Page 1999 - Business Finance
Excessive competition can lead to stress in particular sector: Jaitley
Finance Minister Arun Jaitley on Monday acknowledged the need for healthy competition in the markets even as he warned against excessive competition, which he said could lead to financial stress in the whole sector.
SBI's Q2 standalone net profit slumps over 40% on year
State Bank of India on Monday reported an over 40 per cent year-on-year decline in its standalone net profit for the quarter ended September 30.
Excessive competition can at times put particular sector under stress: Jaitley
Excessive competition at times can result in stress in a particular sector, Finance Minister Arun Jaitley said pointing out that these are challenges of the growing economy. He also said that with the growing economy, the role of each regulator will expand. "Excessive competition at times can result in pricing of nature that the sector of the economy itself feels stressed because everybody then tends to follow the leader," he said at an event organised by anti-trust regulator Competition Commission of India. "Therefore, what do you do in a such situation of this kind. These are all challenges which are going to emerge as economy moves further and expands further," he said. If the current growth rate continues for a decade or two, he said, Indian economy expansion is going to be exponential. "The size is going to increase, the size of industry is going to increase, the size of services sector will increase and the role of each regulator while exercising self restraint will also ...
PNB Housing Finance Q2 net profit up 33 per cent at Rs 253 crore
PNB Housing Finance Monday reported a jump of 33 per cent in consolidated net profit at Rs 252.99 crore in the second quarter ended September 2018. It had posted a net profit of Rs 190.05 crore in the corresponding July-September period of 2017-18, the company said in a regulatory filing. The company is comfortably placed with respect to the asset liability mismatch (ALM) position, PNB Housing said in a separate statement. "In the 0-1 year bucket, we are broadly matched on ALM. Our short term borrowing has reduced from 17.5 per cent in March 2018 to 11.7 per cent in September 2018. On 1-3 year bucket, we are borrowing long term viz external commercial borrowing (ECB) and more sticky public deposits and are comfortable with our mix. "Further, our borrowing in the last one month represents our strength in the borrowing market as we raised more than Rs 6,000 crore through commercial papers and USD 200 million through ECBs under automatic route," it said. Total income of the non-banking ..
IGL net rises 11 pc in Q2
Indraprastha Gas Ltd, the firm retailing CNG and piped natural gas in the national capital, Monday reported a 11 per cent rise in its September quarter net profit on the back of increase in volumes of gas sold. Standalone net profit in the July-September period at Rs 187.23 crore was higher than Rs 168.61 crore recorded in the year-ago period, the company said in a statement. IGL, which supplies Compressed Natural Gas (CNG) to automobiles and Piped Natural Gas (PNG) to households in the National Capital Territory of Delhi, Noida, Greater Noida and Ghaziabad, posted a 13 per cent increase in sales volume growth. Average daily sale rose from 5.21 million metric standard cubic metres per day to 5.89 mmscmd. "Product wise, CNG recorded sales volume growth of 13 per cent, while PNG recorded sales volume growth of 14 per cent in the quarter as compared to corresponding quarter last year. "This has primarily been driven by 24 per cent increase in industrial and commercial PNG volumes driven .
China Market falls 0.4%
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.
Japan Nikkei falls as Sino-U.S. trade talk enthusiasm wanes
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, however, denied a media report Friday that Donald Trump had asked senior officials of his administration to draft a possible deal with China on trade.
Australia Market falls; energy, healthcare drag
Shares of energy companies were down after crude oil prices fell on last Friday and remained subdued on Monday as the start to U.S. sanctions against Iran's fuel exports was softened by waivers that will allow some countries to still import Iranian crude temporarily.. Woodside Petroleum and Santos were down 2.3% to A$33.40 and 1.6% to A$6.37 respectively. Oil and gas explorers Beach Energy and Oil Search shed about 2.6% and 1.3% respectively
SBI sees rising profits as asset quality improves
BENGALURU/MUMBAI (Reuters) - State Bank of India (SBI) expects to increase its profits and has "complete control" over its non-performing loans, its chairman said after the country's top lender by assets reported its first quarterly profit in four.
