Page 2032 - Business Finance
'Trading across borders' improvement helped India surge 23 ranks in Ease of Doing Biz
A significant improvement in the parameters of 'trading across borders' under the government's Sagarmala programme has contributed significantly to India's 23 places jump in 'ease of doing business' report by the World Bank, the government said Friday. As per the World Bank report 2019 on ease of doing business, India has taken a huge leap of 23 ranks from 100 in 2017-18 to 77 in 2018-19. "One of the key indices which has contributed immensely towards this growth is 'trading across borders' which shows an impressive improvement from 146th rank last year to 80th rank this year. The Ministry of Shipping has been taking initiatives to improve the parameter of 'trading across border' as 92 per cent of India's export-import trade by volume is handled at ports," the Ministry of Shipping said in a statement. Upgradation of port infrastructure, improvement of processes, and digitisation of document submission has substantially reduced export/import cargo handling time at ports which has ...
IndianOil's Q2 standalone net profit down 12%
Oil marketing major IndianOil on Friday reported a decline of 12.14 per cent in its standalone net profit for the second quarter of 2018-19.
NGMA launches web portal So'Ham for art community
In a bid to bring together India's art community digitally, the National Gallery of Modern Art (NGMA) launched a web portal -- So'Ham -- here on Friday.
Ujjivan Small Finance Bank works for listing in bourses
After a diktat from the RBI to comply with all the terms and conditions of banking licence, Ujjivan Small Finance Bank is "exploring various options" to get listed in the bourses and hopeful to figure out the best one by December, an official said here on Friday.
SAIL posts Rs 554 cr profit for Q2 as income improves
The country's largest steel maker SAIL Friday posted a standalone profit of Rs 553.69 crore for the July-September quarter of 2018-19 driven by an impressive growth in income. The steel PSU had posted a standalone loss of Rs 539.06 crore in the July-September period of the previous fiscal. The standalone income during the second quarter increased by 23.1 per cent to Rs 16,832.37 crore, compared to Rs 13,666.05 crore in the year-ago period, according to a regulatory filing by SAIL. Total expenses increased to Rs 15,950.21 crore during the September quarter from Rs 14,108.84 in the corresponding quarter of the previous fiscal. SAIL Chairman Anil Kumar Chaudhary said, "Raising volumes, targeting to operate at rated capacities and focussing to meet the requirement of the railways in terms of rails and wheels and axles are our foremost priorities, along with upholding safety practices at the core." "The domestic steel market is offering a positive platform; besides, we must also de-risk ...
Tea production up 5.5% in September
India's estimated tea production grew by 5.54 per cent to 160.65 million kg in September, 2018 as against 152.21 million kg produced in the year-ago month, according to data from Tea Board India.
Alibaba cuts sales forecast on economic uncertainty, trade fears
(Reuters) - China's Alibaba Group Holding Ltd lowered its full-year sales forecast on Friday due to concerns about the economic impact of a U.S.-China trade spat, which the company expects will dent revenue ahead of its top sale season.
Sonata Software net up 37% in Q2
Leading IT solutions provider Sonata Software on Friday reported Rs 62 crore consolidated net profit for the second quarter of fiscal 2018-19, registering 37 per cent annual growth from Rs 45 crore in the same period a year ago and 8 per cent up sequentially from Rs 58 crore a quarter ago.
China set to give USD 6 bn in aid to Pak as PM Khan meets President Xi: report
China on Friday reportedly agreed to provide USD 6 billion in aid to Pakistan, which is going through a "low point", to minimise the cash-strapped country's dependence on an IMF bailout package as Prime Minister Imran Khan held talks with Chinese President Xi Jinping. Khan, who is here on his maiden visit, met Xi in the Great Hall of People where the two leaders also held one-on-one meeting besides delegation-level talks, Pakistani media reports said. Pakistan is expected to receive USD 6 billion economic package from China during the visit, Geo TV quoted sources as saying. A loan of USD 1.5 billion is also expected to be offered, along with an additional package of USD three billion for the China-Pakistan Economic Corridor (CPEC), the report said. The loan and the investments were reportedly part of the USD 6 billion package. However, there was no immediate official comment from Beijing on the report. In his meeting with Xi, Khan, the cricketer-turned-politician, said: "my party ...
