Page 528 - Business Finance
Jay Bharat Maruti standalone net profit declines 38.81% in the March 2019 quarter
Sales decline 0.02% to Rs 480.31 crore
Majestic Auto reports consolidated net profit of Rs 19.78 crore in the March 2019 quarter
Sales rise 246.81% to Rs 51.12 crore
Uber wins USD 1bn investment from Toyota, SoftBank fund
Japanese car giant Toyota and investment fund SoftBank Vision Fund on Friday unveiled an investment of USD 1 billion in US company Uber to drive forward the development of driverless ridesharing services. The latest cash injection, expected to close in the third quarter this year, came amid fevered anticipation of Uber's public share offering which is expected to be the largest in the tech sector for years. Toyota has already invested USD 500 million in Uber as the firm races Google-owned Waymo and a host of other companies, including major automakers, to develop self-driving vehicles. The latest investment, which also involves Japanese parts maker DENSO, will go to Uber's Advanced Technologies Group in a bid to "accelerate the development and commercialisation of automated ridesharing," the firms said in a statement. Toyota and DENSO are stumping up USD 667 million and SoftBank Vision Fund, the investment arm of Japanese tycoon Masayoshi Son's SoftBank, will pour USD 333 million into
Tabloid at centre of Trump, Bezos controversies to be sold
The National Enquirer, a tabloid enmeshed in scandals over the payment of hush money on Donald Trump's behalf and the leak of private messages from Amazon's Jeff Bezos, is being sold to a private investor, the publisher has said. American Media LLC said on Thursday it had reached an agreement in principle with James Cohen, the owner and chief executive of Hudson Media, for the sale of the Enquirer's US and UK editions along with the sister tabloids Globe and National Examiner. Terms of the deal were not announced, but The Washington Post reported that the sale price would be some USD 100 million. AMI said the agreement includes a multi-year service contract that will generate "substantial fees" for publishing, financial and distribution services. "The sale of these brands shows their vitality in today's newsstand marketplace where they continue to generate nearly $30 million in profit annually," said American Media President and CEO David Pecker. Pecker, a longtime friend of Trump, ...
US dollar rises amid strong retail sales data
The US dollar increased in late trading on Thursday, as the US economy got a boost by estimated surging retail sales, while the euro dropped due to downbeat eurozone economic data.
Libya's UN-backed regime freezes security ties with France
Tripoli, April 18 (IANS/AKI) Libya's internationally recognised unity government is suspending all bilateral security accords with France, Interior Minister Fathi Bashaga announced on Thursday.
I-T dept proposes new norms for taxing MNCs in India
The income tax department Thursday proposed change in the methodology for taxing multinational companies, including digital firms, having permanent establishment in India by giving weightage to factors like domestic sales, employee strength, assets and user base. The CBDT Committee on 'Profit Attribution to Permanent Establishment (PE) in India' also said MNCs that are incurring global losses or a global profit margin of less than 2 per cent and have operations in India will be deemed to have made a profit of 2 per cent of Indian revenue or turnover and will be taxed accordingly. "The committee noted the need to protect India's revenue interests in cases where an enterprise having global losses or a global profit margin of less than 2 per cent, continues with the Indian operations, which could be more profitable than its operations elsewhere. "The continuation of Indian operations justifies the presumption of higher profitability of Indian operations, and in such cases, a deeming ...
Reliance Jio's Q4 net profit up 64.7%
Reliance Jio Infocomm, a Reliance Group company, on Thursday reported a 64.7 per cent increase in its standalone net profit for the January-March quarter of the financial year 2018-19, on an year-on-year basis.
Tata Sponge board clears shifting of registered office
Tata Sponge Iron, a 54.5 per cent subsidiary company of Tata Steel, on Thursday said its board has approved shifting of the company's registered office from Odisha to West Bengal and changing its name to 'Tata Steel Long Products Limited' or such other name.
Notice to Samsung for not passing GST cut benefit to consumers(Lead)
The Directorate General of Anti-Profiteering (DGAP) has served a notice on technology major Samsung India for allegedly not passing on the benefits of GST reduction to its customers and in turn making undue profits, sources said.
Trying to minimise passenger inconvenience in view of Jet Airways crisis: Civil Aviation Secretary Kharola
Efforts are on to formulate a plan to minimise passenger inconvenience in view of Jet Airways crisis, said Civil Aviation Secretary Pradeep Singh Kharola here on Thursday.Kharola, who held a high-level meeting with the officials of Airports Authority of India (AAI), Directorate General of Civil Aviation (DGCA), and representatives of various airport operators, said: "We had a series of meetings today with airlines, airport operators, DGCA, and AAI."About 75 planes have been grounded in the domestic sector in the last few months. DGCA is monitoring the situation. We have been able to induct around 55 planes as of now," he told media persons, adding the current deficit is of 15-20 planes.Kharola said that slot allocation would be done fairly. "Slots will be allocated for a period of three months. Airlines getting extra capacity will get preference in slot allocation," he said."Airlines will be able to induct 30 planes by July. Some airlines are in talks with lessors to get 20-30 ex-Jet .
