Page 2244 - Business Finance
Poland's PGNiG finalises LNG deal with U.S.' Venture Global
WARSAW (Reuters) - Poland's dominant gas firm PGNiG has finalised the terms of a deal to buy liquefied natural gas (LNG) from U.S. company Venture Global LNG, part of a move to cut reliance on Russian supply, the company said on Wednesday.
Pound eases after weaker inflation, focus turns to EU summit
LONDON (Reuters) - Sterling weakened on Wednesday after data showed inflation fell more than expected in September and before a European Union summit at which Britain will try to unblock stalled negotiations for a Brexit deal.
U.S. watchdog threatens retaliation over EU clearing rules
WASHINGTON/LONDON (Reuters) - U.S. banks and securities houses could be barred from trading on exchanges in the European Union if the bloc refuses to water down "irresponsible" proposals for regulating foreign clearing houses, a top U.S. regulator said on Wednesday.
Ganesh Dutt becomes chairman of HIMFED
The Himachal Pradesh government has appointed Ganesh Dutt as the chairman of State Cooperative Marketing And Consumers Federation (HIMFED), an official spokesperson said. Other than Dutt's appointment, nine new vice-chairpersons will take charge in various boards and corporations of the state, he added. Vijay Agnihotri, from Hamirpur, has been appointed as vice-chairman of Himachal Road Transport Corporation (HRTC). Ram Kumar, from Una, will take charge as vice-chairman of Himachal Pradesh State Industrial Development Corporation (HPSIDC). Former minister Praveen Sharma will be vice-chairman of Himachal Pradesh Housing and Urban Development Authority (HIMUDA). Surat Negi, from Kinnaur, has been appointed vice-chairman of Forests Corporation, the spokesperson said. Similarly, Rupa Sharma, from Shimla, has been appointed as vice-chairman of Saksham Gudiya Board. Manohar Dhiman, from Kangra, has become vice-chairman of General Industries Corporation. Darshan Saini, from Solan, has become
Elevator parts firm Wittur attracts buyout interest - sources
FRANKFURT/LONDON (Reuters) - German elevator parts maker Wittur has attracted interest from private equity groups Partners Group and Cinven ahead of an expected sale by owner Bain Capital, several people close to the matter said.
Morrisons promotion puts finance chief in pole position to be next boss
LONDON (Reuters) - Morrisons, Britain's fourth biggest supermarket group, has given finance chief Trevor Strain extra responsibilities as commercial director, it said on Wednesday, making him the frontrunner to eventually succeed Chief Executive David Potts.
India's Reliance Industries reports record quarterly profit
(Reuters) - India's Reliance Industries Ltd reported a record quarterly profit on Wednesday, driven by growth in its core petrochemicals business and helped by rising revenues at budding telecoms unit Jio.
ArcelorMittal to pay Rs 7,469 cr to clear Uttam Galva, KKS Petron dues to be eligible for Essar
Terming Essar Steel as "unique and compelling opportunity" to gain foothold in India, steel giant ArcelorMittal said Wednesday it will pay Rs 7,469 crore to the creditors of Uttam Galva and KKS Petron to be eligible to acquire the debt-laden firm, as per Supreme Court order. The Supreme Court on October 4 had granted one more opportunity to the world's largest steelmaker ArcelorMittal and Russia's VTB Capital-backed NuMetal to bid for Essar Steel if they clear their non-performing asset (NPA) dues of their related corporate debtors within two weeks. "ArcelorMittal announces that, in-line with the Indian Supreme Court ruling dated 4 October 2018, it has approved a payment of 7,469 crore rupees (approx USD 1 billion) to the financial creditors of Uttam Galva and KSS Petron to clear overdue debts in order that the offer it submitted for Essar Steel India Limited (ESIL) on 2 April 2018 is eligible and can be considered by ESIL's Committee of Creditors (CoC)," the Luxembourg-headquartered .
Wall St slips as IBM disappoints; Fed minutes awaited
(Reuters) - U.S. stocks fell on Wednesday, a day after Wall Street's strongest rally in seven months, as investors were disappointed with IBM's results and remained cautious ahead of the minutes of Federal Reserve's latest meeting.
RIL posts 17.4 pc rise in Q2 net profit; to buy stake in Den, Hathway Cable
Reliance Industries Wednesday reported its highest ever quarterly net profit in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins. The oil-to-telecom conglomerate also announced an acquisition of majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore to bring under its fold 27,000 local cable operators who would help strengthen its rollout of fibre-based broadband service to households for offering ultra high definition entertainment on large screen TVs. Its consolidated net profit of Rs 9,516 crore, or Rs 16.1 per share, in the second quarter of current fiscal, was 17.4 per cent higher than Rs 8,109 crore, or Rs 13.7 a share, in the same period of the previous financial year, the company said in a statement. Revenue jumped 54.5 per cent to Rs 1,56,291 crore. Its retail business, which comprises of 9,146 stores across 5,800-plus towns and ...
