Page 64 - Business Finance

Fredun Pharmaceuticals standalone net profit rises 51.35% in the March 2019 quarter

Sales rise 53.74% to Rs 31.07 crore

Swojas Energy Foods reports standalone net profit of Rs 0.03 crore in the March 2019 quarter

Reported sales nil

Jet Airways shares tumble nearly 18 pc after bourses announce trading restrictions

Shares of Jet Airways Thursday cracked nearly 18 per cent after stock exchanges decided to impose restrictions on its stock trading from June 28. The scrip plunged 16.71 per cent to close at Rs 91.95 on the BSE. During the day, it dropped 23.18 per cent to Rs 84.80 -- its multi-year low. On the NSE, shares tumbled 17.72 per cent to close at Rs 90.75. In terms of traded volume, 35.05 lakh shares were traded on the BSE and over three crore shares changed hands on the NSE during the day. Led by the sharp fall in the scrip, its market valuation fell by Rs 209.47 crore to Rs 1,044.53 crore on the BSE. Jet Airways shares have been falling for ninth consecutive days, tumbling 39 per cent on the BSE. Stock exchanges will impose restrictions on trading in Jet Airways shares from June 28 as part of preventive surveillance measures to curb excessive volatility, according to a circular. The cash-starved company suspended operations in April and lenders are working on ways for revival of the ...

NBFC liquidity, NPAs figure in Sitharaman's pre-Budget meet

Finance Minister Nirmala Sitharaman's pre-Budget consultations with financial and capital market stakeholders on Thursday discussed creation of a dedicated liquidity window for non-banking finance companies (NBFCs)sector, review of interest rates on Small Savings Schemes and banks' non-performing assets (NPAs or bad loans), among other issues, an official said.

Branded developers share in total housing supply rise to 56 pc in 2018: Anarock

Housing demand appears to be shifting from fly-by-night developers to those having better execution track record, as launch of new homes by real estate players with high-recall brands accounted for more than half of the total housing supply in 2018, a report says. According to property consultant Anarock, with hundreds of housing projects stuck across major cities of the country, the potential homebuyers have become risk-averse and are investing money in projects developed by branded players. Anarock has defined branded developers as those who have been operating for a decade and more or those with sizeable areas under development either locally or pan-India. Newly-formed entities of large conglomerates also have been included. "In metros as well as tier II and tier III cities, a real estate developer's brand name wields considerable clout," said Prashant Thakur, Director & Head Research, Anarock. Real estate players with high-recall brands account for a whopping 56 per cent ...

Mizoram registers 14.82 pc growth in GSDP

Mizoram registered a growth of 14.82 per cent in its Gross State Domestic Product (GSDP), according to the Economic Survey 2018-19. The GSDP at current prices was estimated at Rs 19,174.34 crore in 2017-18 as against Rs 16,698.76 crore in 2016-17, said the Economic Survey tabled in the assembly on Thursday. The Economic Survey 2018-19 was presented by Chief Minister Zoramthanga along with the budget papers. It said the primary sector, comprising agriculture and allied activities, contributed 29.93 per cent to the Gross State Value Added (GSVA) while the industry sector contributed 25.05 per cent of the GSVA. The industry sector consists of mining and quarrying, manufacturing, construction and electricity, gas, water supply and other utility services. However, the service sector continued to have the highest contribution to the GSVA at 45.03 per cent. Per capita income of Mizoram for the year 2017-2018 was projected at Rs 1,51,682 as against the previous year's estimate ..

Blue Pearl Texspin announces resignation of company secretary

With effect from 12 June 2019

Benchmark indices end almost flat

Key benchmark indices ended almost flat after a roller-coaster trading session. The barometer index, the S&P BSE Sensex, fell 15.45 points or 0.04% to 39,741.36, as per the provisional closing data. The Nifty 50 index rose 7.85 points or 0.07% to 11,914.05, as per the provisional closing data.

Allahabad Bank looks at 9% business growth in FY20

State-run Allahabad Bank is looking at a modest business growth of 9 per cent during fiscal year 2019-20 through a focus on consolidating current account and savings accounts (CASA) base and increasing dependency under the retail sector, according to its latest annual report.

Ficci for increasing FDI cap in insurance to 74 pc

The government needs to increase foreign direct investment cap in the insurance sector and multi-brand retail trading for products manufactured and sourced from India for attracting overseas inflows, industry chamber Ficci said Thursday. "In line with 100 per cent FDI in food retail, a similar policy could be considered for multi-brand retail in products that can be fully manufactured in and sourced from India," Ficci said in its pre-Budget suggestions to the government. It said that in the insurance sector, FDI cap can be increased from 49 per cent to 74 per cent. "To increase FDI flows in this sector, the clause pertaining to Indian management and control needs to be relooked. Reinsurance sector FDI can be restricted to 49 per cent with Indian management and control," it added. The body also said that there is a need to improve investor confidence about the surrounding ecosystem in the country to attract more FDI inflows. "Enforcement of contracts and arbitration process needs to ..

TPCI's Budget wish list: Address liquidity, incentivise manufacturing to boost exports

A string of measures, including adequate availability of liquidity and incentivising manufacturing, should be included in the forthcoming Budget to boost exports, Trade Promotion Council of India said Thursday. "The government needs to address liquidity and manufacturing constraints by increasing the lending cap of the nationalised banks for credit financing and ensure adequate liquidity. Private players including NBFCs may also be allowed," TPCI Chairman Mohit Singla said in a statement. He said focus on agri-exports and food processing can take India to the position it has been aspiring for long. Singla said the forthcoming Budget must address supply constraints to make the export industry competitive. "Incentives may be given to lead firms in ancillary manufacturing to create an ecosystem from where domestic manufacturing can take place," he said adding tax holiday of at least five years may be given for investors in infra and logistics sectors. The chairman also suggested that ...

