Page 88 - Business Finance
Alps Motor Finance reports standalone net loss of Rs 2.58 crore in the March 2019 quarter
Sales rise 17.57% to Rs 75.69 crore
Procal Electronics India reports standalone net loss of Rs 0.01 crore in the March 2019 quarter
Reported sales nil
Metalyst Forgings reports standalone net loss of Rs 65.66 crore in the March 2019 quarter
Sales decline 26.67% to Rs 62.11 crore
Cipla gets EIR from USFDA for Kurkumbh facility
Pharma major Cipla Monday said it has received establishment inspection report (EIR) from the US health regulator after inspection of Kurkumbh facility in Maharashtra. The Kurkumbh manufacturing facility was inspected by the United States Food and Drug Administration (USFDA) from March 11 to March 20, 2019, Cipla said in a BSE filing. The company has received the EIR indicating closure of the inspection, it added. Shares of Cipla closed at Rs 553.70 per scrip on the BSE, up 0.75 per cent from its previous close.
BMB Music & Magnetics reports standalone net loss of Rs 0.06 crore in the March 2019 quarter
Reported sales nil
Sahyog Multibase reports standalone net profit of Rs 0.01 crore in the March 2019 quarter
Sales rise 313.02% to Rs 62.82 crore
Reliance Power reports consolidated net loss of Rs 3558.51 crore in the March 2019 quarter
Sales decline 32.52% to Rs 1585.66 crore
Tribals continue protest against mining on hill in C'garh
Hundreds of tribals in Chhattisgarh's Dantewada district continued their agitation for the fourth day on Monday against mining on a hill which they worship as a deity. The hill is situated in the Bailadila iron ore mining area belonging to the state-owned National Mineral Development Corporation (NMDC). The protest has disrupted mining activities in three iron ore deposits of the NMDC in Kirandul, an official said. Braving scorching heat, tribals from some 200 villages of Dantewada, Sukma and Bijapur districts, under the aegis of the Sanyukt Panchayat Samiti, have been sitting on the protest in front of NMDC's Kirandul facility since June 7. The protesters, wielding bow and arrows, want the authorities concerned to abandon plans to mine the iron ore deposit no. 13. "We have been agitating since last four days but have not yet got any assurance from the authorities," said Mangal Kunjam, said a protesting tribal leader. As per the mining plan, over 25,000 trees will be cut
J&K Bank shares tumble 13 pc at close of trade; hit lower circuit on removal of Chairman
Shares of J&K Bank ended with a sharp loss of nearly 13 per cent Monday following the removal of its Chairman Parvez Ahmed on Saturday. The scrip dived 12.11 per cent to close at Rs 52.25 on the BSE. During the day, it tumbled 19.93 per cent to Rs 47.60 -- its lowest trading permissible limit -- for the day. At NSE, shares cracked 12.71 per cent to close at Rs 51.85. In terms of traded volume, 13.66 lakh shares were traded on the BSE and over 89 lakh shares exchanged hands on the NSE during the day. The company's market valuation fell by Rs 400.41 crore to Rs 2,909.59 crore on the BSE. In a surprise move, the Jammu and Kashmir government Saturday removed J&K Bank Chairman Parvez Ahmed, and Anti-Corruption Bureau carried out a raid at the lender's corporate office in connection with alleged fraudulent appointments. The government appointed the bank's executive president R K Chibber, as an interim chairman of the lender, and defended the decision to sack Ahmed, saying it was ...
