Page 500 - Business Finance
Nifty IT index hits 52-week high as oil prices peak
With global oil prices surging to their highest levels in 6-months weakening the rupee against the US dollar, investors are making use of this opportunity by lapping up export-oriented IT stocks.
Gaana expects double monthly active users to 200 mn in 2 years
Music streaming app Gaana expects to double the number of monthly active users on its platform to 200 million in the next two years representing around 50 per cent share in the overall market, a top official of the company said Wednesday. "With increased competition, the market stands at about 160 million total online music listeners. That will go to 400 million in the next two years. We will continue to be the market leader. We will get next 100 million (monthly active) new listeners in two years," Gaana Chief Executive Officer Prashan Agarwal said on the sidelines of achieving 100 million monthly active users (MAUs). He said the next 100 million MAU will come for the company from Tier-III towns and cities. "Today, only 10 per cent of market is consuming music online in legal way. That number needs to go up to 500 million over the next 2-3 years and that will happen on the back of investments. Investment is needed to penetrate deeper in the market. Next 100 million will come from ...
Indiabulls Real Estate shares zoom over 10 pc
Shares of Indiabulls Real Estate zoomed over 10 per cent on Wednesday after the company said it will sell its London property to promoters for GBP 200 million (approximately Rs 1,800 crore) as part of its strategy to focus on its India business and cut debt. Despite the company posting a 95 per cent decline in consolidated net profit for the fourth quarter of the last fiscal, the scrip jumped 10.23 per cent to close at Rs 116.35 on the BSE. During the day, it rose sharply by 13.40 per cent to Rs 119.70. At the NSE, shares advanced 9.80 per cent to close at Rs 115.90. On the traded volume front, 43.34 lakh shares of the company were traded on the BSE and over three crore shares on the NSE during the day. The company's net debt stood at Rs 4,590 crore at the end of the fourth quarter of 2018-19 fiscal and the same would be reduced to Rs 3,000 crore following the proposed deal with promoters. "The company has decided to focus only on Mumbai and NCR markets, and hence has decided to ...
Bombay HC junks BMC's capital value rules as basis for property tax
The Bombay High Court Wednesday struck down certain rules enacted by the Brihanmumbai Municipal Corporation (BMC) for assessment of capital value of a property, based on which property tax could be levied. The high court said all the assessments and bills issued under these rules stand quashed. A division bench of justices Abhay Oka and Riyaz Chagla, however, upheld the constitutional validity of the 2009 amendment to the Maharashtra Municipal Corporation Act that had changed the levying of property tax basis in Mumbai from rateable value on standard rent to capital value. "Rules 20, 21 and 22 of the Capital Value Rules of 2010 and 2015 are struck down as they are ultra vires to the Corporation Act. All assessments and bills issued under these rules stand quashed and set aside," the bench said in its order. The court said that the civic body will have to give a fresh hearing to the complaints. The bench stayed its order till August 31 to enable the BMC to approach the Supreme Court in
Sensex ends above the 39k mark, up 490 pts
Sensex ended above the psychological mark of 39,000 after it gained sharply during the end of the trade session on Wednesday, closing with a 489 points gain.
UltraTech Cement Q4 net over two-fold up at Rs 1,103 cr
Aditya Birla Group company UltraTech Cement on Wednesday reported an over two-fold jump in its consolidated net profit for the fourth quarter ending March 2019 at Rs 1,013 crore.
India saw 120 crore account hacking attempts in 2018
With over 120 crore account takeover attacks in 2018, India came only second to the US among top destinations for hacking attempts in the world, says a new report.
LG Display Q1 loss widens amid falling LCD prices
South Korean display maker LG Display Co has said its losses widened in the first quarter from a year ago due to low LCD panel prices.
Audi launches new editions of Q7 SUV, A4 sedan in India
German luxury carmaker Audi Wednesday launched new variants of its SUV Q7 and sedan A4 in India. The Audi Q7 Lifestyle Edition is priced at Rs 75.82 lakh while the A4 Lifestyle Edition is tagged at Rs 43.09 lakh (ex-showroom prices). "The successful feedback and strong demand from our customers for our recently launched Audi A6 Lifestyle Edition has inspired us to introduce the popular Audi models - the Audi Q7 and the Audi A4 Lifestyle Edition in India," Audi India Head Rahil Ansari said in a statement.
