Page 2104 - Business Finance
India considers IL&FS sale among options to end debt crunch - source
NEW DELHI (Reuters) - India is considering selling Infrastructure Leasing and Financial Services Ltd (IL&FS) or divesting some of its assets as it seeks to end the company's debt crisis, a person with direct knowledge of the matter said on Tuesday.
HDFC Ergo H1 net profit up 13.5% to Rs 230 cr
HDFC Ergo General Insurance Tuesday reported a 13.5 per cent growth in net profit at Rs 230 crore during the first half of the current fiscal, compared with a profit of Rs 202.4 crore in the same period last year. Its gross written premium (GWP) rose by 12.6 per cent to Rs 4,257.5 crore during the period, against Rs 3,781.2 crore in the year-ago period, the firm said in a release. The growth was primarily led by the motor segment, followed by accident, health and property segments, it added. The insurer's combined ratio stood at 99.4 per cent and market share at 5.14 per cent. HDFC Ergo, the third largest private sector insurer, is a 51:49 joint venture between the Housing Development Finance Corporation (HDFC) and ERGO International AG, the primary insurance entity of the Munich Re Group of Germany. It offers products like motor, health, travel, home, personal accident and cyber insurance in the retail space and customised products like property, marine and liability ..
General Electric cuts dividend, splits loss-making power unit
(Reuters) - General Electric Co slashed its quarterly dividend to just 1 cent per share and said it would split its power unit into two businesses as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate.
Exclusive: Wells Fargo says auto insurance remediation will not wrap up until 2020
WASHINGTON (Reuters) - Wells Fargo & Co will not finish paying back the estimated 600,000 customers it wrongly charged for auto insurance until at least 2020, the bank said in a letter to U.S. lawmakers seen by Reuters.
Govt to sell 3% stake in CIL at Rs 266 a share, eyes at least Rs 5,000 crore
The government will Wednesday launch an OFS programme to sell 3 per cent stake in PSU major Coal India at a floor price of Rs 266 a share, which is expected to fetch about Rs 5,000 crore to the exchequer. Further, the government will have an option to retain an over-subscription of an additional 6 per cent stake in the company, which will take the total stake on offer to 9 per cent, Coal India Ltd (CIL) said in a NSE filing. The two-day offer for sale (OFS) will open tomorrow for institutional bidders. Retail investors, who can bid for the OFS on Thursday, will get an additional 5 per cent discount. At the current market prices, sale of 3 per cent stake or 18.62 crore shares would fetch the government around Rs 5,000 crore. If the additional 6 per cent stake or 37.24 crore shares are put on the block, then the government could get a further about Rs 10,000 crore. Taken together, the 9 per cent stake sale in CIL could fetch about Rs 15,000 crore to the government. The floor price of Rs
Cargill's Dines named new CFO; Smits takes new role in Asia
(Reuters) - Cargill Inc said on Tuesday that David Dines, the head of its risk management business, would replace Chief Financial Officer Marcel Smits on Dec. 1 as part of a handful of changes in the grain trader's executive team.
Ex-HSBC chair Flint heads to Standard Life Aberdeen
LONDON (Reuters) - Britain's biggest listed investment manager Standard Life Aberdeen said on Tuesday it had appointed Douglas Flint, former chairman of HSBC, to lead its board from January.
Sonata Software Inducted Into the 2018-2019 Inner Circle for Microsoft Dynamics
-FirstCall/ -- Sonata Software , a global technology company that enables successful platform-based digital transformation initiatives for enterprises, today announced that it has been named as a member of the Inner Circle for Microsoft Dynamics for 2018-2019. With this recognition, Sonata Software is part of an elite group that consists of some of Microsoft's most coveted strategic Microsoft Dynamics partners from across the globe. (Logo: https://mma.prnewswire.com/media/689012/Sonata_Software_Logo.jpg ) "From engineering Microsoft Dynamics 365 products to upgrading the first few customers on to Dynamics 365, Sonata Software's engagement with Microsoft Dynamics goes back a long way. Sonata Software also belongs to the top Microsoft Dynamics Partners and is a member of Microsoft's Global Advisory Council. Microsoft Dynamics is also at the core of our Platformation[TM] strategy that helps enterprises ease the transition to digitization. Sonata has a proven track record of working on ...
Merck Q3 net profit surges 65% to Rs 52.33 cr
Drug firm Merck Ltd Tuesday reported a 65.18 per cent jump in its net profit to Rs 52.33 crore for the third quarter ended September 30. The company had posted a net profit of Rs 31.68 crore for the corresponding period previous fiscal, Merck Ltd said in a BSE filing. The company's total income stood at Rs 232.21 crore for the quarter under consideration. It was Rs 210.45 crore for the same period a year ago. Shares of Merck Ltd closed at Rs 2,886.65 per scrip on BSE, down 1.66 per cent from its previous close.
