Page 2080 - Business Finance

Oil prices fall as global supply rises

LONDON (Reuters) - Oil prices fell for a third day on Wednesday on evidence of rising global supply despite the imposition of U.S. sanctions next week that are already curbing Iranian crude supply.

Exclusive: German firms urged to cut dependence on China

BERLIN (Reuters) - A new strategy paper from Germany's influential BDI industry federation calls on firms to reduce their dependence on the Chinese market, according to a draft seen by Reuters, in a sign of rising concern over Beijing's state-driven economic model.

Wall Street gets lift from strong earnings at end of rough month

(Reuters) - The S&P 500 and the Nasdaq were on track to post their first two-day gain this month on Wednesday, as Facebook led a slew of encouraging earnings reports that boosted sentiment at the end of a tumultuous October for global markets.

Institutional buyers offer bids worth Rs 4,300 cr for Coal India shares

In the first big ticket disinvestment of the current fiscal Coal India share sale kicked off for a smooth sail Wednesday as institutional investors put in bids worth Rs 4,300 crore and over-subscribed the shares reserved for them. Of the 14.89 crore share on offer, institutional investors put in bids for 15.84 crore shares or 1.06 times the shares reserved for institutional buyers, as per data available with NSE. Officials said the domestic mutual funds and insurance companies invested heavily in the offer for sale (OFS) on Wednesday, which was the first day of the two day share sale. "Bids worth Rs 4,300 crore has been put by institutional buyers," officials said. The share sale will on Thursday open for retail investors, who would be offered a 5 per cent discount. These investors can bid for shares worth up to Rs 2 lakh. The government is selling over 18.62 crore shares or 3 per cent in Coal India Ltd (CIL) at a floor price of Rs 266 apiece. If fully subscribed, it will fetch the ..

Bosch board to consider share buyback proposal next week

Auto components major Bosch Wednesday said its board will meet next week to consider a share buyback proposal. The company's board at its meeting scheduled to be held on November 5 shall in addition to the unaudited financial results for the second quarter and half year ended September 2018, also consider the proposal for buyback of the equity shares of the company, Bosch said in a regulatory filing. The Bengaluru-based company's shares Wednesday ended 1 per cent up at Rs 19,853.60 on the BSE.

GPPL Q2 net profit jumps 25 pc to Rs 55 cr

Gujarat Pipavav Port Ltd (GPPL) Wednesday reported a 25 per cent jump in its standalone net profit to Rs 55.3 crore in the second quarter ended September 30, 2018. The company had posted a net profit of Rs 44.2 crore in the year-ago period, it said in a regulatory filing. During the July-September quarter, the company's total income also rose to Rs 186 crore from Rs 163 crore during the same period a year ago. Its expenses were at Rs 100.9 crore during the said quarter, higher from Rs 94 crore during the corresponding period of last fiscal, the company said. Shares of the company Wednesday ended 1.18 per cent up at Rs 100.30 apiece on the BSE.

New owner of Air Deccan, Air Odisha plans to invest $10 mln in the embattled carriers

As Air Deccan and Air Odisha grapple with turbulent times, their new owner and Sharjah-based NRI Zahid Hussein plans to invest USD 10 million initially as well as restructure the two airlines. Currently, the two scheduled commuter airlines -- which began services on 30 routes under the regional connectivity scheme -- have suspended operations temporarily due to technical reasons, according to an official. Hussein, who is a Director of Sharjah-based Ghalia Petrol LLC, said immediate fund infusion is required for the two airlines. "We are a majority stakeholder in GSec Monarch Private Ltd, which owns Air Deccan and Air Odisha... The investment is through family-owned enterprises. An Indian company (is) investing into it," he told PTI in an interview. Both the airlines are scheduled commuter airlines under the government's Regional Connectivity Scheme (RCS). In the first round of RCS bidding, Air Deccan and Air Odisha bagged 34 and 50 routes, respectively. "In the first phase, we are ...

Vedanta's Q2 net profit declines 34.32% to Rs 13.43 bn, net debt reduces

The Anil Agarwal-led company had clocked a 'Profit attributable to owners of Vedanta Ltd' of Rs 20.45 billion during the corresponding quarter previous fiscal

Equinor seeks oil, gas, renewable investments in India: CEO

OSLO (Reuters) - Norwegian energy firm Equinor is exploring investment opportunities in India, its chief executive told Reuters on Wednesday.

Shingles vaccine helps GSK beat earnings forecasts, raise guidance

LONDON (Reuters) - Demand for its new shingles vaccine boosted GlaxoSmithKline's third-quarter earnings on Wednesday and allowed the British drugs firm to nudge its full-year outlook higher.

TAKE Solutions Q2 net profit up 65.68% to Rs 60.79 crore

City-based TAKE Solutions Wednesday said it has clocked a 65.68 per cent rise in net profit to Rs 60.79 crore in the July-September 30, 2018 compared to the year ago period. The service provider in life sciences had registered net profit at Rs 36.69 crore in the same period of last fiscal, the company said in a BSE filing. For the half year ending September 30, net profit surged 58.76 per cent, to Rs 114.96 crore from Rs 72.41 crore registered year ago. Total revenue for the quarter ending September grew to Rs 529.03 crore, from Rs 372.02 crore. For the six month period ending September 30, total revenue stood at Rs 1,005.05 crore against Rs 727.47 crore registered a year ago. Commenting on the financial performance, TAKE Solutions Vice-Chairman and Managing Director, Srinivasan HR said, "TAKE recorded a high growth rate this quarter and we continue to invest ahead of the growth curve in the right technology". "Our 2021 growth strategy is on track and we are seeing a ...

