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Page 492 - Business Finance

Fitch Solutions sees policy uncertainty in oil and gas sector if UPA wins elections

A victory of opposition UPA alliance in the general elections could bring "considerable uncertainty" to India's policymaking environment and disappointment on oil and gas reforms, Fitch Solutions said Thursday. "Given our core scenario for Prime Minister Narendra Modi's National Democratic Alliance (NDA), led by the Bharatiya Janata Party (BJP), to secure the most number of seats in the upcoming Lower House elections, we expect to see policy continuity in India's oil and gas sector over the coming years," it said in a note. Modi's targeted deregulation of domestic oil and gas has seen "partial success", it said, hoping to see see more progress in this area over the coming years as India seeks to attract the foreign investment it needs to push through developments across the industry. "A win for the main opposition the United Progressive Alliance (UPA) could bring considerable uncertainty to India's policymaking environment and see the progress of oil and gas reforms continue to ...

Updated On : 25 Apr 2019 | 6:26 PM IST

Rupee dives to 6-week low as crude spikes above $75/brl; losses 39p vs dollar

The rupee Thursday slumped 39 paise to close at more than six-week low of 70.25 against the US dollar due to rising crude oil prices and a late sell-off in domestic equity markets. Besides, a strengthening dollar against some major currencies overseas also weighed on the home unit, forex dealers said. At the Interbank Foreign Exchange, the rupee opened sharply lower at 70.06 and fell further to the day's low of 70.27 as crude oil prices breached the USD 75 per barrel mark for the first time this year. The domestic currency finally settled down by 39 paise or 0.56 per cent at 70.25 per dollar, the lowest closing level since March 6. The rupee Wednesday had declined 24 paise to close at 69.86. Global benchmark Brent breached the USD 75 per barrel level for the first time in 2019 following stricter US sanctions on Iran oil. Saudi Arabia's comments that it sees no immediate need for intervention in the oil market also fuelled the rally even as the US data showed larger-than-expected ...

Updated On : 25 Apr 2019 | 6:20 PM IST

Iraq on track to be third oil supplier in 2030: IEA

Iraq is on track to produce nearly six million barrels of crude daily by 2030, the International Energy Agency said Thursday, which would make it the world's third biggest oil supplier. The IEA's wide-ranging report found that Iraq's production in the next decade could increase by an impressive 1.3 million barrels per day to a total of 5.9 million bpd. "Iraq is and will remain one of the key pillars of the oil market in the years to come," IEA head Fatih Birol told reporters on Thursday. The optimism stemmed from Iraq's 50 percent increase in oil production since 2012, Birol said, despite several years of low prices and the devastating rampage of the Islamic State group across a third of the country. "It shows the resilience of the Iraqi oil industry," said the IEA's executive director. The agency acknowledged a range of potential roadblocks to its outlook, including global market conditions, foreign investment in Iraq, political stability and a steady supply of the water needed to ..

Updated On : 25 Apr 2019 | 6:20 PM IST

Axis Bank comes out of red with Rs 1,505 crore profit in Q4

Private lender Axis Bank on Thursday reported a net profit of Rs 1,505 crore during January to March of 2019 due to improved asset quality compared to a loss of R 2,189 crore in the corresponding period of last year.The operating profit too jumped 37 per cent to Rs 5,014 crore from Rs 3,672 crore.The bank said retail along with small and medium enterprises now form 63 per cent of the loans.The net interest income grew 21 per cent year-on-year Rs 5,706 crore during Q4 of FY 19 from Rs 4,730 crore in Q4 of FY 18. Significantly, recoveries and upgrades from non-performing assets were Rs 2,376 crore while write-offs were Rs 1,701 crore.For the whole of financial year 2018-19, net profit increased to Rs 4,677 crore as compared to Rs 276 crore in the previous year.The operating profit grew 22 per cent from Rs 2,255 crore to Rs 2,749 in 2017-18.Net interest income grew 17 per cent year-on-year to Rs 21,708 crore from Rs 18,618 crore in FY 18.However, bank's gross non-performing assets stood .

