Page 517 - Business Finance
DHFL shares tumble nearly 11% on rating downgrade
Shares of Dewan Housing Finance Corporation Limited (DHFL) Monday tumbled nearly 11 per cent following a rating downgrade. The scrip plunged 10.91 per cent to close at Rs 140.05 on the BSE. During the day, it dropped 12 per cent to Rs 138.30. On the NSE, shares cracked 10.85 per cent to close at Rs 140.05. In terms of trading volume, 26.95 lakh shares were traded on the BSE and over two crore shares on the NSE during the day. CRISIL has downgraded its rating on the commercial paper of Dewan Housing Finance Corporation Ltd to 'CRISIL A3+' from 'CRISIL A2+', the credit rating agency said in a report dated April 17, 2019. The rating continues to be on 'rating watch with negative implications'. The downgrade is driven by continued low visibility in raising funds and CRISIL's belief that liquidity levels will remain subdued vis-a-vis earlier expectations, it added.
Deepak Fertilisers to raise up to USD 60 mn through debt
Deepak Fertilisers and Petrochemicals Ltd Monday said its board has given in-principle approval to the company and its subsidiary for raising up to USD 60 million through debt instruments. In a regulatory filing, the company informed that the board has granted an in-principle approval for offering FCCBs (foreign currency convertible bonds) aggregating up to USD 30 million in two tranches to International Finance Corporation (IFC) upon opening of the issue by the Securities Issue Committee of Directors. The Securities Issue Committee of Directors has been authorised to determine the terms and conditions of issue of FCCBs (including the tenure, coupon rate and issue price) and to open the issue of the said FCCBs. "The board has further granted an in-principle approval for issue of CCDs (compulsory convertible debentures) by Smartchem Technologies Ltd (a wholly owned subsidiary of the company) aggregating up to USD 30 million in two tranches to IFC," the filing said.
PVR opens 6 screen multiplex in Amritsar
With this launch, PVR now operates the largest multiplex network with of 764 screens at 163 properties in 66 cities.
Deepak Spinners gets credit ratings from India Ratings
Fund based limits (Rs 60 crore) - IND BBB/ Positive outlook Fund based limits (Rs 5 crore) - IND A3+ Non fund based limits (Rs 10 crore) - IND A3+ Long term loan (Rs 65 crore)- IND BBB/ Positive outlook
Trademark row: Matrimony.com claims interim order
Listed matchmaking company Matrimony.com Limited on Monday said it had obtained an interim injunction from the Madras High Court against Kalyan Matrimony over trademark infringement.
Omkar Realtors appoints Bharat Dhuppar as CEO of western region
Mumbai-based realty firm Omkar Realtors Monday announced appointment of Bharat Dhuppar as its CEO of western region. Dhupaar earlier worked with Omkar as the Chief Project Officer and Chief Marketing Officer. Prior to rejoining Omkar, he worked as the CEO at Sheth Creators and Raiaskaran. "Bharat has been an integral part of the growth story of Omkar. Post a long lull, the realty industry is set for growth and we have focused on joint ventures to boost liquidity for ongoing projects completion and launching new projects," Omkar Realtors Managing Director Babulal Varma said. Dhuppar has also worked with realty and hospitality majors likeThe Chatterjee Group, Lodha, Taj and Oberoi Hotels.
JCCI seeks JK guv's intervention in releasing payments of MSMEs
The Jammu Chamber of Commerce and Industry (JCCI) Monday sought intervention of state's governor Satya Pal Malik in releasing the pending payment of units. It claimed that the Power Development Department (PDD) has not released over Rs 200 crore to micro, small and medium enterprises (MSMEs) against the supply of various items for the success of centrally-sponsored 'Saubhagya' scheme since September 2018. In a communication to the governor, JCCI president Rakesh Gupta said the MSME units have borrowed loans from various bank and financial institutions for the success of the Saubhagya scheme and are suffering huge losses due to the interest burden. "The pending payments which is more than Rs 200 crore, if not released immediately, will result in lot of hardships for the concerned MSME units...(and) huge losses to them... (this will make) them defaulters with banks and financial institutions," he said. Gupta requested the intervention of the governor and requested him to direct the ...
IndiGo to start six additional daily flights from May 25
Budget carrier IndiGo Monday announced six additional daily non-stop flights from Delhi from May 25. "The airline will operate its first direct flight on the Delhi-Allahabad route, second and sixth frequency on the Delhi-Bhopal and the Delhi-Patna routes respectively," the company said in a statement. According to data released by the Directorate General of Civil Aviation (DGCA) for March this year, IndiGo's domestic passenger market share stands at 46.9 per cent. The airline said,"The new flights are designed to cater to business and leisure travellers who are constantly on the lookout for new and affordable flying options." The Delhi-Allahabad direct flight would depart from Delhi at 9.55 am daily and land at Allahabad at 11.20 am. The return flight would then depart at 11.50 am and arrive in Delhi at 1.20 pm. IndiGo chief commercial officer William Boulter said, "As part of our endeavour to strengthen Delhi as a travel hub, we are delighted to announce the addition of six new ...
