Page 1000 - Business Finance
US team in Beijing for trade talks after IMF 'storm' warning
US negotiators met with their Chinese counterparts in Beijing Monday for a new round of high-stakes trade talks, hoping to reach a deal before the March 1 deadline set by Donald Trump as the IMF warned of a possible global economic "storm". Preliminary discussions had been expected to start on Monday, according to the White House, before US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin step in for the main event on Thursday and Friday. In December, Washington suspended for three months its plan to increase tariffs on USD 200 billion worth of Chinese imports -- to 25 per cent from the current 10 per cent -- to allow time for negotiators to work out a trade spat that has triggered fears of a global economic slowdown. Deputy trade representative Jeffrey Gerrish was due to lead the US delegation in preparatory meetings to begin on Monday, the White House had said. The talks will include officials from the agriculture, energy and commerce departments. Gerrish
World stocks inch higher as investors look ahead to trade talks, Brexit
LONDON (Reuters) - World stock markets edged higher on Monday, as investors eyed the resumption of trade talks between the United States and China and watched for signs of progress on Brexit.
KKR's NBFC arm invests Rs 725 cr in Embassy Group's Bengaluru project
Global investment firm KKR's NBFC arm has invested Rs 725 crore in real estate developer Embassy group's upcoming commercial real estate project in Bengaluru. KKR's real estate-focused non-bank finance company KKR India Asset Finance Ltd (KIAFL) announced that "it has extended Rs 725 crore (USD 102 million) to Embassy Group to finance a premium office development in Bangalore". KIAFL has been active since 2015 and has invested more than USD 1.5 billion in India's realty sector as of February 2019. It maintains a core focus on high-quality opportunities in cities including Bangalore, Hyderabad, Mumbai and Pune. Sanjay Nayar, Member & Head of KKR India said, "KIAFL looks to provide tailored, flexible financing solutions to high-quality projects in strong micro markets. He said the company is supporting Embassy to meet the growing demand for quality office space in the city. Embassy Group, promoted by Jitu Virwani in 1993, is a leading real estate developer with a strong presence in .
Corporation Bank swings into the black with Rs 60.53 cr profit in Q3
Corporation Bank has swung into the black with a profit of Rs 60.53 crore in December quarter 2018, as provisioning for bad loans saw a sharp decline, the lender said Monday. The bank had posted a net loss of Rs 1,240.49 crore in October-December 2017-18. Total income of the lender came down to Rs 4,112.32 crore in the latest quarter as against Rs 4,841.37 crore in the same period of 2017-18, it said in a regulatory filing. The bank said its provisioning for non-performing assets (NPAs) or bad loans was reduced to Rs 842.28 crore for the latest quarter as against Rs 2,494.71 crore in the same period a year ago. However, the bank's assets worsened with gross NPAs growing to 17.36 per cent of gross advances as at December-end 2018, against 15.92 per cent by December 2017. In value terms, gross NPAs were at Rs 21,921.42 crore as against Rs 21,817.96 crore earlier. Net NPAs surged to 11.47 per cent (Rs 13,521.22 crore) from 10.73 per cent (Rs 13,853.90 crore). The bank said it is ...
M&M shares continue to fall after Q3 earnings, plunge over 5 pc
Shares of Mahindra & Mahindra fell further by over 5 per cent Monday after the company reported an 11.44 per cent decline in standalone profit after tax (PAT) for the December 2018 quarter. Its shares tumbled 5.31 per cent to close at Rs 646.75 apiece on the BSE. Intra-day, it tanked 5.68 per cent to Rs 644.15. The stock was the biggest drag on the Sensex. On the National Stock Exchange (NSE), shares plunged 5 per cent to close at Rs 647.55. On the traded volume front, 4.09 lakh shares changed hands on the BSE and over 79 lakh shares on the NSE. The company's shares had fallen nearly 3 per cent on Friday. The homegrown auto major Friday reported an 11.44 per cent decline in standalone PAT to Rs 1,076.81 crore for the third quarter ended December 2018. The company had posted a PAT of Rs 1,215.89 crore in the same quarter last fiscal, M&M said in a regulatory filing.
