Tag: investment

Naidu asks NBCC to forge more partnerships with States

Naidu asks NBCC to forge more partnerships with States

06/10/2016 17:11

State-run National Buildings Construction Corporation (NBCC) on Thursday presented a dividend Cheque of Rs.108 cr for 2015-16 to minister of urban development M.Venkaiah Naidu.

Complimenting NBCC for sustained increase in turn over and profits over the last few years, Naidu asked the company management to further expand and diversify its business profile by forging partnerships with State Governments and other agencies.

The minister also directed the management to immediately initiate action on seven redevelopment projects in Delhi entailing an investment of about Rs 35,000 cr, recently approved by the Union Cabinet. Naidu discussed in detail the progress of ongoing projects and future initiatives of NBCC.

A.K.Mittal, Chairman and Managing Director of NBCC informed the minister that the company has acquired new project orders for Rs 17,516 cr during 2015-16 and with total work orders of over Rs 70,000 cr, NBCC is the second largest construction company in the country. The company has declared a total dividend of Rs 120 cr for 2015-16 of which the Government’s share was Rs 108 cr.

NBCC has recorded the highest revenue of Rs 5,838 cr during 2015-16, marking an increase of 32 per cent over the previous fiscal.

Advertisements
Markets remain firm; GAIL, RIL shares advance

Markets remain firm; GAIL, RIL shares advance

06/10/2016 10:16

The key domestic benchmark indices were trading higher in the morning trading session tracking a buoyant trend across markets in Asia and a strong finish at Wall Street overnight as a rally in crude oil prices boosted energy stocks while upbeat US services data signaled strength in the world’s biggest economy, boosting risk taking appetite.

A better outlook for Asia’s third biggest economy amid the 25 basis points interest rate cut by the Reserve Bank of India (RBI) this week which may help revive investment and boost consumption may support sentiment at Dalal Street.

At 10:15 AM, the Bombay Stock Exchange bellwether Sensex was at 28309 up by 88.02 points or by 0.31 per cent, while the NSE Nifty was at 8771.75 points, trading higher by 27.8 points or by 0.32 per cent.

The BSE Sensex touched an intraday high of 28326.73 and an intraday low of 28238.09 while the NSE Nifty touched an intraday high of 8774.8 and an intraday low of 8741.35

The top gainers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 411.65,+2.75 per cent), Reliance Industries Ltd. (Rs. 1114.95,+2.35 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 270.55,+1.42 per cent), Hindustan Unilever Ltd. (Rs. 880.40,+1.04 per cent), Tata Motors Ltd. (Rs. 561.90,+0.68 per cent), among others.

Meanwhile, Axis Bank Ltd. (Rs. 529.60,-1.14 per cent), Infosys Ltd. (Rs. 1034.35,-0.65 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 264.85,-0.34 per cent), State Bank of India (Rs. 259.80,-0.29 per cent), Coal India Ltd. (Rs. 320.85,-0.28 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2188 shares traded, 1490 shares advanced, 603 shares declined while 95 were unchanged.

On the global front, Asian stocks were trading higher today as bets rose that the US Federal Reserve may cut interest rates this year as data suggested that the US economy was regaining momentum. US stocks closed higher in the previous trading session as investors cheered upbeat US services data and a slight advance in August factory orders.

Reliance Power Q1 net jumps 12% at Rs 340 cr

Reliance Power Q1 net jumps 12% at Rs 340 cr

12/09/2016 15:07

Anil Ambani-chaired Reliance Power on Monday reported a growth of 12.21 per cent in its consolidated net profit at Rs 340 crore for the first quarter ended June 30, 2016 as compared to same period a year ago.

“The consolidated net profit of the company stood at Rs 303 crore during the same period a year ago,” said Reliance Power Ltd in a filing to the Bombay Stock Exchange.

However, the consolidated total income of the company declined marginally by 0.6 per cent to Rs 2,748 crore during Q1 2016-17, as compared to Rs 2,765 crore during the same period previous fiscal.

Operating revenue of the company was also flat Rs 2,679 crore as compared to Rs 2,684 crore in the year ago period.