Ferrari's earnings rise, lack of full-year upgrade hits shares
MILAN (Reuters) - Ferrari on Monday reported an almost 5 percent increase in third-quarter core earnings, helped strong sales of 8-cylinder and 12-cylinder models but stuck with its full-year profit forecast, which hit the company's shares.
India's plastics export jump 31.6% to $4.59 bn in H1 FY19
India's plastics exports posted a growth of 31.6 per cent at USD 4.59 billion during the period April - September 2018 (H12018-19) as against USD 3.48 billion in same period during H1 2017-18, registering a faster pace of growth than the overall merchandise export growth from India, as per the Plastics Export Promotion Council (Plexconcil). During H1 2018-19, India reported merchandise exports worth USD 164.04 billion, up 12.5 per cent from USD 145.75 billion in H1 2017-18. According to Plexconcil, plastics formed 2.80 per cent of India's overall merchandise exports in H12018-19. The growth in India's plastics export has been primarily boosted by higher shipment of plastic raw materials, plastic sheet, film, plates, and packaging materials. During H1 2018-19, 23 out of the top 25 destination countries recorded year-on-year growth in plastics export from India. Exports to China, Vietnam and Mexico witnessed high growth rates ranging between 70-140 per cent during the H1 .
ICICI Bank holds 162 coin exchange melas in UP, Uttarakhand
Private sector lender ICICI Bank organised 162 coin exchange melas in Uttar Pradesh and Uttarakhand in which around 4,000 customers participated. Coins and fresh currency valued at over Rs 1.65 crore were exchanged at select branches in the two states recently, an ICICI release said here Monday. The exchange melas were held under the aegis of the Reserve Bank of India, it said. The purpose of the melas was to provide coins and fresh currency notes to general public in exchange of soiled and mutilated ones. The initiative was in line with RBI's Clean Note Policy. The ICICI Bank organised these melas at its branches in Lucknow, Kanpur, Bareilly and Agra in Uttar Pradesh, and in Dehradun, Haldwani and Haridwar in Uttarakhand among certain places. The melas witnessed participation of around 4,000 customers at these cities wherein they exchanged over to Rs 1.65 crore worth of coins in the denomination of Rs 10, Rs 5, Rs 2 and Rs 1 along with fresh currency of Rs 10, Rs 20 and Rs 50. People
Rupee does U-turn, nosedives 67 paise against US dollar
After two sessions of massive gains, the Indian rupee Monday again tumbled by 67 paise to close at 73.12 against the US dollar on increased demand for the American currency from importers and unabated foreign fund outflows. On Friday, the rupee clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar. The domestic currency had gained 150 paise in the previous two sessions. Forex traders said the strengthening of the American currency against major global currencies overseas and weakness in the domestic equity market weighed on the local unit Monday. After opening lower at 72.76, the rupee plunged to the day's low of 73.13 and finally settled for the day at 73.12, down 67 paise over its previous closing price. "The rupee continues to remain under pressure, but the pace of depreciation has slowed somewhat as the crude oil prices have softened in the international market," Anand Rathi Shares and Stock Brokers Research Analyst ...
Midea to introduce Toshiba brand home appliances in India
Chinese electrical appliance maker Midea Group will introduce Toshiba brand home appliances in Indian market, and is setting up a plant to produce them locally, a top company official said. Midea, which owns around 80 per cent stake in Toshiba Lifestyle Products and Services Corporation (TLSC), will manufacture Toshiba-range of home appliance at its Ahmednagar, Maharashtra plant, where it is investing Rs 1,350 crore over the next five years. Midea Technology Park will have three manufacturing units for home appliances, HVAC products and compressors, and will also include a manufacturing facility for Carrier Midea India, a 60:40 joint venture between Midea and Carrier. "The factory would go live in 1.5 years but the interesting fact is, there is one of the factories in the complex, that will make Toshiba brand products, which we intend to launch in India in due course. "The Toshiba factory would make home appliances such as washing machine, refrigerators, water purifier, water heater .