Setco Automotive 9M FY19 sales up 33.6% at Rs. 466 crore
Setco Automotive Ltd. (NSESetco Automotive reported a strong sales of INR 466 Cr. in 9M FY19, up by 33.6% YoY despite a slowdown in the M&HCV segment in Q3. On the back of robust growth and improved operating efficiencies, EBITDA in 9MFY19 stood at INR 67.71 Cr., up by 82.3% YoY. The company posted Profit after Tax of INR 24.20 Cr. in 9MFY19, up by 84.1% YoY.The company reported sales of INR 160.42 crore in Q3 FY19, up by 10.1% YoY and EBITDA of INR 23.27 crore in the quarter, up by 6.9% YoY. The company posted Profit after Tax of INR 7.21 Cr. in Q3FY19, down by 35% YoY due to the normal tax rate of 34% applicable in FY19 as compared to ~21% in FY18 (actual rate was ~8% in Q3FY18).Despite unanticipated liquidity crisis affecting MHCV industry sales and production, Setco's sales from Original Equipment Manufacturer (OEM) segment grew by 9.9% and sales from Aftermarkets segment grew by 32.2% in this quarter. LavaCast (a subsidiary of Setco) ramps-up its capacity utilization to ~70% .
Prime Minister Shri Narendra Modi Laid Foundation Stone for Bio-refinery Project in Assam, a Collaboration of NRL, Fortum and Chempolis
/ -- Fortum brings in biggest FDI to North East, in a single greenfield project Fortum commits to invest Euro 13.5 Million in a Project of Euro 160 Million Aims to convert bamboo into biofuel and bio chemicals, using Chempolis technology This bio fuel generated from biomass will save approximately 60 Million US Dollars annually Fortum 3 BV, 100% subsidiary of Fortum Oyj, Finland with Numaligarh Refinery Limited (NRL), an Indian state-owned oil refinery company, and Chempolis, a Finnish technology company, had signed a joint venture for building and operating a bio-refinery in Assam, India. Prime Minister Shri Narendra Modi in the presence of Mr. Sanjay Aggarwal, Managing Director, Fortum India, Mr. S.K Barua, Managing Director, NRL along with, Mr. Per Langer, Executive Vice President and Ms. Heli Antila, Vice President, Fortum Oyj and other Directors of Assam Bio Refinery Pvt. Ltd., the joint venture company, performed the ground-breaking ceremony to set up and operate a ...
Investors' cash buildup comes at a cost
NEW YORK (Reuters) - Investors sitting on a mountain of cash built up since late last year may be paying a price for playing it too safe in the first weeks of 2019.
PFC net profit rises 70 pc to Rs 2,075 cr in Dec quarter
State-run Power Finance Corporation (PFC) Monday reported a 70 per cent jump in standalone net profit to Rs 2,075.84 crore for the December 2018 quarter, mainly on account of higher revenues. Its standalone net profit was Rs 1,216.94 crore in the corresponding quarter a year ago, the company said in a statement. The firm's total income rose to Rs 7,363,89 crore in the quarter from Rs 6,247.62 crore a year ago. The board of PFC Monday also approved revised borrowing limit of Rs 97,000 crore for this fiscal, which includes Rs 67,000 crore long-term rupee borrowing, Rs 10,000 crore from long-term foreign currency borrowing, Rs 13,000 crore from commercial papers and Rs 7,000 crore short-term borrowing. During the April-December 2018 period, the company's profit also rose to Rs 4,804.22 as compared with Rs 3,565.28 crore in the corresponding period of the previous year. The company's primary business is to provide finance to the power sector.
On track to upgrade model range to BS-VI norms: Royal Enfield
Niche bike maker Royal Enfield is on track to upgrade its model range to comply with BS VI emission norms before the government deadline of April 1, 2020, a top company official said Monday. The company, which is a part of Eicher Motors, said it is working since 2016 to upgrade its model range. "Since the time we got notification in 2016, we are working on our BS-VI models...we are in final stages of testing, validation and we will certainly be ready in time for BS-VI as mandated by the government so we are on track," Eicher Motors MD and CEO Siddhartha Lal said in a conference call. The shift to new emission norms is a huge effort in the coming financial year as lots of changes are expected to take place, he added. When asked if all the models would be upgraded to next level, Lal said: "Everything we are planning will make it". Royal Enfield currently sells various popular models like Bullet, Classic, Thunderbird and Himalyan. Last year it also launched Continental GT 650 and the ...
