Page 1149 - Business Finance
DHFL tumbles on buzz Govt launches probe
Dewan Housing Finance Corporation fell 15.32% to Rs 136.85 at 13:48 IST on BSE on reports the government has launched a probe into allegations of financial mismanagement against the company.
Axis Bank Ltd spurts nearly 2%
Axis Bank Ltd is quoting at Rs 704.4, up 1.95% on the day as on 12:49 IST on the NSE. The stock is up 18.83% in last one year as compared to a 2.42% drop in NIFTY and a 0.75% drop in the Nifty Bank index.
DHFL stocks continue to bleed, plunges 20%
Stocks of Dewan Housing Finance Corp (DHFL) plunged further on Thursday as its share prices fell 20 per cent after reports emerged that the Ministry of Corporate Affairs (MCA) may probe allegation of a Rs 31,000 crore scam.
Castrol India lines up Rs 140 cr to expand capacity of Silvassa plant
Lubricant maker Castrol India is planning to invest Rs 140 crore at its Silvassa plant over the next two years in order to enhance its installed capacity by 50 per cent. The company, which has posted an 8 per cent increase in its net profit to Rs 212 crore for the fourth quarter ended December 2018, currently produces around 80 million litres annually at the plant. "In line with our strategic agenda to drive growth and be future-ready, the board has approved an expansion investment plan of Rs 140 crore at our Silvassa plant. This investment, spread over the next two years, will scale up capacity at the facility by 50 per cent," Castrol India Managing Director Omer Dormen said in a statement. The company had reported a net profit of Rs 197 crore during the corresponding period of the previous year. Total revenue rose to Rs 1,059 crore for the fourth quarter as compared with Rs 986.7 crore during the October-December period of 2017, Castrol India said in a statement. The company follows
Ghosn: Resistance to Renault-Nissan integration behind arrest
Carlos Ghosn, the former head of Renault and Nissan, said Thursday that internal opposition to greater integration of the two car giants was behind his arrest in Japan. "There was opposition and anxiety on the project of bringing the two companies together," Ghosn told AFP and a French daily from his Tokyo detention centre where he is fighting charges of financial misconduct.
Us Federal Reserve signals patience on interest rates
The US Federal Reserve has said that it would be "patient" with any increase in interest rates this year, amid strong macroeconomic performance alongside growing evidence of crosscurrents and slowing down of some major foreign economies, particularly China and Europe. The cumulative effects of those developments over the last several months warrant a patient wait and see approach regarding future policy changes, Federal Reserve Chairman Jerome Powell told reporters on Wednesday after the meeting of the Federal Open Market Committee. "In particular, our statement today says, in light of global economic and financial developments and muted inflation pressures, the committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate," he said. Powell said this change was not driven by a major shift in the baseline outlook for the American economy. "Like many forecasters, we still see sustained expansion of economic activity,
Infibeam Avenues Ltd eases for fifth straight session
Infibeam Avenues Ltd is quoting at Rs 38.3, down 1.03% on the day as on 13:19 IST on the NSE. The stock tumbled 75.94% in last one year as compared to a 2.16% slide in NIFTY and a 19.31% spurt in the Nifty IT index.
Oil prices rise on Saudi cuts to U.S., Venezuela struggles to keep up exports
SINGAPORE (Reuters) - Oil prices rose for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.
Unilever fourth-quarter sales miss expectations
LONDON (Reuters) - Unilever reported lower-than-expected fourth-quarter sales on Thursday, hurt by inflation in Argentina and flat volume growth in developed markets, in its first set of results since new Chief Executive Alan Jope took charge.
South Korea shipbuilder Hyundai Heavy to take over rival Daewoo
SEOUL (Reuters) - South Korea's Hyundai Heavy Industries, the world's biggest shipbuilding group, announced a share swap deal on Thursday to take over second-ranked Daewoo to create an industry heavyweight controlling over 20 percent of the global market.
Uneecops Technologies Gets CMMI Level 5 Recognition
/ -- Uneecops Technologies acknowledged for service excellence, strong business models, innovation and process improvements Uneecops Technologies, a leading end-to-end information technology services provider, announced that it has been successfully assessed and appraised from CMMI Maturity Level 3 to CMMI Maturity Level 5. During the evaluation process, Uneecops Technologies underwent through the various quality parameters from KPMG, one of the most reputed auditing companies. This appraisal demonstrates Uneecops' strong commitment toward process maturity, delivery excellence and service quality and its business sustainability journey. Speaking on this occasion Piyush Jain, Managing Director of Uneecops Technologies said, "We are delighted to receive the CMMI level 5 accreditation and this certification affirms that we continue to meet global quality & delivery standards. This milestone reaffirms the belief of our existing customers for continuous process improvements and our ...
