Page 1763 - Business Finance
FCS Software Solutions reports consolidated net loss of Rs 17.90 crore in the September 2018 quarter
Sales rise 18.35% to Rs 8.77 crore
Kothari World Finance consolidated net profit rises 72.50% in the September 2018 quarter
Sales rise 17.58% to Rs 1.07 crore
Gold prices gain on easing dollar, equities
BENGALURU (Reuters) - Gold prices inched up on Wednesday in subdued trade ahead of a U.S. holiday amid weakness in dollar and equities, as concerns about global economic growth gripped financial markets.
Malaysia's AirAsia X reports wider third-quarter loss on higher fuel cost
KUALA LUMPUR (Reuters) - Malaysia's AirAsia X Bhd reported a sharply wider third-quarter net loss on Wednesday, the airline's second consecutive quarter in the red due to higher fuel prices.
Danske money laundering whistleblower labels UK structures a 'disgrace'
BRUSSELS (Reuters) - British company structures which hide the identity of those behind them were branded a disgrace by the whistleblower who brought to light an alleged 200 billion euro ($228 billion) money laundering scandal involving Danske Bank.
Thyssenkrupp's 2019 outlook fails to revive beaten stock
ESSEN, Germany (Reuters) - Thyssenkrupp's 2019 outlook for a marked recovery at most of its divisions drew a tepid market response, suggesting its new CEO faces a struggle to restore trust in the German industrials group after warning on profit twice this year.
Aviation, oil marketing cos rise on lower global crude oil prices
Shares of aviation and oil marketing companies surged up to 6 per cent Wednesday due to sharp drop in global crude oil prices. The scrip of SpiceJet soared 5.63 per cent, Jet Airways 2.74 per cent and InterGlobe Aviation 1.41 per cent on the BSE. Among OMCs, shares of IOC rose by 1.76 per cent, HPCL 1.17 per cent and BPCL 1.08 per cent. Crude oil fell to one-year low in the global market. Brent crude, the oil prices international benchmark, fell 6.92 per cent to USD 62.17 a barrel on Tuesday on excess supply concerns.
Domestic refined copper output falls 54.8% in Apr-Sept: Report
The domestic refined copper output declined by 54.8 per cent in the first half of the current financial year, mainly on account of shutdown of Vedanta's Tuticorin plant, Care Ratings said Wednesday. "Domestic refined copper production has fallen by 54.8 per cent during H1-FY19. The fall in production is majorly attributable to the permanent shutdown of the 400 KT, Tuticorin smelter which accounted for 40 per cent of the country's copper smelting capacity," the rating agency said in a statement. The outputs of Hindustan Copper (HCL) and Hindalco during the period were also restrained due to the shutdown of their smelters for maintenance purposes. "This, too, has added to the decline in production of the metal," the statement said. The drop in the domestic production has led to the domino effect of a sharp increase in the country's imports and fall in exports, turning India into a net importer of refined copper, it said. "Exports have fallen by 93.6 per cent, (during H1-FY18 exports had
Carpet city Bhadohi gets 'export excellence' tag; to benefit artisans, boost shipments
Known for its hand-woven carpets around the world, Bhadohi received a major boost as the government has extended the 'export excellence' tag to it. Under the 'Towns of Export Excellence' tag, carpet makers of the city will get financial assistance from the central government to procure modern machines, improve export infrastructure, and organise fairs and exhibitions in different parts of the world to attract global buyers. The status was granted by the Directorate General of Foreign Trade (DGFT), under the commerce ministry, an official said. Bhadohi, small township situated on the banks the river Ganges, will be the 37th town to get this status. "This was a long pending demand of carpet manufacturers of Bhadohi. It will give a real boost to the sector, where lakhs of small artisans are engage in this work. The tag would help put the carpet city on the world map," Federation of Indian Export Organisations President Ganesh Kumar Gupta said. He said that the move should help small ...
Yes Bank shares gain over 3%
Shares of Yes Bank rose by over 3 per cent Wednesday after the company's managing director and chief executive Rana Kapoor said he is in talks with co-promoter Madhu Kapur to reach a truce. Also, the company assuring that the recent resignations will not have any bearing on crucial processes, including the selection of Kapoor's replacement as the new MD and CEO for the bank, helped the stock gain. The scrip gained 2.83 per cent to close at Rs 198 on the BSE. During the day, it jumped 4.25 per cent to Rs 200.75. The stock was the top gainer among the 30-Sensex components. At NSE, shares of the company went up by 3.27 per cent to end at Rs 198.40. "...efforts are underway for mutual resolution with Madhu Kapur and family, the co-promoter of the Bank. This is intended to ensure better support and coordination by the two promoter groups with the Board of Directors of the Bank," the bank said in a late evening statement Tuesday. "The new MD & CEO selection process is on track, as .
Facebook's WhatsApp names Ezetap co-founder Abhijit Bose as India head
MUMBAI (Reuters) - Facebook Inc-owned WhatsApp said on Wednesday that it has appointed Abhijit Bose as head of its operations in India, its biggest market by users.
