Page 509 - Business Finance
Jet to approach lenders with fresh funding proposal
Temporarily grounded Jet Airways is expected to make yet another plea for an interim funding of at least Rs 250 crore to its lenders to restart bare minimum operations till May 10.
Jaypee seeks home buyers' support for fresh JIL bid
Promising to construct over 20,000 incomplete flats in four years time, the Jaypee Group has written to home buyers that it would submit a fresh resolution to get back Jaypee Infratech and has sought their support for the withdrawal of the insolvency case.
Neogen Chemicals raises Rs 39.70 cr from anchor investors
Neogen Chemicals on Tuesday raised Rs 39.70 crore from seven anchor investors ahead of its initial public offering (IPO). The anchor investors include SBI Magnum Comma Fund, AXIS Mutual Fund Trustee AXIS Small Cap Fund, L&T Mutual Fund Trustee L&T Emerging Opportunities Fund, the company said in a statement. The company has raised Rs 39.70 crore at Rs 215 per share, the upper end of the price band, it said. The IPO will be open from April 24-26 in a price band of Rs 212-215 per share, it added. The IPO consists of a fresh issue aggregating up to Rs 70 crore by the company and an offer for sale of up to 16,99,600 shares by Haridas Thakarshi Kanani and up to 12,00,400 shares by Beena Haridas Kanani. The equity shares of the company are proposed to be listed on BSE and NSE. The net proceeds from the fresh issue are proposed to be utilised for prepayment or repayment of all or a portion of certain borrowings availed by the company, long term working capital and general corporate
Sebi reduces minimum subscription requirement for REITs, InvITs
Markets regulator Sebi has reduced the minimum subscription requirement as well as defined trading lots for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). REITs have to offer their units in lots worth at least Rs 50,000 in initial and follow on public offers. The minimum value of a single lot should be Rs 1 lakh in the case of InvITs. Markets regulator Sebi on Tuesday came out with guidelines for determination of allotment and trading lot size for REITs and InvITs. Sebi norms pertaining to REITs and InvITs were amended on April 22. "The said amendments have, inter-alia, for publicly offered InvITs and REITs, reduced the minimum subscription requirement and has defined the trading lot in terms of number of units. "Further, limits for aggregate consolidated borrowings and deferred payments, net of cash and cash equivalents, have been increased to seventy per cent of the value of the InvIT assets," the regulator said in a circular. The amendments ..
Petrol may not go beyond Rs 75/litre till election-end
Call it election time rationing or return of the administered price mechanism regime, but the retail price of petrol may not cross the Rs 75 a litre-mark in Delhi, at least till the end of polling on May 19.
Sasken Q4 net up 5.7 pc, announces Rs 170 cr buyback
Sasken Technologies Tuesday said its consolidated net profit grew 5.7 per cent to Rs 27.45 crore in the March 2019 quarter and announced a buyback programme of up to Rs 170 crore. The company, which had posted a net profit of Rs 25.98 crore in the March 2018 quarter, said it would buy back 19.98 lakh shares from shareholders at Rs 850 apiece. Its revenue from operations increased by 5.3 per cent to Rs 135.54 crore in the reported quarter from Rs 128.73 crore in the fourth quarter of 2017-18, Sasken said in a regulatory filing. On the buyback, the company said the "board has unanimously approved the proposal to buy back up to 19,98,678 fully paid-up equity shares...at a price not exceeding Rs 850 per equity share...for a total consideration not exceeding Rs 16,988.76 lakh". Sasken added that it has formed a committee to oversee and implement the buyback programme. The public announcement setting out the process, timelines and other requisite details will be released in due course, it ..
Assam records 78.52% voting till 5 p.m.
An average 78.52 per cent polling was recorded in Guwahati, Kokrajhar, Dhubri and Barpeta constituencies of Assam in the third phase till 5 p.m. on Tuesday, officials said.
TGBL to acquire Dhunseri's branded tea biz for Rs 101 cr
Tata Global Beverages Ltd (TGBL) said Tuesday it will acquire the branded tea business of Dhunseri Tea & Industries for an aggregate consideration of Rs 101 crore. The acquisition would help the company expand its tea business in regional markets like Rajasthan. It had entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries. Dhunseri branded tea business has two brands -- Lalghoda and Kalaghoda - which are among the leading local brands in Rajasthan, a market dominated by local players. "The proposed acquisition shall be subject to due-diligence and applicable approvals," said TGBL in a statement. According to the company, "this move is in line with TGBL's ambition to grow its branded tea business in India." Presently, TGBL gets around 55 per cent of its revenue from the Indian market, which is largely dominated by tea vertical. TGBL is a global beverage business and its brands have presence in over 40 countries.