Updated On : 25 Apr 2019 | 6:20 PM IST

Cyient net profit jumps 54.7 pc to Rs 188 cr in March quarter

IT firm Cyient Thursday posted a 54.7 per cent rise in net profit to Rs 188.1 crore for the March 2019 quarter. The Hyderabad-based company had posted a net profit of Rs 121.5 crore in the corresponding quarter a year ago, Cyient said in a statement. Its revenue increased 9.5 per cent to Rs 1,162.9 crore, against Rs 1,061.8 crore in the year-ago period, it added. On a sequential basis, the net profit more than doubled from Rs 92.1 crore, while revenue declined 2.1 per cent in the reported quarter from Rs 1,187.6 crore in the October-December 2018 quarter. "Our performance (during the quarter) was lower than the initial expectations both on revenue and margin... For the year, we delivered a strong performance...Our outlook for FY20 remains strong backed by a strong pipeline and order backlog," Cyient Managing Director and Chief Executive Officer Krishna Bodanapu said. For 2018-19, the net profit grew 18 per cent to Rs 478.5 crore, while revenue was higher by 17.9 per cent to Rs 4,617.5

Updated On : 25 Apr 2019 | 6:15 PM IST

WNS PAT rises 21.2 pc to USD 29.7 million in March quarter

Business process management firm WNS (Holdings) Thursday reported a 21.2 per cent increase in consolidated profit after tax to USD 29.7 million in the quarter ended March 31. The company had posted a profit after tax (PAT) of USD 24.5 million in the corresponding period a year ago. Its revenue increased by 3.84 per cent to USD 210.5 million, against USD 202.7 million in the year-ago quarter. "We added 25 new clients with an average 'annual contract value' that was 35 per cent higher than last year. We also expanded 59 existing relationships, the largest number in WNS history," Keshav R Murugesh, group chief executive officer of WNS, said in a statement. For the year ended March 31, the company's PAT increased about 22 per cent to USD 105.4 million, from USD 86.4 million in 2017-18. The revenue in the full financial year 2018-19 increased 6.74 per cent to USD 809.1 million from USD 758 million at the end of 2017-18. "A key component of our investment strategy is the hiring, training, ..

Updated On : 25 Apr 2019 | 6:10 PM IST

Will deposit money from NYAY scheme in bank accounts opened by Modi: Rahul Gandhi

Taking a jibe at the Centre's Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme on financial inclusion, Congress president Rahul Gandhi on Thursday said he would complete the task of depositing money in the bank accounts which were opened by Prime Minister Narendra Modi under the said scheme."Narendra Modi ji is very clever. He deposited money in accounts of Mehul Choksi, Lalit Modi, Anil Ambani. He says that he will open bank accounts for you. But he did not deposit money in those bank accounts. Now, I will complete the task and will deposit money of NYAY scheme in the bank accounts opened by him," Gandhi said while addressing an election rally here."Narendra Modi asks where the money will come from. I say I will take Rs 45000 crore directly from thief Anil Ambani. He has forgiven debts of Rs 5,55,000 crore of 15 people," he claimed.Gandhi further said that the Congress' poll promise of NYAY in which the party will give Rs 72,000 to 20 per cent of poor whose income is under Rs 12,000, ...

Updated On : 25 Apr 2019 | 6:00 PM IST

NBCC sweetens bid for Jaypee Infratech, offers lenders land parcels worth Rs 5k cr

State-owned NBCC has sweetened its bid to acquire debt-ridden Jaypee Infratech and has now offered to give lenders Rs 5,000 crore worth land parcels, sources said. The public sector enterprise, which is also completing some projects of Amrapali Group on the Supreme Court's direction, had offered lenders land worth Rs 3,000 crore in its earlier resolution plan submitted a couple of months back. It had also offered the Yamuna Expressway that connects Noida to Agra in Uttar Pradesh. NBCC and Suraksha Realty group-led consortium, which are in the race to acquire Jaypee Infratech, were asked by the lenders to sweeten their offers. Both the potential buyers have submitted their revised offers under the Insolvency and Bankruptcy Code (IBC). According to sources, NBCC has offered to pay Rs 500 crore upfront to lenders and would invest about Rs 2,000-2,500 crore as funding gap to complete delayed housing projects of Jaypee Infratech comprising over 20,000 flats in Noida. Jaypee Infratech has .

Updated On : 25 Apr 2019 | 5:55 PM IST

UltraTech Cement shares continue to rise; jump 5.5%

Shares of UltraTech Cement continued to rise for the second consecutive day on Thursday, rising almost 5.5 per cent, after the company Wednesday reported a consolidated net profit of Rs 1,014.19 crore for the fourth quarter ended March 31. The scrip jumped 5.14 per cent to close at Rs 4,622.30 on the BSE. During the day, it climbed 6.59 per cent to Rs 4,686.30. At the NSE, shares rose 5.46 per cent to close at Rs 4,635. The cement maker's shares had jumped 5.5 per cent on Wednesday also. The company had reported a net profit of Rs 446.13 crore in the January-March quarter year ago. Its total income for January-March stood at Rs 11,031.27 crore as compared with Rs 9,401.39 crore in the corresponding period of the previous fiscal. UltraTech said the results for the quarter and the financial year ended March "are not comparable with the previous period" due to merger of Binani Cements into the company, which has now been named as UltraTech Nathdwara Cements.