Page 1162 - Business Finance
SIS Q3 net profit rises 27 pc to Rs 59 cr
Security and Intelligence Services (India) Ltd (SIS) Wednesday reported a 26.9 per cent rise in its net profit to Rs 59.1 crore for the third quarter ended December 2018. The company's net profit stood at Rs 46.5 crore in the corresponding quarter of 2017-18. Its revenue increased by 19.5 per cent to Rs 1,836.8 crore as against Rs 1,537.7 crore in the corresponding period a year ago, SIS said in a statement. SIS Group Managing Director Rituraj Sinha said: "We have continued to demonstrate this regularly, quarter-on-quarter, resulting in a 6.5 per cent quarterly profit growth for the past 7 quarters." "Our quarterly revenue CAGR of 6.7 per cent during this time has taken us close to our Vision 2020 plan to become the largest company in security services, facility management and cash logistics," he added The investment in technology and solution selling continues apace and the company look to being the market leader in technology-led security solutions in the coming years, he added.
Oil prices rise more than 1 percent on Venezuela sanctions
LONDON (Reuters) - Oil prices rose more than 1 percent on Wednesday, boosted by concerns about supply disruptions following U.S. sanctions on Venezuela's oil industry but pegged back by uncertainty over the global economy.
Bangladesh to sue Philippine bank over USD 81m cyber heist
Bangladesh will Wednesday file a lawsuit in New York against a Philippine bank over its involvement in one of the biggest-ever cyber heists, the country's central bank governor said. Unidentified hackers stole USD 81 million from the Bangladesh central bank's account with the US Federal Reserve in New York in February 2016. The money was then transferred to a Manila branch of the Rizal Commercial Banking Corp (RCBC), swiftly withdrawn and laundered through local casinos. A case will be filed against RCBC and "all others" involved in the heist to try and retrieve the stolen funds, Bangladesh central bank governor Fazle Kabir told AFP. An agreement between the bank and the US Federal Reserve in New York had been signed to assist Dhaka in the case, he added. Bangladesh has sent a legal team to New York and is prepared to fight for the money to be returned, Kabir told reporters in the capital Dhaka. The Philippines in 2016 imposed a record USD 21 million fine on RCBC after investigating ..
DHFL stock ends 5% lower
Dewan Housing Finance Corp (DHFL) stocks fell for the third day, ending 5 per cent lower on Wednesday, after the scrip tanked close to 10 per cent earlier in the day.
Fresh twist in Leela sale saga, headed for NCLT
The Leela Hotels acquisition by various suitors has taken a turn for the worse.
APM Terminals Pipavav Q3 net up 4 pc to Rs 52 cr
APM Terminals Pipavav Wednesday said its standalone net profit rose by 5 per cent to Rs 52.2 crore during the December 2018 quarter. The company, formerly Gujarat Pipavav Port Ltd, had posted a Rs 49.9-crore net profit during the corresponding quarter a year ago. Its revenue from operations stood at Rs 174.7 crore, against Rs 162.7 crore in the third quarter. The company said its container cargo business for the quarter stood at about 2,51,000 TEUs (twenty-foot equivalent units), bulk business was at 0.33 MT and liquid business was at about 015 MT. Besides, the 'roll-on, roll-off' (Ro-Ro) business handled about 20,000 cars for the quarter under review. APM Terminals Pipavav Managing Director Keld Pedersen said: "The company has registered a YoY growth of 45 per cent in container volume with the healthy mix of EXIM, Transshipment and Coastal volumes. At 2,51,000 TEUs, the company has registered the highest quarterly container volume." APM Terminals Pipavav is one of gateway ports for ..
Coal India board to consider share buyback on Monday
State-owned CIL announced that its board will meet on Monday to consider and approve buy back of shares of the company. "Board meeting of the company is scheduled on Monday, the February 4, 2019 interalia to consider and approve buyback of the fully paid up equity shares of the company having face value of Rs 10 each," Coal India (CIL) said in a BSE filing Wednesday. CIL accounts for over 80 per cent of domestic coal output.
JSHL posts Rs 55-cr PAT in Dec Qtr
Jindal Stainless (Hisar) Wednesday said its standalone profit after tax (PAT) fell by 59 per cent to Rs 55 crore during the third quarter ended December 31. The company had clocked Rs 134 crore PAT in the same quarter a year ago, JSHL said in a statement. During the said quarter, the company said, its revenue dropped by 8 per cent to Rs 2,233 crore compared to Rs 2,439 crore in the corresponding period last year. "As Nickel prices declined...the markets witnessed continued destocking. Contrary to the expectations of a festive season, demand from major segments like automobiles and consumer goods slowed down during the quarter. "Though the overall demand for stainless steel remained intact, off-take in certain segments, such as automobiles, temporarily slowed down. Combined with falling Nickel prices, there was continued destocking in the third quarter," JSHL MD Abhyuday Jindal said. In the subsequent quarters, he said, the company expects a market rebound, given the stable outlook for
Delhi govt to develop modern flower, poultry markets at Gazipur
The government will develop modern flower and poultry markets at Gazipur as the Delhi Agricultural Marketing Board (DAMB) passed its budget Wednesday. According to a statement, the Agricultural Produce Market Committee (APMC) also held its budget meeting under the chairmanship of Development minister Gopal Rai. The DAMB has also plans to develop a modern 'mandi' at Tikri Khampur. "This is a flagship project (development of modern flower market at Gazipur) in the Delhi government. "The detailed design and drawings for this project have been prepared and approved by all the civic authorities and a detailed project report is under preparation," it stated. The statement said that this project has special features of development of exhibition centre for all varieties of flowers as per directions of Chief Minister Arvind Kejriwal. The tender for development of this 'mandi' will be called by February 19. A budget provision of Rs 1.2 crore has been kept in RE 2018-19 and Rs 10.0 crore in the .
