4,285,799 russian companies, updated July 21st, 2017

Business news

Power reforms trip: Tariffs still a sore point with states

Bihar, Maharashtra, Madhya Pradesh and Jharkhand are among the states that announced higher rates for 2017-18. Bihar led with a 20 per cent rise, across brackets. It, however, also introduced direct subsidy transfer for some sections of consumers, thereby reducing the impact on the revenue of power distribution companies (discoms). Jharkhand's raise was 12 per cent, Madhya Pradesh's 9.5 per cent and Karnataka raised by 8.1 per cent. The central government's programme for debt restructuring of state discoms underlines the need for regular rate revision. Ratings agency ICRA says the overall subsidy dependence of discoms for 2017-18 would be Rs 81,000 crore, an increase of around eight per cent over the previous year. "The increase in the subsidy requirement is predominantly driven by first, the subsidy, and concessional tariff (rate) announcements in states and/or continuation of the subsidised nature of tariffs by state governments for certain consumer categories," says Sabyasachi ...

July 20th, 2017 19:12

India needs to invest in energy mix & power networks: IEA analyst

The Paris-based inter-governmental International Energy Agency has in its latest report indicated a decline in investment in the oil and gas sector for a second year and increase in energy efficiency and energy networks. India, it says, is the fastest-growing major energy investment market. MICHAEL WALDRON, energy investment analyst at the IEA, to Shreya Jai on the subject. Edited excerpts:While investment in electricity is more than in oil & gas, it has contrasting trends. Would renewables fuel its growth?Investment in electricity declined by one per cent in 2016 but it looks more because the investment in hydrocarbons came down. The investment is more towards the low carbon side, clean power and networks. By and large, coal power is still the third largest in investment after solar and wind. But, in terms of the trend, investment in coal power has come down. In solar and wind, it is at least stable. Renewables continue to be the largest part of electricity investment, 40 per ...

July 20th, 2017 16:16

Spot sugar price jumps to three-month high of Rs 4,050 a quintal

Spot sugar prices rebounded sharply from a recent low to hit the highest in three months, following a global move and traders returning to the market after almost three weeks.The benchmark M-30 variety at the Vashi wholesale market jumped to trade at Rs 4,050 a quintal on Thursday, from a low of Rs 3,914 a qtl on June 29. The M-grade contract for delivery in July hit the upper circuit on the National Commodity & Derivatives Exchange (NCDEX), to trade at Rs 3,816 a qtl. The far month sugar contract for delivery in October, however, remained relatively resilient on NCDEX, to trade at Rs 3,590 a qtl on concern regarding surplus carry-forward stocks from the current season and estimates of a bumper cane output for the next season."A cold wave has certainly hit the standing sugarcane crop in some areas in Brazil. Sugar prices in India have followed a global move," said an analyst with a large stockbroking entity. Raw sugar futures on the Chicago Mercantile Exchange jumped to the ...

July 20th, 2017 16:13

Target taps start-ups for technology to compete with Amazon, Walmart

In order to offer a differentiated buying experience when compared to rivals Walmart and Amazon, US retail giant Target has built a product to allow customers to walk through a virtual house and pick any decor or furniture product they see in it.While several retailers have begun working on ways to help customers experience products such as furniture, which people want to touch and feel before making a purchase, virtually, Target's efforts in this were aided by a tiny company based in Bengaluru.House of Blue Beans, a 3D visualisation startup, that was part of Target India's accelerator programme, has now become an integral partner in helping the retail giant develop its Computer Generated Imaging (CGI) capabilities. For now customers can walk through virtual rooms on their desktops, but soon the tool will evolve to include Augmented Reality and Virtual Reality."We worked with them as a part of our cohort, we saw their potential, then they became our strategic partner and now we ...

July 20th, 2017 16:09

Sebi might cut listing time to 3 days from IPO, against 6 days at present

The Securities and Exchange Board of India (Sebi) plans to reduce the time taken for a security to list on an exchange from the date of closure of its initial public offer (IPO) to three days, instead of the earlier envisaged timeline of four days. At present, public issues take six days (termed T+6) to list after closing for subscription. Reducing the listing timeline to T+3 days would, feel experts, help reduce the impact of market volatility.On January 1, 2016, Sebi had brought down the time taken for listing of shares to six days, from the earlier 12 days. Investors were also allowed to give their application forms to banks, brokers, depository participants and registrar & transfer agents. Earlier, the forms could be sent only through banks and brokers. The regulator had also made use of Application Supported by Blocked Amount (Asba) compulsory for all categories of investors. In this, an IPO applicant's account doesn't get debited until the shares are allotted. This does away

