Page 1147 - Business Finance
India helped Facebook gain daily users, log record profits
Despite facing intense scrutiny over data privacy, Facebook stock rose 12 per cent after it logged a record revenue of $16.91 billion --- up from $12.97 billion in the year-ago period -- in the fourth quarter that ended December 31.
Dabur India Q3 net soars 10 pc to Rs 367 cr
Homegrown FMCG major Dabur India Thursday reported 10.26 per cent rise in the third-quarter net profit at Rs 367.21 crore. The company's profit in the October-December period of 2017 was Rs 333.03 crore, Dabur India said in a BSE filing. Total income stood at Rs 2,274.46 crore, marking a rise of 11.88 per cent from the year-ago period when the income was Rs 2,032.78 crore. "We have demonstrated our operational strength again by delivering another strong performance during the quarter," CEO Sunil Duggal said. Total expenses were at Rs 1,815.41 crore in the third quarter as against Rs 1,616.63 crore in the same period a year ago. Revenue from consumer care business was up 12.66 per cent to Rs 1,911.56 crore during the reported quarter as against Rs 1,696.66 crore earlier. Revenue from food business grew 7.55 per cent to Rs 226.60 crore. Retail business was at Rs 34.24 crore as compared to Rs 32.09 crore in the year-ago period. Revenue from other segments stood at Rs 21.42 crore, up ...
Microsoft delivers robust profit, but shares take a hit
Microsoft said Wednesday it swung to profit in the past quarter on gains in cloud computing and business services, but shares took a hit on disappointing revenue growth. The US tech giant said profit was USD 8.4 billion in the fiscal second quarter to December 31, compared with a loss in the same period a year ago on funds set aside for one-time charges, Revenues in the period rose 12 per cent to USD 32.5 billion, Microsoft said in results a shade below most market forecasts, prompting a drop of some 3.5 per cent in after-hours trade. Chief executive Satya Nadella said Microsoft continues to see gains from its cloud services after having shifted away from many of its consumer offerings. "Our strong commercial cloud results reflect our deep and growing partnerships with leading companies in every industry including retail, financial services and healthcare," Nadella said. "We are delivering differentiated value across the cloud and edge as we work to earn customer trust every day." The
Sensex, Nifty jump; budget in focus
(Reuters) - Indian shares rose sharply on Thursday after the U.S. Federal Reserve pledged to be patient with further rate hikes, while investors awaited the 2019-20 Union Budget on Friday for further direction.
Asian slowdown spoils the picture for Swatch Group
ZURICH (Reuters) - A downturn in Asia and France hit Swatch Group in the last three months of 2018, leading the Swiss watchmaker to post lower-than-expected results for the full year and sending its shares almost seven percent lower.
NSE opens new delivery centres in commodity derivatives segment
Leading bourse National Stock Exchange (NSE) Thursday said it has introduced delivery centres in commodity derivatives segment in three new cities Mumbai, Chennai and Delhi. The move is aimed at facilitating pan-India delivery mechanism, the NSE said in a statement. Earlier, as part of the settlement mechanism for bullion contracts, Ahmedabad was treated as the base centre and the main delivery centre. The NSE said it has "introduced additional delivery centres in commodity derivatives segment in three new cities of Mumbai, Chennai and Delhi, with effect from January 25". "We are happy to bridge the gap between delivery and the consumption centre and also help facilitate delivery of commodities at different locations with enhanced efficiency with the price, as applicable, pertaining to a particular location," Ravi Varanasi, chief business development officer at the NSE said.
Aluminium futures remain weak, shed 0.26% on weak domestic demand
Aluminium prices eased further by 0.26 per cent to Rs 134.10 per kg in futures trade Thursday as speculators engaged in reducing their positions, tracking a weak trend overseas. Besides, fading demand from consuming industries at domestic spot market fulled the downtrend. At the Multi Commodity Exchange, aluminium for January declined by 35 paise, or 0.26 per cent, to Rs 134.10 per kg in business turnover of 1,851 lots. On similar lines, the metal for February delivery was trading lower by 40 paise, or 0.29 per cent, at Rs 135.60 per kg in 95 lots. Globally, aluminium slipped 0.5 per cent to USD 2,060 a tonne on the London Metal Exchange.
Agusta chopper scam accused Saxena received deposits in Swiss bank accounts, alleges dossier
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.The banks in which the amounts were allegedly deposited, include Union Bancaire Privee UBP in Zurich, UBS Switzerland, and Credit Suiss AG, says the dossier accessed by the 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 also extradited Deepak Talwar, a lobbyist.Regarding the role of Deepak Talwar, the government agencies allege that he had "facilitated dispersal of profit-making routes of India's state-carrier Air India to private airlines, using his connections with the then Civil Aviation Minister."The sources claimed that this has been "corroborated" by payments by private airlines which benefitted from "such illegalities".The ...
India in talks with U.S. to extend Iran sanctions waiver: oil ministry official
NEW DELHI (Reuters) - India is in talks with the United States to extend a waiver on sanctions imposed on Iran's crude oil exports, a senior Indian official said on Thursday.
