Page 537 - Business Finance
Inspired by JD.com, OYO forms integrity committee in China
OYO Hotels & homes - South Asia's largest, China's 2nd largest, and the world's 6th largest chain of hotels, homes, and quality spaces - in an effort to uphold its commitment to the highest standards of compliance, integrity and ethics, on Wednesday, announced that taking an inspiration from JD.com, OYO Jiudian, has set up an integrity committee in China, with representation from select senior leadership members and third-party representatives, as a forward-looking measure to help the company maintain a high level of integrity and transparency in running day to day business, while it witnesses unprecedented growth and strong business performance in the country.Today, OYO is in 8000+ hotels and 400,000 rooms across 290+ cities, and on an average every building that becomes a part of OYO's chain witnesses increased occupancy from 25 per cent to 65 per cent in few months time.The integrity committee meets on a regular basis to take important decisions with respect to day to day ...
Mindtree net profit up 8.9% in Q4 at 198.4 cr
Leading IT consulting and services firm Mindtree on Wednesday reported Rs 198.4 crore net profit for the fourth quarter of fiscal 2018-19, registering 8.9 per cent growth yearly and 3.8 per cent quarterly.
Jio sets new 4G availability record in India
No other operator in the world has scored better at a country level than Reliance Jio in India in terms of 4G availability, according to a new report from London-based mobile analytics company Opensignal.
Jet Airways has no option but to shutter, as banks refuse
With the lenders rejecting an lifeline of Rs 400 crore Wednesday Jet Airways, which has been on a wing and prayer since January, is left with no other option but to ground operations at least temporarily. Since the March 25 resolution to infuse Rs 1,500 crore into the airline is yet to fructify, the once leading airline has been defaulting on payments, forcing its lessors to retake almost all its planes and was operating just about six planes as of Tuesday. An official announcement of grounding of operations is expected anytime now as the Jet Airways board had Tuesday authorised chief executive Vinay Dube to make one last appeal to the SBI-led consortium to get a life-line of Rs 400 crore Wednesday, before taking a final call on the future. Jet will be the seventh airline to go down since May 2014 and the 13th one after East West was shuttered. During the past five years airlines like Air Pegasus, Air Costa, Air Carnival, Air Deccan, Air Odisha and Zoom Air have all gone
Reliance Industries is in talks to buy toy brand Hamleys
Mukesh Ambani-led Reliance Industries is in talks to buy centuries-old British toy retailer Hamleys as the company expands its presence in the consumer space, sources said. Currently, Reliance Industries' retail arm Reliance Retail has the licence to sell Hamleys' products in India. Reliance Industries is said to be aggressively pursuing the deal and due diligence for buy-out is in advanced stages, sources said. When contacted, Reliance declined to comment on the issue. "As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis," a Reliance Industries spokesperson said. In 2015, China's C.banner International had acquired Hamleys in 100 million pound deal. In October last year, Sky News reported that C.banner International, which is listed on the Hong Kong Stock Exchange, had launched a strategic review of loss-making Hamleys and was looking to sell it. Hamleys was founded in 1760. In the past few years, Reliance ..
Wipro hacking eyeopener for Indian firms: Experts
Cyber security experts on Wednesday raised alarms over the attack on IT bellwether Wipro, saying that no organisation, regardless of its size, is immune from sophisticated cyber criminals in India.
mjunction expands e-auctions to real estate sector
B2B e-commerce company mjunction services ltd has expanded its services in the real estate sector, a company official said. mjunction, a 50:50 joint venture between SAIL and Tata Steel, conducted e-auctions in the housing and real estate sector for the Uttar Pradesh Awas Vikas Parishad (UPAVP), he said. The company is planning to launch this service in other states as well. "mjunction has provided a customised platform to UPAVD for selling their properties through e-auction. This is just the beginning, and we expect to extend this to other states in the near future," mjunction MD and CEO Vinaya Varma said. Commercial plots for group housing, schools, nursing homes and hospitals were up for e-auction across six zones of the UPAVP - Lucknow, Meerut, Bareily, Agra, Varanasi and Kanpur. A total of 17 plots were sold from these zones.
Mindtree's special dividend could strip firm of Rs 320 cr ahead of L&T takeover
Ahead of a potential takeover of the company by L&T, Mindtree's board on Wednesday proposed to pay a handsome Rs 320 crore special dividend to its shareholders including promoters, saying the move was in line with the firm's capital allocation policy and did not go against corporate governance norms. The company has declared an interim dividend of Rs 3 per share that will be paid before May 10. It will pay Rs 4 a share in final dividend and another Rs 20 in special dividend -- a proposal subject to shareholders' nod at the firm's annual general meeting (AGM) in June or July. By then, Larsen and Toubro (L&T) could hold significant stake in the city-based company. Last month, L&T had acquired Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree, and placed an order with brokers to pick up another 15 per cent shares from the open market. This triggered an open offer under which the infrastructure major will acquire an additional 31 per cent stake at Rs 980 .