July 20th, 2017 16:07

Freshworks acquires Joe Hukum, a platform for building own chatbots

Freshworks today announced the acquisition of Joe Hukum , a platform that enables businesses to build their own chatbots based on logical workflows. This acquisition marks Freshworks' eighth in just under two years, as it further bolsters capabilities to strengthen its business software suite. Value of the deal was not disclosed.Freshworks Inc. is the parent company behind the suite of products which includes Freshdesk,Freshservice, Freshsales and Freshcaller.Freshworks had earlier acquired Chatimity and Frilp, key acquisitions that are enhancing neuro-linguistic programming (NLP) based Artificial Intelligence capabilities, while Joe Hukum's decision tree based frameworks complete key capabilities to launch chatbot-powered solutions.Joe Hukum was founded in July 2015 by Arihant Jain, Ajeet Kushwaha, and Rahul Agarwal, who were the founding team behind two of India's most prominent healthcare startups, HealthKart and 1mg. Hukum's technology is powered by a robust decision tree ...

July 20th, 2017 15:56

GST transition drags Alembic Pharma net by 36% to Rs 65 cr in June quarter

Vadodara based pharma company posted a 36 per cent year-on-year (yoy) dip in net profit for the first quarter of 2017-18 to Rs 65 crore as it revenues dropped by 12 per cent. Alembic posted a net sales for the quarter at Rs 648 crore against Rs 737 crore last year. Net Profit for the quarter at Rs 65 crore against Rs 102 crore last year.Pranav Amin, managing director of Alembic Pharmaceuticals Ltd said "The performance in the quarter was weak primarily due to the transitional provision of GST on the India Branded business." The international formulation business revenue was Rs 282 crore against Rs 309 crore last year. Of this, the US formulation business revenue was Rs 211 crores for the quarter, down 5 per cent. Non US business was down 17 per cent. R&D spend for the quarter under review stood at Rs 94 Crores, approximately 14 per cent of sales.India formulations business for the quarter at Rs 236 crore as against Rs 299 crore last year. Of this, the speciality business is down ..

July 20th, 2017 15:51

Total Transport Systems to enter capital market with IPO on July 25

Total Transport Systems Ltd (TTSL) a leading player in logistics with Reliance Group, Tata Group and DHL being its clients, is entering the capital market with an initial public offering (IPO) of 3.78 million shares at a fix price of Rs 45 per share of face value of Rs 10 each. The issue opens on July 25 and closes on July 28.The company specializes in less than a container load (LCL) and cargo consolidation plans to list its share on the National Stock Exchange. Sarthi Capital Advisors Pvt.Ltd is the sole lead manager to the issue. Most of the shipping carriers carry their loads on containers which need to be full for maximum efficiency. For export and import (Exim) players whose requirements are not big enough for full container, LCL logistics companies provide the best and most cost efficient solution.The company offers this together with freight forwarding which even includes arranging of all pre-shipment activities like export inspection, excise inspection, container survey, ...

July 20th, 2017 15:45

Will Bajaj Auto's weak Street show be a one-off?

Bajaj Auto's June quarter results were below estimates, especially on the operating profit margin level, as lower volume growth and higher costs dented overall performance. Even so, the stock closed lower by only 0.2 per cent on Thursday, indicating the Street is taking cues from the one-off events of the past three-four months. Hope of better performance in the coming quarters and a good export showing also helped.Weak home volumesLed by a 23 per cent fall in domestic volumes due to the disruption caused by transition to BS-IV emission norms, as well as the new goods and services tax (GST), overall sales volumes fell nearly 11 per cent over a year. This dented revenue, which fell five per cent year-on-year but came higher than expected, largely due to export performance and realisations. Realisations (up six per cent) improved due to a superior product mix and price increases on account of BS-IV motorcycles, and helped stem the fall in revenue to an extent. Higher raw material cost ..

July 20th, 2017 15:40

Heritage Foods stock price jumps 10% in two days on stock-split move

BS ReporterHyderabad, 20 July: Following an impressive stock performance over the past few years, Hyderabad-based dairy major Heritage Foods Limited has taken up stock split on the agenda at its next board meeting on August 10.With the consolidation of dairy business and the divestment of loss-making retail chain segment coupled with a new brand building exercise over the past one year by the company management has sent positive signals to the investors on taking the company to the next level. Making its goals even more clear to the investors, the management had declared that it was aiming to reach Rs 6,000 crore revenue mark in the next five years from Rs 2,273 crore revenue in 2016-17. In the light of all this, the stock price jumped 8 percent on Wednesday on stock split news and gained a further 2 percent on Thursday. The stock price closed 52 week high at Rs 1,210 yesterday and traded at around 1,230 today. The stock price more than doubled during the past one year as the stock ...

