Page 2102 - Business Finance
Cognizant Q3 net dips 3.6% to $477 mn, revises revenue outlook
US-based IT major Cognizant Tuesday said its net profit dipped 3.6 per cent to USD 477 million in the September quarter on account of higher foreign exchange losses and revised its FY2018 revenue growth outlook to up to 8.9 per cent. The company, which had registered a net profit of USD 495 million in July-September 2017, attributed the decline in net income to "higher net non-operating foreign exchange losses in 2018 driven by the depreciation of the Indian rupee versus the prior year period". Cognizant's revenues during the September 2018 rose 8.3 per cent to USD 4.08 billion, meeting its guidance range of USD 4.06-4.10 billion for the period. In the September 2017 quarter, its revenue was USD 3.77 billion. However, the company revised its FY2018 revenue forecast and said the topline is expected to be in the range of USD 16.09 billion to USD 16.13 billion -- translating into a growth of 8.6-8.9 per cent over the previous year. In August, the company had said it expects its revenues .
KOEL elevates Deshpande as CEO & MD; Nimkar as COO
Kirloskar Oil Engines (KOEL) Tuesday announced the elevation of RR Deshpande as the chief executive officer and managing director and Sanjeev Nimkar as the chief operating officer (COO) of the company with immediate effect. Deshpande, a mechanical engineer, has been with KOEL for over 40 years, while Nimkar has been heading various core businesses of the company like power generation, industrial engines, Koel Care as well as the newly acquired Varuna Pumps, a release said. ********************** Manpasand Beverages Q2 net declines marginally to Rs 8.42 cr * Homegrown fruit drinks maker Manpasand Beverages Tuesday reported a marginal decline in net profit to Rs 8.42 crore for the quarter ended September, from Rs 8.95 crore in the year-ago period. Total revenue stood at Rs 177.92 crore during the quarter under review, against Rs 132.27 crore in the same quarter last fiscal, it said in a release. The company said post the applicability of GST, revenue from operations is ..
India seeks Qatari investments in petrochemicals, infrastructure and agriculture
India has sought Qatari investments in key sectors such as petrochemicals, infrastructure and agriculture, the Ministry of External Affairs said Tuesday. The invitation for Qatari investments was made during delegation-level talks between External Affairs Minister Sushma Swaraj and her counterpart Sheikh Mohammed bin Abdulrahman Al Thani in Doha, it said in a statement. "Both sides discussed the entire gamut of bilateral relations and signed a declaration to establish Joint Commission at the level of External Affairs and Foreign Minister to periodically review progress in various cooperation initiatives," the statement said. The Indian side mentioned that bilateral trade in 2017-18 was USD 9.9 billion and Indian exports to Qatar during this period registered an increase of 87 per cent over the previous year, it said. Qatari investors were invited for areas such as petrochemicals, infrastructure, agriculture and food processing. Both sides expressed satisfaction at the smooth ...
CONCOR Q2 standalone net up 46.80% to Rs 336 crore
Container Corporation of India (CONCOR) Tuesday reported a 46.80 per cent jump in its standalone net profit to Rs 336.05 crore for the quarter ended September 30, 2018. The company had clocked a standalone net profit of Rs 228.91 crore for the corresponding quarter of the previous fiscal, it said in a filing to the BSE. Its total income for the quarter under review increased to Rs 1,891.51 crore from Rs 1,520.28 crore in the corresponding quarter a year-ago. Total expenses of the company also increased to Rs 1,422.90 crore from Rs 1,230.63 in the year-ago period. Container Corporation of India Ltd (CONCOR) was incorporated in March 1988 under the Companies Act and commenced operation from November 1989 taking over the existing network of 7 ICDs from the Indian Railways. At present it has the largest network of 81 Inland Container Depots/container freight stations in India (73 terminals and 8 strategic tie-ups). In addition to providing inland transport by rail for containers, it has .
Electrosteel Steels net loss narrows to Rs 86 cr in Jul-Sep
Electrosteel Steels Tuesday said its net loss narrowed to Rs 85.65 crore during the quarter ended September 30, 2018. The company had posted a net loss of Rs 296.65 crore during the same quarter a year ago, Electrosteel Steels Ltd (ESL) said in a BSE filing. Total income of the company during the said quarter was higher at Rs 1,115.78 crore as against Rs 792.68 crore in July-September quarter of the 2017-18 fiscal. In March, Vedanta was declared as successful resolution applicant by the committee of creditors (CoC) for Electrosteel Steels under the Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code, 2016. In June, Vedanta acquired the management control of debt-laden Electrosteel Steels. Shares of the company today ended 3.63 per cent higher at Rs 20 apiece on BSE.