Koenigsegg super cars team up with Saab successor to go electric
STOCKHOLM (Reuters) - The Chinese-backed company born from the remnants of bankrupt Swedish automaker Saab is investing 150 million euros ($171 million) in a venture with Swedish super car brand Koenigsegg, in a move that could see them develop new electric models.
Wall Street opens higher on Apple, Boeing boost
(Reuters) - U.S. stocks opened higher on Wednesday, as results from Apple Inc and Boeing Co calmed nerves ahead of the Federal Reserve's update on monetary policy and fresh U.S.-China trade talks.
Ajanta Pharma net profit dips 55% to Rs 67 cr in Dec quarter
Drug firm Ajanta Pharma Wednesday reported a 54.63 per cent dip in consolidated net profit to Rs 66.90 crore for the December 2018 quarter. The company had posted a net profit of Rs 147.47 crore for the corresponding period of the previous fiscal, Ajanta Pharma said in a filing to the BSE. Consolidated revenue from operations of the company stood at Rs 485.11 crore for the quarter, against Rs 587.05 crore for the corresponding period a year ago. In a separate filing, the company said its board has approved a proposal for buyback of not exceeding 7.69 lakh shares at a price of Rs 1,300 per share in cash for an aggregate consideration not exceeding Rs 100 crore. Ajanta Pharma Managing Director Yogesh Agrawal said: "This quarter was a bit challenging for the company which was the result of pipeline filling in corresponding quarter of previous year which got normalised." This quarter also saw a significant drop in the anti-malarial business due to changing conditions of this business ...
Why Tim Cook is not able to sell 'super premium' iPhones in India
Apple CEO Tim Cook, who skipped mentioning India directly during the company's earnings call with analysts, has said that there are several factors why iPhone sales are not picking up in the emerging markets like India.
India to account for 40 per cent of global rail travel by 2050: Report
Indian railways will have a share of 40 per cent of the total global rail activity and save around USD 64 billion on fuel bills by 2050, a report by a Paris-based inter-governmental organisation has said. The report -- The Future of Rail Opportunities for energy -- released Wednesday by the International Energy Agency said the annual investment in rail infrastructure will increase to USD 330 billion in 2050 globally, on the basis of projects currently in various stages of construction and planning. "Rail activity in India is set to grow more than any other country, with passenger movements in India reaching 40 per cent of global activity... The biggest part of the increased investment goes to infrastructure for urban rail (nearly USD 190 billion) and high-speed rail (USD 70 billion); the additional costs of the trains are small in comparison. "As a result of these investments, in 2050 fuel expenditures are reduced by around USD 450 billion, relative to the base scenario. India could ..
Zydus Wellness completes acquisition of Heinz India
Consumer healthcare firm Zydus Wellness on Wednesday announced to complete its Rs 4,595-crore acquisition of Heinz India's consumer wellness business, which includes popular brands Complan and Glucon D. The acquisition was announced on October 24 last year when the company had entered into a definitive agreement to acquire Heinz India's business comprising Complan, Glucon D, Nycil and Sampriti Ghee brands along with its two large manufacturing facilities. Zydus Wellness Chairman Sharvil Patel said: "Closing of this transaction represents a new and exciting chapter for Zydus Wellness as we continue our journey of transformation into a leading player in the wellness domain." He further said: "Together we look forward to leveraging the strengths of the legacy brands and our capabilities to merge science and innovation and drive value for our consumers and our stakeholders." Heinz India, a subsidiary of the US-based Kraft Heinz, has a distribution network of over 800 and over 20,000 ...
Chanda Kochhar indicted by Justice Srikrishna Committee in Videocon loan case
Beleaguered former ICICI Bank Chief Executive Chanda Kochhar was in for fresh trouble with the Justice Srikrishna Committee indicting her for violation of bank's code of conduct and conflict of interest duties in the controversial Rs 3,250-crore loan for the Videocon Group, a part of which went to a company run by her husband Deepak, that will cost her various financial benefits.
AT&T misses revenue estimates on slower wireless customer growth
(Reuters) - AT&T Inc on Wednesday reported quarterly revenues and new wireless subscribers that fell short of Wall Street expectations, sending shares down nearly 3 percent, as its focus shifted to paying down debt from boosting its customer base.
Anthem speeds up pharmacy benefits launch, sees 2019 profit above estimates
(Reuters) - Anthem Inc surprised Wall Street by moving ahead the launch of its in-house pharmacy benefits management business, as the company seeks to firm up its position against leading health insurers that have signed billion dollar deals to cut costs.
Indian Oil looking for annual deal to buy U.S. oil
NEW DELHI (Reuters) - Indian Oil Corp, the country's top refiner, is looking for an annual deal to buy U.S. crude as it seeks to broaden its oil purchasing options, its chairman said on Wednesday, amid uncertainties over imports from Iran.
Only 36 per cent disabled people employed in India: TRRAIN survey
Only 36 per cent of disabled persons in India are employed, of which 90 per cent are in the unorganized sector, said a new report by Trust for Retailers & Retail Associates of India (TRRAIN) here on Wednesday.