QBiz: Cobrapost Says DHFL Siphoned Off Rs 31K Cr & More
Catch all the latest business news of the day here.
1. Report Accuses DHFL of ‘Siphoning Off’ More Than Rs 31,000 Cr of Public Money
Investigative news website Cobrapost on Tuesday, 29 January, alleged that it has “unearthed a financial scam to the tune of more than Rs 31,000 crore” through which the “primary promoters of Dewan Housing Finance Corporation Limited (DHFL) and their associate companies have committed a systemic fraud” to siphon off public money.
(Source: The Indian Express)
2. BoB Q3 Profit Jumps 4-Fold to Rs 471 Cr
Public sector lender Bank of Baroda (BoB) on Tuesday, 29 January, reported an over four-fold jump in net profit at Rs 471.25 crore for the third quarter ended December 2018. The bank had logged a net profit of Rs 111.78 crore in October-December 2017.
Total income in the reported quarter increased at Rs 14,562.85 crore as compared to Rs 12,976.28 crore in the year-ago period, BoB said in a regulatory filing.
3. Larsen & Toubro Ltd Plans Offer for Sale of up to 30 Lakh Shares of L&T
Larsen and Toubro Ltd plans to sell up to 30 lakh shares of L&T Technology Services, representing 2.89 percent of its total paid up equity share capital.
The floor price of the offer has been fixed at be Rs 1,610 per share, according to a regulatory filing by the company.
4. Axis Bank Q3 Net Rises 131%
Private sector lender Axis Bank has reported 131% year-on-year growth in net profit to Rs 1,681 crore for the quarter ended December 31 on the back of healthy growth in core and non-core income.
Net interest income, the difference between interest earned and interest expended, grew by a healthy 18% to Rs 5,604 crore while non-interest income grew by 54% to Rs 4,001 crore.
(Source: The Hindu)
5. ‘Defer Implementation of New E-Com Rules’
Online retailer Flipkart has told the government, the company faces the risk of “significant customer disruption” if the implementation of new curbs for e-commerce is not delayed by six months, a source said.
(Source: The Hindu)
6. Accenture to Sell Automation Software That Allowed it to Cut 40K Jobs
Accenture Plc, the global consulting firm, will begin selling automation software that has already eliminated about 40,000 internal roles.
The new platform, that’s been five years in development, suggests ways to streamline and automate processes in areas such as finance and accounting, marketing and procurement. Debbie Polishook, the group chief executive officer of Accenture Operations, said that all its workers affected have been retrained by the company for other jobs.
7. SC Sets Aside Order Withdrawing Approval to Adani For Rajasthan Gas Pipeline
In a win for Adani Gas, the Supreme Court on Tuesday, 29 January, set aside the Petroleum and Natural Gas Regulatory Board's (PNGRB’s) order withdrawing the no-objection certificate to the company for laying gas pipelines in the cities of Jaipur and Udaipur.
8. Tata Steel BSL Net Loss Narrows to Rs 239 Cr in Q3
Tata Steel BSL, formerly Bhushan Steel, on Tuesday, 29 January, said its net loss narrowed to Rs 239.56 crore in the third quarter ended December this fiscal.
The company had reported a net loss of Rs 1,721.37 crore in the same quarter of the previous fiscal.
Total income during the quarter rose to Rs 4,922.72 crore, from Rs 4,412.75 crore, it said in a regulatory filing.
9. Two Members of National Statistical Commission Quit
Two independent members of the National Statistical Commission, PC Mohanan and JV Meenakshi, have resigned over disagreement with the government on certain issues, an official said on Tuesday, 29 January.
Mohanan was also the acting chairperson. With the two members quitting, the NSC now has only two members – Chief Statistician Pravin Srivastava and NITI Aayog CEO Amitabh Kant.
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