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Page 1034 - Business Finance

Varroc Engineering consolidated net profit declines 12.65% in the December 2018 quarter

Sales rise 16.32% to Rs 2954.99 crore

Updated On : 08 Feb 2019 | 5:04 PM IST

Inflows In Equity Mutual Funds Drop For Third Month

Updated On : 08 Feb 2019 | 5:04 PM IST

Airtel Kenya to merge operations with Telkom Kenya

Bharti Airtel said Friday that its subsidiary Airtel Networks Kenya has inked an agreement with Telkom Kenya to combine operations, including mobile, enterprise and carrier services businesses. The combined entity will operate as Airtel-Telkom, and the closure of the deal is subject to statutory approvals, a Bharti Airtel statement said. "As per the agreement, both the partners will combine their operations in Kenya and establish an entity with enhanced scale, operational efficiency and strategic brand presence," the statement said. The integrated telecom firm will offer greater choice and convenience for consumers and business customers, it added. "The entity will invest in networks to further accelerate roll out of future technologies. The Enterprise and Carrier Services businesses should benefit from a larger fibre footprint and an increased number of enterprise customers - including both large corporations and SMEs who would have access to a diverse portfolio of world-class ...

Updated On : 08 Feb 2019 | 5:00 PM IST

BHEL flags off energy-efficient electric locomotive to Railways

State-run BHEL Friday said India's first electric locomotive with a regenerative system developed by the PSU for Indian Railways has been flagged off from its Jhansi plant. The regenerative technology helps avoid loss of heat energy when brakes are applied and feeds the energy back to the overhead power lines. BHEL has developed a state-of-the-art regeneration system through in-house R&D efforts for Indian Railways' fleet of conventional electric locomotives, a company statement said. The country's first such regenerative 5,000 HP WAG-7 electric locomotive was flagged off from the company's Jhansi plant, it added. The idea of developing the energy-efficient regeneration system was mooted by Indian Railways and BHEL responded to it by successfully developing the technology in-house, giving an impetus to the Make in India initiative. Presently, Indian Railways' electric locomotives have a dynamic braking system where the energy generated during application of brakes gets wasted in .

Updated On : 08 Feb 2019 | 4:51 PM IST

Equities extend losses after dismal results by Tata Motors

Stock markets extended losses on Friday after auto major Tata Motors posted its worst quarterly loss of Rs 26,993 crore due to an impairment charge of 3.1 billion pounds for Jaguar Land Rover.Shares of SAIL and Vedanta too nosedived 6 per cent and 5 per cent. Welspun Crop, Jindal Steel and Tata Steel contributed to the fall.The S&P BSE Sensex closed 425 points or 1.15 per cent lower at 36,546. The Nifty 50 closed 126 points or 1.14 per cent down at 10,943.Tata Motors shares plunged nearly 18 per cent to close at Rs 150.15, marking its biggest intra-day fall in several years.The auto maker has been suffering due to challenges at its British subsidiary JLR, which has been hit by low demand for diesel cars in Europe and Brexit worries.Financial stocks also slipped during the day with ICICI Bank and State Bank of India showing negative performance.However, Anil Ambani-led Reliance Group gained after it accused L&T Finance and Edelweiss Group of invoking and selling pledged shares .

Updated On : 08 Feb 2019 | 4:50 PM IST

Deutsche Bank, Commerzbank merger talk 'speculation' - German finmin

LONDON (Reuters) - German Finance Minister Olaf Scholz said on Friday he was in talks with banks about their future and called reports of a merger of Deutsche Bank and Commerzbank "speculation".

Updated On : 08 Feb 2019 | 4:46 PM IST

Tata Steel third-quarter standalone profit soars

(Reuters) - India's Tata Steel Ltd posted an 83.6 percent surge in third-quarter standalone net profit on Friday.

Updated On : 08 Feb 2019 | 4:46 PM IST

Gold on track for first weekly loss in three on strong dollar

(Reuters) - Gold held steady on Friday en route to its first weekly loss in three, pressured by gains in the dollar, but kept above the $1,300 level by concerns over economic growth in Europe and elsewhere.

Updated On : 08 Feb 2019 | 4:46 PM IST

Release food subsidy bills to protect farmers, Naveen tells

Odisha Chief Minister Naveen Patnaik Friday demanded that the Centre immediately release food subsidy bills amounting of Rs 3,654 crore payable to the state to protect farmers' interest. "It is a matter of concern that the subsidy bills amounting to Rs 3654.41 crore (which includes the advance subsidy up to March 2019) relating to Odisha are pending," Patnaik said in a letter to Union Consumer Affairs, Food & Public Distribution Ram Vilas Paswan. "Such a huge pendency is causing shortage of funds at OSCSC (Odisha State Civil Supplies Corporation), which may become a major road block for ensuring timely payment to farmers," the chief minister said. Patnaik wrote the letter to the Union minister seeking early release of subsidy money ahead of the Lok Sabha polls which is likely to be held along with the state assembly elections. The chief minister said the OSCSC, a state PSU, has been procuring paddy since 2003-04 on behalf of the state government and funds for the ...

Updated On : 08 Feb 2019 | 4:40 PM IST

In-flight sales: IndiGo approaches RBI for use of rupees in international flights

Budget airline IndiGo has approached the Reserve Bank seeking relaxation in foreign exchange norms regarding use of Indian rupees for onboard sales in international flights. Union Minister Pon Radhakrishnan Friday told the Lok Sabha that an appropriate decision on the matter would be taken by the Reserve Bank of India (RBI) after due process. IndiGo is the country's largest airline in terms of domestic market share and also flies to more than 15 international destinations. In a written reply, the Minister of State for Finance said that the RBI has received an application from IndiGo to effect in-flight sales in Indian rupees on its international flights. Approval has been sought "to export currency notes up to Rs 1,50,000 to enable them to provide the change to passengers making purchases onboard in Indian rupees on its international flights", he said. According to the minister, the airline has also sought permission to import "without any limit", currency notes in rupees that are ...

Updated On : 08 Feb 2019 | 4:40 PM IST

Himachal pegs growth at 7.3% this fiscal

Himachal Pradesh's economic growth is expected to be 7.3 per cent this fiscal and its per capita income is estimated at Rs 1,76,968, Chief Minister Jai Ram Thakur told the Assembly on Friday.

Updated On : 08 Feb 2019 | 4:35 PM IST