Puma Energy seeks license for retail fuel sales in India
NEW DELHI (Reuters) - Global trader Trafigura has applied for a license for its downstream arm Puma Energy to start retail sales of gasoline and gasoil in India, an oil ministry spokesman and Trafigura said on Tuesday.
Cognizant sees weak fourth quarter as financial services growth drags
(Reuters) - Cognizant Technology Solutions Corp on Tuesday blamed weakness in its financial services sector for dismal revenue and profit forecasts for the fourth quarter that missed analysts' estimates.
Allergan says offers undervalue business units for sale, shares fall
(Reuters) - Allergan Plc on Tuesday expressed disappointment in early offers from potential buyers for business units it has been trying to sell, and its shares fell more than 6 percent.
Sebi bans Win Realcon, 14 directors from market
Sebi Tuesday banned Kolkata-based Win Realcon and its 14 present and erstwhile directors from the securities market for at least four years and directed them to refund the money collected illegally from investors. In an order, the regulator said that the firm had issued and allotted redeemable preference shares (RPS) to 708 investors during the financial years 2011-12 and 2012-13 and raised at least Rs 1.18 crore. Since the shares were issued to over 50 people, the offer of RPS qualified to be a public issue and required compulsory listing of securities on a recognised stock exchange. However, Win Realcon did not comply with the provision. Among other requirements, the firm was to register a prospectus with the Registrar of Companies, which it failed to do. Accordingly, the Securities and Exchange Board of India (Sebi) has directed Win Realcon and directors to refund the money collected by the company through the issuance of RPS, with an annual interest of 15 per cent. Besides, the ...
S Africa's cash-strapped public broadcaster eyes massive layoffs
South Africa's cash-strapped public broadcaster SABC is considering laying off nearly 1,000 people, or about one third of its full-time staff, in a bid to turn around its "dire" finances, according to a document seen on Tuesday. The South African Broadcasting Corporation sent a memo to workers informing them of its intention to cut jobs at all levels and in all departments in a bid to save around USD 30 million a year. In the note seen by AFP, SABC said the broadcaster is in "dire financial straits" and was unable to borrow from either the government or banks. As a result of corruption and maladministration scandals, parliament has dissolved SABC's board several times in recent years. The company's financial distress deepened during the tenure of its former chief operating officer, Hlaudi Motsoeneng, an ally of ex-president Jacob Zuma who falsely claimed to have finished high school. The SABC, which is the primary news source for millions of people, was accused of banning footage of ..
SAI to start Comprehensive Coach Development Program
With an aim to attract and retain the best coaches, Sports Authority of India (SAI) had decided that a Comprehensive Coach Development Program will be initiated at all levels of coaching.The decision was taken during the 51st governing body meeting of SAI which was chaired by Union Minister of Youth Affairs and Sports Rajyavardhan Rathore.A professional agency will be employed to undertake a detailed study of the current coaching system and the findings will be used to improve the existing system. Coaches performing better than their counterparts will also be incentivized.This is in the continuance of the decision taken in the last Governing Body meeting when it was decided that the cap on salary for coaches in National Academies be increased from Rs. 1 lakh to Rs 2 lakh per month or above, depending on merit.The body also approved the Corporate Social Responsibility (CSR) policy of SAI. It was decided that funds, expertise, services from various interested corporate organisations ...
USISPF members laud Centre's economic reforms
Lauding the economic and regulatory reforms implemented by the central government in the past four years, board members of the United States-India Strategic Partnership Forum (USISPF) has expressed their desire to further deepen their engagements with India.The board members comprising senior industry and business captains of the United States called on Prime Minister Narendra Modi on Tuesday, an official statement read.The business leaders also called for deepening their engagements with India to "make use of the mutually beneficial opportunities created by the rapidly growing Indian economy".Prime Minister Modi also stated that both countries have benefitted in an unprecedented manner through economic engagement. He encouraged the US companies to fully avail the business opportunities in new areas such as start-ups, energy, healthcare and digital technology.
