Page 490 - Business Finance
Centre extends ACTIVE filing deadline to June 15
The government on Thursday announced the extension of the deadline for uploading photos of business premises or filing of the "INC22"/e-form "ACTIVE" to June 15.
SBI Life net profit rises 20 pc to Rs 458 cr in March quarter
SBI Life Insurance, a subsidiary of State Bank of India, Thursday reported a 20 per cent increase in net profit to Rs 457.68 crore in the quarter ended March 31. The company's net profit was Rs 381.21 crore in the January-March quarter of the previous fiscal. The total income of the private sector life insurer also increased to Rs 15,600.97 crore in the fourth quarter of 2018-19, against Rs 10,052.32 crore in the year-ago period. For the entire financial year, the insurer's net profit increased to Rs 1,326.80 crore, compared with Rs 1,150.38 crore in the previous financial year. The value of new business (VNB) stood at Rs 1,720 crore for 2018-19, up by 24 per cent over the previous financial year. VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders measured at the time of writing of the new business contract. SBI Life is joint venture between the country's largest lender State Bank of India (SBI) and ..
IL&FS' operational creditors seek renewal of bank guarantees
Operational creditors of IL&FS on Thursday filed an application at the National Company Law Appellate Tribunal (NCLAT) seeking renewal or extension of some bank guarantees which have lapsed.
Chinese companies take stakes in Russia's Novatek gas
Two state-owned Chinese energy giants have each taken 10 percent stakes in Russian Novatek's liquified natural gas (LNG) projects, the second largest gas company in Russia said Thursday. The China National Oil and Gas Exploration and Development Corporation (CNODC) signed an agreement to acquire the stake in Novatek's Arctic LNG 2, the privately owned Russian company said in a statement. CNODC is part of the state-run China National Petroleum Corporation (CNPC). Novatek also announced that the China National Offshore Oil Corporation (CNOOC) had taken a stake of the same size in the USD 20-billion project. In two press releases, Novatek boss Leonid Mikhelson first praised "the continuation of fruitful cooperation with CNPC" and then the "new partner" CNOOC, "because China is one of the main consumer markets for our sales of liquefied natural gas". The agreements were signed in Beijing during the New Silk Roads Summit. French company Total is also a 10 percent partner in the Arctic ...
I-T Dept searches premises of kin of JK ex-minister Imran Reza Ansari
The Income Tax Department Thursday carried out searches at five places here, including at the premises of a kin of Imran Reza Ansari, a former minister in the PDP-BJP coalition, for alleged tax evasion, sources said. The searches were carried out against a group which is a "monopolistic wholesale distributer" of pharmaceuticals in the Kashmir Valley, a released issued by the I-T Department said. It was gathered that the group charged huge premium on life saving drugs which were exclusively sourced through it in the Valley and the extra normal profits earned by this modus operandi were used for investment in real estate in Srinagar, as well as for unaccounted expenditure by the promoter's family not disclosed in their income tax returns, the release said. Sources said Ansari's sister is married into the family whose premises have been searched. However, the tax officials maintained that searches were carried out on a business family and were in no way connected to Ansari, a politician .
Rajasthan government performance below average: ADR
Performance of Rajasthan government is "below average" on most of voter concerns, including employment, healthcare, and law and order, according to a report by the Association for Democratic Reforms (ADR).
Biocon Q4 net up 64 pc to Rs 213.7 cr
Biotechnology major Biocon Thursday reported a 64 per cent jump in consolidated net profit to Rs 213.7 crore for the fourth quarter ended March 2019, mainly on account of robust growth in biologics and research services segments. The company had posted a net profit of Rs 130.4 crore for the corresponding period of the previous fiscal, Biocon said in a filing to BSE. Consolidated total income of the company rose to Rs 1,557 crore for the March quarter. It was Rs 1,237 crore for the same period a year ago. Biocon Chairperson and MD Kiran Mazumdar-Shaw said: "Our Q4 FY19 performance was led by robust growth in our biologics and research services business segments, supported by a significant growth in the small molecules business." For the fiscal year ended March 2019, the company's net profit grew over two-fold to Rs 905.3 crore as against Rs 372.4 crore earlier. Consolidated total income for the last fiscal year stood at Rs 5,658.8 crore. It was Rs 4,335.9 crore in the previous ...
