Page 1146 - Business Finance
Vedanta quarterly profit dives 21 percent, but beats estimate
(Reuters) - Indian miner Vedanta Ltd posted on Thursday a 21.1 percent fall in third-quarter profit, hit by a drop in commodity prices and shutdown of its copper smelter in south India.
DHFL stocks end 16% lower; company denies MCA probe
Stocks of Dewan Housing Finance Corp (DHFL) closed 16 per cent lower on Thursday after reports emerged that the Ministry of Corporate Affairs (MCA) may probe allegation of a Rs 31,000-crore scam involving the company.
Power Grid Q3 net up 14.2 pc to Rs 2,331.17 crore
Power Grid Corporation of India Ltd Thursday reported a 14.22 per cent rise in its standalone net profit to Rs 2,331.17 crore for the December 2018 quarter. The company had posted a net profit of Rs 2,040.83 crore for the corresponding quarter a year ago. The total income of the company also increased 14.19 per cent to Rs 8,890.21 crore for the quarter, against Rs 7,785.04 crore reported in the third quarter of the previous fiscal year, Power Grid said in a BSE filing. Shares of Power Grid settled 0.86 per cent higher at Rs 188.65 apiece on the BSE.
Ikea expects 5 million footfalls in Hyderabad outlet in first
Swedish furniture maker Ikea Thursday said it expects to witness five million footfalls in its outlet here during the first year of its opening against the estimated seven million. Describing India as "price-sensitive" market, Hyderabad Store Manager, Ikea India, John Achillea also said as of now the outlet sold half a million packs of four-spoon set. Ikea opened its first Indian outlet here on August 9 here. "We have seen amazing response from Hyderabadi locals. We see thousands of people coming to the store. They are coming from all other cities of the country. it has been a great learning experience. "Our ambition is to have more footfalls. Original number which we are looking at was seven million and we are around 5 million for a year," he told reporters. The home furnishing company is launching a textile collection which is "made in India and inspired by India" named "Anglatarar" Friday. The Indo-Swedish design collectionwas unveiled in a press conference ...
Ahmedabad firm to launch facial recognition tool for cattle insurers
An Ahmedabad-based company will soon launch what it claims to be the first-ever integrated device system for cattle identification for insurance purposes.
ICICI Bank shares end lower over net interest margin concerns
(Reuters) - Shares in ICICI Bank shed early gains to close lower on Thursday, as concerns about the lender's net interest margins weighed on the stock amid a rally in Indian equity markets.
Hope to attract Rs 80,000 Cr investment into Himachal: CM
Himachal Pradesh is hoping to attract an investment of over Rs 80,000 crore into the state, Chief Minister Jai Ram Thakur said here Thursday. He participated in an interactive session with investors in Hyderabad in connection with the "Global Investors Meet" (GIM) proposed to be organised on June 10 and 11 at Dharamshala. "We, in Himachal Pradesh, hope good investment will come. Because, Himachal Pradesh is a small state, we are not talking big. Still, we are moving ahead with a target of over Rs 80,000 crore," he told reporters, when asked whether any target has been set for investment in the GIM. Observing that no initiative to invite investors had been taken in Himachal Pradesh, he hoped that the state would get good investment now that an effort is being made. Asked what Himachal's USP would be as all the states are pitching for investments, he said there is a good atmosphere to work in comparison with others and that private investment would be useful for the ...
Quick Wrap: Nifty Energy Index rises 2.17%, NIFTY jumps 1.68%
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IndiGo operator to build MRO facility at Bengaluru airport
Leading budget carrier IndiGo operator InterGlobe Aviation Ltd would build a Maintenance, Repair and Overhaul (MRO) facility at the Bengaluru airport on the city's northern outskirts, said the airport operator on Thursday.
Yamaha Motor India sales head Roy Kurian quits
Yamaha Motor India's head of sales and marketing Roy Kurian has put in his papers after serving the company for over 15 years. Kurian, who joined the company in 2003, has resigned with immediate effect. "I think 15 years is a good enough period in a company. I contributed to the company in whatever way possible. It is now time to take new challenges," Kurian, who was the company's senior vice-president, sales and marketing, told PTI. He was instrumental in the Japanese firm gaining foothold in the Indian market. Kurian was responsible for expanding sales network as well helping the company surpass the target of achieving one million sales per annum in domestic and export markets. "The target of achieving one million sales in domestic market, however, remains unrealised," Kurian said. "I never thought I would ever leave such a great company, but I have decided to move on and take my career in a new direction," he said. When asked about his next assignment, Kurian declined to comment.
Ferrari fourth-quarter core earnings up 6 percent, shares rise
MILAN (Reuters) - Italian luxury maker Ferrari on Thursday posted an expected 6 percent rise in fourth-quarter core earnings, helped by positive performance from across its regions.
