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Page 2144 - Business Finance

Automobile Corporation Of Goa standalone net profit declines 33.07% in the September 2018 quarter

Sales decline 28.49% to Rs 99.03 crore

Updated On : 26 Oct 2018 | 5:04 PM IST

Twitter revenue hits $758 mn, loses 9 mn users

Twitter reported a surge of 17 per cent with a revenue of $758 mn in the third quarter, but also saw a decline of nine million in its user base.

Updated On : 26 Oct 2018 | 5:00 PM IST

TN govt announces Deepavali 20 per cent bonus to transport

Tamil Nadu Chief Minister K Palaniswami Friday announced a Deepavali bonus to the tune of Rs 215.99 crore that would benefit 1.44 lakh employees of the state-transport corporations. As per the orders issued by the Chief Minister, 1.44 lakh employees of the transport corporations would receive a bonus of 20 per cent including 11.67 per cent ex-gratia, an official release said. The Chief Minister also issued orders that the subsidy provided by the government to the transport corporations would continue enabling them to meet the additional expenditures incurred due to rise in fuel costs. "Based on the directive, to meet the additional expenses between January 20 and September 30, 2018, the government announced a subsidy of Rs 198.66 crore to the transport corporations", the release said. Noting that the transport corporations were undergoing severe financial crunch, Palaniswami issued orders to release the arrear amount of Rs 251.2 crore to benefit the retired employees of

Updated On : 26 Oct 2018 | 5:00 PM IST

Indian Overseas Bank trims Q2 loss at Rs 487cr on lower provisions

State-owned Indian Overseas Bank (IOB) Friday reported narrowing of its net loss to Rs 487.26 crore in the second quarter ended September 2018 on lower provisioning. The bank had registered a net loss of Rs 1,222.50 crore in the year-ago period. Sequentially also, its net loss narrowed from Rs 919.44 crore in the first quarter ended June of the current fiscal. "Net loss is due to provisions on bad debts and investment and not due to operations," the bank said in a release. Total income fell to Rs 5,348.35 crore during July-September 2018-19 from Rs 5,610.35 crore in same period a year ago, IOB said in a regulatory filing. Bank's asset quality deteriorated with the gross non-performing assets (NPAs) rising to 24.73 per cent of gross loans by the end of the second quarter as against 22.73 per cent as on end-September 2017. Though it was down when compared sequentially from 25.64 per cent at end-June. Net NPAs also rose year-on-year to 14.34 per cent from 13.86 per cent, sequentially ...

Updated On : 26 Oct 2018 | 4:55 PM IST

Commerce Ministry Strategizing To Make Indian Exports More Competitive: Suresh Prabhu

Suresh Prabhu further stated that he is personally monitoring the progress and regular meetings are being held with sectoral ministries, export promotion councils and exporters. Certain issues which were affecting growth of exports have been specifically taken up with Department of Revenue and Ministry of Environment. The Commerce Minister also said that the soon to be unveiled agri export policy will give a major boost to the agricultural sector and will pave the way for Indian farmer's income to be doubled. India produces 600 MT of agricultural produce and has the capacity to export the excess production to the world.

Updated On : 26 Oct 2018 | 4:50 PM IST

Edelweiss Financial shares climb 5% on good Q2 earnings

Shares of Edelweiss Financial Services Friday rose 5 per cent after the company reported 53 per cent jump in consolidated net profit for the second quarter ended September 30. The company's scrip jumped 4.99 per cent to end at Rs 140 -- its highest trading permissible limit for the day -- on BSE. At NSE, shares of the company surged 4.96 per cent to close at Rs 140.55. On the equity volume side, 4.99 lakh shares of the company changed hands on BSE and over 56 lakh shares changed hands at NSE during the day. Edelweiss Friday reported 53 per cent jump in consolidated net profit at Rs 276.38 crore for the September quarter. The company had registered a net profit of Rs 180.88 crore in the similar July-September period of 2017-18. Total income during the period grew to Rs 2,672.59 crore as against Rs 2,030.23 crore in the same period of the preceding fiscal, Edelweiss said in a regulatory filing.

