Page 2112 - Business Finance
Exclusive: Bentley warns worst case no-deal Brexit would hit profitability, investment
LONDON (Reuters) - The boss of carmaker Bentley said failure to reach a Brexit deal would be "quite damaging" to annual profit in the worst case scenario, limit the company's ability to invest and could lead to its plant closing for an additional few days.
Motilal Oswal Real Estate gets Rs 125-cr exit from Shriram Properties' housing project
Private equity firm Motilal Oswal Real Estate (MORE), which infused Rs 67 crore in a Shriram Properties' housing project in Bengaluru in 2014-end, has got an exit of Rs 125 crore. MORE has exited from Shriram Properties' India Realty Excellence Fund II (IREF II). The exit has been from a housing project 'Shriram Greenfield' near Whitefield, Bengaluru. "The fund had invested Rs 67 cr in December 2014 by taking an equity stake in the project and has now exited with an Image result for internal rate of return (IRR) of 20 per cent and a multiple of 1.87x," MORE, which is a real estate PE arm of Motilal Oswal group, said in a statement. Shriram Greenfield is about 2 million sq ft housing project being developed across two phases in Bengaluru. The construction work commenced in 2015, and within four years, the first phase is nearing completion, while construction for the second phase is underway. The project has seen sales of over 75 per cent inventory. MORE had raised Rs 500 crore under ...
Thomas Cook India starts US operations
Travel services firm Thomas Cook India Tuesday said it has commenced operations in the US to leverage the high potential business travel segment to and from the Americas. The company has accordingly obtained ARC (Airlines Reporting Corporation) accreditation and necessary operating licences via its destination management brand Allied TPro, Thomas Cook India said in a filing to BSE. Commenting on the development, Thomas Cook India Group Global Corporate Travel President Indiver Rastogi said, "We are excited with this development that also marks the beginning of our corporate travel operations in the US - a market that offers us significant potential across business and business-leisure segments." This new initiative will enable Thomas Cook manage travel and related services for its growing customer portfolio of MNCs, Indian corporate houses, and equally SMEs travelling to and from the USA, he added. The Thomas Cook India Group provides integrated travel management and advisory services
Soybean prices up on good demand
Soybean prices were up by Rs 46 to Rs 3,362 per quintal in futures trade. At the National Commodity and Derivatives Exchange, soybean for the most-traded delivery in November was up by Rs 46 or 1.39 per cent to Rs 3,362 per quintal. Soybean for delivery in January 2019, also rose by Rs 46 or 1.35 per cent to Rs 3,458 per quintal. Marketmen said Analysts said fresh positions created by participants following upsurge in domestic as well as exports demand pushed up soybean prices in futures trade here.
Sony predicts big jump to record annual profit on winning gaming strategy
TOKYO (Reuters) - Japan's Sony Corp boosted its annual profit outlook by 30 percent to a record level after a strong second-quarter, propelled by popular game titles like "Marvel's Spider-Man" as well as growing demand for its online gaming services.
Lufthansa misses third-quarter profit estimates as fuel costs weigh
FRANKFURT (Reuters) - Germany's biggest carrier Lufthansa will increase flights at a more modest pace than its peers this season, after higher fuel costs and customer compensation for a slew of cancelled flights caused it to miss third quarter profit estimates.
Govt to promote education sector to increase services' share in GDP: Prabhu
The government will work on promoting the growth of the education sector to help increase the share of overall service sector in the country's economy, Commerce and Industry Minister Suresh Prabhu said Tuesday. He said that the services sector currently contributes about two-third in India's gross domestic product (GDP). "We want to increase the share of the sector in the economy, and education is an important sector in this, and we will promote it," he said while speaking at the Higher Education Summit 2018 here. He said that the government was working with different universities and institutions in this regard. He added that as employment generation is a major challenge, promoting growth of services sector would help dealing with the issue. In February, the Union Cabinet had decided to give focused attention to 12 champion service sectors and mandated the identified nodal ministries and departments to formulate sectoral action plans under the dedicated fund of Rs 5,000 crore. The 12
Volkswagen profits leap in Q3 as diesel costs fade
German car giant Volkswagen reported a giant leap in third-quarter profits Tuesday, more than doubling the figure year-on-year to 2.76 billion euros (USD 3.14 billion) but falling short short of analysts' expectations. July to September saw no repeat of a payout in the billions the firm had to make over its "dieselgate" emissions cheating scandal in the same period last year, although it was weighed down by new tougher air pollution tests for cars introduced following the revelations.
The Ramco Cements Q2 down 32% to Rs 114.47 cr
The Ramco Cements Tuesday reported a decline of 32.07 per cent in its standalone net profit at Rs 114.47 crore for the second quarter ended September 2018. The company had posted a net profit of Rs 168.52 crore in the July-September quarter a year-ago, The Ramco Cements said in a BSE filing. However, its total income during the quarter under review was up 10.78 per cent at Rs 1,189.45 crore as against Rs 1,073.66 crore in the corresponding quarter of the last fiscal. The company's total expenses stood at Rs 1,022.32 crore as against Rs 853.98 crore, up 19.71 per cent. "During the current quarter, sales in Kerala was affected due to unprecedented heavy rain during the monsoon season," the company said in a statement. Shares of The Ramco Cements were trading at Rs 594 on BSE in afternoon trade, up 4.16 per cent from previous close.
Market off day's low
Key benchmark indices cut losses in afternoon trade after hitting fresh intraday low in early afternoon trade. At 13:30 IST, the barometer index, the S&P BSE Sensex, was down 84.59 points or 0.25% at 33,982.81. The Nifty 50 index was down 17.30 points or 0.17% at 10,233.55. The Sensex was trading below the 34,000 mark.