'Money Loji' launches its App that offers loans to salaried professionals within 5 Minutes
Say goodbye to the days of mustering the embarrassment of borrowing money from a relative or friend. Month-end or early-month days will no longer be crucial and testing, whether it's a salary delay or an immediate medical expense, we finally have a solution.Money Loji, a modern money ending platform, has launched its App, which offers quickest and the most secure loans to salaried professionals for an immediate requirement with flexible repayment options starting from 7 days to a maximum of 90 days. They follow a unique three-step process - application, approval, disbursement which is carried out within 3-4 minutes. The eligibility criterion is a minimum in-hand salary of Rs 20,000/month and a minimum age of 23 years. The application requires the users to upload an identity proof, an address proof, last 3 months bank statement alongside the salary slips.For meeting unexpected medical expenses, purchasing a new gadget or appliance, planning a short trip or a short-term education ...
CBI issued Look Out Circulars against Bhushan steel chairman, wife
The CBI has issued Look Out Circulars (LOCs) against chairman of Bhushan Power and Steel Limited Sanjay Singhal and his wife Aarti, who is vice chairman of the company, in connection with cheating in loans worth over Rs 2,348 crore, sources said. The LOCs have been opened recently to prevent any attempt by the accused to leave the country without permission from the authorities, the sources said. A look out circular is a letter used by authorities to keep a tab on an individual. The Immigration authorities at all airports and entry-exit points across the country will have to inform the CBI if Singhal and his wife attempt to leave the country. The agency had on April 6 carried out searches at 18 locations connected to the company after registering a case of cheating amounting to Rs 2,348 crore against Singhal and others. Loans worth Rs 47,204 crore were availed from 33 banks and financial institutions from 2007 to 2014 and the company defaulted on their repayments, the CBI said. The ...
STL Delivers Superlative Growth With a Strong Future Outlook
/ -- Reports stellar FY'19, and an excellent start to FY'20 with an all-time high order book of over Rs. 10,500 crore Financials at all-time high: PAT up 68%, Revenue up 59%, EBITDA up 48% YOY; ROCE at 34% Highest-ever patents filed in a single year Strengthened position in Europe with acquisition Capacity expansion to 50 million fkm for optical fibre and 33 million fkm for cable on track Sterlite Technologies Ltd - STL (BSE: 532374) (NSE: STRTECH), a global data network solutions company, reported another year of solid financial performance. The company's steady growth over the last several quarters is a result of its strategic focus on offering data network solutions to an expanding global market of telcos, cloud companies, citizen networks and large enterprises. (Logo: https://mma.prnewswire.com/media/876464/Sterlite_Technologies_STL_New_Logo.jpg) FY'19 - A transformative year As cloud companies intensified network build, telcos increased fibre deployment with high-impact ...
Nitesh Estates Ropes in New CEO and CFO
/ -- Rakesh Singh appointed as Chief Executive Officer Kamal Daluka appointed as Chief Financial Officer Nitesh Estates, Bengaluru-based commercial real estate player, has wrung in top managerial changes, inducting new CEO (Chief Executive Officer) and Chief Finance Officer (CFO) as part of its strategy to shore up its operations. Rakesh Singh has taken over as the Chief Executive Officer (CEO) while Kamal Daluka has been appointed as the Chief Financial Officer (CFO) with both bringing in vast amount of experience in their respective areas of operations. Rakesh Singh is a Bachelor of Technology from IIT-Delhi and holder of Post Graduate Diploma in Business Management from XLRI School of Business Management & Human Resources, Jamshedpur. He brings diversified experience of nearly three decades in many sectors like telecom, healthcare and consumer durables. He was formerly a COO at Manipal Health Enterprises and Senior Vice President at Reliance Jio and was a co-founder and ...
Rupee falls by 24 paise on strong dollar demand
The rupee Wednesday declined by 24 paise to close at 69.86 against the US currency, weighed down by a strong dollar sentiment and high demand for the greenback from importers. The domestic currency dropped to more than four-month low of 69.97 in the day trade in line with losses in other Asian currencies against the dollar after positive US economic data. Foreign fund inflows and strong gains in equity markets helped the domestic currency reverse some of the losses before close. "The broader US dollar is trading strong today, with most Asian currencies weaker against the greenback, which gained after strong US housing data dampened concerns about an economic slowdown in the world's largest economy. "Oil prices fell marginally today but still remained at elevated levels. Rising crude and strong ICE Dollar Index have been the prime reasons for domestic currency's weakness," V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities, said. At the Interbank Foreign Exchange ...