July 20th, 2017 15:27

Jet cuts pilots' salaries, asks them to take 10 days off amid debt concerns

Jet Airways has asked its junior pilots to take 30 per cent salary cut or leave the organisation in a cost saving exercise.Jet, which is facing pressure on profitability, is implementing a new work pattern for around 150 of its juniormost pilots. Under this the pilots will be offered ten days leave and will be paid for twenty days only. This will be implemented on an interim basis from August 1, the airline informed its pilots.The airline has around 1700 pilots and operates mixed fleet of Boeing, Airbus and ATR aircraft. "Certain developments in the market, including that of the Gulf region, as well as our continued efforts to enhance internal effeciencies, has resulted in the review of our network, fleet and crew utilisation. Consequently, as a proactive measure, the company has made interim alignments to its crew work patterns, which will be reviewed in future, in line with network growth," Jet Airways said in a statement.Under their contracts senior Jet Airways pilots get 22 ..

July 20th, 2017 15:21

Beauty startups struggle to scale up business amid drying funds

In a little over a year, 11 start-ups in the beauty and wellness space have been acquired, with five changing hands in 2017. That's because start-ups in this segment have struggled to scale up and crack their unit economics. As funding dried, the founders began looking for exits. For instance, Vanity Cube was acquired by fitness major VLCC, while Vymo was bought by Naturals, a South India-based salon chain. Belita, a pioneer in at-home beauty service in Mumbai, was acquired by city salon chain Enrich. Some weaker players were acquired by Quikr, Little and others, say insiders.There are two segments here: The go-to salon market that includes branded entities, and single stores and at-home players like MyGlam, UrbanClap, Quikr, Housejoy or Vymo. The beauty and wellness market in India was estimated at $3 billion in 2013; currently, it is pegged at $7 bn (Rs 45,000 crore) and is likely to be $12 billion by 2018. These include products and services sold through salons, spas, fitness ...

July 19th, 2017 19:36

IPL sponsorship: India Cements to continue promoting CSK after comeback

Cement manufacturer India Cements has said that the company is looking at continuing its brand association with the earstwhile Indian Premier League (IPL) champion Chennai Super Kings (CSK), to build its brand. The company said that it is strengthening its brand building programmes in Tamil Nadu and Kerala, its major markets, through sponsorship in the Tamil Nadu Premier League (TNPL), the regional version of IPL."We have been a sponsor for the brand till it was suspended and we want to continue to be on the back of their jersey in future. It gives us reach across the country," said Rakesh Singh, Executive President, India Cements.The Chennai franchise was suspended for two years from IPL by Justice R M Lodha Committee in 2015, as it convicted Gurunath Meiyappan, son-in-law of Srinivasan as guilty of betting. Rajasthan Royals, another IPL team was also suspended along with it. There were also allegations related to the conflict of interest of Srinivasan owning the brand while he was ..

July 19th, 2017 16:36

Triumph Motorcycles to begin exports from India in FY18

Premium and luxury motorcycle manufacturer Triumph Motorcycles plans to start exports from India as it plans to increase the Completely Knocked Down (CKD) assembly of its products in the country to 90 per cent of its portfolio this financial year from current level of 20 per cent.The company has CKD assembly facility is at Manesar, Haryana. The bike manufacturer plans to start exporting to Nepal in this fiscal."In the first phase, we will be sending motorcycles to Nepal in the next four to five months", said Vimal Sumbly, managing director, Triumph Motorcycles India Pvt Ltd said at the opening of their new dealership in Bhubaneswar here.With the opening of the new showroom, the British bike manufacturer has now 14 dealers in the country and aims to increase it to 25 by 2020.The motorcycle manufacturer has dealers in Delhi, Jaipur, Bangalore, Hyderabad, Indore, Vijaywada, Chandigarh, Mumbai, Pune, Ahmedabad, Chennai, Kochi and Kolkata.Now, it is betting big on more such dealerships in .

July 19th, 2017 15:59

Bharat Dynamics eyes 20% jump in FY18 revenue, to set up 5 Mw solar unit

Bharat Dynamics Ltd (BDL) has targeted revenue of Rs 5,300 crore from operations in the current financial year, up 20 per cent compared to the previous fiscal. The Hyderabad-based company outlined its targets and various performance parameters for 2017-18 in an MoU it signed with the defence ministry. The 'miniratna' defence PSU has planned to set up a five MW solar plant at its upcoming unit at Ibrahimpatnam in Telangana, according to a BDL statement. The company, eyeing a 20 per cent rise over FY17 in revenue from operations at Rs 5,300 crore in FY18, has laid substantial emphasis on R&D in pursuit of self-reliance, it said. The MoU was inked by BDL Chairman and Managing Director V Udaya Bhaskar and secretary (Defence Production), Ashok Kumar Gupta in New Delhi yesterday. BDL was established in 1970 to be a manufacturing base for guided missiles and allied defence equipment.

