Page 2085 - Business Finance
Ajanta Pharma Q2 profit dips 5 pc to Rs 125 cr
Ajanta Pharma Wednesday reported 4.92 per cent dip in consolidated net profit to Rs 125.39 crore for the quarter ended September 2018. The company had posted a net profit of Rs 131.89 crore in the year-ago period, Ajanta Pharma said in a filing to BSE. Consolidated revenue from operations stood at Rs 544.11 crore for the reported quarter. It was Rs 540.38 crore for the same period a year ago. "This quarter has been a mixed bag for us. While the US & branded generic business in emerging market posted robust growth, India business remained flat and antimalarial business de-grew as was anticipated," Ajanta Pharma Joint MD Rajesh Agrawal said. Despite unfavourable market conditions in the US, the company posted robust growth for the quarter. The company's emerging market branded generic business delivered sound performance, he added. The company's board has also approved payment of interim dividend of Rs 9 per equity share on the face-value of Rs 2 per share for the 2018-19 fiscal, ...
MOIL Q2 net profit rises 13 pc to Rs 105 cr
Manganese ore producer MOIL Wednesday reported a 13 per cent rise in its standalone net profit to Rs 105.10 crore in the second quarter ended September 30. The state-owned miner had posted a net profit of Rs 92.69 crore in the year-ago period, MOIL said in a regulatory filing. During the July-September quarter, the company's total income also rose to Rs 402.86 crore from Rs 329.15 crore during the same period a year ago. Its expenses were at Rs 227.08 crore during the said quarter, higher from Rs 185.45 crore in the same period last fiscal, the mini-ratna company said. At present, MOIL operates 10 mines. Six are located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. Shares of the company today ended 2.04 per cent up at Rs 177.95 apiece on BSE.
Scenarios: How the U.S. midterm elections could ripple through markets
NEW YORK (Reuters) - Gridlock, Blue Sweep or Red Repeat? Wall Street is closely watching the U.S. midterm Congressional elections next week, as policy decisions that could sway the economy, corporate decision-making and consumer spending hinge on the results.
Panasonic profit weighed by Tesla costs, but in talks for further investment
TOKYO (Reuters) - Japan's Panasonic Corp on Wednesday reported a decline in quarterly profit far beyond what analysts estimated, as costs rose at the battery plant it jointly runs with U.S. electric vehicle maker Tesla Inc.
COAI's Indian Mobile Congress and Aegis Graham Bell Awards Recognizes Comviva's MobiLytix IRIS as the 'Innovative Telecom Solution' of the Year
/ -- Comviva, the global leader in providing mobility solutions, today announced that it has won the Indian Mobile Congress and Aegis Graham Bell Award under the 'Innovative Telecom solution' category for its MobiLytix IRIS solution. (Logo: https://mma.prnewswire.com/media/721519/Comviva_Logo.jpg ) (Photo: https://mma.prnewswire.com/media/777599/Comviva_Award.jpg ) India Mobile Congress 2018 was jointly organised by the Department of Telecommunications (DoT), India and the Cellular Operators Association of India (COAI) for the second time in India. The winners were felicitated by Shri Manoj Sinha, Hon'ble Minister of State (Independent Charge) for Communications and Minister of State for Railways, Govt. of India on Friday, 26th October at a glittering award ceremony in New Delhi. MobiLytix IRIS drives revenue growth and profitability by creating alignment between a communication service provider's retailers and customers when selling prepaid top-ups and service bundles. IRIS ...
DP World, NIIF win bid to build Free Trade Warehousing Zone at JNPT Mumbai for USD 78 mn
Global port operator DP World on Wednesday said its joint venture (JV) with NIIF has won the bid to build a Free Trade Warehousing Zone at JNPT Mumbai for USD 78 million. The facility is expected to be operational by 2020. "Hindustan Infralog Private Limited (HIPL), a joint venture between DP World (65 per cent) and the National Investment and Infrastructure Fund (NIIF) (35 per cent), has won the bid to develop and operate the Free Trade Warehousing Zone (FTWZ) at India's largest container gateway - Jawaharlal Nehru Port Trust (JNPT) for USD 78 million," DP World said in a statement. It said HIPL is the recently created investment vehicle between DP World and NIIF to invest up to USD 3 billion in ports, logistics and related sectors across the country. This is the second investment for HIPL following the acquisition of a 90 per cent stake in multi-modal logistics company Continental Warehousing Corporation (Nhava Sheva) Ltd. "The FTWZ comes with a long-term concession of 60 years and .
