Page 2100 - Business Finance

Pfizer revenue worse than expected as generic competition weighs

(Reuters) - Pfizer Inc on Tuesday reported worse-than-expected third quarter revenue and lowered the top end of its full-year sales forecast as generic competition and drug pricing pressure in the United States hurt its older drugs business.

Jaitley reviews liquidity crisis in NBFCs

Finance Minister Arun Jaitley on Tuesday chaired the 19th Financial Stability and Development Council (FSDC) meeting in New Delhi, where he reviewed the liquidity crisis prevalent in Non-Banking Financial Companies (NBFCs).Headed by the Finance Minister, the meeting saw the participation of Reserve Bank of India (RBI) governor Urjit Patel, Department of Economic Affairs (DEA) Secretary Subhash Chandra Garg, Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi and heads of other regulators.The council under Jaitley reviewed the current global and domestic economic situation and the financial sector's performance. They also reviewed the issue of real interest rate and also decided that both the regulators and the Centre should keep a close watch on the developing situation and take all necessary measures.The council also took note of how to strengthen cybersecurity in the financial sector including the progress made towards setting up a Computer Emergency Response Team in ..

Strong Asian demand gives L'Oreal a sales bounce

PARIS (Reuters) - Sales growth at Maybelline parent L'Oreal picked up pace in the third quarter, driven by booming demand in Asia, especially for skincare treatments such as anti-ageing creams.

Jharkhand govt to construct houses for slum-dwellers

Chief Minister Raghubar Das-led Jharkhand government will soon start a project to construct houses at affordable rates (G+3 category) under the Pradhan Mantri Awas Yojana for people living in slums across the state."Jharkhand government is gifting 1.27 lakh houses to people belonging to the poor community under the state housing scheme," a statement from Das read.The total cost of construction per unit of house is estimated to be about Rs 7.5 lakh. To cover these expenses, Rs 1 lakh will be given by the Centre, while Rs 1 lakh will be pooled in by the state government. The builder will also contribute a share of 55 per cent, which will decrease per unit cost by about Rs 4 lakh. The beneficiary will be liable to pay the remaining Rs 1.5 lakh.On the same lines, the government will also provide houses to those who do not own a house in any part of the country. The prospective seekers will have have to produce a certificate issued by the revenue workers of their native state. The people ..

ReshamGarh to organize in house fashion show

ReshamGarh strives to reveal your real beauty and real you. They started a decade ago providing not only readymade apparels but an extensive experience to the customers which allowed them to experience world class fashion.ReshamGarh's top priority is satisfaction through innovative customer engagement programs and offering top quality customized apparels.This time for their festive bonanza year end event ReshamGarh delighted customers with a whole new experience. They decided to have a fashion show in a unique way. They did not hire models but defined their customers as brand custodians and models.They organized a fashion show on 28th October 2018 with their brand custodians walking the ramp and displaying the latest wedding collection for bride & groom and party wear. The event was well attended and was one of its kind organized in Lucknow. For the fashion show there were 3 Male and 21 Female models showcasing the new wedding collection. All models were trained by a professional .

Mastercard shares slide as quality of revenue growth disappoints

(Reuters) - Mastercard's shares reversed course to fall sharply in afternoon trading on Tuesday as investors worried the company's third-quarter revenue growth was largely being driven by rebates and incentives and not by transaction volumes.

Birla Corporation posts Rs 16.29 cr net profit in Q2

Birla Corporation on Tuesday posted a consolidated net profit of Rs 16.29 crore in the quarter ended September 30, 2018 as compared to Rs 1.46 crore in the year-ago period.

Oil prices down more than $1 on rising supply, trade war

NEW YORK (Reuters) - Oil prices dropped more than $1 a barrel in choppy trading on Tuesday on signs of rising supply and concern that global economic growth and fuel demand will fall victim to a deepening of the U.S.-China trade war.

Wall Street moves higher as chip stocks rebound

(Reuters) - A bounce back in trade-sensitive chipmakers pushed U.S. stocks higher on Tuesday, after Washington cut off a Chinese semiconductor maker from its U.S. suppliers.

Centre to sell 3% stake in Coal India on Wednesday, unions oppose

State-run Coal India on Tuesday said the Centre has proposed to sell 3 per cent of its stake in the company on Wednesday through an offer for sale (OFS) at a floor price of Rs 266 a share, which could fetch the exchequer about Rs 5,000 crore.

