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Page 2123 - Business Finance

Tata Power shares zoom nearly 13% as net jumps in Q2

Shares of Tata Power Monday zoomed nearly 13 per cent after the company reported 85 per cent jump in second quarter net profit. The scrip rose sharply by 12.40 per cent to close at Rs 77.50 on BSE. During the day, it soared 24.94 per cent to Rs 86.15. At NSE, shares of the company jumped 12.62 per cent to end at Rs 77.60. The company's market valuation rose by Rs 2,312.99 crore to Rs 20,961.99 crore on BSE. In terms of equity volume, 37.51 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day. Tata Power Monday reported 85 per cent jump in second quarter net profit on the back of good performance of its renewable energy business. Consolidated net profit was Rs 393 crore in July-September quarter, compared with Rs 213 crore in the same period of the previous year, the company said in a statement. Tata Power said its board has also approved plan to raise up to Rs 5,500 crore through issuance of non-convertible debentures (NCDs) on a ...

Updated On : 29 Oct 2018 | 6:15 PM IST

UK Treasury chief to put cash into mental health

Britain's Treasury chief is planning to pour 2 billion pounds (USD 2.5 billion) into mental health services as he delivers his final budget before the country leaves the European Union. Philip Hammond's infusion is one of the expected highlights of the spending blueprint to be delivered to the House of Commons on Monday. He's also signalled he intends to increase National Health Service funding by 20 billion pounds a year by 2023 without raising taxes. But Hammond may not yet be ready to ease the austerity implemented by a series of Conservative-led governments after the global financial crisis despite public pressure to ease the pain now. He has urged caution, saying plans to increase spending could be thrown off track if Britain fails to secure a Bexit deal that protects trade.

Updated On : 29 Oct 2018 | 6:10 PM IST

Maha finance minister calls for boosting SMEs to drive growth

Maharashtra finance minister Sudhir Mungantiwar Monday said there is a need to boost small and medium enterprises (SMEs) and promote women entrepreneurs to drive the country's growth. Speaking at the sixth Progressive Maharashtra Summit here, jointly organised by industry body Ficci and the state government, he said India needs to have a decentralised system to become a global leader and the SME sector is a big medium to achieve this target. "If India has to become a global leader, there is a need to have a decentralised system in place. To achieve this goal, SME is a the most efficient medium. Also, there is a need to promote more and more women entrepreneurs," the minister said. He said that the state government has taken a decision to increase the number of women entrepreneurs from nearly nine per cent at present to 20 per cent in the next few years. "In India, 57 industrial houses contribute to nearly 25 per cent of the GDP. Similarly, out of the 134 crore ...

Updated On : 29 Oct 2018 | 6:10 PM IST

ICICI Bank zooms nearly 11%; m-cap surges by Rs 21,967 cr post Q2 results

Shares of ICICI Bank Monday zoomed nearly 11 per cent, adding Rs 21,967.51 crore to its market valuation, after the lender swung into profit in the second quarter of the ongoing fiscal. The stock soared 10.82 per cent to settle at Rs 349.15 on BSE. Intra-day, it jumped 11.74 per cent to Rs 352.05. At NSE, shares of the company climbed 10.69 per cent to close at Rs 349.40. The stock was the biggest gainer among the blue chips on both the key indices during the day. Led by the sharp surge in the stock price, the company's market valuation advanced by Rs 21,967.51 crore to Rs 2,24,705.51 crore on BSE. In terms of equity volume, 46.72 lakh shares of the company were traded on BSE and over 8 crore shares changed hands at NSE during the day. On standalone basis, its net profit fell 56 per cent to Rs 908.88 crore in the said quarter as against Rs 2,058.19 crore in July-September 2017. ICICI Bank, however, swung into profit in the second quarter of this ongoing fiscal. The bank had reported a

Updated On : 29 Oct 2018 | 6:00 PM IST

MSMEs not getting required investment: Meghalaya CM

The Micro Small and Medium Enterprises (MSME) are not getting the required attention of investors, despite being the "real drivers of economy", Meghalaya Chief Minister Conrad K Sangma said Monday. Speaking at a conclave here, Sangma said the MSME sector provides maximum employment and makes significant contributions towards the country's growth. "There are six crore listed and unlisted units in the country, employing almost 11 crore people. They are the real drivers of economy. The sector gets an investment of USD 120 billion as against the requirement of around USD 320 billion," he said. The chief minister contended that banks provide 85 per cent loans to the big enterprises, whereas just 15 per cent is allotted for the MSMEs. "Clearly, we see that the gap in terms of support the MSMEs need and get. A lot of work needs to be done in this regard," he asserted. Sangma also said that his government has adopted a policy of promoting 'Make in Meghalaya' to encourage the ...

Updated On : 29 Oct 2018 | 6:00 PM IST

Airtel Africa says IPO plans on track

(Reuters) - Airtel Africa Ltd, a subsidiary of India's Bharti Airtel Ltd, on Monday said preparations for its initial public offering (IPO) are on track.

Updated On : 29 Oct 2018 | 5:56 PM IST

Calcutta University invites application for Mahatma Gandhi Chair

The University of Calcutta on Monday invited applications for "an outstanding scholar of national and international repute" to fill the post of the Mahatma Gandhi Chair.

Updated On : 29 Oct 2018 | 5:55 PM IST

Union Bank reports Rs 139 cr net profit in Q2

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. The bank had posted a net profit of Rs 129.54 crore in the first quarter of the current fiscal. 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 1,710.01 crore for July-September period of this fiscal from Rs 3,464.71 crore in the corresponding quarter of 2017-18. However, the bank's asset quality worsened with gross non-performing assets (NPAs) hitting 15.74 per cent of gross advances by the end of September 2018, against 12.35 per cent by September-end 2017. Net NPAs also rose to 8.42 per cent by the end of second quarter of 2018-19 .

Updated On : 29 Oct 2018 | 5:50 PM IST

Global Markets: Europe shares rise, euro falls briefly as sources say Merkel to give up as party chief

LONDON (Reuters) - European shares climbed and U.S. stock futures erased losses on Monday thanks to encouraging earnings reports, while the euro fell briefly after sources said German Chancellor Angela Merkel would not seek re-election as head of her CDU party.

Updated On : 29 Oct 2018 | 5:25 PM IST