Page 2250 - Business Finance

NIIT Tech Q2 net profit jumps 66 pc to Rs 111.8 cr

NIIT Technologies Wednesday reported 66.3 per cent jump in net profit to Rs 111.8 crore for the quarter ended September 30, 2018, driven by strong demand across sectors like BFSI and travel and transportation. The company had registered a net profit of Rs 67.2 crore in the year-ago period, it said in a regulatory filing. The company's revenues grew 23.1 per cent to Rs 907.4 crore in the reported quarter from Rs 737.2 crore in the year-ago period. On sequential basis, net profit was up 30.3 per cent, while revenue was higher 10 per cent. Digital revenues grew 11.6 per cent sequentially contributing to 28 per cent of the total revenues. Speaking to PTI, NIIT Technologies CEO Sudhir Singh said the growth has been driven by the restructured leadership team, differentiated strategy and focussed execution by the team. "The extremely robust 10 per cent sequential revenue growth and the 217 basis points sequential improvement in Operating Margin is a reflection of the new normal as we target .

Samsung rolls out chipsets for connected cars

Samsung has marked its entry into auto space with the introduction of its new brands targeted at automotive solutions.The Samsung Exynos Auto and Samsung ISOCELL Auto offer cutting-edge application processor and image sensor technology solutions to the road. The Exynos Auto will help manufacturers develop in-car apps for infotainment, advanced driving assistance systems, and telematics.ISOCELL Auto, on the other hand, is targeted at developing in-vehicle infotainment systems and telematics solutions. The sensors provide for better visibility of the road and surroundings even in low-light for precise identification of objects.

RapNet launches new trade center

RapNet, the world's leading diamond trading network, is proud to announce the launch of the RapNet Trade Center. This marks a major strategic development for RapNet by providing members with an efficient, secure and intuitive system to trade diamonds in a smarter trading environment.The RapNet Trade Center offers members a suite of tools to manage their offers and inquiries, negotiate terms, close deals and issue invoices in one streamlined process. The Trade Center provides verified RapNet members with the ability to trade efficiently and safely. All communications are secure, without the use of email, which is subject to fraud."We are investing millions of dollars in new electronic infrastructure to ensure that our members have simple, smart tools that will manage and grow their business," said Saville Stern, CEO of RapNet."With over one million trades a year, the Trade Center is a significant step in the evolution of the RapNet platform. Additional initiatives lined up for 2018 and

Sensex falls 75 points as investors cream off gains

India's key equity indices reversed gains on Wednesday, as investors sold to profit from three straight sesions of gains.

Gold slips further, down Rs 150 as demand softens

Gold prices declined by Rs 150 to Rs 32,030 per 10 grams Wednesday, registering a dip for the second consecutive day, reflecting sluggish global trend and considerable fall in domestic demand. Silver followed suit and went down further by Rs 220 to Rs 39,480 per kg on reduced offtake by industrial units and coin makers. Traders said, sentiment was downbeat, largely owing to a weak global trend as the dollar surged overseas eroding the yellow metals' appeal as a safe-haven asset. Moreover, fall in demand from local jewellers and retailers at the domestic spot markets also dragged the precious metal. Globally, gold fell 0.15 per cent to USD 1,223.70 an ounce and silver by 0.14 per cent to USD to 14.71 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 150 and Rs 140 to Rs 32,030 and Rs 31,880 per ten grams, respectively. Sovereign gold, however, continued at Rs 24,700 per piece of eight gram in limited deals. In sync with gold, ..

Sundaram Finance to revise interest rates from October 19

: City-based non-banking finance company Sundaram Finance Wednesday said there would be a hike in interest rates on its deposits from October 19. The increase would be from 7.50 per cent to 7.75 per cent for deposits and renewals for a tenure of 12 and 18 months, a press release said. The rates would be increased to eight per cent from 7.75 per cent for deposits of 24 and 36 months, the release said. For senior citizens, the rates would be hiked to 8.25 per cent from eight per cent for 12 and 18 months, it said. For deposits and renewals, the increase would be from 8.25 per cent to 8.50 per cent for 24 and 36 months, the release said. The deposits in the company crossed Rs 2,600 crore, it said. Last year, the non-banking finance company mobilised fresh deposits aggregating Rs 450.53 crore, the release said. The firm finances commercial vehicles, passenger cars and construction equipment, among others, and has over 600 branches across the country, it added.

Virtual schools keep Pearson on course for return to profit growth

LONDON (Reuters) - Demand for online courses and virtual schools helped British education publisher Pearson to overcome weaker textbook sales in the United States and remain on track for a return to profit growth in 2018.

Oil rises on surprise draw in U.S. crude stockpiles

LONDON (Reuters) - Oil prices rose for a fourth day on Wednesday after industry data showed a surprise decline in U.S. crude inventories and tension over the disappearance of a prominent Saudi journalist stoked supply worries.