Rupee gains 13 paise to 71.18 vs USD on easing crude price
The rupee strengthened by 13 paise to close at 71.18 against the US dollar Monday on easing crude oil prices, even as the greenback strengthened vis-a-vis other major currencies. This is the fifth successive session of gain for the domestic currency, during which it has climbed 62 paise. At the Interbank Foreign Exchange (forex) Monday, the rupee opened on a firm note at 71.24. It gained further to hit a high of 71.09 and finally settled for the day at 71.18, up 13 paise over its last close. On Friday, the rupee had ended 14 paise higher at 71.31 against the US dollar. Easing crude price was a major factor that boosted the rupee sentiments. Brent crude, the global oil benchmark, was trading at USD 61.94 per barrel, down by 0.26 per cent. "The Indian rupee appreciated for fifth straight day. INR is the best performing emerging market currency over last one week," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management. Forex traders attributed the US dollar movement to ..
With Iran squeezed out, U.S. oil takes on new rivals in Europe
MOSCOW/NEW YORK (Reuters) - When the global oil trading industry gathered for its biggest annual meeting in Asia in September last year, U.S. oil producing companies came well prepared.
EXIM bank to appoint "strategic" consultant to relook biz: MD
State-owned EXIM Bank is in the process of appointing a 'strategic consultant' to relook at its entire business strategy, a top official said Monday. The bank also plans to raise around USD two billion during the current year, Export-Import Bank of India, managing director, David Rasquinha said. "Right now, we are in the process of engaging a strategic consultant. Because we feel that we have been in operation for more than three decades. We were set up in 1981 and the conditions then were different," he said here. Rasquinha was talking to reporters on the sidelines of a Business Outreach Programme on India's Line of Credit and Solar Projects' organised by Economic Diplomacy and States division, External Affairs Ministry and EXIM Bank. On the proposal to appoint a "strategic" consultant, Rasquinha said, "when we set up business, it was a different kind of situation at that time.. Now, we are in 2019.. The economy has changed." "We are engaging a consultant all together to
Paisabazaar.com's new brand film reaches over 5 million views
Paisabazaar.com, India's largest online marketplace for financial products, has launched its new brand film - 'The Wedding Speech' on the occasion of its 5th anniversary.Within 3 days of its launch on digital platforms, the film has garnered over 5 million views on YouTube and other channels and has been shared over 20,000 times on Facebook alone.Paisabazaar.com was Co-founded in February 2014 and has been the clear market leader for lending products for the last two years, as per industry estimates. Its brand initiatives so far have focussed on product offerings on the platform, and this is the first time it has launched a brand film.The brand film, through a story of two brothers, focusses on how the right advice can change lives. Paisabazaar.com says it wanted the consumers to connect its brand with trust and good financial advice. The inspiration for the film came from millions of conversations Paisabazaar.com has had with consumers from all walks of life in the last 5 years. It ..
Benchmark indices close lower due to selling pressure
Equity markets ended lower on Monday for the second consecutive session with selling pressure across the board.The S&P BSE Sensex closed 151 points lower at 36,395. The Nifty 50 closed 55 points down at 10,888.Mahindra & Mahindra Ltd slumped over 5 per cent after posting disappointing quarterly results.Reliance Industries was also a top drag on the National Stock Exchange (NSE) and closed 1.8 per cent lower.Market experts said the selling pressure was witnessed across the board.Meanwhile, Asian stock markets closed mixed as investors awaited the outcome of a fresh round of trade talks between the United States and China in Beijing.Deputy Trade Representative Jeffrey Gerrish is leading the US delegation for working-level discussions in efforts to reach a deal before March 1..
