Page 499 - Business Finance
ICICI Pru Life Q4 profit slips 23% to Rs 261 cr
ICICI Prudential Life Insurance Wednesday reported a 23 per cent decline in consolidated net profit at Rs 261.02 crore for the January-March quarter of 2018-19. The ICICI Bank subsidiary had reported a net profit of Rs 340.26 crore in the same quarter of the previous fiscal. However, total income in the said quarter on consolidated basis more than doubled to Rs 16,053.89 crore from Rs 7,136.87 crore in the year-ago period, ICICI Prudential Life said in a regulatory filing. The company recommended a final dividend of Rs 1.55 per share of face value of Rs 10 each. The embedded value (EV) of the company increased by 15.1 per cent to Rs 21,623 crore at the end of March 2019, the company said in a statement. The EV is similar to the book value of companies in other sectors. It is sum of the company's net worth and the present value of all future profits to shareholders from the existing book of the company (including new business written in the year). The total premium registered a growth .
RBI divests entire share in NABARD, NHB
The Reserve Bank of India (RBI) on Wednesday said that it has divested its entire stake in the National Bank For Agriculture and Rural Development and the National Housing Bank amounting to Rs 20 crore and Rs 1,450 crore respectively
Bharti Infratel Q4 consolidated marginally up at Rs 608 cr
Telecom tower infrastructure provider Bharti Infratel on Wednesday reported a marginal rise in its consolidated net profit during the quarter ended March 31 on a year-on-year basis.
Saudi says no immediate plan to boost oil output as Iran waivers end
Saudi Arabia has no immediate plans to raise oil output after the United States ends sanctions waivers for buyers of Iranian crude, energy minister Khalid al-Falih said Wednesday. "(Global) inventories are continuing to rise despite what's happening in Venezuela and tightening sanctions on Iran," Falih told a finance conference in Riyadh. "So I don't see the need to do anything immediately." His comment came amid speculation that the kingdom, the world's top crude exporter, could boost output to plug the gap left by the removal of Iranian crude. The White House said on Monday it would end the practice of granting exemptions from unilateral US sanctions on Tehran, as it seeks to "bring Iran's oil exports to zero". Eight countries including China, India and Turkey had been given temporary waivers by the US when it reimposed sanctions on Iran last year. The end of the exemptions sparked fears of supply shortages, pushing prices to near six-month highs. President Donald Trump tweeted ...
Jet tells British entrepreneur to take part in bidding
Jet Airways has advised a British entrepreneur, Jason Unsworth, who has evinced interest in investing in the airline, to formally engage through the ongoing bidding process.
Now US may offer oil to India on concessional terms
The US may offer oil and gas to India on concessional terms from its own reserves to help the country tide over lifting of Iran sanction waiver that would suck out close to 10 per cent of Indian crude imports.
Mahindra Finance net profit jumps 87 pc to Rs 588 cr in March quarter
Mahindra Finance Wednesday reported an 87 per cent rise in net profit to Rs 588 crore for the fourth quarter ended March 2019. The company's standalone net profit had stood at Rs 314 crore in the corresponding quarter a year ago. Its total income increased to Rs 2,480 crore as compared with Rs 1,808 crore in the year-ago quarter, Mahindra Finance said in a release. The board has recommended a dividend of Rs 4 or 200 per cent per share and also a special dividend of Rs 2.50 aggregating Rs 6.50 per share of the face value of Rs 2 each for the financial year ended March 31, 2019. The special dividend is being recommended in the light of successful completion of 25 years of the company's business operations.
Disclose exposure to IL&FS, RBI tells banks
The Reserve Bank of India (RBI) on Wednesday directed banks and financial institutions to disclose their outstanding to IL&FS and its group companies including provisioning required as per income recognition and asset classification (IRAC) and actual provisioning made against NPAs.
Ipca Labs inks pact to acquire Ramdev Chemical for Rs 108.5 cr
Drug firm Ipca Laboratories Wednesday said it has entered into a pact to buy Maharashtra-based Ramdev Chemical for Rs 108.5 crore. The company has entered into a share purchase agreement (SPA) to acquire 100 per cent paid-up share capital of Ramdev Chemical Pvt Ltd (RCPL), Ipca Laboratories said in a regulatory filing. RCPL is engaged in manufacturing and marketing of advanced drug intermediates, fine chemicals, custom synthesis molecules and active pharmaceutical ingredients (APIs). The acquisition will help the company grow its API business by adding new molecules with possibility of forward integrating such products in its dosage formulations business for the global markets, it added. RCPL's registered office and manufacturing unit is located in the Palghar district of Maharashtra.
Infinix eyeing 60 pc growth in smartphone sales in 2019: CEO
Smartphone maker Infinix, a brand from Transsion Holdings, is eyeing a 60 per cent growth in handset sales in 2019, according to a senior company official. "As an organisation we are putting our focus on sub-Rs 10,000 category. Growth is definitely happening in this category. In India, close to 65 per cent of overall numbers are below 10K," Infinix India Chief Executive Officer Anish Kapoor told reporters here. Asked how many handsets the company was expecting to sell, Kapoor said the company was looking at 60 per cent growth in smartphones in 2019 over 2018. The company is focussing on tier-II and tier-III cities, he said. On Wednesday, the company launched its latest device 'Smart 3 Plus' in Chandigarh. Kapoor said Chandigarh is a critical market for the company as it is a primary driver of trends in the nearby regions of Haryana and Punjab.
