Page 2105 - Business Finance
Emami net profit down 16% in Q2
FMCG major Emami Ltd on Tuesday reported a 16 per cent decrease in its consolidated profit after tax (PAT) to Rs 82.68 crore in the quarter ended September 30, of the current fiscal as compared to Rs 98.60 crore in the corresponding quarter of last financial year.
Rupee skids 23 paise to 73.68 against US dollar
The rupee Tuesday depreciated by 23 paise to close at 73.68 against the US dollar in line with fall in equities amid steady capital outflows and the strengthening of the American unit against major rivals overseas. At the Interbank Foreign Exchange, the rupee opened lower at 73.58 and lost further ground to hit an intra-day low of 73.70 against the US dollar on strong demand for the American currency from importers. However, the rupee clawed back some lost ground and finally settled the day at 73.68, down by 23 paise. Forex dealers said the rupee came under pressure following heavy selling in domestic equities and a spurt in dollar demand from importers. On Monday, the rupee ended almost flat at 73.45 against the US dollar. Dealers said unabated capital outflows by foreign funds dampened the sentiment, even as easing crude oil prices restricted the rupee fall to some extent. The BSE Sensex Tuesday fell over 176 points on emergence of heavy selloffs mainly in financial and energy ...
JSHL Jul-Sep net profit falls 33 pc to Rs 61.60 cr
Jindal Stainless Hisar Ltd (JSHL) Tuesday reported a 32.73 per cent fall in its standalone net profit at Rs 61.60 crore in the quarter ended September 30. The company had posted Rs 91.58 crore net profit during the same period a year ago, the stainless steel maker said in a BSE filing. Its total income during July-September period of the ongoing fiscal also fell to Rs 2,253.17 crore from Rs 2,375.57 crore in the year-ago period. JSHL's expenses during the said period were also lower at Rs 2,152.42 crore as against Rs 2,239.87 crore in July-September 2017-18. JSHL is the largest specialty stainless steel producer in India with a diversified value added product portfolio. Its stainless steel plant at Hisar, Haryana has a total melting capacity of 0.8 million tonnes per annum (MTPA).
BASF India Q2 net profit tanks 94.58% to Rs 9.38 cr
BASF India Tuesday reported 94.58 per cent decline in standalone net profit at Rs 9.38 crore in the quarter ended September, against a profit of Rs 172.91 crore in the year-ago period. Sales rose 16 per cent to Rs 1,669 crore in the reporting quarter, compared with Rs 1,433 crore in the same quarter last year, a company statement said. It posted a profit before tax (before exceptional items) of Rs 11.9 crore, against Rs 42 crore last year. BASF India chairman and managing director Raman Ramachandran said improved sales from agricultural solutions business and Dahej site contributed to the revenue growth, while rising input cost and currency depreciation impacted profitability for the quarter. "The transfer of the pigments business will enable us to move forward with a streamlined business model and serve customers better," he said. Meanwhile, the company's board of directors Tuesday approved the transfer of its pigments business to BASF Colors & Effects India, a 100 .
Birla Corp Q2 net profit rises manifold at Rs 16.29 crore
Net profit of Birla Corporation, the flagship company of M P Birla group, increased manifold at Rs 16.29 crore for the September quarter of current fiscal from Rs 1.46 crore in the previous quarter of the previous fiscal. Net income of the company during the period increased 19 per cent at Rs 1,485 crore from Rs 1,245 crore in the previous similar period. Cement production for Q2 FY2018-19 stood at 30.97 lakh tonnes, compared to 26.84 lakh tonnes in Q2 FY2017-18, reflecting an increase of 15 per cent, the company said in a statement on Tuesday. Cement sales for the period stood at 30.68 lakh tonnes, compared to 26.52 lakh tonnes in Q2 FY2017-18, reflecting an increase of 16 per cent. "The companys premiumization strategy is progressing as per plan. Birla Corporation would soon start test marketing of construction chemicals and additives to extend the MP Birla franchise," it said.
IRB Infra Q2 profit down 26 pc at Rs 173 cr
IRB Infrastructure Developers Tuesday reported 26.32 per cent decline in net profit at Rs 173 crore for the second quarter ended September 30, 2018. The company had clocked a net profit of Rs 234.73 crore in the corresponding period of the previous fiscal. Total income grew 20 per cent to Rs 1,485.43 crore as against Rs 1,241.16 crore during the year-ago period. "The second quarter 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," Chairman and MD Virendra D Mhaiskar said. All three HAM (hybrid annuity mode) projects bagged have successfully achieved financial closures at bid project cost despite a weak lending environment, he said. Mhaiskar said the coming quarters will be more robust as the company will be commencing the construction activity on all three HAM projects. The company said its engineering, procurement and construction order book stands at about Rs 13,200 crore, including Rs ..
