Page 1229 - Business Finance
Yes Bank names Deutsche's Gill as CEO after central bank spat
(Reuters) - Yes Bank has hired the head of Deutsche Bank India Ravneet Gill as its new chief executive after the Reserve Bank of India demanded Rana Kapoor was replaced, lifting its shares.
Global biz leaders raise concerns over e-commerce policy changes in India
Several global business leaders have raised concerns over the evolving regulatory challenges concerning the e-commerce sector in India and said they want a stable policy regime to help this space achieve its robust growth and investment potential. Multiple business leaders attending the World Economic Forum Annual Meeting here said there are confusions in their mind in the backdrop of recent policy changes for e-commerce players having FDI in India. They did not want to be named, given the sensitivity of the subject and the evolving nature of the proposed rules, but said they have directly, or through their representatives, raised their concerns with the government. They wanted to raise the issue directly with Commerce and Industry Minister Suresh Prabhu in Davos, but his plan to come here got changed at the last moment. At a session here at the WEF meeting, WTO chief Roberto Azevedo also said there was a need for a global multilateral framework on e-commerce business. India's FDI ...
Renault confirms Senard as new chairman, Bollore as CEO
PARIS (Reuters) - French carmaker Renault on Thursday confirmed the appointment of Michelin's Jean-Dominique Senard as its new chairman and Thierry Bollore as new chief executive.
Yes Bank shares zoom over 9%; m-cap rises by Rs 3,839 cr
Shares of Yes Bank Thursday soared over 9 per cent after the lender named Ravneet Singh Gill, currently heading Deutsche Bank India, as the managing director and chief executive officer to succeed Rana Kapoor, whose term will end on January 31. The stock zoomed 8.39 per cent to close at Rs 213.85 on the BSE. During the day, it jumped 19 per cent to Rs 234.90. At the National Stock Exchange (NSE), shares of the company soared 9.20 per cent to close at Rs 215.40 apiece. The stock was the biggest gainer among the blue-chips on both the exchanges during the day. Led by the sharp rally in the stock, the company's market valuation surged Rs 3,839.42 crore to Rs 49,460.42 crore on the BSE. In terms of equity volume, 1.18 crore shares of the company were traded on the BSE and over 12 crore shares changed hands at the NSE during the day. "The bank has received Reserve Bank approval for new managing director and chief executive Ravneet Gill. He can join on or before March 1, 2019," Yes Bank ...
Rupee firms up by 26 paise against US dollar on easing crude prices
The Indian rupee Thursday furthered gains by 26 paise to close at 71.07 against the US dollar as softer crude prices and gains in domestic equities bolstered forex market sentiments. Besides, stronger Asian currencies against US dollar propped up the Indian unit. The domestic currency has gathered 37 paise in the two straight sessions of gains. At the Interbank Foreign Exchange, the rupee opened stronger at 71.29 a dollar against the previous close of 71.33. The local unit moved in a range of 71.30 to 71.06 during the session before finally ending at 71.07, a gain of 26 paise over its last close. On Wednesday, the rupee had snapped its three-day losing streak and settled higher by 11 paise against the US dollar. "Indian rupee and stocks gained on hope of improvement in US-China trade talks, scheduled on January 30-31. The fall in crude oil and stronger Asian currencies against US dollar bode well for rupee," V K Sharma, Head PCG and Capital Market Strategy, HDFC Securities, ...
Biocon quarterly profit more than doubles, beats estimate
(Reuters) - Indian biotechnology firm Biocon Ltd's quarterly profit more than doubled, handily beating analysts' estimates, largely driven by strong performance of its biologics businesses.
Equities move in narrow range, Sensex closes at 36,195
Equities moved in a narrow range on Thursday as investors awaited the presentation of interim Budget on February 1 while the S&P BSE Sensex closed at 36,195, up 86.63 points.The NSE Nifty 50 Index closed 18.30 points higher at 10,849 with some negative bias weighed by automobile and pharmaceutical stocks.Market experts said investors are also awaiting the outcome of Reserve Bank's monetary policy meeting scheduled for February 7.Asian share moved up marginally after the Wall Street ended higher. However, there was nervousness as investors await new developments on US-China trade talks.Political uncertainty in the United States and worries about weakening global economic growth kept many investors on the sidelines.There were no major surprises in corporate earnings for the last quarter of 2018, as Indian attention moves toward election campaigning ahead of the general elections in April..
TN signs 304 MoUs for Rs. 300,000 crore investment
Tamil Nadu Chief Minister K. Palaniswami on Thursday said the two day Global Investors Meet 2019 (GIM 2019) has attracted investment proposals worth over Rs. 300,000 crore.
InterGlobe Aviation jumps over 6%; m-cap rises by Rs 2,555 cr
Shares of InterGlobe Aviation surged over 6 per cent Thursday after the company reported a rise in yield in the quarter ended December 2018. The stock rose by 6 per cent to close at Rs 1,174.40 on the BSE. Intra-day, it jumped 6.86 per cent to Rs 1,184. At the National Stock Exchange (NSE), shares of the company soared 6.24 per cent to settle at Rs 1,178.55 apiece. Market valuation of InterGlobe Aviation, parent firm of IndiGo, rose by Rs 2,554.74 crore to Rs 45,144.74 crore on the BSE. In terms of equity volume, 4.28 lakh shares of the company were traded on the BSE and over 96 lakh shares changed hands on the NSE during the day. Yield is the average fare per passenger per mile. Its yield rose by 3.7 per cent in the December 2018 quarter, according to a company statement. Meanwhile, InterGlobe Aviation Wednesday reported a 75 per cent fall in profit after tax to Rs 190.9 crore in the December quarter, as high fuel prices and currency depreciation adversely impacted the ...
