Page 1852 - Business Finance
Infosys names Jayesh Sanghrajka as interim CFO
India's second largest IT services firm Infosys Thursday said it has appointed Jayesh Sanghrajka as its interim chief financial officer. Sanghrajka has been appointed the "interim CFO and key managerial personnel of the company" with effect from November 17, 2018, Infosys said in a regulatory filing. He succeeds MD Ranganath, who will step down from the role on November 16, 2018, it added. Sanghrajka is currently executive vice-president and deputy chief financial officer at Infosys. The board is in the process of selecting the next CFO, it added. Sanghrajka has spent 13 years in Infosys over two stints and worked in various leadership roles in the finance function.
Graphic: The rolling bear market
LONDON (Reuters) - The stock market bull has been running more or less since early-2009, with almost 200 percent in gains on world stocks at the start of 2018.
Fitch keeps India rating unchanged for 12th yr in a row
Refusing to upgrade India's credit rating for the 12th year in a row, Fitch Thursday retained its sovereign rating for the country at 'BBB-', the lowest investment grade with a stable outlook, saying a weak fiscal position continues to constrain the ratings and there were significant risks to macroeconomic outlook. The government has been making a strong pitch to Fitch Ratings for an upgrade after rival Moody's Investors Service in November 2017 gave the country its first sovereign rating upgrade since 2004. Fitch had last upgraded India's sovereign rating from BB+ to BBB- with a stable outlook on August 1, 2006. "Fitch Ratings has affirmed India's long-term foreign-currency issuer default rating (IDR) at 'BBB-' with a Stable Outlook," it said in a statement. The rating, it said, "balances a strong medium-term growth outlook and favourable external balances relative to peers with weak fiscal finances, a fragile financial sector and some lagging structural factors." "Risks to the ...
Huge potential for cooperation among SMEs from India, Taiwan: Official
MSME Secretary Arun Kumar Panda has said there is an enormous potential for cooperation between India and Taiwan in the micro, small and medium enterprises sector. He made these remarks Wednesday at the India-Taiwan SME Development Forum in Taipei, being held from 13-17 November. Speaking about integrating the Indian MSMEs with the regional and global value chains, Panda said there is a lot of potential for cooperation in MSME sector between India and Taiwan, according to an official statement issued by the MSME Ministry. He said India welcomes investment both in terms of technology transfers and FDI by Taiwanese companies in India with Indian SMEs. Sectors like electronics, auto-components, textiles, automobiles, bamboo industry, in which Taiwan has largest concentration, are of special interest to India, he said. Panda said the MSME sector in India occupies a position of strategic importance. Currently, there are over 63 million MSMEs across various industries that employ more than .
Ford CEO open to investors in autonomous vehicles but cautious on Volkswagen
MIAMI (Reuters) - Ford Motor Co Chief Executive Jim Hackett told Reuters the company was open to investment by automakers and others in its autonomous vehicle business, but cautioned that expanding partnerships with German automaker Volkswagen AG was a "delicate dance."
Lanxess to invest up to Rs 1,250 crore in next 5 yrs in India
Specialty chemicals firm Lanxess Thursday said it is planning to invest up to Rs 1,250 crore in India over the next five years to strengthen businesses for chemical intermediates, high-performance plastics and water treatment products. The company is planning to focus on profitable mid-sized markets including Indian and China and expand integrated value chain, according to Lanxess AG member of the board of management Hubert Fink. "The Indian economy is currently the world's fastest rising major economy, with the chemical industry as one of the fastest growing sectors. We aim to even better capitalise the huge potential of the Indian chemical market and are, therefore, now launching a major investment package," Fink told reporters here. "We are planning to invest up to 150 million euro (Rs 1,250 crore) till 2023 in India to strengthen our production sites," he said. India is an important market for the company, he said, adding globally the firm has developed four regions
Oil edges higher but market at risk of possible supply glut
LONDON (Reuters) - Oil rose on Thursday, stabilising after losing nearly 7 percent over the previous three days, though concern over the prospect of an oversupplied market next year continued to weigh on prices despite OPEC's message that it may cut crude output.
