Page 2063 - Business Finance
Danske Bank boss says to early to assess scandal damage
COPENHAGEN (Reuters) - Danske Bank's interim chief executive said that it was too early to assess what damage Denmark's largest lender had sustained from a 200 billion euro ($230 billion) money laundering scandal and warned of potentially "big" fines.
Cabinet apprised of India-Russia MoU and MoC in railways
The Union Cabinet, chaired by Prime Minister Narendra Modi on Thursday, was informed about two memoranda signed with Russia last month.The two countries signed a Memorandum of Understanding (MoU) and a Memorandum of Cooperation (MoC) respectively.While the MoU was signed with the Russian transportation ministry for the development of cooperation in transport education, the MoC between the two counties was reached with the Joint Stock Company "Russian Railways" (RZD) for technical cooperation.The India-Russia instruments are aimed at providing a platform for Indian Railways to interact and share the latest developments and knowledge in the railway sector.They are also expected to facilitate the exchange of technical experts, reports and technical documents, training and seminars. Workshops focusing on specific technology areas and other interactions for knowledge sharing also form a part of the memoranda.Indian Railway Ministry has signed such documents with various counties. The ...
Sebi fines two entities for 'non-genuine trades' in illiquid stock options
Markets regulator Sebi has slapped a penalty of Rs 5 lakh each on two entities for engaging in non-genuine transactions, which created a misleading impression of trading in illiquid stock options segment. Those facing penalties are -- Kalpesh Vinubhai Gajjar and Ketan Ramanlal Shah HUF. The Securities and Exchange Board of India (Sebi) conducted an investigation into the trading activity in illiquid stock options at BSE between April 2014 to September 2015 after observing large scale reversal of trades in the stock options segment of the BSE. In separate orders, Sebi said that the manner of placing buy and sell orders in a synchronised manner within seconds of each other, reversal of the trades within a short time on the same day, and wide variation in prices of the trades in the same contract in a short time without any basis for such wide variation all indicate that the trades executed by Gajjar and Shah HUF were not genuine trades. "I find that the reversal trades executed by the ..
DowDuPont sales rise 10 percent, announces $3 billion share buyback
(Reuters) - DowDuPont Inc's third-quarter sales rose 10 percent, led by stronger demand for chemicals used in cosmetics, paints and packaging gear.
Nifty, Sensex end largely flat; IT stocks top drag
(Reuters) - Indian shares ended little changed on Thursday as losses in IT stocks, pressured by a strong rupee, marginally outweighed gains in the financial sector.
TCS acquires London-based W12 Studios
Global IT company Tata Consultancy Services on Wednesday announced the acquisition of W12 Studios, an award-winning digital design studio based in London, for an undisclosed sum.
Berger Paints Q2 net profit rises 5.35 pc to Rs 117.29 cr
Berger Paints Thursday reported 5.35 per cent rise in consolidated net profit to Rs 117.29 crore for the quarter ended September 30, 2018. It had posted a net profit of Rs 111.34 crore in the same quarter a year ago. Total income during the quarter under review stood at Rs 1,502.07 crore. It was Rs 1,291.83 crore in the corresponding period of the last fiscal, Berger Paints said in a BSE filing. Meanwhile, the company said its revenue was not comparable as sales were recorded net of GST, whereas earlier sales were recorded gross of excise duty. Shares of Berger Paints settled at Rs 293 apiece, up 4.62 per cent, from previous close on BSE.
Mahindra Logistics Q2 net up 38% to Rs 19.1 cr
Mahindra Logistics Thursday posted a 38.2 per cent rise in September quarter net to Rs 19.1 crore on margin expansion. The Mahindra group's logistics arm had posted a net profit of Rs 13.8 crore in the year-ago period. Its overall revenues grew by 10.9 per cent to Rs 927.4 crore for the reporting period, against Rs 835.9 crore in the previous year. However, the gross margin widened to Rs 75.6 crore from the year-ago's Rs 63.3 crore, which helped push up the profit. Its chief executive Pirojshaw Sarkari explained that the margin expansion has been achieved on operation optimisation. "We continue to remain optimistic on the growth potential of the sector. We are encouraged by the government plans and actions for improving the logistics sector," he said. The company's scrip closed down 1.96 per cent at Rs 538.65 apiece on the BSE, as against a marginal 0.03 per cent correction in the benchmark.
