Author: PTI

Varun Beverages Q3 net profit rises over two-fold to Rs 19.73 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PepsiCo’s largest franchise bottler Varun Beverages today posted over two-fold increase in its consolidated net profit at Rs 19.73 crore for the quarter ended March 31, 2018.

The company had posted a net profit of Rs 6.89 crore during the same period of the previous fiscal.

Total income during the quarter stood at Rs 1,130.53 crore. It was Rs 1,055.7 crore in the corresponding period last fiscal, Varun Beverages (VBL) said in a regulatory filing.

The company said, consequent to the introduction of the Goods and Service Tax (GST) Act in India with effect from July 1, 2017, central excise, value added tax (VAT), and some other indirect taxes have been subsumed into GST.

“Accordingly, the figures for the quarter ended March 31, 2018 are not strictly comparable to other periods presented which were gross of excise duty,” it added.

The equity shares of the company were listed on Bombay Stock Exchange and National Stock Exchange with effect from November 8, 2016.

VBL follows calendar year as its financial year.

The company’s stock was trading 2.56% higher at Rs 684 a piece on BSE

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India’s gold demand falls by 12% to 115.6 ton in Q1, says World Gold Council

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The gold demand in India declined by 12% in the first quarter of this year to 115.6 tonne compared to the same period last year due to high local gold price, the World Gold Council (WGC) said in a report.

The total demand stood at 131.2 tonne in the January- March period in 2017, WGC said in its ‘Gold Demand Trends’ report for Q1 2018.

In terms of value, the gold demand fell by 8% to Rs 31,800 crore, compared to Rs 34,440 crore in the same period of 2017.

“The decline in demand can be attributed to a number of reasons, including the rising local gold prices, a substantial drop in the number of auspicious wedding days during the period compared to the previous year, and anticipation of an import duty cut in the Union Budget,” WGC, India, Managing Director P R Somasundaram told PTI here.

“The transition to GST, especially by the unorganised sector, also affected demand to a certain extent,” he said.

Also, the trade sentiment was subdued following the (PNB) bank scam, which continued till ‘Akshaya Tritiya’, he added.

The jewellery demand in India for the first quarter dipped by 12% to 87.7 tonne, compared to 99.2 tonne in the same period of 2017.

In value terms, the jewellery demand during the period dropped by 7% to Rs 24,130 crore, from Rs 26,050 crore in the corresponding period last year.

The total investment demand for January-March was down by 13% at 27.9 tonne against 32 tonne in the same quarter last year.

In value terms, the gold investment demand in the first quarter of this year was Rs 7,660 crore, a fall of 9% from same period of 2017, which stood at Rs 8,390 crore.

The total gold recycled in India also declined by 3% during the first quarter of 2018, to 14.1 tonne from 14.5 tonne in the same period of 2017.

“The first quarter in India is not naturally a dynamic period for gold as people usually settle their other financial commitments for tax purposes. Moreover, there was also no catalyst like duty cut to trigger demand,” Somasundaram said.

Meanwhile, the gold imports declined by 50% in the first quarter of this year to 153 tonne compared to 260 tonne in the same period last year.

“The imports declined mainly on account of subdued consumer demand, down stocking following the GST transitional period and also on expectations of duty cut in budget,” he added.

Asked about imports this year, Somasundaram said the gold shipment into the country is likely to be on similar lines with demand.

For the full year of 2018, he said, the gold demand in India is expected to be in the range of 700″800 tonne.

“We are positive about the gold demand going forward due to expectation of better monsoon, higher rural income and overall GDP growth. The compliance standard is growing and in the long run its going to be positive and transform the industry,” he said.

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Rupee sheds 4 paise against US dollar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The rupee depreciated 4 paise to 66.70 against the US dollar in early trade today on fresh demand for the greenback from importers and banks ahead of US Federal Reserve’s two-day policy meet outcome.

Dealers attributed the rupee’s fall to fresh demand for the US dollar and sustained foreign fund outflows.

However, a higher opening in the domestic equity markets and weakness in the American currency against some currencies in the global market ahead of the Fed policy announcement capped the rupee fall, they said.

On Friday, the rupee had gained 9 paise to close at 66.66 on dollar-selling by exporters and a stellar rally in local equities.

Forex market remained closed on Monday and Tuesday on account of ‘Buddha Purnima’ and ‘Maharashtra Day’, respectively.

Meanwhile, the benchmark BSE Sensex was trading higher by 196.79 points, or 0.55%, at 35,357.15 in opening deals.

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Cabinet nod to ordinance to amend law for speedy disposal of commercial disputes

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Seeking to improve India’s ranking in the ease of doing business index, the government on Wednesday approved an ordinance to amend a law for speedy disposal of commercial disputes.

While Law Minister Ravi Shankar Prasad refused to give details saying the ordinance is yet to get the President’s nod, according to the bill which is pending in Parliament, the specified value of a commercial dispute will be brought down to Rs 3 lakh from the present Rs 1 crore.

