Page 631 - Business Finance
Corporation Bank gets ratings reaffirmation in credit ratings from Brickwork Ratings
Upper Tier II Bonds (Rs 500 crore) - BWR AA-; Stable (Reaffirmed) Innovative Perpetual Debt Instrument (Rs 300 crore) - BWR AA-; Stable (Reaffirmed) Basel III Compliant Tier II Bonds (Rs 500 crore) - BWR AA; Stable (Reaffirmed) Basel III Compliant Tier II Bonds (not yet raised) (Rs 1000 crore) - BWR AA; Stable (Reaffirmed)
Tata Motors shares zoom 7.5%; mcap rises by Rs 3,711 cr
Shares of Tata Motors zoomed 7.5 per cent Monday after its British unit JLR said it expects improved financial results in the quarter to March 31, 2019. The stock jumped 7.37 per cent to close at Rs 187.15 on BSE. Intra-day, it gained 8.80 per cent to Rs 189.65. At National Stock Exchange, shares climbed 7.51 per cent to close at Rs 187.35. Led by the sharp rise in the stock, the company's market valuation rose by Rs 3,710.73 crore to Rs 54,036.73 crore on BSE. On the volume front, 29.27 lakh shares were traded on BSE and over 4 crore shares on NSE during the day. The stock was the biggest gainer on both the indices during the day. Tata Motors-owned Jaguar Land Rover (JLR) Friday said it expects better cash flow in the fourth quarter. In a regulatory filing, JLR said it expects improved financial results in the fourth quarter period to March 31, 2019, compared to the first nine months of the financial year, with significant positive cash flow in the fourth quarter.
Sebi proposes amendments to norms governing SROs
Markets regulator Sebi Monday proposed amendments to norms governing Self Regulatory Organisations, including recognising such entities on a nomination basis. Coming out with a consultation paper, the watchdog said that an SRO would be defined as an organisation of intermediaries or an entity promoted by a stock exchange, recognised by the board. A Self Regulatory Organisation (SRO) is considered as the first level regulator. "As per the proposed process, instead of inviting applications, Sebi would recognise an entity as an SRO on nomination basis, after conducting due diligence," the regulator said. Sebi proposes to constitute a nomination committee to consider and give recommendation to the regulator regarding the suitability of an organisation or entity to be recognised as an SRO. The committee will comprise external experts and will preferably be headed by a retired judge of a High Court or Supreme Court. Sebi also said the recognition of an SRO may be on permanent basis subject
Sangal Papers gets reaffirmation in credit ratings for bank facilities
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Everstone to sell entire stake in Rubicon Research for Rs 1,000 cr
Private equity player Everstone will sell its 70 per cent stake in Rubicon Research for around Rs 1,000 crore, which will fetch more than four times return on the initial investment. In 2016, Everstone Group acquired 70 per cent shareholding in Rubicon for about Rs 220 crore. "Everstone Group's Singapore fund will sell its entire stake in Rubicon Research to a global private equity player, generating 4.5x multiple and a 92 per cent IRR (Internal Rate of Return) in a span of three years. "This would be one of the best returns generated in the pharmaceutical industry," Everstone said in a release on Monday. On the basis of the initial investment, the stake will be sold for around Rs 1,000 crore. Rubicon is into research, development and manufacturing of branded and specialty generic products as well as OTC (Over The Counter) products. "This is a great example of how a strong relationship and true team work between internal and external stakeholders can produce exceptional outcomes," ...
Infosys forms JV with Hitachi, Panasonic and Pasona in Japan
India's second largest IT services firm Infosys Monday said it has completed the formation of its joint venture with Hitachi, Panasonic Corporation and Pasona Inc, strategically enhancing presence in Japan. In December last year, Infosys had announced its agreement with these partners under which Infosys was to acquire 81 per cent share in Hitachi Procurement Service Co, Hitachi's fully owned subsidiary. Consideration for the 81 per cent stake was 2,762 million yen (approx Rs 174.58 crore). Hitachi, Panasonic and Pasona are the minority shareholders of the entity. HIPUS Co Ltd - the new venture - has named Shinichiro Nagagata as chief executive officer, Infosys said in a statement. The JV will be headquartered in Japan, and more than 200 employees will be part of it on establishment. "The joint venture, formed by complementary, iconic companies coming together, will accelerate business process transformation leveraging digital procurement platforms for the local and global needs of ...