IWAI makes its first foray into PPP model

Marking its maiden foray into Public Private Partnership (PPP) model, the Inland Waterways Authority of India (IWAI) on Tuesday handed over equipping, operation and management of its terminals to a private firm on a supply, operate and maintain mode.

Flood-hit coffee growers seek interest waiver on loans

Karnataka coffee growers on Tuesday sought interest waiver on loans for heavy loss they incurred after floods damaged their plantations in Kodagu district.

WestJet Airlines beats on profits, but faces higher cost headwinds

(Reuters) - WestJet Airlines Ltd is eying branded fares and fees offering passenger perks to help boost revenues and margins, as the Canadian carrier faces headwinds despite reporting earnings that beat estimates on Tuesday.

EU opens deeper probe into Thyssenkrupp, Tata steel deal

BRUSSELS/FRANKFURT (Reuters) - The European Commission has opened a deeper investigation into Thyssenkrupp's planned steel joint venture with Tata Steel over concerns that it could raise prices and harm competition.

Modi urges US firms to avail of business opportunities in new areas

Prime Minister Narendra Modi on Tuesday called upon the US companies to fully avail of business opportunities in India in new areas such as energy, health care, digital technology besides start-ups.

Sebi directs Alchemist Realty's promoter, another entity to make open offer

Regulator Sebi Tuesday directed Alchemist Realty's promoter KDS Corporation and a shareholder to make an open offer as they failed to disclose acquisition of the firm's shares back in August 2010. KDS Corporation was holding 42.30 per cent, and 45.45 per cent shares in Alchemist as on March 31, 2010 and March 31, 2011, respectively. The other entity -- Endogram Leasing and Trading Company -- is one of the shareholders of Alchemist and held 11.61 per cent shares, as on March 31, 2010 and March 31, 2011. According to an order, KDS held 99 per cent or more shares in Endogram from January 2006 to March 2011, making the latter a subsidiary of the former during the said period. As per SAST (Substantial Acquisition of Shares and Takeovers) Regulations, a firm and its holding company or subsidiary are deemed to persons acting in concert (PAC), unless the contrary is established. Since Endogram was a subsidiary of KDS during the said period, it qualified to be a PAC with the promoter ...

U.S. consumer confidence at 18-year high; house price gains slow

WASHINGTON (Reuters) - U.S. consumer confidence rose to an 18-year high in October, driven largely by a robust labor market, bolstering expectations that strong economic growth would continue through early 2019.

Sebi bars Gromo Trade, 20 others from securities markets

Regulator Sebi Tuesday barred Gromo Trade and Consultancy, its two directors and 18 other entities from securities markets for a period of five years for fraudulent trading in the shares of the company. The regulator conducted investigation into the trading activities of certain entities in the scrip of Gromo (formerly known as Kamalakshi Finance Corporation Ltd) during January-February, 2015. Following the probe, Sebi found that Gromo, its two non-independent directors had acted with Kamalakshi group along with other entities in manipulative manner to increase the price of the scrip by repeatedly placing buy orders at negligible quantities at prices higher than LTP. LTP (Last Traded Price) is the level at which last trade was executed. All the entities "have intentionally increased the price of the scrip which amount to an act to market manipulation" thereby violating PFUTP (Prohibition of Fraudulent and Unfair trade Practices) regulations, Sebi said. Accordingly, Securities and ...

Indiabulls Real Estate buys 140 acre land in Gurugram

Indiabulls Real Estate Tuesday said it will acquire 140 acre land at Manesar in Gurugram to develop an integrated township and commercial building. In a filing to the BSE, the Mumbai-based developer said that its wholly-owned subsidiary Loon Land Development Ltd has "entered into definitive agreement(s) to acquire a land parcel/development rights on approx 140 acre land, situated at Sector 79, Manesar, Gurugram, for development of integrated township and commercial building". Indiabulls Real Estate recently reported a 23 per cent increase in its consolidated net profit at Rs 75.91 crore for the quarter ended September 30. Its net profit stood at Rs 61.64 crore in the year-ago period. Net sales jumped more than two-fold to Rs 1,040.41 crore for the second quarter of this fiscal from Rs 470.77 crore in the corresponding period of the previous year.

Strong truck demand drives Cummins third-quarter profit beat

(Reuters) - Cummins Inc topped Wall Street estimates for quarterly profit on Tuesday, as the U.S. engine maker was lifted by strong demand for trucks in a booming global construction market.