Page 1299 - Business Finance
Cyient Q3 FY'19 net profit up 5 pc to Rs 92 cr
IT firm Cyient Thursday said its net profit for the December 2018 quarter grew 4.9 per cent to Rs 92.1 crore from the year-ago period. The company had posted a net profit of Rs 87.8 crore in the October-December 2017 period, Cyient said in a statement. Its revenue was up 20.8 per cent to Rs 1,187.6 crore in the quarter under review from Rs 983.4 crore in the December 2017 quarter, it added. Cyient also reported its highest-ever cash balance of Rs 1,230 crore (USD 176 million) and said it would continue with its dividend policy. It added that the company will continue with investments for accelerated growth and has strong cash generation and capital available. "Third quarter is generally a slow quarter and we recorded a revenue degrowth of 1.5 per cent in constant currency over the previous quarter. However, we witnessed a growth of 10.7 per cent in constant currency year-on-year," Krishna Bodanapu, Managing Director and CEO at Cyient, said. The quarter-on-quarter growth was impacted ..
RIL 1st private firm to post Rs 10k cr quarterly profit
Reliance Industries Ltd Thursday became the first Indian private sector company to report a quarterly profit of more than Rs 10,000 crore after record earnings from petrochemical, retail and telecom business offset a dip in refinery margins. The oil-to-telecom conglomerate reported an 8.8 per cent rise in its consolidated net profit to Rs 10,251 crore, or Rs 17.3 per share, in the third quarter ended December 31, 2018, as compared to Rs 9,420 crore, or Rs 16 a share, in the same period of the previous financial year, the company said in a statement. This is the highest quarterly profit by any private company. State-owned Indian Oil Corp (IOC) holds the distinction of posting highest ever quarterly profit by any Indian firm when it had reported a net profit of Rs 14,512.81 crore in January-March 2013. IOC net profit in the fourth quarter of 2012-13 fiscal was abnormally high because of receipt of fuel subsidy for the full year in one quarter. Its annual profit that fiscal was Rs ...
Morgan Stanley profit misses as bond traders stumble in volatile markets
(Reuters) - Morgan Stanley missed analysts' estimates for quarterly profit on Thursday after spikes in volatility in the end of the fourth quarter hurt trading, sending its shares down 5 percent.
L&T Technology Q3 net profit soars 47% to Rs 186 crore
Larsen & Toubro Technology Services (LTTS) Thursday reported a 47 per cent rise in its consolidated net profit to Rs 185.6 crore for the December 2018 quarter. The company had registered a net profit of Rs 126.3 crore in the corresponding quarter of the previous fiscal, it said. Its revenue grew 36 per cent to Rs 1,316.9 crore in the said period as against Rs 969.1 crore a year ago. "We have sustained the double-digit growth trajectory across all industry segments by building on our excellent positioning in digital and leading-edge technologies which has now risen to 34 per cent of revenues," LTTS CEO and Managing Director Keshab Panda said. "We continue to invest in building new capabilities and creating new labs to aid innovation," he said. During the quarter under review, LTTS won eight multi-million dollar deals across segments. The company's revenue in US dollar terms grew 23 per cent year-on-year to USD 185.7 million. The strong growth achieved in the current year-to-date ...
Gujarat co deposits Rs 2 cr to join Reid & Taylor resolution process
Spelling a ray of hope for the beleaguered Reid & Taylor group employees, a Gujarat-based investor CFM Asset Reconstruction Pvt Ltd (CFMARPL) on Thursday deposited an amount of Rs 2 crore as partial Earnest Money Deposit to participate in the resolution process before the NCLT, Mumbai.
Sebi slaps Rs 25-lakh fine on 5 entities
Markets regulator Sebi has slapped a total fine of Rs 25 lakh on five entities for executing fraudulent trades, leading to creation of artificial volume in the illiquid stock options segment on the BSE. Those facing the penalties are Gladiator Vyapaar, Pratik Steelcasting, Jodhraj Finassist, Kamna Housing and Babubhai Ramanlal Patel, according to Sebi orders. The Securities and Exchange Board of India (Sebi) conducted an investigation between April 2014 and September 2015 into the trading activities in illiquid stock options on the BSE after observing large-scale reversal of trades in the stock options segment. During the probe, the regulator found that entities had executed several reversal trades with the same entities on the same day which were "non genuine in nature", thereby leading to false and misleading appearance of trading in illiquid stock options. The non-genuine and deceptive transactions of the entities are covered under the definition of fraud and the dealings carried ..
Icra expects domestic auto parts industry to grow 15% this fiscal
The domestic auto components industry is expected to grow at around 15 per cent in the current financial year despite a slowdown in demand in the automotive sector, according to rating agency Icra. The growth is supported by healthy volume growth in two-wheelers, commercial vehicles and and tractor segment until November last year. The rating agency also expects automobile volumes to grow 8-9 per cent during 2018-19, as against 14.8 per cent growth during 2017-18. "Weighted-average demand for auto components from OEMs (original equipment manufacturers) is expected to grow by 10-11 per cent in the current fiscal, as compared with 9.5 per cent expected in FY2018, supported by strong commercial vehicle volumes," Icra said. For exports, trade disputes, punitive tariffs, higher fuel prices and rising interest costs are expected to play spoilsport in light vehicle sales in the US, which is the major market for auto components industry other than Europe, over the next 12-18 months, it added.
