Tata Power generated 53,556mn units in 2017-18, up 1.9%

May 7, 2018 0

New Delhi– Tata Power generated 53,556 million units of electricity from its various energy units during fiscal 2017-18, posting an increase of 1.9 per cent in its overall output, the company said on Monday.

Tata Power had produced 52,512 million units of power in 2016-17 from all its units, “ranging from thermal, hydel, wind and solar,” a company statement said.

“It marks a rise of 1.98 per cent in total electricity generated in the financial year 2018, as compared to 52,512 million units of power generated in the previous fiscal,” it said.

During the fourth quarter ending March, Tata Power generated 14,255 million units.

The company’s generation during the last fiscal constituted 4 per cent of India’s total generation of 1,306.614 billion units, the statement added.

Commenting on the figures, Tata Power Chief Executive Praveer Sinha said: “With a commitment to increase our generation output by 40-50 per cent by 2025 through green and clean source of energy, we have developed a well charted growth strategy to fulfil it.”

Together with all its subsidiaries and jointly controlled entities, Tata Power has an installed generation capacity, as of May 2018, of 10,757MW, as compared to 10,613MW in 2016-17, according to the statement. (IANS)

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Tube Investments posts Rs 136 cr profit

May 7, 2018 0

Chennai, May 7 (IANS) Diversified products major Tube Investments of India Ltd on Monday said it closed last fiscal with a lower profit of Rs 136.46 crore.

In a regulatory filing in BSE, the company – part of the Murugappa Group – said it had posted a net profit of Rs 136.46 crore last fiscal down from Rs 158.95 crore posted for the year ended March 31, 2017.

The company provided Rs 25.25 crore towards provision for impairment of investments in joint venture companies.

During the year under review, the company logged a total revenue of Rs 4,709.63 crore up from Rs 4,446.95 crore earned during the year ended March 31, 2017.

The Board of Directors has recommended a final dividend of Rs 0.50 per equity share of Rupee 1 each for the financial year ended March 31, 2018.

Together with the interim dividend of Rs 1.25 per share paid on February 28, 2018, the total dividend for the financial year 2017-18 works out to Rs 1.75.

The Board approved fresh long-term borrowing to meet the company’s fund needs during FY 2018-19 for a sum not exceeding in the aggregate Rs 500 crore.

It also approved the inclusion of an item to amend an existing clause of the Memorandum of Association to facilitate making contribution for political purposes in the agenda of the upcoming annual general meeting for shareholders’ approval. (IANS)

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Telecom sector’s gross revenue dropped 8.5% in 2017

May 4, 2018 0

New Delhi– The gross revenue of the telecom service sector declined from Rs 279,591 crore in 2016 to Rs 255,655 crore in 2017 with a yearly decline rate of 8.56 per cent, data released by the Telecom Regulatory Authority of India (TRAI) said here on Friday.

Also the adjusted gross revenue declined from Rs 198,207 crore in the year 2016 to Rs 160,814 crore in the year 2017 with yearly decline rate of 18.87 per cent.

However, the number of telephone subscribers in India increased from 1,151.78 million at the end of December 2016 to 1,190.67 million at the end of December 2017, registering a yearly growth rate of 3.38 per cent,.

The overall teledensity in India increased from 89.90 at the end of December 2016 to 91.90 at the end of December 2017 at the growth rate of 2.22 per cent.

Telephone subscription in urban areas increased from 683.14 million at the end of December 2016 to 688.25 million at the end of December 2017 at the yearly growth rate of 0.75 per cent. However, urban teledensity declined from 170.15 at the end of December 2016 to 168.29 at the end of December 2017 with yearly decline rate of 1.10 per cent.

Rural telephone subscription increased from 468.64 million at the end of December 2016 to 502.42 million at the end of December 2017 at the yearly growth rate of 7.21 per cent. Rural teledensity also increased from 53.27 at the end of December 2016 to 56.66 at the end of December 2017 with yearly growth rate of 6.36 per cent.

Out of the total telephone subscription, the shares of rural telephone subscription increased from 40.69 per cent at the end of December 2016 to 42.20 per cent at the end of December 2017. However, share of urban telephone subscription in total telephone subscription, declined from 59.31 per cent at the end of December 2016 to 57.80 per cent at the end of December 2017.

Out of 1,190.67 million of total telephone subscriber, the number of wireless telephone subscribers is 1,167.44 million and the number of wireline telephone subscribers is 23.23 million at the end of December 2017.

The TRAI data revealed Bharti Airtel continued to be the market leader with 24.69 per cent market share of total telephone subscription at the end of December 2017, while Reliance Jio Infocomm added maximum number of telephone subscribers, 87.93 million net addition, during the year.

Vodafone is the service provider with highest proportion of rural subscribers (54.01 per cent), followed by Idea Cellular (53.97 per cent) to their total number of telephone subscribers at the end of December 2017. (IANS)

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Flipkart buys back $350 mn worth shares

May 4, 2018 0

Bengaluru– Indian e-tailer major Flipkart completed another round of buyback of its shares valued at $350 million (Rs 2,275 crore) from its investors, according to its regulatory filing on Thursday.

