Page 1144 - Business Finance
Oil faces uphill struggle as shale, growth risks challenge OPEC cuts: Reuters poll
BENGALURU (Reuters) - Oil prices will struggle to gain much upward traction this year, as concern about the global economy and growth in U.S. crude supply could offset a boost from OPEC production cuts and sanctions on Iran and Venezuela, a Reuters poll showed.
Emaar to appeal against NCLT order to initiate bankruptcy proceedings
Realty firm Emaar MGF Land will appeal against an NCLT order to start insolvency proceedings against the company after two homebuyers filed a petition over huge delay in delivery of their housing units, sources said. The appeal will be filed before the National Company Law Appellate Tribunal (NCLAT), they added. In 2005, Dubai-based Emaar Properties entered the Indian real estate market in partnership with India's MGF Group and invested Rs 8,500 crore in the joint venture firm Emaar MGF Land Ltd. However, in April 2016 it decided to end the 11-year old JV. In January 2018, the National Company Law Tribunal (NCLT) approved the proposed demerger scheme of Emaar MGF Land, paving the way for two JV partners to go separate ways. The demerger process got completed in July last year. Admitting the pleas of the two homebuyers of Emaar MGF Land, a two-member bench headed by NCLT President Justice M M Kumar appointed Manoj Kumar Anand as the interim resolution professional (IRP) of the company .
Emami net profit down by 6% in Q3
Fast-moving consumer goods (FMCG) company Emami Ltd on Thursday reported a six per cent decrease in its consolidated net profit to Rs 138.30 crore in the third quarter of the current fiscal, as compared to Rs 147.16 crore in the year-ago period.
Aluminium industry must slash costs, raise output: Mines secy
The Indian aluminium industry must slash production costs and raise output to tackle the global downturn, Union Mines Secretary Anil Mukim said on Thursday. "While the demand is on the rise, the continuous downturn in international aluminium market and increasing cost of production are matters of concern," Mukim said at the opening of the International Conference on Aluminium (INCAL) 2019 here. Stressing that the focus should be on reduction of cost, Mukim said since power constitutes 40 per cent of the production cost, cutting down on energy consumption is the key to make the aluminium sector competitive. State-of-the-art technology in smelting and improved operational practices in pot management are some of the other areas that need the attention of aluminium producers, he said. Noting that India produces around 3.4 million tonne of aluminium and consumes about 3.6 million tonne, he said the demand in the country is likely to get doubled in five years. Referring to ...
OPEC oil output drops in January on Saudi cut, outages and sanctions
LONDON (Reuters) - OPEC oil supply has fallen in January by the largest amount in two years, a Reuters survey found, as top exporter Saudi Arabia over-delivered on thye group's supply pact while Iran, Libya and Venezuela registered involuntary declines.
India's Tesla dream over with CFO Deepak Ahuja's exit (IANS Special)
Tesla Founder and CEO Elon Musk who handed over the keys to his Indian-origin Chief Financial Officer Deepak Ahuja to go and scout if his electric cars can run on Indian roads, has announced that Ahuja is retiring, again.
Datamatics Announces Q3 FY2019 Results
/ -- Consolidated revenue for the quarter up by 22% y-o-y to INR 2,859.25 Million and EBITDA at INR 316.62 Million, up by 52% y-o-y Datamatics Global Services Ltd. (DGSL), a global IT & BPM company, today announced the financial results for the third quarter and nine months ended on December 31, 2018. Consolidated Financial Highlights - Q3 FY2019 Revenue at INR 2,859.3 million; up 22% y-o-y, up 2% q-o-q EBITDA at INR 316.6 million; up 52% y-o-y, up by 1% q-o-q PBT at INR 192.7 million; down by 23% y-o-y, down by 41% q-o-q PAT at INR 128.4 million down; by 31% y-o-y, down by 46% q-o-q Consolidated Financial Highlights - 9M FY2019 Revenue at INR 8,266.3 million; up 22% y-o-y EBITDA at INR 946.9 million; up 61% y-o-y PBT at INR 792.3 million, up 12% y-o-y PAT at INR 580.2 million; up 3% y-o-y Commenting on the Q3 financial performance, Rahul Kanodia, Vice Chairman and CEO, Datamatics, said, "Our revenue and EBITDA for the quarter have witnessed healthy growth and the ...
MoU inked for new innovations in fight against TB
An international body and a Tata Trusts-backed collaboration have signed an MoU to accelerate the roll-out of new, people-centred innovations in the fight against tuberculosis (TB) in India and other countries. India has set a target for complete elimination of tuberculosis (TB) by 2025, five years ahead of the global target of 2030. The Stop TB Partnership and the India Health Fund (IHF) signed an MoU during the former's board meeting in Geneva, Switzerland. The MoU will focus on joint advocacy and knowledge-sharing to increase access to healthcare for people affected by the infectious disease in India and other high-burden countries by modernising how and where TB care services are provided, It will also support start-ups and, small and medium enterprises, from India, developing new, people-centred TB innovations, and identifying public and private sector donors and investors to support the initiatives. "There is an unbelievable amount of game-changing solutions coming from India, ..