Exclusive: At least two banks taken off of RBI's corrective action list - source
NEW DELHI (Reuters) - A Reserve Bank of India (RBI) panel has decided to remove both Bank of India and Bank of Maharashtra from its prompt corrective action plan (PCA) for state-owned banks that had high levels of bad debt and inadequate capital, a source directly aware of the development told Reuters on Thursday.
Sensex, Nifty rally ahead of interim budget
Key indices logged strong gains led by index heavyweights Reliance Industries, HDFC Bank and Infosys. The barometer index, the S&P BSE Sensex, was up 665.44 points or 1.87% at 36,256.69, as per the provisional closing data. The Nifty 50 index rose 179.15 points or 1.68% at 10,830.95, as per the provisional closing data. Intraday volatility was high due to the F&O contracts expiry of January 2019 series today, 31 January 2019.
Oil prices steady on supply, U.S.-China talks in focus
LONDON (Reuters) - Oil prices steadied after two days of gains on Thursday, as lower-than-expected U.S. fuel stock rises and U.S. sanctions on Venezuelan output boosted investor confidence but U.S.-China trade tensions weighed on sentiment.
Spirits firm Diageo hits new high as China sales surge
(Reuters) - Diageo, the world's largest spirits company, beat half-year earnings and sales forecasts on stronger demand from China and India and said it would buy back 660 million pounds ($866 million) of shares, sending its stock to a new high on Thursday.
Lower logistics cost to help boost exports by 5-8 pc: FIEO
Reduction of logistics cost by 10 per cent will help boost the country's exports by about 5-8 per cent, exporters body FIEO said Thursday. Federation of Indian Export Organisations (FIEO) President Ganesh Kumar Gupta said that implementation of the Goods and Services Tax (GST) has helped growth of the logistics sector, which is very critical in increasing international trade. High logistics cost impacts competitiveness of domestic goods in the international markets. The cost of logistics for India is about 14 per cent of its GDP and it is far high as compared to other countries. "It is estimated that a 10 per cent decrease in indirect logistics cost can increase 5-8 per cent of exports," Gupta told reporters here. He said this while addressing media over LOGIX-India 2019 programme. The commerce ministry is working on a national logistics policy, which is aimed at promoting seamless movement of goods across the country and reducing high transaction cost of traders. He also said that to
Instalment payment of claims will provide float cash for insurers: Experts
Payment of insurance claims in instalments would only provide sizeable float cash for the non-life insurers and is no way policyholder friendly, said insurance experts and a consumer activist.
Local Jewellery Demand Eases Marginally To 598 Tonnes In 2018
Annual Indian gold jewellery demand weakened marginally to 598 tonnes (t) in 2018, from 601.9t in 2017, noted the World Gold Council (WGC) in its latest Gold Demand Trends update. Q4 demand was also fractionally lower y-o-y (180.1t v. 182.4t), as consumers showed caution in the face of high and volatile local gold prices. Demand was constrained in 2018 as there were relatively few auspicious wedding days in the Hindu calendar. This had a particularly pronounced effect on Q4 demand, given that November and December are traditionally peak wedding season months. The outlook is more positive for 2019, as there is a marked increase in the number of such auspicious days.
Denmark's Danfoss to invest Rs 70-Rs 100 crore in TN plant
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.
Chalet Hotels IPO subscribed 1.48 times
The initial public offering of Chalet Hotels, which owns, develops and manages high-end hotels in key metro cities in India, was subscribed 1.48 times till afternoon trade on the last day of bidding Thursday. The initial public offering (IPO) to raise about Rs 1,641 crore received bids for 6,12,49,980 shares against the total issue size of 4,13,26,672 shares, as per NSE data till 1500 hrs. Till Wednesday, the IPO got subscribed 28 per cent. The IPO comprises a fresh issue worth Rs 950 crore and an offer for sale of up to 2,46,85,000 shares (including anchor portion of 1,75,84,071 shares). Price range for the offer is Rs 275-280 per equity share. This is the first IPO of 2019. The equity shares of the company are proposed to be listed on BSE and NSE. JM Financial, Axis Capital, and Morgan Stanley India Company Private Ltd are managing the IPO. The initial public offer opened for bidding on Tuesday.
Gold slips Rs 70 to Rs 34,000/10gm on muted demand
Snapping its upward trend, gold prices Thursday declined by Rs 70 to Rs 34,000 per 10 gram at the bullion market here on subdued demand from jewellers, according to All India Sarafa Association. Silver, however, advanced by Rs 20 to Rs 41,350 per kg on increased offtake by industrial units and coin makers. Traders said, subdued demand from local jewellers put pressure on the prices of the yellow metal but a firm trend overseas helped in reducing the decline. Globally, gold rose to USD 1,318.86 an ounce and silver rose to USD 16.02 an ounce in New York. In previous three days, gold prices had increased by Rs 770. In the national capital, gold of 99.9 per cent and 99.5 per cent purities reduced by Rs 70 each to Rs 34,000 and Rs 33,850 per 10 gram, respectively. However, sovereign gold held steady at Rs 25,900 per piece of eight gram. Silver ready rose by Rs 20 to Rs 41,350 per kg and weekly-based delivery declined by 44 to Rs 40,390 per kg. On the other side, silver coins continued to ..
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