Tag Archive for financial

UN-AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2018.

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

The Board of HVL at its meeting held today approved un-audited standalone financial results for the quarter and half year ended September 30, 2018.

HVL Standalone Results:-

HVL on standalone basis reported a total income of Rs. 26.72 Crores for the half year ended September 30, 2018.

Pursuant to adoption of IND AS, the mark to market gains in respect of equity shares held by the Company in IndusInd Bank Limited were reflected in the Balance Sheet as on March 31, 2018. The price at which the mark to market adjustment was carried out in the Balance Sheet on March 31, 2018 was Rs. 1796.75 per share. The corresponding market price as on September 30, 2018 was Rs. 1690.05 per share. This reduction in value in respect of shares held as “Stock in trade” is reflected in the Profit & Loss Account for the current period and in respect of shares held as “Investments” is reflected in “Other Comprehensive Income” in the reserves of the Balance Sheet for the current period.

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Fintech start-up Open Financial Technologies partners with ICICI Bank to offer a business banking platform that automates accounting for SMEs

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

TeamOpen

Imagine a world where your business current account was your accounting software. Imagine not having to chase payments with UTR numbers, where payments auto-reconcile, and accounting is something that happens automatically as you do your business.

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HDFC Life FY19 Q2 Financial Results

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

The Board of Directors of HDFC Life approved and adopted today its consolidated and standalone audited financial results for the period ended Sep 30, 2018. Below is the summary of our standalone results:

Commenting on the quarter’s solid performance, Ms. Vibha Padalkar, MD & CEO said “We continue to grow faster than the industry whilst sustaining our leadership position on profitability. We have a proven  track record of delivering consistent results across business cycles and the ability to comfortably weather changes at the macro, regulatory and market levels. We shall continue to pursue our strategy of harnessing newer pools of profitability as well as deliver the best value proposition to our partners, customers and shareholders.”

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Team ‘Baazaar’ in conversation with Mr. Raamdeo Agarwal, Co-Founder of the Motilal Oswal Financial Services, Today!

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

R-L Rohan Mehra, Chitrangda Singh, Saif Ali Khan & Raamdeo Agarwal

Two weeks ahead of its release, the team of the film ‘Baazaar’ attended an event to exchange conversation with Mr. Raamdeo Agarwal, Co-Founder of the online stock trading giant Motilal Oswal Financial Services, today. Read more

Focusing on semi-urban and rural areas, fintech start-up True balance launches Gift Cards for unbanked users True balance targets Next Billion Users to provide financial services

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

True Balance, Financial Services Platform has unveiled a new feature gift card in the mobile app. The gift card is a fast and secure recharge option for the users.

Continuing the promise to bring “Finance for billions “, the inception of Gift cards opens a new option for the unbanked users and is an impactful step wherein the bank related frauds are on a high. This unique feature would help the unbanked users/ users who don’t want to use bank details every time to recharge and pay bills on the True balance app; thus, introducing them to digital financial transactions.

This also is a positive step where; in case the user is a non-KYC user he would not have to worry about the monthly wallet limit and can use the Gift card to transact within the app ecosystem. App users can directly add the gift card of any amount from the true balance app. Being transferable; users may gift the gift card to their loved ones on any special occasion. Read more

Indian Financial Sector Bats for Presence-Less Finance at BankBazaar’s Conclave

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By  Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

For the third consecutive year, BankBazaar brought together government and regulatory luminaries, eminent bankers, and Fintech influencers together on one single stage at the BankBazaar Paperless Finance Conclave to give a shot in the arm to presence-less, paperless finance. The highlight of the Conclave was a government perspective on changing norms in the financial sector, touched upon by Keynote speaker Mr. S. S. Mundra, Former Deputy Governor, RBI, and special speaker Mr. Amitabh Kant, CEO, NITI Aayog, in their talks. The focus was on the need for consensus between Fintechs, banks, insurers, regulators, and the government for a more paperless, presence-less approach to personal finance at the Conclave in Mumbai on 11 September, which was attended by more than 200 eminent players from the Indian financial sector. Read more

Volkswagen Financial Services record successful first half-year

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By K Ashwin Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Volkswagen Financial Services have achieved their best-ever half-year operating result of EUR 1.231 billion as at 30 June 2018 (previous year: EUR 1.165 billion). The basis for this result lies in a 7.4 percent increase in the number of current contracts to 20.2 million units (previous year: 18.8 million units) and a growth of 8.7 percent in new contract acquisitions to just under 4.2 million units (previous year: 3.8 million). “Following our record performance in the financial year 2017, the earnings improvement during the first half of this year is especially satisfying. We are therefore confirming our earnings forecast for 2018 and expect our operating profit to be at the level of the previous year,” says Frank Fiedler, CFO of Volkswagen Financial Services AG. He adds: “This is, however, not something that can be taken for granted, because in order to achieve this level again, we must continue to focus on our targets during the second half of the year.” The increase in the half-year operating result is mainly attributable to the growth in business volume and improved margins.