Board of Tech Mahindra approves scheme of merger
At meeting held on 30 October 2018
India's long-term growth story robust despite global headwinds: Report
India's long-term growth story remains robust despite global headwinds as well as rupee depreciation and high oil prices, says a report. According to Dun & Bradstreet's Economy Forecast, the balance sheet of banks, corporate and government remains strained while the gross non-performing assets (NPAs) have increased significantly. "Strain on India's external balance sheet has increased due to slide in forex reserve, outflows in foreign investment, increased current account deficit (CAD), rupee depreciation and high global crude oil prices," Dun & Bradstreet India Lead Economist Arun Singh said. Sectors laden with high stressed assets are engineering, infrastructure, construction whose debt serviceability and profitability have been impacted. The report further said capital flows have been negative for the second consecutive quarter in July-September and foreign investors have also pulled out strongly from the Indian markets. Moreover, mounting debt pressures, rupee depreciation
Government may put IL&FS up for sale, among other options - source
NEW DELHI (Reuters) - The Indian government is considering putting Infrastructure Leasing and Financial Service Ltd (IL&FS) up for sale 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.
Oil prices fall on rising supply, trade tensions
LONDON (Reuters) - Oil prices fell on Tuesday, depressed by concerns that the U.S.-China trade dispute will dent economic growth and by signs of rising global supply despite upcoming sanctions against Iran.
Govt to sell 3% stake in CIL, floor price at Rs 266 a share
The government will Wednesday sell 3 per cent stake in Coal India for Rs 266 a share through OFS route, which may fetch the exchequer Rs 5,000 crore, according to sources. The government will offer an additional 6 per cent stake in case of over-subscription, sources said. 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. If the entire 9 per cent stake in Coal India Ltd (CIL) could be sold off, then it could fetch the government about Rs 15,000 crore. The floor price of Rs 266 a share is at a discount of nearly 4 per cent or Rs 11 a share over the closing price of CIL scrip on the NSE. The government had last sold 10 per cent stake in CIL through an OFS in January 2015. It had then mopped up about Rs 23,000 crore. The government currently holds 78.32 per cent stake in Coal India. Shares of Coal India closed at Rs 277 apiece, down 3.62 per cent on the NSE.
ITC to enter paneer, milkshakes business in 2 months
Diversified conglomerate ITC Limited has decided to enhance its dairy portfolio by entering the paneer and milkshakes segments within two months, a company official said Tuesday. ITC had earlier forayed into the dairy segment with the launch of milk and ghee in select markets. The company on Tuesday launched milk and curd for the Kolkata market. "We are going to launch paneer for the Kolkata market and milkshakes pan India within two months," Hemant Malik, divisional chief executive (foods) of ITC said. He said while milk, ghee, paneer and curd would be sold under the 'Aashirvaad' brand, there will be a different brand for milk shakes. ITC initiated the foods division in 2002, and started the dairy business at Munger in Bihar. "We have been selling milk in markets of Munger, Patna and Bhagalpur in Bihar. Now, we have come to Kolkata", he said. The company had been selling ghee in Karnataka, Kerala, Tamil Nadu and Delhi, he added. Malik said initially milk would be ...
Mood sours as euro zone economic growth slows while Italy stagnates
BRUSSELS (Reuters) - The euro zone economy grew less than expected in the third quarter as the public mood turned darker, with signs of distress in Italy highlighting concerns that the bloc's third-ranked state is becoming one of its weakest links.
Honda revs up profit forecast, but China, U.S. sales growth sluggish
TOKYO (Reuters) - Honda Motor Co raised its annual operating profit forecast on expectations of a weakening yen and strong sales of its motorcycles, even as demand for its cars in the key China and U.S. markets slowed.
Melorra Achieves Record Increase of 35% Sales This Festive Season
/ -- Exciting discounts and offers for first time and easy EMI options for ease of buying marking the season Melorra, India's fastest growing fashion inspired lightweight fine jewellery brand, has clocked record increase in sales during the festive season. The brand has witnessed 35% growth and has received exceptional response with women shifting to more contemporary and versatile choices in design instead of traditional jewellery. Since the launch of its delivery service to all markets through E-Commerce Express, Melorra has become a preferred destination for lightweight jewellery with a footprint in 640 towns and cities in the country. With back-to-back festivals including Diwali, Bhai Dooj and Chhath Puja, women have limited real jewellery options to accessorize their look on different days. Melorra's recently launched fringe shimmer, flora bouquet, disco sequins, scarf print, denim gemstones, and knife pleats collections are distinctive in their design direction and are sure to ..
Hong Kong exchange turns to blockchain to open up Chinese shares
HONG KONG (Reuters) - Hong Kong Exchanges and Clearing is developing a new blockchain-powered programme designed to help international investors trade mainland Chinese shares via Hong Kong's Stock Connect system, its chief executive Charles Li said on Tuesday.
Muthoot Finance acquires Muthoot Money
a) purchase of 5,625 number of equity shares of face value Rs. 1,000/- each at a price of Rs. 17,685/- per share aggregating to Rs. 9,94,78,125 from existing shareholders; and
Board of Duke Offshore allots 42.98 lakh equity shares under bonus issue
At meeting held on 30 October 2018
TD Power Systems reports consolidated net loss of Rs 0.56 crore in the September 2018 quarter
Sales decline 22.37% to Rs 97.98 crore
Redington India consolidated net profit declines 16.86% in the September 2018 quarter
Sales rise 10.67% to Rs 11108.51 crore