Page 1242 - Business Finance

TCS 3rd most-valued IT services brand globally: Brand Finance

India's Tata Consultancy Services (TCS) has been ranked third most-valued IT services brand globally in 2018-19, after Accenture and IBM, according to a report by Brand Finance. Four Indian IT services companies -- TCS, Infosys, HCL and Wipro -- clinched spots in the top-10 global tally. Valued at USD 26.3 billion, Accenture took the title of the world's most-valued IT services brand. The tag was previously held by IBM, which now occupied the second place with a brand value of USD 20.4 billion, according to the report. "Holding steady in third place is India's largest IT services conglomerate, TCS, up 23 per cent to USD 12.8 billion, with a value bolstered by the brand's disciplined focus on the market's increased demand for digital services," it added. Brand Finance said TCS is also the first Indian IT services brand to achieve success in the Japanese market and has positioned itself as a leader in providing a superior all-round customer experience, leveraging artificial intelligence

Kerrisdale says Qualcomm's stock could shrink by half: report

BOSTON (Reuters) - Activist investor Sahm Adrangi, who cemented his reputation with successful bets against Chinese internet companies, said that he has taken a short position against Qualcomm Inc, arguing the chip supplier's stock price could shrink by half.

Strong earnings boost Dow at the open

(Reuters) - Strong earnings from IBM, United Technologies and Procter & Gamble boosted the Dow Jones Industrial Average at the open on Wednesday and propelled a rebound in U.S. stocks from its second biggest decline in 2019.

United Spirits third-quarter profit surges nearly 43 percent

(Reuters) - Liquor giant United Spirits Ltd reported about 43 percent surge in third-quarter profit on Wednesday, driven by strong sales of its premium alcohol brands.

Vijaya Bank net zooms 79% in Q3

State-run Vijaya Bank on Wednesday reported a Rs. 143 crore net profit for the third quarter of fiscal 2018-19, registering a whopping 79 per cent annual growth from Rs. 80 crore in the same period a year ago.

RCom posts loss of Rs 341 crore in Dec 2018 quarter

Debt-ridden telecom firm Reliance Communications Wednesday posted a consolidated loss of Rs 341 crore for the third quarter ended December 2018, according to an exchange filing. The company had registered a loss of Rs 206 crore in the same quarter a year ago. The loss figure excludes interest and foreign exchange impact. The Anil Ambani-led firm, which is going through debt resolution process under Insolvency and Bankruptcy Code, did not provide for interest of Rs 1,091 crore and foreign exchange variation and other related item amounting to Rs 474 crore for the quarter. "Had the company provided interest and foreign exchange variance, the loss would have been higher by Rs 617 crore ...for the quarter," the company filing said. Further, the auditors have drawn qualification for non provision of interest and foreign exchange variations in their Limited Review Report for the quarter and nine months period ended December 31, 2018, it added. RCom also derecognised assets and liabilities .

BASF India posts net loss of Rs 38.37 crore in Dec quarter

Agrochemical firm BASF India Wednesday reported a net loss of Rs 38.37 crore for the quarter ended December 2018. Its net profit stood at Rs 6.92 crore in the year-ago period, the company said in a regulatory filing. The company's total income rose to Rs 1,409.86 crore in the third quarter of the current financial year, compared with Rs 1,282.59 crore in the corresponding period of the previous fiscal.

Apollo Global to acquire RPC for 3.3 bln pounds

(Reuters) - RPC Group said on Wednesday Apollo Global Management agreed to buy Europe's biggest plastics packaging maker for 3.3 billion pounds ($4.28 billion) in cash, ending months of negotiations.

Wall Street set to open higher on strong earnings from Dow members

(Reuters) - U.S. stocks were set to open higher on Wednesday, with strong earnings from Dow components IBM, United Technologies and Procter & Gamble looking to propel a rebound after Wall Street suffered its second biggest decline in 2019.

Davos: Japan's Abe to put trade, climate at top of G20 to-do list

DAVOS, Switzerland (Reuters) - Japanese Prime Minister Shinzo Abe said on Wednesday he will seek to use his chairmanship of the Group of 20 leading economies to rebuild trust in the global trade system and foster consensus on ways to address climate change.

Now, get duplicate BSES bill on WhatsApp

Delhi electricity distribution company (discom) BSES announced on Wednesday it has launched a WhatsApp service to help customers get duplicate bills, making it the first discom in the capital to provide such a service.

THK India's maiden production unit to come up at Sri City SEZ

:THK India Pvt. Ltd., a subsidiary of THK Co Ltd., a Japanese major engaged in manufacturing linear motion guides and equipment for transport vehicles, Wednesday performed the groundbreaking ceremony for its maiden production unit in the country in Sri City SEZ in Chittoor district of Andhra Pradesh. THK Group President and CEO Akihiro Teramachi laid the foundation-stone for the unit, where linear motion guides for industrial equipment and transportation vehicles would be manufactured. The company will invest Rs 500 crore in the first phase and commission the unit by January 2020, a Sri City release said. It will create direct and indirect employment for 400 persons, it added. The manufacturing unit is being built on a 50 acre plot in theDomestic Tariff Zone (DTZ)at the SEZ.