Hanoi to curb fake 'Made-in-Vietnam' goods aimed at dodging US tariffs
Hanoi has vowed to crack down on manufacturers illegally using "Made in Vietnam" labels on items destined for America to dodge punishing tariffs as the US-China trade spat drags on. Exporters have started shifting production from China to Vietnam to avoid 25 percent levies imposed by US President Donald Trump on $200 billion worth of Chinese goods. But Hanoi said some manufacturers are illegally claiming their goods -- including textiles, seafood and agricultural products -- are from Vietnam when in fact they originate in China. The trend has "affected the reputation of Vietnamese businesses and goods", said Vietnam's Deputy Prime Minister Pham Binh Minh, quoted in an official report published Sunday on the government website. "We will increase the punishment to deter cases of goods claiming to be Vietnamese goods entering other markets," he added, according to the report. The report said Vietnamese customs officials had uncovered dozens of cases of incorrectly labelled goods destined
Nissan appoints Sinan Ozkok as President of India operations
Japanese auto major Nissan Monday announced the appointment of Sinan Ozkok as the President of its Indian operations. Ozkok will be based out of Gurgaon and would be responsible for all functions in India, including sales and marketing, research and development and manufacturing, for both Nissan and Datsun brands, the company said in a statement. Ozkok joins India from Nissan Otomotiv A S (NOAS), the Japanese automaker's national sales company in Turkey, where he has been the Managing Director since 2015. "I am delighted that Sinan will be driving Nissan's business forward in India. Not only does he bring vast experience of working within the industry over many years, he has a proven track record," Nissan chairman of the Africa, Middle East and India region Peyman Kargar said in the statement. Ozkok, 49, started his career in 1993 in Renault, where he held senior positions across marketing, dealer network management, retail operation and sales. He joined Nissan in 2015. "I am looking .
Sensex jumps 169 pts; IT stocks rally
The BSE benchmark Sensex Monday rose 169 points, led by gains in IT stocks amid positive global cues. The NSE barometer Nifty gained 52 points to reclaim the 11,900 level. Top gainers in the Sensex pack were TCS, Bharti Airtel, Infosys, Axis Bank, L&T, ITC, PowerGrid, HCL Tech and Tata Steel, ending up to 2.39 per cent. On the other hand, Yes Bank, Tata Motors, Coal India and ONGC were among the top losers, falling up to 2.89 per cent. Analysts said investors took positive cues from upbeat global markets amid easing global trade war concerns after the US dropped plans to impose tariffs on Mexico. After soaring over 350 points during the day, the BSE gauge settled 168.62 points, or 0.43 per cent, higher at 39,784.52. The index hit an intra-day high of 39,979.48 and a low of 39,619.97. Similarly, the broader NSE Nifty rose 52.05 points, or 0.44 per cent, to settle at 11,922.70. During the day, the index touched a high of 11,975.05 and a low of 11,871.75. In Asia, Shanghai Composite .
Centre planning to integrate MSMEs with big enterprises
The Ministry of Micro, Small and Medium Enterprises is planning to set up enterprise facilitation centres across the country to make MSMEs more competitive and help them integrate with big enterprises, a senior official said Monday. MSME ministry's additional secretary Ram Mohan Mishra told reporters here that these centres, being planned to be set up at block levels, will help disseminate information to micro and small enterprises and detect issues faced by them. The ministry is working on improving the capacity of enterprises that exist at the lower rung of supply chain, so that they can organically join the chain and supply their material by improving quality and becoming price competitive, he said. "We are trying to integrate big and small enterprises to facilitate the value chain," Mishra said. "Services are available in market but others don't know...we are working on developing enterprise facilitation centres at block level for information dissemination and ...
IT stocks rise on weak rupee
Shares of eight IT companies rose 0.64% to 2.31% at 15:11 IST on the NSE as the rupee weakened against the dollar.
National Restaurant Association Of India Asks For Dual GST Structure, Says Denial Of Input Tax Credit Severely Impacting Industry
National Restaurant Association Of India (NRAI), the main restaurant industry body has written to the government, demanding that restaurants be given the option to choose a higher GST rate than now levied, but with the right to claim refund of the tax paid on inputs. Restaurants are now levied a 5% GST, but they can't claim the input tax credit against the tax they paid on raw materials and other expenses like rent. In a letter to the finance ministry, the National Restaurant Association of India, which represents more than 5 lakh restaurants including McDonald's and Domino's, said denial of the input tax credit had caused a "severe impact" on the sector and led to the closure of 20,000 outlets last fiscal year.