Exim Bank provides $30.8 mn LoC to Suriname for infra network
Exim Bank has provided a line of credit (LoC) of USD 30.8 million to South American country Suriname for improving transmission network and maintenance of copters, the RBI said Thursday. Besides, Exim Bank will give USD 2.5 million LoC to Madagascar for the financing of a fertiliser plant project. Of the total assistance to Suriname, USD 27.5 million has been provided for financing up-gradation of transmission network infrastructure. "Out of the total credit by Exim Bank under this agreement, goods and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India," the Reserve Bank of India (RBI) said. The USD 3.5 million LoC is for the purpose of financing the servicing and maintenance of three Chetak helicopters in Suriname, it said. Two separate agreements were entered between the Export-Import
UK retail sales slow to 6-month low, shoppers delay buying winter clothing
LONDON (Reuters) - British retail sales growth unexpectedly slowed to a six-month low last month, as shoppers held off winter clothing purchases due to mild weather and cut back on other goods after a heavy-spending summer.
RBI intervenes more in FX forwards vs spot in September
MUMBAI (Reuters) - The Reserve Bank of India (RBI) continued to intervene more actively in the currency derivatives market than the spot market in September, as it aimed to stem a sharp fall in the rupee and avoid tightening cash conditions in the banking system.
Study: Chinese to account for half of luxury sales by 2025
Chinese consumers will remain the driving force for luxury goods market, according to a new study by Bain consultancy released Thursday that shows they will fuel nearly half of global high-end sales by 2025. Chinese shoppers will account for 46 per cent of global luxury sales of an estimated 365 billion euros (USD 412 billion) in just six years, Bain said in the study, which was prepared for Italy's Altagamma association of high-end producers. That's up from one third of all sales of luxury apparel, accessories and cosmetics last year. Bain partner Claudia D'Arpizio says half of those purchases will be made in China, as price differences between countries fade and brands improve the customer experience in China. Bain said luxury sales this year are forecast to grow 2 percent to 260 billion euros, in figures restated to exclude luxury art, design and decor. Taking into account both luxury goods and experiences, the market is expected to grow by 5 percent to 1.2 trillion euros ...
Yes Bank declines over 7% after Chawla resigns as non-executive chairman
Shares of Yes Bank fell over 7 per cent Thursday after the private sector lender's non-executive chairman Ashok Chawla stepped down with immediate effect. The shares settled 7.42 per cent lower at Rs 206 on the BSE. During the intra-day trade, it had plunged 9.07 per cent to a low of Rs 202.30. On the NSE, the stock closed at Rs 205.90, down 7.42 per cent from the previous close. During the trading session, it had touched a low of Rs 202.25 and a high of Rs 217.95. In a regulatory filing to the stock exchanges on Wednesday, Yes Bank announced that Chawla, non-executive independent part-time chairman, had tendered his resignation from the bank's board, with immediate effect, mentioning that during the current transition period, the bank would need a chairman who could devote more time and attention. The bank further said it would announce the appointment of a new chairman in "due course" post RBI's approval. The Reserve Bank has already asked the private sector bank to find replacement
Walmart's comparable sales beat estimates, e-commerce sales jump
NEW YORK (Reuters) - Walmart Inc reported better-than-expected quarterly U.S. comparable sales on Thursday and raised its earnings outlook for the year as a strong economy boosted customer store visits and more grocery offerings helped e-commerce purchases.
India's October trade deficit widens to $17.13 billion
NEW DELHI (Reuters) - India's October trade deficit widened to $17.13 billion due to a higher oil import bill, the country's trade ministry said in a statement on Thursday.
Duty hikes, weak rupee to push up smartphone prices in India: IDC
The weak rupee and rising input costs are going to force smartphone vendors raise prices of their devices in India in the coming months, the International Data Corporation (IDC) said on Thursday.
Mahindra Electric Mobility to invest Rs 1,000 cr by 2020 for
Mahindra Electric Mobility Thursday said it would invest a total of Rs 1,000 crore by 2020 for electric vehicles including the latest Treo and Treo Yaari vehicles. "We are investing Rs 1,000 crore by 2020 for electric vehicles including the electric three-wheeler range - Treo and Treo Yaari vehicles," Mahindra and Mahindra Limited Managing Director and Mahindra Electric Chairman Pawan Goenka told reporters here. Earlier, the MD inaugurated Mahindra Electric's electric technology manufacturing hub in the city. Out of the Rs 1,000 crore, as much as Rs 100 crore has been invested for creating this facility, he noted. Also, Rs 400 crore already have been invested in product technology space, while Rs 500 crore will be invested by March 2020 on research and development purposes, Goenka said. With the new facility, the company's manufacturing capacity will increase to 25,000 units per annum. Branded under the umbrella of +ME technologies, the facility will manufacture battery ..
