Page 2055 - Business Finance
HCC posts Rs 1525-cr loss for Q2 due to write offs
Hindustan Construction Company (HCC) Ltd Thursday posted a loss of Rs 1,525.23 crore for the July-September quarter, hit by exceptional write offs related to its group firm Lavasa Corporation which is under insolvency proceedings. The company had posted a profit of Rs 11.60 crore during the same quarter a year ago, the company said in BSE filing. Its total income fell to Rs 994.40 crore in July-September 2018-19 from Rs 1,031.93 crore in July-September of 2017-18 fiscal. The company provided for an exceptional loss of Rs 2,011.13 crore related to write offs of its investment in group firms HCC Real Estate Limited (HREL) and Lavasa Corporation Ltd (LCL), the filing said. HREL held 68.7 per cent stake in LCL. The exceptional loss also includes liabilities aggregating Rs 745.94 crore taken over by HCC pursuant to settlement agreements with the lenders of LCL, the filing said. "HCC has written off its entire investment of Rs 1,046 crore in Lavasa Corporation Ltd (LCL) as a matter of ...
India should focus on export-oriented mobile manufacturing: Report
The Indian mobile manufacturing industry should focus on manufacturing with an export-oriented approach as the domestic demand has started to decline, a report said here on Thursday.
Cost cuts help drugmaker Indivior as it battles cheap rival
(Reuters) - Embattled drugmaker Indivior said on Thursday the hit to revenue this year from a cheap copy of its top-selling opium addiction drug would be less than feared, as cost cutting helped it to deliver a 22 percent rise in quarterly profit.
President Xi admits 'uncertainty' in China's economy
President Xi Jinping sought to reassure Chinese entrepreneurs at a meeting Thursday with promises to prop up private firms with lower taxes and more funding, as he acknowledged uncertainty in China's economy. Xi held the meeting amid signs that the world's second largest economy is losing steam as it faces a trade war with the United States, a massive debt buildup and a weakening currency. Though China's overall economic status is stable, "uncertainty in our country's economic development has clearly increased, downward pressure has grown, and companies are facing more difficulties," said Xi, according to the official Xinhua news agency. Xi, who has voiced his support for private firms multiple times this year, made several policy suggestions, including lowering corporate taxes and resolving funding challenges faced by companies. He also proposed that provincial governments raise their own "rescue funds" to bail out companies. Xi also emphasised creating a fair and competitive ...
Govt aims to save Rs 2,500 cr annually by shift to sea freight
Terming coastal shipping as a top priority for his ministry, minister of state for shipping Mansukh Mandaviya Thursday said the government wants to save Rs 2,500 crore annually by shifting goods movement to sea. The share of freight transport through the coastal route presently stands at 7 per cent and the government is aiming to increase the same to 10 per cent by 2020 by reducing the share of road, which will result in a saving of Rs 2,000-2,500 crore for the economy, the minister said inaugurating a seminar here. He added that coastal shipping, wherein goods move between two ports of the country, is a "top most" priority for the government. Giving an update on the Sagarmala programme, the minister said 89 projects have been completed by investing Rs 89,000 crore, while 436 others entailing an investment of over Rs 4.18 lakh crore are in various stages of development. The programme envisages investments of Rs 8.78 lakh crore in 600 projects, which will create 40 lakh ..
HPCL net profit slips 37 pc on lower refining margin
Hindustan Petroleum Corp Ltd (HPCL) Thursday reported a 37 per cent drop in its second quarter net profit on the back of lower refining margins and foreign exchange losses. Net profit in July-September fell to Rs 1,092 crore from Rs 1,735 crore in the corresponding period of previous financial year, HPCL Chairman and Managing Director Mukesh K Surana told reporters here. "The profit was impacted on account of increase in crude prices and consequent increase in the fuel and loss component besides exchange rate fluctuations," he said. The company earned USD 4.81 on turning every barrel of crude oil into fuel in the second quarter, down from USD 7.61 per barrel gross refining margin in the year ago period. Also, the company had a foreign exchange loss of Rs 887 crore as compared to a gain of Rs 20 crore in July-September 2017, he said. But, these were balanced by inventory gain of Rs 1,276 crore in Q2 as opposed to a gain of Rs 792 crore last year. Inventory gain arise when a refiner ...