Qatar Investment Authority invests $200 mn in Airtel Africa
Bharti Airtel on Thursday said the Qatar Investment Authority (QIA) has completed the proposed investment of $200 million in Airtel Africa, a subsidiary of the telecom major.
Spot demand lifts zinc futures by 1.48%
Zinc prices rose 1.48 per cent to Rs 195.20 per kg in futures trade Thursday tracking a positive trend in the physical markets. At the Multi Commodity Exchange, zinc for March was trading higher by Rs 2.85, or 1.48 per cent, to Rs 195.20 per kg with a business turnover of 107 lots. The metal prices were trading at USD 2,686 per metric tonne, up 1.13 per cent, on London Metal Exchange. Marketmen said, widening of positions by participants following a pick-up in demand from consuming industries mainly kept zinc prices higher.
AgustaWestland scam accused Rajiv Saxena remanded to ED ustody
Dubai-based businessman Rajiv Saxena, co-accused in the Agusta-Westland VVIP chopper money laundering case has been sent to four days Enforcement Directorate remand by Delhi's Patiala House court.The ED, which is probing Saxena's role had sought an eight-day remand for him.Saxena was brought here early this morning after being extradited from the UAE in connection with alleged scam in the Rs 3600 crore deal for purchase of 12 VVIP helicopters from AgustaWestland company.Saxena was allegedly operating a number of bank accounts in Switzerland in which huge amounts of money were deposited, according to the government dossier.The banks in which the amounts were allegedly deposited, include Union Bancaire Privee UBP in Zurich, UBS Switzerland, and Credit Suiss AG, states the dossier accessed by ANI.The remittances into these accounts came allegedly from Matrix Group Ltd, UHY Saxena and Associates, Tiramisu Holdings Inc and Tanay Holdings Ltd, the document claimed.Along with Saxena, the UAE
Equity markets surge a day before Budget, Sensex up 665 points
Equity markets witnessed a sudden surge on Thursday, a day ahead of the interim Budget as investors expected sops for the middle class and farm sector.The benchmark BSE index Sensex shot up 665 points and closed 1.87 per cent higher at 36,256. The Nifty 50 closed 179 points higher at 10,830.Inaugurating the Budget session of Parliament in morning, President Ram Nath Kovind urged the government to focus on farmers, poor and the middle class. While the economy has been growing at over 7 per cent annually, rural incomes have plunged in the past year due to low crop prices and rising costs.Market analysts assumed a populist Budget on Friday ahead of the general elections due in April. Sops for the middle class and rural India can push consumption and domestic savings, which are key drivers of a stock market.A strengthening rupee fresh buying by foreign portfolio investors also improved the market sentiment.At the National Stock Exchange, ICICI Bank closed 0.33 per cent lower at Rs 364.70,
Reforms Being Brought To Optimize Capacity Utilization And To Reduce Congestion On Roads
Union Minister for Road Transport & Highways, Shipping and Water Resources, River Development and Ganga Rejuvenation Nitin Gadkari has said that reforms are being brought-in to optimize capacity utilization and to reduce congestion on roads as well as higher levels of road safety and service standards in the country. Speaking at the conclusion of a legal contract for procurement of the Reimbursable Advisory Services (RAS) from World Bank for enhancing the effectiveness and efficiency of the Public Transport Sector in New Delhi today, he said, the States need to improve their public transport strategy especially in urban areas.
H&M blames online investment for latest profit decline
STOCKHOLM (Reuters) - Sweden's H&M disappointed investors with a 10 percent tumble in quarterly profit, the world's second largest fashion retailer blaming investment aimed at boosting its online business for the decline.
Populist interim budget to further accelerate fiscal slippage: Fitch
Global ratings agency Fitch has warned against higher pre-election spending announcements in the upcoming interim budget which could risk a second consecutive year of fiscal slippage.
BSE to launch app to give direct access to retail investors in G-secs, T-bills auction
The BSE will launch a mobile app Friday to help retail investors participate directly in the auction of government securities and treasury bills conducted by the Reserve Bank of India. The app would enable investors to directly participate in the auction without the involvement of a registered trading member of the BSE, the exchange said in a statement Thursday. The exchange will also enable trading of treasury bills (T-bills) in the capital market segment from Friday. The trading of T-bills in secondary markets will provide an exit route for investors who have been holding securities in the demat format. Last month, the BSE had launched BSE-Direct, an online bidding platform for retail investors, to participate in non-competitive bidding of government securities (G-secs) and T-bills. The platform offers a user-friendly interface, allows 24x7 bidding and enables collection of bids from investors. Investors who bid through the platform have a facility to electronically pay from their ..
Denmark's Danfoss to invest Rs 70-Rs 100 crore in TN plant (Lead, correcting Para 2)
Danish company Danfoss A/S has decided to expand its Indian plant near here with an investment of Rs 70-Rs 100 crore to manufacture low voltage drives, a top company official said.