Xelpmoc Design and Tech IPO subscribed 1.26 times
Receives bids for 25.80 lakh shares
Ronojoy Dutta appointed IndiGo CEO
A day after InterGlobe Aviation-owned IndiGo posted a 75 per cent fall in its third quarter profit, the airline appointed aviation industry veteran Ronojoy Dutta as its Chief Executive Officer (CEO), with effect from Thursday.
IndiGo appoints aviation veteran Ronojoy Dutta as CEO
Aviation veteran Ronojoy Dutta has been appointed as Chief Executive Officer (CEO) of IndiGo for a period of five years as it plans a major international expansion this year, the low-cost airline announced Thursday. M Damodaran, former Chairman of Securities Exchange Board of India (SEBI), has been appointed as chairman of the Indigo's board of directors, the budget carrier said. Dutta would be taking the charge of CEO from the company's co-founder and interim CEO Rahul Bhatia, who stated Wednesday that the next phase of company's growth would come from international expansion. Dutta was President of United Airlines, where he worked for nearly twenty years, holding various senior leadership positions including senior Vice President (VP) Planning, senior VP Maintenance, VP Finance and VP Information technology. Dutta also served as the President of Air Sahara for two years. Moreover, he was an advisor to the restructuring of both Air Canada and US Airways. "IndiGo has had phenomenal ...
Zee Media Corporation reports Q3 net profit of Rs 27.20 cr
Zee Media Corporation Ltd (ZMCL) Thursday reported a consolidated net profit of Rs 27.20 crore for the third quarter ended December 2018. The company had reported a net profit of Rs 20.86 crore in the corresponding period of last fiscal. Its income from operations stood at Rs 194.22 crore during the quarter. It was Rs 158.30 crore a year ago. The company said figures for the current periods are not comparable with previous periods presented in the consolidated financial results on the account of acquisition of balance 40 per cent equity stake in its subsidiary, Zee Akaash News Pvt Ltd. ZMCL's shares Thursday settled 4.33 per cent lower to Rs 24.30 apiece on the BSE.
Fuel bunks to be run by prisoners
The Indian Oil Corporation in collaboration with jail authorities will soon set up five petrol stations near prisons across Tamil Nadu which would be operated by prisoners whose conduct has been found satisfactory, DIG Prisons (Madurai) Palani said Thursday. As part of this initiative, a petrol station would soon be set up near Palayamkottai Prison in this city. The petrol bunk would be operated by prisoners whose behaviour and character are found to be good and satifactory, Palani said. A seminar was held here for providing training for prisoners in operating the petrol station.
Hyundai Electronic ventures into Indian home appliances market
Hyundai Corporation was established in 1976 as an import and export-trading house of the Hyundai Group
Board of Gujarat Poly Electronics approves sale of surplus land
At meeting held on 24 January 2019
Exclusive: Hedge fund prepares proxy fight to oust board at embattled PG&E
NEW YORK (Reuters) - PG&E Corp shareholder Blue Mountain Capital Management LLC is preparing to launch a proxy fight to oust the embattled California utility owner's board, arguing that the company is harming investors with its plan to seek bankruptcy protection in the wake of catastrophic wildfires.
Yes Bank ends 8% up on appointment of new MD, CEO
Shares of private lender Yes Bank settled 8 per cent higher on Thursday after the company announced Ravneet Singh Gill as its next Managing Director (MD) and Chief Executive Officer (CEO), succeeding Rana Kapoor.
Videocon Industries, ICICI Bank shares fall up to 3 pc
Shares of Videocon Industries and ICICI Bank fell by up to 3 per cent Thursday after the CBI booked former ICICI Bank CEO and MD Chanda Kochhar, her husband Deepak Kochhar and Videocon group MD Venugopal Dhoot in connection with alleged cheating and irregularities. The scrip of Videocon Industries Ltd went down by 2.73 per cent to close at Rs 2.85 on the BSE. Shares of ICICI Bank fell by 0.72 per cent to end at Rs 365 apiece on the BSE. The CBI has booked Chanda, Deepak and Dhoot in connection with alleged cheating and irregularities in loans sanctioned by the bank to the group in 2012, officials said Thursday. The agency Thursday carried out searches at multiple locations, including the offices of Videocon group in Mumbai and Aurangabad, offices of Nupower Renewables Pvt Limited which is operated by Deepak Kochhar, and Supreme Energy after registering a case. In addition to Chanda, Deepak and Dhoot, the agency has also named companies NuPower Renewables, Supreme Energy, Videocon ...
Sebi slaps Rs 25 lakh fine on 3 entities for manipulating share price
Markets regulator Sebi Thursday slapped a total fine of Rs 25 lakh on three entities for manipulating share price of Ponni Sugars (Erode) Ltd. The watchdog slapped penalties of Rs 10 lakh, Rs 5 lakh and Rs 10 lakh on Gandiv Investment Pvt Ltd, Pat Financial Consultants Pvt Ltd and Bharat J Patel, respectively, according to an order by the Securities and Exchange Board Of India (Sebi). The regulator from November 2012 to October 2014, conducted an investigation into the trading activities of the entities in four phases. During the probe, Sebi observed that the entities had frequently placed orders higher than LTP (Last Traded Price) in many instances as first trade of the day, such trades led to creation of an artificial rise in the price of the scrip. In the normal course of trading, an investor tends to buy at a lower price and sell at a higher price. In this case, although sell orders were available in the system at a lower price, the entities placed buy orders at a higher price and