Oil prices dip on rising supply, trade tensions
SINGAPORE (Reuters) - Oil prices dipped on Tuesday, dragged down by concerns that the Sino-U.S. trade dispute will dent economic growth and by signs of rising global supply despite upcoming sanctions against Iran.
Govt looking for ways to stabilise FPI inflow: Garg
With about USD 11 billion foreign portfolio investments outflow this year, the government is trying to find ways to ensure stability of FPI fund flows into the financial markets, Economic Affairs Secretary Subhash Chandra Garg said Tuesday. He said developments like bond yield cycle, taxation reforms, in the US have not hurt Foreign Direct Investment (FDI) flow into the country. "What has been affected is financial sector investment. We have seen some withdrawal specially in the debt market. This year we have seen close to about USD 10-11 billion of outflows. This volatility is what concerns us, Garg said speaking at an event here. "We are trying to find ways where portfolio investment become more stable rather than behave in this unstable way, Garg said. He said the government will stick to the 3.3 per cent fiscal deficit target set in budget for current fiscal. "This year despite all pressures coming from oil, etc, the government has steadfastly stuck with that under no ...
Jeera prices up by 0.63 per cent on scanty demand
Jeera prices rose by 0.63 per cent to Rs 19,885 per quintal in futures trade as speculators engaged in trimming positions to booked profits at prevailing levels amid lower domestic and exports demand at the spot markets. In futures trading, at the National Commodity and Derivatives Exchange, jeera for delivery in November was trading lower by Rs 125, or 0.63 per cent, to Rs 19,885 per quintal. Similarly, the spice for delivery in December was quoting lower by Rs 95, or 0.47 per cent to Rs 20,220 per quintal. Analysts said, trimming of positions by participants on the back of easing domestic as well as exports demand at spot market against adequate stocks position, mainly kept jeera prices down at futures trade.
Fine Jewels auction shows strong interest in traditional, innovative jewellery: Saffronart
A selection of high quality traditional period pieces as well as innovative contemporary designs that went under the hammer, fetched a total of Rs 5.16 crores at Saffronart's recent 'Fine Jewels auction'. The sale was led by an exquisite pair of 'Natural Pearl and Diamond Earrings'. Featuring two rare natural saltwater pearls weighing over 20 carats each, set in a frame of diamond briolettes, the pair sold for approximately Rs 87 lakhs. Another highlight of the sale was a Magnificent Diamond Ring, which sold for approximately Rs 75 lakhs. "The stunning ring, centred on a shield-cut diamond, attracted interest for its unique design," the auction house said. The auction witnessed highly competitive bidding for traditional jewellery from important historic periods, especially pieces with strong provenances and fine craftsmanship. A pair of period diamond jhumki earrings from the private collection of a Nawab of Hyderabad crossed its higher estimate by 28.8 per cent, selling for Rs 5.15 ..
IG Group names ex-Citi, IBM exec as CEO
(Reuters) - Britain's IG Group Holdings Plc named former bank and technology firm executive June Felix as its new chief executive on Tuesday, as it and other online financial trading firms face up to a European regulatory clampdown.
'Baazaar' was a risk that paid off well: Saif
Actor Saif Ali Khan says doing "Baazaar" was a big risk, and he is glad that it paid off well.
Saha Groupe to invest Rs 160 cr for housing project in Noida
Realty firm Saha Groupe will invest about Rs 160 crore on construction of its new housing project in Noida on 6.25 acre land that the company bought from another real estate company Logix. The company would construct 480 units in its new housing project 'Eminence' at Noida Sector 150, which is coming up as a new residential hub in the nation capital market with presence of big developers like Tata Housing, Godrej Properties, ATS and Shapoorji Pallonji. "We had bought 6.25 acre land from Logix group in Sector 150 on Noida Expressway. We have launched our new housing project on this land parcel. The construction work has started and the project will be completed in three and half years," Saha Groupe Director (Marketing, Construction and Sustainability) Aunirban Saha said. He said the total built up area in this project would be about 8 lakh sq ft. Saha declined to share the total cost to develop this project. According to the market estimates, the construction cost alone would be around
Trump expects 'great deal' with China over trade
US President Donald Trump has said he thinks his administration can strike "a great deal" with China on trade, but warned of imposing new tariffs on Chinese products if the agreement could not be reached. The US levied tariffs of 10 per cent on USD 200 billion of Chinese products in September, with the rate set to increase to 25 per cent by the end of the year barring a breakthrough in the trade talks. In response, Beijing said it would impose taxes on 5,207 US imports worth about USD 60 billion. The two nations had already imposed tariffs on USD 50 billion of each other's goods before the September sanctions. "And I have USD 267 billion waiting to go if we can't make a deal," Trump said. He said China had been really hurting the US economically. "I can make a deal right now (with China). I just say they (the Chinse) are not ready," he said. "And it has to be great because they've drained our country. We have really helped rebuild China. They've been taken out an average of USD500 ...
Refined soya oil prices scale lower by 0.07%
Refined soya oil prices were lower by 0.07 per cent to Rs 755.05 per 10 kg in futures trading as speculators trimmed positions amid sufficient stocks position at the physical markets. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in December declined by Rs 0.5, or 0.07 per cent to Rs 755.05 per 10 kg with an open interest of 34,100 lots. The oil for delivery in January next year gained Rs 1.5, or 0.2 per cent to Rs 758 per 10 kg.. Market analysts participants cut down their positions due to decline in demand in the physical market on increased supplies from producing belts.
Exclusive: Bentley warns worst case no deal Brexit would hit profitability, investment
LONDON (Reuters) - The boss of carmaker Bentley said failure to reach a Brexit deal would be quite damaging to annual profit in the worst case scenario, limit the company's ability to invest and could lead to its plant closing for an additional few days.