Gold rallies as dollar retreats from multi-month highs
BENGALURU (Reuters) - Gold rose more than 1 percent on Thursday, rebounding from a three-week low touched in the previous session, and spurred by the dollar's retreat from multi-month highs.
Wall Street gains ground after selloff, but tech falters as Apple slips
(Reuters) - U.S. stocks rose on Thursday, as robust earnings reports supported a third day of recovery from a bruising selloff in October, but a drop in Apple's shares ahead of results kept technology stocks under pressure.
Ex-JPMorgan CFO's activist fund takes stake in Deutsche Bank
FRANKFURT (Reuters) - An activist hedge fund led by the former finance chief of JP Morgan Chase has taken a 3.1 percent stake in Deutsche Bank, saying it backed new CEO Christian Sewing's efforts to turn around Germany's biggest bank, but there was more to do.
U.S. auto sales rise as SUVs, trucks dominate
(Reuters) - Top U.S. automakers reported another month of rises in sales of sports utility vehicles and pick-up trucks on Thursday as American consumers continued to shun sedans and hatchbacks.
Maha: civic elections in Dhule, Ahmednagar on December 9
Elections to the municipal corporations of Dhule and Ahmednagar in Maharashtra will be held on December 9, the State Election Commission said Thursday. State Election Commissioner J S Saharia said the term of the two civic bodies ends on December 29. The Dhule Municipal Corporation, which has a voter population of 4.46 lakh, has 74 wards, while Ahmednagar Corporation with 3.46 lakh voters has 68 wards. The filing of nominations will start from November 13, the last date of withdrawal is November 26 while the counting of votes will take place on December 10.
Airtel tops download speed, Jio leads in 4G availability: Report
Bharti Airtel provided the fastest download speed during June-August, while Reliance Jio topped in terms of 4G availability, an Open Signal report said on Thursday.
India, China to undertake joint research on WTO reforms
India and China Thursday agreed to undertake joint research in the areas of WTO reforms, urbanisation and frontier technologies with a view to enhancing economic cooperation between the countries, an official statement said. Both sides also agreed to examine various trade sector related issues, and the need for enhanced policy coordination to facilitate investments, the statement said. The statement was issued after the conclusion of the fourth dialogue of NITI Aayog-Development Research Centre (DRC) of the State Council, Peoples' Republic of China, held in Mumbai Thursday. The Chinese delegation was led by President of DRC Li Wei and the Indian delegation was led by Vice Chairman of NITI Aayog Rajiv Kumar. According to statement,both sides also affirmed their commitment for a more inclusive and truly global world order with multilateralism as the preferred way forward. The statement further pointed out that emphasis was also laid on innovation and digital economy and it was observed .
Kirloskar group gets RBI nod for NBFC biz; to invest Rs1,000cr
The Kirloskar group Thursday said that it has received licence from the Reserve Bank to launch a non-banking finance company (NBFC), Kirloskar Capital, which will be headed by industry veteran Vimal Bhandari. The group company said it will invest Rs 1,000 crore in the proposed NBFC, which will be a fully-owned subsidiary of Kirloskar Oil Engines, and will focus on providing growth capital to industry with an initial focus on small and medium enterprises (SMEs). "Kirloskar Capital will be well capitalised with a capital commitment of Rs 1,000 crore over the next three years. The NBFC will be led by Vimal Bhandari as the chief executive," the company said in a statement. Commenting on the RBI licence, Atul Kirloskar, chairman of Kirloskar group, said, "We are enthused by the RBI green signal and excited to start the business, which will reflect what we have been traditionally - conservative but solid - and ready to grow." "We see opportunities in the financial services ...