Dhanlaxmi Bank Q2 net profit doubles to Rs 12 cr
Private sector Dhanlaxmi Bank Friday reported doubling of its net profit to Rs 12.15 crore for the second quarter ended September 2018. The bank had posted a net profit of Rs 6.06 crore in the July-September period of 2017-18. There was a net loss of Rs 45 crore during the first quarter of 2018-19 fiscal. Total income in the second quarter of the current fiscal year was down to Rs 226.73 crore as against Rs 282.30 crore earlier, the bank said in a regulatory filing. On the assets front, the bank witnessed year-on-year deterioration as gross non-performing assets (NPAs) rose to 7.81 per cent of gross loans by end of September from 6.11 per cent previously. Sequentially, it improved from 8.94 per cent as at end-June. In terms of provisions and contingencies, the bank reported a write-back of Rs 18.19 crore in the September quarter, while it had parked aside Rs 23.87 crore for the same quarter of the preceding fiscal. Provision coverage ratio as on September 30, 2018 stood at 82.50 per ..
Vietjet inks $6.5 bn deal with Airbus for 50 planes
Airbus signed a deal with Vietnamese budget airline Vietjet for 50 new planes worth $6.5 billion in Hanoi on Friday during a visit by the French premier to the fast-growing communist nation where the aviation sector is booming. The deal for 50 A321neo Airbus planes was part of a raft of agreements signed between Vietnam and France, one of Hanoi's top European trading partners that is eager to boost investments in the former colony. Vietnamese airlines have been eagerly growing fleets to serve burgeoning passenger numbers, where domestic travel has soared in recent years and international air travel is one the rise. Vietjet also inked a Memorandum of Understanding worth $5 billion with France's Safran group for 100 engines and equipment maintenance, the document said. "These contracts reflect the growing intensity of economic ties between the two countries," French Prime Minister Philippe said after the signing. Vietjet stormed onto Vietnam's airline sector in 2011 when much of the ...
M&M may not launch some BS-IV vehicles post SC ruling
Homegrown auto major Mahindra and Mahindra (M&M), which Thursday launched a more fuel-efficient variant of its heavy truck Blazo, said that it was having a rethink on the launch of some of its products with BS-IV engines following the Supreme Court ruling last month. The company had planned to launch a total of 21 products from the ICV Furio platform by 2020, including six under the existing BS-IV emission norms. The Supreme Court on October 24 said that no Bharat Stage IV vehicle shall be sold across the country with effect from April 1, 2020. "Supreme Court has preponed every thing...Out of the six planned earlier under the BS-IV norms, we may have to postpone one or two because the window of BS-IV has reduced," said Vinod Sahay, chief executive officer, Mahindra Truck and Bus division. He said that if the implementation of the the BS-VI emission norms was four years away, the company would have launched all 21 products planned earlier in BS-VI norms itself ...
Tube Investments consolidated Q2 PAT rises to Rs 66.80 cr
Tube Investments of India, part of the Murugappa group, Friday announced a Rs 66.80 crore consolidated profit after tax (PAT) for the second quarter of the current fiscal. The company, engaged in manufacture of bicycles, metal formed products and chains, had registered consolidated PAT of Rs 44.48 crore during the corresponding quarter in 2017-18. For the six month period ending September 30, 2018, the consolidated PAT surged to Rs 129.03 crore from Rs 82.30 crore registered year ago, Tube Investments said in a statement. The consolidated total income for the July-September quarter rose to Rs 1,504.58 crore against Rs 1,289.42 crore registered during the same quarter last year. For the six month period ending September 30, 2018, the consolidated total income grew to Rs 2,994 crore from Rs 2,622.06 crore registered a year ago. Shanthi Gears Ltd, a subsidiary company, clocked revenues of Rs 59 crore for the quarter ending September 30, 2018 as against Rs 54 crore in the ...