Rupee ends 4 paise higher at 71.08/USD; focus on interim budget
The Indian rupee Thursday edged higher by 4 paise to 71.08 against the US dollar amid weakness in the greenback in overseas markets after the US Fed kept interest rate unchanged. Also, a massive rally in domestic equities lifted trading sentiment in forex market. At the Interbank Foreign Exchange, the Indian currency opened significantly higher but erased the morning gains during the course of the day due to month-end dollar demand from oil importers and shed 22 paise from the day's high. After opening on a firm note at 70.92, the rupee climbed further to a high of 70.86 following dollar selling by exporters, before finally closing at 71.08, up 4 paise. The rupee had Wednesday ended with just 1 paisa loss at 71.12 a dollar. While weaker American currency and heavy buying in domestic equities supported the rupee trading pattern, surging crude oil prices and a caution ahead of Friday's interim budget restricted the gains of the Indian unit. "...Fed chairman Jerome Powell suggested the ..
Corporate affairs ministry initiates inquiry into DHFL matter; set to seek info from company
The corporate affairs ministry has started inquiring into allegations of DHFL diverting Rs 31,000-crore loans and would seek more information from the housing finance firm, a senior official said. Dewan Housing Finance Corporation Ltd (DHFL) is in the eye of a storm after a report that the company through layers of shell companies allegedly siphoned off Rs 31,000 crore out of the total bank loans of Rs 97,000 crore. According to an expos by portal Cobrapost, DHFL allegedly diverted Rs 31,000 crore of loans raised from state-owned banks but the company had termed the report as mischievous with a mala fide intention. Following the report this week, the Registrar of Companies (RoC), Mumbai, has started looking into the matter. It also plans to seek certain information from the company, the official said. The official said that certain offices that were reported as shell companies "were not found at their (given) addresses". "We have started verifying them and we did a few yesterday (on ..
General Electric posts fourth-quarter profit, revenue beat; shares rise
(Reuters) - U.S. industrial conglomerate General Electric Co reported a $666 million profit from continuing operations for the fourth quarter, recovering from a $11.2 billion loss a year ago, sending its shares sharply higher.
Unilever still considering unifying dual-headed structure: CEO
LONDON (Reuters) - Anglo-Dutch consumer group Unilever is still considering unifying its dual-headed structure but the issue is not urgent, Chief Executive Alan Jope said on Thursday.
Hero MotoCorp quarterly profit slips on higher expenses
(Reuters) - Hero MotoCorp Ltd, the world's largest two-wheeler manufacturer, posted a lower profit on Thursday as higher expenses weighed.
Exclusive: Bank of India, Bank of Maharashtra to come off RBI watchlist - source
NEW DELHI (Reuters) - Bank of India and Bank of Maharashtra will be dropped from the Reserve Bank of India's prompt corrective action plan (PCA) for state-owned banks with high levels of bad debt and inadequate capital, a source told Reuters on Thursday.
Bharti Airtel posts 72 percent third-quarter profit drop as price pressure weighs
(Reuters) - Bharti Airtel Ltd posted a nearly 72 percent fall in quarterly profit on Thursday, its 11th straight profit decline on a year-on-year basis, as the telecoms bellwether suffered from continuing pricing pressure.
China appeals to US to accept its technology progress
China urged Washington on Thursday to accept its industrial development after US intelligence officials said Beijing steals or copies foreign technology, as the two sides prepared for another day of talks aimed at ending a tariff war over Beijing's technology ambitions. It is "totally unreasonable to make random accusations," said a foreign ministry spokesman, Geng Shuang. On Wednesday, US intelligence officials told Congress that China is the biggest commercial and military threat to the United States. A separate report this week said Beijing will steal or copy technologies it cannot make itself. "The United States is the world's top power in terms of technology, we acknowledge that," Geng said. "But we hope that the US can see the scientific and technological progress of other countries with an open and inclusive attitude. It must allow others to make progress while developing itself." On Monday, China's biggest technology company, Huawei, was indicted on U.S. charges including ...
Ikea resumes sale of veg biryani atstore's restaurant in
Months after suspending the sale of vegetable biryani at its cafeteria following a complaint that worms were found in it, the Ikea store here Thursday resumed it, a senior official of the Swedish furnishing company said. On September 5, last year IKEA India said it stopped selling Vegetable Biryani and Samosa in its 1000-seater restaurant located at its store here, following a complaint it received earlier from a customer. "Today is the first day we started reselling vegetable biryani," Hyderabad Store Manager, John Achillea told reporters when asked about the resumption of the sale of the dishin the restaurant. The contract with the supplier from whom they were sourcing the food item was terminated following the incident and they were now preparing biryani in the store's kitchen, he said. "We are nowpreparing biryani three to four days in a week in our in-house kitchen. We are also looking to appoint a party to supply us the dish. The Samosa will also eventually come ..
SQS India BFSI consolidated net profit declines 8.68% in the December 2018 quarter
Sales rise 0.20% to Rs 70.54 crore
GDP growth rate for 2017-18 revised upwards to 7.2 pc
The government Thursday revised upwards the economic growth rate upwards to 7.2 per cent for 2017-18 from the 6.7 per cent estimated earlier. "Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the CSO said. Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent. "The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2018," said the Central Statistics Office (CSO). The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17. During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and ...
Emami consolidated net profit declines 6.41% in the December 2018 quarter
Sales rise 7.15% to Rs 810.90 crore