Page 79 - Business Finance
United Textiles reports standalone nil net profit/loss in the March 2019 quarter
Sales decline 36.84% to Rs 1.92 crore
Pankaj Piyush Trade & Investment reports standalone net loss of Rs 0.14 crore in the March 2019 quarter
Sales decline 67.13% to Rs 2.12 crore
Quick Wrap: Nifty PSU Bank Index rises 1.69%
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Finance Minister Sitharaman holds first pre-Budget meeting with stakeholders
Union Finance Minister Nirmala Sitharaman on Tuesday began her pre-Budget consultations with different stakeholders starting with those from agriculture and rural development sectors in which she stressed the need for ways to eradicate unemployment and poverty.In her opening remarks, Sitharaman focused on possible measures to boost the economic and social infrastructure of the rural sector and ways to eradicate unemployment and poverty through the development of agriculture and allied sectors as well as non-farm sector, read a statement from the ministry.Sitharaman said that the concerns of the agriculture sector are high on the priority of the present government and stressed on the representation of the different regions of the country so that their specific needs relating to these sectors can also be considered.She said that the Finance Ministry will also hold broad-based consultations with different stakeholders from the fisheries sector to bring about a blue revolution by ...
Asus eyes 15-20 pc share of India consumer notebook market by 2019-end
Taiwanese tech major Asus Tuesday said it aims to corner 15-20 per cent share of consumer notebook market in India by the end of the year as it expands its product portfolio and retail presence in the country. The company, which has been aggressively expanding its online as well as offline presence in the country, Tuesday also unveiled its new line up of 'thin and light' notebook PCs. "We already have 12 per cent market share in May (as per Microsoft activation report) and have already crossed 10 per cent share (according to IDC)... We are targeting 15-20 per cent share of the consumer notebook segment by the end of the calendar year," ASUS India Head of Consumer Notebooks and ROG Business Arnold Su told PTI. He added that the company has seen strong growth in its range of 'thin and light' notebooks - laptops weighing under 2 kgs with thickness less than 20mm. According to research firm IDC, the notebook PC category contributed 61.4 per cent to the overall PC market shipments in India
EU blocks Thyssenkrupp-Tata steel merger plan
The EU's powerful anti-trust authority on Tuesday blocked the merger of German industrial conglomerate Thyssenkrupp with Indian steel giant Tata, an expected veto that kills the deal. "We prohibited the merger to avoid serious harm to European industrial customers and consumers," EU competition commissioner Margrethe Vestager said in a statement. The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal and to join forces in the face of the surge of Chinese steel. The companies last month abandoned the merger on expectations that the EU would refuse the deal, with Thyssenkrupp announcing it would slash 6,000 jobs as a result, mainly in Germany. The commission, the EU's executive arm, criticised the merger, which "would have reduced competition and increased prices for different types of steel," a statement said. Proposed solutions "did not offer adequate remedies to address these concerns," it said. Having shelved the ..
Hasti Finance standalone net profit declines 99.95% in the March 2019 quarter
Sales decline 99.92% to Rs 0.23 crore
Mahaveer Infoway reports consolidated net loss of Rs 0.23 crore in the March 2019 quarter
Sales decline 47.81% to Rs 2.86 crore
Indoworth Holdings reports consolidated net loss of Rs 0.02 crore in the March 2019 quarter
Reported sales nil
Madhur Capital & Finance reports standalone net loss of Rs 0.03 crore in the March 2019 quarter
Reported sales nil
Kamron Laboratories standalone net profit rises 2514.29% in the March 2019 quarter
Sales decline 46.15% to Rs 1.05 crore
Spectrum Foods reports standalone net loss of Rs 0.12 crore in the March 2019 quarter
Sales decline 25.00% to Rs 1.62 crore
Envair Electrodyne reports standalone net loss of Rs 1.55 crore in the March 2019 quarter
Sales decline 55.88% to Rs 0.60 crore
Anil Ambani vows to cut debt to 'bare' minimum, says committed to meet all obligations
Embattled tycoon Anil Ambani Tuesday vowed to cut debt of his group to "bare" minimum and said more than Rs 35,000 crore of loans have been paid back in the last 14 months and all future payment obligations will be met in a timely manner. Ambani, who a couple of months back avoided a possible jail term after elder brother and richest Indian Mukesh Ambani paid off an overdue liability towards a contractor, has been on an asset sale spree to raise funds to cut about Rs 1 lakh crore of debt at his infrastructure-to-finance conglomerate. In recent weeks, he sold a radio station and mutual fund business and is said to be in talks to sell general insurance unit. In a media conference call, he blamed "unwarranted rumour-mongering" for the sharp fall in shares of his group firms, Reliance Power Ltd and Reliance Infrastructure Ltd. "The Group was fully committed to meeting all future debt servicing obligations in a timely manner, through further asset monetisation plans that are already at ...
