Page 998 - Business Finance
NCLAT directs 22 IL&FS Group companies to service debt obligations
A top corporate appellate tribunal on Monday lifted the moratorium imposed on 22 firms belonging to the debt-stricken Infrastructure Leasing and Financial Services (IL&FS) Group to service their respective payment obligations.
Hind Copper Q3 profit jumps 82 pc to Rs 34 cr
State-run Hindustan Copper Monday reported a 82.66 per cent jump in profit to Rs 34.56 crore for the third quarter ended December 31, 2018, on increased income. It had posted a Rs 18.92 crore profit for the period from continuing and discontinued operations in the corresponding quarter of the previous fiscal, it said in a BSE filing. The firm's total income also rose to Rs 478.91 crore for the quarter, compared with Rs 446.84 crore in the corresponding period a year ago. Its total expenses during the quarter were at Rs 427.56 crore, against Rs 418.71 crore in the year-ago quarter. Hindustan Copper is primarily engaged in business of mining and processing of copper ore to produce refined copper metal.
Liquor sale: TN govt earns revenue of over Rs 26,000 crore
The government run Tamil Nadu State Marketing Corporation reported a turnover of Rs 31,757 crore on Indian Made Foreign Spirit and beer products and government earned over Rs 26,000 crore revenue for 2017-18. TASMAC, which has a monopoly over the wholesale and retail sale of alcoholic beverages in the State, procures IMFS, beer and wine from 11 IMFS manufacturing units, seven beer makers and one wine making unit in Tamil Nadu. In its 35th Annual Report (2017-18), laid on the table of the Tamil Nadu Assembly on Monday, TASMAC, in its performance report, furnished information about its turnover and revenue. During the year 2017-18, the sales turnover of IMFS and beer products was Rs 31,757.71 crore. The revenue to the government earned during 2017-18 by way of VAT (Sales Tax) and Annual Privilege Fee (Licence Renewal Fee) from TASMAC, excise duty and VAT (Sales Tax) from IMFS manufacturers and other taxes and fees was Rs 26,797.96 crore, it said. The Corporation earned a ...
Include landless labourers, share croppers under PM-Kisan
Odisha Chief Minister Naveen Patnaik Monday urged Prime Minister Narendra Modi to include landless labourers, share croppers and vulnerable agricultural households under the PM-Kisan Scheme. "In order to make the PM-Kisan scheme more inclusive, I would strongly request you to kindly consider the inclusion of landless labourers, share croppers and vulnerable agricultural households under the scheme," Patnaik wrote to the Prime Minister. Welcoming the Centre's PM-Kisan scheme for augmenting the income of farmers, Patnaik informed Modi that Odisha government in December, 2018, had approved the package for farmers' welfare- Krushak Assistance for Livelihood and Income Augmentation (KALIA) to further accelerate agricultural prosperity and reduce poverty in the state. Claiming that Kalia scheme is progressive and inclusive, Patnaik said it covers 92 per cent of the cultivators, share croppers and landless agricultural labourers in the state. It (Kalia) recognizes that ...
Wall Street opens higher as U.S.-China trade talks restart
(Reuters) - U.S. stocks opened higher on Monday as the latest round of trade talks between the world's largest economies began in Beijing, while U.S. lawmakers attempted to hammer out a deal to avoid another government shutdown.
Five PG&E directors to remain in revamped board
(Reuters) - PG&E Corp expects only five of its current 10-strong board to stand for reelection at an annual shareholder meeting in May, as it restructures after filing for bankruptcy last month because of potential liabilities from California wildfires.
Kerala emerges 'achiever' in investment potential ranking of
: Kerala has emerged an achiever in the State Investment Potential Index 2018, based on the six pillars of land, labour, infrastructure, economic climate, political stability and governance and business perception, a top investment meet here was told Monday. The Kerala-specific findings of the survey, conducted by the National Council of Applied Economic Research, titled 'NCAER-State Investment Potential Index 2018' (N-SIPI) were released at ASCEND KERALA 2019 here. NCAER Director-General Dr Shekhar Shah, speaking at the first plenary of ASCEND KERALA 2019, aimed at empowering enterprises, said Kerala ranks fourth on how it is perceived as an investment destination, after Gujarat, Haryana and West Bengal. "The perception driven pillar is a unique component of the N-SIPI,which focuses on the policy and structural backdrop that determines the business environment in a state," he said. Earlier opening the discussions, Vice Chairman of the Kerala State Planning Board V K ...
