Page 1182 - Business Finance
Rupee ends flat at 71.11 against dollar ahead of Fed policy meet
The Indian rupee Tuesday ended flat at 71.11 against the US dollar, with focus shifting to the Fed policy meet and US China trade talks. The forex market sentiment got revived towards the fag-end trade offseting early losses amid increased selling of the greenback by exporters. At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.19 then fell further to 71.22 against the US dollar. The local unit, however, erased the initial gains and settled for the day at Rs 71.11, up by just 1 paisa over its previous close. On Monday, the rupee had settled 7 paise higher at 71.10 against the US dollar. "Indian rupee consolidates in a narrow range ahead of the Federal Reserve Monetary policy and US China trade talks outcome. FOMC likely to hold rate unchanged at 2.50 per cent," HDFC Securities Head PCG & Capital Market Strategy V K Sharma said. Sharma further said the government will table the interim Budget Friday and rupee is likely to react negatively in the short term, if
Chalet Hotels IPO subscribed 7%
Receives bids for 27.85 lakh shares
Phase-II of T-Hub to begin operation in 2nd half of 2019: CEO
: T-Hub,an initiative by the Telangana government for startups, is expected to complete its phase-II in the second half of this year, said the newly appointed chief executive officer (CEO) of the incubator Ravi Narayan said Tuesday. Narayan told reporters here that he has a three-pronged strategy forthe next level of development of T-Hub: Access to global markets for funding the entrepreneurs, corporate connect and technology exchange between startups and premier institutions in the city. Replying to a query, Narayan said a model has been taken up the study on virtual assistance for startups. The government had said the second phase would be taken upat an investment of Rs 150 crore on built-up area of three- lakh square feet. T-Hub is a public-private partnership between the government and academic institutes such as IIT-Hyderabad and the International School of Business. On the appointment of Narayan as the CEO, principal secretary, industries and IT, Telangana, Jayesh .
China smartphone market fell 14%, just 396 mn units shipped in 2018
China's smartphone market fell 14 per cent in 2018, with just 396 million units shipped, global market research firm Canalys said on Tuesday.
Austrian motorbike maker KTM profits race to record
European's leading motorbike maker, KTM, booked record profits last year as it lifted sales and expanded its market share, according to preliminary figures obtained by AFP on Tuesday. KTM, based in Mattighofen close to the German border, said its net profit climbed by 28 per cent to 108 million euros (USD 124 million) in 2018 as unit sales jumped by 10 per cent to 261,454 motorcycles. Turnover edged up by two per cent to 1.56 billion euros. And the group, whose brands include KTM and Husqvarna, said its market share grew to 11.7 per cent from 8.9 per cent. KTM said it is targeting annual sales of 400,000 units by 2022, which would represent an increase of 50 per cent over the 2018 figures, with growth coming from emerging economies such as India. KTM acquired the Husqvarna brand from German rival BMW in 2013. It produces the majority of its motorbikes at the plant in Mattighofen and exports more than 90 per cent of its output. The group, which employs a workforce of 4,300, is listed ..
Verizon beats profit estimates, to spend more this year on 5G rollout
(Reuters) - Verizon Communications Inc beat Wall Street estimates for quarterly profit on Tuesday, as the largest U.S. mobile carrier added almost twice as many net new subscribers who pay a monthly bill as analysts had previously expected.
Godrej Consumer Products Q3 net profit falls 1.4 pc to Rs 423 crore
Godrej Consumer Products (GCPL) Tuesday reported a 1.4 per cent dip in consolidated net profit to Rs 423.52 crore in the third quarter ended December 2018. The company had recorded a profit of Rs 429.87 crore in the same quarter a year ago. Its total income increased by around 3 per cent to Rs 2,744.57 crore during the quarter, compared with Rs 2,666.23 crore in the corresponding quarter of 2017-18. "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," GCPL Executive Chairperson Nisaba Godrej said in a statement. The firm's India business grew 5.6 per cent to Rs 1,505.64 crore, against Rs 1,425 crore during the year-ago period. "In our international business, Indonesia continued its growth momentum with improvement in the household insecticides business. Africa showed signs of a gradual recovery with profitability improving sequentially. Latin ...
GRUH Finance Posts 16% Growth in Profit After Tax for the Nine Months Ended December 31, 2018
/ -- The Board of Directors of GRUH Finance Ltd. (GRUH) - a subsidiary of HDFC Ltd. - has approved the accounts for the quarter ended December 31, 2018 at their meeting held in Mumbai on January 25, 2019. FINANCIAL RESULTS Profit after tax for the year amounted to Rs. 317.23 crores as compared to Rs. 274.12 crores for the previous year, an increase of 16%. Loan Portfolio The loan portfolio as at December 31, 2018 amounted to Rs. 16,852 crores as against Rs. 14,775 crores in the previous year - an increase of 14%. LENDING OPERATIONS Loan Disbursements Loan disbursements during the year were Rs. 3,603 crores as against Rs. 3,748 crores in the previous year. Looking to the liquidity position in the market, GRUH consciously adopted a conservative approach to disbursements and carried excess liquidity. Such approach resulted in a negative carry, adversely affecting the Net Interest Margin. However the spread on the loans continue to be sustained at 300+ bps. Cumulative loan disbursements .