Smartphone sales garner over 80pc revenue for Xiaomi India
Smatphones continue to be Xiaomi India's major revenue churner -- clocking over 80 per cent of the topline -- in spite of it tasting success in other segments like smart TVs and fitness wearables, a company official said. The company, quoting the latest IDC data, claimed its market share in smart TVs stand at 33.5 per cent, making the Chinese smartphone major the leading player in the segment in India, surpassing its Korean rivals. "Revenue from smartphones is more than 80 per cent for us in India," the official told PTI. Realising that smartphones will remain its mainstay business in India, the company has decided to expand its offline presence in a big way, the official said. "We are aiming to increase our share of offline revenue to 50 per cent from about 30 per cent now," Xiaomi India Head of Category and Online Sales, Raghu Reddy, said here on the sidelines of the launch of Redmi Y3 and Redmi 7. He hopes that the rise in offline presence will also help the company ..
I-T dept conducts search, seizure against pharma wholesaler in Kashmir
The Income Tax department Thursday conducted search and seizure operations against a pharmaceutical wholesaler at five locations in the Kashmir valley. The group was allegedly charging huge premium on life-saving drugs and making extra-normal profits which were being used for investment in real estate in Srinagar. "The search action has yielded incriminating documents and digital evidence that suggest huge concealment of income by the promoter and his family members. Apparently, Rs 3.08 crore of on-money in transactions of two pieces of land in Srinagar has been earned by the group, which has not been disclosed in the returns of income," said a statement by the Central Board of Direct Taxes (CBDT). The search action has also led to unearthing of an undisclosed bank account in the name of a family member of the promoter of the group in the J&K Bank at the Allamgiri Branch in Srinagar. The CBDT, however, did not disclose the name of the pharma wholesaler. "The proceeds in this bank .
Biocon net soars 143% in 2018-19
Biotech major Biocon Ltd on Thursday reported Rs 905 crore consolidated net profit for fiscal 2018-19, registering a whopping 143 per cent annual growth from Rs 372 crore in 2017-18.
Neogen Chemicals IPO subscribed 2 times on Day 2 of bidding
The initial public offer of Neogen Chemicals was subscribed two times on the second day of bidding on Thursday. The Rs 132-crore initial public offer (IPO) received bids for 90,47,805 shares against the total issue size of 43,29,038 shares, as per NSE data. The portion for qualified institutional buyers (QIBs) was subscribed 95 per cent, non-institutional investors 1.12 times and retail individual investors 3.15 times. The initial public offer comprises fresh issue of up to Rs 70 crore and offer for sale of up to 29,00,000 equity shares, including anchor portion of 18,46,715 equity shares. Price range for the offer, which is scheduled to close Friday, was fixed at Rs 212-215 per share. Inga Advisors Private Limited and Batlivala & Karani Securities India Private Limited are the book running lead managers to the offer. Equity shares of the company are proposed to be listed on BSE and NSE. Neogen Chemicals is a manufacturers of bromine-based and lithium-based specialty chemicals.
Biocon net jumps up 59% in Q4
Biotech major Biocon Ltd on Thursday reported a consolidated net profit of Rs 243 crore for the fourth quarter of the fiscal 2018-19, registering 59 per cent annual growth from Rs 153 crore in the same period a year ago.
Maruti Q4 dips 4.6%; to phase out diesel models from April next year
The country's largest carmaker Maruti Suzuki India (MSI) Thursday reported a 4.6 per cent decline in net profit to Rs 1,795.6 crore for the last quarter of 2018-19, hit by adverse foreign exchange rates, high commodity prices and rise in sales promotion expenses. The company had posted a net profit of Rs 1,882.1 crore in the January-March period of 2017-18. Net sales during the fourth quarter rose to Rs 20,737.5 crore, up marginally over the year-ago period. Total car sales, however, declined marginally to 4,58,479 units during the quarter under review. For the entire 2018-19 fiscal, MSI posted a net profit of Rs 7,500.6 crore, down 2.9 per cent from the previous fiscal. Net sales rose by 6.3 per cent to Rs 83,026.5 crore in 2018-19. Total car sales during 2018-19 were up 4.7 per cent to 18,62,449 units. The auto major, which has a market share of over 50 per cent in the domestic passenger vehicle segment, Thursday announced to phase out diesel cars from its portfolio from April next .
US manufacturer 3M says to cut 2,000 jobs on slowing demand
US industrial products manufacturer 3M announced Thursday it will cut 2,000 jobs worldwide, citing weakness in key markets that led to a drop in first-quarter sales. 3M, which makes a wide variety of industrial goods and tools as well as everyday items such as the ubiquitous stick-and-remove Post-It notes, also slashed its full-year profit forecast. Total sales fell five percent to $7.9 billion and included a 7.4 percent drop in Asia Pacific and a 9.4 percent decline in Europe, the Middle East and Africa. Most of 3M's business segments lost sales in the first quarter, with the steepest declines in industrials, products that include structural adhesives, insulation components, electronics and energy. Job cuts, which will result in annual savings of $225-250 million, will span all business groups, with an emphasis on "underperforming areas," the company said. 3M had 93,516 employees at the end of 2018. "The first quarter was a disappointing start to the year for 3M," said Chief ...
