, ITNL said it has defaulted on a payment of Rs 20.91 crore due on principal and interest of non-convertible debentures (NCDs) because of insufficient funds. The principal amount and interest due and payable on March 18, 2019, was not paid to the debenture holders due to insufficient funds, the company had said in a filing to stock exchanges. Infrastructure Leasing & Financial Services (IL&FS) and its subsidiaries have defaulted on .
Piramal Enterprises Q4 profit dives 88 pc to Rs 456 cr
Piramal Enterprises Friday reported 88 per cent plunge in consolidated net profit to Rs 456.24 crore for the fourth quarter ended March 31, 2019. In the year-ago period, the company had a net profit of Rs 3,943.98 crore on the back of deferred tax, according to a regulatory filing. These figures are after taking into account tax and share of profit of associates and joint ventures. In the year-ago period, the company had benefited from a deferred tax of Rs 3,569.18 crore on account of merger of subsidiaries. Consolidated revenue from operations stood at Rs 3,679.67 crore for March quarter 2018-19 as against Rs 2,991.06 crore in the same period of 2017-18. Net profit for entire 2018-19 was at Rs 1,470.12 crore as against Rs 5,120.28 crore in the previous year. Revenue from operations stood at Rs 13,215.34 crore for 2018-19. It was Rs 10,639.35 crore in 2017-18. The company's board has recommended final dividend of Rs 28 per equity share of face value of Rs 2 each for 2018-19, Piramal ..
India smartphone shipment grows 4 pc to 31 mn in March quarter: Counterpoint
Smartphone shipment in the country grew four per cent year-on-year to 31 million units in the January-March 2019 quarter, according to a report by Counterpoint Research. Anshika Jain, research analyst at Counterpoint Research, said the overall growth was slower than expected as some of the major brands were sitting on inventory after a stock build-up during the festive period last quarter. "This quarter, we have seen all major brands expanding their footprint in offline channels to gain market share," Jain added. While the report did not disclose the shipment numbers for feature phones, it said Jio had a 30 per cent share, followed by Samsung (15 per cent), Lava (13 per cent), Nokia (8 per cent) and itel (7 per cent). "While the smartphone market offers a big opportunity, one can't ignore 400 million feature phone users in the market which is also likely to stay for the next five years in India," the report added. Xiaomi continued to lead the smartphone tally with 29 per cent share, ..
Fuel Prices Matter For Domestic Automobile Sales, Credit Offers No Significant Impact
Fuel price movements matter for aggregate growth in domestic automobile sales while credit appears to have no significant impact, noted a research update titled "What Drives Automobile Sales? It's not Credit" from the Reserve Bank Of India (RBI). The update noted further that impact of crude prices is also reflected in the market valuation of automobile firms. Disaggregated data on vehicle registrations and provide evidence that exogenous policy changes such as vehicle insurance and the maturing of the ride-hailing services segment have generated short-term fluctuations in automobile sales. The paper opines that the recent slowdown in automobile sales can broadly be explained by high fuel prices and exogenous policy changes.
9 out of top 10 apps to come from India soon
The growing breed of Indian developers will ensure nine out of 10 apps on Google Play Store are from India within the next 5-10 years, GGVC Managing Partner Hans Tung has said.
Risk to OMCs as government seeks more returns: Fitch
Indian state-owned oil marketing companies' (OMCs) financials may be at risk in the near to medium term because of the pressure from the government to increase shareholder returns, Fitch Ratings said on Friday.
IMA Releases New Report on Managerial Costing Models
/ -- IMA (Institute of Management Accountants) has released a new Statement on Management Accounting (SMA), 'Developing an Effective Managerial Costing Model,' that builds on IMA's Conceptual Framework for Managerial Costing (CFMC). (Logo: https://mma.prnewswire.com/media/510711/IMA_Logo.jpg ) Most organizations today base their decision-making on inadequate cost models that, while acceptable for external financial reporting, fail to meet the decision-making needs of managers operating in today's complex business environment. IMA's new SMA addresses this issue by providing a six-step process that organizations can use to develop an appropriate costing model for economic decision making by managers and employees. This SMA identifies principles and concepts that organizations can use to model the behavior of resources and operations, and how resources are consumed by outputs. Based on these concepts, organizations can improve their managerial costing model by: Assessing the current ...