The Chennai-based business intelligence platform Paper.vc, which sourced the filing from the Singapore’s Accounting and Corporate Regulatory Authority (ACRA), said Flipkart had bought over 18 lakh preferential shares from its institutional investors like Tiger Global, Accel and Naspers.

“The buyback will enable the e-commerce giant to bargain for a favourable deal with the US-based retail behemoth Walmart, which is eyeing a majority or controlling equity stake in it to foray into the multi-billion dollar Indian retail space,” a market analyst told IANS.

The buyback also paves way for the Singapore-registered Flipkart to become a private entity and sell its stake to bidders like Walmart at higher value.

“The company’s valuation is estimated to be $18 billion, which is based on the buyback price paid to investors, including premium,” added the analyst.

The decade-old company had raised a whopping $6.11 billion till date since 2009 through 14 rounds of funding. (IANS)

 

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India seeks $4 bn assistance from ADB

May 4, 2018 0

New Delhi– India on Friday requested the Asian Development Bank (ADB) to expand its sovereign and non-sovereign operations in the country by providing financial assistance worth $4 billion a year and support its sustainable growth.

Economic Affairs Secretary Subhash Chandra Garg, who is leading India’s delegation to Manila, requested ADB President Takehiko Nakao to support India in its endevour towards an inclusive and sustainable growth accompanied by rapid economic transformation and job creation.

Highlighting the need for increased private sector operations by ADB in India, he said that the government had approved ADB’s proposal to garner additional resources through INR bonds in the offshore markets, a government statement said.

Leading the Indian delegation to Manila for attending ADB’s 51st annual meeting, Garg also attended the Governors’ Roundtable on role of governments in harnessing new technology for inclusive growth, and provided India’s perspective on how to deal with changes being brought by new technologies and automation on jobs.

He also attended the 12th informal meeting of SAARC Finance Ministers and highlighted the ongoing reforms in India and India’s economic performance.

The delegation also held bilateral meetings with the official delegations of Hong Kong and Germany and discussed a wide range of bilateral issues.  (IANS)

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Wipro Consumer Care to add two manufacturing units by FY20

May 3, 2018 0

Bengaluru– Fast moving consumer goods (FMCG) major Wipro Consumer Care and Lighting plans to add two manufacturing locations, one in Telangana, and the other in Guangzhou, China as the company’s revenue crossed $1 billion-mark in 2017-18, a statement said here on Thursday.

The two manufacturing units are expected to be operational in FY 20.

The statement said, the business crossed Rs 6,630 crore with industry-leading growth both in India and overseas.

“The key driver of growth this year was our ability to handle the GST transition in India. We proactively engaged with our distributors and partners and clarified their doubts about GST. This gave us momentum in June – July 2017, leading to 18 per cent growth in the India business in FY18. Distribution also improved especially post GST implementation. Santoor and Garnet LED brands did particularly well,” said Vineet Agrawal, CEO, Wipro Consumer Care and Lighting.

Wipro Consumer Care clocked 50 per cent of its revenue from International markets where Malaysia crossed $145 million, followed by China at $120 million. Indonesia, which had a sluggish first half also bounced back with a double-digit growth in the second half of 2017-18, the statement said.

Among its brand portfolio, Santoor is the biggest with a turnover of about $300 million, followed by Enchanteur with $150 million. It has several $50 million plus brands with Yardley, Romano, Bio Essence, Safi and Garnett LEDs.

“Home Care, Lighting and Digital are going to be some of the key thrust areas for us,” said Agrawal. (IANS)

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Punjab, Haryana wheat procurement crosses 200 lakh tonnes

May 3, 2018 0

Chandigarh– Food grain states Punjab and Haryana have procured over 200 lakh tonnes of wheat this season, food and supplies officials in both states said on Thursday.

Both states had procured over 175 lakh tonnes of wheat last year.

In Punjab, the wheat procurement was over 118.56 lakh tonnes as compared to 112 lakh tonnes procured in the same period last year. Over 118.08 lakh tonnes (99.6 percent) has been procured by government agencies.

In Haryana, nearly 81.5 lakh tonnes of wheat has been procured so far this season.

A Punjab government spokesman said that an amount of Rs 16,170 crore has been disbursed to the arhtiyas (commission agents) and farmers.

Despite reports of wheat not been lifted in grain markets, Punjab Food and Supplies Minister Bharat Bhushan Ashu said on Thursday that 83 lakh tonnes has been lifted from the grain markets so far.

Government procurement agencies have procured over 81.49 lakh tonnes of wheat from farmers in Haryana, an official spokesman said.

The procurement is higher than the corresponding period last year. State procurement agencies had procured 74.25 lakh tonnes wheat in the same period last year.

