Page 1181 - Business Finance
Crompton Greaves Consumer Electricals Q3 net up 14% at Rs 79 cr
Crompton Greaves Consumer Electricals Tuesday reported a rise of 14.63 per cent in standalone net profit to Rs 79.67 crore for the third quarter ended December 31, mainly driven by robust performance in the lighting segment. The company had reported a net profit of Rs 69.50 crore in the October-December period a year ago, it said in a BSE filing. Its total income during the quarter under review stood at Rs 1,042.69 crore, 10.35 per cent up from Rs 944.81 crore in the corresponding period last fiscal. The company's total expenses were up 9.72 per cent at Rs 922.53 crore compared to Rs 840.77 crore. Revenue from electric consumer durables (ECD) segment stood at Rs 711.55 crore, while lighting products contributed Rs 318.76 crore. Commenting on the results, the company's MD Shantanu Khosla said: "Core ECD segment has shown strong profitable growth driven by focused launches in decorative fans category, complete refresh of geyser portfolio and strong implementation of 'Go-to-market' ...
Gold scales eight-month peak on softer dollar, trade concerns
(Reuters) - Gold touched a more than eight-month high on Tuesday as the dollar eased before a U.S. Federal Reserve meeting, with investors cautious about an escalation in U.S.-China trade tensions.
Ravi Narayan appointed new CEO of T-Hub
T-Hub, a leading start-up engine powering entrepreneurship and innovation, on Tuesday announced the appointment of Ravi Narayan, former global director of Microsoft for Start-ups, as its new Chief Executive Officer.
HCL Tech Q3 net profit up 19%; says confident of meeting revenue guidance
Software services major HCL Technologies Tuesday posted a 19 per cent rise in consolidated net profit at Rs 2,611 crore during the December 2018 quarter and expressed confidence in meeting the higher end of its 9.5-11.5 per cent revenue growth guidance for FY2019. The Noida-based company had registered a net profit of Rs 2,194 crore in the year-ago period. Its revenue grew 22.6 per cent to Rs 15,699 crore in the said quarter from Rs 12,808 crore in the year-ago period, beating street expectations. "Combined Mode 2 (digital) and Mode 3 (IP-led) revenues stands at 29 per cent of our overall revenues. Our Mode 1 (core) business continues to show steady growth...The growth momentum was possible due to flawless execution of our large transformational deals," HCL Technologies President and CEO C Vijayakumar told reporters here. He added that the US and Europe businesses grew 12.9 per cent and 14.5 per cent year-on-year, while Rest of the World (RoW) expanded 12.1 per cent (excluding India ..
Yes Bank co-promoters agree to nominate one director each on board
Yes Bank promoters Rana Kapoor and Madhu Kapur have agreed to nominate one representative director each on the bank's board as part of truce being under the works, the private lender said Tuesday. The bank in November had said that efforts were underway for mutual resolution and truce between Rana Kapoor group and Madhu Kapur and her family, the two co-promoters groups of the private sector lender. Yes Bank said recently select senior board of directors of the bank had interacted with Kapur and her family. "Madhu Kapur Group and Rana Kapoor Group have agreed to nominate one representative director each on the bank's board, subject to the completion of the necessary documentation," Yes Bank said in a regulatory filing. The two new appointed directors will be announced at the next scheduled Board meeting in April 2019. "This is intended to ensure better coordination and support by the two promoter groups with the new MD & CEO and the board of directors of the bank," it added. Yes ...
Ramco Cements Q3 profit down 17.6% to Rs 101-cr
The Ramco Cements Tuesday reported a decline of 17.65 per cent in standalone net profit to Rs 101.07 crore for the third quarter ended December 31. The company had posted a net profit of Rs 122.74 crore in the same period of previous fiscal, Ramco Cements said in a BSE filing. However, its total income during the quarter under review was up 14.64 per cent to Rs 1,216.99 crore as against Rs 1,061.52 crore in the year-ago period. Its total expenses stood at Rs 1,085.50 crore as against Rs 910.07 crore, up 19.27 per cent. Ramco Cements' sales volume was up at 27.47 lakh tonnes compared to 22.74 lakh tonnes a year ago. Shares of Ramco Cements was at Rs 569.15 on the BSE, down 0.04 per cent from the previous close.
Travel Unravel Holidays seeks budget support to boost growth
E-commerce player Travel Unravel Holidays Tuesday sought fiscal support from the government in the forthcoming budget to boost the growth of the tourism sector. There is a need for an investment push for marketing and promotion of heritage destinations of India, Saurabh Sharma, co-founder and director, Travel Unravel Holidays, said in a statement. Income up to Rs 5 lakh should be exempt from income tax as the "increased exemption slab will give people a window to use the additional money for travel and tourism sector", he said. A special incentive for providing skill to the youth is a must as the industry needs more and more professionally trained manpower, he said, adding that travel and tourism sector should be given the status of priority lending for access to easy loans. "A continuation of tax exemption for start-ups and small enterprises for the next five years should also be taken into consideration in the budget," Sharma said.
Bajaj Finance shares gain over 2% post Dec quarter results
Bajaj Finance Tuesday rose by over 2 per cent after it reported the highest ever quarterly profit for the third quarter ended December, 2018. The scrip gained 2.27 per cent to end at Rs 2,511.90 on the BSE. Intra-day, it jumped 4.63 per cent to Rs 2,569.95. On the NSE, shares of the company went up by 2.32 per cent to close at Rs 2,515.55. Bajaj Finance Tuesday reported a 54 per cent jump in consolidated net profit at Rs 1,060 crore, the highest ever quarterly profit for the third quarter ended December, 2018. The company had posted a net profit of Rs 690 crore in the same period of the previous fiscal. Total income during the December quarter of 2018 was up by 48 per cent at Rs 4,995 crore from Rs 3,374 crore in the same quarter a year ago, it said.