Gold rises Rs 150 on jewellers' buying, positive global trend
Extending its upward trend for second day, the price of gold Friday surged by Rs 150 to Rs 33,020 per 10 gram in the national capital on a pick-up in buying from jewellers amid firm trend overseas, according to the All India Sarafa Association. Silver also rose Rs 230 to Rs 38,750 per kg on increased offtake by industrial units and coin makers. Traders said positive trend overseas and support from local jewellers led to a rise in precious metal. They also said that with the rupee hovering around Rs 70 against a dollar, the gold is in demand as a safe haven to mitigate the risk. The rupee appreciated 16 paise to 70.09 against the US dollar in opening trade Friday, driven by positive opening in domestic equities and weakening greenback in foreign markets. Globally, spot gold was trading higher at USD 1,282.70 an ounce, while silver was up at USD 15.10 an ounce in New York. On Thursday, the precious metal had gained Rs 150. In the national capital, gold of 99.9 per cent and 99.5 per cent
PVR opens 3 screen multiplex in Kolkata
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SBI General post 11% rise in profit before tax at Rs 470 cr in FY19
SBI General Insurance, a subsidiary of SBI, Friday reported 11.3 per cent increase in profit before tax at Rs 470 crore for the financial year ended March 2019. The company had recorded a profit before tax of Rs 422 crore in the previous fiscal, SBI General Insurance said in a statement. The company's underwriting profit more than doubled to Rs 79 crore from Rs 32 crore in the previous financial year. The Gross Written Premium (GWP) also witnessed a growth of 33 per cent from Rs 4,717 crore in 2017-18 to Rs 3,553 crore at the end of March 2019. However, the solvency ratio moderated to 2.34 against 2.54 last year. Commenting on the numbers, SBI General Insurance MD Pushan Mahapatra highlighted that the company has recorded a healthy growth in both in topline and bottomline. "Our focus is on becoming digital ready in the near future in order to cater to product segments in travel, health and personal accident space," he said.
Reliance Power Ltd leads losers in 'A' group
PC Jeweller Ltd, Reliance Communications Ltd, Adani Power Ltd and 3M India Ltd are among the other losers in the BSE's 'A' group today, 26 April 2019.
SBI Life Insurance spurts after good Q4 outcome
SBI Life Insurance Company rose 3.72% to Rs 637.85 at 14:34 IST on BSE after net profit rose 20.06% to Rs 457.68 crore on 54.78% increase in total income to Rs 15,739.85 crore in Q4 March 2019 over Q4 March 2018.
Volumes spurt at ICRA Ltd counter
ICRA Ltd registered volume of 31431 shares by 14:18 IST on NSE, a 33.54 fold spurt over two-week average daily volume of 937 shares
Sensex regains 39,000
Fresh buying demand in index pivotals pushed the key indices to day's high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 319.27 points or 0.82% at 39,050.13. The Nifty 50 index was up 97.70 points or 0.84% at 11,739.50. The Sensex moved above the psychological 39,000 mark. IT stocks gained.
JioPhone leads feature phone market in India
With a 30 per cent market share, Reliance JioPhone became the leading feature phone brand in India in the first quarter of 2019, Counterpoint Research said on Friday.
Lead futures rise on positive global cues
Lead futures Friday rose 0.07 per cent to Rs 135.20 per kg as participants enlarged their positions, tracking positive global cues and pick up in domestic demand. At the Multi Commodity Exchange, lead for delivery in April moved up by 10 paise, or 0.07 per cent, to Rs 135.20 per kg in a business turnover of 5,275 lots. Analysts said higher demand from battery makers in the spot market and a firming trend in the base metals pack at the London Metal Exchange (LME) influenced lead prices here.