GHIAL inks pact to acquire stake in airport cargo firm

: GMR Hyderabad International Airport Limited (GHIAL) has said it signed a definitive agreement to acquire the entire stake held by Menzies Aviation Cargo (Hyderabad) Ltd in Hyderabad Menzies Air Cargo Private Limited Limited for about Rs 60 crore. GHIAL is a GMR group company that manages the Rajiv Gandhi International Airport here. It is a direct subsidiary of GMR Airports Ltd and an indirect subsidiary of GMR Infrastructure Ltd. A GHIAL release said that GMR Hyderabad International Airport Limited had entered into a definitive share purchase agreement to acquire the entire equity and preference shares held by Menzies Aviation Cargo (Hyderabad) Limited in Hyderabad Menzies Air Cargo Private Limited (HMACPL) at a total consideration of Rs 59.75 crore. "Post-acquisition of the aforesaid shares, HMACPL will be a wholly owned subsidiary of GHIAL," the release said. HMACPL is currently the only entity engaged in operation and maintenance of cargo handling at Hyderabad ...

ZEE launches online platform for small retail advertisers

Media conglomerate Zee Entertainment Enterprises (ZEE) Wednesday said it has launched an online platform ZEEMitra.com for small retail advertisers. The platform will directly connect and enable small retail advertisers to advertise on ZEE's entire bouquet of 52 entertainment and news channels channels, a release said. With a focus on small and medium scale enterprises, ZEEMitra.com will enable them to advertise in their relevant markets, independently, at an affordable cost, helping the advertisers to move beyond print and radio. ******************** Royal Orchid Hotels Q2 net falls marginally to Rs 3.03 cr * Royal Orchid Hotels Wednesday posted a marginal 3.80 per cent decline in net profit in September quarter at Rs 3.03 crore, compared with Rs 3.15 crore in the year-ago period. Revenue from operations grew by 6.51 per cent during the quarter at Rs 28.79 crore, compared with Rs 27.03 crore in the same quarter last year, according to a BSE filing. ******************** ..

BIZ-HIGHLIGHTS

Following are the top business stories till 1915 hrs Wednesday: FGN25 BIZ-INDIA-WB-RANKING Washington/New Delhi: India has jumped 23 places to the 77th position in the World Bank's 'ease of doing business' ranking released Wednesday, a development that could help the country attract more foreign investments. DEL30 BIZ-RBI-LD GOVT New Delhi: The government has for the first time ever used a provision of law to ask the RBI for resolution of differences between them on stressed loans in power sector and other issues, sources privy to the development said. DEL49 BIZ-RUPEE-CLOSE Mumbai: The rupee depreciated by 27 paise to close at nearly three-week low of 73.95 against the US dollar Wednesday as the American currency strengthened against major global currencies overseas amid steady capital outflows. DEL37 BIZ-RBI ACT-GOVT POWERS New Delhi: Section 7 of the RBI Act, hogging headlines following reported differences between the North Block and the Mint Street, empowers the central ...

REIT would encourage investments into real estate sector: CBRE

: The Real Estate Investment Trusts (REITs), notified by market regulator Securities and Exchange Board of India, would encourage more investments to come into the sector, real estate consulting firm CBRE said Wednesday. Market regulator SEBI had notified the REITs regulations in 2014, allowing setting up of and listing of such trusts, which are very popular in developed countries. "REIT will not only allow consumers' participation, but also make investments come in (to the real estate sector)", Chairman of CBRE, India and South East Asia, Anshuman Magazine told reporters here. CBRE clocked revenues of USD 14.2 billion globally in 2017 and has over 450 offices worldwide. The Indian subsidiary has managed capital of Rs 241 billion for its clients across the country. Noting that India was a key market for CBRE, he said the domestic business was expected to fuel growth and development in the country. "Close to 40 per cent of hiring is concentrated in the Southern markets, ...

Wall Street opens higher on strong earnings

(Reuters) - U.S. stocks opened higher on Wednesday and were set for a second day of gains at the end of a brutal month, as Facebook led a slew of encouraging earnings reports.

Gold dips on dollar; still set for biggest monthly gain since January

BENGALURU (Reuters) - Gold slid to its lowest in nearly three weeks on Wednesday as the dollar jumped and stock markets regained momentum after a spate of heavy losses, but the metal remained on track for its biggest monthly gain since January.

Reliance Nippon Life Asset posts Rs.114 crore net profit

Reliance Nippon Life Asset Management Limited (RNAM) on Wednesday said it closed the second quarter of the current fiscal with 12 per cent growth in net profit.

Analysis: No turning back for ECB on end to bond purchases

FRANKFURT (Reuters) - No viable argument remains for the European Central Bank to backtrack on its plan to end quantitative easing in December, even if euro zone growth fails to rebound after a dismal third quarter.

Madras HC restrains sale of medicines by online pharmacies

The Madras High Court, in an interim injunction order on Wednesday, restrained sale of medicines by online pharmacies.