Page 1337 - Business Finance

Sarovar Hotels expands presence in J&K

Hotel management firm Sarovar Hotels and Resorts Monday said it is expanding its footprint in Jammu and Kashmir with signing of an agreement with a new hotel, Viraj Sarovar Portico, in Jammu. The 45-room hotel will become operational in mid-2019 and will be Sarovar's second hotel in the state after RK Sarovar Portico in Srinagar, the company said in a statement. Sarovar Hotels currently manages 80 operational hotels at 50 destinations in India and overseas under Sarovar Premiere, Sarovar Portico and Hometel brands.

Gradiente Infotainment standalone net profit rises 2400.00% in the December 2018 quarter

Sales rise 872.09% to Rs 8.36 crore

Jumbo Bag standalone net profit rises 196.15% in the December 2018 quarter

Sales rise 21.80% to Rs 32.13 crore

Jammu and Kashmir Bank standalone net profit rises 43.16% in the December 2018 quarter

Total Operating Income rise 19.00% to Rs 2002.71 crore

Prakash Industries standalone net profit rises 39.44% in the December 2018 quarter

Sales rise 41.30% to Rs 1025.81 crore

Tata Sponge Iron consolidated net profit declines 25.53% in the December 2018 quarter

Sales rise 21.62% to Rs 260.83 crore

Braving snowfall, over 13,000 pilgrims visiting Vaishno Devi daily: Officials

Braving heavy snowfall and extremely cold weather, around 13000pilgrims are visiting the cave shrine of the Mata Vashno Devi daily, officials said Monday. Due to the rush, the shrine board has not opened the natural cave yet which is usually made accessible to the pilgrims by mid January when the number of visitors decreases to around 7000 per day. "Despite snowfall and chilly weather conditions,pilgrims numbering between 12000 to 13000 continue to visit the shrine daily," Chief Executive Officer (CEO) Shri Mata Vaishno Devi Shrine Board (SMVDSB) Simrandeep Singh told PTI. "The natural cave for darshan was not opened on Monday on Makar Sankranti because the rush of pilgrims is still as high as 13000," Singh said. The cave shrine is likely to be opened next week once their is a dip in the arrival of pilgrims, he added. In 2018, the shrine located in Reasi district of Jammu and Kashmir recorded the highest number of arrival of pilgrims in the last five years, with nearly 86-lakh ...

Hyderabad to host The Indian Luxury Expo in February

The Indian Luxury Expo (TILE) 2019 edition, which will bring together 50 luxury brands across 20 lifestyle segments, will be held here on February 2 and 3.

Avenue Supermarts shares tank over 11 pc post Q3 earnings

Shares of Avenue Supermarts, which runs the D-Mart supermarket chain, slumped over 11 per cent Monday after its December 2018 quarter earnings failed to cheer investors. The stock tumbled 11.04 per cent to close at Rs 1,395.75 on BSE. Intra-day, it plummeted 11.65 per cent to Rs 1,386.05. At NSE, shares of the company dived 11.30 per cent to end at Rs 1,394. In terms of equity volume, 4.15 lakh shares of the company were traded on BSE and over 36 lakh shares changed hands at NSE during the day. Avenue Supermarts, Saturday posted 2.1 per cent jump in its net profit to Rs 257 crore for the December 2018 quarter. The company had reported a net profit of Rs 252 crore in the corresponding quarter a year ago, it said in a BSE filing. According to JM Financial Institutional Securities, 3Q FY19 turned out to be another disappointing quarter for DMart. While the gross margin impact of its now-known strategy of driving higher throughout its stores by lowering prices across categories has been ..

Ananth Narayanan steps down as Myntra-Jabong CEO

Fashion e-tailer Myntra Monday said its CEO Ananth Narayanan has quit, a development that ends months of speculation about his exit following a recent re-jig at its parent group Flipkart. In a statement, Myntra said Narayanan has decided to step down as CEO of Myntra and Jabong to pursue external opportunities. Amar Nagaram has been named as Head, Myntra and Jabong, and will report to Flipkart Group CEO Kalyan Krishnamurthy, it added. There were speculations that Narayanan would quit after a new reporting structure was put in place when Binny Bansal -- the then CEO at Flipkart Group (which owns Myntra and Jabong) -- quit the company. As a part of the new structure, Myntra and Jabong were brought under Flipkart, with Narayanan reporting to Krishnamurthy. Reports suggest that Narayanan is moving to content streaming platform Hotstar, but the same could not be independently ascertained. "Ananth has played an important role in making Myntra and Jabong into a formidable player in the ...

CavinKare revamps fairness product portfolio

: Fast moving consumer goods major CavinKare Monday said it was revamping the fairness portfolio with an eye on increasing market share in the segment. Under its rebranding exercise, the city-based company unveiled its flagship fairness brand - Fairever and also introduced another product Fairever Next. "The new line of products with a natural twist will aim to capitalise the opportunities in the Rs 3,000 crore face care market..", a company statement said here. With the re-launch, the company aims to further strengthen its position and increase market share in the category. "The buoyant skin care market in India is witnessing dynamic shifts in consumer preferences day by day. We have made significant investment in our new product and we are confident that this will create excitement in our consumers giving them utmost product satisfaction", company Director and CEO, Personal Care and Alliances, Venkatesh Vijayaraghavan said. As part of the re-launch, the brand's logo ..