RIL's consolidated Q4 net profit up 9.8%
Reliance Industries Ltd (RIL) on Thursday reported 9.8 per cent increase in its consolidated net profit for the January-March quarter of financial year 2018-19, on an year-on-year (YoY) basis.
Reliance Jio logs net profit of Rs 840 crore in Q4
Reliance Jio on Thursday reported a standalone net profit of Rs 840 crore for the quarter ended March 31. Reliance Jio, telecom arm of Reliance Industries, saw a net profit jump of 64.7 per cent as compared to Rs 510 crore reported for the last corresponding period.The net profit for the financial year 2018-19 was Rs 2,964 crore, Reliance Jio said in a regulatory filing on Thursday. The company had posted a net profit of Rs 723 crore during 2017-18, said the firm.Reliance Jio's consolidated profit saw a growth of 9.8 per cent to Rs 10,362 crore for the fourth quarter that ended March 31, the company said in a statement.Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Limited (RIL), said: "We at Jio are truly overwhelmed and proud to now serving over 300 million subscribers. Growth in data and voice traffic at this scale has been unparalleled.""Jio's network is one of the largest mobile data networks in the world. Our constant endeavour is to offer a gold standard ..
66% turnout in second phase Lok Sabha polls
The second phase of Lok Sabha polls across 95 seats saw a voter turnout of 66 per cent, Election Commission said here on Thursday.
Jet management hints at gloomy days ahead
A day after Jet Airways grounded its operations completely, reality is fast dawning upon over 20,000 Jet Airways employees.
Competition Commission clears Future Coupons' 7.30 pc stake buy in Future Retail
The Competition Commission of India has cleared acquisition of 7.30 per cent equity stake in Kishor Biyani-led Future Retail by Future Coupons Ltd (FCL) through conversion of equity warrants. According to a notice filed with CCI, the proposed combination relates to the allotment of 3.96 crore equity warrants of Future Retail to FCL, priced at Rs 505 apiece aggregating to over Rs 2,000 crore. Each warrant will be convertible into or exchangeable within a period of 18 months from the date of allotment of the equity warrants, for one equity share of a face value of Rs 2 each. On conversion of the equity warrants, FCL will hold 7.30 per cent in Future Retail. The Competition Commission of India (CCI) Thursday said in a tweet that it "approves acquisition of 7.30 per cent equity stake in Future Retail Ltd by Future Coupons Ltd through conversion option on equity warrants". In a separate tweet, CCI said it finds no appreciable adverse effect on competition in respect of JSW Steel Coated ...
Sebi slaps Rs 1 crore fine on 11 entities for manipulative trade
Markets regulator Sebi Thursday slapped a penalty of over Rs 1 crore on 11 entities for fraudulent and manipulative trading in the shares of Emed.com Technologies. The regulator had conducted investigation from August 2013 to June 2014 regarding the trading in the scrips of Emed.com Technologies. During the probe, Sebi found that the entities were connected to each other and had executed circular trades wherein they transferred shares in off-market to certain entities and then purchased back those shares in on-market, thereby giving misleading appearance of trading. Besides, they contributed to positive last traded price (LTP) and establishing of new high price (NHP) in the scrip, the Securities and Exchange Board of India (Sebi) said. "The group entities have contributed to the creation of artificial volumes and inflated/ manipulated the price of the scrip and thus violated...PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations," the regulator noted. Accordingly, .
RBI proposes to allow fintech start-ups to test regulatory sandbox
The Reserve Bank of India Thursday proposed that fintech start-ups could set up regulatory sandbox or live-testing of innovative products and services in segments such as retail payments, money transfer, artificial intelligence and data analytics in the financial sector. A regulatory sandbox (RS) usually refers to live-testing of new products or services in a controlled and test regulatory environment for which regulators may or may not permit certain regulatory relaxations for the limited purpose of the testing. A working group set up by the RBI had recommended introduction of an appropriate framework for an RS within a well-defined space and duration where the financial sector regulator will provide the requisite regulatory guidance to increase efficiency, manage risks and create new opportunities for consumers. In line with the recommendation, the central bank has released draft 'Enabling Framework for Regulatory Sandbox'. "The proposed financial service to be launched under the RS
Reliance posts highest quarterly net profit of Rs 10,362 cr in Q4
Richest Indian Mukesh Ambani-led Reliance Industries Thursday posted the highest quarterly net profit by any Indian private sector firm with a 9.8 per cent rise in earnings in the period ended March 31 after robust business in retail and telecom sectors offset a dip in oil refinery margins. The oil-to-telecom conglomerate reported a 9.8 per cent rise in its consolidated net profit at Rs 10,362 crore, or Rs 17.5 per share, in the fourth quarter ended March 31, 2019, as compared to Rs 9,438 crore, or Rs 15.9 a share, in the same period of the previous financial year, the company said in a statement. This is the highest quarterly profit by any Indian private sector company. State-owned Indian Oil Corp (IOC) holds the distinction of posting the highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013 after it received the full-year fuel subsidy in just one quarter. Reliance saw its revenue jump by 19.4 per cent to Rs ...
Rural India yet to recover from disruptions: Report
The next government at the centre is likely to inherit a rural economy in bad shape as the "informal" sector in many parts of agrarian India is yet to recover from the multiple disruptions over the past several months, a report said on Thursday.