Page 2122 - Business Finance
Wall Street opens higher, bounces back after steep sell-off
(Reuters) - U.S. stocks opened higher on Monday, bouncing back from a steep sell-off last week, helped by gains in auto stocks.
India, Japan sign USD 75 bn currency swap pact
India and Japan Monday concluded one of the largest bilateral currency swap agreements at USD 75 billion that will help in bringing greater stability in foreign exchange and capital markets in the country. The agreement will further strengthen and widen the depth and diversity of economic cooperation between the two nations. "With a view to enhancing financial and economic cooperation, governments of Japan and India welcomed the agreement to conclude a Bilateral Swap Arrangement (BSA) of USD 75 billion," said India-Japan Vision Statement. The statement was released after India-Japan Annual Summit between Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe in Tokyo. Commenting on the development, Economic Affairs Secretary S C Garg said in a tweet: "Bilateral swap arrangement with Japan for USD 75 billion is one of the largest swap arrangements in the world. "Accepting Japanese request, India agreed to do away with requirement of mandatory hedging for infrastructure ...
EasyJet makes progress with electric aircraft plan
LONDON (Reuters) - British airline easyJet's plan to fly electric passenger jets on some of its routes by 2027 is making progress, it said on Monday, with a partner moving to the next stage of engine development.
Wall Street set to rebound after steep sell-off
(Reuters) - Wall Street was set to bounce back on Monday from a steep sell-off last week, helped by gains in auto stocks, signs of a recovery in high-growth companies and relief over an unchanged rating on Italy.
Global Markets: Car stocks and Italy rating relief drive Europe's recovery
LONDON (Reuters) - European shares climbed and Wall Street was set for a stronger open on Monday thanks to a surge in autos stocks and relief that Italy dodged a ratings downgrade.
DCM Shriram Q2 profit down 2% at Rs 168.7 crore
DCM Shriram Ltd Monday reported a 2 per cent decline in its consolidated net profit at Rs 168.7 crore for the second quarter of this fiscal on higher finance cost. Its net profit stood at Rs 172.03 crore in the year-ago period, the company said in a regulatory filing. Total income rose to Rs 1,717.28 crore in the July-September period of 2018-19 fiscal from Rs 1,620.53 crore in the corresponding period of the previous year. DCM Shriram is mainly into sugar, seed, chemicals and fertiliser businesses. The company's finance cost increased to Rs 41 crore from Rs 20 crore during the period under the review. In a joint statement, DCM Shriram chairman and senior MD Ajay Shriram and vice chairman MD Vikram Shriram said: "We have progressed well on all our growth and profit improvement plans. The rationalisation of bulk fertilisers and Hariyali business is also moving satisfactorily. The product prices in almost all our businesses are improving." The expansion projects in chemicals, PVC, sugar
Linc Pen ties up with Chinese stationery major
Writing instruments maker Linc Pen & Plastics Ltd has entered into a partnership with Chinese stationery company Deli to market its products in India, an official said Monday. Deli Group Co Ltd is a USD 2 billion company and is the largest stationery manufacturer in Asia. We believe in strategic partnerships which enhance our brand portfolio and also address the needs of the market. Indias stationery market revenues are projected to grow at a CAGR (compounded annual growth rate) of 10.5 per cent during 2018-24," Linc Pen Managing Director Deepak Jalan said. The demand for stationery products in India is increasing rapidly because of the improved standard of living and the shift in focus from inexpensive to premium quality products. In the June quarter, the company's turnover was Rs 83 crore, down from Rs 103 crore in March 2018 quarter. "We always look for long term partnerships with brands that have strong presence in their markets and we feel this can turn out to ..
UK aims to put more cash into health, Brexit permitting
Britain's Treasury chief will splash out on health services in a spending plan to be announced Monday, signalling the easing of eight years of austerity Brexit permitting. Philip Hammond is set to pledge 2 billion pounds (USD 2.5 billion) more for mental health services as he delivers his final budget before the country leaves the European Union, his office said. In advance of the presentation, he told the BBC he also intends to increase National Health Service funding by 20 billion pounds a year by 2023. Hammond is set to declare that the end is in sight for the budget cuts implemented by a series of Conservative-led governments after the global financial crisis, reiterating a commitment made by Prime Minister Theresa May this month. But he is likely to caution that the government's plans to end austerity could be thrown off track if Britain fails to secure a deal that protects trade with the EU. May's spokesman, James Slack, was quick to note that the promises to be made Monday ...
Newly-elected corporators of Srinagar Municipal Corporation sworn in
The newly-elected corporators of the Srinagar Municipal Corporation (SMC) were Monday administered the oath of office at a swearing-in ceremony here. Divisional Commissioner, Kashmir, Baseer Ahmad Khan administered the oath to the corporators, including 26 women, an official spokesman said. He said Khan congratulated the corporators for showing enthusiasm in strengthening grass root-level democracy, saying that people had high hopes with regards to development from them. The divisional commissioner urged the corporators to meet the expectations of the people and take the developmental scenario to new heights in Srinagar, the official added.
S&P cuts IBM rating one notch on announced Red Hat acquisition
NEW YORK (IFR) - S&P downgraded International Business Machines (IBM) on Monday to A from A+, following the announced US$34bn acquisition of open source software solutions provider Red Hat.
