Page 1197 - Business Finance
Saint Gobain inaugurates 3 key facilities near Chennai
Glass manufacturing major Saint Gobain Monday inaugurated three key facilities, including a third float glass manufacturing plant near here at an overall investment of Rs 1200 crore. The facilities, inaugurated by Tamil Nadu Chief Minister K Palaniswami, would meet the growing demand of both the domestic and international glass markets, the company said. Palaniswami recalled late chief minister J Jayalalithaa inaugurating the second float glass plant in 2006 and then expressing confidence of the company's growth over the years. "I am happy to know that it has invested more in Tamil Nadu among its international investments," he said. He recalled the company proposing to invest Rs 750 crore in the state in the just concluded Global Investors Meet,2019. The facilities that were inaugurated at Sriperumbudur were the firm's third float glass manufacturing plant, an advanced magnetron coater and glass solutions line and a 72 million litre capacity rainwater harvesting ...
World Stocks meander, bonds rise on ECB, U.S.-China trade talk
NEW YORK (Reuters) - Stocks closed higher on Thursday after a choppy trading day, while U.S. Treasuries were in demand after the European Central Bank chief said economic growth was likely to be weaker than expected and with the United States was far from a China trade deal.
Godrej Properties posts Rs 42-cr net profit in Q3, clocks record Rs 1,504 cr housing sales
Godrej Properties Monday reported a consolidated net profit of Rs 41.63 crore for the December 2018 quarter, on account of higher sales. It had posted a net loss of Rs 54.75 crore in the corresponding quarter of 2017-18, the company said in a regulatory filing. The company's total income rose to Rs 430.70 crore, compared with Rs 308.29 crore a year ago. "Q3 FY19 was the best-ever quarter for residential sales in the company's history with total sales (including commercial) for the quarter growing at 89 per cent to Rs 1,528 crore. We had strong launches across Mumbai, NCR, Bengaluru, Pune and Ahmedabad. As we commence the final quarter of the financial year, we look forward to building on this momentum," said Godrej Properties Executive Chairman Pirojsha Godrej. He said the housing segment contributed record Rs 1,504 crore during the third quarter of the current financial year. "Our sales bookings bounced back during the third quarter of this fiscal," Godrej said. During the quarter ...
Global IT spending to reach $3.8 tn in 2019: Gartner
Global IT spending is projected to total $3.76 trillion in 2019, an increase of 3.2 per cent from 2018, a new report by market research firm Gartner said on Monday.
Zeenat Aman gives away Pragati to best service providers organisations and professionals
Pragati (International Service Excellence Awards & Summit 2019) was organized by Xel Research. India's Leading organization and professionals from different Startup's, SME's and Brands (Healthcare/Education/Hospitality/Manufacturers/Service Sector & others) were facilitated in the ceremony held at Hotel Radisson Blue in New Delhi.The awards were based on a comprehensive market research study and opinion surveys conducted by Xel Research. Zeenat Aman were presented as a chief guest in this gala ceremony.On this occasion, Zeenat Aman said, "I believe in organic product, quality education & best services. Quality education and best services are right and needed for the society. I congratulate to all professionals & organization for their achievements and their hard work & determination in their prospective fields is appreciable."The award were presented to 65 organization and Professionals some of them are, Dr. KK Kapoor (Cardiologist), Sajai Steel & Project ...
Sebi fines director of Acclaim Industries for violating insider trading norms
Markets regulator Sebi has slapped a penalty of Rs 42 lakh on a director of Acclaim Industries for violating insider trading norms. According to Sebi, Abhishek Mehta was managing director and promoter of the firm at the time of violation. In an order, the regulator said it conducted a probe from January to December 2012 regarding the change in the shareholding of Mehta after the company's board principally approved the proposal of merger of the firm with Database Software Technology Pvt Ltd (DSTPL) in January 2012. During the examination, Sebi observed that in February, the board decided not to merge the firm with DSTPL. However, the decision was not informed to the exchange. Moreover, in August, the firm informed exchange that a meeting will be scheduled for share exchange ratio and scheme of amalgamation regarding the merger with DSTPL. The information was misleading as the decision of cancellation of merger was already taken in the earlier months, Sebi said. Regarding Mehta, the ...
Consulting Leads as SPJIMR Closes Placements for PGDM Class of 2019 With 12 International Offers
/ -- SPJIMR has announced the successful closure of placements for the PGDM Class of 2019. The median salary of the batch stood at INR 22 lakhs per annum (LPA), with over 72 per cent of the batch receiving offers of INR 20 LPA or above. The average compensation for the PGDM Class of 2019 stood at INR 22.90 LPA. This placement season saw participation from 111 companies to hire the 239 participants from the PGDM Class of 2019. Twelve international offers were made this year, capping a season marked by high interest in SPJIMR candidates from a large number of marquee companies in diverse sectors. (Logo: https://mma.prnewswire.com/media/688342/SPJIMR_Logo.jpg ) A range of new companies came on board for placements this year, adding to the list of large and reputed corporates who have enjoyed a lasting relationship with SPJIMR. Among the companies who participated in placements this year are McKinsey & Company, Boston Consulting Group, Bain & Co., Google, Microsoft, Goldman ...