He told reporters that the Union Cabinet approved the ordinance to amend the Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts Act.

The proposed ordinance will replace the pending bill. It would bring down the time taken from the present 1,445 days in resolution of commercial disputes of lesser value.

Ease of doing business is an index of the World Bank which refers to the dispute resolution environment in a country that facilitates an investor in deciding to set up and operate a business.

The amendment also provides for establishment of commercial courts at district judge level for the territories over which the high courts Chennai, Delhi, Kolkata, Mumbai and Himachal Pradesh have ordinary original civil jurisdiction.

The introduction of the pre-institution mediation process in cases where no urgent, interim relief is contemplated will provide an opportunity to the parties to resolve the commercial disputes outside the ambit of the courts through the authorities constituted under the Legal Services Authorities Act.

The law will be given prospective effect so that the authority of the judicial forum presently adjudicating the commercial disputes is not affected.

Increase of foreign direct investment and overseas commercial transactions have further contributed to a significant rise in the number of commercial disputes in the country.

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Indian aviation sector will see Rs 1 lakh crore investment in five years, says Jayant Sinha

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The aviation sector in India, currently growing at nearly 28%, will see an investment of close to Rs 1 lakh crore in the next five years for capacity augmentation and development of new greenfield airports, Minister of State for Civil Aviation Jayant Sinha said on Wednesday.

As his ministry firms up plans to achieve 1 billion passenger trips per annum within the next 15-20 years, Sinha said the capacity addition will come with other amenities such as use of digital technology for passenger verification and bringing about a paradigm shift in airport designs.

While the Airport Authority of India alone would infuse Rs 20,178 crore in the next 4-5 years for development of infrastructure at 21 airports, a capex outlay of Rs 50,000 crore is expected to be infused for the development of new greenfield airports such as Navi Mumbai, Jewar and Mopa (Goa).

Besides, upgradation and expansion have been proposed for Delhi, Bengaluru, Hyderabad airports under the private sector, for which an investment of Rs 25,000 crore is expected in five years, Sinha said, giving details of the Rs 1 lakh crore investment.

In particular, he talked about the Union Cabinet’s approval for constructing new terminals in Chennai, Lucknow and Guwahati, which together would see investments worth more than Rs 5,000 crore.

While the new terminal buildings in Chennai and Lucknow are expected to become operational by December 2021, the new terminal building at Guwahati airport would function from March 2021, AAI chairman Guruprasad Mohapatra said.

A ‘concept of design council’ has been set up by the AAI to give a new design to the upcoming airport buildings, which blends with the local flavour, the minister said.

The council comprises eminent architectures. The three terminal buildings approved today has had the touch of these architects.

Talking about the ministry’s ‘digi yatra’ programme, Sinha said it is expected to be rolled out in Bangalore, Hyderabad, Kolkata, Varanasi and Vijayawada in phases by January 2019.

Under this programme, entry to security hold and boarding would be done through “e-gate” activated by face recognition. Passengers will receive all services through face recognition.

As the personal data of a passenger is used under the scheme, the minister made it clear that enrolling for the digi yatra scheme would be “voluntary in nature and non-intrusive”.

He said the formats will be finalised soon and that they are holding discussion with the Law Ministry before launching the initiative.

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Office space leasing rises by 23% in March quarter, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Office space absorption during the January to March quarter increased by 23% year on year to 11.4 million square feet, driven by demand from technology and finance sectors, said a report.

Bengaluru continued to grab the highest share, accounting for 34% of the total leasing volume, followed by the National Capital Region (NCR) at 26%, Pune at 16%, Mumbai at 10%, Chennai at 9%, Hyderabad at 4% and Kolkata at 1%, Colliers International said in its report.

The technology and finance sectors remained the major contributors to office demand with 36% and 17% share, respectively, of the total office take-up in Q1 2018, according to Ritesh Sachdev, senior executive director, occupier services, Colliers International India.

He further said the demand from flexible workspace operators and the manufacturing sector has started gaining momentum in 2018, accounting for 13% and 12%, respectively, of pan-Indian leasing volume.

“We foresee demand for flexible workspaces further increasing over the coming years,” Sachdev added.

The report opined that although more than 30 million sq ft of Grade A supply is scheduled for completion in 2018, real estate developers should adhere to the planned timelines to maximise the benefit of the present supply crunch in technology-driven cities.

Surabhi Arora, senior associate director, research, Colliers International India said developers should gear up to build future-proof buildings with up-to-date amenities and maximum technology intervention to command premium rents.

“We advise large occupiers looking for state-of-the-art buildings with modern amenities and facilities for their employees to pre-commit in advance, especially in low vacancy markets such as Bengaluru, Pune and Hyderabad,” she added.

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Rupee ends steady at 66.66 against US dollar

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The rupee closed flat at 66.66 against the US dollar at the interbank foreign exchange market today.

