Page 491 - Business Finance
Axis Bank's Q4 net profit rises to Rs 1,505 cr
Lender Axis Bank on Thursday reported a net profit of Rs 1,505 crore for the fourth quarter (Q4) of 2018-19, as against a net loss of Rs 2,189 crore for the corresponding period of previous fiscal.
4 out of 5 brands selling phones below industry price
Four out of five smartphone brands are selling their handsets below the average price of smartphones in India, a new report by CyberMedia Research (CMR) said on Thursday.
Biocon Q4 net profit up 64% to Rs 213.7 cr
Biotechnology major Biocon Thursday reported a 64 per cent rise in its consolidated net profit to Rs 213.7 crore for the fourth quarter ended March 2019. 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 the BSE. The company's consolidated revenue from operations stood at Rs 1,528.8 crore for the quarter ended March this year. It was at Rs 1,169.5 crore for the same period year ago. For the fiscal year ended March 2019, the company's net profit rose over two fold to Rs 905.3 crore as against Rs 372.4 crore for 2017-18. The company's consolidated revenue from operations for 2018-19 stood at Rs 5,514.4 crore as compared with Rs 4,129.7 crore in the year-ago period. Biocon's board has also approved issue of bonus shares in the proportion of 1:1, that is one bonus equity share of Rs 5 each for every one fully paid-up equity share held as on record date. It has also proposed a final dividend of Re 1 per ...
Jet Airways stake sale process may hit SOEC hurdle
The stake sale process for the grounded Jet Airways could hit the "substantial ownership and effective control" clause of the official civil aviation rules (CAR) and cast a shadow on public sector banks' (PSBs) efforts to fully recover their dues from the debt-laden airline, according to analysts.
MCX Q4 profit jumps 78.47pc on higher income
Leading commodity bourse MCX Thursday reported a 78.47 per cent jump in consolidated net profit at Rs 60.95 crore for the fourth quarter of 2018-19 on higher income. Net profit stood at Rs 34.15 crore in the year-ago period, the exchange said in a BSE filing. Total income increased to Rs 110.80 crore during the January-March quarter of 2018-19 from Rs 96.58 crore in the same quarter previous financial year. The company incurred Rs 58.09 crore expenses against Rs 51.25 crore in the said period. For the full 2018-19 fiscal, the MCX posted 35 per cent increase in its net profit at Rs 146.24 crore, as compared with Rs 108.36 crore in the previous financial year. Commenting on the performance, the company Managing Director and CEO Mrugank Paranjape said, "With a record annual market share of 91.6 per cent, and year-on-year growth of 21 per cent in its average daily turnover (ADT), MCX has rounded off a remarkable Q4 and also a highly successful FY2019." The exchange witnessed a steady ...
Samsung expects to sell around 40 LED cinema screens Onyx in India by 2022
Consumer electronics major Samsung is aiming to sell around 40 LED cinema screens 'Onyx' in the country by 2022, a company official said on Thursday. The company is expecting a good business opportunity in the segment as the movie exhibition industry is expanding and is getting updated with modern technologies. "The company is looking around 20 screens by 2020 and then we would double it around to 40 around 2022," Samsung India Vice-President (Consumer Electronics Enterprise Business) Puneet Sethi told PTI. According to the company, there are over 10,000 screens in the country that are currently operating through the traditional projector system and this provides an opportunity to it to convert into the modern LED screen system. "We are confident that this business is going to grow many times," he said. Samsung is providing Onyx LED cinema screens in three stock keeping units - in the screen sizes of 5 metre, 10 metre and 14 metre. Normally, it costs around USD 0.8-0.9 million for ...
Apis Growth Fund II to invest $110 mn in LTIDF
L&T Finance Holdings Ltd (LTFH) and UK-based Apis Partners LLP on Thursday announced $110 million equity investment in L&T Infrastructure Debt Fund Ltd (LTIDF).
Trade between India, France continues to expand: report
The trade between France and India continues to expand, with French companies having more than 550 Indian subsidiaries and employing approximately 360,000 people currently, according to a new report released by France. The French embassy in a statement here said a total of 1,323 investment decisions were taken in 2018 in France, at an average of 25 decisions per week, according to the "2018 Annual Report: Foreign investment in France", which was released earlier this month at the French Ministry for Economy and Finance. The trade between France and India continues to expand, with French companies having more than 550 Indian subsidiaries and currently employing approximately 360,000 people, the report said. It was unveiled by Bruno Le Maire, Minister for Economy and Finance, Christophe Lecourtier, CEO of Business France, and Pascal Cagni, Chairman of Business France and Ambassador for International Investment. "With 17 investment decisions, recorded in 2018, and more than 150 Indian ..
Morningstar Investment introduces PMS in India
Financial information company Morningstar Investment Advisor said it has launched investment portfolios for long-term investment in the Indian market. The portfolios comprise mutual funds for asset classes such as domestic equity, fixed income, cash, international equity and gold, the company's director and portfolio specialist Dhaval Kapadia told reporters Thursday. It aims to build an asset base of Rs 1,000 crore for portfolio management service (PMS) business over the next three years, Morningstar said. The firm has introduced four risk aligned multi-asset portfolios: active balanced portfolio, active growth portfolio, active aggressive portfolio and active aggressive plus portfolio. India is the fifth country after the US, the UK, Australia and South Africa where the firm has launched the PMS business, the firm said here. "With a variety of risk-tolerance profiles, our managed portfolios reflect our valuation-driven asset allocation and investment selection expertise. We leverage .
Board of Apcotex Industries approves sub-division of shares
At meeting held on 25 April 2019
Vodafone Idea Rs 25,000 cr rights issue oversubscribed
India's largest telecom service company Vodafone Idea's Rs 25,000 crore rights issue has been oversubscribed and managed to garner Rs 26,500 crore, as per preliminary reports.
