DLF eyes debt-free status in FY19 after stellar performance in Q3
Posted on 15th February 2018 |
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| The biggest real estate developer in the country, DLF, is planning to get rid of its entire debt in 2018-19 (FY19), after a stellar performance in the October-December (Q3) quarter of this financial year (FY18). In Q3FY18, DLF’s profit jumped nearly 42 times to Rs 40.91 billion, after it sold a stake in its rental arm to GIC. In the same period of FY17, its profit was Rs 980 million. It now wants to use its large inventory of residential property as well as a proposed qualified institutional placement (QIP) to go debt-free. DLF’s net debt now is Rs 55.13 billion, after fund infusion by promoters, said a senior company official on Wednesday. In a con-call with analysts, DLF’s Group Chief Financial Officer Saurabh Chawla, said, “We don’t see an issue in achieving this (paying off debt).” In late December last year, it paid creditors Rs 71 billion. Industry analysts claim DLF has started selling residential property again, since November, clocking sales of about Rs 6.7 billion till now. The debt of the commercial real estate business, now reflected in DLF Cyber City Developers’ (DCCDL) books, is Rs 160.74 billion. DCCLD is a joint venture of DLF and GIC and has the bulk of the rent-yielding assets of the group. At the end of June last year, DLF’s debts stood at Rs 268 billion. |
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Dish TV India zooms 15% after clarification on CARE ratings downgrade
Posted on 9th December 2019 |
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Shares of Dish TV India surged 15 per cent to Rs 14.44 on the BSE on Monday after the company said the default in debt repayment was on account of a temporary cash shortfall due to peak payment commitments to suppliers.
"The Company's deferral to service the loan amount is due to bunching of repayment obligations and utilization of funds for other business requirements including, both capital expenditure and payment of operating liabilities to broadcasters and suppliers," Dish TV India said in a regulatory filing. |
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Auto stocks gain as Maruti Suzuki increases production in November
Posted on 9th December 2019 |
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Shares of automobile companies gained on Monday after Maruti Suzuki India (MSI) increased its production in November. At 10:30 AM, the S&P BSE Auto index climbed 1.5 per cent as compared to a flat benchmark S&P BSE Sensex and was the top gainer among BSE sectoral indices.
Among individual stocks, Maruti Suzuki India, Tata Motors, and Motherson Sumi rose over 2 per cent each. Eicher Motors, Ashok Leyland, Mahindra & Mahindra, TVS Motor, Hero MotoCorp were all up in the range of 1-2 per cent, while Bajaj-Auto was also trading higher. |
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Citizenship (Amendment) Bill to be tabled in Lok Sabha for passage today
Posted on 9th December 2019 |
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The controversial Citizenship (Amendment) Bill, 2019, which seeks to grant Indian citizenship to non-Muslim refugees from Pakistan, Bangladesh and Afghanistan, will be tabled in Lok Sabha on Monday.
The Bill, which proposes to amend the Citizenship Act, 1955, will be tabled by Union Home Minister Amit Shah in the lower house of the Parliament and will be taken up for discussion and passage, according to the Lok Sabha's List of Business for Monday. |
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Delhi HC issues notices to exporters over non-payment of IGST on imports
Posted on 9th December 2019 |
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The Delhi High Court has issued notices to exporters in cases related to non-payment of integrated goods and services tax (IGST) on imports under an export incentive scheme.
The cases relate to the review petition filed by revenue authorities regarding imposition of IGST on imports of goods under the advance authorisation scheme, which allows exporters to import goods that go into exports without payment of duties. |
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