Page 341 - Business Finance
Delhi-based Jaina Group ties up with Sansui, Nakamichi
Delhi-based Jaina goup that owns Karbonn Mobile has tied up with Japanese consumer giants Sansui and Nakamichi for distributing a range of products including Smart LED televisions, home audio systems, refrigerators, washing machines, split air-conditioners and small kitchen appliances.
Maharashtra State Cooperative Bank looks to enter infra, retail lending
Maharashtra State Cooperative Bank is looking to enter infrastructure and retail lending segments, to broaden its borrower profile, a senior bank official said Thursday. The bank continues to be under a Reserve Bank of India-appointed administrator, after its elected board was alleged to have mismanaged the bank. "We cannot have all our lending to the sugar factories (cooperatives) alone. What if they go down? Therefore, we have decided to diversify and start infra and retail lending," its administrator Vidyadhar Anaskar told reporters here. Anaskar said it will focus on automobile, home and personal loans under the retail segment, while the infrastructure loans will be for projects which will benefit the state. He said co-operative banks are allowed to write unsecured loans of up to Rs 2 lakh, which can go up if a salary-linked account is attached to it. When asked if it is looking to open more branches beyond 57, he said this task will be accomplished through mergers. It is ...
Finance Commission holds talks with Finance Ministry on economy
Members of the Finance Commission have held consultations with senior officials of the Ministry of Finance on the overall economic situation in the country and key economic variables.An official statement issued on Thursday said the Commission observed that GDP numbers have somewhat fluctuated within the overall global trend. This suggests a continued high growth trend over the medium term.The Commission also noted that revenue projections on direct taxes are healthy. However, on indirect taxes, there have been periodic fluctuations.On the expenditure trend, there were discussions in regard to the rationalisation of centrally-sponsored schemes in sync with the new life cycle."The discussions on key economic variables are also expected to help the Commission's work to reach a conclusion on horizontal and vertical devolutions," said the statement.The meeting on Wednesday was attended by the Finance Commission's Chairman Ajay Narayan Jha and member Anoop Singh, Finance Secretary Subhash .
HDFC Capital Advisors launches new digital affordable housing initiative
HDFC Capital Advisors on Thursday announced the launch of a new initiative that seeks to mentor, partner and invest in real estate technology companies that drive innovation and efficiencies within the affordable housing ecosystem.As part of HDFC Affordable Real Estate and Technology Programme (HeART), HDFC Capital will provide a platform to real estate technology companies with innovative products aimed at creating efficiencies and lowering costs in each part of the development cycle.HDFC Capital believes that technology will play a significant role in the development of ecosystem for affordable housing, it said in a statement.All processes like land approvals, planning and design, construction, project management, sales and facilities management are likely to undergo significant change due to technology disruptions in the near term."HDFC's endeavour is to act as an enabler to the growth of affordable housing in the country," said Chairman Deepak Parekh. "HeART will support ...
SREI for faster arbitration payout, dispute resolution
Upset over the enforcing of contractual obligations and delays in arbitration awards, Kolkata-headquartered infrastructure finance major Srei has decided to be extra cautious where the government or its agencies are a contracting party.
Renault unveils three electric concept-cars for future mobility
French auto major Groupe Renault Thursday showcased three electric concept-cars as its vision of the mobility of the future. A pioneer of electric vehicles in Europe, Groupe Renault introduced its car-on-demand service using autonomous electric Renault ZOE Cab prototype vehicles, as part of the Paris-Saclay Autonomous Lab project, here at the VIVA Technology show. The company is also showcasing a first trial of the Renault EZ-FLEX last-mile delivery electric vehicle with Groupe La Poste. The third concept is the Renault EZ-POD, an exploratory autonomous electric vehicle that can be used to provide first and last kilometer mobility. Commenting on the future mobility solutions, Groupe Renault CEO Thierry Bollor said, "at a time when mobility has never been a more crucial global issue, our role as a longstanding manufacturer of all types of vehicle is more important than ever". He further said the company has a responsibility to propose innovative solutions to address urban environment ..
Rupee rises for 3rd day; vaults 31 paise to 70.03 vs USD
The rupee surged by 31 paise to close at 70.03 against the US dollar Thursday amid a sharp rebound in the domestic equity markets, even as oil prices firmed up. This is the third straight session of gain for the domestic currency, during which it has strengthened by 48 paise. At the interbank foreign exchange market, the rupee opened at 70.26 per dollar and advanced to a high of 69.99 during the day. It finally settled at 70.03, up 31 paise against its previous close of 70.34. Persistent foreign fund outflows and rising crude oil prices capped the gains for the rupee, forex dealers said. Globally, stocks markets wobbled and the Japanese yen rose after the US slapped sanctions on Chinese telecom major Huawei, escalating its trade conflict with China. "Indian rupee strengthened for third session against US dollar. Even after surge in crude oil prices and foreign fund outflow in equity cash segment, rupee manages to gain," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC ...