LIC Housing Finance Q2 net up 12% at Rs 573 crore
Housing finance arm of India's largest insurer LIC HFL Monday reported an increase of 12 per cent in its net profit at Rs 573.16 crore for second quarter ended September 2018. The company had registered a net profit of Rs 513.88 crore in its net profit in the corresponding July-September period of 2017-18. Total income of the company rose to Rs 4,202.60 crore during the quarter under review, up from Rs 3,759.24 crore in same period of the preceding fiscal, LIC Housing Finance (LIC HFL) said in a regulatory filing. The company said it paid the proposed dividend of Rs 6.80 per share after shareholders approved in annual general meeting held in August. LIC HFL is mainly engaged in the business to provide loans for purchase or construction of residential houses. As per National Housing Bank (NHB) norms, gross non-performing assets (NPAs) for the company stood at 1.20 per cent as on September 30, 2018. Gross NPAs in individual segment was 0.81 per cent, it said in a release. Speaking on ...
Monsanto India Q2 profit at Rs 24 cr, revenue up 33% at Rs 133.49 cr
Seed firm Monsanto India Monday reported a net profit of Rs 24.09 crore for the quarter ended September 2018. Its net loss stood at Rs 6.39 crore in the year-ago period, the company said in a regulatory filing. Total income rose to Rs 133.49 crore during July-September 2018 from Rs 100.22 crore in the corresponding period of the previous year, a rise of over 33 per cent. Global chemical and pharma major Bayer has acquired the US-based Monsanto globally for over USD 60 billion.
Carborundum Universal net profit rises
: City-based Carborundum Universal Limited, a manufacturer of abrasives, ceramics, machine tools and adhesives, has recorded a 7.32 per cent increase in net profit during July-September 2018. The net profit rose to Rs 62.73 crore from Rs 58.45 crore made during the corresponding period last year, a press release from the company, which is a part of Murugappa group, said here. The income grew to Rs 668.31 crore (Rs 591.58 crore), the release said. For the six-month period ending September 30, the net profit grew to Rs 128.02 crore from Rs 100.22 crore in the corresponding period last year while the income went upto Rs 1,313.13 crore (Rs 1,149.06 crore), it said. During the period, the capital expenditure was Rs 38 crore, the release said. The debt equity ratio on a consolidated basis rose from a percentage of 0.08 as of June to a percentage of 0.06 as of September," it added. The share of the company ruled at Rs 362.45 up by 0.19 per cent over the previous close on the ...
U.S. consumer spending rises; income gain smallest in 15 months
WASHINGTON (Reuters) - U.S. consumer spending rose for a seventh straight month in September, but income recorded its smallest gain in more than a year amid moderate wage growth, suggesting the current pace of spending was unlikely to be sustained.
Air India Express launches Bengaluru-Singapore flight services
Air India's international budget arm Air India Express Monday launched its non-stop flight to Singapore from Bengaluru as part of its winter schedule expansion plans. The flight, inaugurated by Air India chairman and managing director Pradeep Singh Kharola along with Air India Express chief executive officer K Shyam Sundar, will be operated four-times a week with a Boeing 737-800 aircraft, a release said. The Bengaluru-Singapore service of Air India Express will be available four times a week on Mondays, Wednesdays, Fridays and Sundays, it added. ********************** United Airlines launches Boeing 777-300ER on Mum-NY route * American carrier United Airlines Monday launched its latest Boeing 777-300ER on the Mumbai-New York/Newark route. The new wide-body plane, which features the all-new United Polaris business class seats, replaces the 777-200ER, which was being used to operate the route so far, the airline said in a statement. United Airlines has already placed ...
PM Modi praises Japan for its contribution in socio-economic development
Prime Minister Narendra Modi Monday lauded Japan for its significant contribution to the socio-economic development of India and promoting connectivity in the country through quality infrastructure projects such as the Delhi-Mumbai Industrial Corridor. Prime Minister Shinzo Abe expressed Japan's intention to continue to support India's efforts for social and industrial development, said a joint India-Japan Vision Statement issued after talks between Modi and Abe. Japan is funding 80 per cent of the Mumbai-Ahmedabad bullet train project through a soft loan of Rs 79,000 crore at an interest rate of 0.1 per cent, with a tenure stretching over 50 years and a moratorium period of 15 years. The two leaders reviewed with satisfaction the progress made, including the signing of the Exchange of Notes for yen loan, on the Mumbai-Ahmedabad High Speed Rail project, which is an important symbol of India-Japan collaboration marked by the 75th anniversary of India's independence which will be ...
Oil edges lower as economic outlook grows gloomier
LONDON (Reuters) - Oil prices inched lower on Monday as concern over the global economy put crude on track for its biggest monthly fall since mid-2016.
U.S. Stocks: Futures hold on to gains after inflation data
(Reuters) - U.S. stock index futures held on to their gains on Monday, after U.S. consumer spending for September rose in line with expectations and income recorded its smallest gain in more than a year, suggesting a moderation in spending in the future.
Quota for meritorious sportspersons in Delhi government
The Delhi cabinet on Monday approved a proposal of the Department of Education and Sports to recruit players in the city government and reserved five per cent of the total vacancies for meritorious sportspersons.
U.S. spending rises; income posts smallest gain in over a year
WASHINGTON (Reuters) - U.S. consumer spending rose for a seventh straight month in September, but income recorded its smallest gain in more than a year, suggesting a moderation in spending in the future.