Govt sells 3.18% in Coal India, to get Rs 5,300 cr
The government Thursday sold 3.18 per cent stake in Coal India, in the first big ticket disinvestment of current fiscal, which will fetch Rs 5,300 crore to the exchequer. Retail investors lapped up 6.19 crore shares or 1.56 times the shares reserved for them. As much as 3.96 crore shares were reserved for retail investors, who can individually bid for shares worth up to Rs 2 lakh. Institutional buyers had on Wednesday bid for 15.84 crore shares or 1.06 times the equity earmarked for them. Taking together the bids from institutional and retail investors in the two day offer for sale (OFS), the government has sold 3.18 per cent stake in Coal India which will fetch about Rs 5,300 crore to the exchequer. The government had planned to sell over 18.62 crore shares or 3 per cent in Coal India Ltd (CIL) at a floor price of Rs 266 apiece. On top of the 3 per cent stake sale, the government also had an option to retain an over-subscription (green shoe option) of another 6 per cent stake in the .
Delhi: 5 Bhutan nationals held, 20 kg gold seized by DRI
The Directorate of Revenue Intelligence (DRI), in two separate operations carried out in Delhi on Wednesday, seized 20 kilograms of gold valued at Rs. 6.4 crores from five Bhutanese nationals. All of them have been arrested.The gold was seized in two different operations conducted by the DRI.Officers of the revenue intelligence intercepted two passengers who arrived by train from West Bengal, and seized and recovered 10 kgs of foreign marked smuggled gold having a market value of Rs. 3.13 crores from them. The gold had been smuggled into India from Bhutan and was being transported to Delhi.In another operation conducted on the same day, the sleuths intercepted three passengers arriving by train from West Bengal and seized and recovered 10.2 kgs of foreign marked smuggled gold, having a market value of Rs 3.26 crores, from them.The modus operandi was similar in both the cases. The gold was concealed in specially designed cloth belts worn by the passengers. In one instance, two gold ...
Wall Street opens higher as strong earnings lift mood
(Reuters) - U.S. stocks opened higher on Thursday, leaving behind a brutal October, as a slew of positive earnings reports helped boost risk sentiment.
Jan Dhan Yojana a 'jumla' by Modi government, says Chidambaram
Congress leader P. Chidambaram said on Thursday that Pradhan Mantri Jan Dhan Yojana (PMJDY) was a 'jumla' and "an exercise in self-deception" by the Modi government, alleging that the accounts were used to launder money after demonetisation.
No festive cheer in Motown in Oct as high fuel prices, interest rates play spoilsport
Festive celebrations eluded the auto industry in October with major companies such as Maruti Suzuki, Hyundai, Mahindra and Toyota Thursday reporting low single-digit sales growth for the month owing to weak market sentiment due to high fuel prices and interest rates. Honda Cars saw flat sales during the month while Tata Motors and Ford India managed to post healthy sales growth during the month. The country's largest carmaker Maruti Suzuki India (MSI) said its domestic sales stood at 1,38,100 units last month, up 1.5 per cent from 1,36,000 units in September last year. The company witnessed growth in the mini and compact segments which includes models like Alto, Swift and Baleno but saw a dip in sales utility vehicles during the month. Sales of mini cars comprising Alto and WagonR were at 32,835 units as compared to 32,490 units in July last year, up 1.1 per cent. Similarly, sales of compact segment, including models such as Swift, Celerio, Ignis, Baleno and Dzire, were up 3.7 per ...
GST collections cross Rs. 1 lakh crore in Oct
Goods and Services Tax (GST) revenue collections for the month of October have crossed Rs 1 lakh crore.The total gross GST revenue collected in the month of October is Rs. 100,710 crore of which CGST is Rs. 16,464crore, SGST is Rs. 22,826 crore, IGST is Rs. 53,419 crore (including Rs. 26,908crore collected on imports) and Cess is Rs. 8,000 crore (including Rs. 955 crore collected on imports).The revenue has seen a leap of 6.64 percent when compared to September's collection of Rs 94,442 crore. The states which achieved extra- ordinary growth in total taxes collected from the State assesses include Kerala (44 percent), Jharkhand (20 percent), Rajasthan (14 percent) Uttarakhand (13 percent) and Maharashtra (11 percent).The total number of GSTR 3B Returns filed for the month of September up to 31st October, 2018 is 67.45 lakh.The government has settled Rs 17,490 crore as payment of CGST and Rs 15,107 crore to SGST from IGST as a regular settlement. Rs 30,000 crore has been settled from ..