Stocks
Titan net up 18 percent in Q3
Bengaluru : Leading watch and jewellery maker Titan Ltd on Thursday reported a net profit of Rs.225 crore for third quarter of 2015-16, registering 18 percent growth over Rs.191 crore in the same period last fiscal.
 
Net sales for the quarter under review (Q3) grew 17.3 percent to Rs.3,398 crore from Rs.2,898 crore in like period year ago due to pick up in retail sales and festive season.
 
Income from watches grew 8.2 percent to Rs.479 crore while jewellery sales went up 20 percent to Rs.2,819 crore.
 
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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Gujarat firm, ABC Cotspin Private Limited, directors booked for cheating Bank of Baroda
New Delhi : The CBI on Thursday registered a case against two directors of a Gujarat-based private firm for allegedly causing a loss of Rs.374.49 crore to Bank of Baroda during 2014-15.
 
Sleuths of the Central Bureau of Investigation (CBI) also conducted raids at three places -- two in Ahmedabad and one in Mumbai -- at the premises of the accused.
 
The probe agency filed the case against Ashish B. Jobanputra and his wife Preeti Ashish B. Jobanputra, directors of Ahmedabad-based ABC Cotspin Private Limited, on charges of criminal conspiracy, cheating and under the Prevention of Corruption Act, following allegations by Bank of Baroda.
 
"It was alleged that ABC Cotspin and its two directors in connivance with other unknown directors of the firm, some unknown people and three bank officials had caused a loss of Rs.374.49 crore to Bank of Baroda," a CBI official said.
 
The official said the company was sanctioned a packing credit facility and also a facility for foreign bills purchase and discounting.
 
The company showed fake 189 foreign export bills, of some materials being exported to three warehouses in China, to the bank to credit the loan, he said.
 
"On verification from the concerned authorities, it was found that no export had taken place against 184 bills," the CBI official said. 
 
"Further verification by a law firm engaged by the bank also found that stocks were unavailable in all the three warehouses in China indicated by the borrower," the official added.
 
The CBI in October 2015 had also registered a case against the firm over allegations of cheating a State Bank of India (SBI) branch in Ahmedabad to the tune of Rs.400 crore.
 
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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COMMENTS

Nanda Patel

10 months ago

Only cases are filed and same culprits are roaming around ripping different banks.

There is no money left.. "Swacch India"

Road contracts simplified, 10,000-km target by March: Jaitley
New Delhi : The government has begun awarding road construction contracts following a simplification of procedures in this regard and plans to award a total of 10,000 km of road projects by the end of the current fiscal, Finance Minister Arun Jaitley said on Thursday.
 
"All procedures have been simplified. There is an exit policy, there is a hybrid model and so on. Various options of flexibility are there in the sector," Jaitley said after a meeting here with bankers and contractors along with Road Transport Minister Nitin Gadkari.
 
He said 6,800 km of highway projects have already been awarded and by March this figure would go up to 10,000 km.
 
"With such large projects being awarded, I think it has a spiral effect on steel, cement, auto sector, and all is going to take place," Jaitley said.
 
The success of highway programmes has taken the stress out of the banking sector and a large number of contractors are wanting to execute projects, the finance minister said.
 
"You didn't have a single contractor responding to the tender. And today all major contracts attract multiple contractors' bidding," he said.
 
Jaitley said the government, the financial sector, financial services and the contractors who execute projects were currently meeting on how to expedite the national highways programme.
 
Gadkari told reporters that the meeting with the ministers is to be followed by a separate one of the stakeholders of 19 stalled road projects involving blocked investment of Rs.40,000 crore.
 
"My department says 5-6 of these problematic projects can be solved. In this meeting we hope to do it," Gadkari said.
 
"In case we need to do some out-of-the box thinking on some difficult cases, I have suggested setting up a committee under the finance minister and with the secretaries of finance and road transport to decide on these," he added.
 
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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COMMENTS

Subramani P K

10 months ago

It is good news that 10,000 KM of road projects are to be cleared & conditions simplified. While executing these projects please make sure that there is no compromise on quality of work & timely completion. All projects half done or stalled for various reasons should be critically analysed & solution found to be completed by end 2016-17.

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