Cosmo Films reports 45.30% increase in net profit at Rs 108 crore in Q4

 

Cosmo Films has revealed an increment of 45.30 percent in united net benefit at Rs 108.18 crore for the final quarter finished March 2022, helped by higher deals and better working edges.

The organization had posted a merged net benefit of Rs 74.45 crore for January-March period a year prior, Cosmo Films said in a BSE documenting.

Income from tasks was at Rs 820.88 crore as against Rs 671.80 crore in the year-prior period.

"The Q4FY22 EBITDA has expanded by 31% on the rear of higher speciality deals, better working edges and increase execution by auxiliaries. Upgraded EBITDA along with lower compelling duty rate prompted expanding in PAT by 45%," said a procuring articulation from Cosmo Films.

Publicizing

All out costs were higher 20.77 percent at Rs 705.46 crore as against Rs 584.13 crore.

For the monetary year finished March 2022, Cosmo Films' solidified net benefit was up 67.41 percent at Rs 396.61 crore. It logged a net benefit of Rs 236.90 crore in 2020-21.

Income from activity was at Rs 3,038.39 crore in 2021-22. This was 32.96 percent higher than Rs 2,285.18 crore in the earlier year....KNOW MORE

Canara Bank standalone net profit jumps 65% in Q4 to reach Rs 1,666 crore

 

State-claimed Canara Bank on Friday revealed a 65 percent bounce in its independent net benefit at Rs 1,666.22 crore for quarter finished March 2022.

The Bengaluru-settled bank had posted a net benefit of Rs 1,010.87 crore in a similar quarter a year prior.

Absolute pay of the bank in the January-March time of 2021-22 rose to Rs 22,323.11 crore, from Rs 21,040.63 crore in a similar time of 2020-21, Canara Bank said in an administrative recording.

On the resource quality front, the bank's net non-performing resources (NPAs) or terrible credits tumbled to 7.51 percent of the net advances toward the finish of March 2022, as against 8.93 percent toward the finish of March 2021.

In esteem terms, the gross NPAs were worth Rs 55,651.58 crore, down from Rs 60,287.84 crore.

Net NPAs additionally got better at 2.65 percent (Rs 18,668.02 crore) in the quarter under survey, from 3.82 percent (Rs 24,442.07 crore).

Arrangements and possibilities for the quarter were higher at Rs 3,708.68 crore, as against Rs 3,652.18 crore set to the side for the year-prior period. Of this, the arrangement for awful credits remained at Rs 2,129.73 crore for Q4FY22....KNOW MORE

IT organization Cyient to obtain Finland-based Citec for almost Rs 800 cr

 

IT organization Cyient will get worldwide plant and item designing administrations organization Citec for about Rs 800 crore to reinforce its business contributions.

Citec was established in 1984, as a global plant and item designing administrations organization serving clients across the energy, mining, interaction, oil and gas, and assembling enterprises. It has 1,200 representatives worldwide.

Cyient said that it will be the biggest outbound securing by an Indian designing administrations organization and, surprisingly, the organization's biggest obtaining to date.

The obtaining will be finished during the quarter.

"This obtaining will upgrade Cyient's situation as a forerunner in the plant and item designing area, fortify its presence in the energy business with an attention on clean energy and grow its European impression in the Nordic nations of Finland, Norway, and Sweden, and in Germany and France," Cyient said...Read More

BHEL dispatches nuclear steam generator to NPCIL for Rajasthan project

 

State-owned BHEL has dispatched its 42nd nuclear steam generator to NPCIL for installation at a 700 MWe unit in Rajasthan Atomic Power Project. The steam generator was flagged off from BHEL's Trichy plant in the presence of senior officials of BHEL and NPCIL. "Bharat Heavy Electricals Ltd (BHEL) has achieved a major milestone with the despatch of its 42nd nuclear steam generator to Nuclear Power Corporation of India Ltd (NPCIL)," a company statement said. BHEL has been catering to the nation's nuclear programme since 1976 by way of design, manufacture, testing and supply of critical nuclear components like reactor headers, steam generators, steam turbine generators, among others. ADVERTISING The first stage of the indigenous nuclear power programme of the country has attained maturity with 18 operating Pressurised Heavy Water Reactors (PHWRs). As many as 12 PHWRs accounting for 74 per cent of the indigenous nuclear power capacity are equipped with BHEL-supplied steam turbine generator sets.