 

 

For the first time, Volkswagen Financial Services have also reached a figure of more than 20 million units for their portfolio of current contracts. Growth can be observed throughout the world, whereby in Europe the fleet business is progressing particularly successfully. “We are growing internationally on a broad basis with all our products. The good collaboration with the brands of the Volkswagen Group and the strong markets in Europe and North America are a significant support,” says Dr. Christian Dahlheim, Chief Sales Officer of Volkswagen Financial Services AG. Read more

Tata Capital Financial Services Limited NCD Issue to open on September 10, 2018

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Mr. Rajiv Sabharwal , Director, Tata Capital Financial Services Ltd. at the announcement of the Tata Capital Financial Services Ltd. Public Issue of NCDs.

Tata Capital Financial Services Limited (the “Company” or the “Issuer”), a Systemically Important Non – Deposit taking Non – Banking Financial Company focused on providing a broad suite of financing products customized to cater to the needs of various segments, proposes to open on September 10, 2018, a public issue of Secured, Redeemable, Non-Convertible Debentures of face value of Rs. 1,000 each (“Secured NCDs”) up to Rs. 6,00,000 lakh and Unsecured, Subordinated, Redeemable, Non-Convertible Debentures of face value of Rs. 1,000 each (“Unsecured NCDs”) up to Rs. 1,50,000 Lakh aggregating up to Rs. 7,50,000 Lakh (“Tranche I Issue”). The base issue size of Tranche I issue is Rs. 200,000 lakh with an option to retain oversubscription up to Rs. 750,000 lakh (“Shelf Limit”). Read more

Sarvatra Technologies brings 450th Co-operative Bank on National Financial Switch

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By  Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

Sarvatra Technologies, India’s leading end-to-end payments and banking solutions provider, announced that they have successfully on-boarded ‘Sevalia Urban Co-operative Bank’ as 450th co-operative bank on National Financial Switch (NFS). With this addition, the company has enabled as many co-operative banks on digital payment platform by making them interoperable with large banks. Contributing to the Digital India story, Sarvatra Technologies has played a very vital role in digitizing small co-operative banks across India. It has enabled lakhs of semi urban and rural customers to the digital banking world. Sarvatra aims to add another 50 plus co-operative banks by FY 2019.

 

In continuation to their digital payment enabling story for India, Sarvatra has provided digital payment platform from the smallest cooperative banks to the largest lenders in India like ICICI Bank, IDBI Bank and new generation clients like Paytm Payments Bank, Equitas Small Finance Bank etc.

 

Sarvatra backed by prominent investors like Mr. Vallabh Bhanshali, Chairman, Enam Group, ICICI Bank, Indian Overseas Bank and Oracle Financial Services Software, has played a vital role in contribution towards Financial Inclusion in India.

 

Mr. Dilip Asbe, MD & CEO, National Payments Corporation of India said, “Sarvatra started with NFS, providing RuPay Debit and Kissan Credit Cards issuance and enabling transactions on ATMs, POS and eCommerce. They are bringing sub-member banks on other NPCI platforms like IMPS, UPI, AePS and Bharat BillPay. Sarvatra not only on boards UCBs but also SCBs and DCCBs which is helping in financial inclusion.” Read more

Key Highlights of Voltas’ Consolidated Financial Results

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By Vivek K. Mobile: 09920183006 Email:indianshowbusiness@gmail.com

 

Q1  FY 2018-19

Q1 FY 2017-18

%

Rs. Crores

Rs. Crores

change

Gross Sales / Income from Operations

2134

1962

9%

Profit before tax

263

261

1%

Profit after tax

187

188

-

The Board of Directors of Voltas Limited, the global air conditioning and engineering services provider of the Tata Group, today announced the Consolidated Financial Results (including the Consolidated Segment Report) for the quarter ended 30th June, 2018.

 

Consolidated Results for the quarter ended 30th June, 2018:

The Consolidated Gross Sales / Income from Operations for the quarter ended 30th June, 2018 was higher by 9%, at Rs. 2134 crores as compared to Rs. 1962 crores in the corresponding quarter last year. Profit before tax was higher by 1%, at Rs. 263 crores as compared to Rs. 261 crores last year, not withstanding lower Other Income of Rs. 28 crores in the current quarter as compared to Rs. 59 crores in the corresponding quarter last year. Profit after tax was stable at Rs. 187 crores as compared to Rs. 188 crores last year. Tax expense for the current quarter ended 30th June, 2018 is determined based on tax rate that apply to different categories of income as compared to average annual effective rate in the corresponding quarter last year . Earnings per Share (Face Value per share of Re. 1) (not annualized) as at June 30, 2018 was at Rs. 5.56 as compared to Rs. 5.61 last year. Total Comprehensive Income, including notional mark to market revaluation gains / losses on equity investments, foreign currency translations, etc. for the quarter stands at Rs. 242 crores as compared to Rs. 234 crores in the corresponding quarter last year. Read more