Gold holds in tight range as markets await U.S. midterms
BENGALURU (Reuters) - Gold held in a narrow $5 range on Monday as investors took to the sidelines ahead of the U.S. midterm elections, which may fuel interest in bullion as a hedge against risk if the result sparks volatility in the wider financial markets.
Unichem to acquire 20% stake in Optimus group for Rs 120 cr
Pharma firm, Unichem Laboratories Monday announced that the company has entered into an agreement to acquire 20 per cent equity stake in the API and intermediate business of Hyderabad based Optimus group. The acquisition value is Rs 120 crore, a company statement said. The transaction will give Unichem access to Optimus' US FDA approved API manufacturing facilities, and at the same time, Optimus will gain from the extensive knowledge base and industry best practices of Unichem, making the deal a win-win for both Unichem and Optimus, the release said. Unichem engaged in speciality pharmaceutical business manufactures and markets a large basket of generic pharmaceutical formulations in several regulated markets across the world. The company has deep expertise in research, product development, process chemistry and manufacturing of complex API as well as dosage forms. The Optimus group operates as manufacturer of formulations, API's and intermediates for Indian and other ..
SBI shares gain nearly 4% post Q2 results
Shares of SBI Monday rose nearly 4 per cent, adding Rs 8,791 crore to the company's market valuation, after the company reported a consolidated net profit on a sequential basis. The stock gained 3.45 per cent to end at Rs 295.30 on the BSE. Intra-day, it soared 5 per cent to Rs 299.90. On the NSE, shares of the company jumped 3.76 per cent to settle at Rs 296.10. The company's market valuation rose by Rs 8,791.07 crore to Rs 2,63,543.07 crore on the BSE. The stock was the top gainer on both the key indices at close of trade. On the equity volume side, 25.20 lakh shares of the company were traded on the BSE and over 4 crore shares changed hands on the NSE during the day. The country's largest lender SBI Monday reported 69 per cent decline in consolidated net profit to Rs 576.46 crore in the second quarter ended September 30. The bank's net profit was Rs 1,840.43 crore in the July-September quarter of previous fiscal. The bank had reported a net loss of Rs 4,230.44 crore in the first ...
Sebi fines Pepson Steels for manipulative trades in illiquid stock options
Markets regulator Sebi Monday imposed a penalty of Rs 20 lakh on Pepson Steels for indulging in non-genuine trade, which created artificial volumes in illiquid stock options segment. The order comes after Sebi in April had announced to take action in a phased manner against 14,720 entities for 'non-genuine trades' through illiquid stock option segment. The regulator had said that adjudication proceedings have been initiated against 567 entities involved in such trades in the first phase. In the past few days, the regulator has imposed fine on several entities, including individuals, involved in such trades. The Securities and Exchange Board of India (Sebi) conducted an investigation into the trading activity in illiquid stock options on the BSE between April 2014 to September 2015 after observing large scale reversal of trades in the stock options segment of the BSE. The regulator found that Pepson Steels was one of the various entities which were indulged in execution of non-genuine .
Tata Steel looks at unified branding for newly-acquired cos
Tata Steel Ltd will adopt a unified branding strategy for all newly-acquired companies, a top official of the steel major said on Monday. The company has recently taken over stressed steel plants of Bhushan Steel and the steel business of Usha Martin. It is also vying for more assets referred to the NCLT. "We will have unified branding of Tata Steel for all the companies, so as to not confuse consumers. However, it would be done only after they are upgraded to meet standards of Tata's quality," Tata Steel (India) President-Steel Business, Anand Sen told PTI. Bhushan Steel's own brand will continue to be in place for now, he said. Sources in Tata Steel had earlier said there are several areas that require upgrades in Bhushan Steel plants to meet the standards of the steel giant. Tata Steel is planning a Rs 500-1,000 crore capex in those plants to carry out debottlenecking activities, Anand added.
Cracks emerge in global aviation finance boom
HONG KONG (Reuters) - An unprecedented boom in the $280 billion aircraft finance industry is showing signs of faltering as rising interest rates, cut-rate competition and higher oil prices trigger a shakeout in a sector that has attracted a flood of Chinese funding.