KoPT engages L&T for 90 mn tonne capacity master plan
In a bid to expand its capacity to 90 million tonne per annum, the Kolkata Port Trust (KoPT) has engaged L&T Consultancy to prepare a master plan for the roadmap. In the not-so-distant past, the KoPT was treated as a dying port but things have turned around under chairman Vineet Kumar in the past one year. Port users have now asked the authorities to gear up for more capacity to handle additional demand that could jump by another 200 per cent from present volume. "Given the demand trend and indications from the users, we have engaged L&T Consultancy for a master plan to ramp up the cargo handling capacity to 90 million tonne in 4-5 years. Currently the capacity is around 60 million tonne," Vineet Kumar said on the sidelines of a roadshow for the proposed Maritime Conclave 2019 in the city. "We want Haldia's capacity to get ramped up to 65 million tonne from 45 million tonne now and Kolkata Docks' capacity to 25 million tonne from 17-18 million tonne now," he ...
Verizon quarterly profit beats estimates
(Reuters) - Verizon Communications Inc beat Wall Street estimates for quarterly profit on Tuesday, as the largest U.S. mobile carrier added more net new subscribers who pay a monthly bill.
Oil gains as U.S. imposes sanctions on Venezuela, global supplies weigh
LONDON (Reuters) - Oil prices rose on Tuesday after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA in a move that may curb the OPEC member's crude exports, but price rises were capped by ample global supply and signs of a slowing Chinese economy.
Gold back on upward path as global growth slows: Reuters poll
(Reuters) - Jitters over global growth and a possible pause to U.S. monetary tightening are expected to set gold prices up for gains in 2019, a Reuters poll showed on Tuesday, but the metal will struggle to break above recent highs.
Harley profit misses; sees 2019 shipments lowest in eight years
(Reuters) - Harley-Davidson Inc reported a lower-than-expected quarterly profit on Tuesday, hit by declining sales in the United States, its biggest market, as its loyal baby boomer customers age, sending its shares down nearly 6 percent.
Tata Steel restarts blast furnace at UK steelworks
Tata Steel on Tuesday marked a new start at one of the UK's largest steelworks at Port Talbot in Wales with the relaunch of a blast furnace at a cost of "tens of millions of pounds". The life extension project of Blast Furnace 5, described by the Indian steel giant as the "biggest single investment" in its European operations in over five years, is seen as a critical part of its long-term strategy to strengthen its operations in the UK. "This project demonstrates our commitment to building a stronger and more sustainable steelmaking business in the UK, now and in the future," said Hans Fischer, Chief Wxecutive of Tata Steel's European operations. In reference to the impact of Brexit on the company's operations, he said that Tata Steel would hope for a last-minute deal that does not result in a hard Brexit. Fischer noted, "When you look to our production, more than 70 per cent stays in the UK. So directly the impact of Brexit is maybe not that big. But if our customers are impacted ...
Strides to exit investment in Arrow for AUD 394 mn
Drug firm Strides Pharma Science Tuesday said it has decided to exit its investment in Arrow Pharmaceuticals for AUD 394 million (over Rs 2,000 crore). The company's step-down subsidiary Strides Pharma Global Pte Ltd has approved the sale of its entire Australian business to the Arrow-Apotex merged entity, Strides Pharma Science said in a filing to the BSE. "Strides will receive AUD 300 million as upfront payment at the closure of the transaction, while the balance AUD 94 million to be deferred through a secured instrument," it added. In a separate filing, the company said its step-down subsidiary Strides Pharma Inc has entered into an arrangement to acquire 100 per cent stake in US-based generics company Vensun Pharmaceuticals Inc. Founded in 2011, Vensun follows an asset-light partner-driven business model to develop products for the US generics markets, Strides Pharma Science said. In another filing, the company said its board of directors and its step-down subsidiary Strides ...
IndiaMoneyMart App Brings P2P Investment and Wealth Creation for Masses
/ -- P2P lending or peer-to-peer lending is a mode of direct debt financing that enables individuals to borrow and lend money on mutual terms. Platforms like IndiaMoneyMart (IMM) eliminate the traditional financial institutions and enable businesses to flourish through a people to people contact. P2P companies leverage artificial intelligence to match curated borrowers to lenders with appropriate risk appetite. Necessary due diligence is undertaken to verify the credibility and identity of the borrowers before they are listed for funding. While every P2P platform would have variations in conducting due diligence, the objective remains the same for all players in this ecosystem. The prime idea being - borrowers who are eligible and credible should be able to receive a loan at an affordable rate and a lender should be able to create passive income - sitting at the comfort of their home. The P2P concept is a financial disruption to favour the masses and help them create wealth using the
DHFL stock tanks 8% on report of Rs 31,000-cr scam
The scrip of housing finance company DHFL closed over 8 per cent lower on Tuesday as an investigative media report alleged siphoning off of Rs 31,000 crore from the company by its promoters.
ERIS Lifesciences consolidated net profit rises 7.05% in the December 2018 quarter
Sales rise 19.74% to Rs 248.48 crore
K E C International consolidated net profit rises 0.54% in the December 2018 quarter
Sales rise 10.06% to Rs 2646.63 crore
Granules India consolidated net profit rises 72.24% in the December 2018 quarter
Sales rise 53.82% to Rs 631.78 crore