Procurement in both states started on April 1. (IANS)

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India’s March domestic passenger traffic growth rises by 28%: IATA

May 3, 2018 0

New Delhi– India’s domestic passenger traffic grew by 27.9 per cent in March, a global airline association said on Thursday.

According to the International Air Transport Association (IATA), India’s domestic demand — revenue passenger kilometres (RPK) — was highest amongst major aviation markets like Australia, Brazil, China, Japan, Russia and the United States.

As per the data, India’s domestic RPK — which measures actual passenger traffic — rose by over 27.9 per cent in March compared to the corresponding month of the previous year.

“The domestic India market posted double-digit annual growth for the 43rd consecutive month (27.9 per cent, up from 22.9 per cent in February), with passenger demand continuing to be supported by a combination of strong economic and network growth,” IATA said in its global passenger traffic results for March 2018.

“Once again, India posted the highest load factor of all domestic markets (87.8 per cent), 6.7 percentage points higher than in March 2017.”

India’s domestic passenger traffic growth was followed by that of China at 15 per cent and Russian Federation at 5.9 per cent.

In terms of capacity, India’s domestic available seat kilometres (ASK) — which measures available passenger capacity — climbed higher by 18.1 per cent in March, followed by China’s 13.8 per cent growth. (IANS)

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India’s gold demand dropped 12% in January-March quarter: World Gold Council

May 3, 2018 0

Mumbai–  Demand for gold in India for January-March quarter (first quarter) of 2018 was down by 12 per cent at 115.6 tonne compared to overall Q1 demand for 2017 due to rising gold prices, exaggerated by a weakening rupee, a World Gold Council statement said here on Thursday.

Total Jewellery demand in India for Q1 2018 was down by 12 per cent at 87.7 tonne as compared to Q1 2017 (99.2 tonne).

“Local gold price rises led to the second weakest quarter for jewellery demand in almost 10 years. After the strongest Q4 on record in 2017, Indian jewellery demand saw a sharp downturn in Q1 2018, falling 12 per cent year-on-year to 87.7 tonnes,” said Somasundaram PR, Managing Director, India, World Gold Council.

“A substantial drop in the number of auspicious wedding days during the period compared with Q1 2017, could be a factor for muted demand as consumers made less wedding-related purchases. Imports were also down 50 per cent year-on-year, in anticipation of an import duty cut in the Union Budget that did not materialise,” he added.

India’s Q1 2018 gold demand value was Rs 31,800 crore, a fall of 8 per cent in comparison with Q1 2017 (Rs 34,440 crore).

Total Investment demand for Q1 2018 was down by 13 per cent at 27.9 tonne in comparison with Q1 2017 (32 tonne). Total gold recycled in India in Q1 2018 was 14.1 tonne, a drop of 3 per cent compared to 14.5 tonne in Q1 2017.

However, Somasundaram said: “The positive sentiment following the announcement in the Union Budget about an impending gold policy to make gold an asset class will boost the industry momentum to get more organised and transparent and build a strong case for a central gold body under the gold policy.”

He said trade activity resumed positively during Akshaya Tritiya demonstrating the resilience of the industry.

“Policy focus on doubling farm income and ease of business under GST augur well for the gold industry in 2018 and the medium term. New ways of buying gold through digital platforms are catching up quickly; this will not just promote ease of savings but bring about a mindset change, thereby enhancing acceptability of centrally vaulted gold – which underpins any attempt to mainstream gold including Gold Monetisation Scheme,” he added.

According to World Gold Council, for year 2018, full year gold demand expectations for India is in the range of 700 – 800 tonne.

Globally, gold demand had a soft start to 2018, reaching 973 tonne, the lowest first quarter since 2008. This was largely caused by a fall in investment demand for gold bars and gold-backed exchange-traded funds, as a subdued gold price environment hampered demand, the statement said.

“Global jewellery demand was roughly flat at 488 tonne, down 1 per cent on Q1 2017. Demand in China was buoyed by holiday demand, and US demand continued to improve in response to the supportive economic backdrop. In contrast, Indian consumers were discouraged by rising gold prices, exaggerated by a weakening rupee, with demand down 12 per cent compared with 2017,” it added. (IANS)

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Strong demand pushes India’s April manufacturing sector growth

May 2, 2018 0

Mumbai– Strong demand accelerated India’s manufacturing sector growth in April 2018, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) showed on Wednesday.

The composite indicator of manufacturing performance increased to 51.6 in April 2018 from 51 in March.

An index reading of above 50 indicates an overall increase in economic activity and below 50 an overall decrease.

According to the PMI, faster expansions in output and new orders led to a higher reading for April.

Commenting on the PMI data, Aashna Dodhia, Economist at IHS Markit and the author of the report, said: “The Indian manufacturing economy started the quarter on a slightly stronger footing as growth picked-up from March’s five-month low, buoyed by stronger demand conditions.

“Putting the PMI data under a magnifying glass, consumer goods was again the bright spot, with output growth being the fastest among all the three market groups. Meanwhile, investment goods was the weakest performing category as both production and new orders declined during April.” (IANS)

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