The pound sterling finished lower at Rs 90.90/92 per pound at the close of the forex market here today.

Following are the Interbank forex and RBI rates :

(In Rs per unit) Unit Interbank RBI Reference US Dollar 66.66/67

Rs.66.6636 Pound Sterling 90.90/92 EURO 80.0097 79.97/99 Japanese yen (100) 60.70/72

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

WTO to set up a panel to deal with disputes between India and the US

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The WTO’s dispute settlement body has agreed to set up a panel to determine whether the US complied with the rulings of the multi-lateral body related to imposition of high import duty on certain Indian steel products.

In June 2017, India moved the World Trade Organisation (WTO) against the US, alleging that America has not complied with the rulings of the multi-lateral body related to imposition of countervailing measures on certain hot-rolled carbon steel flat products from India.

“The WTO’s dispute settlement body agreed to the establishment of the compliance panel,” an official said.

India has stated that the reasonable period of time for the US to comply with the WTO’s ruling had expired on April 18, 2016.

After that India requested for consultations with the US under the aegis of the WTO.

Consultations held in July and October last year failed to resolve differences between the two countries on the matter, prompting India to submit its request for establishment of compliance panel.

According to the WTO, America has said that there was no basis for suggesting that the US compliance was inadequate.

The US has also stated that it was prepared to engage in the proceedings to show why India has no legal basis for its claim.

In December 2014, the World Trade Organisation had ruled against the US imposing high duty on imports of certain Indian steel products.

The WTO’s appellate body had ruled that the high duty imposed by the US on the certain Indian steel imports was inconsistent with various provisions of the Agreement on Subsidies and Countervailing Measures.

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Government to upgrade infrastructure at Chennai, Guwahati and Lucknow airports

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a major step towards augmentation of aviation infrastructure in the country, the Centre today approved a proposal to build new terminal buildings at the Chennai, Lucknow and Guwahati airports at an estimated cost of over 5,000 crore.

The proposal was approved by the Union Cabinet which met here today.The aviation sector in the country is currently growing at well over 20 per cent and touched 28 per cent in March, with 1.16 crore Indians making flight journeys during the month.

Civil Aviation Minister Suresh Prabhu said the new terminal building approved for the Chennai airport at Rs 2,467 crore will have a capacity to handle 35 million passengers per annum and take care of the growth requirement till 2027.

Likewise, the new terminal building at Lucknow will have an annual capacity of 13.6 million passengers and will cater to the passenger growth requirements up to 2030-31. It will be built at a cost of Rs 1,232 crore and will be a major force multiplier towards UP’s growth, the minister tweeted.

The new terminal building at Guwahati will be built at a cost of Rs 1,383 crore and will have a capacity to handle nine million passengers per annum.

“It (the new terminal) will give a major thrust to our Act East’ policy and to tourism in NE India,” Prabhu said.

“We remain committed to augmenting the airport capacity and facilities to match the 20 per cent passenger growth rate and for constantly improving your air-travel experience under the leadership of Prime Minister Narendra Modi”, he said.

Last month, the aviation market grew close to 30 per cent.

Therefore, the need of the hour is to keep pace with growth and ensure better facilities in airports. If the airports do not grow as fast as the aviation sector is growing, there will be a big challenge at hand, Prabhu said.

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Sebi probes plunge in InterGlobe stock ahead of Ghosh’s resignation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sebi is examining the sharp plunge in shares of InterGlobe Aviation, parent of IndiGo, hours before it announced the resignation of its president Aditya Ghosh, officials said.

The Securities and Exchange Board of India (Sebi) is probing a more than 6% plunge in the country’s largest domestic carrier’s shares price on April 27.

Hours after the market close that day, the airline announced the resignation of Ghosh at 7.56 pm. While his resignation as president is effective from July 31, Ghosh quit as a director of the company with effect from April 26, a day before the announcement was made.

As per the information available with BSE, the exchange disseminated the company’s filing within 0.05 seconds of its receipt.

Sebi is examining whether there was any delay on part of the company in making the disclosure. Besides, the regulator has already asked exchanges to collate the share price data to examine any possible breach of the insider trading rules, the officials said.

Depending on preliminary examination, Sebi will ask the airline, its promoters and directors and as also the outgoing CEO to provide further clarifications, they added.

When asked for a comment, InterGlobe Aviation, which runs low-cost carrier IndiGo, said it has not received any notification from Sebi.

“In any event, please note that IndiGo has compiled with all stock exchange listing requirements relating to Ghosh’s resignation,” the spokesperson added.

On April 27, the company had said that Ghosh would step down as President and Whole Time Director.

IndiGo would be announcing its fourth quarter and full year financial results this evening.

IndiGo, which has a fleet of 160 aircraft, is the country’s largest airline with a market share of nearly 40%. It operates around 1,000 flights daily.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow