Page 632 - Business Finance
Embassy Office Parks REIT rises nearly 5% in debut trade
The units of Embassy Office Parks REIT ended nearly 5 per cent higher in debut trade on Monday, against its issue price of Rs 300. The REIT closed at Rs 314.10, a gain of 4.70 per cent from the issue price on BSE. Intra-day, it touched a high of Rs 324.50, a jump of 8.16 per cent. Earlier, in the day, it had opened flat at Rs 300. At NSE, the REIT closed 4.66 per cent higher at Rs 314. On the traded volume front, 2.79 lakh units were traded on BSE and over 29 lakh units on NSE. The company's market valuation stood at Rs 24,238.01 crore on BSE. The issue of the country's first real estate investment trust (REIT) was subscribed 2.57 times during its bidding process last month, helping the firm raise Rs 4,750 crore. The issue was in a price band of Rs 299-300 per unit. REIT is an investment tool that owns and operates rent-yielding real estate assets. It allows individual investors to make investment in this platform and earn income. Embassy Office Parks had in September last year filed .
GST revenue collections at new high, total Rs 1.06 lakh crore in March
Gross revenue on account of Goods and Services Tax (GST) in March totalled Rs 106,577 crore, marking 15.6 per cent growth over the revenue in same month of previous year, the government said on Monday.Of this, Central GST was Rs 20,353 crore, State GST Rs 27,520 crore, Integrated GST Rs 50,418 crore (including Rs 23,521 crore collected on imports) and cess Rs 8,286 crore (including Rs 891 crore collected on imports)."The collection during March 2019 has been the highest since introduction of GST," according to an official statement. The total number of GSTR 3B returns filed for February till March 31 was 75.95 lakh.The government settled Rs 17,261 crore to Central GST and Rs 13,689 crore to State GST from Integrated GST as a regular settlement.Further, Rs 20,000 crore was settled from the balance Integrated GST available with the Centre on provisional basis in the ratio of 50:50 between the Centre and states.The total revenue earned by Central Government and state governments after ...
Nitish government score on poll issues below average
The performance of Nitish Kumar government in Bihar was below average on the most important concerns of voters, including employment opportunities, availability of water for agriculture and better healthcare facilities, according to a report by the Association for Democratic Reforms (ADR).
Acquisitions important part of growth strategy: Metropolis Healthcare
Diagnostics chain Metropolis Healthcare, which is launching a Rs 1,200-crore initial public offering (IPO) this week, Monday said it is looking at acquisitions as an integral part of its growth strategy. Besides acquisitions, the company is also focusing on robust organic growth and new avenues for expansion going forward. The IPO opens on April 3 and closes on April 5, 2019. The price band has been fixed at Rs 877-880 per equity share. When asked about the reasons for the launch of the IPO, Metropolis Healthcare Chairman Sushil Shah told PTI: "The most important reason was that in case going forward if we have a very big acquisition opportunity we will have ease of borrowing from banks ... It is easier to do this when one is a public listed company." Other reasons were to give partial exit to Carlyle and some funding was needed to pare some personal debt, he added. There is no debt on the company, Shah said. Going forward, the company will focus on business-to-consumer (B2C) ...
NMDC Ltd produces 32.44 million tonnes in previous fiscal
Despite suspension of Iron ore production from its Donimalai Mine in Karnataka, state-owned NMDC Ltd produced 32.44 million tonnes during the last fiscal ended on March 31. According to a press release issued by the miner, NMDC exceeded the 30 million tonne figure of production and sales for the third consecutive year. Sales during the FY 19 stood at 32.38 MT, it said. CMD of NMDC, N Baijendra Kumar congratulated all the employees for their "dedicated hard-work and excellent team work," the release said. NMDC produced diamonds worth 38,033 carats during the last fiscal.
AR, VR to help 100 mn shoppers by 2020: Gartner
Once technologies like AR and Virtual Reality (VR) get powered by 5G capabilities, it would lead to multiple uses like real-time rendering for immersive videos, shorter download and set-up times along with extension of brands and shopping experiences beyond stores.
