Page 1218 - Business Finance

Indian Overseas Bank reports standalone net loss of Rs 346.02 crore in the December 2018 quarter

Total Operating Income rise 6.76% to Rs 4542.42 crore

Alufluoride standalone net profit declines 18.32% in the December 2018 quarter

Sales rise 33.54% to Rs 14.81 crore

Dewan Housing Finance Corporation standalone net profit declines 36.70% in the December 2018 quarter

Sales rise 12.33% to Rs 3250.94 crore

Sundaram Clayton standalone net profit rises 5083.51% in the December 2018 quarter

Sales rise 16.02% to Rs 469.33 crore

Nifty January 2019 futures at premium

Turnover in F&O segment declines

GSKCH India gets CCI approval for merger deal with HUL

GlaxoSmithKline Consumer Healthcare (GSKCH India) said Friday its merger deal with Hindustan Unilever Limited (HUL) has been approved by the fair trade regulator CCI. The Competition Commission of India (CCI) has approved the scheme of amalgamation between the two companies, through an-all equity deal, valuing the total business of the latter at Rs 31,700 crore. "We would like to inform you that the CCI has, vide its letter dated January 23, 2019 (received on January 25, 2019), accorded its approval for the amalgamation of the Company with HUL," GSKCH India said in a regulatory filing. "A copy of the order of the CCI is awaited," it added. Still, the scheme has to pass through various regulatory and other approvals including SEBI and NCLT. "The scheme remains subject to the receipt of other necessary statutory and regulatory approvals under applicable laws, including by the NSE, SSE, SEBI, NCLT and the respective shareholders and creditors of HUL and the company," GSKCH India ...

India Inc has a lot to learn at Davos 2019: CII Director General

The World Economic Forum Annual Meeting 2019 has given India Inc a lot to learn in terms of how to apply new technologies like artificial intelligence and how to deal with economic and political uncertainties across the globe, top industry body CII's Chandrajit Banerjee said. He also said the next Davos summit in 2020 would be even bigger as it would be the 50th year of this global event. CII itself has been associated with the WEF Davos summit for nearly 40 years now, the industry chamber's director general said. The focus this year at Davos has been the big challenge in terms of global uncertainties, he said, while noting there are economic and political risks that are being talked about here. The second key point at Davos this time is about the huge dominance of industry and the talk about new technologies such as artificial intelligence (AI), he added. Banerjee said the Indian industry has taken full advantage of these discussions to understand and learn how they can prepare their

Clovia raises USD 10 mn in funding led by AT Capital

Lingerie brand Clovia Friday said it has raised USD 10 million (about Rs 71 crore) in a funding round, led by Singapore-based AT Capital. The series B round of funding also saw participation from existing investor Ivy Cap Ventures, and some private investors, Clovia said in a statement. "This investment will primarily be used for our product and technology development, scaling up the brand portfolio, expanding to newer geographies, increasing operational efficiencies and strengthening the team," Clovia Founder and CEO Pankaj Vermani said. Owned by Purple Panda Fashion, Clovia, had earlier raised funds from IvyCap Ventures, Singularity Ventures and Ravi Dhariwal (former chief executive of Bennett Coleman and Company Ltd) in 2017. Clovia also received funding from IvyCap Ventures in 2013 and had raised seed funding from Zurich-based Mountain Partners AG. Apart from e-commerce channels, Clovia has 12 exclusive stores and over 100 sales touch points across India, and sells over 500,000 ...

Board of Vakrangee approves change in directorate

At meeting held on 25 January 2019

Nifty, Sensex fall on Zee Entertainment, Maruti Suzuki

(Reuters) - Indian shares closed lower for a third session in four on Friday, dragged by Zee Entertainment Enterprises and Maruti Suzuki India Ltd.

Railway Board chief urges officers to inculcate leadership skills

Railway Board Chairman V.K. Yadav on Friday urged railway officials to inculcate leadership skills in staff to create "future leaders".