REITs may help generate 14% return annually to investors : Anarock

Real Estate Investment Trusts (REITs) could offer a return of 14 per cent per annum to domestic and global investors on healthy demand for good quality commercial properties especially office space despite overall slowdown in the real estate market, according to ANAROCK. In 2014, market regulator SEBI had notified the REIT regulations but the country is yet to see the first launch of such a trust. REITs are listed entities that invest in income-generating properties and distribute most of the income through dividends to unit holders. "The listing of India's first REIT by Blackstone-backed Embassy Group has been in the offing for quite some time, but it now finally appears that it will be listed within the first half of 2019," said Shobhit Agarwal, MD & CEO, ANAROCK Capital, which is part of property brokerage firm ANAROCK founded by Anuj Puri in 2017. Last year, Embassy Office Parks -- a joint venture firm of Blackstone and Embassy -- filed the draft red herring prospectus (DRHP) .

Lululemon raises quarterly profit forecast

(Reuters) - Canadian athletic apparel maker Lululemon Athletica Inc on Monday raised its fourth-quarter profit forecast, helped by strong sales during the holiday season.

Infosys shares end nearly 3% higher on buyback, revenue growth forecast

Shares of Infosys Monday rose nearly 3 per cent after the company approved a Rs 8,260-crore share buyback and also raised its revenue growth forecast. The scrip gained 2.52 per cent to end at Rs 700.90 on BSE. Intra-day, it jumped 3.70 per cent to Rs 709. On NSE, shares of the company went up by 2.60 per cent to close at Rs 701.30. In terms of equity volume, 19.01 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day. India's second largest IT firm Friday reported a 30 per cent drop in its December quarter net profit on higher expenses even as it approved a Rs 8,260-crore share buyback -- the second in less than 13 months' time. Its net profit slumped to Rs 3,610 crore in October-December 2018 from Rs 5,129 crore in the same period a year ago, the company said in a statement. In spite of the drop in quarterly profit, the company raised its revenue growth forecast for the fiscal year ending March 2019 to 8.5-9 per cent in constant ..

Sensex drops over 150 pts on weak IIP data

The benchmark BSE Sensex ended over 150 points lower Monday as foreign investors cut down bets on disappointing IIP data and weak trend in other Asian markets. After a volatile session, the 30-share index settled 156.28 points, or 0.43 per cent, down at 35,853.56, while the broader NSE Nifty fell 57.35 points, or 0.53 per cent, to finish at 10,737.60. The fall was led by L&T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent. On the other hand, Yes Bank was the biggest gainer on Sensex, rallying up to 6.22 per cent, on reports that the lender had shortlisted its executive Rajat Monga and a CEO of a foreign bank to succeed long-serving Managing Director and Chief Executive Officer Rana Kapoor. Infosys was also among the top gainers, rising 2.58 per cent, after the company Friday said it will buyback shares worth up to Rs 8,260 crore and offer shareholders a special dividend of Rs 4 per share as part of ...

Sensex slides below 36,000 mark

The market declined for third day in a row, led by losses in Larsen & Toubro, ICICI Bank and HDFC. Strength in Infosys and Yes Bank supported the bourses. Sentiment was impacted by weak IIP data and negative global stocks.

India's crude steel output falls 1.4 pc to 8.936 MT in Dec

India's crude steel production fell by 1.4 per cent to 8.936 million tonnes (MT) in December 2018, according to official data. The country had produced 9.067 MT crude steel in December 2017. "Crude steel production stood at 8.936 MT in December 2018, down by 1.4 per cent over December 2017 and was down by 0.3 per cent over November 2018." the Joint Plant Committee (JPC) said in its latest report. During April-December, state-run SAIL, Rashtriya Ispat Nigam, Tata Steel, Essar Steel, JSW Steel and Jindal Steel and Power together produced 47.462 MT, the report said, adding that the rest 31.522 MT came from other producers. In December 2018, hot metal output stood at 6.158 MT, 2.6 per cent higher over 6.001 MT in the same month in 2017, the JPC said. The country's pig iron production fell by 5.5 per cent to 0.530 MT in December 2018 from 0.561 MT in December 2017. India has set an ambitious target of increasing its capacity to 300 MT by 2030-31. The JPC, under the Ministry of Steel, is ...

Jet Airways bucks weak market trend

Jet Airways (India) jumped 16.13% to Rs 294.40 on BSE on media report that the company is close to finalising a resolution plan.

Saudi's Riyad Bank selects Goldman to advise on merger talks with NCB: sources

DUBAI (Reuters) - Saudi Arabia's Riyad Bank has picked Goldman Sachs to advise on its merger talks with National Commercial Bank, two sources familiar with the matter said.

Shell Lubricants Partners With Mahindra

/ -- Mahindra to endorse Shell automotive lubricants under 'Maximile' brand Shell Lubricants, the global market leader in lubricants for 12 consecutive years, has announced a new strategic partnership with Mahindra & Mahindra Ltd, a part of the USD 20.7 billion Mahindra Group. (Photo: https://mma.prnewswire.com/media/807757/Shell_Mahindra_Partnership.jpg ) Under this agreement, Mahindra and Shell will work together to offer market-leading, high-performance lubricant products, such as engine oils, transmission and axle oils, including those under the 'Maximile' brand. These lubricants will be distributed through the Mahindra dealership network and bazar networks through the Mahindra spares business unit. The Shell-Mahindra partnership rides on the theme of 'Together Towards Tomorrow', where both organizations are committed to developing innovative, unique and differentiated technologies and products. The agreement is a major step in this direction and was signed in Mumbai by Ms. ..