Wireless broadband subscriber base touches 532 mn in Feb: ICRA
Wireless broadband subscriber base surged to 532 million in February 2019, onboarding 10.2 million users during the month, with Reliance Jio cornering nearly 56 per cent of the overall wireless broadband market, ICRA said. "The wireless broadband subscriber base continues to maintain its strong growth trajectory, increasing to 532 million in February 2019, or 45 per cent of the total subscriber base, witnessing addition of 10.2 million during the month. R Jio leads the wireless broadband market, with market share of 56 per cent, followed by Bharti and Vodafone-Idea at 21 per cent each," ICRA said in its latest report. ICRA noted that 100 per cent of Reliance Jio's subscribers are broadband subscribers, while the same ratio for Vodafone-Idea stood at 27 per cent and for Bharti at 32 per cent. The wireless subscriber base in India increased to 1,183.7 million in February 2019, adding 1.7 million subscribers over the previous month, the report said. The active wireless subscriber base ...
ACC shares fall over 3% after March quarter earnings
Shares of ACC Ltd fell by over 3 per cent Wednesday as the company's March quarter earnings failed to impress investors. The scrip declined 3.07 per cent to close at Rs 1,606.90 on the BSE. During the day, it dropped 5.24 per cent to Rs 1,570.85. At the NSE, shares fell by 3.34 per cent to close at Rs 1,606. "ACC's January-March 2019 results came in below our estimates due to lower than expected realisations and higher energy costs," Emkay Global Financial Services said in a report. The cement maker Tuesday reported a 38.19 per cent increase in its consolidated profit at Rs 346.02 crore for the quarter ended March 2019, helped by increase in sales volume. The company had posted a consolidated profit of Rs 250.39 crore in the January-March quarter a year ago, ACC Ltd said in a BSE filing. ACC's total income during the period under review rose 10.99 per cent to Rs 4,075.71 crore as against Rs 3,671.95 crore in the corresponding period of the previous fiscal.
UltraTech Cement PAT at Rs 1,013 crore in Q4 FY 19
Aditya Birla-led UltraTech Cement on Wednesday reported a profit after tax (PAT) of Rs 1,013 crore during the January to March quarter.The company had posted a profit of Rs 446 crore in the same quarter a year ago.However, they are not comparable with the previous period due to the merger of Binani Cements into the company, which has now been named as UltraTech Nathdwara Cements.The company's net sales stood at Rs 10,739 crore in Q4 of FY 19 crore compared to Rs 9,168 crore in the corresponding period previous fiscal."Domestic sales volume jumped 16 per cent over Q4 FY 18. The clinker capacity and cement grinding facility at Manavar in Madhya Pradesh have stabilised with clinker capacity operating at 100 per cent utilisation," it said in a statement.However, variables cost were up 3 per cent due to higher fuel prices and the impact of rupee depreciation, the company said.For the 2018-19 financial year, UltraTech Cement's profit after tax stood at Rs 2,435 compared to Rs 2,222 crore in
RINL eyes Rs 25,000-cr turnover in FY 2019-20
State-run steel producer RINL Wednesday said it is targeting a turnover of Rs 25,000 crore in the ongoing financial year, compared to Rs 20,844 crore in 2018-19. "RINL is targeting to achieve a sales turn over of Rs 25,000 crore and a saleable steel production of 5.8 million tonne during FY 2019-20," Rashtriya Ispat Nigam Ltd (RINL) Chairman and Managing Director (CMD) P K Rath said in a statement. RINL has taken several customer-friendly policies and impetus is being given to production of value added steel during the current year, he added. "The customers had also played a vital role in achieving... highest sales turn over of Rs 20,844 crores during FY 2018-19," P Raychaudhury, Director (Commercial) RINL said. Raychaudhury further said RINL is continuously in touch with customers to strengthen the bond with them. "The focus would be given to set up a special agency to sort out the issues, maximum usage of stockyards, improvisation of handling facility and safety of the workers in ...
'Office space worth USD 35 bn eligible to be listed under REIT'
India currently has USD 35 billion worth of office spaces that are eligible to be listed under the Real Estate Investment Trust (REIT), according to property consultant JLL India. REIT is an investment tool that owns and operates rent-yielding real estate assets. It allows individual investors to make investment in this platform and earn income. The successful listing of India's first REIT floated by Embassy Office Parks heralds the institutionalisation of real estate assets and indicates enhanced maturity and professionalism in the real estate market, JLL India Chief Executive Officer and Country Head Ramesh Nair said. "Growing knowledge of REITs will ensure acceptability and gradual increase of interest from retail investors. We expect to see other asset classes like retail, warehousing and hospitality also offering REITable assets in the times to come," he said. According to JLL's latest report titled India REITs - Heralding a new era in real estate investments released today, ...
Neogen Chemicals IPO subscribed 27%
Receives bids for 11.75 lakh shares