85.11 per cent voting recorded during Tuesday polling in four
An average of 85.11 per cent of the 74,76,062 of the total electorate exercised their franchise in the third and final phase of polling held for four parliamentary seats in Assam on Tuesday, an election office spokesman said Wednesday updating the voting percentage. An average of 81.73 per cent of males and a nearly equal of 81.30 percent female voters and 4.89 per cent of the third gender cast vote in the third phase of polling in the state on April 23. Dhubri recorded the highest voting of 90.66 per cent followed by 86.60 per cent in Barpeta, 83.16 per cent in Kokrajhar (ST) constituency and 80.81 per cent in Gauhati parliamentary constituency. Dhubri's 90.66 is the highest percentage of votes polled in all the three phases of polling in the state and this is higher than its 88.22 per cent voting which was the highest voter turnout in the country in 2014 Lok Sabha elections. The total percentage of votes polled in the first phase was 78.23 per cent for the five ...
Ipca Laboratories to acquire Ramdev Chemical for Rs 108.5 cr
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Reserve Bank of India divests its share in NABARD and NHB
Government now holds 100% stake in both the financial institutions
71.61% polling in Odisha in third phase of LS polls
Odisha has recorded 71.61 per cent voter turnout in third-phase elections, said an official statement on Wednesday.
FinMin may raise cap on 59-minute loans to Rs 3-5 cr
The Finance Ministry may consider to raise the Rs 1 crore cap under the 59-minute loan scheme to Rs 3-5 crore.
Bharti Infratel Q4 net profit flat at Rs 608 crore
Mobile tower company Bharti Infratel Wednesday posted a consolidated net profit of Rs 608 crore in the last quarter of 2018-19, almost flat on year, as consolidation in the telecom sector resulting in reduced tenancies. The company had posted consolidated profit after tax of Rs 606 crore in the same period year ago. The year 2018-19 saw major consolidation in the Indian telecom industry with four operators ceasing to exist either on account of mergers or outright shut down of operations, Bharti Infratel Chairman Akhil Gupta said in a statement. "Between Bharti Infratel and Indus Towers, approximately 20% of opening co-locations were lost during the year translating to approximately 75,000 co-locations on an overall basis and approximately 40,000 co-locations on consolidated basis, mainly due to merger of Vodafone and Idea," he said. Despite "unprecedented loss" of co-locations, the overall financial performance for the year and the quarter ended March 31, 2019 has only been marginally
MP govt spent Rs 1.58 cr for stay of Kamal Nath, 3 officers in Switzerland
About Rs 1.58 crore was spent for making arrangements for the stay of Madhya Pradesh Chief Minister Kamal Nath and three of his top bureaucrats in Switzerland, among other expenses, according to RTI documents. Kamal Nath and Madhya Pradesh Chief Secretary S R Mohanty, Principal Secretary to the chief minister Ashok Barnwal and Principal Secretary,Department of Industrial Policy and Investment Promotion of the state government, Mohammed Suleman participated in the World Economic Forum, 2019 in Davos, Switzerland held in January, it said. The delegation of Madhya Pradesh government participated in the exclusive business lounge in Davos to co-brand the state along with the Department of Industrial Policy and Promotion, government of India, the RTI documents said. The state government, in its response, however, said the actual amount spent was roughly Rs 1 crore. It also named other states who had attended the meeting and also mentioned the expenditure by them. "Further, Madhya Pradesh ..
Trinamool MP Sougata Roy's assets double in 5 years
Trinamool Congress sitting MP Sougata Roy, who is seeking re-election from the Dum Dum Lok Sabha constituency in West Bengal, has declared that the value of his movable assets have more than doubled to over Rs 2.97 crore in the last five years, from Rs 1.36 crore declared in 2014.
UK launches hunt for new Bank of England Governor
The UK government on Wednesday formally launched its hunt for a new Bank of England Governor, a post for which former Reserve Bank of India (RBI) governor Raghuram Rajan has been widely named as among the contenders. UK Chancellor Philip Hammond told the House of Commons Treasury Committee that it was important the person who took over from current Governor Mark Carney at the end of his term in January 2020 is equally internationally respected. "It is very important to have someone, not only who can do a first-class job at home, but someone who commands respect in the international arena," said the Cabinet minister in charge of the appointment as part of a wider panel of civil servants. While Rajan has not been officially confirmed as being in the running for the 480,000 pounds a year job, the former chief economist of the International Monetary Fund (IMF) has been one of the names touted for the post in the UK media for many months now. The 56-year-old, now based at the University of
10 card cloning fraudsters held for cheating ICICI Bank
In one of the biggest cybercrimes in recent times, ten members of an inter-state gang were arrested for allegedly cheating ICICI Bank and withdrawing over Rs 3 crore with cloned cards, police said Wednesday. The fraudsters from Jharkhand and West Bengal verified card numbers through e-wallets and booking application and validated PIN number of more than 3,500 bank customers through Interactive Voice Response, they said. They withdrew the amounts from ATMs located in West Bengal, Jharkhand, Bihar, Uttar Pradesh, Delhi, Haryana, Punjab, Rajasthan, Maharashtra, Tamil Nadu, Karnataka and Kerala. "It is one of the biggest cyber crimes which has happened in recent times and this shows a paradigm shift in the cyber criminals fraudulent methods in doing frauds targeting banks itself instead of individual customers," Cyberabad Police Commissioner V C Sajjanar said. A complaint was lodged on March 26 by Regional Manager, (Financial Crime Prevention Group), ICICI Bank, ...