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Page 2108 - Business Finance

Union Bank shares jump nearly 9% on earnings lift

Shares of Union Bank of India Tuesday surged nearly 9 per cent after the company reported a net profit of Rs 139 crore for the quarter ended September 2018. The scrip advanced by 8.53 per cent to end at Rs 75.70 on BSE. During the day, it jumped 13.69 per cent to Rs 79.30. On NSE, shares of the company zoomed 8.60 per cent to close at Rs 75.70. On the equity volume front, 35.60 lakh shares of the company were traded on BSE and over 5 crore shares changed hands on NSE during the day. State-owned Union Bank of India (UBI) Monday reported a net profit of Rs 139.03 crore for the quarter ended September 2018 on lower provisioning for bad loans. The bank had reported a net loss of Rs 1,530.72 crore in the corresponding July-September period of 2017-18. Total income of the bank remained almost flat at Rs 9,438.26 crore in the quarter reported, as against Rs 9,439.73 crore in the same period of the preceding fiscal, the bank said in a regulatory filing. Provisions for bad loans fell to Rs ...

Updated On : 30 Oct 2018 | 4:55 PM IST

Tech Mahindra Q2 net profit surges 27% to Rs 1,064 cr

IT firm Tech Mahindra Tuesday said its consolidated net profit has increased 27.2 per cent to Rs 1,064.3 crore for the second quarter ended September 30. This is against a net profit of Rs 836.2 crore in the July-September 2017 quarter, Tech Mahindra said in a statement. The company's revenue from operations was up by 13.4 per cent to Rs 8,629.8 crore during the said quarter as compared to Rs 7,606.4 crore in the year-ago period. In dollar terms, the net profit was up nearly 15.6 per cent to USD 149.4 million, while revenue rose by 3.3 per cent to the USD 1.21 billion in the second quarter. "It's been a satisfying quarter where our focus on digital transformation has helped us deliver a robust performance. Our strong deal wins especially in the communication vertical coupled with our 10 per cent-plus sequential growth in digital revenues are a validation of our Run, Change and Grow strategy," Tech Mahindra CEO and MD CP Gurnani said. He added that barring declines in implementation ...

Updated On : 30 Oct 2018 | 4:55 PM IST

Domino's Pizza India ropes in PepsiCo as new beverage partner

Jubilant FoodWorks Wednesday said it has roped in PepsiCo as the new beverage partner for Domino's Pizza India. The company so far had an exclusive arrangement with Coca-Cola in the country. As part of the partnership, the PepsiCo portfolio of carbonated beverages of Pepsi, Mountain Dew, 7Up and Mirinda along with Lipton Ice Tea will be sold across all Domino's Pizza restaurants in India, it said in a statement. "We are delighted to announce PepsiCo as the beverage partner for Domino's Pizza India. The partnership will bring in fresh focus on our beverage portfolio," said Pratik Pota, chief executive officer and whole-time director, Jubilant FoodWorks. Jubilant FoodWorks, part of Jubilant Bhartia group, is one of the country's largest food service company, with a network of 1,167 Domino's Pizza restaurants across 269 cities. It also operates Dunkin' Donuts chain of quick service restaurants in the country. Commenting on the partnership, PepsiCo India president and chief .

Updated On : 30 Oct 2018 | 4:55 PM IST

Medicover to set up 36 fertility clinics in India by Dec 2019

European healthcare provider Medicover planned to open 36 fertility clinics across the country by December 2019, a senior company official said Tuesday. This was part of its plans to set up a total of 60 green-field fertility clinics in the country by 2021, Medicover Fertility, India, Managing Director Gaurav Malhotra told reporters here at the launch of the company's15th clinic here. "We will launch 21 more fertility clinics by December 2019. In next 2-3 years the total Medicover fertility centres will be 60 across India... We have announced USD 100 million investments (for this)," he said. When asked if Medicover had plans to go for tie-ups or acquiring in-vitro-fertilisation (IVF) players, Malhotra said they were open to acquisition and a lot of people were approaching Medicover. We bring best European practises, trust, transparency and high-quality service in IVF treatment, Medicover Chairman Fredrik Stenmo said.

