Page 633 - Business Finance
Bharat Electronics Ltd 2018-19 revenue up 16%
State-run Bharat Electronics Ltd (BEL) on Monday reported a revenue of Rs 11,700 crore (provisional) for financial year 2018-19, registering a 16 per cent annual growth over the revenue of Rs 10,085 crore in fiscal 2017-18.
BoB issues shares to Vijaya, Dena Bank shareholders
Bank of Baroda (BoB) has alloted Rs 52.42 crore worth of shares to the shareholders of the Vijaya Bank and Rs 24.84 crore shares to those of Dena Bank as the merger of the three banks came into effect on Monday.
M&M tractor sales down 31% in March
Mahindra & Mahindra (M&M) Monday reported a 31 per cent decline in total tractor sales in March at 19,688 units. The company had sold 28,477 units in March last year, M&M said in a statement. Domestic tractor sales in March 2019 were at 18,446 units as against 27,155 units in the year-ago month, down 32 per cent, it added. Exports for the month stood at 1,242 units as compared to 1,322 units in March 2018, a decline of 6 per cent, the company said. For the fiscal ended March 31, M&M said its total tractor sales were at 3,30,436 units as against 3,19,623 units in the previous year, up 3 per cent. Domestic sales in 2018-19 were at 3,16,742 units as compared to 3,04,019 units in 2017-18, a growth of 4 per cent. Exports during 2018-19 stood at 13,694 units as compared to 15,604 units in the previous fiscal, down 12 per cent. Commenting on the sales performance, M&M President - Farm Equipment Sector Rajesh Jejurikar said March sales were slow in the domestic market due .
Reliance Communications Ltd leads losers in 'A' group
REC Ltd, CG Power & Industrial Solutions Ltd, Prestige Estates Projects Ltd and Nava Bharat Ventures Ltd are among the other losers in the BSE's 'A' group today, 01 April 2019.
Govt lays out procedure for claiming benefits under TMA scheme for agri exports
The commerce ministry has laid out a detailed procedure for claiming benefits under the Transport and Marketing Assistance (TMA) scheme, which aims at boosting agricultural exports. In March, the government announced this scheme for providing financial assistance for transport and marketing of agriculture products to boost exports of such commodities to certain countries in Europe and North America. Under the TMA plan, the government will reimburse a certain portion of freight charges and provide assistance for marketing of agricultural produce. "Procedure and Aayat Niryat Form to avail TMA for specified agricultural products are notified," the Directorate General of Foreign Trade (DGFT) has said in a notification. The scheme covers freight and marketing assistance for export by air as well as sea (both normal and refrigerated cargo). As per the procedure, application for claiming assistance can be filed online by a registered and eligible exporter having a valid RCMC (Registration ...
Bank of Maharashtra gets Rs 205 cr capital from govt
State-owned Bank of Maharashtra Monday said the government has infused Rs 205 crore into the bank in lieu of preferential allotment of shares. The capital infusion was done on March 30, 2019. The issue committee of the bank in its meeting held on March 30, 2019 issued and allotted 15,47,16,981 equity shares of the bank for cash at an issue price of Rs 13.25 per share aggregating to Rs 205 crore on preferential basis to the government, Bank of Maharasthra said in a regulatory filing. Following the allotment of shares, the shareholding of the government has increased to 87.74 per cent in the bank from 87.01 per cent earlier, it said. "The paid-up capital of bank had increased from Rs 2,598.45 crore to Rs 2,753.17 crore," it added. Stock of Bank of Maharashtra was trading 5.55 per cent higher at Rs 14.45 on BSE.
Almondz Global Securities Ltd leads losers in 'B' group
Times Guaranty Ltd, Skipper Ltd, Steel Exchange India Ltd and Manaksia Aluminium Company Ltd are among the other losers in the BSE's 'B' group today, 01 April 2019.