Harley's shares tumble on disappointing earnings
(Reuters) - Harley-Davidson Inc reported a lower-than-expected quarterly profit on Tuesday amid a prolonged struggle to revive demand for its bikes in the United States where sales dived yet again, sending its shares down over 6 percent.
Verizon misses fourth-quarter revenue estimate, beats on new subscribers
(Reuters) - Verizon Communications Inc on Tuesday missed quarterly revenue estimates, but added almost twice as many new wireless subscribers as analysts expected.
Snapdeal bats for new FDI policy in e-commerce from Feb 1
Leading e-tailer Snapdeal on Tuesday supported the implementation of revised Foreign Direct Investment (FDI) policy on e-commerce from February 1.
Lockheed Martin profit misses estimates, shares slip
(Reuters) - Pentagon's No.1 weapons supplier Lockheed Martin Corp missed analysts' estimates for quarterly profit on Tuesday, as margins slipped in its aeronautics unit that makes the F-35 stealth fighter jets.
KEC International posts Rs 112-cr PAT in Dec qtr
Construction company KEC International Tuesday said its profit after tax (PAT) grew marginally by 0.5 per cent to Rs 112.3 crore during the third quarter ended December 31. The company had clocked Rs 111.8 crore PAT during October-December quarter of 2017-18, KEC International said in a BSE filing. Revenues of the company during the said quarter stood at Rs 2,647 crore, up 10.1 per cent from Rs 2,405 crore in the third quarter of 2017-18, it said. KEC International Ltd is a global infrastructure EPC major. It has presence in power transmission and distribution, cables, railways, water, renewables and civil. Shares of the company Tuesday ended 1.66 per cent down at Rs 237 apiece on BSE.
George Fernandes: The minister who threw Coca-Cola out of India, stalled HPCL privatisation
In 1977, he threw Coca-Cola out of India and two-and-a-half decades later, put spokes in the sale of India's second-biggest fuel retailer HPCL to the likes of Reliance Industries and Royal Dutch Shell. That was George Mathew Fernandes, former defence minister in the Vajpayee government who died Tuesday. A firebrand trade unionist and socialist, Fernandes was the industry minister in the post-Emergency Morarji Desai government in 1977 when he decided to throw Coke as well as IBM out of India over their refusal to follow the provision of what was then the Foreign Exchange Regulation Act (FERA). The provision stipulated that foreign companies should dilute their equity stake in their Indian associates to 60 per cent. Fernandes wanted Coca-Cola Company to not just transfer 60 per cent of the shares of its Indian firm but also the formula for its concentrate to Indian shareholders. The company said it was agreeable to transferring a majority of the shares but not the formula, which it ...
Siemens Gamesa's positive margin, price forecasts lift shares
MADRID (Reuters) - Wind turbine maker Siemens Gamesa forecast better profitability and said prices were stabilising on Tuesday, sending its shares as much as 9 percent higher.
Bank of Baroda third-quarter profit surges four-fold, but misses estimate
(Reuters) - Bank of Baroda Ltd said on Tuesday its third-quarter net profit more than quadrupled, but missed estimate as the Indian lender set aside higher provisions for bad loans.
Lockheed Martin posts quarterly profit
(Reuters) - Pentagon's No.1 weapons supplier Lockheed Martin Corp, reported a quarterly profit on Tuesday, compared with a year-ago loss, lifted by demand for its F-35 fighter jets.
DCM Shriram Q3 net profit up 5.76%; to invest Rs 1,070 cr for expansion
DCM Shriram Tuesday posted a 5.76 per cent jump in its consolidated net profit to Rs 225.65 crore for the third quarter of 2018-19, and also announced an investment of Rs 1,070 crore for expansion of Bharuch plant in Gujarat. The company had reported a net profit of Rs 213.35 crore in the same quarter last fiscal, according to the BSE filing. Net sales grew 19.4 per cent to Rs 2,106.47 crore during the quarter ended December 2018, compared to Rs 1,767.58 crore in the year-ago period. Expenses rose to Rs 1,836.63 crore as against Rs 1,509 crore a year ago. DCM Shriram also announced an investment of Rs 1,070 crore for expansion of its Chlor Alkali capacity by 700 tonnes per day (TPD) and captive power capacity by 120 mega watt (MW) at Bharuch to be commissioned by March 2021. Commenting on the company's results, Chairman and Senior Managing Director Ajay Shriram and Vice Chairman and Managing Director Vikram Shriram said the Q3 performance remained "satisfactory" despite continuing ...
Kia Motors commences trial production at Andhra plant
South Korean auto maker Kia Motors Tuesday said it has commenced trial production at its manufacturing facility at Anantapur in Andhra Pradesh. This important step not only signifies the completion of the 536-acre plant but also marks the arrival of Kia's new flagship car for India, the Kia SP2i, a new SUV based on the Kia SP concept, first showcased at auto expo 2018, Kia Motors said in a statement. The trial production of the SP2i will enable Kia to synchronise and fine-tune the brand's manufacturing equipment and technologies before series production commences later this year, it added. "India will play a singularly important role in expanding Kia Motors global footprint, and today feels like the start of another chapter in our Indian success story," Kia Motors Corporation President and CEO Han-Woo Park said. Commencing trial production is a significant moment that the company has been preparing for as it takes on the challenges of future mobility across the country, he added. The .
Wall Street futures flat, eyes on China impact
(Reuters) - U.S. stock market was set to open roughly flat on Tuesday, stabilizing after a slide a day earlier driven by concerns that the fallout from the U.S.-China trade dispute could be set to dominate the corporate earnings season and weaken profits.