Updated On : 30 Oct 2018 | 4:55 PM IST

Cholamandalam Investment 2qtr net up 49.3%

Cholamandalam Investment and Finance company has recorded a 49.3 per cent increase in the standalone net profits for the July-September quarter, to Rs 304.67 crore. The city-based financial services arm of diversified conglomerate Murugappa Group had clocked profits at Rs 203.93 crore corresponding quarter of last year. The standalone total income for the quarter grew to Rs 1,675.83 crore, from Rs 1,350.31 crore registered same period of last year. For the six month period ending September 30, 2018, net profits of the company went upto Rs 589.91 crore from Rs 413.61 crore registered year ago. Total income for the half-year ending September 30, 2018 surged to Rs 3,296.30 crore from Rs 2,663.43 crore registered corresponding period of last year. In a statement, the company said the aggregate disbursements for the half year were at Rs 13,914 crore as against Rs 10,345 crore recorded same period of last year. Vehicle finance business clocked a volume of Rs 11,207 crore for ..

Updated On : 30 Oct 2018 | 4:55 PM IST

ABB India Q3 net profit up 30% at Rs 108.34 crore

Power equipment and automation major ABB's India unit Tuesday reported a 30 per cent rise in its third-quarter net profit on increased order flow. The swiss engineering company's net profit in the July-September quarter at Rs 108.34 crore was higher than Rs 83.39 crore in the same period previous year, it said in a statement here. The company, which follows January-December period as its financial year, said net profit growth was led by differentiated portfolio mix and digital value additions. Revenue was up 30.77 per cent at Rs 2,515.36 in July-September as against Rs 1,923.4 crore reported in the corresponding period of 2017-18. "We have delivered another satisfying quarter of increased orders, improved revenues and step-up in profits. Profitable growth was supported by base orders and the successful execution of our quality order backlog. All divisions registered double-digit growth benefitting from technology solutions for the local and international markets," said Sanjeev Sharma,

Updated On : 30 Oct 2018 | 4:50 PM IST

Sensex settles below 34,000 in volatile trade

Key benchmark indices settled with modest losses after a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 176.27 points or 0.52% to settle at 33,891.13. The Nifty 50 index fell 52.45 points or 0.51% to settle at 10,198.40. The Sensex settled below psychological 34,000 mark after moving above and below that level in intraday trade.

Updated On : 30 Oct 2018 | 4:50 PM IST

Quick Wrap: Nifty PSU Bank Index rises 2.47%

Updated On : 30 Oct 2018 | 4:50 PM IST

Welspun Enterprises Q2 net up 80% to Rs 31 cr

Welspun Enterprises Tuesday posted 80 per cent rise in consolidated net profit at Rs 30.97 crore for the second quarter of 2018-19 on the back of higher income. The company had posted a net profit of Rs 17.20 crore in the year-ago period, Welspun Enterprises said in a filing to BSE. The net profit is from ordinary activities after tax, the filing said. The company's consolidated income during July-September period increased to Rs 290.39 crore, over Rs 188.54 crore in the year-ago period.

Updated On : 30 Oct 2018 | 4:45 PM IST

Emami Q2 profit declines 16 % to Rs 83 crore

FMCG firm Emami Tuesday reported a decline of 16.14 per cent in consolidated net profit at Rs 82.68 crore for the second quarter ended September 30, 2018. The company had posted a net profit of Rs 98.60 crore during July-September quarter a year ago, the company said in a BSE filing. Emami's revenue from operations was almost flat at Rs 628.02 crore as against Rs 627.93 crore in the corresponding quarter of the previous fiscal. Total expenses were at Rs 438.63 crore as against Rs 426.59 crore in the year-ago period. "Our growth in the first half of 2018-19 has been modest. Rising input cost of key raw materials has been a challenge. Wholesale recovery has been moderate and is expected to pick up further," Emami Director Mohan Goenka said. He further said:" While Modern Trade performance has been good, rural too is picking up.With erratic monsoon and winter being slightly delayed, offtakes were affected." During the period, Emami has "increased its direct reach to 9.15 lakh outlets, .

Updated On : 30 Oct 2018 | 4:35 PM IST