Author: PTI

NIIT Tech Q4 net soars 16.3% to Rs 86 crore

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

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IT firm NIIT Technologies today said its net profit increased 16.3% to Rs 86.1 crore for the March 2018 quarter, excluding the impact of a one-time settlement in the year-ago period.

NIIT Technologies, in a statement, said the net profit in the January-March 2017 period was at Rs 73.9 crore, excluding the settlement.

On a like-to-like basis, the revenue grew 9.9% to Rs 788.8 crore in the reported quarter from Rs 717.6 crore in the January-March 2017 quarter.
Including the one-time settlement, net profit dipped 14.3%.

“During the same period last year, the company entered into a settlement with a government client which provided a one-time revenue of Rs 27 crore in that quarter. Year-on-year operating performance may be best viewed excluding this one-off gain in Q4 FY17,” NIIT Technologies said in a statement.

The company said it secured fresh business of  $145 million during the reported quarter, which included two large deals and seven new logos.
“Of the fresh business secured during the quarter, $39 million was from the US, $73 million from Europe, the Middle East and Africa (EMEA) and $33 million from rest of the world. Order book executable over the next 12 months expanded to $339 million,” it said.

Digital revenues grew 9% sequentially contributing to 26% of the total revenues in the said quarter.

Banking, financial services, and insurance vertical grew 5.4% during the quarter contributing to 44% of total revenues. Revenues in travel and transportation segment remained flat and represented 26% of the revenue mix.

Revenues from EMEA contributed 32% of the revenue mix, while the US accounted for 48%, and India and APAC 10% each.
For the full fiscal, net profit improved by 12.1% to Rs 280 crore, while revenue during the year grew 6.8% to Rs 2,991 crore.

The board recommended dividend of Rs 15 per share.

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

Power Grid Corporation of India inks pact with power ministry for Rs 25,000 crore capex

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

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State-run Power Grid Corporation of India (PGCIL) today said that it has inked a pact with the ministry of power to incur capital expenditure of Rs 25,000 crore for the current fiscal.

“The memorandum of understanding (MoU) includes various targets to be achieved by Powergrid during 2018-19. Capex target for the year has been set as Rs 25,000 crore,” a Power Grid statement said.

“Other targets in the MoU inter-alia include parameters related to human resources, project management, research & development, innovation and other efficiency and operational performance parameters,” it added.

The MoU was signed by Ajay Kumar Bhalla, Secretary, Ministry of Power and I S Jha, Chairman and Managing Director.

As on March 31, 2018, the company owns and operates over 148,800 ckt. km. of transmission lines, 236 EHV sub-stations with transformation capacity of more than 322,000 MVA, it added.

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

PVR posts Q4 net profit of Rs 26.20 crore

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

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Multiplex chain operator PVR today reported a consolidated net profit of Rs 26.20 crore for the fourth quarter ended March 2018.

The company had reported a net loss of Rs 5 lakh for the January-March quarter of the previous fiscal.

PVR’s total income during the period under review stood at Rs 592.44 crore as against Rs 499.68 crore in the year-ago period, PVR said in a BSE filing.

Its total expenses stood at Rs 550.90 crore as compared to Rs 493.68 crore in the corresponding period a year earlier.

For the entire 2017-18 fiscal, PVR’s consolidated net profit came in at Rs 124.70 crore as against Rs 95.79 crore in the previous financial year.

Its total income for the last fiscal was recorded at Rs 2,365.45 crore, compared to Rs 2,181.68 crore in 2016-17.

Meanwhile, in a separate filing, PVR said its board of directors…has approved dividend at Rs 2 per equity share.

PVR stock was trading at Rs 1,422 a piece, down 1.94%, on the BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Godrej Properties posts over two-fold jump in profit at Rs 141.51 crore

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

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Realty firm Godrej Properties today reported over two-fold jump in its consolidated net profit at Rs 141.51 crore for the January-March quarter of last fiscal on higher sales.

Its net profit stood at Rs 62.59 crore in the year-ago period, the company said in a filing to the BSE.

Total income also rose sharply by 84% to Rs 848.56 crore from in the fourth quarter of the last fiscal from Rs 462.25 crore in the corresponding period of the previous year.

During the entire 2017-18 fiscal, the net profit increased by 14% to Rs 234.96 crore from Rs 206.8 crore in the previous year.

Total income increased by 41% to Rs 2,390.67 crore in the 2017-18 fiscal from Rs 1,701.38 crore in the previous year.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Magma raise Rs 500 crore via Qualified Institutional Placement

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

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Leading NBFC Magma Fincorp Limited today said it had raised approximately Rs 500 crore through Qualified Institutional Placement (QIP) at a price of Rs 155 per equity share.

The allotment of equity shares in the QIP was completed and with this capital raise, Magma’s net worth has increased approximately by 25%, the company said.

The investors include Amansa Holdings, Goldman Sachs India, ICICI Prudential Life Insurance, HDFC Standard Life Insurance Co and DB International Asia Ltd.

“Several renowned institutional investors across India and Asia have shown interest and faith in Magmas unique business model. We welcome our new investors and thank them for their faith in our company and management, Magma vice chairman and managing director Sanjay Chamria said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Rupee opens flat against US dollar in early trade

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

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The rupee opened at 66.65 against the US dollar today.

The rupee edged one paisa higher to 62.63 against the US dollar in early trade today after the greenback weakened overseas ahead of monthly US jobs report and China-US trade meet outcome.