Sterlite Tech Q4 net profit up 47 pc to Rs 165.17 cr
Broadband technology provider Sterlite Technologies Ltd (STL) Tuesday posted about 47 per cent rise in consolidated net profit to Rs 165.17 crore, its highest-ever quarterly profit, in the January-March 2019 period. This is against a net profit of Rs 112.42 crore in the corresponding quarter last fiscal. "As cloud companies intensified network build, telcos increased fibre deployment with high-impact solutions, defence modernised its networks, and rural and urban broadband accelerated, 2018-19 was a transformative year for STL. The company continues to stay committed to deliver PAT (profit after tax) of USD 100 million (about Rs 697 crore) in 2019-20," Sterlite Technologies said in a statement. Its revenue from operations more than doubled to Rs 1,791.16 crore in the reported quarter from Rs 846.64 crore in the year-ago period, it added. For 2018-19, net profit was higher by 68 per cent at Rs 563 crore, while revenue from operations increased 59 per cent to Rs 5,087 crore from the ...
Chola MS Insurance posts Rs 4,428 cr gross premium
Non-life insurer Cholamandalam MS General Insurance Company Ltd (Chola MS) on Tuesday said it closed last fiscal with a gross premium of Rs 4,428 crore.
RBI to buy Rs 25,000 crore worth govt securities in May
Further addressing the liquidity concerns in the country, the Reserve Bank of India on Tuesday said it will buy government securities worth Rs 25,000 crore next month through two auctions of Rs 12,500 crore each.
Indian-origin boy lauded as Britain's youngest accountant
A 15-year-old Indian-origin boy has been lauded as Britain's youngest accountant after setting up a successful accountancy firm while still at school. Ranveer Singh Sandhu, based in south London, has set himself a goal of becoming a millionaire by the time he turns 25 after he set up his first business when he was aged just 12 years. "Young Entrepreneur aged 15 living my best life and trying to make money," he proclaims on social media. The schoolboy says he knew from a very early age that he wanted to become an accountant and financial adviser to help fellow young entrepreneurs set up their dream businesses. He charges between 12 pounds to 15 pounds per hour for his services and boasts of 10 paying clients. "It isn't that hard juggling school and my business, I haven't had that much stress," he told the Daily Mirror. "My plan for the future is to become a millionaire and expand my business," he said. The teenager completed an online accounting course to achieve a requisite Level 3 ...
Bengal Chemicals eyes top slot in profit among 13 pharma CPSUs
The country's first pharma company, the Bengal Chemicals and Pharmaceuticals Ltd (BCPL), Tuesday said it is optimistic to attain the highest profit for 2018-19 among 13 similar central PSUs. "We hope our net profit will be the highest among all the 13 CPSU pharmaceutical companies of the country in FY19," BCPL managing director (additional charge) & finance director PM Chandraiah said. The company, which had made a turnaround in 2016-17 with a profit of Rs 4.5 crore after decades of continuous losses, is expecting to register a net profit of around Rs 25 crore from an estimated turnover of Rs 100 crore. The BCPL board will finalise its annual accounts on April 29. Chandraiah said the Karnataka Antibiotics and Pharmaceuticals Ltd is its nearest competitor, registering a net profit of Rs 14.55 crore in 2017-18 from Rs 354 crore of turnover. The BCPL registered Rs 10 crore profit with a 200 per cent jump over the previous year's net. Total income in FY'19 would be ...
ICICI Securities Q4 profit slips 19 pc to Rs 121 crore
ICICI Securities, a subsidiary of ICICI Group, Tuesday reported 19.5 per cent decline in consolidated profit at Rs 121.5 crore for the March quarter of 2018-19 financial year. The profit in the year-ago period stood at Rs 151 crore, ICICI Securities said in a statement. Total income also fell to Rs 428.3 crore from Rs 510.5 crore in the fourth quarter of the previous fiscal. The company recommended a final dividend of Rs 5.70 per equity share of face value of Rs 5 each to the shareholders. Shares of ICICI Securities settled at Rs 217.75 per scrip, down 0.96 per cent, on the BSE.