Dr Reddy's shares end over 2% lower on observations from USFDA for Duvvada plant
Shares of Dr Reddy's Laboratories Wednesday ended over 2 per cent lower after the company said the US health regulator has issued eight observations after inspecting its formulations plant at Duvvada, Visakhapatnam. The stock recovered most of its early losses and ended at Rs 2,540.70, a fall of 2.19 per cent on BSE. Intraday, it had tanked 6.64 per cent to Rs 2,425. On NSE, shares of the company settled 2 per cent lower at Rs 2,542. In terms of equity volume, 1.68 lakh shares of the company were traded on BSE and over 22 lakh shares changed hands on NSE during the day. "The audit of our formulations manufacturing facility at Duvvada, Visakhapatnam, by the US Food and Drug Administration (USFDA), has been completed. We have been issued a Form 483 with eight observations, which we are addressing," the company said in a regulatory filing Tuesday. As per USFDA, a Form 483 is issued to a firm's management at the conclusion of an inspection when investigator has observed any conditions ...
IRB Infra posts net profit of Rs. 173 cr for Q2, up 32%
IRB Infrastructure Developers Ltd. (IRB); India's leading and one of the largest highways infrastructure developers today announced unaudited financial results for second quarter and first half of the FY19.While commenting on the occasion, Virendra D. Mhaiskar, Chairman & Managing Director, IRB Infrastructure Developers Ltd. said, "For us Q2 was all about strengthening the base as well as setting the platform for the following eight quarters. We are happy to have ticked all the boxes. All three HAM projects bagged have successfully achieved Financial Closures at Bid Project Cost despite a weak lending environment; key projects have witnessed significant improvement in toll collection, which includes Kaithal-Rajasthan project; and finally, with the construction also progressing well, even in monsoon quarter - we are set to fire on all engines."He further added, "The coming quarters will be more robust as we will be commencing the construction activity on all three HAM projects."The
Hong Kong Stocks gains 1.6%
China's official manufacturing Purchasing Managers' Index (PMI) produced by China's National Bureau of Statistics and the China Federation of Logistics and Purchasing (CFLP) was stood at 50.2 for October, down from 50.8 in September, and slightly above the 50-point mark that separates growth from contraction, as factory activity in the world's second largest economy slowed amid the ongoing US-China trade war. A production sub-index fell to 52 in October from 53.0 in September, while a new orders sub-index declined to 50.8 from 52.0. New export orders, an indicator of future activity, fell to 46.9 from 48.0 in September. The latest reading suggests a further slowing in the world's second-biggest economy and could prompt more policy support from Beijing on top of a raft of recent initiatives.
Sensex ends 550 points up, Nifty closes at 10,386
The market session on Wednesday ended on a positive note as the Sensex soared over 500 points at 34,442.05, while the Nifty closed above 188.20 points at 10,386.60.Posting a strong surge in financials along with IT, the indices were further pushed higher by Pharmaceuticals.Automobiles, consumption, infrastructure, and PSU banks were the other big gainers. In the broader markets, the Nifty Midcap index rose around 2 percent.The Indian rupee recovered from the day's low of 74.14, as it traded lower by 20 paise 73.88 per dollar, after a weak opening at 73.92.With the results season on, shares of housing finance companies gained strength amid news of PNB Housing Finance raising over Rs. 2,450 crore through commercial papers, reported the Moneycontrol.On the other hand, the IT stocks further extended their gains, while pharmaceuticals and PSU banks gained too.FMCG major, Dabur India, reported a net profit of Rs 377.5 crore for the September quarter, a rise of 4.1 percent as compared to ..