ACMA Automechanika New Delhi 2019 steers wheels towards shifting aftermarket dynamics
ACMA Automechanika New Delhi concluded on 17 February following four successful days of product unveilings, business dialogues, trend debates and quality networking. The event drew 515 exhibitors from 16 countries and 13,267 visitors from 42 countries - establishing its internationality once again.Shaping the future of vehicle repairs, ACMA Automechanika New Delhi brought new innovations under the segments of parts, components, repair and maintenance. Sharing stage spread across 20,033 sqms were market leaders AC Delco India, Bosch Ltd, Delphi Automotive Systems, Mansons International Pvt Ltd, Minda Distribution and Services Ltd (MDSL), ZF India. For the first time, the platform saw car digital solutions with companies like Air International - TTR Thermal System Pvt Ltd, SpareFit by CloudSteer Technology Pvt Ltd, Vision Embesoft Solution, Intech DMLS Pvt Ltd, IP Softcom (India) Pvt Ltd showcasing developments in this arena. Overall, the innovations at the 4th edition steered the ...
RBI meeting on lending rate from April 2 to 4
The six-member Monetary Policy Committee (MPC) headed by Reserve Bank of India Governor Shaktikanta Das will begin its three-day meeting from Tuesday as industry leaders demand that lending rate is cut by another 25 basis points to stimulate growth.On February 7, the MPC had slashed the repo rate by 25 basis points to 6.25 per cent. It was the first time in 17 months the central bank had cut the rate at which it lends money to commercial banks.A repo rate cut allows banks to reduce interest rates for consumers, and lowers equal monthly instalments on home loans, car loans and personal loans. A back-to-back cut in interest rate will provide relief to borrowers ahead of the general elections.On Thursday (April 4), it will announce the decision on interest rate after wrapping up the first bi-monthly monetary policy of 2019-20.Continued weakness in economic activity, benign inflation and soft global growth could be the factors for a rate cut. However, the RBI may continue with the ...
HAL turnover up 6% at Rs 19,400 crore in 2018-19
Government-owned Hindustan Aeronautics Limited (HAL) said on Monday its turnover totalled Rs 19,400 crore during the financial year ended on March 31 against Rs 18,284 crore in the previous year.The public sector company posted a revenue growth in excess of 6 per cent during 2018-19 as compared to 3.8 per cent during 2017-18.In FY 19, HAL produced 41 new aircraft and helicopters besides 98 new engines. It carried out overhaul of 213 aircraft and helicopters besides 540 engines."HAL produced 12 new advanced light helicopters against the contract of 40, out of which six were produced ahead of schedule for the Indian Army," said an official statement. "HAL's research and development projects are on track and are tailor-made for the requirement of armed forces."Chairman and Managing Director R Madhavan said the company will focus more on design and development of indigenous products and technologies, develop aerospace and defence manufacturing eco-system and to be more dedicated towards ..
Volumes jump at TI Financial Holdings Ltd counter
TI Financial Holdings Ltd saw volume of 2.65 lakh shares by 14:19 IST on NSE, a 12.16 fold spurt over two-week average daily volume of 21810 shares
IndoStar Capital Finance completes acquisition of commercial vehicle business of India Infoline Finance
The acquisition includes the entire CV finance AUM of Rs 3,620 Crs. along-with 1,089 employees housed in 161 branches. With this acquisition, the mix between retail and wholesale stands at 62:38.
Zinc futures climb 1.99% on rising demand
Zinc prices inched up 1.99 per cent to Rs 225.75 per kg in futures trade Monday after speculators raised their bets driven by rising demand at the spot market. On the Multi Commodity Exchange, zinc for delivery in April was trading higher by Rs 4.40, or 1.99 per cent, to Rs 225.75 per kg in a business turnover of 7,187 lots. Similarly, the metal for delivery in May rose by Rs 7.05 paise, or 3.23 per cent, at Rs 225.50 per kg in a business turnover of 516 lots. Analysts said expanding of positions by participants on the back of soaring demand from consuming industries at the spot market mainly led to the rise in zinc prices in futures trade.