Tamil Nadu Petro Products commences production of Propylene Oxide
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Bank of India posts wider third-quarter loss on higher provisions
(Reuters) - Bank of India Ltd posted its biggest quarterly loss since at least 2005 on Monday as the state-run lender set aside higher provisions for bad loans.
European stocks retreat as traders brace for China-US talks
Europe's stock markets slid Monday on jitters over looming high-level trade talks between China and the United States. Around 1115 GMT, Frankfurt and London each shed 0.2 per cent while Paris slipped 0.4 per cent. The pound dropped against the dollar ahead of Tuesday's vote on British Prime Minister Theresa May's revised Brexit deal, with many believing that even if it is kicked out by MPs, Britain will still not leave the European Union without an agreement. There is a growing sense that May will seek a delay in the country's leaving date to give her more time to reach a deal. Oil prices shed about one dollar, while earlier in Asia, stock markets closed mixed as investors look ahead to a week chock-full of crucial events. "European stocks are slightly in the red ... as dealers tread lightly ahead of the latest US-China trade talks that are set to take place this week," said CMC Markets UK analyst David Madden. "The mood is subdued as the gulf between the two sides is still wide, and .
Zee Entertainment shares bounce back; end nearly 17 pc higher
Shares of Zee Entertainment Enterprises bounced back Monday and ended with a sharp gain of nearly 17 per cent after it denied links with a company being probed for suspicious demonetisation deposits. The stock zoomed 16.64 per cent to end at Rs 372.50 on BSE. Intra-day, it surged 19.24 per cent to Rs 380.80. At NSE, shares of the company jumped 15.73 per cent to close at Rs 368.50. Shares of Dish TV also bounced back after morning selling pressure and ended at Rs 23.85, up 5.53 per cent on BSE. Subhash Chandra-promoted two Essel group companies Zee Entertainment Enterprises and Dish TV Sunday denied links with Nityank lnfrapower and Multiventures Ltd, a company being probed by the SFIO for suspicious demonetisation deposits, as claimed in a media report. Shares of other Zee group companies however, continued to face selling pressure Monday also, with Zee Media Corporation plunging 19.68 per cent and Zee Learn tanking 7.80 per cent at close of trade on BSE. On January 25, shares of ...
Investors look to ratings agencies to punish aggressive loan documents
LONDON (LPC) - Investors are calling on ratings agencies to downgrade leveraged loans with overly aggressive documentation, as weak lender protection continues to cause concern.
Shriram Transport Finance Q3 net profit up 17% at 635 cr
Shriram Transport Finance Company (STFC) Monday reported a rise of 17.34 per cent in net profit to Rs 635.45 crore for the third quarter ended December 31, 2018. The non-banking finance company (NBFC) had registered a net profit of Rs 541.54 crore in the October-December quarter of 2017-18. Total income also increased 18.22 per cent to Rs 3,993.40 crore compared Rs 3,378 crore in December quarter previous fiscal, the bank said in a statement. Net interest income increased 16.12 per cent to Rs 2,026.91 crore during the quarter 2018 as against Rs 1,745.50 crore in the year-ago period. The company's total assets under management (AUM) as on December 31, 2018 stood at Rs 103,817.94 crore as compared to Rs 90,964.22 crore a year ago, it said. The board of directors of the company also approved raising of up to Rs 10,000 crore through public issue of bonds. Shares of STFC closed 5.70 per cent down at Rs 1,055.30 apiece on the BSE.
Greece issues first 5-yr-bond since bailout exit: ministry source
Greece on Monday issued a five-year bond, a finance ministry source said, its first such debt issue since exiting its last bailout. The ministry source confirmed the issue to AFP without specifying the amount sought, which according to reports is between two and 2.5 billion euros ($2.9 billion). In its last bond issue in February 2018, Greece raised 3.0 billion euros at 3.5 percent via a 7-year bond. Offers at the time stood at around 6.5 billion euros. The previous five-year bond sale, in July 2017, raised 3.0 billion euros at 4.625 per cent. Greece currently has no urgent need to draw money from the bond markets as it has built a cash cushion of at least 15 billion euros. "Our financing needs are fully covered to 2020," Prime Minister Alexis Tsipras told parliament earlier this month. But it acts as a psychological milestone, designed to show that the country is on the road to recovery after emerging from its third international debt bailout in August. In a statement concluding its .