Indian Bank to focus on increasing CASA, curtailing costs in

: Public sector Indian Bank would focus on increasing CASA, curtailing costs and containing level of non-performing assets, a top official has said. Indian Bank Managing Director and CEO, Padmaja Chunduru on the strategy for financial year 2019-20, said it would be on "concentrated growth with profitability". "The prime focus would be on increasing CASA (current account-savings account), curtailing costs, increasing revenue, accelerating revenue in respect to impaired assets and containing level of NPA (non-performing assets)", she said in the bank's annual report. Chunduru said the bank raised capital of Rs 295.48 crore in May 2019 through "Employees Stock Purchase Scheme" and there were plans to tap the market at appropriate time during the current financial year to raise further capital. "The raising of capital would bring down the stake of government below 75 per cent as per regulatory guidelines," she said. On the bank's performance, she said in FY2018-19, the ...

CAIT for lowering GST rates on auto parts, aluminium utensils

Traders body CAIT Thursday urged the government to lower GST rates on various products, including auto parts and aluminium utensils. Confederation of All India Traders (CAIT) also suggested to review items placed under different tax slabs under GST as many of the products are overlapping. "Various items like auto parts and aluminium utensils are not of luxurious nature should be taken out from 28 per cent tax slab and may be put under lower tax slab," it said in a statement. Submitting a white paper on GST (Goods and Services Tax) to Finance Minister Nirmala Sitharaman, it also suggested to reduce the tax rate for items like hardware, mobile covers, ice cream, health drinks, paints, marble, used vehicles, and two wheelers. "The minister assured the CAIT delegation that she will look in to the issues," it said. They also urged the minister to form GST Lokpal in each state and the Centre.

Gold remains flat; silver slides on reduced offtake

Silver prices fell by 40 to Rs 37,850 per kg, in the national capital on Thursday, while gold remained steady, according to All India Sarafa Association. Traders attributed the decline in silver prices to reduced offtake by industrial units and coin makers at the local spot market. Gold prices remained flat at Rs 33,570 per 10 gram in the national capital Thursday. Globally, spot gold was trading higher at USD 1,337.20 per ounce in New York amid rising uncertainty over trade talks between the US and China. Silver was slightly up at USD 14.90 an ounce. In the national capital, gold of 99.9 per cent and 99.5 per cent purity held steady at Rs 33,570 per 10 gram and Rs 33,400 per 10 gram, respectively. Sovereign gold too ruled flat at Rs 26,700 per eight gram. In the previous session, gold had risen by Rs 200. Meanwhile, silver ready declined by Rs 40 to Rs 37,850 per kg, while weekly-based delivery fell Rs 81 to Rs 36,825 per kg. On the other hand, silver coins held flat at Rs 80,000 for

Odisha registers 19 pc growth in revenue generation in Apr-May

Odisha has registered a growth of around 19 per cent in revenue generation in the first two months of the 2019-20 fiscal in comparison to the corresponding period of the previous financial year. Finance Secretary A K Meena said the total revenue generation was Rs 6,505 crore by end of May 2019, while it was around Rs 5,466 crore in the corresponding period of 2018. The revenue from non-tax source have grown by 43.21 per cent with a total collection of Rs 2,247 crore while the revenue from own tax sources has grown by 9.25 per cent with total collection of Rs 4,257 crore, Meena said. The revenue generation from mining royalty and industrial water rate during the period has increased around 51.18 per cent and 16.22 per cent respectively, the finance secretary said. The total collection from mining royalty has been around Rs 1,996 crore against last year's collection of Rs 1,320 crore by May end of 2018, he said at an all-secretary meeting on Wednesday. However, the budget .

Jet Airways slumps on removal from F&O segment

Jet Airways (India) fell 17.16% to Rs 91.45 at 15:00 IST on BSE after NSE said that the scrip would be excluded from futures and options trading from 28 June 2019.

IDBI Bank hopes to exit PCA framework this year: MD

State-run IDBI Bank on Thursday said it expected to come out of the RBI's prompt corrective action framework (PCA) this year by lowering its net non-performing assets (NPAs or bad loans) level, which is the key benchmark for moving out of the PCA restrictions.

54% people prefer phone conversations for customer service

Despite the explosion of automated services, most people still prefer live telephonic conversations when it comes to accessing customer service, says a new survey.

Guar seed futures price rises 1.39 pc

Guar seed prices rose by 1.39 per cent to Rs 4,240 per 10 quintals in futures trade Thursday as traders widened their bets on spot demand. Marketmen said raising of bets by speculators, tracking a firm trend at the spot market on thin supplies from growing belts amid sturdy demand, led to the rise in prices. On the National Commodity and Derivatives Exchange, guar seed contracts for June rose by Rs 58, or 1.39 per cent, to Rs 4,240 per 10 quintals with an open interest of 2,900 lots. Similarly, guar seed contracts for July hardened by Rs 34.5, or 0.81 per cent, to Rs 4,271 per 10 quintals with an open interest of 1,18,430 lots.

Mustard seed futures up on firm demand

Mustard seed prices rose 0.59 per cent to Rs 3,935 per quintal in futures trade Thursday as participants widened their holdings tracking a firm trend at the spot market. On the National Commodity and Derivatives Exchange, mustard seed contracts for July rose by Rs 23, or 0.59 per cent, to Rs 3,935 per quintal with an open interest of 10,750 lots. Mustard seed for August delivery also traded higher by Rs 18, or 0.46 per cent, at Rs 3,938 per quintal in 1,05,640 lots. Marketmen said strong demand from oil millers mainly pushed up mustard seed prices here.