Page 1030 - Business Finance
U.S. Steel wins tax breaks from one of America's poorest cities
GARY, Indiana (Reuters) - United States Steel Corporation founded Gary, Indiana in 1906 - naming it after co-founder Elbert Henry Gary - and the city's fortunes have been closely tied to the company ever since.
Hasbro sales weighed down by Toys "R" Us collapse, shares fall
(Reuters) - Toymaker Hasbro Inc reported a bigger-than-expected fall in quarterly revenue on Friday, as it struggled with lost sales from the collapse of retailer Toys "R" Us and weak demand in the UK, sending its shares down 9 percent.
WB received Rs 2.84 lakh cr biz proposals from summit: Mamata
The fifth edition of 'Bengal Global Business Summit' has generated investment proposals of Rs 2.84 lakh crore, Chief Minister Mamata Banerjee said Friday. Terming the state's showpiece annual industry event as a "remarkable success", Banerjee said that West Bengal was the safest and warmest place to invest in the country. "The outcome is fantastic. This is reflected by the amount of investment proposals we received," she said. During the previous edition of the summit, the state had received investment proposals of around Rs 2.19 lakh crore. As many as 140 memorandums of understanding (MoUs) were signed across sectors, while 45 B2C (business to consumer) and 1,200 B2B (business to business) meetings were held during the two-day summit that concluded today. The state government expects 8-10 lakh jobs to be created from the investment proposals. "There is no strike, no suspension of work and no workers' unrest. While two crore jobs got reduced due to demonetisation and GST
UCO Bank shares decline 3 pc after Q3 results
Shares of UCO Bank Friday fell by three per cent after the company reported a loss of Rs 998.74 crore for third quarter ended December 31, 2018. The stock declined 3.05 per cent to close at Rs 17.50 on BSE. Intra-day, it fell six per cent to Rs 16.95. At NSE, shares dropped 1.65 per cent to close at Rs 17.80. The bank had posted a net loss of Rs 1,016.43 crore in December quarter of 2017-18. Total income of the bank came down to Rs 3,585.56 crore during the latest quarter as against Rs 3,721.93 crore in the same period of 2017-18, the bank said in a regulatory filing. The lender witnessed worsening asset quality as the gross non-performing assets (NPAs) ballooned to 27.39 per cent of gross loans at end of December 31, 2018, from 20.64 per cent in December 2017.
Rupee rises for 4th day; up 14 paise at 71.31/USD
The rupee appreciated by 14 paise Friday to close at 71.31 against the US dollar on persistent foreign fund inflows even as the greenback strengthened overseas amid fresh concerns over global growth. This is the fourth successive session of gain for the domestic currency, during which it has climbed 49 paise. At the Interbank Foreign Exchange, the rupee opened stronger at 71.37 a dollar. The local unit moved in a range of 71.44 to 71.03, before finally ending at 71.31, showing a gain of 14 paise. The rupee Thursday appreciated by 11 paise to close at 71.45 against the US dollar. On a weekly-basis, however, the domestic currency registered a loss of 6 paise. "Reduction in interest rates and relaxation of foreign investment limits bodes well for the rupee in expectation of overseas inflows. "So far this month, overseas investors bought USD 297.10 million in equity while they sold worth USD 304.70 million in debt market," said V K Sharma, Head - PCG and Capital Markets Strategy at HDFC ..
Shell leads cash race but Exxon catching up
LONDON (Reuters) - Royal Dutch Shell widened its lead over Exxon Mobil as king of cash among the world's top oil and gas companies last year but its U.S. rival could catch up with its investment drive in new production.
HMSI plans to bolster presence in premium mid-weight segment
Japanese auto major Honda is looking to enhance presence in India's middle weight premium two-wheelers segment under its Silver Wing mark in line with its global strategy, a senior company official said Friday. The company, which launched the first model under the Silver Wing -- CB300R motorcycle priced at Rs 2.41 lakh (ex-showroom) Friday, may look at introducing a new sales network under the range in the country. "Customer expectations in this (premium middle weight) segment are quite different from the mass segment products. So, under the global direction once we bring the models under similar (CB300R) DNA, we would like to take care of this business under this (Silver Wing) umbrella," HMSI Senior Vice President - Sales and Marketing Yadvinder Singh Guleria told reporters here. The middle weight segment (300-600) in India is currently dominated by players like Royal Enfield and is pegged at around 2 lakh units per annum. Guleria said the premium range will not be taken care under ..
Projects worth Rs 237.27 crore cleared to boost dairy infra
Three projects worth Rs 237.27 crore has been cleared as part of strengthening dairy infrastructure in the State and were awaiting approval from the Dairy Development Board, Tamil Nadu deputy chief minister O Panneerselvam said Friday. The government has been giving major thrust to improve the milk processing and other infrastructure facilities in the dairy co-operatives, Panneerselvam, who holds the finance ministry portfolio, said while presenting the budget for 2019-20. "During 2018-19, the project screening committee has cleared three projects worth Rs 237.27 crore under Dairy Infrastructure Development Fund and sanction is awaited from the National Dairy Development Board," he said. For fiscal 2019-20, he said the government allocated Rs 200 crore for strengthening milk processing infrastructure. A frozen semen station with high pedigree country and cross bred bulls will be established at an estimated cost of Rs 100 crore, he said. Panneerselvam said Rs 1,252.41 ...
Asia Gold: Indian jewellers stock up; holiday dims activity elsewhere
MUMBAI/BENGALURU (Reuters) - Demand for physical gold in India rose this week as jewellers stocked up for a major exhibition, allowing dealers to cut discounts to the lowest in two months, while the Lunar New Year holiday kept activity subdued in other major Asian hubs.