Maruti Suzuki to phase out all diesel cars from April 2020
Automobile major Maruti Suzuki will stop selling all diesel fuelled cars from April 1, 2020 as new emission norms kick in from next year.
Global golf giants to speak at 8th IGTE
The 8th edition of the India Golf & Turf Expo (IGTE) -- South Asias largest golf industry trade show -- will be held on the April 26 and 27 at the Thyagraj Stadium. The two-day conference and Expo will bring national and international golf bodies and around 60 golf clubs on one platform to exchange ideas and chalk out the future path for the game in India.
Axis Bank Q4 profit at Rs 1,505 cr on lower provisioning, higher income
Private lender Axis Bank Thursday reported a net profit of Rs 1,505 crore for the March quarter of 2018-19, driven by a significant decline in provisioning and higher interest income. The bank had a net loss of Rs 2,188 crore in the January-March quarter of 2017-18. Gross non-performing assets (NPAs) as a percentage of loans declined to 5.26 per cent in the March quarter of 2018-19, from 6.77 per cent in the same period in the previous fiscal, Axis Bank said in a filing to the BSE. The bank's provisioning for bad loans reduced to Rs 2,711 crore in the fourth quarter of 2018-19, from Rs 7,179 crore in the corresponding period last fiscal. Interest income jumped to Rs 14,798 crore during the fourth quarter of 2018-19, from Rs 11,771 crore in the year-ago period. For the full fiscal 2018-19, Axis Bank reported a net profit of Rs 4,677 crore, up from Rs 276 crore in 2017-18. The board of Axis Bank approved a dividend of Re 1 per equity share of Rs 2 each. Shares of Axis Bank closed at Rs .
India's 10% GDP by 2025 may come from core digital areas
The contribution of core digital sectors like information technology-business process management (IT-BPM), digital communications, and electronics manufacturing to India's gross domestic product (GDP) may increase from seven per cent in 2017-18 to eight to 10 per cent in 2025, says a new report from McKinsey Global Institute.
BSE to conduct mock trading sessions for various segments on Apr 27
Leading stock exchange BSE will conduct a mock trading session from its disaster recovery (DR) site in Hyderabad for various segments on April 27. The mock trading session will be conducted for commodity derivatives, currency derivatives, equity derivatives, and equity segments. Following the mock trading session, the exchange will conduct live trading session from its DR site for the commodity derivatives segment from May 1 to May 3, while live trading for other segments will take place on May 2 and 3, BSE said in separate releases on Thursday. For mock trading, the log in time begins at 0900 hrs to 1000 hrs, while continuous trading commences at 1000 hrs till 1300 hrs. Besides, the exchange has allotted different time slots to the segments for live trading sessions. The mock trading session is merely for the purpose of testing and familiarisation and the trades resulting from such mock trading will not create any rights and liabilities, BSE said.
TCL expects to be among top-4 TV players in India by 2020, enters home appliances segment
China-based consumer electronics firm TCL Electronics is aiming to be among the top-four television brands in India over the next one year as the company is witnessing good growth, said a top company official. The company expects to sell around 10 lakh units of TV panels this year by recording almost three-fold jump in volume as it sold around 3.5 lakh units in 2018, said TCL India Country Manager Mike Chen. TCL, which is investing around Rs 2,000 crore to set up a new manufacturing facility in Tirupati, Andhra Pradesh, on Thursday also entered the home appliances segment. It has introduced a smart range of products with artificial intelligence and internet of things in segments such as washing machine, air conditioner, refrigerator and sound bars. "We are aiming to be at number-four position by 2020 in the TV market and at number two at 2022," Chen told PTI. In 2017, TCL had sold only 85,000 units. Currently, TCL is ranked at number five in the fast-growing Indian television market, .
Sensex tanks as Brent tops $75, PSU's fall
The key equity indices fell sharply on Thursday with the Brent, the global oil benchmark, crossing the $75 a barrel mark for the first time in 2019 and due to weak Chinese markets.
Maruti to pull the plug on diesel cars from April next year
India's largest carmaker Maruti Suzuki India (MSI) will discontinue sale of diesel cars in the country from April next year, coinciding with the transition of the automobile industry to stricter BS VI emission norms, a top company official said Thursday. The auto major currently gets 23 per cent of its total sales in the domestic market from diesel cars. It sold a total of 4.63 lakh diesel units last fiscal. Some of the company's models like Vitara Brezza and S-Cross currently come with a diesel engine option only. Others like Swift, Baleno, Dzire, Ciaz and Ertiga also have petrol versions in addition to the diesel trims. MSI has also decided to pull the plug on the diesel version of its light commercial vehicle Super Carry from next year. It would be only available in petrol/CNG version going ahead. "From April 1, 2020, we will not be selling diesel cars," MSI Chairman RC Bhargava told reporters here when asked to comment on the company's plans regarding the diesel vehicles. He, ...
Family members of martyrs unveil Falcon pumps
Rajkot-based Falcon Pumps Thursday made family members of four martyrs of the Indian army hailing from Tamil Nadu to launch their new products here. The company offered Rs 25,000 to each of the families, its founder and executive director Kamalnayan Sojitra said at the launch. The family members of Shivashankaran, Subramanian, Perumal and Balamurugan, who laid down their lives for the nation, unveiled the products. The company has innovated V-6 bore well pumps at 50-foot head and V-8 at 90-foot head that would benefit farmers for thousands of crores of rupees as well as help save electricity for the country, Sojitra said. The gesture of the company to the bereaved families was part of its 'rashtra dharma' and love for the country, the executive director added.