Max Financial services reports Q3 consolidated revenues of Rs. 4,124 cr., growing 12%
Max Financial Services Limited (MFS) today announced its financial results for the third quarter of financial year 2018-19 (Q3 FY2019). MFS, the holding company of Max Life Insurance (Max Life), India's largest non bank-owned life insurer, reported consolidated revenues of Rs. 4,124 Cr., growing 12% over the previous year.The company's consolidated revenue for the first nine months (9M) of FY19 stood at Rs. 11,292 Cr., growing 16%, while the Shareholders' Profit before tax fell marginally by 4% to Rs. 375 Cr. due to planned investments in FY19 towards proprietary channel growth initiatives.MFS' sole operating subsidiary Max Life reported revenues of Rs. 4,113 Cr., growing 12% over the corresponding quarter last year. The business also reported its Embedded Value (EV) based on market consistent methodology (MCEV) at Rs. 8,254 Cr., with an Operating Return on EV (RoEV) of 18.8%. The Value of New Business[2] (VNB) written during the quarter was Rs. 466 Cr., growing 37% over the previous .
Royal Enfield's revenue at Rs 2,341 crore in Oct-Dec FY19
Eicher Motors said on Monday that its subsidiary Royal Enfield's total revenue from operations rose 3 per cent to Rs 2,341 crore in the quarter ended December 2018 compared to Rs 2,269 crore in the same period of last year.The EBITDA (earnings before interest, tax, depreciation and amortisation) was Rs 680 crore, down by 4 per cent compared to Rs 707 crore in the same period of last year. Profit after tax grew by 2 per cent to Rs 533 crore from Rs 521 crore.Royal Enfield sold 193,871 motorcycles in the quarter, registering a decline of 6 per cent from 202,736 motorcycles sold in the same period last year, the company informed stock exchanges."The latter half of 2018 was a challenging period for the two-wheeler industry in India," said Siddhartha Lal, Managing Director and CEO of Eicher Motors. "Factors like increased insurance requirements, rising raw material costs and the subsequent price increase due to regulatory safety requirements impacted the momentum of the industry."Lal said .
Middle East's fintech revolution to be showcased in Bahrain
Bahrain's central role in the rapidly developing world of FinTech will be celebrated later this month as the annual Fintastic Week, a series of conferences and seminars for experts from the global financial and technology communities, is held in Bahrain between February 24 - 29.Over a thousand delegates from the worlds of business, government and academia will be in Bahrain to learn more about the latest trends in the reinvention of financial services and enjoy keynote speeches from world-renowned speakers. Events will also include best practice workshops for start-ups and fireside conversations with respected FinTech pioneers and leaders.Fintastic Week will see Bahrain hosting the eighth GCC Financial Forum on 26 - 27 February, an annual event that has become an increasingly important date for the diary of the region's FinTech community. Global tech innovator and Apple Computers Co-founder Steve Wozniak will take centre stage and share his thoughts and predictions on the current and .
Vietnam's foreign minister to visit North Korea ahead of Trump-Kim summit
Vietnam's foreign minister will fly to North Korea Tuesday for an official state visit, the ministry announced, ahead of a second planned summit between US President Donald Trump and North Korean leader Kim Jong Un. Trump announced last week on Twitter that the communist state's capital Hanoi will be the host for a second summit with the elusive North Korean head of state on February 27-28. Vietnam's Foreign Minister Pham Binh Minh "will pay an official visit to DPRK from February 12 to 14" at the invitation of his North Korean counterpart Ri Yong Ho, Vietnam's foreign ministry announced on its website Monday. No further details were provided for the visit, but ministry spokeswoman Le Thi Thu Hang said last week Vietnam is "willing to make positive contributions... for a successful US-North Korea summit". The high-profile event is expected to draw hundreds of reporters from all over the world, as the two leaders discuss steps for North Korea's denuclearisation. It follows a landmark ..
Exclusive: Thyssenkrupp, Tata Steel set to get EU warning on steel JV - sources
BRUSSELS (Reuters) - EU antitrust regulators will likely warn this week Germany's Thyssenkrupp and India's Tata Steel about their landmark joint venture unless they pre-empt the move by offering concessions, people familiar with the matter said on Monday.