OYO raises funds from Airbnb
SoftBank-backed OYO has raised funding from the US-based online accommodation platform Airbnb, a move that will provide the Indian hospitality chain more ammunition to strengthen its presence in the Indian and global markets. The investment details were, however, not disclosed. According to sources, Airbnb is pumping in between USD 100-200 million (about Rs 690-1,380 crore) in the Indian firm. "As the sixth largest hotel chain operator in the world, we at, OYO Hotels & Homes, are committed to offering our guests and travelers around the world, great quality living spaces. We are happy to have Airbnb as our partner in this vision," OYO Hotels & Homes Global Chief Strategy Officer Maninder Gulati said in an emailed statement. He added that Airbnb's strong global footprints and access to local communities will open up new opportunities for OYO to strengthen and grow. "We're excited by the possibilities and committed to bringing benefits to the millions of travelers who can now ...
China Stocks rise on upbeat China factory surveys
Investors risk sentiment rose after official data on Sunday showed that factory activity in China, Australia's biggest trade partner, unexpectedly grew for the first time in four months in March, soothing fears of an economic downturn. On Monday, the private-sector Caixin survey showed a similar trend.
Japan Nikkei surges 1.43%
Investors risk sentiment rose after official data on Sunday showed that factory activity in China, Australia's biggest trade partner, unexpectedly grew for the first time in four months in March, soothing fears of an economic downturn. On Monday, the private-sector Caixin survey showed a similar trend.
March GST revenue highest at Rs 1.06 lakh cr
The Goods and Services Tax (GST) collection for March rose 15 per cent year-on-year to Rs 1.06 lakh crore.
FY'19 GST mop up overshoots estimates; Mar collections at record Rs 1.06 lakh cr
Goods and Services Tax (GST) collections touched Rs 11.77 lakh crore in fiscal 2018-19, exceeding the revised budget estimates, with record realisation of Rs 1.06 lakh crore in March alone. March saw the highest ever monthly return filing since GST rollout on July 1, 2017, at 75.95 lakh-- reflecting improved compliance. Meanwhile, Finance Minister Arun Jaitley in a tweet said: "The record collection in March, 2019 of the GST touching Rs 1,06,577 crore indicates the expansion in both manufacturing and consumption". In a statement, the Finance Ministry said the monthly average of GST revenue during 2018-19 is Rs 98,114 crore, 9.2 per cent higher than the previous fiscal. "These figures indicate that the revenue growth has been picking up in recent months, despite various rate rationalisation measures," it said. Total gross GST revenue collected in March, 2019 stood at Rs 1,06,577 crore of which central GST was Rs 20,353 crore, state GST was Rs 27,520 crore, integrated GST was Rs 50,418 .
GST revenue collection touches record high level of Rs 106577 crore in March 2019
75.95 lakh GSTR 3B Returns filed for the month of February 2019
State-run HAL posts 6% higher revenue in 2018-19
State-run Hindustan Aeronautics Ltd (HAL) on Monday reported revenue of Rs 19,400 crore (provisional) for the just-concluded financial year 2018-19, registering 6 per cent annual growth over Rs 18,284 crore on this account in fiscal 2017-18.
India's Media & Entertainment Sector To Record CAGR Of 11.7%
India's per capita media and entertainment spending will be capped at a 32 dollars by 2021 compared to 222 dollars in China and 2,260 dollars in the United States, according to an ASSOCHAM-PwC joint study. However, India is one of the fastest growing entertainment and media territories in the world, with a CAGR of 11.7% from 2017 to 2022, growing from 30,363.72 million USD (19,78,045 million INR) in 2017 to 52,683.15 million USD (34,32,044 million INR) in 2022. It is set to be in the top 10 entertainment and media markets globally by 2021 in terms of absolute numbers, noted ASSOCHAM-PwC joint study on 'Video on Demand: Entertainment reimagined'.
Shares end with modest gains
Key domestic indices sharply came off day's high in final trading hour and ended modestly higher. Sentiment was boosted by positive global cues backed by fresh hopes of a progress in China-US trade talks. The barometer index, the S&P BSE Sensex, rose 164.27 points or 0.42% to 38,837.18, as per the provisional closing data. The Nifty 50 index rose 31.70 points or 0.27% to 11,655.60, as per the provisional closing data. The Sensex ended below 39,000 mark and the Nifty ended below 11,700 mark after crossing those levels in intraday.