July 19th, 2017 15:00

Azim Premji upbeat on IT services growth, says digital shift an opportunity

Wipro Chairman Azim Premji on Wednesday said that clients are looking to spend on technology in markets such as US, where the economy is little better than the volatile environment seen across the world."Looking ahead we continue to see a volatile economic environment but the economic prospects for our main countries of exports are a little better. And clients are looking to spend on technology as tech is becoming a major differentiator," Premji told shareholders of Wipro at the annual general meeting held on WednesdayPremji's optimism comes even as India's IT services industry is struggling to post higher growth due to underlying technology shifts towards digital and cloud, automation taking over low level jobs and growing protectionism in the developed markets. "Over the last one year, we saw a further evidence of drastic change in expectations and experiences of consumers and business models. Digital is the central element driving this change," he said. " We believe that IT ...

July 19th, 2017 14:24

Automobile sales growing at snail's pace in recent years: Siam data

Automobile sales are growing at the slowest pace in recent years. Nut due to three-wheelers or commercial vehicles but the motorcycle, biggest segment of the industry by volume.Sata from the Society of Indian Automobile Manufacturers (Siam) shows the Indian motorcycle market has grown by less than six per cent cumulatively since 2013-14. In the same period, the domestic passenger vehicle market expanded by 21 per cent, commercial vehicles by a little over 12 per cent and three-wheelers by six per cent.Annual domestic volume of motorcycles has remained stuck between 10 and 11 million units a year. While consecutive deficient monsoons (2014 and 2015) were a factor, the larger impact is coming from a shift towards scooters. If we include the latter, the two-wheeler market shows growth of 19 per cent between FY14 and FY17. This implies that all the growth was from scooters.The domestic scooter market has expanded from 3.6 million units in FY14 to 5.6 mn in FY17, growing 55 per cent. ...

July 19th, 2017 14:12

Sebi meets market players to discuss derivatives overhaul

The Securities and Exchange Board of India (Sebi) has initiated discussion with various stakeholders, including brokers, exchange officials and foreign investors, for overhaul of the derivatives segment. According to sources, Sebi officials met representatives of exchanges and select brokerages to discuss possible changes in futures and options (F&O). Last week, the market regulator issued a discussion paper titled 'growth and development of equity derivatives market in India'. In this, it raised concern over the high turnover in derivatives, relative to the cash market, calling for "alignment" between the two. It also raised concern over the growing participation of individual, less-wealthy, investors in this high-risk segment. "Most brokerages are planning a detailed reply soon to the discussion paper. However, there have been informal meetings between Sebi and industry players," said a source.Sources say Sebi is primarily concerned over small investor participation in the ...

July 19th, 2017 14:08

GST impact: Non-availabilty of gold brings jewellery exports to standstill

Export of gold jewellery from India has stopped in the past two weeks due to non-availability of the metal for fabrication.Trade sources said banks and nominated agencies that are responsible for bullion import have halted the bringing in of gold since implementation of the Goods and Services Tax (GST) effective July 1. They fear the government's decision to levy three per cent GST on bullion and jewellery with full input credit would hurt their profitability and block working capital on every gramme of gold they sell.With reduced supply, jewellery manufacturers have stopped their production., also halting export, save those with some input stock. Significant, as gold jewellery is nearly 18 per cent of the overall annual gems and jewellery export of $40 billion and employing nearly a million skilled and unskilled workers, directly and indirectly."Banks and nominated agencies have halted bullion import," stated Sabyasachi Ray, executive director, Gems and Jewellery Export Promotion ...

July 19th, 2017 13:42

Glenmark, Cyndea Pharma to develop complex drugs for US, Canada markets

Glenmark has tied up with Spanish firm Cyndea Pharma to develop complex drugs for US and Canada markets. Following the tie up Glenmark will develop soft-gelatin capsule products under technology license from the Spanish drug maker. The partnership allows Glenmark to expand its dosage forms and launch new products. Glenmark earns over 35 per cent revenue from US but the market is seeing increased competition and pricing pressure. Developing technology for soft-gelatin capsules in house would have taken longer and the tie up will quicken product launches for Glenmark.Glenmark's president (North America) Robert Matsuk said as many as 70 per cent of the small molecule pharmaceuticals are difficult for body to absorb which leads to challenges in developing effective oral formulations for these medicines. "The use of soft-gelatin capsules have wide applications to improve absorption and bio-availability of these medicines. Accessing this formulation and manufacturing technology with our ..

