Companies

Companies

Cash-strapped AI overspends on leasing aircraft

Cash-starved Air India can reduce its financial burden if it accepts a latest suggestion by global management consultant McKinsey & Company to re-negotiate contracts with three aircraft leasing firms — ALAFCO, GECAS and CIT.

RCom: Telecom industry’s cash deficit at Rs 1.2 lakh crore

Intense tariff war and high taxes are expected to squeeze Indian telecom operators, leaving a gaping Rs 1,20,000-crore deficit between the industry's earnings and its debt/ payment commitments this year, says the debt-laden Reliance Communications.
With annual interest payments, loan re-payment obligation, spectrum-related outgo and capex expected to add up to a Rs 1,62,000-crore tab, the operators could find it tough to meet their debt and payment needs with Rs 43,000 crore of earnings before interest, tax, depreciation and amortisation (Ebitda) or operating profits in 2017-18.

Shell company directors to face up to five years disqualification

Directors of companies that have not been carrying out business for a long time are set to be disqualified from holding directorship in any registered firm for up to five years, as part of the government's intensified efforts against the black money menace.

Nissan drives in updated Micra at Rs 5.99 lakh

Nissan Motor India today launched an updated version of its compact hatchback Micra with price starting at Rs 5.99 lakh (ex-showroom Delhi).
The petrol variants are priced between Rs 5.99 lakh and Rs 6.95 lakh, while the diesel trims are tagged between Rs 6.62 lakh and Rs 7.23 lakh.
"The new Micra brings together Japanese technology and European styling in a package that makes it one of the best premium urban hatchbacks at an attractive price point," Nissan Motor India MD Arun Malhotra told reporters here.

Mahindra net up 20%, vehicle sales flat in Q4

Homegrown auto major Mahindra & Mahindra (M&M) on Tuesday reported a 19.93 per cent increase in standalone profit after tax (PAT) at Rs 725.16 crore for the fourth quarter ended March 2017.
The company had posted a PAT of Rs 604.63 crore during the same period a year ago. Total income from operations rose 4.04 per cent to Rs 12,319.64 crore from Rs 11,840.47 crore in the same period a year ago.
The company's focus will be to increase its market share in the utility segment with one brand new vehicle and some refurbished ones, M&M MD Pawan Goenka said.

IOC now most profitable PSU, beats ONGC

Indian Oil Corporation (IOC) has overtaken Oil and Natural Gas Corporation (ONGC) to become India’s most profitable state-owned company.
IOC, which has for decades been India’s biggest company by turnover, posted a 70 per cent jump in net profit to Rs 19,106.40 crore in the financial year ended March 31, 2017.
This was more than the Rs 17,900 crore net profit ONGC posted in the 2016-17 fiscal, making IOC the most profitable PSU, according to earning statements of the companies.

Tech Mahindra Q4 net drops 31% to Rs588 cr

IT company Tech Mahindra on Friday reported a 31 per cent decline in its consolidated net profit to Rs 588 crore for the three months to March 2017. The company had posted net profit of Rs 854.8 crore in the same period a year ago.
Consolidated revenue of Tech Mahindra increased by 8.8 per cent to Rs 7,495 crore in the reported quarter, from Rs 6,883.8 crore in the same period of 2015-16.

Mid-cap, small-cap indices 7.5% off recent highs

THE broader market witnessed sharp correction for the third consecutive session on Wednesday, especially in stocks of healthcare, PSU banks, and debt laden firms.
Benchmark indices Sensex and Nifty-50 closed with minor losses of around 0.2 per cent but the mid-cap and small-cap indices on BSE and NSE saw steep declines of l.4 per cent to 2 per cent.
Mid-cap and small-cap indices are now 7.5 per cent off their recent highs due to continued fall since Monday.

India grants tax concessions to Apple to expand production

India has offered to allow Apple to import mobile handset components intended for use in local manufacturing tax free, a top government official said on Tuesday. The tax concessions will be subject to the condition of increasing local value addition over a period of time.

Fast & furious

Passenger car sales in India grew from a single digit three years ago to near double-digit growth last fiscal. Industry honchos predict a higher double-digit growth this financial year in the world’s fifth biggest car market.
Car sales in April, the first month of the new fiscal, were in top gear posting 14.68 per cent growth, propelled by robust performance from market leader Maruti Suzuki India.
Total sales rose to 2,77,602 units in April from 2,42,060 units sold in the corresponding month last year.

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