CIL production up 7pc to 607MT in FY'19
The Coal India Ltd Monday reported a growth of 7 per cent in dry fuel production in 2018-19 to 606.9 million tonne, a shade below the MoU target of 610 million tonne with the coal ministry. The production was 567.4 million tonne in FY18. Informing the bourses, the largest coal miner said offtake was at 608.1 million tonne during the year, a growth of 4.8 per cent over the previous fiscal offtake of 580.3 million tonne of coal. Coal India had set an internal aspirational target of 652 million tonne for the year, but could not go closer to it as things did not fructify as perceived, sources said. CIL scaled a new peak in production in the month of March 2019 producing 79.19 million tonne - the highest so far in a month since inception. Supply to power sector was 488 million tonne which is 7 per cent higher than the figure of 2017-18. The pithead coal stock stood at 54 million tonne and cumulative stock at power plants stood at 30.41 million tonne are sufficient to meet the .
Windsor Machines director resigns
With effect from 31 March 2019
Core sectors' growth slows down to 2.1 pc in Feb
The growth of eight core sectors slowed down to 2.1 per cent in February due to fall in output of crude oil and refinery products, official data showed Monday. Eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had expanded by 5.4 per cent in February 2018. Production of crude oil and refinery products contracted by 6.1 per cent, and 0.8 per cent, respectively, in February. Growth rate of production of fertiliser, steel, cement and electricity slowed to 2.5 per cent, 4.9 per cent, 8 per cent and 0.7 per cent in February as against 5.2 per cent, 5 per cent, 23 per cent and 4.6 per cent in the same month of 2018, respectively. However, coal and natural gas output grew by 7.3 per cent, and 3.8 per cent, respectively, in the month under review. Sluggish infrastructure sector growth will also have impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total ...
VFS expands to Meghalaya
City-based microfinance company Village Financial Services Ltd Monday announced expansion of operation in Meghalaya, increasing its footprint to 11 states in the country. VFS has opened a new branch at Tikrikilla in West Garo Hills district with the aim to drive financial inclusion and livelihood generation by providing micro lending services to poor women in the area, the company said Monday. VFS now caters to more than 4.71 lakhs women borrowers from 238 branches across West Bengal, Tripura, Assam, Bihar, Jharkhand, Odisha, Sikkim, Madhya Pradesh, Uttarakhand, Chhattisgarh and Meghalaya, it said. The company has also achieved the milestone of crossing the mark of Rs 1,000 crore of gross loan portfolio backed by the growth in number of borrowers. "We believe there are tremendous opportunities for the MFI sector and we aim to explore these to reach as many underbanked people as possible by expanding our footprint. We also plan to open more branches in the state," VFS MD .
Eight core industries output up 2.1% in February 2019
Cumulative output improves 4.3% in April to February 2018-19
Canon Expands its Sales and Service Footprint in North India
/ -- Canon India, one of the leading digital imaging organizations, has further strengthened its consumer connect in North India with the opening of its new Authorized Service Franchise (ASF) Level III in Ludhiana. The launch will enable the organization to further reach out to its customers across Punjab, Haryana, Jammu & Kashmir and Himachal Pradesh, offering them a multitude of premium value added services. (Logo: https://mma.prnewswire.com/media/538728/Canon_India_Logo.jpg) (Photo: https://mma.prnewswire.com/media/844286/Canon_Ludhiana.jpg) Inaugurated by Mr. Kazutada Kobayashi, President & CEO and Mr. Rahul Goel, Director-Market Engineering Center, the ASF Level III facility will be the go-to-place for any camera related service required by Canon users. Known for its vast service outreach, the imaging marvel currently operates five ASF Level III centers across Hyderabad, Ahmedabad, Indore, Pune and Ludhiana. Canon India also owns and operates six Master Service Centre ...