Investor wealth plunges Rs 1.92 lakh cr as stocks suffer losses
Investor wealth eroded by Rs 1.92 lakh crore on Monday in tandem with a weak broader market sentiment where the BSE benchmark plunged nearly 500 points. The 30-share BSE index settled 495.10 points, or 1.26 per cent, lower at 38,645.18. Following the sharp fall in stocks, the market capitalisation of BSE-listed companies dropped by Rs 1,92,530.74 crore to Rs 1,51,60,885.97 crore. Investor sentiment took a beating amid reports that the US will end sanctions waiver on Iranian oil imports. Reacting to reports, global benchmark Brent crude climbed to a multi-month high of USD 73.81 per barrel. "Indian markets had a rough day on the back of sharp rise in crude oil price above USD 74 per barrel. As a significant importer of crude oil, the high oil price is not good for Indian macros," said Jagannadham Thunuguntla, Sr VP and Head of Research (Wealth), Centrum Broking. From the Sensex pack, 23 scrips ended with losses led by Yes Bank, Indusind Bank, RIL, ICICI Bank, HDFC and Axis Bank falling
Political ad spend on Facebook picks up in April
Political parties and their affiliates ramped up spending on social media ads ahead of the third phase of Lok Sabha elections, scheduled for Tuesday, show data released by Facebook Ad Library.
Blackstone commits up to $460 million to acquire majority stake in Essel Propack
Global investment major Blackstone said on Monday that private equity funds managed by it have entered into a definitive agreement with Ashok Goel Trust to purchase a majority stake in Essel Propack, a leading global specialty packaging company and the largest global manufacturer of laminated tubes.Ashok Goel Trust and its affiliates currently hold about 57 per cent of Essel Propack. Blackstone will pay a purchase price of Rs 134 per share to acquire a 51 per cent shareholding from Ashok Goel Trust.As per the Takeover Code, the transaction will trigger a mandatory open offer for a purchase of additional 26 per cent shares of the company and the acquiring entity has released a public announcement to the stock exchanges. The open offer price has been fixed at Rs 139.19 per share.Based on the open offer subscription, the purchase price consideration will vary between Rs 2,157 crore and 3,211 crore (or 310 million to 462 million dollars). Ashok Goel will retain a minority stake in the ...
Mahindra Lifespace Q4 profit down 35% at Rs 31 cr; record FY'19 sales bookings at Rs 1,023 cr
Realty firm Mahindra Lifespace Developers Ltd Monday reported 35 per cent decline in its consolidated net profit at Rs 31.27 crore for the quarter ended March, although it achieved record sales bookings of Rs 1,023 crore during the last fiscal. The company had posted a net profit of Rs 47.75 crore in the year-ago period, Mahindra Lifespace said in a regulatory filing. Total income rose to Rs 246.9 crore in the fourth quarter of last fiscal from Rs 180.6 crore in the corresponding period of the previous year. During 2018-19, the net profit rose to Rs 120 crore as against Rs 101 crore in the previous financial year. Total income rose to Rs 654 crore from Rs 644 crore during the period under the review. "We have crossed the Rs 1,000 crore mark in residential sales bookings for the first time. The previous high was around Rs 800 crore," the company's MD and CEO Sangeeta Prasad told PTI. The Mumbai-based developer also achieved record sales collection from customers at Rs 960 crore, she ...
Jet Airways shares trim early losses; close over 6 pc lower
Shares of Jet Airways, which has shut down operations temporarily, continued to fall for the third day in a row Monday, closing over 6 per cent lower. The scrip nosedived 19.34 per cent to Rs 132.20 -- its 52-week low -- during the day on BSE. However, at close of trade it recovered most of its sharp early losses. It closed the day at Rs 154.60, 5.67 per cent lower. At the NSE, shares plunged 6.15 per cent to close at Rs 154.70. In terms of traded volume, 56.19 lakh shares were traded on the BSE and over five crore shares on the NSE during the day. In three days, the scrip has plummeted 40.94 per cent. Running into debt of more than Rs 8,500 crore, Jet Airways has shut down operations temporarily after lenders decided against extending emergency funds for its survival. Cash-starved Jet Airways, which has around 23,000 employees, has delayed payment of salaries to the employees, including pilots. Meanwhile, other listed airlines SpiceJet and InterGlobe Aviation also had a rough trading
DTH players violating new norms to face strict action : Trai chief
Telecom regulator Trai on Monday warned of strict action against those cable TV and DTH players who are found violating its new tariff order and regulatory regime. The watchdog also promised to shortly begin "audit" of subscriber management and other IT systems of errant operators. Trai Chairman R S Sharma said consumer choice and consumer interest are "non negotiable" and "cannot be compromised" and that companies not adhering to rules will have to face the consequences. "We have received complaints about inconvenience to customers. These complaints relate to software and systems put in place by distributors not enabling true choice for consumers, which is the aim of the whole framework. If choice of channels is restricted...then basic intention seems to be to push packs and bouquets and push your own agenda. That is not the spirit of the regulatory framework," Sharma told PTI. It is okay for consumers to choose packs or bouquets but the choice for TV viewing has to remain with ...