July 19th, 2017 12:48

Urban Ladder ropes in former Croma CEO Ajit Joshi to head offline push

Furniture e-tailer Urban Ladder has appointed former Croma MD and CEO Ajit Joshi as its new Chief Operating Officer as it looks to build its offline presence ahead of the launch of behemoth IKEA's first India store in December.A veteran with over 30 years of experience in retail, Joshi most recently served as the CEO of Reliance Industries Ltd's Bandra Kurla Complex (BKC). In the role, he was overlooking the development Asia's second largest real estate project, which housed a luxury mall, convention centre, numerous cinema halls and restaurants.At Urban Ladder, Joshi will oversee the company's offline expansion, where it has committed to invest $15 million in the next one year. The company launched its first flagship experience centre in Bengaluru earlier this month, and plans to add two more similar stores in the city within the quarter."Ajit's addition to the team is a crucial step in scaling our retail and growth strategy and win on offline distribution. Ajit's vast retail ...

July 19th, 2017 12:38

NCLT admits Canara Bank's insolvency plea against Deccan Chronicle group

Hyderabad 19 July: Ending a five-year long wait for the lenders of Deccan Chronicle Holdings Limited(DCHL), National Company Law Tribunal(NCLT)'s Hyderabad bench on Wednesday ordered the appointment of Interim Resolution Professional(IRP) and also imposed moratorium for the liquidation of the debt-laden media company. The bench has passed the orders in an insolvency petition filed by public sector Canara Bank under section 7 of Insolvency and Bankruptcy Code(IBC), 2016 based on its loan outstanding claim of Rs 723.75 crore from the corporate creditor.Except in a handful of cases where the lenders were able to take possession of certain properties of the company by invoking Sarfaesi Act, the Rs 4,000-crore debt taken from a large number of banks and financial institutions remained largely unpaid ever since the company's existing management for the first and the last time had disclosed the magnitude of its financial obligations way back in 2012.On July 13 the NCLT bench comprising ...

July 19th, 2017 12:15

Potash demand to take a hit, with China-induced price hike

When India has projected normal monsoon and fertilizer demand is rising, Indian farmers have to be prepared to pay higher price for their demand for potash for future buying. The reason is this year China has set higher benchmark price for Potash import and India which is another important consumer in global market will soon start negotiations will find it difficult to settle at last year's price. The new price, depending upon China's benchmark is expected to be higher which importers will pass on, according to government sources. However high price will impact its demand.The two biggest potash producers, Potash Corp of Saskatchewan and Russia's Uralkali, have recently cut output to tighten supply and stem price declines of the nutrient, which helps boost crop quality and yields. Recently Uralkali settled its potash contract with the Chinese buying consortium for supply until the end of 2017 at $230/mt CFR. Uralkali announced that its trading subsidiary has negotiated with Chinese ...

July 19th, 2017 11:06

Proposed gold exchange to have its own good delivery norms

In a move that will set the stage for setting up the spot exchange for gold trading, help making gold trade transparent and also have India gold price, government is considering good delivery standard and responsible gold practices norms for gold. So far globally in most places London Bullion Market Association or LBMA delivery standards are accepted. Even for delivering gold on Indian futures exchanges, LBMA standard gold is only deliverable and hence gold refined by Indian refinery not having LBMA recognition is not deliverable on MCX.In India only MMTC-Pamps refinery has been recognised by LBMA. Government is also discussing the issue with stakeholders in bullion industry including Indian Bullion Jewellers Association or IBJA, World Gold Council-WGC, FICCI, hallmarking and refineries associations and Indian Gold Policy Center under IIM-A among others. According to discussions so far, for gold spot exchange a rough road map has been proposed which will be refined further.Rajesh ...

July 19th, 2017 08:10

Aurobindo Pharma gets USFDA approval to market kidney ailment drug

Hyderabad, 19 July: Aurobindo Pharma Limited announced today that it has received final approval from the US Food and Drug Administration(USFDA) to manufacture Sevelamer Carbonate tablets 800 mg. Used to lower high blood phosphorus levels in patients who are on dialysis, Sevelamer Carbonate tablets are a therapeutic equivalent generic version of Genzyme's Renvela tablets.The product is being launched immediately.The launch is a significant event for the company as the approved product has an estimated market size off $ 1.9 billion for the twelve months ending may 2017, according to IMS, besides being the 'first generics' of Sevelamer Carbonate approved by the US drug regulator. According to the US FDA website the approval for the Aurobindo's product was given on June 13,2019.This is the 124th ANDA(Abbreviated New Drug Application), to be approved out of Unit VII formulation facility in Hyderabad, according to Aurobindo. "Sevelamer Carbonate tablets is indicated for the control of ...