Ikea to cut 7,500 jobs as customer behaviour changes
Swedish home furnishings giant Ikea says it is cutting 7,500 jobs worldwide, partly as a result of a new strategy to open shops in city centers to complement its larger stores. Ikea says the cutbacks will allow it to focus "on its e-commerce platform, to better meet the needs of its customers and be more convenient and affordable to many more people." The company is opening stores in 30 major city centers to diversify its reach. Jesper Brodin, CEO of Ingka Group the largest retailer within the Ikea franchise system said Wednesday: "We recognise that the retail landscape is transforming at a scale and pace we've never seen before" and Ikea needs to be "investing and developing our business to meet their needs in better and new ways.
Hero Cycles joins hands with Yamaha, Mitsui for electric bicycles
Hero Cycles Wednesday said it has entered into a strategic alliance with Japan's Yamaha Motor Co Ltd and Mitsui & Co for technology, manufacturing and marketing of electric bicycles. The first product for India to roll out from this alliance would be a high-end electric-mountain bike (E-MTB) under the Hero brand, the company said in a statement. "The partnership has been formed with a forward looking plan which includes development of new e-mobility products jointly by Hero and Yamaha, with go-to-market sales, distribution and marketing support by Mitsui & Co.Ltd," Hero Motors Company (HMC) Chairman Pankaj M Munjal said. Hero Cycles, the flagship company of the HMC group, had recently announced its 'Cycle Valley' project proposed to be set up in Ludhiana and serve as a hub for end-to-end supply chain of the bicycle industry. The project is to be led by Hero Cycles as anchor investor with an aim to create an ecosystem of suppliers in joint ventures with global bicycle component
Thyssenkrupp profits fall as restructuring looms
German industrial conglomerate Thyssenkrupp reported a sharp fall in annual profits Wednesday after months of boardroom turmoil and a cartel probe, as it prepares to tackle a massive restructuring. The group reported net profit of 60 million euros ($68.4 million) for its 2017-18 financial year to September, down 78 percent after taking into account the sell-off of its Americas steel business. Sales at Thyssenkrupp, which makes products from steel to submarines, elevators and car parts, rose 3.0 percent to 42.7 billion euros. "This will be a year of rebuilding for Thyssenkrupp, so welcome to our big building site," chief executive Guido Kerkhoff said as he opened a press conference at its Essen headquarters. "Every construction project begins with taking stock of the situation and ours is extremely complex," he added. With German authorities investigating possible collusion between firms on prices for certain types of steel, Thyssenkrupp said it had set aside "a provision for antitrust
Kovind invites diaspora in Australia to invest in India
President Ram Nath Kovind on Wednesday said Australia was a key partner in India's flagship programmes and invited the diaspora to invest in India and be a part of the country's transformational journey. Kovind, the first-ever Indian head of state to visit the country, arrived in Sydney from Vietnam along with his wife Savita Kovind on their second leg of two nation visit. Speaking at an event in Sydney, Kovind told the diaspora: "I invite each one of you to join us in our transformational journey. You can contribute with your ideas, your business models and your investment profiles. "We count Australia as a key partner in our national flagship programmes - Make In India, Skill India, Clean India and Digital India. We are keen to leverage Australian technology... You can play an important part in pushing this engagement". The President highlighted the long history of Indians in Australia since the 20th century. "It is remarkable that the community continues to remain committed to ...
Dr Reddy's shares jump over 6% after favourable US court ruling
Shares of Dr Reddy's Laboratories Ltd Wednesday surged over 6 per cent after a court in the US gave a ruling in favor of it in a patent infringement case. The stock jumped 5.90 per cent to settle at Rs 2,594.75 on BSE. Intra-day, it soared 8.21 per cent to Rs 2,651.50. At NSE, shares of the company surged 6.43 per cent to close at Rs 2,600.45. In terms of equity volume, 3.14 lakh shares of the company were traded on BSE and over 44 lakh shares changed hands at NSE during the day. Dr Reddy's Laboratories Ltd Wednesday said a court in the US has given a ruling in favor of it in a patent infringement case filed by pharma giant Indivior on selling generic version of Suboxone a sublingual film in the American market. According to a press release issued by the drug maker, the United States Court of Appeals for the Federal Circuit concluded that Indivior had not shown that it is likely to succeed on the merits of its infringement case. It also said this decision vacates a District Court"s ..
India's Growth Will Slow Somewhat But Remain Robust Says OECD
India's economic growth will slow somewhat but remain robust, at close to 7.50% in 2019 and 2020, noted the Organization for Economic Co-operation and Development (OECD) in a latest update today. Higher oil prices and the rupee depreciation are putting pressure on demand, inflation, current account and public finances. However, business investment and exports will be strong, as past structural reforms - including the new Insolvency and Bankruptcy Code, smoother implementation of the Goods and Services Tax (GST), better roads and electricity and bank recapitalisation - are paying off.
Deere's fourth-quarter earnings miss Wall Street estimates
CHICAGO (Reuters) - U.S. tractor maker Deere & Co.'s fourth-quarter earnings missed Wall Street's estimates, hurt by a slowdown in demand.
EU Commission advises euro zone to boost growth, improve finances
BRUSSELS (Reuters) - The European Commission said on Wednesday it had adjusted its recommendation for the euro zone as a whole to have a stronger focus on what it said were the key challenges of boosting growth and shoring up public finances.
UK's TalkTalk sets out new plan to build own fibre network
LONDON (Reuters) - TalkTalk said it would connect 60,000 more homes in northern England with fibre, underlining its ambition to build its own ultrafast network reaching three million customers after it abandoned an earlier plan to team up with M&G Prudential.