Q3 results review: Corporate earnings see biggest dip in three quarters
Corporate performance took a big knock during the October-December 2018 quarter (Q3), with the combined net profit of 2,338 companies that have declared results so far reporting a 28.3 per cent year-on-year (y-o-y) decline, the biggest in three quarters. Read on
Jet Airways plans to raise about Rs 2,500 crore through rights issue
Cash-starved Jet Airways plans to raise about Rs 2,500 crore through a rights issue. Its lenders are also looking at a debt-to-equity conversion. Read on
We are open to JVs but must have operational control: American Tower CEO
Chairman and CEO of American Tower Corporation (ATC) James D Taiclet Jr, who’s currently in India as co-chair of the US-India CEO Forum, tells that the company sees opportunity in fibre while continuing to grow its traditional tower business. Read on
Exports rise 3.7% in January; trade deficit widens to $14.7 billion
Although at a three-month high, exports rose barely 3.74 per cent in January as major foreign exchange earners such as engineering goods and refinery products either registered subdued growth or contraction in their outbound shipments. Read on
7% hike in sugar MSP to put pressure on private mills to clear arrears
While the hike of Rs 2 a kg in the minimum selling price (MSP) of sugar to Rs 31 a kg is unlikely to have any medium-term impact on the domestic sugar sector, bogged down by a global glut and rising inventories, the central government’s deft move would nonetheless exert pressure on the private sugar mills to clear farmers’ arrears. Now Rs 31 a kg ex-mill becomes a benchmark for wholesale market price. Read on
YES Bank violated rules by revealing nil divergence report, says RBI
The Reserve Bank of India (RBI) has warned YES Bank that it might face regulatory action for allegedly violating a confidentiality clause by disclosing a nil divergence report. In a letter to the private lender, the regulator said the bank had violated regulatory guidelines in the press release where it had made this disclosure last week. Read on
Allahabad Bank draws a road map to come out of PCA list by June
Allahabad Bank hopes to come out of the Prompt Corrective Action (PCA) list by June after returning to profitability, said its Managing Director and Chief Executive Officer S S Mallikarjuna Rao. Read on
Titan plans to double market share in jewellery over 3-4 years
Titan Co Ltd is looking to double its market share in the jewellery space over the next 3-4 years from around 5% now, the company’s managing director-designate CK Venkataraman said in an interview. Wedding jewellery, which has been a focus area for the company within the segment, will be a key driver in reaching that target, according to a Livemint report.
Zydus Cadila, Macleods suspends its Kashmiri employees, issued showcase notice
One of India’s largest drugmaker Zydus Cadila and smaller firm Macleods Pharma suspended their Srinagar based company executives for posting what they termed as anti-national message on social media networks, according to The Economic Times report.
GMR, Adani, NIIF, Fairfax in race for airports deal
The GMR Group, the Adani Group, National Investment and Infrastructure Fund (NIIF) and Fairfax India Holdings have participated in the tender issued by the Airports Authority of India (AAI) to privatise six non-metro airports, according to people briefed on the bids, according to The Hindu BusinessLine report.