One Co.Work acquires IShareSpace for expansion

Co-working operator One Co.Work Wednesday said it has acquired IShareSpace for over Rs 3.5 crore and is looking to buy more such companies as part of its plan to expand its business. This acquisition marks consolidation in the co-working segment, that has gained momentum in the country in the last few years. Delhi-based One Co.Work currently has five centres with about 900 seats. It has three co-working centres in the national capital and one each in Gurugram and Bengaluru. "The deal was closed for over Rs 3.5 crore and post-acquisition, One Co.Work will have eight centres and over 1500 seats to give a substantial boost to the growing popularity of co-working in India," the company said in a statement. IShareSpace was founded by Priyanka Krishnan and Aayush Maheshwari in 2016 to cater to the needs of modern-day entrepreneurs and professionals. It established its first centre in Mumbai and then expanded to Gurugram, Bengaluru and Chennai. Commenting on the acquisition, company's CEO ...

Chinese electric car makers, nurtured by state, now look for way out of glut

HANGZHOU, China (Reuters) - Humming away in an industrial estate in the eastern Chinese resort city of Hangzhou, electric vehicle designer Automagic is one of hundreds of companies looking to ride the country's wave of investment in clean transportation.

Pine Labs Enables Debit Card EMIs From HDFC Bank and Axis Bank in Retail Stores

/ -- This Diwali season, Pine Labs, a merchant platform company, is enabling equated monthly instalments (EMIs) on debit card-based offline transactions from HDFC Bank and Axis Bank. This is the first time that 25 million non-credit card customers will be able to instantly convert their in-store purchase into easy monthly instalments. Debit card EMIs have been enabled at over 36,000 stores across 1,500 cities in India for electronics and consumer durables. (Logo: https://mma.prnewswire.com/media/770560/Pine_Labs_Logo.jpg ) In addition to the above two banks, the company is in talks with other top banks to expand this service to more and more customers who swipe at Pine Labs' merchant network. Kush Mehra, President, Pine Labs, said, "Making shopping affordable for everyone has always been our focus. Extending EMI facility to debit card holders will not only help consumers but also expand the reach of our merchants and our brand partners." "At HDFC, we strive to not just be a life cycle

ASOS says potential 'huge' as annual profit jumps 28 percent

LONDON (Reuters) - British online fashion retailer ASOS said its potential was "huge" as it narrowly beat forecasts with a 28 percent jump in 2017-18 profit and maintained guidance for its new financial year and beyond.

China's state planner approves $5.3 billion railway project

BEIJING (Reuters) - China's state planner said on Wednesday it has approved a high-speed railway project worth 36.8 billion yuan ($5.3 billion) in eastern China.

Total ties up with India's Adani for LNG plants, fuel retail

(Reuters) - French oil major Total has signed a deal with Indian conglomerate Adani Group to re-enter the South Asian nation's liquefied natural gas (LNG) market and build 1,500 retail service stations over the coming decade.

RIL shares rise 1.5% ahead of Sep quarter earnings

Shares of Reliance Industries rose 1.5 per cent Wednesday ahead of its September quarter results to be announced later in the day. The scrip of RIL gained 1.48 per cent to Rs 1,180.95 on BSE. At NSE, shares of the energy major went up 1.33 per cent to Rs 1,179.35. "A meeting of the Board of Directors of the company is scheduled for Wednesday, October 17, 2018, to consider and approve standalone and consolidated unaudited financial results for the quarter/ half year ended September 30, 2018," Reliance Industries had said in a filing to BSE on October 10.

Spike in operational costs, fierce competition make AI turn around path more difficult: Kharola

Air India's turn around efforts have become more difficult with overall increase in operational expenditure and fierce competition, its chief Pradeep Singh Kharola said as he emphasised the need to generate revenues in every possible manner to "stay afloat". The government is also working on ways to bolster the national carrier, which is financially stressed and is estimated to have a debt burden of more than Rs 50,000 crore. "Our path towards turnaround has become more difficult with the market throwing fresh challenges by way of rising fuel costs, a volatile currency and overall increase in operational expenditure - besides, of course, fierce competition," Kharola has told employees. In a message on the October issue of 'Samvaad', a newsletter for employees, Kharola said airlines around the world are going all out to adopt strict control over expenditure and increase efficiencies. Rising oil prices have been hurting the airlines industry and last week the government cut the excise ..

Pearson set for return to profit growth despite U.S., South African pressures

LONDON (Reuters) - British education company Pearson said it was on track to return to profit growth in 2018 despite pressures in its U.S. higher education textbook business wiping out earlier sales gains.

Platform companies: Leveraging the India story in the long run (Column: Behind Infra Lines)

Real per capita GDP, stock market indices and consumption trends in India are currently interesting. Even as real GDP at an aggregate and per capita basis have broadly trended higher, equity market valuations have fluctuated. Amidst the noise of market data, it is often easy to forget that some of the best investment opportunities arise when market valuations arent quite at their peak.

Akzo Nobel's quarterly core profit increases, sales decline

AMSTERDAM (Reuters) - Dutch paints and coatings maker Akzo Nobel said on Wednesday its core profit rose 8 percent in the third quarter to 243 million euros ($280.7 million), as higher prices and savings offset the impact of rising raw material costs.

Nifty, Sensex pare early gains; NBFCs drag

(Reuters) - Indian shares rose over 1 percent on Wednesday to a near two-week high before paring gains, unable to play catch-up with global markets, as liquidity concerns dragged down non-banking financial stocks.