Page 2141 - Business Finance
Shoppers Stop Q2 net profit at Rs 13.20 crore
Retail chain Shoppers Stop Friday reported a standalone net profit of Rs 13.20 crore for the second quarter ended September 30, 2018. The company had posted a net loss of Rs 21.80 crore in the July-September period a year ago, Shoppers Stop said in a BSE filing. Its total income stood at Rs 867.09 crore during the quarter under review, up 2.77 per cent, as against Rs 843.65 crore in the corresponding quarter previous fiscal. Total expenses were at Rs 844.24 crore, up 2.43 per cent, as against Rs 824.15 crore earlier. "On a like-to-like basis for the quarter, our sales have increased by 3.6 per cent riding on our continuous efforts to provide immersive and seamless shopping experiences across in-store and online platforms," said Shoppers Stop Customer Care Associate, MD and CEO Rajiv Suri. Shoppers Stop operates a network of 203 stores under brands like Shoppers Stop, HomeStop, MAC, Clinique , Estee Lauder, Bobbi Brown and Smash Box. Shares of Shoppers Stop on Friday settled at Rs 475 .
JT Special Vehicles unveils Tiago, Tigor under JTP brand
JT Special Vehicles (JTSV), a 50:50 joint venture between Tata Motors and Jayem Automotives, Friday launched JTP range of performance vehicles in the country. As part of the initiative, the Tiago JTP and the Tigor JTP priced at Rs 6.39 lakh and Rs 7.49 lakh, respectively (ex-showroom Delhi) would be available from select Tata Motors dealerships from next month. "The JTP range of cars have been designed and engineered with precision to keep the excitement and passion of motoring alive and reverse the commoditisation of car purchase," Tata Motors President Passenger Vehicles Mayank Pareek said in a statement. The JTP products will also have a halo effect on the Tiago and Tigor brands, he added. The JV between Tata Motors and Jayem Auto focuses on design and development of performance cars, including the uniquely styled parts. The JV enables faster development, specialised capabilities and access to true performance motoring pedigree. "Targeted at the urban customers who are driving ...
Oil falls on oversupply worries despite Iran sanctions
LONDON (Reuters) - Oil prices dropped on Friday, heading for a third weekly loss after Saudi Arabia warned of oversupply, while a slump in stock markets and concerns about trade clouded the outlook for fuel demand.
Tata Motors, Jayem Automotives unveil new range of cars
: JT Special Vehicles Private Limited, a joint venture between automobile-maker Tata Motors and city-based Jayem Automotives, unveiled two performance cars here Friday. The Tiago JTP and Tigor JTP would be available at select dealership of Tata Motors early next month and can be booked at Rs 11,000, a press release from the company said. "The JTP range of cars has been designed and engineered to keep the excitement and passion of motoring alive. Customers can enjoy their city drive and experience the thrill of driving these cars," president of Tata Motors (passenger vehicles) Mayank Pareek said in the release. Tiago would be available at Rs 6.39 lakh and the Tigor at Rs 7.49 lakh (ex-showroom New Delhi). "We are excited to launch the first two cars of the JTP range. Targeted at the urban customers who are driving enthusiasts with a hidden streak of adventure, the Tiago and Tigor have been engineered to provide customers with the thrill of driving", chief executive ...
Jindal Stainless Q2 loss at Rs 36 cr
Jindal Stainless Ltd (JSL) Friday reported a standalone loss of Rs 36.44 crore for the quarter ended September 30, 2018. The company had posted a profit of Rs 27.30 crore in the year-ago period, JSL said in a filing to BSE. However, the total income increased to Rs 3,088.55 crore over Rs 2,622.18 crore in the September quarter of 2017-18. "Our second quarter results are a reflection of the cyclical nature of core sector, including its determinants such as input prices and forex volatility. "Our focus is to increase annual production by 15 per cent in the next two years to cater to the growing needs of domestic markets...Having become eligible to exit from Corporate Debt Restructuring Scheme (CDR), JSL expects to be out of CDR by end of 2018-19," Managing Director Abhyuday Jindal said in a statement. The company said it built up inventory in the first quarter to support a planned maintenance shutdown in the September quarter. This, along with steep hike in nickel prices during June ...