65% Indian businesses witness rise in online fraud
Over the past one year, 65 per cent of Indian businesses have experienced increase in online fraud-related losses, including account takeover attacks and fraudulent account openings, says a report.
ED again summons Chanda Kochchar, husband in ICICI-Videocon case
The Enforcement Directorate (ED) has summoned former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar next week in connection with a money laundering case related to a bank loan fraud.Sources said while Chanda has been asked to appear before officials on May 3, Deepak Kochchar and his brother Rajiv have been asked to depose on April 30 before the investigating agency's Mumbai office.They will record their statements under the Prevention of Money Laundering Act (PMLA).The loan controversy erupted after shareholder activist Arvind Gupta had alleged that Chanda Kochhar, sitting on the bank's credit committee in 2012, influenced a Rs 3,250 crore loan to the Videocon group in return for a deal in NuPower Renewables, a clean-energy firm run by her husband Deepak Kochhar.The investigating agency is also probing several former and current senior executives of the bank, including current Managing Director and CEO of ICICI Bank Sandeep Bakshi and current chief of New Development ...
Tata Global Beverages reports decline in profit to Rs 411 crore in FY 19
Tata Global Beverages on Tuesday reported a decline in net profit of Rs 411 crore in the financial year ending March 31, 2019, as compared to Rs 534 crore in the previous corresponding year.Higher commodity prices and discretionary items eroded the profit, the company said in a statement.The revenue, however, moved up to Rs 3,430 crore in 2018-19 as against Rs 3,217 crore in FY 18.During January to March quarter this year, the net profit increased marginally to Rs 53.26 crore from Rs 53.16 crore in the last quarter of the previous year.The revenue from operations jumped to Rs 784 crore from Rs 715 crore.The board of directors has recommended a dividend of Rs 2.50 per share with a face value of Rs 1 each for the year ended March 2019.Tata Global Beverages is an Indian multinational non-alcoholic beverages company headquartered in Kolkata.A subsidiary of the Tata Group, it is the world's second largest manufacturer of tea and a major producer of coffee with presence in 40 countries.
TGBL Q4 profit halves to Rs 36 cr
Tata Global Beverages (TGBL) Tuesday reported 49.70 per cent fall in consolidated net profit at Rs 35.99 crore for the March quarter of 2018-19 financial year. It posted a profit of Rs 71.56 crore in January-March 2017-18, TGBL said in a BSE filing. Total income was up at Rs 1,810.69 crore as against Rs 1,714.12 crore in the March quarter of 2017-18. TGBL, which reported a profit before exceptional items and tax (PBIT) of Rs 161.04 crore during the quarter, said its tax outgo numbers are not comparable. "Tax expense for the quarter is not comparable to that of the corresponding quarter of the previous year due to one time tax credits which significantly reduced the tax expense for the prior quarter and due to adjustments to deferred tax assets during the current quarter," said TGBL. TGBL had a tax expense of Rs 58.83 crore during period under review. Its total expenses in the reported quarter were at Rs 1,649.65 crore as against Rs 1,548.75 crore in the year-ago period. Revenue from ..
Jet scrips up 10% over slot protection assurance
Bucking the trend seen in the past three sessions after the "temporary" grounding of the Jet Airways, scrips of the cash-strapped airline finished Tuesday's trade nearly 10 per cent higher after gaining up to 12 per cent.
EEPC India seeks copper scrap policy to curb inferior quality imports
Engineering exporters' body EEPC India Tuesday urged the government to introduce copper scrap policy to prevent import of inferior quality material and said the shut down of Sterlite Copper's Tuticorin plant led to over 60 per cent fall in exports of copper and copper products in March. According to EEPC India, the export of copper and copper products fell 60.8 per cent on year to USD 127.43 million (about Rs 879 crore) in March this year, while it declined 69.4 per cent to USD 1065.22 million (about Rs 7,348 crore) in 2018-19 as against the previous fiscal. The government should develop internationally compatible standards and bring a copper scrap policy like for steel scrap to prevent the import of inferior quality and hazardous copper scrap, the body said in a statement. The domestic refined copper production has fallen significantly during the first half of 2018-19 mainly due to the shutdown of 400 KT Tuticorin smelter of Sterlite Copper which accounted for 40 per cent of the ...