'Qatar to host World Corporate Games next year'
Qatar will host the 23rd edition of the World Corporate Games next year, which will provide an opportunity for corporations around the world to showcase their competitive prowess through sports, the organisers said. This is the first time the World Corporate Games will be held in the Middle East, officials of Sports for Life, organisers of the event, said in a statement. The sporting event takes place every one to two years and the last edition was held in Houston in the US last year, they said. The World Corportate Games, established nearly 30 years ago, aims to bring together, the local, regional and international business sporting community. Taking place between 6 and 9 November 2019, the event is expected to attract around 8,000 international and local participants, making this one of the largest participation sporting events in Qatar's history, the organisers said. It will be the first time that the World Corporate Games incorporate eSports and mindsports, they said. The event ...
Sensex ends in red after choppy trade; IT, pharma stocks top losers
The BSE Sensex erased all gains in a highly volatile session Thursday to end 10 points lower as losses in shares of software exporters and pharmaceutical companies offset gains in capital goods, banking and auto counters, amid unabated foreign fund outflows. The benchmark indices swung between gains and losses, with Sensex gyrating over 376 points both ways on alternate bouts of buying and selling. The 30-share index opened higher at 34,650.63 points and advanced to 34,679.93 points amid sustained buying by domestic institutional investors (DIIs), better-than-expected corporate earnings and positive global cues. It, subsequently, slipped into the negative zone to hit a low of 34,303.38 points as participants began booking profits and finally settled 10.08 points, or 0.03 per cent, lower at 34,431.97. The gauge had climbed 550.92 points Wednesday. Similarly, the NSE Nifty after shuttling between 10,441.90 and 10,341.90, ended 6.15 points, or 0.06 per cent down at 10,380.45. Market ...
TVS Motor sales up 26% in October
TVS Motor Co Thursday reported 26 per cent rise in sales to 3,98,427 units in October as against 3,17,411 units in the same month last year. Total two-wheeler sales grew 25 per cent at 3,84,307 units last month as compared to 3,08,364 units in the year-ago month, TVS Motor said in a statement. Domestic two-wheeler sales were up 25 per cent at 3,38,988 units last month as compared to 2,70,372 units in October last year, it added. Scooter sales were at 1,51,040 units as against 1,06,910 units, representing a growth of 41 per cent. Motorcycle sales increased 20 per cent to 1,50,429 units last month as compared to 1,25,409 units in October 2017, it said. The company's total exports grew 27 per cent to 57,926 units in October as against 45,437 units in the year-ago month, the company said.
Hughes wins mandate from oil firms to automate retail network
Hughes Communications India Ltd Thursday said all three state-owned oil marketing companies have selected its satellite broadband system to automate their retail network. "Under separate contracts, Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL), and Hindustan Petroleum Corporation Ltd (HPCL) will each use the JUPITER system to upgrade network connectivity across 19,000 locations collectively to increase speed of transactions, eliminate manual interference, and deliver accurate, real-time data across the retail operations," the company said in a statement. Hughes Communications India is majority-owned subsidiary of Hughes Network Systems, LLC, the global leader in broadband satellite solutions and services. "In addition to driving cost savings, our Hughes technology and managed services will help the companies take control over applications such as monitoring of tank levels at petrol pump outlets, checking and reducing pilferage, and ensuring updated pricing ...
Key indices end almost flat
Key equity indices settled almost flat on Thursday in lacklustre trade. The barometer index, the S&P BSE Sensex, fell 10.08 points or 0.03% to 34,431.97, as per the provisional closing data. The Nifty 50 index fell 6.15 points or 0.06% to 10,380.45, as per the provisional closing data. IT shares fell across the board on a firmer rupee.