During the quarter under review, its other income dipped to Rs 70 crore as against Rs 81 crore in the same period last year.

On the standalone basis, the company has posted net profit of Rs 18.27 crore as against net revenue of Rs 99.92 crore during the April-June quarter 2016.

Meanwhile, shares of the company closed trade at Rs 51.50 apiece, down 3.74 per cent, on the Bombay Stock Exchange.

Post Session-Sensex scales 29-K mark; advances 118 points

Post Session-Sensex scales 29-K mark; advances 118 points

08/09/2016 16:29

Indian equity benchmarks resumed their bullish journey on Thursday with the 30-share Sensex rallying over 100 points to close above the 29,000 mark after 17 months as optimism over the Indian economy and hopes of continued stimulus from global central banks bolstered risk taking appetite.

The 30-share BSE SENSEX closed at 29,045.28, up by 118.92 points or by 0.41 per cent and the NSE Nifty ended at 8,952.5, up by 34.55 points or by 0.39 per cent. The BSE Sensex touched intraday high of 29,077.28 and intraday low of 28,854.56. The NSE Nifty touched intraday high of 8,960.35 and intraday low of 8,896.

Shares of metal companies such as Tata Steel were boosted by improved China trade data, with the country being the largest metals consumer globally.

India’s economy may grow 7.5 per cent this fiscal, Dun & Bradstreet (D&B) said in a report, stressing that growth will be driven by improved investment climate, easier norms to do business and a better monsoon that may buoy consumption spending.

Dalal Street traders are also eying monetary policy decisions across the US, UK, Euro area and Japan this month. Further global central bank stimulus and a continued low interest rate regime may keep powering foreign fund inflows into Asia’s third biggest economy as risk appetite increases.

The top gainers of the BSE Sensex pack were Sun Pharmaceutical Industries Ltd. (up 3.69 per cent), Bajaj Auto Ltd. (up 3.55 per cent), Tata Steel Ltd. (up 3.32 per cent), Maruti Suzuki India Ltd. (up 2.71 per cent) and Lupin Ltd. (up 2.44 per cent), among others.

Sector-wise, Realty and Healthcare advanced 3.03 per cent and 2.2 per cent, respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3083, shares advanced were 1667 while 1208 shares declined and 208 were unchanged.

On the Asia front, stocks ended mixed amid caution ahead of the ECB policy meet with hopes that the Frankfurt-based central bank may boost QE as it cuts growth forecasts for the Euro area. Shanghai Composite and Hang Seng rose as China’s exports climbed for the sixth straight month in yuan terms, up by 5.9 per cent in August 2016. Japan’s Nikkei 225 fell as traders weighed speculation of a further cut in the Bank of Japan’s key policy rate this month.

SBI may relocate some branches after its merger: Bhattacharya

SBI may relocate some branches after its merger: Bhattacharya

08/09/2016 10:45

The State Bank of India (SBI) has said that it may relocate some branches after the merger of its associate banks into its fold, but none of them will be shut down.

Commenting on the issue, State Bank of India Chairperson Arundhati Bhattacharya told the media, “I don’t believe we will be closing down any branches. This is one area that is getting a lot of adverse publicity. We will be working with the synergies.”

“Obviously, if the same building has branches of three associate banks, it doesn’t make sense to keep them open. If that branch is moved away 60 km, it will have a better reach. We will be relocating a few of them,” she added.

As per reports, the merged entity, which will have a network of more than 24,000 branches, will continue to have the same number of branches.

Gail India Q1 net clocks over 3-fold jump to Rs 1,335.18 cr

Gail India Q1 net clocks over 3-fold jump to Rs 1,335.18 cr

08/09/2016 10:36

Country’s biggest natural gas supplier firm, Gail (India) Ltd has reported over three-fold jump in its standalone net profit after taxes (PAT) at Rs 1,335.18 crore for the first quarter ended June 30, 2016, buoyed by a turnaround in petrochemical business and stake sale in Mahanagar Gas.

“The standalone net profit after taxes (PAT) of the company stood at Rs 388.09 crore during the same period a year ago,” said Gail (India) Ltd in a filing to the Bombay Stock Exchange.