Only standard loan accounts as of March 1 eligible for recast: RBI

 

The Reserve Bank of India (RBI) has clarified that loans which have remained standard without any defaults as of March 1, 2020, will be eligible for restructuring under the pandemic-related resolution framework issued in August.

In clarifications issued late last night to borrowers as well as lenders about the August 6 circular, RBI said a loan account that was due for more than 30 days as on March 1, 2020, but subsequently got regularised, will not be ineligible for resolution under the COVID-19 resolution framework.

This is because the restructuring framework is applicable only for eligible borrowers who were classified as standard as of March 1, 2020.

However, such accounts may still be resolved under the prudential framework dated June 7, 2019, the central bank said.

Similarly, the regulator said restructuring of under-implementation project loans involving deferment of date of commencement of operations (DCCO) are excluded from the scope of resolution framework and that such accounts will continue to be governed by the February 7, 2020, and the other relevant instructions as applicable to specific category of lending institutions.

Also, in case of multiple lenders to a single borrower whose resolution is undertaken, all lending institutions will have to enter into an inter-creditor agreement.

On whether loans of Rs 100 crore and above will require an independent credit evaluation by any one credit rating agency, the apex bank said, in case credit opinion is obtained from more than one rating agency, all such credit opinions must be RP4 rating or above.

The clarification also said the new definition of micro, small and medium enterprises (MSMEs) effective June 26, will not impact their eligibility for resolution but will be based on the definition that existed as of March 1, 2020.

Whistleblower alleges siphoning of funds from MIAL; GVK gets MCA notice

International News
The GVK Group, which is in locked in a legal battle with the Adani Group on stake sale in its flagship Mumbai International Airport (MIAL), on Tuesday said it has received a notice from the corporate affairs ministry (MCA), seeking some details about the airport operator.
The group is resisting the Adanis' bid to buy out the 13.5 percent stake being held by its South African JV partner Bidvest in MIAL. The issue is with the Bombay High Court.
The Hyderabad-based infrastructure major, which has interest in power, coal mines and aviation among others, however, denied that other group companies have also received notices from the ministry.
"We confirm only MIAL has received a communication asking for certain details/information, which are being furnished," GVK said in a statement.
MIAL is a JV between GVK-led consortium of Bidvest and Airports Company of South Africa, and the state-run Airports Authority, in which GVK holds majority 50.5 percent and AAI 26 percent and the remaining 23.5 percent are with the two foreign partners.
While Bid Services Division Mauritius or Bidvest owns 13.5 percent, ACSA Global (Airports Company of South Africa) holds 10 percent in the nation's second busiest airport.

 The statement came after a section of the media reported that the GVK group was on the ministry radar following a whistle-blower alleging siphoning of funds, issuance of fake bills to inflate cost to get undue Customs and Excise duty benefits among others."We are not aware of any whistleblower complaint or any allegations that have appeared in a section of the media, which are baseless," the company said....READ MORE

IMF says India's growth 'much weaker' than expected; cuts FY20 projection

International News
International Monetary Fund (IMF) on Thursday said that India's economic growth is "much weaker" than expected due to corporate and environmental regulatory uncertainty and "lingering weakness" in some non-Bank financial companies.
"Again, we will have a fresh set of numbers coming up but the recent economic growth in India is much weaker than expected, mainly due to corporate and environmental regulatory uncertainty and lingering weakness in some non-Bank financial companies and risks to the outlook are tilted to the downside, as we like to say," IMF spokesman Gerry Rice told reporters at a news conference.
The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as per the government data.
The International Monetary Fund (IMF) has cut its projection for India's economic growth by 0.3 percentage points to 7 per cent for the fiscal year 2019-20 owing to the "weaker-than-expected outlook" for the domestic demand.
The growth is expected to rise to 7.2 per cent points in FY21, down by the projected growth rate of 7.5 in the earlier report.
The slowdown was largely due to a sharp dip in the manufacturing sector and agriculture output, said the Ministry of Statistics and Programme Implementation in a statement.