Updated On : 26 Oct 2018 | 4:50 PM IST

Wall Street Weekahead: Mixed U.S. inflation signals leave investors adrift

(Reuters) - U.S. quarterly earnings reports this month were supposed to give investors clarity about the health of Wall Street's rally this year.

Updated On : 26 Oct 2018 | 4:45 PM IST

Dr Reddy's PAT up 77 per cent at Rs 504 Cr in Q2

Dr Reddys Laboratories Limited Friday said its profit after tax for the quarter ended September 30 was up by 77 per cent to Rs 504 crore against Rs 387.6 crore in the second quarter of FY18. According to a press release issued by the drug maker, revenues for the quarter under discussion was up by seven per cent to Rs 3798 crore. It was Rs 3546 crore in the same quarter last fiscal. On the results, Co-chairman and CEO, G V Prasad said, "I am encouraged by our performance and progress in the second quarter. Our continuous focus on execution, operational efficiency and cost optimization are showing results. Looking ahead, our priority will be to resolve pending regulatory issues, and continue to work on execution and cost structures that will enable affordable medicines for more patients." Revenues from Global Generics segment in the Q2 was reported at Rs 3050 crore a year-on-year growth of 7 per cent over the same quarter last year, primarily driven by contributions from ..

Updated On : 26 Oct 2018 | 4:40 PM IST

Fly-by-night builders should be eliminated: Hardeep Singh Puri

Union minister of state for housing and urban affairs Hardeep Singh Puri Friday said he wants fly-by-night operators (developers) to be completely eliminated. Speaking at the 25th Indian Plumbing Conference here, Puri said the policy decisions taken by his government including demonetisation, the Goods and Services Tax regime and the RERA have disrupted the market in a big way. "The policy decisions like demonetisation, GST and RERA have brought a disruption in the market. But I have no sympathy towards them. I want the fly-by-night operators to be completely eliminated," Puri said. He further said that it is necessary to solve issues of those (developers, buyer and promoters) who have genuine problems, but not at the cost of thousands of home buyers who put their life savings into the projects. "The period of the offerings of 40:60 or 50:50 or 80:20 have gone now. Now every project has to be registered including ongoing projects. Even the agents who deal in the sector .

Updated On : 26 Oct 2018 | 4:40 PM IST

ITC shares decline nearly 3% despite good Q2 show

ITC stock Friday fell by nearly 3 per cent even as the diversified group reported 11.92 per cent rise in standalone net profit for the quarter ended September 30, 2018. The scrip declined 2.30 per cent to settle at Rs 280.65 on BSE. Intra-day, it dropped 3.82 per cent to Rs 276.25. At NSE, shares of the company went down 2.66 per cent to close at Rs 279.90. In terms of equity volume, 13.17 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. ITC Friday reported 11.92 per cent rise in standalone net profit to Rs 2,954.67 crore for the second quarter of 2018-19. The company had posted a net profit of Rs 2,639.84 crore in the second quarter of 2017-18, ITC said in BSE filing. Revenue from operations stood at Rs 11,272.51 crore as compared to Rs 9,763.92 crore in the year-ago period.

Updated On : 26 Oct 2018 | 4:40 PM IST

TVS Motor strengthens product portfolio in Argentina

Two and three-wheeler manufacturer TVS Motor as part of plans to expand its presence in Latin American markets showcased its premium products at the ongoing auto show in Argentina on Friday. The company's premium vehicles RR310 motorcycle, 125 cc scooter NTORQ and 200cc apache RTR 2004V are being showcased at the Salon Internacional de la Motocicleta, Argentina, a company statement said here. Chennai-based TVS Motor has partnered with Beta Motor, Buenos Aires as an exclusive distributor in Argentina. The products of TVS Motor would be assembled at the industrial park of Tigre, province of Buenos Aires and would be ditributed through a network of over 100 dealers. "We are optimising about strengthening our presence in the Argentina market with the help of our distributors Beta Motor. Today, we are delighted to unveil these products at this prestigious Auto Show," TVS Motor, International business, senior vice-president, R Dilip said. "We are confident that all our ...

Updated On : 26 Oct 2018 | 4:35 PM IST