However, it’s standalone total income declined 10 per cent to Rs 11,457.2 crore during Q1 2016-17, as compared to Rs 12,727.97 crore during the same period last year, due to lower gas prices.

The state gas utility’s profit after tax excluding gain from sale of stake in Mahanagar Gas rose by 118 per cent to Rs 846 crore in Q1 June 2016 over Q1 June 2015. It’s bottom line growth during the quarter under review was also supported by increase in natural gas sales & transmission volumes.

Meanwhile, shares of the company were trading at Rs 397 apiece, up 0.13 per cent, from previous close on BSE at 10:39 hours.

HPCL shares down 4% on profit booking

HPCL shares down 4% on profit booking

23/08/2016 11:49

Shares of Hindustan Petroleum Corporation Limited (HPCL) tanked over 4 per cent on the Bombay Stock Exchange amid profit booking after state-run oil marketing company reported a growth of 30 per cent in its standalone net profit after taxes (PAT) at Rs 2,098.38 crore for the first quarter ended June 30, 2016.

Weighed down by profit booking, shares of company declined as much as 4.35 per cent in intra-day to trade to Rs 1161.65 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of company fell 4.09 per cent to Rs 1,165.45 apiece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 27,961.22, down 24.32 points, or 0.09 per cent, at 11:50 AM.

Global smartphone sales rise 4.3% in Q2: Gartner

18/08/2016 15:58

Global smartphone sales grew 4.3 per cent to 344 million units in April-June of 2016 over the same period last year, affected by slowing demand in mature markets and decline in feature phone segment, research firm Gartner today said.

“Demand for premium smartphones slowed in the second quarter of 2016 as consumers wait for new hardware launches in the second half of the year,” Gartner Research Director Anshul Gupta said.

In addition, the decline in sales of feature phones (down 14 per cent) pulled down the overall sales of mobile phones in the second quarter of 2016, he added.

Samsung led the tally with 22.3 per cent share, followed by Apple (12.9 per cent), Huawei (8.9 per cent), Oppo (5.4 per cent) and Xiaomi (4.5 per cent) in the said quarter.

All mature markets, except Japan, saw slackening demand for smartphones leading to 4.9 per cent decline in the segment, Gartner said.

In contrast, the emerging regions, except Latin America, saw a 9.9 per cent growth clip.

In terms of the smartphone operating system (OS) market, Android regained share over iOS to achieve an 86 per cent share in the quarter under review, Gartner said.

Android’s performance continued to be driven by demand for mid- to lower-end smartphones from emerging markets as also premium smartphones, which recorded a 6.5 per cent increase, it added.

Apple’s iOS took 12.9 per cent share while Windows and BlackBerry had 0.6 per cent and 0.1 per cent, respectively.

Govt’s tax kitty swells to Rs 4.3 lakh cr in Apr-July

10/08/2016 16:12

Reflecting an upturn in economic activity, government’s revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs 4.3 lakh crore, reported PTI.

Indirect tax collections rose by 29.9 per cent during the first four months of the current fiscal to about Rs 2.71 lakh crore, mainly on account of 50.8 per cent jump in excise revenues.

Direct tax revenue rose 24.01 per cent to Rs 1.59 lakh crore in April-July, driven mainly by higher mop-up in personal income tax due to early advance tax collections.

The indirect and direct tax collections till July account for 34.90 per cent and 18.82 per cent of the annual budget target, respectively.

The government hopes to collect Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes, which includes customs, excise and service tax, in 2016-17 fiscal.

Personal income tax collection grew 31.47 per cent while corporate taxes registered an increase of 11.65 per cent, an official statement said.

After accounting for refunds, the net growth in personal income tax stood at 46.55 per cent, while for corporate tax it was 2.84 per cent.

Regarding indirect taxes, excise collection in the first four months of current fiscal grew 50.8 per cent to Rs 1.23 lakh crore. Service tax revenue increased by 25.8 per cent to Rs 76,679 crore.

Customs revenue collection during April-July 2016 registered 7.9 per cent growth at Rs 71,767 crore.