Why Rs 1 cr fine shouldn't be slapped over non-compliance of NGT order: CPCB to Nayara Energy

The CPCB has asked oil firm Nayara Energy why a fine of Rs one crore should not be slapped on it and prosecution not initiated over non-compliance of the NGT order on installation of anti-pollution vapour recovery systems at fuel stations. The CPCB had earlier slapped a fine of Rs 1 crore each on three public sector oil companies for their failure to install vapour recovery system (VRS) systems at fuel stations. Last week, the CPCB also sent a show cause notice to Reliance industries, asking why a fine of Rs one crore should not be slapped on it and prosecution not initiated over non compliance of the National Green Tribunal (NGT) order. The Central Pollution Control Board (CPCB), in the notice dated January 22, said the NGT had on September 28 directed oil companies to ensure installation of VRS in petrol pumps selling more than 300 kilolitres per month. In a letter dated November 19, the CPCB said Nayara Energy informed there is only -- retail outlet selling less than 300 kl/month .

FinMin looking at suggestions of raising upper age limit for APY: Rajiv Kumar

The finance ministry is looking at some of the suggestions of PFRDA including increasing upper age limit for availing Atal Pension Yojana (APY) to 50 years, Financial Services Secretary Rajiv Kumar said Wednesday. To make APY more attractive, the Pension Fund Regulatory and Development Authority (PFRDA) has sought the ministry's nod to double the guaranteed minimum pension under the scheme to Rs 10,000 per month and increase the upper age limit to avail the scheme to 50 from existing 40. "The PFRDA is also thinking of buckets of investments in which higher returns can be generated. All these are good suggestions. I can assure you that we will carefully and diligently look at all the suggestions," he said here. Kumar also exhorted banks to find innovative tools to push APY. Citing some examples, he said, banks can tap Mudra beneficiaries, Self Help Group members or Aganwadi workers. There are five crore Mudra loan beneficiaries and the target would be met even if 20 per cent of them ...

Rlys to provide 23K jobs under 10% quota for gen category poor in 2 yrs

Railways is set to become the first government department to implement the 10 per cent quota for the general category poor, providing around 23,000 jobs in the next two years, Railways Minister Piyush Goyal said Wednesday. He said the national transporter will recruit around 1.31 lakh employees within the next six months and about a lakh more over the next two years. The Indian Railways has a sanctioned strength of 15,06,598 employees. Out of these, 12,23,622 personnel are on roll. The remaining 2,82,976 are vacant posts. The recruitment for 1,51,548 posts in the railways is going on, leaving 1,31,428 posts still vacant, the minister said at a press conference. Approximately, 53,000 and 46,000 railway employees shall retire in 2019-20 and 2020-21, respectively, causing an additional vacancy for around 1 lakh people, he said. Goyal said the railways plans to provide around 4 lakh jobs in the next two years. "We have planned in advance so that no posts will remain vacant in railways ...

P&G raises forecast on strength of skin care, detergent brands

(Reuters) - Procter & Gamble Co raised its full-year sales forecast and beat Wall Street estimates for quarterly revenue and profit on Wednesday, driven by price increases and robust demand for detergent and premium skin care brands.

Sebi orders release of Alchemist Infra's demat account in case of Rs 1,900 cr illegal scheme

Sebi has ordered release of demat account of Alchemist Infra Realty, the firm allegedly involved in raising over Rs 1,900 crore through unregistered collective investment scheme (CIS). The release order is passed in compliance with the directions passed by Calcutta High Court in December 2018 wherein it had directed to defreeze the demat account of Alchemist Infra Realty, Sebi said in an order dated January 21. However, the demat accounts of its two directors -- Brij Mohan Mahajan and Narayan Madhav Kumar -- shall remain attached, the regulator said. The markets watchdog in March 2017 had ordered attachment of bank, demat accounts and mutual fund folios of the firm and its directors for recovery of Rs 1,916 crore raised through illegal CIS after they failed to return the money to the investors. In 2013, Securities and Exchange Board of India (Sebi) had directed Alchemist and its directors to refund Rs 1,916 crore collected from the investors along with interest after the regulator ...

Merkel urges reforms to IMF, World Bank to restore confidence in financial system

BERLIN (Reuters) - Global organisations like the International Monetary Fund and the World Bank must be reformed to restore confidence in the global financial system, German Chancellor Angela Merkel said on Wednesday, defending multilateralism as a 'win-win' guarantor.

Russia's Lukoil opposes prolonged global oil output cuts

MOSCOW (Reuters) - The global oil output cut should not be prolonged, the head of Russia's second biggest oil producer, Lukoil, said on Wednesday, Interfax news agency reported.

J&J eyeing surgical robotics firm Auris Health: Bloomberg

(Reuters) - Johnson & Johnson is pursuing an acquisition of surgical robotics firm Auris Health Inc, Bloomberg reported on Wednesday, citing people with knowledge of the matter.