Chanda Kochhar's brother-in-law allowed to visit US by Delhi court
A Delhi court Thursday allowed former ICICI Bank CEO Chanda Kochhar's brother-in-law Rajiv Kochhar, a suspect in a bank loan fraud and money laundering case, to travel abroad for 10 days. Special Judge Anju Bajaj Chandna allowed Rajiv to travel to New York on a personal bond of Rs 10 lakh and directed the Enforcement Directorate (ED) to suspend the look out circular (LOC) till then. The court kept his application, seeking cancellation of LOC, for hearing on June 3 after ED's special public prosecutor Nitesh Rana said the agency needed time to file a detailed reply on the issue. Chanda and her husband Deepak along with Rajiv have been questioned by the ED which is probing the case under the Prevention of Money Laundering Act (PMLA). In his application, moved by senior advocate Sidharth Luthra, Rajiv said his "younger son is studying in New York University and has his 'graduating ceremony' on May 21 and 22 in New York, USA. The occasion marks an important and significant day/event in ...
Sensex gains 278 points led by IT stocks
The Sensex on Thursday managed to advance by 278 points, most of which came in the last hour of trade led by IT and financials.
Nepal's finance minister calls for more Indian investments in the Himalayan nation
Nepal's Finance Minister Yuvraj Khatiwada on Thursday urged more Indian companies to invest in the Himalayan nation owing to the existing political stability that can pave way for perfect atmosphere of business growth. Speaking at the closing ceremony of the two-day Nepal-India Franchise Investment Expo and Conclave here, Kathiwada also sought from Nepal's youth to venture their own business by forging franchise collaboration with the renowned companies of India instead of searching employment opportunities in foreign countries. "There is a big scope for investment in the country from both domestic as well as foreign investors with the country attaining political stability," Kathiwada said at the event which primarily focused on building the relations between India and Nepal through entrepreneurship development. The event was organised by the Indian embassy here in collaboration with the Federation of Nepalese Chamber of Commerce and Industries and was attended by over 12 Industries ..
RattanIndia Power intimates of withdrawal of applications filed by lenders in NCLT
The Company is actively engaged with the lenders and is taking key steps to alleviate and address the challenges being faced by it, which include:
TAKE Solutions posts Q4 consolidated NP at Rs 27.06 crore
Life sciences provider TAKE Solutions Thursday recorded consolidated net profit at Rs 27.06 crore for the fourth quarter ending March 2019, compared to Rs 45.49 crore registered year ago. For the year ending March 31, 2019, the city-headquartered firm's net profit went upto Rs 178.39 crore from Rs 159.86 crore recorded year ago. Total revenue for the January-March 2019 quarter went upto Rs 535.88 crore from Rs 456.79 crore. For fiscal 2018-19, total revenue surged to Rs 2,049.74 crore against Rs 1,593.65 crore registered year ago. The company also announced the acquisition of KAI Research, full service health research company. "Through this acquisition, TAKE builds Phase II and Phase III capabilities in North America adding to its current service offerings in Europe and Asia," a company release said. On the financial performance, company Vice-Chairman and Managing Director (HR), Srinivasan said TAKE recorded a positive growth rate this year to 28.5 per cent with continued
APM Terminals Pipavav Q4 net profit rises 4 pc to Rs 51 cr
APM Terminals Pipavav (Gujarat Pipavav Port Ltd) Thursday said its net profit rose 4 per cent to Rs 50.6 crore in the fourth quarter ended March 31. The company had reported a net profit of Rs 48.6 crore for the corresponding quarter of 2017-18. "Revenue from operations for the quarter under consideration stood at Rs 1,801 million (Rs 180.1 crore) as against Rs 1,655 million (Rs 165.5 crore) in Q4FY18," the company said in a statement. The container cargo business for the quarter stood at about 2,19,000 twenty-foot equivalent units (TEUs), the company said adding its 'roll-on, roll-off' business handled about 18,000 cars for the quarter under review. "For the full year ended March 2019, the company reported a net profit of Rs 2,052 million (Rs 205.2 crore). Total Income from operations for FY19 stood at Rs 7,020 million (Rs 702 crore)," the statement said. APM Terminals Pipavav Managing Director Keld Pedersen said, "Our container volumes grew 29 per cent on account of new service ...
