Page 1185 - Business Finance
New DTH tariff regime will begin from Feb 1, says TRAI Chairman
Telecom Regulatory Authority of India (TRAI) chairman RS Sharma on Tuesday said the February 1 deadline for new direct-to-home (DTH) tariff regime will not be extended."Consumers can choose monthly bill according to their choice. The new DTH tariff regime will start from February 1," he said."All DTH operators and multi-system operators have prepared a system to connect with consumers and accept their choices," said Sharma."About 70 per cent of consumers of some DTH operators have migrated to the new tariff regime," he added.Furthermore, all operators have opened call centres to address the grievances of consumers. The TRAI's call centre is also operational for addressing grievances, he said.For regulation of over-the-top (OTT) services like Whatsapp and Facebook, the TRAI has come up with a consultation paper.Telecom service providers say there is a regulatory imbalance between OTT providers and telecom service providers on same services. A decision on this will be taken by the end ..
Billion-euro SAP restructuring to cost 3,000 jobs
German software giant SAP said Tuesday it would slash 3,000 jobs in a billion-euro restructuring plan after profits stagnated in 2018, while insisting it was on track to grow revenues and earnings this year. "We are talking about a completely voluntary programme, we expect a number slightly higher than in 2015 of employees" to leave, chief financial officer Luka Mucic said. In that year, SAP cut 2,200 positions as the group shifted focus to "cloud" computing from traditional software. In total, executives plan to spend between 800 million and 950 million euros (USD 915-1.1 billion) on restructuring in 2019 "to further simplify company structures and processes". They aim to realise "a minor cost benefit" this year, before slashing annual outgoings by up to 850 million euros from 2020. Chief executive Bill McDermott said the departures were necessary to clear the way for SAP to make new bets on growth areas in the software industry. "We are going to move our people and our focus to the .
HCL Tech Q3 net profit up 19 pc to Rs 2,611 crore
Software services major HCL Technologies Tuesday posted a 19 per cent increase in consolidated net profit to Rs 2,611 crore for the December 2018 quarter. The company had registered a net profit of Rs 2,194 crore in the year-ago period, according to a company statement. Its revenue 22.6 per cent to Rs 15,699 crore, compared with Rs 12,808 crore in the December 2017 quarter. "Our revenues grew 5.6 per cent sequentially in constant currency. We crossed $1.5 billion run rate in our Mode 2 next generation offerings. We once again set a new bookings' record this quarter. "We are entering 2019 with a healthy growth outlook backed by the strong relevance of our propositions in the market," HCL Technologies President and Chief Executive Officer C Vijayakumar said in the statement. In dollar terms, the net profit rose 7 per cent to USD 364 million for the December 2018 quarter, while revenue was higher 10.8 per cent to USD 2.2 billion as compared to the year-ago period. The company has ...
Intel to get $1 billion state grant for $11 billion Israel chip plant expansion
JERUSALEM (Reuters) - Intel Corp will receive a grant of about $1 billion from the Israeli government for its latest investment plan to expand its chip manufacturing operations in the country, Israel's finance minister said on Tuesday.
Strides Pharma Science Q3 profit at Rs 296.43 cr
Drug firm Strides Pharma Science Tuesday reported a consolidated net profit of Rs 296.43 crore for the quarter ended on December 31, 2018. The company had posted a net profit of Rs 88.11 crore for the corresponding period of the previous fiscal, Strides Pharma Science said in a filing to BSE. Consolidated revenue from operations of the company stood at Rs 794.50 crore for the quarter under consideration against Rs 748.79 crore for the same period a year ago. While the profit from the continuing operations was Rs 24.61 crore for the third quarter this fiscal, it was Rs 47.34 crore for the same period year ago. The profit from the discontinued operations for the quarter ended December 31, 2018 stood at Rs 271.82 crore. It was Rs 40.77 crore for the corresponding period of the previous fiscal. Commenting on the results, Strides Pharma Science Founder and Group CEO Arun Kumar said: "The progress for Strides has fairly been on track and we are particularly satisfied with the outcomes of ...
90% car purchase in India is digitally driven: Report
Digitalisation is transforming the automobile purchasing culture in India with around 90 per cent buyers decision being digitally influenced, an annual report by Google and market research firm Kantar TNS said on Tuesday.
Bajaj Finance PAT up 48% at Rs 1,023 crore
Bajaj Finance Limited on Tuesday reported 48 per cent jump in post tax profit to Rs. 1,023 crore during third quarter ending December 31, 2018.It was Rs. 692 crore in Q3 FY18. The total income moved up 40 per cent to Rs. 4,673 crore from Rs. 3,348 crore in the same period.The company has Rs. 96,248 crore of standalone assets under management as of last calendar year-end. It remains focused on consumer, rural, SME and commercial lines of businesses.Loan losses and provisions for Q3 FY19 were Rs 448 crore as against Rs 277 crore in Q3 FY18. Capital adequacy ratio (including tier II capital) stands at 21.38 per cent compared to 16.8 per cent in tier I capital.
