Companies & Sectors
Notices served to Vasan Health Care, Advantage Strategic Consulting
Chennai, The Enforcement Directorate (ED) on Monday said it has issued notices to Vasan Health Care Pvt Ltd and Advantage Strategic Consulting for violation of the Foreign Exchange Management Act (FEMA) totalling to Rs 2,307 crore.
 
The two companies are connected to former Finance Minister P. Chidambaram's son Karti P. Chidambaram.
 
The ED said it had served notice to Vasan Health Care Pvt. Ltd of Rs 2,262 crore. 
 
Advantage Strategic Consulting was served Rs 45 crore for sale of Vasan's shares to overseas investors.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 
 

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Infosys net profit flat in fourth quarter
Bengaluru, Software major Infosys has posted a Rs 3,603 crore consolidated net profit for the fourth quarter (January-March) of fiscal 2016-17, registering flat (0.2 per cent) year-on-year (YoY) growth from Rs 3,597 crore year ago.
 
Sequentially, however, net profit has declined 2.8 per cent from Rs 3,708 crore posted in the third quarter (October-December) of FY 2017.
 
In a regulatory filing to the BSE on Thursday, the IT major said consolidated revenue for the quarter under review (Q4) increased 3.4 per cent YoY to Rs 17,120 crore from Rs 16,550 crore in the same period year ago but flat sequentially (0.9 per cent) from Rs 17,273 crore quarter ago.
 
Under the International Financial Reporting Standard (IFRS), net income grew 1.8 per cent YoY to $543 million in Q4 from $533 million in like period year ago but flat (0.8 per cent) sequentially from $547 million quarter ago.
 
Gross revenue, however, increased 5 per cent YoY in Q4 to $2,569 million from $2,446 million in the same period year ago but flat (0.7 per cent) sequentially from $2,551 million quarter ago.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Bengal Chemicals makes profit after six decades
Kolkata, Bengal Chemicals & Pharmaceuticals Ltd, founded by the Father of Indian Chemistry Acharya Prafulla Chandra Ray, on Wednesday reported a net profit of Rs 4 crore in 2016-17 - the first profit in six decades.
 
The first pharmaceutical company established in India, which was running in profits till 1940s, posted a net loss of Rs 9.13 crore in 2015-16. It is however looking to clock a net profit Rs 10 crore in the current financial year.
 
"We made a net profit of Rs 4 crore in 2016-17 and are looking at a minimum Rs 10crore of net profit in 2017-18," said company's Managing Director and Director (Finance) P.M. Chandraiah.
 
He said the firm, which has its legacy since Swadeshi movement days,would be able to touch "a turnover of Rs 200-300 crore" and a "net profit of Rs 30 crore" in the next five years.
 
"The turnaround was because of bringing centralised control systems in the company's activities which resulted in a better performance," Chandraiah said.
 
The central public sector unit reduced procurement costs, and stopped financial leakages in the company. 
 
"This has resulted in a reduction in direct costs to 48 per cent of gross sales in 2016-17 from 76 per cent in 2013-14," he said. 
 
According to him, the company which has four manufacturing plants - one each in Mumbai and Kanpur and two in Kolkata - is set to commence commercial production of injectable products from May this year and planned to start tonic products soon. The injectable segment has the potential to garner Rs 50 crore of reveue in one year, he said.
 
"We are in the process to commence online sales and for which, we have already identified the partner," he said. 
 
The Bengal-based company with 320 employees has about Rs 215 crore of loans outstanding with accrued interest to central government. 
 
"We have urged the government to reduce the interest rate at par with the market rates," he said, adding that the company repaid Rs 13 crore of bank loans and remaining bank loan of Rs 13 crore is expected to be repaid by December this year.
 
On the proposed disinvestment, he said: "No clarity has not been emerged. We have put our presentation. Our results show it has emerged as a turnaround company", adding that accumulated losses will be phased out over the years.
 
The iconic pharmaceuticals company which was founded in 1901, was nationalised in 1981 and later sent to BIFR in 1992 following mounting losses. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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