July 19th, 2017 07:47

Bata India eyes 35% revenue contribution from women's footwear

Bata India, which has been lagging behind the unorganised shoemakers in terms of women's footwear, is eying to achieve a revenue contribution of 35 per cent from its range of women's footwear from the current contribution of 26 per cent."In the organised footwear segment globally, women's category dominates the portfolio of any company, but it's not the same for us in India. Revenue contribution from sales of women's footwear is just 26 per cent and we are trying to increase it to 35 per cent", the company's chairman, Uday Khanna said here on the sidelines of the company's annual general meeting.The men's footwear category contributed 50 per cent of the company's Rs. 2544 crore topline, while childern's footwear contributed 15 per cent and accessories accounted for an estimated Rs. 127 crore (five per cent) revenue.The company, besides introducing more designs and in-shop experience to attract sales of women's footwear, is also betting on an aggressive advertising campaign to push up .

July 18th, 2017 16:18

Coal ministry to kick off auctions in August for IPPs without PPAs

The Ministry of Coal has decided to set in motion the auctions for providing linkages to the Independent Power Producers (IPPs) that are yet to tie up power purchase agreements (PPAs).The process for auctions would take off in August this year. Earlier, the methodology for offering linkages for IPPs having PPAs based on domestic coal has been fixed by the ministry on June 12 this year. Later, Coal India Ltd (CIL) formed a committee with representatives from the Ministry of Power and Central Electricity Authority (CEA) and convened meetings. CIL is expected to take the approval of its board by July 21 on the methodology and thereafter, the auction process for such IPPs are likely to start by the end of this month.For providing linkages to IPPs with PPAs based on imported coal, an inter ministerial committee has been constituted to work out the modalities."Providing coal linkages to IPPs having no PPAs is a welcome step. Without coal linkages or power offtake agreements, the IPPs are ...

July 18th, 2017 15:51

You pay GST on on commission & bonuses, not us, Travel agents tell airlines

Travel agents want airlines to bear the goods and service tax liability on commission and productivity linked bonuses paid to them.The payment of commission attracts 18 per cent tax and the agents want the airline to pay the amount.Earlier this month the Travel Agents Federation of India (TAFI) wrote to all airlines on this issue. "We are supposed to collect GST on incentives paid to us and deposit it with the government. We want the airlines to pay the amount and claim input credit for GST payment made to agents. We have not received a formal response from airlines on our request but a few of them have verbally agreed to take the GST liability," said an executive committee member from TAFI.So far only Qatar Airways has informed agents that it will pay 18 per cent GST in addition to productivity linked bonus which is paid annually. On the other hand Swiss International Airlines has indicated that the incentive paid to the agents will be inclusive of the tax component.Agents' ...

July 18th, 2017 15:41

Premature, says RIL about govt penalty on its Panna Mukta-Tapti oil field

The government has ordered Reliance Industries to pay a penalty over an arbitration award for its Panna Mukta Tapti (PMT) oilfield, Reliance Industries said in a statement to BSE on Tuesday. The company, however, said the notice was premature."RIL as part of the contractor for Panna Mukta and Tapti production sharing contracts, has been notified by Government of India (GOI) of its computation of the purported share of GOI's Profit Petroleum and Royalty alleged to be payable by the Contractor pursuant to the GOI's interpretation of Arbitration Tribunal's Final Partial Award dated 12 October 2016 ("Partial Award")," RIL said in its statement to BSE.The company further added, "Government's demand notice is premature. The quantification of liabilities (if any) of the parties arising out of the partial award have to be determined by the Arbitration Tribunal after the Parties have made their respective submissions on quantification."The company said the tribunal is yet to schedule the ...

July 18th, 2017 15:29

Jet Airways may lease out ATRs to TruJet

In order to raise funds full service carrier Jet Airways has decided to sub-lease out its fleet of ATR planes to regional carrier TrueJet. The deal which is taking a final shape could be announced in two months said people aware of the development. Jet has 15 ATR 72-500s and three ATR 72-600s which are leased from foreign lessorsThe deal may see Jet Airways leasing out the planes in a phased manner- starting with six planes in the first phase. The move is likely to help the company to earn some cash at a time the company is looking for fund for its fleet induction and expansion plans. The airline appointed J P Morgan to help raise funds. Jet's management has been in talks with Delta for a stake sale. Simultaneously, its founder chairman Naresh Goyal is talking to Etihad too for capital infusion. Etihad holds 24 per cent stake in Jet Airways. A Jet Airways spokesperson declined to comment. TrueJet which is registered as Turbo Megha Airways had aggressively participated in first round ..

