Asian Paints Q1 net profit rises 18% to Rs 655 crore; beats estimates

NEW DELHI: Asian PaintsNSE 4.12 % on Wednesday said its consolidated net profit after minority interest jumped 17.7 per cent year-on-year (YoY) to Rs 655 crore for the quarter ended June 30, 2019 compared with Rs 556.85 crore in the same quarter last year.
The number beat ET Now's poll estimate of Rs 547 crore profit
Revenue from operations jumped 16.6 per cent YoY to Rs 5,130.63 crores from Rs 4,398.59 crore. Profit before depreciation, interest, tax and other income (PBDIT) climbed 24.4 per cent to Rs 1,156.25 crore from Rs 929.70 crore a year ago, the company said in a BSE filing.



The decorative business segment in India registered a high double-digit volume growth and delivered strong performance across regions. The Automotive coatings JV (PPG-AP) business was effected by the severe slowdown being witnessed in the automobile industry. Even the Industrial Coatings JV (AP-PPG) business was impacted by demand slowdown. Benign raw material prices, however, supported the margins for the entire coatings business,” said Managing Director & CEO KBS Anand.

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Chandrayaan-2, India's second moon mission launched, to land on lunar soil on September 7

SRIHARIKOTA, ANDHRA PRADESH: India's rocket carrying an orbiter, lander and a rover in a stepped up moon mission to uncover lunar secrets launched into space successfully in its second bid from the Sriharikota launch pad on Monday.

The launch, originally slated for the early hours of last Monday, was aborted after a pressure drop in one of the tanks in the upper stage of the rocket.


The Chandrayaan-2, a Rs 978-crore project, is on course to place the country in a niche league of nations populated by the US, Russia and China that have successfully conducted a moon-landing. Beyond that, the lander will touch in the region of the south pole of the moon, an unexplored territory, according to ISRO.

Track the historic journey here

The target is find more evidence of water, clues about the moon’s evolution and work the natural satellite as a test bed for more sp .. 

Indian govt seeks to tap foreign lenders for loans to its small firms-sources

NEW DELHI: India's government is in talks with foreign lenders to provide as much as $14.5 billion in credit to millions of its small firms, two officials said, in a sign the country's banking system may not be robust enough to do the job on its own.

The government is in discussions with multiple foreign lenders, including Germany's state-owned development bank KfW Group, the World Bank and some Canadian institutions to extend lines of credit to small enterprises, one of the officials,  ..

The World Bank's India spokesperson did not reply to an email seeking comment. 

The official said the government plans to source up to 1 trillion Indian rupees of loans from foreign institutions because Indian banks were not in a position to provide enough capital for the small business sector, which is seen as critical to job creation. 

“We are exploring, we are having discussions with various funding agencies if something can be done (for small and medium firms),

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Data leak of unemployment figures serious: Govt

The government Thursday admitted in the Rajya Sabha that there has been a data leak of unemployment figures and said efforts were being made to ascertain who was behind it.
Replying to queries during Question Hour, Minister of State for Planning and Statistics Rao Inderjit Singh termed the issue as "serious" and said data pertaining to unemployment figures was leaked ahead of its announcement in May this year. 

He also informed members that the government has changed the methodology for ascertaining unemployment rates as a periodic survey is now being held every year based on quarterly data, against the five-year surveys earlier. "It is right that there was a data leak. Our survey result was to come out on May 30, 2019, but before that the data was leaked. We have taken this very seriously. Maybe someone has an agenda behind it and the data was leaked. We are making efforts to ascertain who wa .

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Aditya Birla Group launches BizLabs FinTech 2019, collaborate with startup ecosystem

Aditya Birla Group has launched BizLabs FinTech 2019 that will enable innovative startups to solve real business challenges of its financial service arm, Aditya Birla Capital.
Aditya Birla Capital is one of India’s largest financial conglomerates with assets under management of over Rs 3 trillion, a consolidated lending book of more than Rs 630 billion and total insurance premium of over Rs 80 billion. ABC serves over 10 million active customers, including about 15,000 SME and MSME clie ..

This is not the first startup focused initiative of the Group under Biz Labs, but the first time it is doing something around fintech. There has been a tangible proliferation of B2B focus fintech firms in recent years and it is clear that ABG felt it as important to actively collaborate to address problems specific to the problem statements in its credit business. This initiative is also an attempt to explore open source innovations to boost the Group’s digital and tech agenda. 

Air India to launch Delhi-Toronto direct flight in September

Dubai-India's national carrier Air India will launch the Delhi-Toronto direct flight on the occasion of the World Tourism Day on September 27 despite facing the threat of privatisation due to mounting debts. The airline is also planning to launch a direct flight to Nairobi, Kenya sometime in October due to immense tourism potential in that area. 

"We will launch Delhi-Toronto non-stop flight from September 27 on the occasion of the World Tourism Day," Air India (AI) Chairman and Managing Director (CMD) Ashwini Lohani told PTI onboard the Indore-Dubai maiden flight. 

AI 903 is the first international flight from Madhya Pradesh providing the much needed connectivity to the Gulf and beyond to the people of the state.
"We are also planning to launch a direct flight to Nairobi sometime in October in view of immense tourism po .. 

IndiGo board to question Gangwal on talks with Pratt & Whitney

MUMBAI: Some IndiGo board members are set to question cofounder Rakesh Gangwal next week on the nature of what one of them characterised as “exclusive parleys” with engine maker Pratt & Whitney (PW) ahead of the airline’s latest engine order.
PW has historically been the engine supplier to all of IndiGo’s Airbus planes. But the latest $20 billion order was given to rival CFM, a joint venture between GE and France’s Safran, after a competitive bidding process. 

    “The board is examining whether Gangwal complied with his fiduciary duties, as director, to keep it informed of developments related to aircraft, spares and OEM (original equipment manufacturer) purchases,” said one of the persons aware of the matter. 

Today Decision Day for DHFL Investors Watch Stock, Waiting For Good News

Domestic low-cost mortgage lender DHFLNSE 2.71 % has entered the twilight zone from where its fortunes may turn either way depending on the intent of the company management, content of its books and the view that its lenders take on the nearly Rs 1 lakh crore outstanding loans that are under stress.

Stock investors are watching the company closely, as the beaten-down stock may throw up an amazing opportunity should it find an easier way for revival.

DHFL shares are down 88 per cent in last one year and 89 per cent since September when the IL&FS debt default triggered the debt crisis in NBFC space.

The stock traded 1.21 per cent higher at Rs 70.90 on BSE around 11.40 am.