Yes Bank shares tank nearly 7%, m-cap drops by Rs 3,936 cr
Shares of Yes Bank faced huge selling pressure Wednesday, plunging nearly 7 per cent to wipe out Rs 3,936.49 crore from its market valuation. The scrip dropped 6.85 per cent to settle at Rs 231.75 on the BSE. Intra-day, it dived 8 per cent to Rs 228.85. The stock was the worst hit among the 30 blue-chips. On the NSE, shares of the company fell by 6.83 per cent to close the trade at Rs 231.90. The company's market valuation slumped Rs 3,936.49 crore to Rs 53,517.51 crore on the BSE. In terms of the equity volume, 34.77 lakh shares of the company were traded on the BSE and over 3 crore shares changed hands on the NSE during the day. Reserve Bank Wednesday refused to grant more time to Yes Bank's long serving CEO and MD Rana Kapoor and asked the private sector lender to appoint his successor latest by February 1, 2019. "The Reserve Bank of India has reaffirmed that a successor to Shri Rana Kapoor, MD & CEO, YES Bank should be appointed by February 1, 2019," the lender said in a stock
Foreign investors sell stake worth Rs 109 cr in tableware firm La Opala
Foreign investors Wednesday sold over 4 per cent stake in tableware company La Opala RG for Rs 109 crore through open market transactions. The investors are ABG Capital, LTR Focus fund and Steadview Capital Mauritius Ltd. According to the bulk deal data available with the BSE, the investors disposed of 48.62 lakh shares amounting to 4.38 per cent stake in La Opala RG. While ABG ofloaded 8.20 lakh shares, LTR and Steadview disposed off 6.04 lakh and 34.38 lakh shares, respectively. The shares were sold at an average price of Rs 225, valuing the transaction at Rs 109.39 crore, the data showed. DSP BlackRock Mutual Fund and UTI Mutual Fund were among the buyers of the shares. DSP bought 22.72 lakh shares for a total of Rs 51.11 lakh and UTI purchased 15.50 lakh shares for Rs 34.87 lakh. Both the entities picked up the shares at a price of Rs 225 apiece. La Opala RG ended flat on the BSE at Rs 215.25.
"Modi govt allowed good friends, cronies to loot public banks": Yechury
Challenging the Narendra Modi government to name its "good friends and cronies" who "owe crores" to public banks, CPI (M) General Secretary Sitaram Yechury Wednesday alleged they have been allowed to flee while farmers suffered. Reacting to a report of the probity watchdog Central Vigilance Commission (CVC)'s analysis of the top 100 banking frauds, including those in the jewellery and aviation sectors, Yechury said in the Modi regime, farmers and the poor are "harassed" for measly amounts. "Why is the Modi government not naming its good friends and cronies who owe crores to the public? Several have already looted and been allowed to scoot. But farmers and the poor are pilloried and shamed for meagre amounts," tweeted Yechury. The CVC's analysis focussed on the modus operandi, amount involved, type of lending (consortium or individual), anomalies observed, loopholes that facilitated perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the ...
DCB Bank posts Rs 73 cr profit in Q2
Private sector DCB Bank Wednesday reported a net profit of Rs 73 crore for the quarter ended September 2018, up 25 per cent on annual basis, said a release. The bank's proft-after-tax was Rs 59 crore in the second quarter of 2017-18. Its total income during the July-September quarter of the current fiscal was Rs 809.15 crore. This compares to Rs 652.09 crore in the year-ago period, the bank said in a regulatory filing to exchanges. Its gross non-performing asset (NPA) was 1.84 per cent of gross advances at the end of the second quarter compared to 1.8 per cent at the end of September 2017. Net NPA, however, reduced to 0.7 per cent from 0.9 per cent. Commenting on the result, bank's MD and CEO Murali M Natrajan said that while continuing to achieve growth especially in retail, MSME/SME and agri and inclusive banking, strong focus on cost productivity is showing results. "As of now, NPAs remain in control. We are steadily finding ways to improve capital efficiency. We are confident of ..
Shell sells its Danish upstream assets to Norwegian Energy for $1.9 billion
OSLO (Reuters) - Royal Dutch Shell has agreed to sell its Danish upstream business to oil firm Norwegian Energy (Noreco) for $1.9 billion, as part of its wider divestment strategy, the company said on Wednesday.
ICICI Bank to loan customers entire on-road value of car
ICICI Bank Wednesday said it will loan savings account customers, the entire 'on road' value of a car, including taxes, levies and duties, for its savings account customers up to a maximum of Rs 20 lakh. The car loans will be for a period of up to seven years, it added. **************** BMCT gets maiden domestic vessel docking with MV SSL Mumbai * The Port of Singapore-operated BMCT Wednesday said it has received its maiden domestic vessel call with the docking of Shreyas Shipping's 'M V SSL Mumbai'. The 1,613 twenty-foot equivalent unit vessel operates a service with a sister vessel touching BMCT, Cochin, Tuticorin, Mangalore, Mundra, Hazira and BMCT on a fortnightly basis. The call at BMCT offers options for both domestic shipments and international transhipment, an official statement said. ********** Hershey's launches iconic brand Kisses in India * Nearly 10 years after it entered the country, chocolate and confectionery firm Hershey on Wednesday launched its ...
Wall St dips at open; Fed minutes awaited
(Reuters) - U.S. stocks opened slightly lower on Wednesday, a day after Wall Street's strongest rally in seven months, as investors were disappointed with IBM's results and remained cautious ahead of the minutes of Federal Reserve's latest meeting.
India's Reliance Industries Q2 profit rises 17 pct
(Reuters) - India's Reliance Industries Ltd on Wednesday posted a higher consolidated profit for the July to September period, helped by a strong profit in its petrochemicals segment.
Oil prices fall ahead of U.S. crude stocks data
LONDON (Reuters) - Oil prices fell on Wednesday after three days of gains as markets awaited key U.S. inventory data expected to show a build in U.S. crude stockpiles.
Astorg agrees to take control of health devices supplier Nemera
PARIS (Reuters) - French private equity firm Astorg on Wednesday said it had reached an agreement to acquire a majority stake in health devices manufacturer Nemera from Montagu Private Equity.