Ghosn still in 'very difficult' conditions in Japan cell: lawyer
PARIS (Reuters) - Carlos Ghosn remains in very difficult conditions in his Japanese prison cell, Ghosn's French-based lawyer Jean-Yves Leborgne told French radio station RTL on Thursday.
Castor seed futures rise on good physical demand
Castor seed prices strengthened by Rs 8 to Rs 5,202 per quintal in futures trade Thursday on accumulation of holdings by participants and strong demand in the spot market. Marketmen attributed the upsurge in the castor seed futures price to robust demand from paint, soap and lubricant industries amid tight stocks on faltered supplies from growing belts in the spot markets. At the National Commodity and Derivatives Exchange counter, castor seed delivery for March hardened by Rs 8, or 0.15 per cent, to Rs 5,202 per quintal with an open interest of 69,820 lots. The delivery for April also rose by Rs 20, or 0.38 per cent, to Rs 5,284 per quintal with a business turnover of 6,790 open interest lots.
GST reduced traders' difficulties, enhanced ease of doing business: President
President Ram Nath Kovind on Thursday addressed the Joint Sitting of both Houses of Parliament ahead of the Budget Session and said that the implementation of Goods and Services Tax (GST) has reduced the difficulties faced by traders and at the same time enhanced their ease of doing business across the country."While Sardar Patel with his extraordinary abilities had accomplished the challenging objective of geographic and political integration of the nation, the task of economic integration remained incomplete. Our traders and entrepreneurs always faced difficulties in sale and purchase of their goods and in complying with different tax regimes prevalent in different states," President Kovind said."Now with the implementation of a comprehensive tax reform like the GST, the concept of 'One Nation-One Tax-One Market' has been realised. GST is proving instrumental in establishing an honest and transparent system of trade and commerce which is also benefitting the country's youth. This ...
Samsung Electronics Q4 profits slump along with global demand
Samsung Electronics, the world's biggest smartphone and memory chip maker, reported a slump in fourth-quarter net profits on Thursday, blaming a drop in demand for its key products. Net profits in the October-December period were 8.46 trillion won (USD 7.6 billion), it said, down 31 per cent year-on-year. The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world's 11th-largest economy, and it is crucial to South Korea's economic health. It has enjoyed record profits in recent years despite a series of setbacks, including a humiliating recall and the jailing of its de facto chief. But now the picture is changing, with chip prices falling as global supply increases and demand weakens. It also has to contend with increasingly tough competition in the smartphone market from Chinese rivals like Huawei - which surpassed Apple to take second place last year - offering quality devices at lower .
Silver futures surge 0.28% on global cues
Silver futures traded higher by 0.28 per cent at Rs 40,448 per kg Thursday after speculators raised bets, driven by a firm trend overseas. Silver for delivery in March traded higher by Rs 113, or 0.28 per cent, at Rs 40,448 per kg in a business turnover of 15,371 lots at the Multi Commodity Exchange. In a similar manner, the white metal to be delivered in May, too, rose Rs 76, or 0.19 per cent, to Rs 41,039 per kg in 3,059 lots. Analysts said widening of positions by traders, in sync with a firm trend on global markets for precious metals, influenced silver prices at futures trade here. In the international market, silver traded higher by 1.01 per cent at USD 16.04 an ounce in Singapore Thursday.
Vedanta Ltd rises for third consecutive session
Vedanta Ltd is quoting at Rs 196.25, up 1.11% on the day as on 12:49 IST on the NSE. The stock is down 42.52% in last one year as compared to a 2.42% drop in NIFTY and a 28.89% drop in the Nifty Metal index.
Marico Ltd soars 1.12%, up for third straight session
Marico Ltd is quoting at Rs 370, up 1.12% on the day as on 12:49 IST on the NSE. The stock is up 19.09% in last one year as compared to a 2.42% fall in NIFTY and a 8.49% fall in the Nifty FMCG index.
IndusInd Bank Ltd spurts 2.29%, up for third straight session
IndusInd Bank Ltd is quoting at Rs 1509.85, up 2.29% on the day as on 12:49 IST on the NSE. The stock is down 15.91% in last one year as compared to a 2.42% fall in NIFTY and a 0.75% fall in the Nifty Bank index.
Diageo's half-yearly sales rise on India, China demand; announces share buyback
(Reuters) - Diageo Plc, the world's largest spirits company, reported higher half-year sales on Thursday, helped by strength in India and China.