Global Economy: UK budget and Bank of England take back seat to Brexit drama
LONDON (Reuters) - Britain's budget announcement on Monday and a "Super Thursday" at the Bank of England would normally be key moments for the world's fifth-biggest economy, but this time they are likely to be overshadowed by the drama of Brexit.
Rolls-Royce hit by delay to engine for new Airbus jet
LONDON (Reuters) - British aero-engine maker Rolls-Royce said on Friday it would deliver fewer Trent 7000 engines this year than initially expected due to production problems, hitting both its shares and those of major customer Airbus.
Asia Gold: Price rally takes sheen off India's festive buying
MUMBAI/BENGALURU (Reuters) - Gold demand in India this week was muted as a recent rally in domestic prices prompted buyers to postpone purchases despite the approaching festival and wedding season.
Sebi fines Vistra ITCL Rs 5 lakh for violating debenture trustees norms
Markets regulator Sebi Friday imposed a penalty of Rs 5 lakh on debenture trustee Vistra ITCL India (formerly known as IL&FS Trust Company) for lapses in a fund raising case relating to Pincon group firm LRN Finance. In April 2016, Hongkong-based Vistra Group had acquired IL&FS Trust Company Ltd (ITCL), a subsidiary of IL&FS Group. The regulator in an order said, ITCL was appointed as debenture trustee for non-convertible debentures (NCDs) issued by the LRN and Rs 27 crore was raised from 4,178 investors in 2012 in a private placement. A debenture trustee, in market parlance, is a person or entity that serves as the holder of debenture stock for the benefit of another party. Debenture is a debt instrument that is not secured by physical assets or collateral. Sebi noted from the records that the LRN issued debentures all over the country and there is nothing demonstrated by the LRN or ITCL to substantiate that the issue was a private placement and invitation for ...
Equitas Holdings, Ujjivan Financial shares tank up to 23 pc
Shares of Equitas Holdings and Ujjivan Financial Services suffered massive selling pressure Friday, tumbling up to 23 per cent. The sharp fall in these stocks came amid the RBI reiterating that their small finance banks should be listed within three years from the date of commencement of operations. Shares of Equitas Holdings cracked 23.34 per cent to settle at Rs 99.05 on BSE. Intra-day, the stock slumped 39.62 per cent to Rs 78 -- its 52-week low. The scrip of Ujjivan Financial Services also tanked 17.62 per cent to end at Rs 181.15. During the day, it nosedived 24.14 per cent to Rs 166.80 -- its one-year low level. As per a BSE filing by Equitas Holdings Thursday, the RBI while granting approval to the company to establish a small finance bank, vide its letter dated June 30, 2016, had stipulated that the bank should be listed within three years from the date of commencement of operations. "In our instance, the shares of company's wholly owned subsidiary company viz Equitas Small ...
Futures pare losses as third-quarter GDP growth slows less than expected
(Reuters) - U.S. stock index futures pared some losses on Friday after economic data showed that the U.S. economy grew at a lower pace than expected.
Quess Corp registers rise in revenue
: City-based provider of business service Quess Corp Friday said its profitafter tax (PAT) in the second quarter of the financial year 2018-19 was Rs 62 crore against Rs 127 crore made during the corresponding period last year. The PAT is notcomparable on a year-on-year (YoY) basis owing to the one-time tax benefit ofRs 67 crore in the second quarter of the year 2018, a press release from the company said. Revenue rose by 50 per cent YoY to Rs 2,092 crore, the release said. "We are pleased with our growth this year with revenue growing at 50 per cent and earnings before interest, tax, depreciation and amortisation stood (EBITDA) at 42 per cent," the release quoted chairman and managing director of the company Ajit Isaac as saying. The quarter-on-quarter improvement in results went on as planned and the revenue grew by 6 per cent and EBITDA by 9 per cent, the release said. "Our staffing and facility management businesses continue to deliver industry-leading performance ..
