Page 1998 - Business Finance
Eveready Ind Q2 net profit falls 32pc to 24.6 crore
Eveready Industries India Ltd on Monday reported a 32-per cent on-year decline in net profit to Rs 24.66 crore in the quarter ended September, owing to lower sales and a weak rupee. The Kolkata-based company's net sales stood at Rs 383.49 crore in the quarter under review as against Rs 398.25 crore in the corresponding period a year ago. "The operating results for the quarter was lower compared to the corresponding quarter of the previous year, consequent to a lower turnover coupled with the adverse impact of a depreciating rupee. "Marginal turnover drop came from both the battery segment as well as the lighting segment," Eveready Industries said in a statement. The weakening rupee is a cause for concern, the dry-cell battery maker said. "It is expected that the markets will shrug off the sluggishness in pick up, in both the categories of batteries and flashlights as government implements its plans to boost rural incomes through infrastructure spending and increase in ..
Jet Airways rises 9.5% amid reports of deal talks with Tata Group
Shares of Jet Airways soared 9.5 per cent Monday amid reports of initiation of second round of talks with Tata Group for a deal. The stock surged 9.47 per cent to end at Rs 250.75 on the BSE. Intra-day, it jumped 10.95 per cent to Rs 254.15. On the NSE, shares of the company zoomed 9.20 per cent to close at Rs 250.25. The company's market valuation rose by Rs 247.45 crore to Rs 2,848.45 crore on the BSE. In terms of the equity volume, 12.68 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day. Meanwhile, the BSE has sought clarification from Jet Airways (India) with reference to the news Monday.
Inox Wind posts net profit at 2 cr in Jul-Sept quarter
Wind turbine maker Inox Wind posted a net profit of Rs 2 crore for the quarter ended September 30, 2018. "We have an EBITDA profit of Rs 53 crore as compared to an EBITDA loss of Rs 20 crore and have a PAT(profit after tax) profit of Rs 2 crore (in July September) as compared to a PAT loss of Rs 46 crore in the corresponding similar period," a company statement said. The company ended the second quarter with revenue of Rs 437 crore as compared to Rs 80 crore in the corresponding previous year quarter, the statement added. It said that it is strongly placed on back of our connectivity backed order book and intends to execute its order book over the course of next 12 to 18 months. It is in advanced stages of discussions for additional orders of over 600 MW, which, if fruitful, would add to its order book in the coming quarters. Over the quarter, Inox Wind has also readied itself and is on the cusp of launching its next generation multi megawatt wind turbines platform to further reduce ..
Passenger traffic on rise at Dubai World Central
Dubai World Central (DWC) passenger traffic surged 26.1 per cent in the third quarter of 2018. DWC welcomed 119,000 customers during the period bringing the total number of customers welcomed this year to 637,176 (-1.9%).The top regions contributing to customer numbers at DWC include Western Europe (40,349 passengers) and Eastern Europe (38,740 passengers). Some of the top destination cities during the third quarter were Beirut (20,566 passengers), Amman (16,216 passengers), and Katowice (10,247 passengers).Flight movements during Q3 totalled 5,742 (-11.7%). A total of 21,811 flights have taken-off or landed at DWC (-12.3%) so far this year. In Q3 a total of 254,421 tonnes of airfreight moved through DWC (-2.5%), bringing the year to date cargo tonnage to 729,611 (+3.5%).DWC is the world's 22nd busiest hub by international freight volume according to the Airports Council International (ACI). The outlook for passenger traffic at DWC in Q4 is positive, thanks to the seasonal rush of ...
Gold glitters on Dhanteras despite high prices; sales up 15 pc
Gold and jewellery sales are expected to have gone up by up to 15 per cent on the auspicious occasion of 'Dhanteras' Monday as consumer demand revived on reports of further jump in the yellow metal rates in the coming weeks. The buying during the morning trade remained subdued, but it picked up later as eager shoppers indulged in token buying, while some took delivery of their wedding jewellery. There was more demand for coins compared to jewellery. Even organised players like P C Jewellers and Kalyan Jewellers are expected to have seen better sales as quality and better designs at competitive prices attracted more footfalls. Unorganised jewellery players in India -- the world's second biggest buyer of the precious metal -- make up for roughly 70 per cent of the country's gold sales. Dhanteras is considered to be an auspicious day for buying gold, silver and other valuables and is largely celebrated in northern and western parts of India. The buying continues till late ...