Aditya Birla Fashion Retail to acquire 2 ethnic wear brands
Aditya Birla Fashion and Retail Ltd (ABFRL) said Monday it will acquire ethnic wear brands Jaypore and TG Apparel & Decor Pvt Ltd to strengthen its position in the branded fashion space. The company said ethnic wear is the largest segment in the Indian fashion apparel market. "The board of directors of the company ... have approved entering into a share purchase agreement with the existing shareholders of Jaypore E-Commerce Pvt Ltd, which sells ethnic fashion merchandise under its own brand Jaypore and of other third-party brands," Aditya Birla Fashion and Retail Ltd said in a regulatory filing. The board also approved entering into a share purchase agreement with the existing shareholders of TG Apparel & Decor Pvt Ltd, which retails ethnic fashion, both online and offline, the company added. "Ethnic wear is the largest segment in the Indian fashion apparel market. While ABFRL has built a diversified portfolio of brands across different segments, ethnic wear space is currently
Jaypee Infratech insolvency: NCLAT says banks can vote against NBCC proposal
The National Company Law Appellate Tribunal Monday clarified that it has not barred lenders of Jaypee Infratech from voting against NBCC's proposal to acquire the debt-laden realty firm. Hearing a batch of applications filed by banks seeking permission to vote against NBCC bid, the the National Company Law Appellate Tribunal (NCLAT) also directed Interim Resolution Professional (IRP) Anuj Jain to report the outcome of voting process directly to it. On May 30, the Committee of Creditors (CoC) of Jaypee Infratech had decided to put on vote NBCC's bid even as bankers had reservations against the proposal, due to certain conditions and concessions put forward by the state-owned firm. The voting process started on May 31, and will conclude Monday (June 10). As many as 13 banks and 23,000 homebuyers have voting rights in the CoC. Homebuyers represent nearly 60 per cent of voting rights, while banks have the rest. Last week, lenders filed a petition before the NCLAT to allow them to vote ...
Paytm dominates UPI merchant payment segment with 60% share
Digital payments firm Paytm on Monday said it enabled seven crore UPI-based merchant transactions out of the total 12 crore transactions in the country in May 2019.
Gold rises Rs 110 to Rs 33,730 per 10 gm on jewellers' buying
Gold prices rose by Rs 110 to Rs 33,730 per 10 gram in the national capital Monday on fresh buying from jewellers despite the precious metal losing steam overseas, according to the All India Sarafa Association. Silver, however, declined by Rs 500 to Rs 37,850 per kg on reduced offtake by industrial units and coin makers. Traders attributed the rise in gold prices to pick up in demand from local jewellers in the domestic spot market, but said a weak trend overseas capped the gains. Globally, spot gold was trading lower at USD 1,327 an ounce in New York amid easing global trade war concerns after the United States dropped its threat to impose tariffs on Mexico, which reduced the precious metal's safe-haven appeal. Meanwhile, silver was also quoting lower at USD 14.82 an ounce. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 110 each to Rs 33,730 per 10 gram and Rs 33,560 per 10 gram, respectively. Sovereign gold held steady at Rs 26,700 per eight ...
Fiat-Renault merger 'good opportunity': French minister
A proposed merger between Renault and Fiat-Chrysler remains a "good opportunity," France's finance minister said Monday, after the Italian-American carmaker withdrew the offer over "unreasonable" political resistance from Paris. "A merger project with FCA remains a good opportunity," Bruno Le Maire told reporters in Tokyo, where he is meeting Japanese officials after this weekend's gathering of G20 finance ministers. But he said any merger would have to ensure the "durability" of Renault's alliance with Japanese automakers Nissan and Mitsubishi Motors, as well as preserve manufacturing jobs in France. On May 27, FCA stunned the auto world with a proposed "merger of equals" with Renault that would -- together with Renault's Japanese partners Nissan and Mitsubishi Motors -- create a car giant spanning the globe. A combined group would be by far the world's biggest, with total sales of some 15 million vehicles, compared to both Volkswagen and Toyota which sell around 10.6 million ...