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Page 1247 - Business Finance

Deutsche faces questions from authorities investigating Danske

FRANKFURT (Reuters) - Deutsche Bank said on Wednesday it had received requests for information from regulators and law enforcement agencies around the world that are investigating a money laundering scheme involving Danske Bank.

Updated On : 23 Jan 2019 | 5:15 PM IST

ArcelorMittal undervaluing Essar Steel, say Ruias

A day after ArcelorMittal castigated corporate rivals for trying to sabotage its takeover bid of insolvent Essar Steel, the Essar Group, which is now interested in getting back the debt-laden steel company, shot back saying the objective of Insolvency and Bankruptcy Code (IBC) is maximisation of recovery for creditors and that their bid is higher by Rs 12,000 crore.

Updated On : 23 Jan 2019 | 5:11 PM IST

Government CIOs to focus on AI, cybersecurity in 2019: Gartner

Government Chief Information Officers (CIOs) are likely to focus technology investments on Artificial Intelligence (AI), data analytics and cybersecurity in 2019, market research firm Gartner said on Wednesday.

Updated On : 23 Jan 2019 | 5:11 PM IST

Bharti Infratel, Indus seek exit charges post Vodafone-Idea merger

Tower companies Bharti Infratel and Indus Towers have sought exit charges following Vodafone-Idea merger that led to two tenancies on a single tower being converted into one, and negotiations are on in this regard, the newly merged telecom firm said Wednesday. Prior to the mega merger, both entities - Vodafone and Idea - had tenancies on the same tower of various infrastructure service providers, including Indus Towers and Bharti Infratel. "Post the merger, these two tenancies on a single tower have been converted to a single tenancy with a higher loading as per the terms of the Master Service Agreement. Both Bharti Infratel and Indus have raised demands for exit charges on the company on account of this change and for which the company is in negotiation with them," it said in a regulatory filing. Last year, Idea and Vodafone completed USD 23.2 billion (about Rs 1.6 lakh crore) merger of their India operations to create the country's largest telecom operator to take on competition ...

Updated On : 23 Jan 2019 | 5:11 PM IST

ICICI Prudential shares tank over 11 pc post Q3 earnings

Shares of ICICI Prudential Life plunged over 11 per cent Wednesday after the company registered 34 per cent decline in standalone net profit at 296.77 crore in the December quarter 2018. The stock slumped 11.13 per cent to settle at Rs 305.70 on BSE. During the day, it tanked 12.20 per cent to Rs 302. At NSE, shares of the company dived 11.20 per cent to end at Rs 306.35. In terms of equity volume, 16.83 lakh shares of the company were traded on BSE, while over two crore shares changed hands at NSE during the day. The company had reported a net profit of Rs 452.1 crore in October-December 2017, it said in a regulatory filing. The net premium income increased around 15 per cent to Rs 7,482.95 crore in December quarter from Rs 6,795.13 crore in the year-ago period.

Updated On : 23 Jan 2019 | 5:10 PM IST

ITC revenue up 15% at Rs 11,340 crore

FMCG major ITC Limited today reported gross revenue of Rs 11,340.15 crore during the third quarter ending December 2018, representing a growth of 15.1 per cent in the year-on period.The growth was driven mainly by FMCG-others, agri business and paperboards, paper and packaging.Profit after tax before considering exceptional items during the period grew by 13.8 per cent, marking a 17-quarter high.Total comprehensive income stood at Rs 3,637.01 crore compared to Rs 3,177.06 crore in the same period of last year.ITC said in a statement that its FMCG-others segment posted a steady performance during the quarter with revenue growing by 11.5 per cent. The branded packaged foods businesses sustained its high growth trajectory with most major categories recording improvement in market standing.The hotel business made steady progress during the quarter with construction of ITC Hotels at Kolkata and Ahmedabad besides WelcomHotels in Amritsar, Guntur and Bhubaneswar.In agri business, market ...

Updated On : 23 Jan 2019 | 5:10 PM IST

Maruti calls for reduction in taxes on automobiles

Tax on automobiles in India is higher compared to many other countries and there is a need to reduce it in order to create demand and develop the industry, Maruti Suzuki India Managing Director and Chief Executive Officer Kenichi Ayukawa said Wednesday. Currently, automobiles attract peak GST rate of 28 per cent with additional cess ranging from 1 per cent to 15 per cent depending on length, engine size and type. "Compared to other countries, tax is a bit high (here in India). In order to develop the industry, we have to ask the government to reduce taxes, which we understand is not easy," Ayukawa told PTI. He further said, "We have to collaborate with the government to try to find some solution. In order to encourage demand, the best way is to reduce taxes." When asked about expectations from the Budget, he said the upcoming interim Budget "might be tentative". "The Budget that would come after the elections could be important. Of course, we are constantly communicating with the ...

Updated On : 23 Jan 2019 | 4:55 PM IST

Turnover in F&O segment jumps

Nifty January 2019 futures at premium

Updated On : 23 Jan 2019 | 4:50 PM IST

InterGlobe Aviation third-quarter profit plunges as crude prices weigh

(Reuters) - InterGlobe Aviation Ltd, owner of India's biggest airline by market share IndiGo, said its third-quarter profit slumped 75 percent, dragged down by higher crude prices and intense competition.

Updated On : 23 Jan 2019 | 4:46 PM IST

Blank-check company IPOs moving ahead despite U.S. government shutdown

(Reuters) - A corner of the market for initial public offerings (IPO) is evading the freeze on stock market flotations inflicted by the U.S. government shutdown, putting the spotlight on listings that usually stay under most investors' radar.

Updated On : 23 Jan 2019 | 4:46 PM IST

Reliance among top 250 world retailers in 2017: Deloitte

The global retailing industry saw a record growth in revenue in 2017 with the top 250 companies increasing their revenue by over 83 per cent, according to a latest report by a professional services multinational that said Reliance Retail was the only Indian company in the list.

Updated On : 23 Jan 2019 | 4:40 PM IST

Sensex ends 336 points lower led by sell-off in ITC

After a largely choppy trade session for the better part of Wednesday the Sensex closed 336 points lower owing to the last hour selling in index heavyweight ITC, which missed estimates in its quarterly result.

Updated On : 23 Jan 2019 | 4:34 PM IST

ITC Q3 profit surges 4 pc to Rs 3,209 cr on good show in FMCG, agri biz

Diversified group ITC on Wednesday reported 3.84 per cent increase in standalone net profit at Rs 3,209.07 crore in the December quarter 2018 helped by good performance in FMCG and agri businesses. The company had posted a net profit of Rs 3,090.20 crore in October-December quarter a year ago, ITC said in a BSE filing. Gross revenue from sales was up 15.09 per cent to Rs 11,340.15 crore as against Rs 9,852.74 crore in the year-ago period. "Gross revenue for the quarter stood at Rs 11,340.15 crore, representing a growth of 15.1 per cent driven mainly by FMCG-others, agri business and paperboards, paper and packaging segment," said ITC in a statement. In the third quarter of the previous fiscal, ITC had reported an exceptional income of Rs 412.90 crore. "Exceptional items in the previous period represent provisions for earlier years in respect of Tamil Nadu entry tax that were written back based on a favourable order of the Supreme Court," said ITC. Total expenses of the Kolkata-based ..

Updated On : 23 Jan 2019 | 4:33 PM IST