Italy keen to cooperate in 'Make In India' initiative
Italian Prime Minister Giuseppe Conte on Tuesday said that Rome is keen to collaborate with the Centre's 'Make In India' flagship programme in key sectors such as Defence, research and development, renewable energy and science and technology.Addressing the valedictory session of the India-Italy Technology Summit here, Conte said, "Before the tech summit, I had a fruitful meeting with Prime Minister (Narendra) Modi where we reviewed all the areas of our bilateral partnership. Regarding our economic partnership, we have explored possible Italian contribution to 'Make In India'. We are keen to cooperate with the Indian government's 'Make In India' initiative in Defence, research and development, railways, renewable energy and science, and technology."The Italian Prime Minister further emphasised on the importance of technology for innovative solutions across various sectors like robotics, particle physics and astrophysics to bring about inclusive growth.He underlined that India and Italy
Interim CBI director Nageswara Rao denies irregularities in wife's borrowings
Amid allegations of laundering money through a shell company based in Kolkata, interim Central Bureau of Investigation (CBI) director M Nageswara Rao on Tuesday rubbished the charge and clarified that the money was borrowed by his wife from her "longtime family friend." Rao, in an official statement, said "On September 10, 2010, my wife Mannem Sandheya had borrowed Rs. 25 lakhs from M/S Angela Mercantile Pvt. Ltd. Kolkata, a company belonging to our longtime family friend Praween Agarwal, for the purchase of an immovable property in Guntur, Andhra Pradesh. The said property was purchased jointly along with her cousin brother, Dr K. Ratna Babu, a well-known Orthopedic Surgeon in Guntur.""On September 17, 2011, my wife sold 5-12 acres of her inherited agricultural property for an amount of Rs. 30.72 lakhs. Again on October 19, 2011, she sold a portion of her inherited agricultural property for an amount of Rs. 27.90 lakhs. Thus she received a total amount of Rs. 58.62 lakhs as sales ...
Coke profits get health kick in third quarter
(Reuters) - Coca-Cola Co's quarterly revenue and profit topped Wall Street expectations on Tuesday, as investments to cater to changing consumer tastes paid off with higher sales of its sugar-free sodas and vitamin waters.
Sebi cautions investors against unregulated foreign trading portals
Markets regulator Sebi Tuesday warned investors against participating in unregulated web portals offering transactions in securities, including derivatives, which are executed on the terminal of overseas exchanges. Sebi has observed that investors in India are being offered services by various firms through online web portals to trade in a variety of financial products, including various types of derivatives, which are apparently traded on overseas platform or exchange, it said in a statement. These firms are operating from overseas, but providing services to the Indian residents. In order to attract clients, these firms through various means of communications such as electronic messages, blogs, advertisements, websites, E-mails, leaflets, apps and calls, among others, offer free online registration without complying with the basic Know Your Customer (KYC) procedures and often offer high level of leverage, low brokerage and other incentives for trading on such overseas ...
Tech Mahindra Q2 net rises 27% on higher margins
Tech Mahindra, the IT arm of Mahindra group, Tuesday posted a 27.3 per cent growth in September quarter net at Rs 1,064 crore, aided largely by widening of margins due to rupee depreciation, changing business mix and better utilisation. The fifth largest IT services exporter had posted a post tax net of Rs 836.2 crore in the year-ago period. The company's total revenues grew by 13.5 per cent to Rs 8,630 crore. However, on a quarter on quarter basis, which is tracked closely by the market, the company showed some softness in revenue growth at 4.3 per cent due to a drag in the healthcare segment. Managing director and chief executive CP Gurnani said it was expecting the softness in healthcare as two projects were coming to an end but underlined that the company is satisfied with the show. He said telecom is doing well and showed a 4 per cent growth in revenues over the preceding quarter and added that the migration to 5G in the developed markets. Operating margins widened .
Cholamandalam Q2 net up 43% on higher loan growth
Cholamandalam Investment and Finance Tuesday reported a 43 per cent year-on-year jump in standalone net profit to Rs 305 crore in the quarter ended September, helped by higher loan growth and decline in loan loss provision. The financial services company had reported a net profit of Rs 204 crore in the same period last year. Total income grew by 24 per cent to Rs 1,676 crore in the period, against Rs 1,350 crore last year. "Better operating expenses, reduction in loan loss provision and higher loan growth contributed to the profit during the quarter," the company's executive vice-president and chief financial officer, Arul Selvan, said. Its disbursement grew by 34 per cent to Rs 6,899 crore, from Rs 5,492 crore in the second quarter of the FY18. Loans in the vehicle finance segment grew by 38 per cent to Rs 5,542 crore, while home equity disbursement rose by 18 per cent to Rs 910 crore. Gross non-performing asset (NPA) during the quarter improved to 3.4 per cent, from 5.1
India, Italy to fast-track trade, two-way investments
India and Italy on Tuesday agreed to fast-track bilateral trade and investments and set up a bilateral industrial development and cooperation mechanism at a meeting between Prime Minister Narendra Modi and his Italian counterpart Guiseppe Conte here.
Fiat Chrysler's lowered net cash guidance overshadows special dividend pledge
MILAN (Reuters) - Fiat Chrysler (FCA) reported better-than-expected third-quarter earnings and promised to pay 2 billion euros ($2.3 billion) in special dividends, but a lowered net cash forecast and a charge related to U.S. diesel talks weighed on shares.