July 18th, 2017 14:12

Sundaram Finance June qtr net up 30% to Rs 117 cr, revenue rises 11%

Non Banking Finance Company Sundaram Finance Ltd, has registered a 30 per cent growth in net profit at Rs 117.34 crore during the quarter ended June 30, 2017, as compared to Rs 90.17 crore during the same quarter of previous fiscal year. The total revenue grew to Rs 621.78 crore during the quarter as against Rs 561.59 crore during the same quarter of last year.Disbursement grew six per cent to Rs 3420 crore during the quarter owing to the strong performance in cars, tractors and construction equipment segments and the asset quality remains strong with the NPA coming down,said TT Srinivasaraghavan, MD, Sundaram Finance.The Assets Under Management (AUM) grew 16 per cent to Rs 24331 crore as on June 30, 2017 as compared to Rs 21,007 crore in the corresponding quarter of last year. The Gross NPAs stood at two per cent during the quarter compared to 2.15 per cent in same quarter last year. The net NPA saw a marginal decline to 0.93 per cent as compared to one per cent in the same quarter ..

July 18th, 2017 14:12

Hyundai to sacrifice export for domestic market, hopes to gain from GST

Korean car maker Hyundai, which has lost its position as the country's largest car exporter to Ford, will re-work its growth strategy to continuously expand volumes in domestic market. Unlike most other car makers, who are sitting on a surplus capacity, the second biggest car maker, is facing a capacity constraint. It is yet to take a call on setting up a new manufacturing facility in India."We are conscious of the growth of Indian market. We will continue to rework our production plans with a high focus on the domestic market. We will tweak the domestic and export strategy so that we do not lose volume or market share in India," said Rakesh Srivastava, director (sales & marketing) at Hyundai Motor India. The company, which has a 17 per cent share in domestic passenger vehicle market, is operating its plants at a 99 per cent capacity and has little headroom to expand production. It will therefore have to sacrifice export growth in favour of domestic market. "I will react as the ...

July 18th, 2017 13:47

Fertiliser firms Q1 profits to jump 44% on monsoon-led sales volume bump

Q1FY18 Result EstimatesCompany (Rs crore) Sales EBIDTA PAT Q1FY18 Change (%) Q1FY18 Change (%) Q1FY18 Change (%)Chambal Fertilisers 1778.5 (6.8) 187.8 (22.8) 133.4 (5.1)Coromandel International 1871.4 (7.1) 187.2 111.1 94.8 1109.7GSFC 1068.5 (1.3) 106.7 8.9 53.5 15.6Tata Chemicals 2940.6 (8.5) 552.5 (3.4) 294.5 48.8Total 7659.0 (6.8) 1034.2 3.2 576.3 43.7Source : ICICI Securities, Change over YOYProfitability of fertiliser companies is likely to jump by a staggering 44 per cent in the April - June quarter due to a sharp increase in sales volume driven by expectations of normal monsoon this season, the second year in a row.A ICICI Securities study attributes to the staggering estimated net profit growth to the non-fertiliser business and low comparison base in fertilizer segment of some companies. The government's efforts to help companies reduce subsidy and thereby increase in working capital has also revived operating and net profits.While Coromandel International is likely to gain ..

July 18th, 2017 13:43

Jubilant Life Sciences Q1 net down 12% to Rs 143 crore

Drug firm Jubilant Life Sciences today reported a 12.32 per cent dip in its consolidated net profit to Rs 143.71 crore for the quarter ended on June 30, 2017. The company had posted a net profit of Rs 163.92 crore for the corresponding period of the previous fiscal, Jubilant Life Sciences said in a filing to BSE. Consolidated revenue from operations of the company however rose to Rs 1,596.05 crore for the quarter under consideration as against Rs 1,453.92 crore for the same period year ago, it said. "We have started FY 18 on a steady note, with our pharma segment recording its highest ever revenues during the quarter despite margin contraction in the US generics business", Jubilant Life Sciences Chairman Shyam S Bhartia and Co- Chairman & MD Hari S Bhartia said on the results. The company continues to focus on operating cash generation to reduce its debt levels and strengthen the balance sheet, they added. Shares of Jubilant Life Sciences today closed at

July 18th, 2017 12:21

Apollo Hospitals to add over 2,000 beds in next three-year expansion plan

After crossing a target of total 10,000 beds capacity, Apollo Hospitals is gearing for next stage of expansion plan, which would see addition of around 2,000 beds. The hospital chain is in the final stage of its current three-year expansion plan, which is to add 2500 beds."I think Apollo doesn't sleep. It works round the clock and we are completing the three year plan of adding 2,500 beds now, which will be completed with the Proton Centre. But we will have another three year plan, we need more beds because of the huge problem of NCDs," said Prathap C Reddy, executive chairman, Apollo Hospitals Group.In the next stage, the company would have speciality beds for cardiology and cancer, would expand to other cities where it do not have presence and also to increase the beds in cities where it is already present in, he said."Investment for the present expansion is completely covered. When it comes for the next expansion, people are willing to give us money, they trust us," added Reddy. ..