Maruti Suzuki's Q4 net profit down 4.6%
Automobile major Maruti Suzuki on Thursday reported a decline of 4.6 per cent in its net profit for the fourth quarter of 2018-19.
Rallis India net profit drops 93 pc in March quarter
Agriculture solutions firm Rallis India on Thursday reported a 93 per cent fall in its consolidated net profit to Rs 1.35 crore during the fourth quarter of 2018-19 due to poor sales. The Tata group firm had posted a net profit of Rs 19.58 crore in the corresponding period a year ago, the company said in a BSE filing. The total income declined to Rs 350.64 crore during the January-March quarter of the 2018-19 fiscal from Rs 372.66 crore a year ago. Expenses remained flat at Rs 345.05 crore as against Rs 347.47 crore in the year-ago period. For the year ended March 31, the company reported a decline in its consolidated net profit to Rs 154.78 crore as against Rs 167.02 crore in the previous year. The company's board has recommended a dividend of Rs 2.50 per share to the shareholders. Shares of Rallis India on Thursday fell 0.13 per cent to settle at Rs 157.20 apiece on the BSE.
Tata Steel Q4 profit nosedives 84 pc to Rs 2,295 cr
Domestic steel giant Tata Steel Thursday reported a sharp 84.37 per cent fall in consolidated net profit at Rs 2,295.25 crore during the fourth quarter ended March 31, 2019. The company had clocked a net profit of Rs 14,688.02 crore in the corresponding quarter of the previous fiscal, Tata Steel said in a BSE filing. However, total consolidated income of the company rose to Rs 42,913.73 crore in January-March 2019, from Rs 33,983.74 crore in the same quarter in the preceding fiscal. Total expenses of the company stood at Rs 38,728.87 crore during the quarter under review as against Rs 30,237.22 crore in the year-ago period. Shares of the company closed at Rs 510.90 apiece on the BSE, down 2.74 per cent from the previous close.
Microsoft tops trillion-dollar mark for first time
Microsoft hit the trillion-dollar value mark Thursday for the first time, becoming the third technology giant to reach the symbolic milestone. Shares in Microsoft rallied some five per cent to USD 130.59 in early Wall Street trade after a robust earnings report a day earlier. That gave Microsoft a market capitalization of just over USD 1 trillion, before dipping back slightly. At its current levels, Microsoft is the world's most valuable company, ahead of Apple and Amazon, which last year topped $1 trillion before slipping back. On Wednesday, Microsoft said profits in the quarter to March 31 rose 19 per cent to USD 8.8 billion on revenues of USD 30.8 billion, an increase of 14 per cent from the same period a year earlier. The results were driven by growth in cloud computing and business services, the new focus for Microsoft after a long run as a leader in consumer software. "This quarter was an absolute 'blow out quarter' across the board with no blemishes and in our opinion speaks to
Coursera secures $103 mn funding from SEEK Group, others
Online education platform Coursera Thursday said it has raised USD 103 million (about Rs 723.7 crore) in a funding round led by SEEK Group. The series E round also saw participation from existing investors, Future Fund and NEA, a statement said. "The Fourth Industrial Revolution, marked by advancements in automation and artificial intelligence, is dramatically reshaping our lives, businesses, and jobs. Coursera is at the forefront of preparing individuals, companies, and governments to meet that challenge head-on and turn this disruption into opportunity," Coursera CEO Jeff Maggioncalda said. He added that the additional funding will give the company the resources and flexibility to further expand internationally and to accelerate development of its learning platform that currently serves 40 million learners, 1,800 businesses, and over 150 top universities. Coursera has been aggressively ramping up its presence in the Indian market. In November last year, it had partnered Mindtree to .
India's crude oil production drops 4 pc in FY19
The country's crude oil production fell over 4 per cent in the financial year 2018-19 after aging fields of state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) missed the target, official data showed Thursday. India produced 34.2 million tonne of crude oil in the fiscal year ended March 31, down from 35.7 million tonne in the previous year, according to data released by the Ministry of Petroleum and Natural Gas here. ONGC output dropped to 21 million tonne from 22.25 million tonne in 2017-18, while OIL saw a 2.5 per cent dip to 3.3 million tonne. Fields in the private sector saw a production drop of nearly 2 per cent to 9.8 million tonne mainly because of lower output at Cairn India's Rajasthan oilfields. ONGC production was lower due to technical issues at its Mumbai and Neelam Heera fields in the Arabian Sea and less than the production at Santhal and Balol fields in Gujarat. During March, the country's total crude oil production fell to 2.85 million tonne ...