Exclusive: German firms should cut dependence on China, says top industry group
BERLIN (Reuters) - German firms should cut their dependence on the Chinese market, a leading industry group says in a strategy paper that underscores rising concern over Beijing's state-driven economic model, according to a draft seen by Reuters.
Gold dips on strong dollar, but set for best month since January
BENGALURU (Reuters) - Gold slid to its lowest in nearly three weeks on Wednesday as the dollar jumped and stock markets regained momentum following a spate of heavy losses, pointing to an improved environment for riskier investments.
NIIF to acquire controlling stake in IDFC infra finance arm for undisclosed amount
Government-backed fund NIIF Wednesday announced acquisition of controlling stake in IDFC-IFL for an undisclosed amount, amid report of liquidity crunch in the NBFC sector. Earlier in the day, IDFC Ltd in a stock exchange filing said that IDFC Infrastructure Finance Limited (IDFC-IFL) will sell controlling interest in its arm to National Investment and Infrastructure Fund II. "This acquisition is the first investment from NIIF's Strategic Fund and the first control transaction for NIIF. The acquisition is subject to approval from (the) RBI and customary closing conditions," the fund manager said in a statement. IDFC Ltd, IDFC Financial Holding Company Ltd (IDFC FHCL) and IDFC Infrastructure Finance Ltd (IDFC IFL) have entered into a definitive agreement with NIIF II in this regard, IDFC said. "Pursuant to the said agreement, NIIF II shall acquire controlling interest in IDFC IFL from IDFC FHCL," the filing added. It manages over USD 3 billion of capital commitments across three funds, .
Tanla Retains Former Airtel CEO Sanjay Kapoor as Senior Advisor and Mentor for its Growth Strategy
/ -- Tanla Solutions Ltd. (BSE: 532790) (NSE: TANLA) is pleased to announce that Mr. Sanjay Kapoor has been retained by the Company as a 'Senior Advisor and Mentor', with the primary objective of providing strategic insights on Business growth, Brand building, Diversification and Technical inputs in corporate decision making. Tanla recently acquired Karix Mobile from GSO for Rs. 340 Cr. (Logo: https://mma.prnewswire.com/media/627459/Tanla_Solutions_Logo.jpg ) (Photo: https://mma.prnewswire.com/media/775432/Sanjay_Kapoor_Joins_Tanla.jpg ) Sanjay is an established telecom leader globally, and was the Chief Executive Officer of India & South Asia operations at Bharti Airtel between 2010 and 2013, and has spent nearly 20 years as a business leader in Indian telecom market. After Airtel, Kapoor assumed the role of the Chairman at Indian handset maker Micromax in 2014, for nearly a year. He currently pursues plural career which includes Entrepreneurship, Consulting, and board ...
Tata Motors posts second-quarter loss on weak JLR sales, one-off charge
(Reuters) - India's Tata Motors Ltd on Wednesday reported a loss for the three months ended September, dented by weak Jaguar Land Rover sales and a one-off charge in respect to a subsidiary closure in Thailand.
Canara Bank posts second-quarter profit on tax write-back
(Reuters) - India's Canara Bank Ltd reported a 15.1 percent rise in second-quarter net profit on Wednesday, helped by a tax write-back.
China to take more steps to support economy: politburo
BEIJING (Reuters) - China will take more timely steps to support its economy, which faces increasing pressures, the politburo, a top decision-making body of the ruling Communist Party, said on Wednesday in remarks carried by the state news agency Xinhua.
Takeda hikes annual profit forecast by a third after second-quarter profit jump
TOKYO (Reuters) - Japan's Takeda Pharmaceutical Co Ltd on Wednesday boosted its annual operating profit outlook by a third after second-quarter earnings surged on strong global sales of its drugs for bowel disease and multiple myeloma.
China Market climbs 1.35%
The China Securities Regulatory Commission said yesterday it would enhance the quality of listed companies, strengthen governance of listed firms, regulate information disclosure and improve transparency, encourage share buybacks and mergers and acquisitions by listed firms, according to a statement published on its official website. The commission also said that it will enhance market liquidity, reduce unnecessary interference in trading and provide investors with a fair chance to trade.
Nifty November 2018 futures at discount
Turnover in the F&O segment rises