New Delhi, May 16 (IANS) Realty major Signature Global (India) Limited has reported a 37 per cent decline in revenue, dropping to Rs 520.4 crore for the fourth quarter (Q4) of FY25, compared to Rs 827.6 crore in Q3.Similarly, the company’s total income slipped by 33.83 per cent — from Rs 862.1 crore in Q3 to Rs 570.4 crore in Q4, according to its stock exchange filing.However, despite the revenue drop, Signature Global managed to more than double its net profit.The company posted a net profit of Rs 61.1 crore in Q4, up from Rs 29.1 crore in the previous quarter, marking a growth of around 110 per cent.The net profit attributable to owners of the holding company stood at Rs 61 crore, up by approximately 109.62 per cent from Rs 29.1 crore in Q3.This strong profit performance came as total expenses fell sharply by 40.45 per cent, down to Rs 497.7 crore in Q4, from Rs 835.8 crore in Q3.The quarter, however, also saw a dip in pre-sales bookings. Signature Global had earlier announced a 61 per cent year-on-year (YoY) drop in pre-sales for Q4, recording Rs 1,620 crore, compared to Rs 4,140 crore in the same period last fiscal.The company attributed this decline to delays in project approvals, which pushed some planned March 2025 launches into the current quarter (Q1FY26).Despite this, Signature Global remains confident about its overall business momentum.The company cited strong demand for residential real estate in the National Capital Region (NCR), positive customer sentiment, timely execution, and successful new project launches in Gurugram and nearby markets as key reasons behind its solid performance in FY25.Signature Global recently partnered Investors Clinic, a real estate consultancy firm.On Friday, Signature Global’s shares were trading at Rs 1,221, up by Rs 45.80 or 3.90 per cent on the National Stock Exchange (NSE).–IANSpk/na

New Delhi, May 16 (IANS) Alcoholic beverage (alcobev) manufacturers in the country will see their revenue grow 8-10 per cent to Rs 5.3 lakh crore in financial year 2025-26, keeping up the momentum of a compound annual growth rate (CAGR) of 13 per cent over the three preceding fiscals. The operating profitability will increase 60-80 basis points (bps), supported by continuing premiumisation, according to a Crisil report released on Friday.Consequently, credit profiles will remain strong, driven by healthy accruals, deleveraged balance sheets, and absence of large debt-funded capital expenditure (capex), it states.The Crisil report is based on a study of 25 liquor companies, accounting for around 12 per cent of the organised alcobev industry revenue.The industry is dominated by spirits, which contribute 65-70 per cent of total revenue, with the remaining coming from beer, wine and country liquor. Spirits are alcoholic beverages produced through distillation, whereas beer and wine are made via fermentation.The industry volume will grow 5-6 per cent, driven by urbanisation, increase in drinking population and rising disposable income, according to the report.Crisil Ratings director Jayashree Nandakumar said, “This fiscal, healthy volume and ongoing premiumisation will support revenue growth despite the absence of major price revisions. Revenue from premium and luxury segments, priced at over Rs 1,000 per 750 ml, is expected to grow around 15 per cent. The contribution from these segments will rise to 38-40 per cent of spirits revenue this fiscal compared with 31-33 per cent in fiscal 2023.”Higher volumes and realisations would support the profitability of players through better contribution and cost absorption, despite a marginal increase in input costs, the report states.The major raw material input for the spirits and beer segments are extra neutral alcohol (ENA) and barley respectively, which together account for 60-65 per cent of the total material cost, while the rest is towards packaging, primarily glass bottles.ENA prices are expected to rise 2-3 per cent this fiscal due to higher demand from ethanol blending program, notwithstanding expected higher supplies. Barley prices are expected to increase 3-4 per cent this fiscal due to the tight demand-supply situation. The prices of glass bottles will remain firm given increasing demand and steady supplies.A 3-4 per cent increase in realisation due to premiumisation, along with continuing volume growth, will help in cost absorption and improve operating margins, according to the report.The steady growth in volumes has encouraged manufacturers to expand capacities by 15-20 per cent in the past two fiscals. The industry is currently operating at 70-75 per cent utilisation, leaving enough headroom for meeting demand. Therefore, no major debt-funded capex is expected this fiscal, the report stated.The absence of large capex plans and a steady working capital cycle indicates the credit metrics of alcobev manufacturers in the Crisil Ratings portfolio will remain solid, with interest coverage ratio healthy at 21 times this fiscal, it said.However, government policy, changes in duty structure and volatility in input costs will bear watching, the report added.–IANSsps/na