Foodhall partners with Scootsy: an on-demand delivery platform
Foodhall, the premium lifestyle and food superstore by Future Group, has entered into a strategic partnership with Scootsy, a premium hyper-local delivery platform. As part of this partnership, Foodhall products will be available on the Scootsy app for delivery and customers can enjoy a wide assortment of products from the luxury of their homes. This partnership will extend to all Foodhall products available for delivery and will initially be launched in Mumbai in April 2019, with Delhi and Bengaluru to follow later in the year."We are very excited to bring India's top gourmet store to our exclusive customers across Mumbai. Whether its avocados, organic quinoa or over 150 varieties of cheese, our customers can now get their favourite Foodhall products delivered in 90 minutes", said Sumesh Rahavendra, CEO, Scootsy."Scootsy is a company that is known for its premium and reliable delivery service. This partnership will enable Foodhall to further reach out to many more food lovers and ...
Corp Affairs Min withdraws memorandum that barred LLPs from manufacturing activities
The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum issued by the ministry earlier this month, wherein LLPs were restricted from manufacturing and allied activities. The ministry is implementing the Limited Liability Partnership Act. "Manufacturing & allied activities were restricted in LLPs vide OM (Office Memorandum)... dated 06.03.2019. This OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect," the ministry said in a message posted on its website. In the memorandum issued on March 6, the ministry had said that LLPs as body corporates have been set up for the purposes of carrying out business activities related to the service sector. "Incorporation of LLPs and conversion of LLPs with the proposed business activity (ies), including manufacturing ...
Bizom launches five products to empower brands with direct access to retailers
Bizom's newly launched retailer app-based 'Perfect Store' is a game-changer for consumer brands in India. It converts push-based distribution to pull-based through its unique suggested orders and image recognition features. These features leverage AI/ML capabilities to empower brands with smarter retail execution.On 16th April, Bizom, a leading provider of SaaS-based technology solutions for consumer companies, has launched AI/ML-based products that will disrupt retail distribution in India. The products, launched at Bizom's annual conclave 2019 in Bengaluru, enable smarter retail execution by converting the traditional push-based distribution to a pull-based one.The Indian consumer goods industry is a complex ecosystem with its multi-tier distribution system. This means consumer brands have limited or no interaction with their retail outlets. Such unfavourable conditions create an ecosystem that does not support transparency of data or formulation of clear insights. Consumer brands ..
Mindtree Q4 net up 8.9 pc at Rs 198 crore, FY 19 revenue crosses $1 billion
IT services major Mindtree reported on Wednesday that its net profit totalled Rs 198.4 crore during January to March quarter of 2019, up 8.9 per cent from Rs 182.2 crore in the year-ago period.The company's revenue also increased by 25.6 per cent to Rs 1,839.4 crore as compared to Rs 1,464 crore in the same period.Mindtree, which is facing a hostile takeover bid by infrastructure giant Larsen & Toubro, said its board has also declared an interim dividend of 30 per cent (Rs 3 per equity share of par value Rs 10 each)."The Board of Directors has also recommended a final dividend of 40 per cent (Rs 4 per equity share of face value of Rs 10 each) for the financial year ended March 31, 2019 and a special dividend of 200 per cent (Rs 20 per equity share of face value of Rs 10 each) to celebrate the twin achievements of exceeding one billion dollars annual revenue milestone and 20th anniversary of the company which are subject to the approval of shareholders," it said.Mindtree's net ...
Asutosh Enterprises reports standalone net profit of Rs 0.02 crore in the March 2019 quarter
Reported sales nil
Den Networks reports consolidated net loss of Rs 186.39 crore in the March 2019 quarter
Sales decline 13.29% to Rs 273.11 crore
Northern Project reports standalone net loss of Rs 0.07 crore in the March 2019 quarter
Sales decline 88.89% to Rs 0.01 crore
Mindtree consolidated net profit rises 8.89% in the March 2019 quarter
Sales rise 25.64% to Rs 1839.40 crore
CRISIL consolidated net profit declines 6.78% in the March 2019 quarter
Sales decline 0.99% to Rs 415.79 crore
Kerala's IBS to provide IT support to Etihad Airways
Kerala-headquartered IBS Software (IBS), a leading provider of new generation IT travel solutions, has signed a pact with Etihad Airways, the UAE national airline, to help enhance its operations.
60% Indian firms worried about Internet security
Nearly 60 per cent organisations in India are concerned that the Internet is getting increasingly unstable from a cybersecurity standpoint and they are unsure how to react, according to a new report from Accenture.
Global IT spending to touch $3.79 tn in 2019: Gartner
Global IT spending is projected to total $3.79 trillion in 2019, an increase of 1.1 per cent from 2018, the latest forecast by Gartner Inc. said on Wednesday.