Nitesh Estates sells land in Bengaluru for Rs 55 cr; cuts debt by Rs 450 cr in last 3 wks
Bengaluru-based firm Nitesh Estates has sold a land parcel in the IT-city for Rs 55 crore as part of its plan to sell non-core assets and repay debt. In a regulatory filing, Nitesh Estates informed that it has "sold the prime parcel of the land in the heart of Bengaluru City for a deal valuing at Rs 55 crore". Of this amount, the company has utilised Rs 40 crore to repay loan taken from HDFC Ltd. In January, Nitesh Estates had said that it aims to cut debt by Rs 700 crore within six months. Last month, the company has sold a shopping mall in Pune and reduced its debt by Rs 408 crore. "The company is in line with the strategy of exiting from the residential space," it said. "With this exit from the land parcel and repayment of existing loan from HDFC, we have reduced our consolidated debt by Rs 450 crore within last three weeks," the company said in the filing.
Honda Cars sales up 27% to 17,202 units in March
Honda Cars India Ltd (HCIL) Monday reported a 27 per cent increase in its domestic sales to 17,202 units in March. The company had sold 13,574 units in the domestic market in March 2018, HCIL said in a statement. The company also exported 38 units last month, it added. Honda Cars posted sales of 1,83,787 units in 2018-19, up 8 per cent as compared with 1,70,026 units in 2017-18. "Strong sales efforts from the dealers and company during the prevailing tough market scenario resulted in this growth rate, which is ahead of the industry," HCIL Senior VP and Director-Sales and Marketing Rajesh Goel said. One of the growth drivers for the company was the all new Amaze, he added. "The launch of our global bestsellers Civic and CR-V reinforced Honda's premium product line-up," Goel said. HCIL exported a total of 4,794 units during 2018-19. The company also expanded its sales and distribution network across the country during the last fiscal to 381 facilities in 264 cities.
ONGC gas output jumps 6.5 pc to record high in FY19
Reversing years of decline, state-owned Oil and Natural Gas Corp (ONGC) has reported a record 6.5 per cent jump in natural gas production to 25.9 billion cubic meters in the fiscal year ended March 31, 2019, as it doubles up efforts to raise domestic output to curb imports. Natural gas production from ONGC-operated nomination fields, NELP blocks and joint venture assets reached 25.819 BCM in 2018-19 as compared to 24.61 BCM output in the previous fiscal, ONGC Chairman and Managing Director Shashi Shanker said here. The company is on course to produce 42 BCM by end of fiscal 2022, when its prized KG basin discoveries will come onstream. "Some of our gas fields are very old like the Bassien field in western offshore. These continue to make a substantial contribution to the overall domestic production of gas because of continuous monitoring of the fields, applications of state-of-the-art technology and best possible reservoir management," Shanker said. A bulk of the output in the 2018-19
SML ISUZU gains after good monthly sales
SML ISUZU advanced 4.57% at Rs 865.95 at 15:11 IST on BSE after the company said its total sales rose 14.1% to 2,003 units in March 2019 over March 2018.
WAPCOS gets CCI nod for NPCC acquisition
The Competition Commission on Monday said it has given nod to public sector firm WAPCOS Ltd for acquiring shares of National Projects Construction Corporation (NPCC). In a tweet, the fair trade regulator said that it "approves the acquisition of shares of National Projects Construction Corporation Limited by WAPCOS Limited". The transaction "involves the acquisition of 98.89 per cent shareholding held by the President of India, represented by and acting through the Ministry of Water Resources, River Development & Ganga Rejuvenation, Government of India in NPCC to WAPCOS along with the transfer of management control," a notice filed with the competition watchdog said. The ownership of NPCC shall transfer from the government to WAPCOS after the transaction, it added. In another tweet, the Competition Commission of India (CCI) said that it "approves the acquisition of shares in Medplus Health Services Private Limited by PI Opportunities Fund-I." Separately, the CCI also tweeted that .