New Delhi, May 16 (IANS) After Swiggy, its online food delivery rival Zomato has made a new change to its Gold membership benefits for the rainy season.Starting from Friday, Gold members will no longer be exempt from surge fees during rainy weather. This means that even paying subscribers will have to pay an extra fee for food delivery when it rains.The company informed users about this change through an in-app notification. The message said, “Starting May 16, surge fee waiver during rains will not be part of your Gold benefits.”However, Zomato has not shared the exact amount of the surge fee yet. Zomato explained that this extra charge will help the company provide better compensation to delivery partners who work in difficult weather conditions.This change comes shortly after Zomato paused its 50:50 refund-sharing policy with partner restaurants, which had also attracted attention in the food delivery industry.Meanwhile, Swiggy, Zomato’s main rival, already charges a similar rain-time fee from its users, including subscribers of its Swiggy One membership.This indicates that such charges may soon become common across all food delivery platforms.Earlier, Zomato Gold members enjoyed benefits like free delivery and no surge fees during rain.Now, with this new rule, regular users and Gold members will be treated the same during bad weather.Zomato has not announced any new benefits or changes in membership prices to make up for this.Zomato Gold still offers some key perks, including free delivery from nearby partner restaurants (within 7 km) and up to 30 per cent discounts on dining out.However, not all restaurants are included — some, like Domino’s and others that use their own delivery services, are excluded.These restaurants are marked with a ‘Free Delivery’ label on the app for easier identification.Zomato also applies extra charges during the festive season, saying these fees help cover higher operational costs.With the rainy season approaching, users — especially frequent orderers — may now see a noticeable increase in their overall delivery costs.–IANSpk/na

Mumbai, May 16 (IANS) Economists expect the Reserve Bank of India’s (RBI) dividend to the government to surpass a record over Rs 2.5 lakh crore this year as the central bank earnings, through the sale of dollars to prop up the rupee as it sharply depreciated during 2024-25, are reported to have shot up. This higher profit will be transferred to the government as a dividend in 2025-26.The previous record dividend transferred to the government stands at Rs 2.1 lakh crore during 2024-25 which helped to keep the fiscal deficit in check, while enabling the Finance Ministry to continue with its expenditure on big ticket infrastructure projects to spur growth and social welfare schemes to uplift the poor.This was a record jump from the Rs 87,416 crore transferred to the government in 2023-24 for the profit made in 2022-23. Similarly, the government is expected to get another booster shot through the RBI dividend in the current financial year as well.“Among the RBI’s earnings, forex transactions are expected to be most significant in light of the in light of the central bank’s measures to lower rupee volatility by strong dollar purchases earlier in fiscal 2025 and difference in the current versus historical exchange rate. Add to this the interest income on government securities and earnings from funds extended to banks in midst of previous tight liquidity. “This transfer could amount to a record high at around Rs 2.5-2.7 lakh crore this year,” said Radhika Rao, senior economist at DBS Bank.Earnings on forex transactions are expected to be substantial with gross dollar sales tracking at $371.6 billion in fiscal 2025 till February compared to $153 billion in fiscal 2024, according to Gaura Sengupta, chief economist at IDFC First bank. She estimates the RBI dividend to be between Rs 2.6 lakh crore to Rs 3 lakh crore, according to an NDTV