TeamLease Services Q2 net profit up 43% to Rs 24.9 cr
Staffing firm TeamLease Services Tuesday reported a 43.1 per cent increase in its consolidated net profit to Rs 24.9 crore for the second quarter ended September 30. The company had posted a net profit of Rs 17.4 crore in the corresponding quarter previous fiscal, TeamLease Services said in a regulatory filing. During the quarter under review, the company's total revenue surged 24.4 per cent to Rs 1,094.7 crore as compared to Rs 880 crore in the year-ago period. For the first half of the current fiscal, the firm's net profit was up by 38.1 per cent to Rs 46.7 crore and total revenue jumped 22 per cent to Rs 2,121.2 crore. "Our focused approach on headcount addition and sales reorganisation has helped deliver good set of results in the first half of the year. "Our acquisition of Avantis Regtech platform strengthens our 'Ease-of-Doing-Business' vertical with a vision to drive paperless, presenceless and cashless compliance for small and big employers," said Ashok Reddy, managing ...
Outcome of board meeting of Powerhouse Gym & Wellness
Held on 30 October 2018
WestJet Airlines quarterly profit beats on higher ticket prices
(Reuters) - WestJet Airlines Ltd reported a quarterly profit on Tuesday that topped analysts' estimates as higher ticket prices helped offset an increase in fuel costs.
Coca-Cola's low-sugar sodas, premium waters drive results
(Reuters) - Coca-Cola Co's quarterly revenue and profit beat analysts' estimates on Tuesday, as investments to cater to changing consumer tastes paid off with higher sales of its sugar-free sodas and premium waters.
Higher consumer spending spurs Mastercard's profit beat
(Reuters) - Mastercard on Tuesday joined bigger rival Visa in reporting stronger-than-expected earnings for the third quarter, as it benefited from more Americans swiping their credit cards for everything from gasoline to groceries.
U.S. restricts exports to Chinese semiconductor firm Fujian Jinhua
WASHINGTON (Reuters) - U.S. President Donald Trump's administration took action on Monday to cut off a Chinese state-backed chipmaker from U.S. suppliers amid allegations the firm stole intellectual property from U.S. semiconductor company Micron Technology Inc.
Govt spent Rs 5k cr on publicity, not single penny on manual scavengers: Yechury
CPI(M) general secretary Sitaram Yechury Tuesday questioned the Narendra Modi-led BJP government's welfare policies, alleging the Centre spent huge amount on its publicity in the last four years but did not release a single paisa for rehabilitation of manual scavengers. Yechury was reacting to media reports on the Modi government's spending on its publicity drives from the government exchequer. "Modi govt has already spent Rs 5,000 crore on its publicity, and this is besides the money PSUs have been forced to spend. When not a single paisa has been released for the rehabilitation of manual scavengers in the past four years," Yechury tweeted. The BJP did not immediately react to the reports.
Paper demand to touch 20.8 mn tonne in FY21: Report
The overall demand for paper, growing annually at 6.7 per cent, is expected to touch 20.8 million tonne in the country in fiscal year 2020-21, driven by rising income levels, growing per capita expenditure and rapid urbanisation, a report said Tuesday. The domestic demand, which stood at 17.1 million tonne in FY18, has seen a steady growth since FY08, when it stood at 9.3 million tonne, Care Ratings said in its report. However, the rating agency expects the raw material (pulp and recovered paper) prices to remain volatile due to volatility in international waste paper prices, healthy demand, forex fluctuations and restricted imports. The printing and writing segment demand is expected to grow annually at 4.5 per cent and reach 5.8 million tonne in FY21, according to the report. "The demand is expected to grow on account of improving literacy rates, growing enrolment and increasing number of schools and colleges," the agency said. It expects demand for packaging paper and .
India smartphone shipment slips 1% to 40.4 mn units in Q3: Canalys
Smartphone shipment in the country declined marginally in the September 2018 quarter, totalling 40.4 million units as against 40.8 million units in the year-ago period, according to a report by Canalys. Canalys, in its report, said Xiaomi occupied the pole position for the fourth quarter in a row with shipment of over 12 million units in July-September 2018 quarter. It had 29.8 per cent market share, followed by Samsung (23 per cent), Vivo (11.1 per cent), Oppo (8.8 per cent) and Micromax (6.3 per cent). "Despite strong performances by many vendors, the total smartphone market in India declined by 1 per cent year on year to 40.4 million units, primarily due to a late Diwali in Q4, which effectively slowed shipments in Q3," the report added. While Canalys claims that the shipments fell marginally, a recent report by Counterpoint had stated that smartphone shipments in India during the third quarter had grown by 5 per cent to 44 million units. The Canalys report said Micromax's ...
Officials foil bid to sell Bihar paddy in Punjab
Officials of the Punjab Food and Civil Supplies Department on Tuesday recovered 5,000 bags of paddy from Bihar from a rice mill in Khanna town, around 65 km from here.
Botox sales power Allergan's profit beat, forecast raise
(Reuters) - Allergan Plc reported a higher-than-expected quarterly profit and lifted its full-year adjusted earnings forecast on Tuesday as strong sales of wrinkle injection Botox allayed some concerns around growing competition for the popular treatment.