Forex dealers said besides selling of the American currency by exporters and banks, weakness in the dollar against other currencies as senior Chinese and US officials met in Beijing today for a second day of trade talks, supported the domestic unit.

Investors are also keeping an eye on the US employment report for April for further indications of the strength of the US labour market and inflation pressures, they added.

Yesterday, the rupee had ended marginally 2 paise higher at 66.64 against the US dollar despite a caution among investors ahead of trade talks between China and the US.

Meanwhile, the benchmark BSE Sensex rose by 103.41 points, or 0.29 percent, to 35,206.55 in opening trade today.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

RBI asks listed firms to provide FPI data to depositories by May 15

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

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The Reserve Bank today asked all listed companies to provide information on FPI investments to depositories before May 15 or else they will be barred from receiving foreign investments.

Currently, the RBI receives data on investment made by foreign portfolio investors (FPIs) and non-resident Indians (NRIs) on stock exchanges from banks, based on which restrictions beyond a threshold limit is imposed on such investments in listed Indian companies.

In order to enable listed companies to ensure compliance with various foreign investment limits, the RBI in consultation with market regulator SEBI has decided to put in place a new system for monitoring foreign investment limits.

Depositories have to provide the necessary infrastructure and systems for operationalising the monitoring mechanism.

The Securities and Exchange Board of India (SEBI) has already issued notification in this regard.

As per SEBI circular, all listed Indian companies are required to provide the specified data/ information on foreign investment to the depositories.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

R&D, integration with service sector key to doubling farm income

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

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Research and development as well as integrating the service sector and MSMEs with agriculture is the key to doubling farm income, experts said at a conference here.

The 15th Finance Commission on Thursday held an interactive session on agriculture in which eminent scientists from state agricultural universities, agriculture economists along with other agencies like Nabard and Punjab State Farmers Commission participated, an official release said.

Eminent farm scientist S S Johal emphasised on strengthening agriculture research. He also talked about the use of information and communication technology for developing knowledge centres in villages.

Expert Abhijit Sen stressed on structural reforms in the farm sector and said that planning needs to be based on resources and agro-economic zones.

Finance Commission Member Ashok Lahiri said as such the body was not mandated to consider any sectoral allotments but needs of the economy could not be understood holistically without understanding the needs of the agriculture sector, the statement said.

He said equity, efficiency and sustainability are the key considerations for the Finance Commission.

Lahiri also talked on a range of issues, including resource need evaluation in agriculture, challenge of climate change, impact of price support and market mechanism and role of land ownership and crop diversity.

Participants also discussed issues pertaining to agricultural productivity, cropping patterns, crop diversity, climate resilience, small and marginal farmers, agriculture subsidies, private sector investment and strengthening the agricultural universities across the country, said the release.

A total of 13 members of the 15th Finance Commission and 26 agriculture experts from different agriculture universities and research institutes from across the country were present at the meeting.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Shriram General Insurance FY18 net grows 82% to Rs 400 crore

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

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Shriram General Insurance Company today reported an 82% rise in its net profit at Rs 400 crore for the fiscal ended March 2018.

During the year, the company’s net earned premium grew by 10% from a year ago to Rs 1,855 crore, Shriram General Insurance Co said in a statement.

Neeraj Prakash, managing director, Shriram General Insurance, said: “Our net profit has risen mainly due to increase in investment income and reduction in the loss ratio. We are hopeful that the growth momentum will continue in the current fiscal as well.”

The company’s operating profit grew by 91.95% to Rs 501 crore from Rs 261 crore in 2016-17.

Investment income increased to Rs 744 crore from Rs 580 crore, a growth of 28%.

The net incurred claims ratio has come down to 94% from 103%, it added.

Shriram General said its solvency margin ratio, defined by how much assets of the company exceeds the liabilities and other commitments, is at 2.35 times as against the regulatory requirement of 1.50 times.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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

Hexaware Q1 net profit up 18% to Rs 134 crore

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

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Mid-sized IT services firm Hexaware Technologies today posted a 17.9% rise in consolidated net profit at Rs 134.3 crore for the quarter ended March 31, 2018.

This is against a net profit of Rs 113.9 crore in the same period a year ago, Hexaware said in a statement.

Its revenue rose 9.2% to Rs 1,049 crore from Rs 960.5 crore in the same period a year ago, as per Indian Accounting Standards. Hexaware follows the January-December fiscal.

In dollar terms, Hexaware saw its net profit increasing 20.3% to USD 20.7 million, while revenue was higher by 12.1% to USD 162.2 million in the March 2018 quarter.

“I am pleased that the differentiated strategy we are pursuing at Hexaware has worked well and we have met shareholders expectations consistently, leading to an important milestone of crossing USD 2 billion market cap,” Hexaware Technologies Chairman Atul Nishar said.

The company added three new clients in the first quarter of 2018 with total contract value of USD 28 million. It has declared an interim dividend of Re 1 for the said quarter.

Its total headcount stood at 14,619 with the addition of 914 people from the December 2017 quarter. The attrition rate was at 13.4%.

Its cash and cash equivalents stood at USD 94.03 million or Rs 613 crore at the end of the reported quarter.

In the said quarter, manufacturing and consumer vertical grew 23.6% year-on-year, while healthcare and insurance segment saw 14.7% growth, followed by banking and financial services (14.6%), and travel and transportation (8.1%). Professional services de-grew by 5.6%.

Asia Pacific led geographic growth with 86.1% revenue growth y-o-y, while Europe grew 27.3% and Americas 3.3%.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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