Page 1179 - Business Finance
Vuitton handbags power LVMH sales, fourth-quarter in line with forecasts
PARIS (Reuters) - LVMH on Tuesday said it was "cautiously" confident about the year ahead after fourth-quarter sales held up in the face of fears of a slowdown in China, powered by accelerating growth in the Louis Vuitton handbag division.
Oil prices rise; U.S. sanctions on Venezuela seen reducing supply
NEW YORK (Reuters) - Oil prices rose more than 2 percent on Tuesday after the United States imposed sanctions on state-owned Venezuelan oil company PDVSA, a move likely to curb the OPEC member's crude exports and temper concerns about global oversupply that have weighed on crude futures.
Global Markets: Gold hits seven-month high, stocks mixed amid trade caution, results
NEW YORK (Reuters) - Gold hit an eight-month high while world stock markets were mixed ahead of further U.S.-Sino trade talks, a raft of technology company results starting with Apple later on Tuesday and an impending Federal Reserve decision on interest rates.
Wall Street edges lower on tech retreat, trade concerns
(Reuters) - The S&P 500 and Nasdaq fell on Tuesday, as technology stocks pulled back, while concerns about the upcoming U.S.-China trade talks and mixed earnings reports gave little impetus for markets to recover from a slide a day earlier.
U.S. consumer confidence hits 1-1/2 year low in January
WASHINGTON (Reuters) - U.S consumer confidence fell to a 1-1/2 year low in January as a partial shutdown of the government and financial markets turmoil left households nervous about the economy's near-term outlook.
Tata Steel BSL net loss narrows to Rs 239 cr in Q3
Tata Steel BSL, formerly Bhushan Steel, Tuesday said its net loss narrowed to Rs 239.56 crore in the third quarter ended December this fiscal. The company had reported a net loss of Rs 1,721.37 crore in the same quarter of the previous fiscal. Total income during the quarter rose to Rs 4,922.72 crore, from Rs 4,412.75 crore, it said in a regulatory filing. On May 15, 2018, the National Company Law Tribunal (NCLT) had approved the resolution plan submitted by Tata Steel Limited to acquire Bhushan Steel through its wholly owned subsidiary Bamnipal Steel Limited (BNPL). Stock of the company closed 3.83 per cent down at Rs 30.15 on the BSE.
Odisha hikes KALIA target beneficiaries five-fold
The Odisha government Tuesday decided on a five-fold increase in the number of target beneficiaries for farmers' welfare scheme KALIA for the landless agricultural household category to 5 lakh during 2019-20. A proposal to this effect was approved at the Cabinet meeting chaired by Chief Minister Naveen Patnaik here. "Though earlier it was decided to restrict the number of beneficiaries under landless agricultural households to one lakh, now it has been decided to enhance it to 5 lakh during 2019-20," said Chief Secretary A P Padhi. Each beneficiary household under the landless agricultural category will get Rs 12,500 as assistance under the Krushak Assistance for Livelihood and Income Augmentation (KALIA) scheme. Padhi said each beneficiary will be paid Rs 5,000 in the first tranche. The balance will be paid in two more tranches later. He added that it has been decided to include all eligible beneficiaries to get assistance under the KALIA scheme. He said the landless ..
SBI set to own 15 percent of Jet Airways, Etihad 40 percent: reports
NEW DELHI (Reuters) - Jet Airways creditor State Bank of India is likely to own 15 percent of the airline if the cash-strapped carrier's plan for a debt-for-equity swap is approved, Indian TV channels reported on Tuesday.
Welspun Enterprises net up 37% at Rs 47cr in Q3
Welspun Enterprises Tuesday reported a rise of 37 per cent in its net profit to Rs 47.30 crore in the third quarter ended December this fiscal. The company's net profit stood at Rs 34.40 crore in the same quarter previous fiscal. Its total income increased by 48 per cent to Rs 439.90 crore as against Rs 297.10 crore a year ago, it said in a regulatory filing.
Verizon sees no increase in 2019 profit, misses fourth-quarter revenue estimate
(Reuters) - Verizon Communications Inc on Tuesday gave full-year 2019 profit guidance that disappointed investors, and missed analysts' fourth quarter revenue estimates, though it beat on profit.
Bankrupted by deadly wildfires, PG&E vows to keep the lights on
(Reuters) - Utility owner PG&E Corp filed for bankruptcy protection on Tuesday in anticipation of liabilities from California wildfires, including a catastrophic 2018 blaze that killed 86 people.
Sainsbury's-Asda deal could live with upwards of 132 store disposals: UBS
LONDON (Reuters) - The proposed merger of Sainsbury's and rival supermarket operator Asda would be viable even if regulators forced the group to dispose of 132 stores or more, Sainsbury's house broker UBS said on Tuesday.
Indian home loan provider Dewan's shares slump over media report
NEW DELHI (Reuters) - Shares of home loan provider Dewan Housing Finance Corp fell 8 percent on Tuesday following a media report that alleged financial misappropriation by the controlling shareholders of the company.