Board of Adani Green Energy appoints Executive Director
At meeting held on 31 October 2018
Ford India sales up 42 pc in October
Ford India Thursday reported 42 per cent increase in total sales at 21,346 units in October as compared to 15,033 units in the same month last year. Domestic sales jumped over two-fold at 9,044 units in October as against 4,218 units in the year-ago month, Ford India said in a statement. Exports during the month under review, grew by 13.74 per cent to 12,302 units as compared to 10,815 units in the corresponding month last year, it said. Commenting on the sales performance, Ford India President and Managing Director Anurag Mehrotra said: "The industry continues to face headwinds of low consumer sentiment, high fuel price and interest rate in the near term. He further said the company has been focussing on its four strategic pillars of strong brand, right product, competitive cost and effective scale and it "has enabled us to grow faster than the industry.
Arvind Ltd Q2 net up 16.4 pc to Rs 75.08 cr
Textile and apparel player Arvind Ltd on Thursday reported a 16.38 per cent increase in its consolidated net profit to Rs 75.08 crore for the second quarter ended September 2018. The company had posted a net profit of Rs 64.51 crore in the July-September period a year-ago, Arvind Ltd said in a BSE filing. Total income during the quarter under review stood at Rs 1,815.98 crore, up 12.85 per cent, as against Rs 1,609.10 crore in the corresponding quarter of the previous fiscal. Total expenses stood at Rs 1,723.27 crore as against Rs 1,540.08 crore, up 11.89 per cent. Meanwhile, the company said that as NCLT has approved the scheme of demerger for its branded apparels and engineering businesses, "the reported financial statements reflect figures for continuing businesses only". "Pending receipt of order and other conditions precedent in the Scheme, the Group has considered the business of Engineering and Branded Apparel Undertaking as 'Discontinuing Operations'," the company ...
ONGC to draw perspective plan to integrate business
State-owned Oil and Natural Gas Corporation will draw a new perspective plan to integrate recent acquisition HPCL and just commissioned petrochemical unit with its mainstay oil and gas exploration and production operations, its Chairman and MD Shashi Shanker said. The nation's largest oil and natural gas producer is keen that its recent diversification into refining business as also petrochemicals is leveraged to full by integrating them with its core business. "Post-acquisition of Hindustan Petroleum Corporation Ltd (HPCL) and commissioning of OPaL petrochemical plant at Dahej (in Gujarat), the company is drawing up a perspective plan to achieve proper synergies from the integration to maximize value, optimize cost and enhance efficiency," Shanker said. Synergies like the use of naphtha and other liquid hydrocarbons ONGC produces in the petrochemical unit set up by ONGC Petro-additions Ltd to produce value-added products as well as integrating refining stream of HPCL with company's ..
Lots Wholesale Solutions aims to be profitable in 5-7 yrs
Lots Wholesale Solutions, a wholly owned subsidiary of Thailand-based Siam Makro PCL, is aiming to be profitable in India in next five to seven years, said a top company official. Lots Wholesale, which opened its second cash & carry store in Delhi NCR on Thursday, said for the next 2-3 years the company would continue to add more stores in North India as a part of its expansion plans and intends to have a national footprint in 10 years time. Besides, the company also plans to adopt omni channel system integrating online sales channel with its brick and mortar stores and also is open to explore the idea of having dark stores/fulfilment centre in India. We plan to become profitable in about 5-7 years, Lots Wholesale Solutions Managing Director Tanit Chearavanont told PTI. The company, which started its operation in India in July this year, at present has a customers base of around one lakh members. Cash & Carry, also known as wholesale trade, is fast emerging in India, where ...
Global Markets: Asia stocks begin new month on firmer footing after torrid Oct
TOKYO (Reuters) - Battered equity investors got Asia off to a positive start for November, as Thursday's session benefited from another strong performance on Wall Street, while the pound jumped on a report Britain has secured a deal that would give its financial services firms continued access to European markets after Brexit.
ArcelorMittal remains upbeat as U.S. steel tariffs drive up prices
AMSTERDAM (Reuters) - ArcelorMittal, the world's largest steelmaker, expects its financial results to improve in the coming months as global economic growth drives demand and U.S. tariffs lead to higher prices for the metal.