Companies & Sectors
Court orders framing charges in coal block case against Jindal
New Delhi : A court here on Friday ordered the framing of charges in a coal block case involving the Jindal Group.
 
Special Judge Bharat Parashar ordered that charges dealing with criminal conspiracy, cheating and various provisions of the Prevention of Corruption Act against former parliamentarian, industrialist and senior congress leader Naveen Jindal, former union minister of state for coal Dasari Narayan Rao and former Jharkhand chief minister Madhu Koda and others.
 
The court was hearing a case related to the allocation of Jharkhand's Amarkonda Murgadangal coal block to Jindal Steel and Gagan Sponge.
 
The probe agency said there was sufficient evidence to frame charges against the accused in a case related to the allocation of Amarkonda Murgadangal coal block to Jindal Steel and Gagan Sponge.
 
However, Jindal, Rao, Koda and others have denied the allegations and sought being discharged from the case.
 
The Central Bureau of Investigation in April last year filed a chargesheet against Jindal, Koda, Rao, former coal secretary H.C. Gupta with six other individuals.
 
The six others include New Delhi Exim director Suresh Singhal, Jindal Realty director Rajeev Jain, Gagan Sponge directors Girish Kumar Juneja and R.K. Saraf, Sowbhagya Media's managing director K. Ramakrishna and chartered accountant Gyan Swaroop Garg.
 
Five private companies -- four based in Delhi and one in Hyderabad -- have also been named in the chargesheet.
 
The companies are Jindal Steel and Power Ltd., Gagan Sponge Iron Pvt. Ltd., Jindal Reality Pvt. Ltd., New Delhi Exim Pvt. Ltd. and Sowbhagya Media Ltd.
 
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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Nandan Nilekani invests in train travel app
New Delhi : Train travel solutions app RailYatri.in on Wednesday said Infosys co-founder Nandan Nilekani has invested an undisclosed amount in it.
 
"What excites me about RailYatri is the fact that this is a new-age product made by Indians for fellow Indians, which intelligently harnesses the power of smartphones, data and mobile payments, has a huge opportunity of impacting the lives of millions of travelers," Nilekani said in a statement.
 
Using deep analytics technology, RailYatri.in app makes intelligent predictions to make smart decision for an upcoming journey.
 
The app uses a traveller's phone GPS to predict train delay and also gives information on platform number, coach position, speed of the train, personalised alerts, on-time history of a train and also check if a waitlisted ticket will get confirmed, the statement said.
 
RailYatri.in also forayed into digital transactional marketplace, facilitating booking of onboard meals, bus tickets, budget rooms and other services.
 
"Our aspirations align with Nilekani and we believe his treasure trove of experience will help us in our endeavors," said RailYatri.in co-founder Kapil Raizada in the statement.
 
Founded by Kapil Raizada, Sachin Saxena and Manish Rathi, RailYatri.in app is currently being used by two million users per month.
 
Other existing investors of the train travel app include Helion Ventures, Omidyar Networks and Blume Ventures.
 
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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Maruti Suzuki's Q4 net profit down 12 percent
New Delhi : Passenger car major Maruti Suzuki on Tuesday reported a decline of 11.7 percent in its net profit for the fourth quarter (Q4) of 2015-16.
 
The company's net profit stood at Rs.1,133.6 crore for the quarter ended March 31, 2016 from Rs.1,284.2 crore in the corresponding period of 2014-15.
 
"Loss of over 10,000 units due to reservation agitation increased advertising expenses and lower other income slightly impacted profits during the quarter," the automobile manufacturer said in a statement.
 
However, the passenger car major's total income in the quarter under review was higher by 12.33 percent to Rs.15,305.7 crore from Rs.13,624.8 crore in the fourth quarter of 2014-15.
 
The net sales during the quarter under review stood at Rs.14,929.5 crore -- up 12.5 percent from Rs.13,272.5 crore for the quarter ended March 31, 2015.
 
Maruti Suzuki sold 360,402 vehicles during the quarter under review logging a growth of 3.9 percent.
 
For the full financial year 2015-16, Maruti Suzuki reported an increase of 23.2 percent in its net profit.
 
The net profit stood at Rs.4,571.4 crore for the year ended March 31, 2016 from Rs.3,711.2 crore during 2014-15.
 
"Higher volumes aided by successful new model launches and network expansion, lower raw material cost and continued cost reduction initiatives led to growth in profits during the year," the statement said.
 
The company's total income which includes net sales and other operating income in the period under review grew by 15.56 percent to Rs.57,746.3 crore from Rs.49,970.6 crore in 2014-15.
 
Net sales rose by 15.9 percent to Rs.56,350.4 crore in Apr-Mar 2015-16 from Rs.48,605.5 crore.
 
The automobile manufacturer's sales in 2015-16 edged up by 10.6 percent to 1,429,248 vehicles.
 
The company's board recommended a dividend of Rs.35 per share of face value of Rs.5 for 2015-16. 
 
"The board of directors recommended a dividend of 700 percent (Rs.35 per share of face value Rs.5) for 2015-16. The dividend in 2014-15 was at 500 percent. (Rs.25 per share of face value Rs.5)," the statement said.
 
According to the company's chairman R.C. Bhargava the automobile manufacturer will undertake short-tem measures to ramp-up production at its Manesar facility to reduce customer waiting time. 
 
Besides, Maruti Suzuki expects to start production at its Gujarat plant from early next year. Initially, the company plans to manufacture 10,000 units at the new plant. 
 
In addition, the company has set a capital expenditure target of Rs.4,400 crore for 2016-17 from Rs.2,500 crore in 2015-16.
 
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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