New Prudential Framework Provides Leeway To Lenders And Encourages Them To Refer Cases To Insolvency and Bankruptcy Court
The new prudential framework provides some leeway to lenders and encourages them to refer cases to Insolvency and Bankruptcy Court (IBC), according to the State Bank Of India's latest research update Econwrap. This would entail write back of additional provisions. Under the current and revised dispensation, an additional provisioning of 20% would have to be made in case resolution plan is not implemented within 180 days from the end of the review period, which is after 210 days of default. This would allow some breathing space to lenders in provisioning and succumbing to distress resolution. In case the default period exceeds 365 days, an additional provisioning of 15% (i.e. total additional provisioning of 35%) would have to be made. A better time frame and transition offered in the revised framework on this would allow the lenders the headroom and flexibility for resolution in large ticket cases. Also, noteworthy is the consensus among lenders in terms of value and also in terms of .
Indiabulls Housing Finance shares tank 8 pc amid allegations of siphoning off funds
Shares of Indiabulls Housing Finance Ltd (IBHFL) dropped 8 per cent Tuesday following allegations of siphoning off Rs 98,000 crore of public money. The scrip plunged 7.97 per cent to close at Rs 674.65 on the BSE. During the day, it tumbled 8.77 per cent to Rs 668.70. On the NSE, shares of the company tanked 8 per cent to close at Rs 674.15. As many as 25.70 lakh shares of the company were traded on the BSE, while over three crore shares changed hands on the NSE. A plea was filed in the Supreme Court Monday seeking legal action against IBHFL, its chairman and directors for alleged misappropriation of Rs 98,000 crore of public money. Terming the allegations as "bizarre", IBHFL Monday said the writ petition filed in the apex court is an attempt to "malign" the company's reputation and create hurdles in its merger with Lakshmi Vilas Bank. "The total loans on the books of IBHFL is approx Rs 90,000 crore. The allegations of siphoning off Rs 98,000 crore is bizarre," IBHFL said in a ...
Increase investment in farm sector, enhance mkt access: Agri experts to FM
Agriculture experts in their pre-budget consultation with Finance Minister Nirmala Sitharaman Tuesday demanded that the government take steps to boost investment in farm sector and enhance market access to farmers. Sitharaman, who will be presenting the 2019-20 Budget on July 5, assured them that farm sector issues, employment generation, and poverty alleviation are high on the agenda of the government. This was her first pre-budget consultation in the run-up to 2019-20 Budget with representatives of agriculture and rural development sectors. She is also scheduled to meet bankers and economists later. During the meeting, Sitharaman focussed on the measures to boost economic and social infrastructure of rural sector and ways to eradicate unemployment and poverty through development of agriculture and allied sectors as well as non-farm sector. "She said the concerns of agriculture sector are high on the priority of the present government," a finance ministry statement said. Sitharaman ..
Mother Dairy partners DTC to set up 31 kiosks at bus depots, terminals & housing colonies
Leading milk supplier Mother Dairy Tuesday announced partnership with Delhi Transport Corporation (DTC) to set up 31 kiosks at latter's bus depots, terminals and housing colonies as part of its efforts to expand presence in the National Capital Region. Mother Dairy sells over 30 lakh litres of token and pouched milk per day in Delhi-NCR. "The company has been allotted space to operate 31 kiosks of which 21 kiosks have been set-up at various locations of DTC's bus depots, terminals, colonies, etc. The remaining 10 kiosks will be opened in a phased manner," the company said in a statement. Mother Dairy MD Sangram Chaudhary and DTC MD Manoj Kumar (IAS) inaugurated a kiosk at DTC's IP Estate Bus Depot. The dairy firm will offer all products in its kiosks, including products from Safal and Dhara. Mother Dairy currently operates around 900 booths and 250 kiosks at various locations and societies in the National Capital Region. "We, at Mother Dairy, have been instrumental in offering quality
Turnover in F&O segment declines
Nifty June futures at premium