Oil tumbles on increased U.S. output and persisting trade fears
LONDON (Reuters) - Oil prices fell by 2 percent on Thursday after U.S. crude production neared an unprecedented 12 million barrels per day (bpd) and concern grew over weakening demand, particularly in light of the trade dispute between the United States and China.
Jet Airways' creditors weighing restructuring plan
BENGALURU/MUMBAI (Reuters) - Jet Airways Ltd's lenders are considering a plan to resolve its debt issues, top creditor State Bank of India (SBI) said on Thursday, amid media reports two main shareholders have yet to resolve their differences.
Govt developing national rubber policy: Prabhu
Union minister for commerce and Industry and Civil Aviation Suresh Prabhu Thurday said the government is developing a National Rubber Policy to address various issues concerning the sector. The policy by the commerce and industry ministry will address issues that will boost productivity, the minister said at the inaugural function of the 10th edition of India Rubber Expo 2019, here, according to a statement. He said the rubber industry will continue to grow faster, create more employment opportunities, increase exports and add to the economic output of India. Stating that India will become a 5 trillion dollar economy in the next few years, Prabhu said the share of manufacturing sector es expected add 20 per cent to this and the rubber industry can make a significant contribution to this. A multi-pronged strategy is being formulated to boost India's exports, he said adding that during the last 13-14 months, India's exports have grown at 10 per cent, despite the slowdown .
Startups, investors get angel tax relief
In a big boost to startups and their investors, the government has liberalised the norms including doing away with the need for an inter-ministerial committee's approval for availing angel tax exemption.
Board of Cyient deliberates on buyback of shares
At meeting held on 17 January 2019
Reliance Industries third-quarter profit rises, beats estimate
(Reuters) - Indian conglomerate Reliance Industries Ltd on Thursday posted a 8.8 percent rise in third-quarter profit, beating analyst estimates, driven by growth in its petrochemicals business and refining business.
4 held for theft of diesel from PSU oil pipelines in Telangana
An inter-state gang allegedly involved in theft of over one lakh kilo litre of diesel from pipelines of two oil majors here by digging a tunnel was busted Thursday with the arrest of four people, police said. Cash to the tune of Rs 90.40 lakh and a car were seized from the arrested while a search was on for eight other members of the gang, who had been involved in the theft of diesel from November last year, they said. The gang members had leased a land, which was located at a distance of about two km from the pipelines of the Indian Oil Corporation and Bharat Petroleum Corporation Ltd running between Cherlapally from Ghatkesar localities here. They put up a shed and dug a tunnel to reach the pipelines. They then drilled the pipelines and drew diesel using valves and electric motors. The accused had stolen 1,30,601 Kilo litres of diesel so far since November last, police said. A special team has been formed to nab those absconding.
Kwality intimates of appointment of Interim Resolution Professional
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Continental to invest 30 mn euros on new plant in Pune
Technology firm Continental Thursday said it is investing approximately 30 million euros (Rs 240 crore) to set up a new manufacturing plant at Talegaon in Pune. The facility, which will be utilised for the company's powertrain business, is scheduled to begin production by early 2020. It will roll out products such as engine management systems, sensors and actuators as well as fuel and exhaust management components, for passenger cars, two-wheelers and commercial vehicles. "Due to the increasing stringent emission legislation in the automotive market, including the two-wheeler market, we are expecting a growing demand of low-emission technologies," said Continental Executive Vice-President Powertrain Components Business Unit Klaus Hau. Through this investment, the company is expanding its involvement in the strategic important market, he added. Continental has invested around 260 million euros (Rs 2,100 crore) in India during the ten-year period from 2008 for its various businesses. It
Los Angeles now 3rd largest intl growth market for Indians
Los Angeles witnessed 5.1 per cent growth with 1,30,000 Indian travellers visiting the city in 2018, becoming the third largest international growth market. India is an important and rapidly growing market for Los Angeles and Indian traveller trends and demands have inspired added efforts to tap the tremendous potential it offers, Los Angeles Tourism and Convention Board said in a release issued here. By welcoming overall 50 million visitors to the city, Los Angeles reached a milestone in 2018, accomplishing the destination's ambitious tourism goal two years early. In surpassing 50 million total visitors, Los Angeles set new tourism records for domestic and international visitation, hosting an estimated 42.5 million domestic visitors (3 per cent increase) and 7.5 million international visitors (3.6 per cent increase). "Surpassing 50 million annual visitors two years ahead of schedule is the latest milestone in our ongoing work to bring Los Angeles to the world, and the .
South Africa plans big investment pitch at WEF Davos summit
South Africa has lined up a big delegation led by President Cyril Ramaphosa for the World Economic Forum Annual Meeting in Swiss resort town of Davos next week, where it will make a major pitch to attract global investments into the country. The primary objective of the South African delegation will be to strengthen partnerships and collaboration for inclusive economic growth and development in South Africa, A South Africa government statement said. A particular emphasis would be on increasing international investment into the country, it added. The five-day WEF Annual Meeting will begin on Monday and is likely to be attended by over 3,000 leaders from across the world, including India. These would include government leaders, policymakers, CEOs as also people from civil society, media, entertainment, academia and other fields. "We are going to Davos to interact with potential investors. We are competing with other emerging markets where there is an oasis of investment opportunities ...
Board of Burnpur Cement re-considers proposed reduction of capital
At meeting held on 17 January 2019
Morgan Stanley profit misses estimates on lower bond trading
(Reuters) - Morgan Stanley reported lower-than-expected quarterly profit on Thursday as fixed income trading fell, hurt by increased volatility at the end of the fourth quarter.