Natco Pharma net profit up 115% in Q2FY19
Hyderabad based Natco Pharma has reported 115 per cent jump in net profit on a consolidated basis at 181.60 crore for the quarter ended September 2018 as against Rs 84.40 crore same period last year. The company has recorded consolidated total revenue of Rs 583.50 crore for the second quarter ended on 30th September, as against Rs 432.20 crore for the same period last year, reflecting a growth of 35 per cent, a company statement said here. During the quarter, the company has witnessed growth in the formulations business, both domestic and exports. The breakup of revenues has domestic formulations at Rs 193.87 crore, exports formulation including profit share/service income at Rs 247.81 crore, API revenues at Rs 66.81 crore, other income at Rs 53.61 crore and subsidiary revenues Rs 21.40 crore for quarter ended 30th September 2018. ******************* Deutsche Bank, HCL Tech tie up for cheque processing globally * Deutsche Bank has entered into a strategic partnership .
Britain confident of Brexit financial services deal soon
LONDON (Reuters) - Britain is confident that it will "imminently" reach a deal with the European Union on its post-Brexit financial services trade with the bloc, Britain's financial services minister John Glen said on Monday.
Britain confident of 'imminent' Brexit deal for financial sector
LONDON (Reuters) - The United Kingdom is confident that it is on the verge of reaching an agreement with the European Union to give London's vast financial centre access to EU markets after Brexit, Britain's financial services minister John Glen said on Monday.
Exclusive: Venezuela seeks to repatriate $550 million of gold from Britain - sources
CARACAS (Reuters) - Venezuela is seeking to repatriate about $550 million in gold bars from the Bank of England because of fears it could be caught up in international sanctions on the country, two sources with direct knowledge of the effort told Reuters.
GAIL net jumps 50 pc in Q2
State gas utility GAIL India Ltd Monday reported a 50 per cent jump in its second-quarter net profit on the back of higher revenue from its natural gas marketing business. Its net profit in July-September 2018 stood at Rs 1,963 crore as against Rs 1,310 crore in the same period of last fiscal, the company said in a statement. The profit was higher "mainly due to better performance by natural gas marketing, liquid hydrocarbon (LHC) and petrochemicals segments", it said. While GAIL sold 14 per cent more volumes of natural gas, it transported 11 per cent more LPG and petrochemical sales were up 4 per cent. Liquid hydrocarbon sales were up 1 per cent. The profit rise was despite a one-time charge of Rs 208 crore towards doubling of gratuity ceiling to Rs 20 lakh per employee. Revenue from operations jumped 55.3 per cent to Rs 19,275 crore. GAIL said the better performance of natural gas transmission segment was supported by upward revision of tariff by Petroleum and Natural Gas Regulatory
Exide Industries net profit jumps 98% in Q2
Battery major Exide Industries Limited on Monday reported a 98 per cent rise in its net profit to Rs 268.41 crore in the quarter ended September 30 of the current financial year, as compared to Rs 135.52 crore in the year-ago period.
'Jul-Sep realty inventory in metros down to 4.5 lakh units'
Inventory pile up across metro cities has reduced to 4.5 lakh units in July-September quarter signalling a revival in the residential real estate market, a recent study said. According to a survey by property portal 99acres the inventory pile up across metro cities reduced to 4.5 lakhs units from 8 lakh units in July-September 2017. Property sales across top metro cities in India recorded marginal improvement in Jul-Sep 2018 as against the previous quarter, the report said. "The Indian real estate sector finally bid adieu to the prolonged impasse which started with demonetisation and worsened with Rera and GST ambiguities. Recovering property enquires, sales volume and prices were testimony to a progressive market sentiment," its chief business officer Maneesh Upadhyaya said. The report said that new launches were put on a back burner as cities swarmed with unsold inventory. Grade A developers took the lead in launching new projects as acquiring a RERA number became a ...
Godrej Agrovet Q2 net profit up 16.58 pc
Godrej Industries arm Godrej Agrovet Monday posted 16.58 per cent jump in consolidated net profit at Rs 99.12 crore in the second quarter of the 2018-19 fiscal on strong income. The company's net profit stood at Rs 85.02 crore in the same quarter previous fiscal, as per regulatory filing. Net income rose to Rs 1,622.11 crore during July-September quarter of the current fiscal from Rs 1,434.45 crore in the year-ago period. Its expenses also increased to Rs 1,479.86 crore from Rs 1,315.15 crore in the said period. The company said the board has accepted the resignation of its director Adi B Godrej and induction of Pirojsha Godrej as an additional director.