Tata Power Q3 profit plunges 67 pc to Rs 205 cr in Q3
Tata Power on Monday reported 67.42 per cent decline in consolidated net profit at Rs 204.61 crore for December quarter 2018, mainly on account of higher fuel and borrowing costs. The company's net profit in the year-ago period stood at Rs 628.16 crore, it said in a BSE filing. Total income rose to Rs 7,721.52 crore in the reported quarter from Rs 6,451.31 crore a year ago. Fuel cost of the company rose to Rs 3,189.87 crore from Rs 2,491.24 crore in the year-ago period. Similarly, the finance cost rose to Rs 1,013.96 crore from Rs 855.28 crore a year ago. The company said its net profit of Rs 628.16 crore in the year-ago period was also higher due to one time exceptional item. During April-December 2018, net profit stood at Rs 2,333.09 crore as compared to Rs 1,246.52 crore in the year- ago period. Total income during the nine-month period was also higher at Rs 22,537.58 crore as compared to Rs 19 991.94 crore a year ago. Stock of Tata Power settled at Rs 70.80, down 4.26 per cent ...
Sensex drops 345 points, Nifty slips 119 points
Indian shares dropped on Monday as subdued corporate results dampened market sentiment but the losses were curbed by gains in Zee Entertainment Enterprises.The S&P BSE Sensex closed 368 points lower at 35,656 while the Nifty 50 was down 119 at 10,661.Among prominent losers were Adani Ports which dropped over 9 per cent, ICICI Bank and Cipla.ICICI closed at Rs 344.60 following reports that the CBI transferred the investigating officer in ICICI Bank case as its discreet inquiry suggested his role in leaking information related to searches.However, Zee Entertainment jumped over 15 per cent to close at Rs 368.50 after reports of a successful meeting with the lenders.The overall sentiment was damp due to a weak quarterly number by select heavyweight corporates.Asian stocks ruled higher after US President Donald Trump agreed on Friday to end a 35-day old partial shutdown of the government shutdown.
Commerce Secretary takes up agriculture market access issues with China
Commerce Secretary Dr Anup Wadhawan has taken up the agricultural market issues for Indian products with the competent authorities during his recent visit to China, Union Ministry of Commerce and Industry said in a statement on Monday."Commerce Secretary Dr Anup Wadhawan was on a two-day official visit to Beijing last week. During the visit from January 21 to 22, 2019, he had a bilateral meeting with Zhang Jiwen, Vice Minister of General Administration of China Customs (GACC), for examining market access and quarantine issues for India's agriculture and allied products," said the ministry.During the meeting with Zhang Jiwen, Commerce Secretary appreciated "GACC for expeditiously addressing long pending agricultural market access issues for Indian products, following the understandings reached on these matters at the Informal Summit in Wuhan last year between President Xi Jinping and Prime Minister Narendra Modi.""Since that Summit, the protocol on exports of non-basmati rice was ...
BJP Goa invites Rahul to visit Atal Setu
Congress president Rahul Gandhi, who is currently holidaying in Goa with his mother Sonia Gandhi, has been invited by the Goa wing of Bharatiya Janata Party (BJP) to witness Atal Setu, the third longest cable stayed-bridge in India."Dear Rahul Gandhi, we have come to learn that you are currently on a vacation in Goa. We request you along with all Congress MLAs to visit the Atal Setu, the 3rd longest cable stayed-bridge in India over river Mandovi and witness how BJP is #TransformingIndia," read a post on the official Twitter handle of BJP Goa.The 5.1-kilometre long cable stayed-bridge on the Mandovi river in Goa, was opened to the public by Union Minister Nitin Gadkari on Sunday.The bridge was constructed by the Goa Infrastructure Development Corporation (GIDC) and engineering and construction major Larsen & Toubro.
RBI governor meets PSU bank chiefs
Reserve Bank of India (RBI) Governor Shaktikanta Das met heads of public sector banks on Monday ahead of the monetary policy review, to gain an understanding of current banking sector, which is facing massive non-performing assets.Das conveyed to the chiefs of PSU banks about the regulator's expectation from the sector."Basically the idea was to convey to them the regulator's expectation from the banking sector in general and public sector banks in particular and also to gain from them their understanding of the current banking situation. And also to get an understanding about the future outlook, the sense they have," Das said after meeting the chiefs of PSU banks.The RBI is scheduled to announce its sixth bi-monthly monetary policy for 2018-19 on February 7. It will be the first monetary review under the new RBI Governor.With inflation ruling low, it is widely expected that the RBI will cut interest rates in the review meeting..
Oil falls as U.S. adds rigs; still set for best January in 14 years
LONDON (Reuters) - Oil fell 1 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further, but the price is still on course for its strongest gain in the month of January for 14 years.