Euro zone slowdown mainly due to political risks: Eurogroup's Centeno
BRUSSELS (Reuters) - The euro zone economy is slowing mainly as a result of political risks which euro zone politicians should address, the chairman of euro zone finance ministers Mario Centeno told reporters on Monday.
NSE launches trading in weekly options on Nifty 50 Index
Leading stock exchange NSE Monday launched weekly options on the Nifty 50 Index, which will provide market participants an additional hedging tool to manage portfolio risk more effectively. The Nifty 50 Index options are already available for three monthly option contracts, three quarterly and eight semi-annual option contracts, National Stock Exchange (NSE) said in a release. "Nifty 50 Index options are based on our flagship index the Nifty 50 and is one of our key products. The Nifty 50 Index derivatives are traded by domestic as well as international participants," NSE MD and CEO Vikram Limaye said. NSE has also received permission from Securities and Exchange Board of India (Sebi) to launch weekly options on Nifty IT Index, the exchange said. The contract details and launch date will be announced shortly.
In Argentina, 'Macri economics' plays whack-a-mole with crises
BUENOS AIRES(Reuters) - Argentine President Mauricio Macri is fighting economic fires on all fronts. Rein in inflation and cuts to utility subsidies threaten to rekindle it while also fueling public anger; get a tumbling peso in check by jacking up interest only to find industrial output has hit an almost two-decade low.
Hindustan Copper Q3 Net up 83pc to Rs 51 crore
State-owned Hindustan Copper Ltd Monday reported a net profit of Rs 51.35 crore for the third quarter ended December 2018, up 83 per cent over the corresponding period profit of last year. The copper miner had reported Rs 28.13 crore net profit in the same period of 2017-18. Revenue from operations during the quarter was at Rs 474.22 crore, as against Rs 430.70 crore in the corresponding quarter of the previous year. "Despite high volatility in London Metal Exchange copper prices and high input costs, the company has shown robust performance. The growth in profit is primarily due to HCLs commitment to increase copper ore production and focus on the sale of high margin products," Hindustan Copper Chairman and Managing Director Santosh Sharma said. During April-December'18, Copper ore production was at 30.11 lakh tonne, as against 26.08 lakh tonne in the corresponding period last fiscal, registering a growth of 15 per cent.
GE T&D profit down 26 pc to Rs 53 cr in Q3
GE T&D on Monday reported 26 per cent decline in net profit to Rs 53.05 crore for December quarter 2018, on account of lower revenues. The company's net profit in the year-ago period stood at Rs 71.77 crore, a statement said. Total income in the latest quarter slipped to Rs 1,177.5 crore from Rs 1,543.65 crore a year ago. The company is engaged in the business of products, projects and systems for electricity transmission and related activities only.
Jet Airways shares dive over 5 pc on flight cancellations
Shares of Jet Airways plunged over five per cent Monday after the firm cancelled more than 10 flights due to operational reasons. The company's shares dropped 4.75 per cent to close at Rs 214.60 on BSE. During the day, it slumped 5.74 per cent to Rs 212.35. At NSE, shares declined 5.24 per cent to close at Rs 214.10. On the traded volume front, 6.67 lakh shares changed hands at BSE and over 52 lakh shares at NSE during the day. Crisis-hit Jet Airways Sunday cancelled more than 10 flights due to operational reasons, according to a source. On February 7, the airline said four of its aircraft have been grounded due to non-payment of lease rentals. The source in the aviation industry said more than 10 flights were cancelled from Mumbai airport alone. "The airline regrets the inconvenience it caused to its guests. Affected guests have been re-accommodated while those seeking refunds have been compensated as per appropriate guidelines," the spokesperson said. Faced with acute financial ...
Wall Street set for higher open as U.S.-China trade talks resume
(Reuters) - Wall Street's main indexes were set to rise at open on Monday as the latest round of trade talks between the world's largest economies began in Beijing, while U.S. lawmakers attempted to hammer out a deal to avoid another government shutdown.