Siemens Gamesa upbeat on margin outlook, shares jump
MADRID (Reuters) - Wind turbine maker Siemens Gamesa reported a 6 percent rise in first-quarter sales and though margins narrowed it forecast better ahead, sending its shares higher after an early fall.
Global Markets: Gold reaches seven-month high as stocks, dollar struggle
LONDON (Reuters) - Gold climbed to a seven-month high on Tuesday as markets opted for caution before three major macro events and a blizzard of big tech company earnings in the coming days, starting with Apple later.
Bajaj Finance posts highest ever quarterly profit at Rs 1,060 cr in Oct-Dec 2018
Bajaj Finance Ltd Tuesday reported 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. The consolidated results of the company include the results of its wholly owned subsidiaries Bajaj Housing Finance Ltd and Bajaj Financial Securities Ltd, it said in a release. 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. Company's gross non-performing assets (NPAs) and net NPAs as of December 31, 2018 stood at 1.55 per cent and 0.62 per cent respectively, Bajaj Finance said. The provisioning coverage ratio stood at 60 per cent. Loan losses and provisions for the third quarter were at Rs 454 crore as against Rs 278 crore in year ago period. Assets under Management (AUM) as of December 31, 2018 grew by 41 per ...
Sensex, Nifty provisionally end with modest losses
Key indices ended with modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 64.20 points or 0.18% at 35,592.50. The Nifty 50 index fell 9.35 points or 0.09% at 10,652.20. The market breadth, indicating the overall health of the market, was negative. Global cues were mixed.
Deutsche Telekom reviews procurement plans amid Huawei concerns
FRANKFURT (Reuters) - Deutsche Telekom said on Tuesday it is reviewing its network equipment procurement plans after the United States moved to restrict China's Huawei Technologies from accessing its next-generation mobile networks.
Gradiant Corporation to clean up industrial wastewater in India
Founded by two Indians, the US-based Gradiant Corporation has bagged two firm and two pilot orders for its industrial wastewater treatment systems, said a top official of its Indian subsidiary, Gradiant India.
Hoffmann Group launches innovative cutting tools for Indian market
German machine tools provider Hoffmann Group has announced the launch of three new innovative cutting tools at the ongoing 19th Indian Metal-Cutting Machine Tool Exhibition (Imtex) here.
Ensure credit flow to MSMEs in interim Budget: Reliance Securities
The government should encourage credit flow to the micro, small and medium enterprises (MSMEs) by providing incentives to the segment in the upcoming interim Budget, a report by Reliance Securities said on Tuesday.
Sensex, Nifty trading weak
Weakness persisted on the bourses in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 176.77 points or 0.5% at 35,479.93. The Nifty 50 index was down 52.85 points or 0.5% at 10,608.70. The Nifty was trading a tad above 10,600 mark.
Japan's ANA orders Boeing, Airbus jets worth $4.3 billion in Asia growth push
SEATTLE/TOKYO (Reuters) - Japan's ANA Holdings Inc said it would order 38 planes worth $4.33 billion from Boeing Co and Airbus, and buy a stake in Philippines Airlines parent PAL Holdings Inc to support its Asia growth strategy.
Passenger traffic between Singapore, India touches 4.7 mn mark in 2018
The passenger traffic between Singapore and India registered the strongest growth of 12 per cent in 2018 and touched the 4.76 million mark, as the city-state's airport handled a record 65 million travellers last year, the Changi Airport Group said on Tuesday. It listed Mumbai among the top 20 routes, the traffic on which grew by at least five per cent in 2018. The other routes include Denpasar (Bali), London (UK), Manila (the Philippines), Melbourne and Sydney. Singapore is now linked to North-East India via Guwahati by flight operated by Drukair Royal Bhutan Airlines. The airport established connections to seven new cities which include Nanchang (China), Berlin (Germany), Guwahati, Pune and Vijayawada in India, Belitung in Indonesia and Warsaw in Poland. With the introduction of direct flight to Pune, one of Changi's top unserved points in India, Singapore has opened up its direct connection with the Maharashtra's second largest city, the Changi Airport Group (CAG) said in a ...
Fertilisers and Chemicals Travancore stocks slump 15% as net worth erodes
Shares of state-run Fertilisers and Chemicals Travancore (FACT) on Tuesday fell over 15 per cent after it reported a net loss of Rs 49.77 crore during the third quarter of the current fiscal, and its auditor said the company's net worth has completely eroded.
Strides Pharma Science to acquire 100% stake in Vensun Pharmaceutical, Inc.
Vensun was founded in 2011 with an asset-light partner-driven business model to develop products for the US generics markets. It entered into a partnership with the erstwhile Shasun Pharmaceuticals for a range of difficult to develop products on a 50:50 profit share arrangement