Profit report.The higher dividend creates fiscal space of 0.1 per cent to 0.2 per cent of GDP, estimates Sengupta. With support from the higher-than-budgeted RBI surplus and savings on a few expenditure heads, the central government is in a fairly strong position to counter the growth slowdown risks and any potential emergency spending requirements.Apart from helping to lower the fiscal deficit, the RBI dividend will be a significant infusion to core liquidity in the banking system during the current financial year. This will help to keep interest rates low and allow banks to extend more loans to corporates and consumers to accelerate economic growth and create more jobs.The RBI board of directors met on Thursday to review the economic capital framework which is the basis for deciding the surplus transfer or amount of dividend to be given to the government. The meeting comes ahead of deciding and approving the surplus transfer to the government.The transferable surplus is determined on the basis of the ECF adopted by the Reserve Bank on August 26, 2019, as per recommendations of the Bimal Jalan-headed Expert Committee to Review the extant Economic Capital Framework of the RBI.The Committee had recommended that the risk provisioning under the Contingent Risk Buffer (CRB) be maintained within a range of 6.5 to 5.5 per cent of the RBI’s balance sheet.–IANSsps/na

Seoul, May 16 (IANS) The chief executive officer (CEO) of HD Hyundai, South Korea’s leading shipbuilding conglomerate, met with US Trade Representative (USTR) Jamieson Greer to explore cooperation in the shipbuilding sector, the company said on Friday.HD Hyundai CEO Chung Ki-sun and Greer held the meeting on the sidelines of the Asia-Pacific Economic Cooperation (APEC) trade ministers’ meeting, held on Jeju Island from Thursday to Friday, the company said in a press release.The meeting marked the first official dialogue between the USTR and South Korea’s shipbuilding industry, reports Yonhap news agency.During the talks, Chung emphasised the need to strengthen bilateral cooperation in shipbuilding through joint technology development, process collaboration and workforce training programmes, the company said.”We deeply appreciate the United States’ commitment to rebuilding its shipbuilding industry. HD Hyundai is fully prepared and willing to contribute wherever our expertise is needed,” Chung said.Addressing concerns over the dominance of Chinese cranes in U.S. ports, Chung introduced HD Hyundai Samho Heavy Industries Co., an affiliate with crane manufacturing capabilities.He also underlined the importance of diversifying the U.S. port equipment supply chain through closer U.S.–Korea cooperation.Meanwhile, the chief executive officer (CEO) of GM Korea, the South Korean unit of General Motors, visited the automaker’s Changwon plant to encourage employees amid growing concerns over a potential withdrawal driven by shifting US tariff policies.GM Korea CEO Hector Villarreal visited the plant, located 298 kilometers southeast of Seoul, to meet with employees and reinforce on-site management, the company said in a press release.Speculations over GM’s possible exit from South Korea have been mounting following the imposition of a 25 percent tariff on imported vehicles in the United States since April, along with the automaker’s lack of new models and sluggish sales. GM Korea ships about 85 percent of its exports to America.—IANSna/

New Delhi, May 16 (IANS) The bilateral trade between India and the United Kingdom (UK) is expected to increase by around 15 per cent annually until 2030, factoring in the aspect that the free trade agreement (FTA) will come into effect in a year, a report showed on Friday.The recently concluded free trade agreement (FTA) between India and Britain offers a strategic opportunity for Indian companies to expand their footprint in the UK market, stimulate domestic manufacturing and contribute to economic growth, according to the report by CareEdge Ratings.“This landmark FTA also fosters investment, joint ventures, and collaboration in the service sector, thereby deepening economic ties. Going forward, this agreement marks a pivotal shift in India-UK economic relations, unlocking new opportunities for businesses, strengthening manufacturing, and enriching consumer markets,” said D Naveen Kumar, Associate Director, CareEdge Ratings.Currently, the trade value between the United Kingdom (UK) and India is approximately 2 per cent of India’s total trade value, although it has been growing steadily at a compound annual growth rate (CAGR) of 11 per cent over the last decade.The UK and India entered into a free trade agreement (FTA) on May 6, following approximately three years of negotiations.Under the agreement, India will reduce tariffs on 90 per cent of British goods, with 85 per cent becoming completely duty-free over a period of 10 years. In return, Britain has agreed to lower its tariffs on certain products, resulting in 99 per cent of India’s exports to the UK facing zero duties.