M&M shares fall nearly 3 pc post Q3 earnings
Shares of Mahindra & Mahindra Friday fell nearly 3 per cent after the company reported 11.44 per cent decline in standalone profit after tax (PAT) for the third quarter ended December 2018. The company's shares declined 2.64 per cent to close at Rs 683 on the BSE. Intra-day, it dropped 3 per cent to Rs 680. At the NSE, shares slipped 2.68 per cent to close at Rs 682.10. In terms of volume, 4.66 lakh shares changed hands at BSE, while over one crore shares were traded on the NSE during the day. The homegrown auto major reported 11.44 per cent decline in standalone PAT at 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. Total income during the period under review stood at Rs 13,411.29 crore. It was at Rs 11,676.05 crore in the year-ago quarter.
Tata Steel Q3 profit jumps over 54 pc to Rs 1,753-cr
Tata Steel on Friday reported a 54.33 per cent jump in consolidated net profit to Rs 1,753.07 crore during the quarter ended on December 31, 2019, helped by higher income. The company had posted a net profit of Rs 1,135.92-crore for the same quarter a year ago, according to a regulatory filing. Total income on consolidated basis jumped to Rs 41,431.37 crore during October-December 2018, from Rs 33,672.48 crore in the year-ago quarter, the company said. Its total expenses during the said quarter were at Rs 38,362.03 crore as against Rs 30,552.03 crore in the corresponding period of the previous fiscal. In a statement, Tata Steel CEO and Managing Director T V Narendran said, "Tata Steel is committed to growing its India footprint while focusing on benchmark operational performance, superior market presence, strong customer relationships and sustainability." Despite a sharp drop in international steel prices, the company was able to maintain overall realizations and increased volumes ...
World Bank likely to offer seed investment in Shelter Fund:OPS
The World Bank has evaluated the Tamil Nadu Shelter Fund for attracting investments in the affordable housing segment and is likely to provide seed investment, deputy chief minister O Panneerselvam said Friday. The state government has registered the Fund with market regulator SEBI to attract domestic and global investors. "The fund would be deployed to create environment friendly, quality affordable houses for sale to the poor and middle class families," Panneerselvam said, while presenting the budget for 2019-20, here. In 2018, the government had received the nod from Securities and Exchange Board of India to launch the fund. Panneerselvam, who holds the finance ministry portfolio, said, the fund would also be used to set up affordable hostel facilities for working women to address their needs and also to senior citizens and the differently abled. "The World Bank has evaluted this fund and is likely to provide seed investment.
RBI fines Allahabad Bank Rs 1.5 cr for not monitoring fund use, fraud reporting delay
State-owned Allahabad Bank on Friday said the RBI has imposed a penalty of Rs 1.5 crore on the lender for not monitoring end use of funds, among other violations. "We have to inform you that the Reserve Bank of India...has imposed a penalty of Rs 1.5 crore on the bank for not monitoring the end use of funds, delay in classification and reporting of fraud and non-adherence with RBI guidelines during restructuring of accounts in respect of one of its borrowers," the bank said in a regulatory filing. The amount of penalty is not material considering the size of the bank, it added. The Kolkata-headquartered lender said it has taken necessary preventive measures to strengthen internal controls to avoid such recurrence. Earlier this week, the regulator had imposed penalties on Axis Bank, UCO Bank and Syndicate Bank for violation of various norms. The gross penalties on these three lenders amounted to Rs 5.20 crore.
BPCL quarterly profit dives 77 percent but tops estimates
(Reuters) - India's Bharat Petroleum Corp Ltd reported on Friday a 77 percent plunge in third-quarter net profit, dragged down by higher expenses including raw material costs.
Lower sales, poor results dent auto stocks, Tata Motors top loser
Auto stocks took a major hit on Friday led by Tata Motors which was the top Sensex and Nifty loser in early trade following its declaration of a massive third quarterly loss the day before.
India's domestic financial allocations for health a global benchmark: Nadda
Union Health and Family Welfare Minister J.P. Nadda on Friday said that the financial allocations for health in India had drastically increased over the years setting a benchmark for other countries.
Banks lend Rs 21,821-cr credit to beneficiaries in J&K
The banks in Jammu and Kashmir have extended a total credit of Rs 21,821.98 crore in the first three quarters of 2018-19, Chief Secretary B V R Subrahmanyam here said. He constituted 109th State Level Bankers' committee on Thursday to look into the impediments hampering smooth flow of credit to agriculture, housing and Micro, Small and Medium Enterprises (MSME) sector through banks. Banks operating in Jammu and Kashmir have extended a total credit of Rs 21,821.98 crore in favour of 6,20,993 beneficiaries both under priority as well as non-priority sector of the economy during the first three quarters of 2018-19, achieving 68.84 per cent of the target in financial terms and 58.11 in physical terms," Subrahmanyam said. Under the priority sector, banks have disbursed credit worth Rs 11,511.35 crore in favour of 3,78,257 beneficiaries achieving 48.49 per cent of the target in financial terms and 45.06 per cent in physical terms, The annual target for priority sector was 23,741,91 crore ...
Crypto bear market threatens to last as potential token supply weighs
NEW YORK (Reuters) - Cryptocurrencies may be facing a prolonged bear market.
Seeking an edge, U.S. landlords turn to tenant experience apps
NEW YORK (Reuters) - The firm that sold Chelsea Market to Google for $2.4 billion has joined three large brokerages, among others, to back software designed to meet the growing demands of a millennial workforce that is changing how office space is leased and managed.
Bank of America appoints head of new EU unit in Brexit move
LONDON (Reuters) - Bank of America Merrill Lynch has named Sanaz Zaimi as head of its new Paris-based European Union broker-dealer unit BofA Securities Europe, the U.S. bank said on Friday.