Grasim Industries cracks 8% on Q2 loss
Shares of Grasim Industries Thursday dived nearly 8 per cent after the Aditya Birla Group firm announced a consolidated net loss of Rs 1,300 crore for the September quarter. Grasim Industries plummeted 7.91 per cent to close at Rs 807.6 apiece on the BSE. The scrip plunged 9.2 per cent (intra-day) to Rs 796.15. On the National Stock Exchange, the counter settled at Rs 806.1, down 8.02 per cent from the previous close. The stock had hit a low of Rs 795.20 and a high of Rs 855 during the trading session. Collectively, over 46 lakh shares got traded on the exchanges during the trading session. In a regulatory filing to stock exchanges Wednesday, Grasim Industries reported a consolidated net loss of Rs 1,299.86 crore for the quarter ended September 2018. It had posted a net profit of Rs 799.03 crore during the July-September period of the previous fiscal. "The exceptional item of Rs 2,003 crore represents the difference between book value and fair value of Vodafone Idea Ltd as on August ..
Cox and Kings Q2 net profit dips 32% to Rs 135.47 cr
Travel firm Cox & Kings Thursday reported a 31.97 per cent dip in consolidated net profit to Rs 135.47 crore for the quarter ended September 30, 2018 mainly due to higher expenses. The company had posted a net profit of Rs 199.14 crore for the corresponding period of the previous fiscal, Cox & Kings said in a filing to the BSE. The consolidated total income from operations stood at Rs 1,890.07 crore for the quarter under consideration. It was Rs 1,580.86 crore for the same period a year ago. Total expenses of the company stood at Rs 1,671.96 crore in the quarter against Rs 1,315.21 crore in the corresponding period of the previous fiscal. Shares of Cox & Kings Thursday closed at Rs 190.05 on BSE, down 0.68 per cent from the previous close.
Exports up 17.86 pc in Oct at USD 26.98 bn: Govt
India's exports rose by 17.86 per cent to USD 26.98 billion in October compared to the year-ago month, according to the commerce ministry data. Imports during the month also rose by 17.62 per cent to USD 44.11 billion, leading to widening of trade deficit to USD 17.13 billion. The deficit widened despite a steep decline of 42.9 per cent in gold imports to USD 1.68 billion during the month under review. The trade gap was USD 14.61 billion in October 2017. During the April-October period of the current fiscal, exports grew by 13.27 per cent to USD 191 billion. Imports were up by 16.37 per cent to USD 302.47 billion, leaving a trade deficit of USD 111.46 billion during the first seven months of the current fiscal. It was USD 91.28 billion in April-October 2017-18. Oil imports in October increased by 52.64 per cent to USD 14.21 billion. The non-oil imports rose by 6 per cent to USD 29.9 billion in the month. In September, exports had contracted by 2.15 per cent.
Jet Airways zoom 26% amid reports of Tata Group buying stake
Shares of Jet Airways Thursday zoomed up to 26 per cent on bourses amid reports that Tata Group was in talks to buy a controlling stake in the cash-strapped airline. After a positive opening on the BSE, shares of the company soared 24.52 per cent to close at Rs 320.95. During the trading hours, the stock had touched a high of Rs 334.9 and a low of Rs 264. On the NSE, the shares of airline firm went up by as much as 26.41 per cent to settle at Rs 326. The stock has risen in the last four trading sessions gaining over 32 per cent on the bourses. While the shares of struggling carrier ended on a positive note Thursday, shares of SpiceJet and InterGlobe Aviation fell by 0.9 and 0.51 per cent respectively, on the BSE. A section of media reported that Tata group was conducting due diligence of Jet Airways to buy the full-service carrier from its owner, Naresh Goyal. Jet Airways, however, termed media reports of Tata group carrying out due diligence to acquire the airline as ...