July 18th, 2017 12:15

MCX partners with Thomson Reuters to launch co-branded commodity indices

Multi Commodity Exchange of India (MCX) today announced that it has joined hands with Thomson Reuters to launch co-branded commodity indices in India. The move follows signals from Sebi, the regulator of commodity derivatives, to open up commodity markets.Sebi has already allowed trading in commodity options, though the opening up is with a caution. For allowing trading in indices, the regulator was deliberating the issue. Unlike equity indices derivatives, commodity indices are not directly useful for hedging in general but they are used more for assets allocations.According to sources, once MCX is ready with first set of indices, series existing indices for metals, agri etc are likely to be phased out as the new indices will be prepared using more scientific methods.Sources close to the development said that, "In the first phase, MCX proposes to have around 5-6 Indices viz. Couple of Product basked Indices, Couple of single commodity Indices, and Composite Index. Trying to be ready .

July 18th, 2017 12:02

Ashok Leyland partners with Reva founder for new electric mobility solution

Ashok Leyland, flagship of the Hinduja Group, has formed of a strategic alliance with SUN Mobility, promoted by Chetan Maini, founder of Reva and Uday Khemka, Vice Chairman of SUN Group. This would be one of the key drivers for Ashok Leyland to achieves its target of clocking 10-15 per cent of its total volumes from electric mobility solutions by 2020, said Vinod K Dasari, managing director, Ashok Leyland.He added already the company has got three orders, on a pilot basis, for the buses based on this technology.This global partnership between Ashok Leyland and SUN Mobility will leverage India's innovation and engineering potential to develop truly world class electric mobility solutions, added Maini.With this partnership Ashok Leyland will have a technology that would lead to access swap and charge, which will cater to short distance, mainly metros catered by STUs, said DasariThe partners will be investing around Rs 100 crore to develop the product, first prototype of the product is ..

July 18th, 2017 11:40

Flipkart to test market online groceries service, launches pilot project

BS ReporterHyderabad, 18 July: Gearing up for the on-line grocery sales foray, homegrown e-commerce company Flipkart would be starting pilot programmes in different cities before going for a national launch shortly. Flipkart is currently running a pilot programme in Bengaluru, just as its multi-national rival Amazon had done in February last year, to fine-tune its entry into the estimated $ 600 million on-line grocery market."We will be opening up groceries segment very very innovative way when we launch. The pilot is going on in Bangalore. We will be be launching it in a few months time. We will be doing more pilots across different cities. We will be coming out with very innovative and unique propositions that today India does not have,"Anil Goteti, head, marketplace at Flipkart said on Tuesday. In April Flipkart CEO Kalyan Krishnamurthy said his company was keen on entering the groceries segment given the scope and size of the grocery market, around the same time when Amazon had .

July 18th, 2017 11:20

UDAN scheme: TruJet to add 10 destinations with 7 aircraft

Hyderabad-based Trujet, one of the private airlines which got routes under UDAN scheme is planning to add 10 destination with 7 Aircrafts. The Airline started operations in July 2015 and currently catering to seven destinations with sixteen flights.Antara Dey, spokesperson of the Airline said that over the next two years the Airline is planning to ad 10 destinations with seven aircrafts. Of this five will be under UDAN scheme including Mysore,Bidar,Hosur,Salem and Vidya Nagar.Alliance Air, the regional arm of Air India, SpiceJet and TruJet were the other airlines which won the right to operate flights under the Government's regional air connectivity scheme, which is also popularly called The UDAN or Ude Desh Ka Aam Naagrik scheme, seeks to give people from tier-II and tier-III cities a chance to fly at a ticket price of Rs 2,500.Airlines operating under the UDAN scheme have to ensure that the prices of at least 50 per cent of the seats on their flights are available at a price of Rs ..

July 18th, 2017 05:58

Monsoon hope revs up rural car sales; Maruti leads with 30% volume growth

Monsoon has brought cheer to car makers' sales in the rural markets. Rural sales in the first quarter has shown a strong double digit growth with market leader Maruti Suzuki reporting a near thirty per cent increase in volume in these markets. Korean car maker Hyundai has clocked a growth of more than 23 per cent in units sold in rural markets. In case of both these companies, which together control about 67 per cent of domestic car market, the pace of growth in rural markets is significantly higher than the overall sales growth. Maruti Suzuki has sold a total of 134,624 vehicles in rural markets during April-June period, growing over 29 per cent from 104,059 units from last year. The company's total domestic sales grew 14 per cent during the quarter. The India Meteorological Department (IMD) last month raised its estimate of this year's rainfall to 98 per cent of the long period average (LPA) against 96 per cent earlier. LPA is the average rainfall received in the fifty years ending .

July 17th, 2017 19:30