India's bankruptcy court rejects Essar Steel owners' settlement plan: TV
MUMBAI (Reuters) - India's bankruptcy court said on Tuesday creditors could reject a $7.5 billion offer from the owners of debt-stricken Essar Steel to settle the company's debts, giving a boost to global steel giant ArcelorMittal's bid to takeover the plant.
RBI to inject Rs 37,500 cr through OMO in Feb
The Reserve Bank of India Tuesday said it will inject Rs 37,500 crore into the system through purchase of government securities in February to increase liquidity. The RBI said it has been monitoring the evolving liquidity conditions and durable liquidity requirements of the system. "Accordingly, it has been decided to conduct purchase of government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 375 billion in the month of February 2019 through three auctions of Rs 125 billion each during the 2nd, 3rd and 4th week," the RBI said in a release. There will be no auction during the first week due to the scheduled MPC meeting, it added. The apex bank said it will inform about the auction dates in the due course. The OMO for the month is indicative and the RBI retains the flexibility to change it, depending on the evolving liquidity and market conditions, it said further.
TeamLease Q3 net profit rises 37%
Staffing company TeamLease Services Tuesday reported a 37 per cent rise in consolidated net profit at Rs 25.3 crore for the quarter ended December 2018. Quarterly revenue grew by 27 per cent to Rs 1,175.9 crore for the October-December quarter of 2018-19 over the year-ago period. "We have crossed milestone of 1,50,000 associates in volume staffing and 50,000 in NETAP taking our overall employee/trainee strength to 2,10,000 as of December 2018. We will continue to stay focused on consistent growth, productivity and margin expansion," said Ashok Reddy, Managing Director, TeamLease Services. "Our new investments into technological developments are expected to strengthen our specialized staffing strategy. We continue to explore acquisition opportunities for building vertical capability and complementary service offerings," Reddy added.
Godrej Consumer Products Q3 net down 1.4% Rs 423.52 crore
Homegrown FMCG major Godrej Consumer Products Ltd (GCPL) Tuesday reported a 1.47 per cent decline in its consolidated net profit to Rs 423.52 crore for the quarter ended December 2018. The company had posted a consolidated net profit of Rs 429.87 crore in the October-December period a year ago, GCPL said in a BSE filing. Total income during the quarter under review was up 2.93 per cent at Rs 2,744.57 crore as against Rs 2,666.23 crore in the corresponding period last fiscal. GCPL's total expenses were at Rs 2,213.71 crore as against Rs 2,119.55 crore, up 4.44 per cent. Its revenue from the Indian market was up 5.65 per cent at Rs 1,505.64 crore as against Rs 1,425.04 crore. Commenting on the results, GCPL Executive Chairperson Nisaba Godrej said: "We delivered a mixed performance in the third quarter of fiscal year 2019. Our India business delivered single-digit sales growth on a high base and continued to grow EBITDA ahead of sales." Its revenue from the Indonesian business also rose
Delhi govt organises meeting to implement MSP on Swaminathan Committee Report's recommendations: Rai
The Delhi government organised a meeting to devise a mechanism to implement the minimum support price on the recommendations of the Swaminathan Committee Report, Employment minister Gopal Rai said Tuesday. Higher wages, input costs, transport charges and cost of other allied services peculiar to Delhi will be factored, while determining the MSP, Rai said. The proposed MSP with 50 per cent margin at the cost of production is Rs 2,616 per quintal for wheat and Rs 2,667 quintal for paddy. It is likely to incur an additional liability of Rs 96.38 crore, if implemented, Rai told reporters after an Agriculture Conference on implementing the recommendations of the "M S Swaminathan Committee Report on Farmers' Welfare" in Delhi. "Around 20,000 kisan families in Delhi will be benefitted from this scheme," he said. Further consultations will be done through Kisan Jansunwai, suggestions from the general public and a committee comprising of various stakeholders. The Delhi government organised a ..
Info Edge Q3 net profit rises 39% to Rs 74 crore
Info Edge, which runs job portal Naukri.Com, Tuesday reported 39.3 per cent rise in standalone net profit to Rs 74.3 crore for the third quarter ended December 2018. The company had registered a net profit of Rs 53.3 crore in the year-ago period, it said in a regulatory filing. Total income from operations rose 23.7 per cent to Rs 281 crore for the October-December quarter as compared to Rs 227.1 crore a year ago, it added. The company has recorded billing of Rs 272 crore for the quarter ended December, 2018 as against Rs 228.3 crore in the year-ago period, up 19.1 per cent, Info Edge said in a statement. "In line with trends in previous quarters, we continue to witness robust growth in billing and revenue during Q3 which increased by 19.1 per cent and 23.7 per cent, respectively on year-on-year basis," Info Edge Chief Financial Officer Chintan Thakkar said. Besides, Recruitment Solutions and 99acres rose by 18.7 per cent and 29.6 per cent, respectively, in terms of billing and 20.5 ..
SAP CEO: not looking at big acquisitions after Qualtrics deal
FRANKFURT (Reuters) - German business software group SAP is not looking at big acquisitions after surprising investors with its $8 billion takeover of U.S. customer experience tracking firm Qualtrics, CEO Bill McDermott said on Tuesday.