Asia Fruit Logistica announces its 11th edition in the Indian market
Asia Fruit Logistica, the leading international trade exhibition for fresh fruit and vegetable marketing in Asia, announces its upcoming edition in Hong Kong from 4th to 6th September 2019. Offering unparalleled opportunity in the fresh produce sector and related value chain, Asia Fruit Logistica aims at assisting industry players to build new business contacts and showcase their innovations and products on an international level.The annual trade fair is known to attract high-quality buyers from key markets across Asia witnessing participation from exhibitors belonging to the logistics, machinery and technology sectors. Last year, the trade fair witnessed the third highest participation from India with 6 per cent of total visitors marking their attendance at the event. Emphasizing the crucial role of supply chain partners and service providers for businesses' growth, Asia Fruit Logistica invites larger registrations from Indian fresh produce traders and supply chain retailers this ...
Tirupati temple has 9,259 kg gold in treasury, banks
The Sri Venkateswara Temple at Tirumala here owns 9,259 kg of gold deposited with various banks and in its treasury, a senior temple official said on Monday.
Sensex crashes over 495 points as crude woes resurface
Market benchmark Sensex Monday nosedived 495 points to end at 38,645 owing to intense sell-offs in energy and financial stocks as investors weighed soaring crude oil prices and a mixed start of the corporate earnings season. The broader NSE Nifty too shed over 158 points to close at 11,594. Market sentiment was hit as macroeconomic worries resurfaced following reports that the US will end sanctions waiver on Iranian oil imports. Soaring crude prices at a six-month high level led to massive sell-offs on bourses. Besides, the weakening rupee and a caution ahead of some key corporate results also played in the minds of investors. Rising crude prices are negative for oil importing countries like India as higher prices lead to widening of fiscal deficit and put the currency under pressure. The 30-share BSE index settled 495.10 points, or 1.26 per cent, lower at 38,645.18; while the broader NSE Nifty tumbled 158.35 points, or 1.35 per cent, to close at 11,594.45. Sensex heavyweight Reliance
lndia Post partners with TCS to upgrade 1.5 lakh post offices
Tata Consultancy Services (TCS) said on Monday it has partnered with the Department of Posts (DoP) to modernise a network of more than 1.5 lakh post offices across the country, making it the largest distributed e-postal network in the world."The multi-year digital core programme will transform the DoP into a multi-service digital hub, modernise the delivery of mail and packages, enhance customer experience and launch innovative services that will drive new revenues," it said in a statement.Debashis Ghosh, Business Group Head for Public Services at TCS, said an important objective of the transformation is to use the DoP's nation-wide reach to drive financial inclusion and accessibility of citizen services in remote areas.This is being accomplished through over 1.3 lakh DARPAN (Digital Advancement of Rural Post Office for A New lndia) hand-held devices that gramin dak sevaks use to provide postal, banking, insurance and cash management services in remote villages, even those without ...
Rupee drops 32 paise to close at 2-wk low against dollar
The rupee Monday plunged by 32 paise to close at a two-week low of 69.67 against the US dollar following a spike in crude oil prices on reports that the US will end waivers on Iranian oil imports. A fall in domestic equity markets also weighed on the rupee. A weak US dollar against major global currencies capped losses of the domestic currency. At the Interbank Foreign Exchange (forex), the rupee opened sharply lower at 69.78 and touched a low of 69.88 against the dollar in early trade. But it pared early losses later and rose to an intra-day high of 69.50. The domestic currency, however, failed to sustain gains and finally settled at 69.67 per dollar, down 32 paise or 0.46 per cent over its previous closing. The rupee had previously closed at this level on April 8. "The rupee has been under pressure today due to a sharp rise in crude oil prices in the international market. Profit booking in the domestic equity ... has also pressurized the rupee," said Rushabh Maru, Research Analyst -
Sensex ends 495 pts down, fear gauge at 3 yr high
Indian stock markets fell steeply on Monday over a sharp rise in crude oil prices. The benchmark Brent crude futures rose above the $73 a barrel mark following reports that the US may end sanctions waivers it had granted to some importers of Iranian oil, including India and China, last year.