ICICI Bank second-quarter profit halves, but asset quality improves
(Reuters) - ICICI Bank reported on Friday a bigger than expected 56 percent decline in second-quarter net profit, as expenses increased, but the lender's bad loan ratio improved.
Nestle India posts 30 percent rise in quarterly profit on strong domestic sales
(Reuters) - Nestle India Ltd, maker of Maggi instant noodles and Kit-Kat chocolates, reported a near 30 percent rise in quarterly profit on Friday, driven by higher domestic sales.
Board of Oriental Aromatics approves sub-division of shares and bonus issue
At meeting held on 26 October 2018
Rolls-Royce will not meet Trent 7000 production target
LONDON (Reuters) - Rolls-Royce said it would deliver fewer of its new Trent 7000 engine that powers the Airbus A330neo jet than it planned, resulting in it likely missing its target of delivering about 550 large engines in 2018.
Board of Lactose (India) approves change in company secretary
At meeting held on 26 October 2018
CANPACK opens a new facility in India
CANPACK Group, a global manufacturer operating on the packaging market, is celebrating the opening of its new facility in Nuh, Haryana.The event was attended by the owner of the CANPACK Group and the Chairman of the Supervisory Board of CANPACK Peter F. Giorgi, along with Herman Nicolaas Nusmeier - CEO and President of the Managing Board of CANPACK and other Supervisory and Managerial Board Members."Following the increased demand of modern aluminum packaging, CANPACK India has now decided to accelerate its expansion into the Indian market and has established its second beverage cans manufacturing plant in India. This investment has been triggered by a forecast indicating that there is great potential for growth within the Indian market. We are optimistic that India will soon be one of the most important markets for the CANPACK Group. The decision to invest so highly in the country was taken after several studies, focusing on our sustainable development in the long term," said Nico ...
Mahindra Lifespace Q2 net rises 2-fold to Rs 41.2 crore
Mahindra group's real estate arm, Mahindra Lifespace Developers, Friday reported a two-fold increase in net profit for the quarter ended September at Rs 41.2 crore, despite a decline in revenues. The company had reported a profit of Rs 13.5 crore in the corresponding quarter last fiscal. It reported a total income of Rs 93.9 crore, against Rs 129.1 crore in the year-ago period, registering a decline of 27.26 per cent, the company said in a statement. The real estate firm attained a collection of Rs 249 crore during July to September quarter, it added. "The two launches namely Roots in Mumbai and Lakewoods in Mahindra World City, Chennai have contributed significantly to our sales numbers," said Sangeeta Prasad, managing director and chief executive officer, Mahindra Lifespace Developers. "The signing of definitive agreement for a land parcel of 8.4 lakh sq ft at Bhiwandi Kalyan Road targeting the affordable housing segment is indeed encouraging. We will continue our ...
Innovation awards for three Naga youths
Nagaland Chief Minister Neiphiu Rio on Friday conferred the first Entrepreneurs Associates Innovation Fund (EAIF) Award to three Naga youths for innovation. The award carries cash of Rs 2 lakh each with citation and three years of free mentorship by Entrepreneurs Associates, an oganisation working to nurture the entrepreneurial aspirations of individuals and communities since 2000. M Sc student of Kohima Science College Jotsoma (KSCJ), Peihauding Zeliang was conferred the award for inventing Organic Healing Paste and Bio-enhancer. The second recipient is B Sc student of KSCJ, Zenwang Konyak, for his innovation of Umbrella Harvest, also known as U-Harvest to address water scarcity during dry seasons. Tsenshithung Yanthan, a young government employee, was the third awardee for inventing Band Saw or a portable sawmill. The awards were conferred during the launching of EAIF at the Regional Centre of Excellence for Music & Performing Arts (RCEMPA), Jotsoma on ...