Zee Media Corporation appoints Arun Kapoor as Additional Director
Zee Media Corporation Ltd. (ZMCL) appointed Arun Kapoor as the Additional Director in the category of Non-Executive Non-Independent Director. He is known for handling start-ups and turning around sick companies, as well as growing companies aggressively in his extensive experience of over 3 decades in leading positions across multiple industries.Kapoor, a commerce graduate from Delhi University, MBA from Jamnalal Bajaj Institute of Management-Mumbai and PhD from Chitkara University-Punjab is an eminent personality in the professional sphere. He brings to the table a comprehensive experience of over three decades in general management, sales and marketing including as CEO/Business head across multiple industries like liquor, packaged foods, consumer products, BPO, telecom and media distribution.He has also been associated with business houses like United Breweries, Gillette, Bharti Cellular, Pepsi, Hutchinson Essar and Reliance ADAG during his past business endeavours. Kapoor was also .
Sensex hits all-time high before settling at 38,871
The BSE Sensex crossed 39,000 mark for the first time ever on Monday as the new financial year set in ahead of the general elections but closed at 38,871.It had hit an all-time high of 38,989 in August last year.Strong gains were witnessed in metal, IT and state-owned bank stocks as investors awaited the Reserve Bank of India's crucial monetary policy meet beginning on Tuesday. The outcome is scheduled to be announced on April 4.The BSE S & P Sensex closed 199 points higher at 38,871 while the NSE Nifty 50 gained 32 points to wind up the day at 11,656.Traders said the bourses are expected to perform well due to strong inflows from foreign institutional investors. There is expectation of continued policy reforms if the single largest party comes back to power after general elections beginning on April 11.At the National Stock Exchange, the metal index closed 1.8 per cent higher, IT 1.3 per cent and PSU bank over 1 per cent.Among the prominent gainers were Tata Motors which was up ..
Turnover in F&O segment rises
Nifty April futures at premium
Sensex, Nifty settle with modest gains
Domestic stocks settled with modest gains on steady buying demand in index pivotals. Sentiment was boosted by positive global cues backed by fresh hopes of a progress in China-US trade talks. Indices came off day's high in final hour of trade with the Sensex ending below 39,000 mark and the Nifty closing below 11,700 mark after crossing those levels in intraday trade.
Quick Wrap: Nifty Metal Index rises 1.91%
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Sensex hits all-time high, ends below 39k (2nd Lead)
The benchmark Sensex closed slightly below the 39,000-mark -- after hitting an all-time high on the first day of the FY19-20's trade -- over bets of a RBI rate cut and a healthy Chinese factory data, allaying fears of a global slowdown to some extent.
New accounting standard for leases to improve quality of financial info, says ICAI
The new accounting standard for leases will bring substantial visibility of companies' lease commitments and improve the quality of financial information about companies, chartered accountants' body ICAI said Monday. Ind AS 116, which sets out the principles for recognition, presentation and disclosure of leases has been notified by the corporate affairs ministry. The standard is effective from Monday. A senior government official said the standard would affect all industries where leases are a predominant component in their businesses and result in more transparency. ICAI President Prafulla P Chhajed said the new standard on leases ushers in a path-breaking reform in accounting for leases and would improve the quality of financial information. "It will bring substantial visibility of companies lease commitments, financing and operating model and above all better reflects economic reality," he said in a release. Leasing is a well-known and long established form of obtaining ...
MOIL says, achieved record Rs 1,440 cr turnover in 2018-19
The state-run MOIL Monday said it has achieved a record turnover to the tune of Rs 1,440 crore for the just concluded fiscal, up 9 per cent over the previous year. The top producer of manganese ore, MOIL, earlier known as Manganese Ore India Ltd, operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh, all of which are about a century old. Besides, it is in the process of developing one more mine. "MOIL Limited, the largest producer of manganese ore in the country and a Miniratna Schedule-A CPSE under the administrative control of the Ministry of Steel, has achieved the highest-ever turnover of Rs 1,440 crore during financial year 2018-19," the company said in a statement. It said its core production jumped 15 per cent during the year, while total production crossed 13 lakh tonnes in FY19, up 9 per cent over the previous year which is the highest achievement in last ten years. Currently, MOIL holds 34 per ..