Board of IP Rings appoints director
At meeting held on 16 May 2019
Tata Motors, J&K Bank tie up for retail financing of CVs
Home-grown auto major Tata Motors Thursday said it has tied up with J&K Bank for retail financing of its commercial vehicles, including buses. As part of the pact, both entities will be working together to offer retail finance solutions for the entire range of cargo and passenger carriers, Tata Motors said in the release. In Jammu & Kashmir, the automaker commands 81 market share in truck segment and plans to penetrate further through this partnership, it said. "This is a welcome partnership which will hugely benefit the customers particularly in J&K. We are absolutely confident that this will help us increase our reach in J&K," said R T Wasan, Vice President for sales and marketing at the commercial vehicle business unit of Tata Motors. This partnership will help the bank generate employment opportunities in J&K and other parts of the country, Chairman and CEO of J&K Bank Parvez Ahmed said.
Vodafone Idea rights issue erodes 21% shareholding value
The recently concluded Vodafone Idea rights issue has resulted in losses for the public shareholders, eroding 21 per cent of their shareholding value, according to industry sources.
Pennar Industries gets NCLT nod to merge group companies
: Pennar Industries Limited (PIL), a value-added engineering products and solutions company Thursday announced that it has received approval from National Company Law Tribunal (NCLT) to merge its subsidiaries Pennar Engineered Building Systems Limited and Pennar Enviro Limited with itself. As per the approved scheme, shareholders of PEBS will get 23 shares of Pennar Industries for 13 shares held and shareholders of Pennar Enviro will get one share of Pennar Industries for every one share held, a press release said. The NCLT has approved the appointed date of the scheme (effective date) to be April 1, 2018, it said. K M Sunil, Vice President - Corporate Strategy, said the merger is expected to create a leaner group structure, result in better synergies and optimisation of costs and improved fund utilisation. "It will also result in PIL having a better capital structure, pooled resources and synchronised growth plans. This will eventually lead to focused growth, higher ...
F5 expands presence in India with a new Centre of Excellence
F5 Networks today officially inaugurated a new Centre of Excellence (CoE) for Product Development in HITEC City, Hyderabad, in the presence of the Chief Relations Officer, Amarnath Reddy Atmakuri; and President and CEO, F5 Networks, Francois Locoh-Donou; and Vice President of Product Development, India Site Lead, F5 Networks, Ravi Kasinadhuni.The CoE for Product Development in Hyderabad will support the company's ambition to become a global leader in multi-cloud application services. The CoE will play a crucial role in adopting new operating models, infrastructure options, and services to set the pace for digital transformation initiatives for F5's customers around the world. The CoE will also assist in the development of F5's core solution areas and advance its cloud capabilities."India is a high-growth market for F5, where we see strategic opportunities to extend our application services to the development of a secure and stable infrastructure for 'Digital India'," said Francois ...
Central Bank of India shares drop over 6 pc after Q4 earnings
Shares of Central Bank of India tumbled over 6 per cent Thursday after the company reported widening of losses to Rs 2,477.41 crore in the last quarter of 2018-19. The scrip dropped 6.33 per cent to close at Rs 25.90 on the BSE. During the day, it plunged 8.31 per cent to Rs 25.35 -- its 52-week low. On the National Stock Exchange, shares tanked 5.98 per cent to close at Rs 25.90 apiece. The bank had reported a loss of Rs 2,113.51 crore in the January-March period of 2017-18. The bank had reported a loss of Rs 718.23 crore for the third quarter ended December 2018. Its total income grew to Rs 6,620.51 crore in the three months to March from Rs 6,301.50 crore in the year-ago period, Central Bank of India said in a regulatory filing Wednesday. For the full financial year 2018-19, the bank's loss widened to Rs 5,641.48 crore, against Rs 5,104.91 crore in the previous fiscal. Gross non-performing assets stood at 19.29 per cent of gross advances at the end of March 2019, against 21.48 per .
Murugappa Group registers robust growth of 12 per cent in turnover
Murugappa Group registered a growth of 12 per cent in turnover at Rs 36,893 crores during 2018-19 (last year Rs 33,079 crore).Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA) posted a growth of 12 per cent, at Rs 5,190 crore (last year Rs 4,618 crore). Profit after Tax was Rs 2,880 crore (last year Rs 2,432 crore) registering a growth of 18 per cent.A: Company-wise Performance:Figures in Rupees CroresB: Market CapitalisationMarket Capitalisation of the listed companies of the group aggregates to Rs 66,000 crore as of March 31, 2019.C: Major Initiatives1. Cholamandalam Investments announced its plan to launch its housing finance subsidiary, subject to the approval from National Housing Board.2. Shanthi Gears Limited bought back 50 Lakh equity shares at a price of Rs 140 per share.3. Coromandel International in association with IIT Bombay and Monash University, Australia set up the IIT MONASH Academy.4. Carborundum Universal has initiated ..