“Some of the benefits of FTA for Indian exporters would include improved market access, stable supply chains, increased competitiveness, higher volumes and new avenues for growth,” the report mentioned.The FTA is expected to boost India’s exports by significantly reducing tariffs, easing trade barriers leading to improved market access and make Indian products more price competitive, thereby increasing their demand in the UK.Additionally, this has provided some relief to exporters who have been facing sluggish sales and uncertainty about potential reciprocal tariffs from the US.In key sectors such as automobiles, whisky, industrial machinery, and pharmaceuticals, significant gains are set to be made through steep tariff reductions and simplified regulations.According to the report, the India–UK FTA is poised to create substantial opportunities for Indian gems and jewellery makers by tapping into the UK’s affluent consumer base and well-developed luxury market.The tariffs range from 8 per cent to 14 per cent for various electrical and engineering goods. With their removal under the India–UK FTA, Indian manufacturers are poised to gain a clear competitive edge over other global suppliers, said the report.—IANSna/

Seoul, May 16 (IANS) South Korea’s trade chief Ahn Duk-geun was set to hold talks with US Trade Representative (USTR) Jamieson Greer on Friday on the sidelines of a trade ministers’ meeting of the Asia-Pacific Economic Cooperation (APEC) member economies, officials said.The meeting to be held on South Korea’s southern island of Jeju comes about three weeks after their last gathering in Washington for high-level trade consultations, where the two sides agreed to pursue a “package” deal on U.S. tariffs and economic cooperation issues by July 8.Greer is participating in the APEC Ministers Responsible for Trade meeting on Jeju, slated to wrap up its two-day run later in the day, reports Yonhap news agency.In the upcoming meeting, Ahn is expected to discuss follow-up measures to the Washington agreement, hoping to develop a more detailed framework for further trade negotiations with U.S. President Donald Trump’s administration.Last month, Seoul and Washington agreed to focus their talks on four categories — tariff and non-tariff measures, economic security, investment cooperation and currency policies.South Korea has been seeking to get a reduction or exemption from U.S. tariffs, including 25 percent reciprocal duties, which have been suspended for 90 days.On Thursday, Greer also sat down with South Korean Trade Minister Cheong In-kyo to discuss pending trade issues between the two sides and the progress of Washington’s trade negotiations with other countries, according to Cheong’s office.Earlier in the day, Greer met with executives of HD Hyundai Heavy Industries Co. in Jeju to discuss bilateral cooperation in shipbuilding.Shipbuilding cooperation is one of the key agenda items of the Seoul-Washington trade negotiations amid the Trump administration’s push to rebuild America’s shipbuilding sector. South Korea is a global leader in the shipbuilding industry.Last month, U.S. Secretary of the Navy John Phelan visited South Korea to tour HD Hyundai Heavy Industries’ Ulsan headquarters and Hanwha Ocean’s Geoje shipyard.In an exclusive written interview with Yonhap News Agency following his trip, Phelan said the U.S. Navy welcomes further collaboration with South Korean shipyards as part of a broader effort to revitalise America’s maritime industrial base.—IANSna/