S&P, Dow open higher on trade optimism; Apple hits Nasdaq
(Reuters) - The benchmark S&P 500 and the Dow Jones Industrial Average rose at open on Friday, on hopes the United States and China would begin efforts to resolve their trade dispute, but a fall in Apple Inc shares pressured the Nasdaq.
SAIL posts second-quarter profit, but misses estimate
(Reuters) - Steel Authority of India posted a net profit of 5.54 billion rupees ($76.48 million) for the quarter ended September, helped by robust revenue growth in its Eastern Indian plants.
Gillette India Q1 net marginally up at Rs 65.35 cr
Gillette India Friday reported a marginal increase in net profit to Rs 65.35 crore for the quarter ended September. The company, which follows July-June financial year, had posted a net profit of Rs 64.34 crore during the same period of the previous fiscal, it said in a statement. Total income during the quarter under review stood at Rs 460.31, against Rs 409.15 crore in the year-ago period, it said in a release. The firm said that both grooming and oral care businesses recorded double-digit growth ahead of their categories, driven by superior communication, market expansion and go to market initiatives. "We generated strong results this quarter, driven by robust volume growth, category development and execution excellence. We will continue to focus on raising the bar on superiority of our products, packaging, go-to-market and communication, improving productivity and strengthening our organisation and culture," Gillette India managing director Madhusudan Gopalan ...
Easing of trade tensions, lower oil prices lift indices; Sensex gains over 570 points (Roundup)
Key Indian stock indices surged on Friday as easing of global trade tensions along with lower crude oil prices and a strong rupee uplifted investors sentiments.
Axis Bank's Q2 standalone profit up 83%
Lending major Axis Bank on Friday reported a growth of 82.61 per cent in its year-on-year standalone net profit for the second quarter of 2018-19.
PNB posts Rs 4,532 cr net loss in Sept qtr on fraud-related provisioning
State-owned Punjab National Bank (PNB) Friday posted a net loss of Rs 4,532.35 crore in the three months to September, hit by huge provisioning against the massive fraud the lender detected in March 2018. PNB, which is still reeling under the mammoth Nirav Modi scam, had posted a net profit of Rs 560.58 crore in the corresponding July-September of 2017-18. On a sequential basis, this was the third straight quarterly loss for the PSU lender. PNB had reported a net loss of Rs 13,417 crore and Rs 940 crore in the March and June quarters, respectively. "The bank is on track to bounce back. We have started our journey from a big setback in the last quarter of the last financial year and the bank is on way to absorb the entire thing in the current financial year itself so that we can bounce back during the same year itself," its MD and CEO Sunil Mehta said at a media briefing here. Mehta said the bank has upfronted the provisioning requirement against the fraud effect of Rs 14,356.84 crore,
L&T launches fourth offshore patrol vessel for Coast Guard
: The fourth offshore patrol vessel (OPV) for the Coast Guard, built by Larsen and Toubro, was formally launched here Friday. The vessel has been built by the company under a contract bagged from the Defence Ministry in 2015 for the delivery of seven OPVs. In April 2018, the first OPV was delivered followed by the second and the third in August. Managing director and chief executive officer of the company SN Subrahmanyan said, "Timely deployment of defence vessels has assumed greater significance for the nation in the current geopolitical situation." "L&T has consistently outperformed in all defence shipbuilding contracts hitherto and is poised to play a bigger role in equipping the Navy and Coast Guard...", he said in a press release. Managing director and chief executive officer of L&T Shipbuilding vice-admiral B Kannan said, "L&T is fully geared to meet accelerated delivery of defence ships in line with the requirements of the fleet expansion plans of ...