Weak rupee, Asian markets pull indices lower; banking stocks aid in recovery (Roundup)
The key domestic equity indices ended on a flat-to-negative note on Monday, as a weak rupee and broadly negative Asian markets weighed down investors sentiments.
Lower bad loans help SBI return to profit after 3 qtrs of heavy losses
After three quarters of continuous losses, a massive one-time gain and better asset quality helped the SBI Monday report a consolidated net profit of Rs 576 crore for the September quarter, down 69 per cent y-o-y. The country's largest lender had posted a Rs 4,875.85 crore net loss in the previous quarter. At the standalone level, net income fell 40 per cent to Rs 944.9 crore from Rs 1,581.55 crore on the back of better asset quality. A higher tax outgo of Rs 868 crore also led to a lower bottomline. The numbers would have been bad, had it not been for the one-time income of Rs 5,436 crore on part stake sale in SBI Life during the quarter. For the lender, this comes as a big breather having been in the red for the past three quarters. In the June quarter, the bank made a loss of Rs 4,876 crore and also in the March 2018 quarter when it had reported its biggest-ever net loss of Rs 7,718 crore. Investors lapped up the numbers as they were expecting heavy losses this time around as ...
Goodyear India Q2 profit down 31.42% at Rs 28.74 crore
Tyre maker Goodyear India on Monday reported 31.42 per cent decline in standalone net profit at Rs 28.74 crore in the second quarter ended September 30. The company had posted a standalone net profit of Rs 41.91 crore in the same quarter last fiscal, Goodyear India said in a regulatory filing. Total income during the period under review stood at Rs 499.12 crore. It was at Rs 425.26 crore in the same quarter last fiscal. During the second quarter, the company's total expenses stood at Rs 454.94 crore as compared to Rs 360.97 crore in the corresponding period last year. Cost of materials consumed was higher at Rs 216.3 crore as against Rs 168.79 crore in the year-ago quarter, it said.
Lilongwe: VP Naidu hails India, Malawi relationship
Vice President Venkaiah Naidu on Monday hailed the cordial and friendly relationship between India and Malawi and asserted that the former is ready to become a valuable partner in assisting the economic development of the African nation.Addressing the Malawi-India Business meet in the capital city of Lilongwe, Vice President Naidu said, "Malawi is a country with great potential. It is rich in natural resources like high-quality coal, rare earth materials like Uranium, Niobium etc and can become a good source of rare earth and other minerals. Malawi can take advantage of the current high growth trajectory of the Indian economy. India would be happy to become a valuable partner in the economic development of Malawi.""India and Malawi share very cordial and friendly relationship. The two countries hold identical views on many regional, international and multilateral issues. Both the countries have been engaged in trading much before formally establishing the diplomatic relations," he ...
Global Markets: Investors slam brakes on stocks rally as trade, Fed worries dominate
LONDON (Reuters) - World stocks slipped and U.S. shares were set to fall on Monday, halting a four-day recovery rally as anxiety surrounding global trade conditions and rising U.S. interest rates dampened risk appetite.
Steel sector growth may top GDP numbers: Metallurgists' body
The steel sector's growth in the first half of the current fiscal could surpass that of the country's GDP numbers, a senior official of a metallurgists' body said on Monday. The official of Indian Institute of Metals (IIM) also said long and short-term demand outlook for the sector remains robust with many government initiatives and global cues. "Demand in the first quarter was strong, and in the second quarter, it was stable. In the first-half of the year, demand growth could be higher than 7 per cent," IIM President Anand Sen, who is also a top Tata Steel official, said here. "We hope when the final GDP numbers are announced for the first half, steel sector's growth will be more, a trend we expect to see after a decade," he said. Sen said India's steel capacity is likely to be at least 200 million tonne by 2030. "The outlook for steel demand in India remains robust, with many announced programmes in infrastructure and automotive sector. The first half of the current ...
Hong Kong Stocks retreat on caution over US mid-term polls, trade
The market came under heavy selling pressure after remarks U.S. National Economic Council Director Larry Kudlow on CNBC. White House economic adviser Larry Kudlow denied a media report Friday that Donald Trump had asked senior officials of his administration to draft a possible deal with China on trade.