Category: Finance

Still have enough assets, ensure to complete construction of MHADA component: HDIL

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

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In a setback for HDIL, Maharashtra Housing and Area Development Authority (MHADA) has accused its subsidiary, Guruashish Construction of a Rs 1,200 crore fraud.

In an interview with CNBC TV18, Sarang Wadhawan, Vice Chairman & Managing Director of HDIL said that Guruashish Construction was admitted under National Company Law Tribunal (NCLT) in April, last year and that there was only one lender, Union Bank of India that had taken the company to the NCLT.

“This company was to create 3,000 tenements for MHADA and hand them over, there has been a delay in handing over the tenements. However, the company still has enough assets and has enough to cover up and ensure that the construction of the MHADA component will be completed”, he said.

Wadhawan said that the resolution plan which was being prepared, covers the entire aspect of MHADA component and every other due.

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

Despite tough market, will still deliver growth rate close to 15%: Arvind Lifestyle

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

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Despite a tough market scenario, Arvind Lifestyle Brands which houses brands like Gap, Sephora and US Polo, expects to hit revenues of Rs 5,000 crore by 2020.

J Suresh, MD & CEO, Arvind Lifestyle Brands said, “I think it is a difficult and a peculiar year, things were very good till December. January onwards, market has been a bit tough”.

The company still expects a growth rate of 15 percent.

“We are reaching Rs 4,000 crore of revenue this year and we were Rs 3,000 crore of revenues last year. So we have two more years to add another Rs 1,000 crore, that should be easily possible”, said Suresh.

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

February wholesale price inflation at 2.48%, eased for 3rd straight month

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

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Wholesale price index (WPI) inflation, this month has come down to  2.48 percent  as compared to 2.8% in the last month. It would imply that WPI inflation has eased for the third straight months. In November the WPI was 4% which went down to 3.5% in December.

Manufactured products inflation of February stood at 3.04% which was 2.78% last month. Whereas, food inflation is at 0.07% as compared to 1.65% of January. Vegetable inflation came down drastically to 15.26% from 40.77%. Fuel and power inflation saw a fall by 1%.

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

Targeting Rs 350 crore revenue from aseptic plant in next fiscal: U-Flex

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

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As U-Flex launched a couple of new products in the printing machinery, the company is now looking at a target of about 2 billion packs in FY19 which will lead to a revenue of around Rs 350 crore. The company can currently produce about 3.5 billion packs.

“Any aseptic packaging business is a slightly longer business to get the customers in”, said Rajesh Bhatia, Global CFO of U-Flex.

The prices for biaxially oriented polyethylene terepthalate (BOPET) Films are almost following the raw material prices which have gone up from about Rs 62 at the start of the year to about Rs 73 now. So the BOPET prices have improved first in line with that and secondly the BOPET is now clearly seeing a demand supply equilibrium which has also led to improved margins for BOPET products across all the companies, he said.

“The price ranges between Rs 120 and Rs 122 which is still lower than the landed price of the imported products. Difference between landed imported prices and domestic prices is Rs 5-7”, he added.

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

Don’t think scrapping LoUs will impact Corporates significantly: Union Bank of India

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

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Reserve Bank of India has discontinued the issuance of letters of undertaking (LoU) and letters of comfort (LoC) for trade credit by banks. The move has attracted a lot of anticipations as to what will its impact be on corporates or banks.

Rajkiran Rai G, Managing Director & CEO of Union Bank of India said that there was not going to be any significant effect on corporates as they always had an option to shift to other norms of raising capital.

“Cost wise, it will make a difference to the customer so they may have to shift to more of documentary credit like letter of credit kind of thing”, said Rajkiran.

The UBI chief also said that LoUs which were already issued will get squared off in the course of time.

According to Rai, deposit rates are firming up and the reasonable rate for bond yields should be 7.8-7.6. There is no selling or buying happening in the market because of lack of action in this market.

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

Motilal Oswal Chief Raamdeo Agarwal says markets may fall 10% this year

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

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This will be a year of corrections and the market must be prepared for at least 10% fall as the  markets were overvalued, Motilal Oswal Financial Services Joint Managing Director Raamdeo Agarwal said.

Agarwal, however, said that “nothing has changed in the market” and though there is a possibility for correction, individual stocks will continue to do well.

In an interview with CNBCTV18, he said that markets were overvalued.

On the issue of public sector banks and Punjab National Bank fraud, he said, “We must give longer tenures to the current PSU bank chairmen.”

On the economy front, he said that a lot of sectors, like commercial vehicle sales, are firing away and the credit off-take has picked up.

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

LoUs and LoCs were used more in loose diamonds: PC Jeweller

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

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Reserve Bank of India (RBI) has discontinued the issuance of letters of undertaking (LoU) and letters of comfort (LoC) for trade credit by banks.

Jewellery stocks have been the worst affected for a while now considering the exposure of scams. Either the stocks have been on suspension or trading negative as the investors are being cautious about the trading calls on these stocks. It has been expected that they may not be on the buying list for a long time.

Stating that the company has never used documentary credit in its business, Sanjeev Bhatia, CFO of PC Jeweller said, “PC Jeweller doesn’t import diamonds. We purchase cut and polished diamonds from within India.”

“LoUs and LoCs were used more in loose diamonds”, he added.

Bhatia also expected that the demand will bounce back during festive seasons and hoped that the investors will gain confidence.

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