Asian markets build on gains as China data lifts optimism
Asian markets rallied Monday, building on last week's healthy gains with investors buoyed by optimism over China-US trade talks and forecast-busting Chinese factory data. Top negotiators from China and the US flagged progress in last week's discussions in Beijing on the tariffs row, with another round slated for this week in Washington. While there have been few details, the general view on trading floors is that the economic superpowers are heading towards a deal that will end a long-running spat that helped sink global markets towards the end of last year. Confidence an agreement will be reached helped overcome concerns about the world economy that saw a sharp sell-off in equities at the start of last week. Beijing announced it would extend a delay on imposing tariffs on US cars, while also adding fentanyl to a list of controlled substances, two key concessions to Washington that have added to hopes for the trade deal. "What matters is not whether these are big concessions or not, ..
RBI to unveil this fiscal's first bi-monthly policy decision on Thursday
The Reserve Bank of India (RBI) will unveil on Thursday its first bi-monthly monetary policy decision of this new fiscal. The RBI's Monetary Policy Committee (MPC) will meet from April 2 to 4 for the first bi-monthly policy statement for 2019-20, the central bank said in a release Monday. "The resolution of the MPC will be placed on the website at 11.45 AM on April 4, 2019," it said. Industry and experts are expecting that the banking sector regulator may cut the key lending rate -- at which it lends to commercial banks -- by 0.25 per cent so as to boost the economic activities as fears loom large about global economic slowdown impacting India's growth prospects. The RBI had cut the repo rate by 25 basis points (bps) or 0.25 per cent in February after a gap of one-and-a-half years. A back-to-back cut in interest rate would provide relief to borrowers in the election season, experts say. Ratings firm ICRA said: "We expect a 25 bps rate cut in the upcoming meeting of monetary policy ...
Silver futures slip to Rs 37,635 per kg
Silver prices were down by Rs 126 to Rs 37,635 per kg in futures trade Monday after speculators reduced their exposure despite a positive trend overseas. Silver for delivery in May fell by Rs 126, or 0.33 per cent, to trade at Rs 37,635 per kg in a business turnover of 21,181 lots on the Multi Commodity Exchange. On similar lines, the white metal for delivery in far-month July shed Rs 83, or 0.22 per cent, at Rs 38,197 per kg in a business turnover of 963 lots. In the international market, however, the white metal prices were up 0.32 per cent to USD 15.11 an ounce in Singapore. Marketmen said trimming of positions by speculators to book profits at prevailing levels in the domestic market mainly led to the fall in silver prices at futures trade here.
FY19 direct tax collections fall short by Rs 50k cr
Direct tax collections have fallen short by Rs 50,000 crore thereby failing to meet the revised target of Rs 12 lakh crore for 2018-19 fiscal on account of poor personal income tax collections.
Sanctity of RBI must be maintained: Mamata
Calling for maintaining "the sanctity" of the central bank along with other institutions, West Bengal Chief Minister Mamata Banerjee on Monday said the "dignity" of the RBI has "diminished" in recent times. On the occasion of the foundation day of the apex bank on Monday, the chief minister took to Twitter to congratulate its employees. "On this day in 1935, Reserve Bank of India (RBI) was established. Best wishes to all the employees of @RBI on this occasion. "We have seen in recent times, how the dignity of this institution was diminished. The sanctity of these high offices must be maintained," she tweeted.
Escorts tractor sales up 1 pc in March at 11,905 units
Farm equipment major Escorts Ltd Monday reported 1 per cent increase in its tractor sales at 11,905 units in March. The company had sold 11,790 units in the same month last year, Escorts Ltd said in a regulatory filing. Domestic sales last month were down by 1.1 per cent at 11,431 units as against 11,557 units in the year-ago period, it said. Exports in March stood at 474 units as compared to 233 units in the same month last year, it added. For the fiscal ended March 31, Escorts Ltd said its total sales grew by 19.9 per cent to 96,412 units as compared to 80,417 units in the previous year. Domestic sales in FY19, stood at 93,323 units as against 78,446 units in FY18, a growth of 19 per cent, the company said. Exports during the fiscal year ended March 31, jumped 56.7 per cent to 3,089 units as compared to 1,971 units in the previous year, it added.
JV with Hitachi, Panasonic boosts Infosys in Japan
Global software major Infosys on Monday said that formation of a joint venture (JV) with electronics majors Hitachi, Panasonic Corp and Pasona (HIPUS) enhanced its strategic presence in Japan.