Fly high with Air India on the special R-Day sale

National carrier Air India has offered air tickets at very affordable all-inclusive rates on its domestic and international sectors in the economy class as its tribute to the nation on the occasion of Republic Day, an airline spokesman said on Friday. The tickets with these special fares will be on sale for three days starting from January 26 to 28, 2019 and will be valid for travel till September 30, 2019, the spokesman said. Tickets can be purchased from the Air India website, airline and city booking offices, call centres and travel agents on a first come first served basis. On the domestic sectors, the lowest one-way fares starts from Rs 979 in the economy class to Rs 6965 in the business class, all-inclusive, he said. On the international sectors the lowest round-trip fares to the US starts from Rs 55,000 in the economy class. The fares start from Rs 32,000 on the UK and Europe sector, while for Australia, the fares start from Rs 50,000 in the economy class. For ...

Sensex falls 169 pts; Maruti tumbles 7.4% on weak Q3 show

The BSE benchmark Sensex gave up initial gains Friday and closed 169 points lower at 36,025.54 as shares of Maruti Suzuki cracked after weak Q3 earnings, offsetting gains in Yes Bank, HDFC, ITC and TCS. After surging over 250 points during the day to touch an intraday high of 36,474.48, the 30-share index gave up gains on widespread profit-booking in the later half of the session and hit a low of 35,953.15, before finishing 169.56 points, or 0.47 per cent down at 36,025.54. In similar movement, the broader NSE Nifty ended 69.25 points, or 0.64 per cent, down at 10,780.55, after shuttling between 10,931.70 and 10,756.45. During the week, Sensex fell 361 points and the Nifty fell 126 points. Brokers said sentiment suffered a jolt after the country's largest carmaker, Maruti Suzuki India reported 17.21 per cent fall in its net profit for the third quarter ended December 31, 2018. The company had posted a net profit of Rs 1,799 crore in the same period of the previous fiscal. Maruti ...

Oil prices climb as U.S. threatens sanctions against Venezuela

LONDON (Reuters) - Oil prices edged up on Friday as turmoil in Venezuela increased the chances of tighter global supply if the United States makes good on signals that it could impose sanctions on Venezuelan exports.

Exclusive: Europe tops buyers for U.S. LNG with winter cargo influx

LONDON (Reuters) - Energy companies are flooding Europe with U.S. natural gas, establishing a foothold in a market dominated by Russia and seen as a key battleground in Washington's efforts to curb Moscow's energy influence.

China's Sinopec reveals $687 million oil trading loss, fourth-quarter earnings tumble

BEIJING/SINGAPORE (Reuters) - Sinopec Corp, Asia's top refiner, said on Friday its trading unit Unipec lost 4.65 billion yuan ($687 million) on crude oil hedging in the fourth quarter, a month after it suspended two top executives at the unit.

Market declines amid broad based selling pressure

Key benchmarks indices ended the volatile session with steep losses. The barometer index, the S&P BSE Sensex, fell 169.56 points or 0.47% to 36,025.54, as per the provisional closing data. The Nifty 50 index fell 74.35 points or 0.69% to 10,775.45, as per the provisional closing data. The Nifty provisionally ended below 10,800 mark.

Yanmar Group to set up diesel engine manufacturing facility at ORIGINS developed by Mahindra World City

Yanmar Group, an over 100-year-old business group from Japan, will establish a diesel engine manufacturing facility in ORIGINS, North Chennai, to cater to original equipment manufacturers (OEM) in the Indian construction and agriculture sectors. The facility is expected to be operational by 2020.

As dismal data flows, ECB policymakers promise caution

PARIS/FRANKFURT (Reuters) - European Central Bank policymakers promised on Friday to tread carefully in removing stimulus any further, just as two fresh surveys pointed to an even bigger-than-projected slowdown in the euro zone's growth.

Maruti Q3 profit down 17%; biggest quarterly fall in nearly 5 years

Maruti Suzuki India (MSI) on Friday reported its second successive decline in quarterly net profit with a 17.21 per cent drop for the third quarter ended December 2018, also the steepest fall in nearly five years. The India's largest carmaker said its performance in the quarter was adversely impacted by lower-than-expected sales in festive season and high commodity prices and unfavourable foreign exchange rates. The company said its net profit for the third quarter of the ongoing fiscal stood at Rs 1,489.3 crore as against Rs 1,799 crore in the same period of the previous fiscal. Total income during the October-December quarter under review stood at Rs 20,585.6 crore as against Rs 19,528.1 crore in the year-ago period, a growth of 5.41 per cent. The company sold a total of 4,28,643 vehicles during the quarter, a marginal decline of 0.6 per cent, over the same period of the previous year, MSI said in a statement. This quarter was marked by a combination of several adverse factors ...