Exclusive: Thyssenkrupp, Tata Steel to get EU warning on steel JV - sources
BRUSSELS (Reuters) - Germany's Thyssenkrupp and India's Tata Steel will be warned this week that EU antitrust regulators could veto their planned European steel joint venture unless they offer concessions, people familiar with the matter said on Monday.
I-T dept seeks explanation from DHFL on "suspicious" deals, company says no reference
The Income-Tax Department has sent notices to crisis-ridden NBFC, Dewan Housing Finance Corporation Ltd (DHFL), seeking its books of accounts and asked it to clarify the "unexplained transactions" which the firm has denied saying there is no reference to any "any suspicious transactions".
Andhra Bank's net loss widens to Rs 579 cr in Q3 as bad loans spurt
State-owned Andhra Bank Monday said its net loss widened to Rs 578.59 crore in the third quarter ended December 31, as bad loans surged. The bank had posted a net loss of Rs 532.02 crore in the October-December quarter previous fiscal. Total income, however, rose to Rs 5,322.33 crore for the third quarter of 2018-19 as against Rs 5,093.43 crore in same period last year, Andhra Bank said in a regulatory filing. Provisions for bad loans during the quarter were raised to Rs 1,790.17 crore, from Rs 1,744.99 crore parked for the same period last fiscal. The bank witnessed its asset quality deteriorating as gross non-performing assets (NPAs) or bad loans ballooned to 16.68 per cent of gross advances by December-end 2018, compared to 14.26 per cent. In absolute value, the gross bad loans were Rs 28,703.47 crore as against Rs 21,599.32 crore. Net NPAs, however, were trimmed to 6.99 per cent (Rs 10,778.36 crore) by end of the third quarter as against 7.72 per cent (Rs 10,858.32 crore) a year ..
UAE expects oil market to balance in first quarter
The energy minister of the United Arab Emirates said Monday supply and demand in the oil market should balance out in the first quarter of 2019, following weeks of output cuts. "My expectation is that we will see the balance during the first quarter unless something happens," Suheil al-Mazrouei told the three-day World Government Summit in Dubai. "We are removing enough oil to correct the market," Mazrouei said. OPEC cartel countries and other major oil producers in January began implementing a deal to cut output by 1.2 million barrels per day to shore up sagging prices. Based on provisional figures of production levels in January, most oil producing nations were complying to the cuts, Mazrouei said. The oil market, however, remains highly volatile and prices hover just above USD 60 a barrel after recovering from as low as USD 50 a barrel. That figure remains far below the USD 85 a barrel oil hit in early October before beginning to slide. Mazrouei said producers were "doing our best"
Nepalese officials undergo special training in India on public finance management
A group of 20 officials from Nepal's Finance Ministry on Monday joined a special training programme at New Delhi-based Institute of Government Accounts and Finance (INGAF) to enhance their skills in e-payment system, accounting, internal audit and fiscal responsibility, Indian officials here said. This is the second group of Nepalese officials to join the training session, which is a part of the Nepal-India Economic Cooperation Programme, the Indian Embassy here said. The 'Global Perspectives on Public Financial Management' course, which aims at providing special training to 62 Nepalese officials on public finance management, is being held in three batches with 20 officials being trained in New Delhi from January 14. The first group has successfully completed their 10-day training on January 24. The programme is being held under the Indian Technical and Economic Cooperation (ITEC) programme of the Ministry of External Affairs. The course will enhance the capabilities of the Nepalese ..
NCLAT allows 22 IL&FS group firms to service debt obligations
The National Company Law Appellate Tribunal Monday allowed 22 companies of crisis-hit IL&FS group to service their debt obligations. Besides, a two-member bench headed by Justice S J Mukhopadhaya approved appointment of former Supreme Court judge Justice D K Jain to supervise resolution process of IL&FS group. The appellate tribunal also lifted moratorium and allows 133 IL&FS firms incorporated outside India to continue with the resolution process. "We allow (companies under green categories) the board to permit the company to service debt obligations as per schedule," the firm said. The NCLAT was hearing the government plea over IL&FS group. Earlier this month, the corporate affairs ministry submitted the debt resolution plan for IL&FS. The entire resolution process would be based on the principles enunciated in the Insolvency and Bankruptcy Code, as per the ministry. Under the plan, the government has categorised IL&FS group companies into green, amber and ...