 The previous low was recorded at 4.9 per cent in April to June 2012-13. Consumer demand and private investment have weakened amid global trade frictions and dampening business sentiment.

Former ICICI Bank CEO Chanda Kochhar skips ED date; to be summoned again

Company News

Former ICICI Bank CEO Chanda Kochhar Monday skipped her scheduled appearance before the ED in a money laundering case probe, citing bad health, officials said.
The probe involves the bank and the Videocon group.Chanda Kochhar will now be asked to depose later this week. She had not appeared before the agency even last week citing health reasons.
Official sources had told PTI earlier this week that the central probe agency is now mulling to call some more bank officials to confront them with the statements made by Chanda Kochhar and obtain further leads.The Enforcement Directorate (ED) had last month questioned and recorded the statements of Chanda Kochhar and her husband Deepak Kochhar over multiple sessions.
The agency is also preparing to analyse the details of assets of the Kochhars and others so that they can be provisionally attached under the Prevention of Money Laundering Act (PMLA).Chanda Kochhar's brother-in-law and Deepak's brother, Rajiv Kochhar, has also been grilled by the ED multiple times in the case.
The Kochhar couple have been questioned in the past too at the ED's zonal office in Mumbai after the central agency conducted raids on March 1.The searches were conducted at the premises of Chanda Kochhar, her family and Venugopal Dhoot of Videocon Group in Maharashtra's Mumbai and Aurangabad.

 The ED registered a criminal case under the PMLA earlier this year against Chanda Kochhar, Deepak Kochhar, Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning Rs 1,875-crore of loans by ICICI Bank to the corporate group.This action of the agency was based on an FIR registered by the CBI.

Vistara to launch international flights in the second half of 2019

Current Affairs
Full service carrier Vistara, which has been serving the Indian skies for more than four years, plans to launch international services in the second half of this year.
A joint venture between Tatas and Singapore Airlines, Vistara might also look at starting medium and long-haul flights, depending on approvals, amid the grounding of Jet Airways.
"We see India as a growing market. We are here for the long term," Vistara CEO Leslie Thng said on the sidelines of the annual general meeting of airlines' grouping IATA on Sunday.
Without providing specific details, he said the airline plans to start international operations in the second half of 2019.
It had planned to launch overseas flights in the first half of this year.
Currently, Vistara has more than 22 planes and operates around 850 flights every week.
Last month, the carrier announced it would take on lease four Boeing 737-800 NG aircraft and two A320 neo planes.
In 2018, Vistara placed its order for purchased and leased aircraft totalling 50 from the Airbus A320neo family, including A321neos.These would be for domestic as well as short and medium-haul international operations, with deliveries scheduled between 2019 and 2023.

 Further, the carrier has bought six Boeing 787-9 Dreamliner aircraft that are scheduled to be delivered between 2020 and 2021. These would operate long-haul international operations.Thng said, Vistara can start short-haul flights but would need more time for long-haul ones.

PFC completes REC acquisition, pays Rs 14,500 cr to government

Company News

State-owned Power Finance Corporation (PFC) on Thursday completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government, an official said.

The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year.

"The entire consideration of Rs 14,500 crore for acquiring 52.63 per cent equity of the Government of India in REC is paid by PFC through RTGS (real-time gross settlement) mode this morning," the official told PTI.

The official said PFC Chairman and Managing Director Rajeev Sharma handed over the RTGS advice to Power Secretary A K Bhalla on Thursday to complete the acquisition.

The money has been transferred into the government's account online.

The official further said the government's 52.63 per cent equity in REC would be transferred in the name of the PFC by the closing of the stock market on Thursday.

PFC has raised money from Bank of Baroda, Life Insurance Corporation and State Bank of India, among others, to make the payment.

Earlier on March 20, PFC had inked a share purchase agreement to acquire 103.94 crore equity shares of Rs 10 each of REC Ltd.


 This deal was in pursuance to the in-principle approval from the Cabinet Committee on Economic Affairs for strategic sale of 52.63 per cent of paid-up equity shareholding of REC held by the government to PFC, along with the transfer of management control.