Ahmedabad, May 16 (IANS) Adani Airport Holdings has terminated the ground handling concession agreement with Turkish firm Celebi at Mumbai and Ahmedabad airports with immediate effect.In a statement, Adani Airports said that after the government’s decision to revoke Celebi’s security clearance, “we have terminated the ground handling concession agreements with Celebi at Mumbai’s Chhatrapati Shivaji Maharaj International Airport (CSMIA) and Ahmedabad’s Sardar Vallabhbhai Patel International Airport (SVPIA)”.“Accordingly, Celebi has been directed to immediately hand over to us all ground handling facilities to ensure uninterrupted operations,” said the company.It further stated that the company will continue to provide seamless service to all airlines without disruptions through new ground handling agencies.“All existing employees of Celebi at CSMIA and SVPIA will be transferred to the new ground handling agencies on their existing terms and conditions of employment. Ground handling operations at our airports will remain unaffected. We are fully committed to upholding the highest standards of service and national interest,” said the spokespersons for Mumbai and Ahmedabad Airports.The decision to terminate these concession agreements was taken after the Union government revoked the security clearance of the Turkish aviation firm.Earlier, Adani Airport Holdings scrapped its agreement with Turkish company DragonPass to provide the latter’s customers access to its airport lounges.The move comes in the wake of Turkey’s support to Pakistan after the Pahalgam terror attacks and ‘Operation Sindoor’ launched by India to avenge the killings of 26 people.“Our association with DragonPass, which provided access to airport lounges, has been terminated with immediate effect. DragonPass customers will no longer have access to lounges at Adani-managed airports. This change will have no impact on the airport lounge and travel experience for other customers,” the Adani Airport Holdings spokesperson said.In a notification on Thursday, the Ministry of Civil Aviation had said that “in the exercise of power conferred upon DG, BCAS, the security clearance in Celebi Airport Services India Pvt Ltd is hereby revoked with immediate effect in the interest of National Security.”–IANSna/

Mumbai, May 16 (IANS) The domestic benchmark indices opened lower on Friday amid mixed global cues as selling was seen in the IT, financial services and pharma sectors in the early trade.At around 9.29 am, Sensex was trading 231.64 points or 0.28 per cent down at 82,299.10, while the Nifty declined 49,95 point or 0.20 per cent at 25,012.15.Nifty Bank was down 52.40 points or 0.09 per cent at 55,303.20. The Nifty Midcap 100 index was trading at 56,700.05 after rising 169.20 points or 0.30 per cent. Nifty Smallcap 100 index was at 17,318.40 after climbing 78.45 points or 0.46 per cent.According to analysts, on the technical front, Nifty formed a strong bullish candle on the daily chart, breaking out of an inside bar pattern and closing above the crucial 25,000 level.”The index witnessed an intraday recovery of nearly 200 points, reflecting sustained bullish momentum. Immediate support is placed at 24,850–24,700, while resistance is seen at 25,100 and 25,235. A decisive breakout above the 25,235 level could drive the index higher toward the 25,500–25,743 zone,” said Hardik Matalia from Choice Broking.Traders are advised to adopt a “buy on dips” strategy with strict risk management and avoid taking large overnight positions due to ongoing global uncertainties, he added.Meanwhile, in the Sensex pack, Bharti Airtel, IndusInd Bank, SBI, Infosys, HCL Tech and M&M were the top losers. Whereas, UltraTech Cement, Bajaj Finserv, NTPC, Maruti Suzuki and Axis Bank were the top gainers.In the Asian markets, China, Hong Kong and Japan were trading in red, whereas, Bangkok, Jakarta and Seoul were trading in green.In the last trading session, Dow Jones in the US closed at 42,322.75, up 271.69 points, or 0.65 per cent. The S&P 500 ended with a gain of 24.35 points, or 0.41 per cent, at 5,916.93 and the Nasdaq closed at 19,112.32, down 34.49 points, or 0.18 per cent.The April economic data presents an interesting mix of signals about the U.S. economy. The Producer Price Index (PPI) showed a surprising decrease of 0.5 per cent, which was significantly different from economists’ expectations of a 0.2 per cent increase. This unexpected drop in producer prices suggests that inflationary pressures might be easing at the wholesale level, said experts.”Federal Reserve Chair Jerome Powell on Thursday discussed the Fed’s framework review, a twice-a-decade look at the central bank’s monetary-policy strategy. He said the Fed was in the process of making adjustments to account for meaningful changes in the outlook for inflation and interest rates after the 2020 pandemic,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth Rs 5,392.94 crore on May 15, while domestic institutional investors (DIIs) sold equities worth Rs 1,668.47 crore.–IANSskt/na