Page 2257 - Business Finance

Cochin Shipyard board approves buyback of shares up to Rs 200 cr

State-run Cochin Shipyard Ltd (CSL) Tuesday said its board has approved buyback of equity shares worth up to Rs 200 crore. "The board approved the buyback proposal for purchase of fully paid equity shares of Rs 10 each not exceeding 43,95,610 equity shares at a price of Rs 455 per share," Cochin Shipyard said in a filing to BSE. CSL completed its landmark IPO in August last year, which was a smashing hit, attracting more than Rs 1.11 lakh crore as against the offer size of Rs 1,442 crore. Shares of CSL closed at Rs 400.05 per scrip, down 0.53 per cent on BSE.

Walmart says USD 16-bn Flipkart deal to hit earnings

World's largest retailer Walmart Tuesday said its USD 16-billion investment in Indian e-tailing giant Flipkart will hit its operating income as well as earnings per share. The Bentonville, US-based company said its earnings per share (EPS) is now expected to be around USD 2.65-2.80 as compared to a previous guidance of USD 2.90-3.05 for the fiscal year ending January 31, 2019. "FY20 operating income is expected to decline by a low single digit percentage range, but is expected to increase by a low single digit percentage range when excluding Flipkart in both FY19 and FY20," Walmart said in a regulatory filing. Walmart, in May, had picked up 77 percent stake in Flipkart for USD 16 billion as part of its efforts to ramp up its e-commerce business as it takes head-on global rival Amazon. The deal with Flipkart, which was completed in August this year, will not only help Walmart strengthen its play in the Indian market but also cash in on the burgeoning e-tailing market in India that is ..

Oil falls on U.S. shale output, expected stocks data

LONDON (Reuters) - Oil prices fell on Tuesday on evidence of higher U.S. oil production and increasing U.S. crude inventories, but reports of a fall in Iranian oil exports helped to limit losses.

VW targets online sales, over-the-air updates in new contract with European dealers

FRANKFURT (Reuters) - Volkswagen will overhaul its dealership and sales organisation by April 2020 to enable online sales and over-the-air software updates for its new electric cars, the German automaker said on Tuesday.

Federal Bank Q2 net up marginally on higher provisions, NPAs

South-based Federal Bank Tuesday reported a marginal, 0.88 per cent increase in September quarter net to Rs 266 crore, restricted by increase in provisions as dud assets increased. The bank had posted a post tax net of Rs 263.70 crore in the year-ago period. It, however, said that there has not been any adverse impact of the Kerala floods beyond the already assumed one. Its provisions rose 63.38 per cent to Rs 288.82 crore for the reporting period, which was one of the primary reasons restricting profit growth. Federal Bank managing director and chief executive Shyam Srinivasan said Rs 152 crore has been set aside for loan losses, Rs 105 crore towards various investments by the bank, including security receipts, and Rs 30 crore is for standard assets. The gross non-performing asset (NPA) ratio rose to 3.11 per cent, against 2.39 per cent in the year-ago period, on fresh slippages of Rs 477 crore. The SME portfolio contributed the most to the fresh slippages at Rs 169 ...

ICICI Bank shares gain 2.5% after RBI approves 3-year term for Bakhshi as chief

Shares of ICICI Bank gained 2.5 per cent Tuesday after the Reserve Bank approved appointment of Sandeep Bakhshi as the company's Managing Director and Chief Executive Officer for three years. The scrip ended the day 2.51 per cent higher at Rs 321.05 on BSE. During the day, it surged 3.12 per cent to Rs 323. At NSE, shares of the company went up 2.32 per cent to close at Rs 320.65. ICICI Bank Tuesday informed the stock exchanges that RBI has cleared Bakhshi's appointment for three years effective from October 15. In recent months, RBI seems to be exercising a cautious approach when it comes to reappointment of chiefs of private sector banks, especially against the backdrop of rising non-performing assets in the banking system.

Hero MotoCorp Q2 net profit dips 3 pc to Rs 976 crore

The country's largest two-wheeler maker Hero MotoCorp Tuesday reported a 3.38 per cent dip in its standalone profit-after-tax to Rs 976.28 crore for the September quarter, mainly on account of higher expenses. The company had posted a net profit of Rs 1,010.49 crore for the corresponding period of the previous fisccal, Hero MotoCorp said in a filing to BSE. Revenue from operations for the quarter under review stood at Rs 9,090.94 crore as against Rs 8,371.74 crore in the same period previous fiscal, it added. Total expenses for the said quarter stood at Rs 7,866.15 crore as against Rs 7,053.63 crore in the same period a year ago. During the quarter, the company sold 21,34,051 units of two-wheelers as against 20,22,805 units in the year-ago period. Commenting on the performance, Hero MotoCorp Chairman, MD and CEO Pawan Munjal said: "I am pleased to share that Hero MotoCorp, backed by sustained demand for its popular range of motorcycles and scooters, continued its sales growth in ...

Wells Fargo to shift EU hub to Paris in Brexit plan

(Reuters) - Wells Fargo & Co said on Tuesday it had applied for an investment firm license in France as part of a Brexit strategy that will shift its servicing of European mainland customers out of London.

Wall Street set to rebound on strong results from UnitedHealth, Goldman

(Reuters) - Wall Street was set to recover on Tuesday as upbeat earnings reports from blue-chip companies helped ease jitters over the impact of an ongoing U.S.-China trade war and other global issues on corporate profits.

Omnicom cuts workforce by 7,000 people

(Reuters) - Omnicom Group Inc has cut its workforce by about 7,000 people, the U.S. advertising company said in a post earnings call on Tuesday.

Healthy Q2 results, rupee push indices higher; banking stocks rise (Roundup)

A positive start to the second quarter results season, along with a stable rupee and low crude oil prices, pushed both the key equity indices -- S&P BSE Sensex and NSE Nifty50 -- higher for the third consecutive session on Tuesday.

Pradhan says govt does not interfere in fuel pricing

Oil minister Dharmendra Pradhan Tuesday said the government does not interfere in the pricing of petroleum products which had been deregulated, allowing state-owned retailers to fix rates based on the international benchmark. The comment came as criticism mounted on the move by the government to ask state-owned oil PSUs to subsidise petrol and diesel by Re 1 per litre to make retail price cut look bigger after it cut excise duty on the fuels by Rs 1.50 a litre. Global oil major BP, which secured a licence to open petrol pumps in the country but hasn't started fuel retailing yet, Monday said: "Price controls will not be good for the fuel sector." BP chief executive Bob Dudley said slow decision-making had in the past curbed its investment in the country and was not good for "brand India". "The government has no business to interfere in pricing mechanism of petroleum products which has been left to the oil companies to decide on a daily basis," Pradhan told reporters on sidelines of the

Alexander Stamps settles case with Sebi, pays Rs 6.8 lakh

Alexander Stamps and Coin Ltd Tuesday settled proceedings with markets regulator Sebi in connection with alleged violation of insider trading norms on payment of Rs 6.8 lakh towards settlement charges. The firm, formerly known as Rudraksh Cap Tech, filed an application for settlement while the adjudication proceedings were initiated by the regulator for alleged violations of PIT (Prohibition of Insider Trading) Regulations. The settlement terms proposed by the entity were considered by Sebi's High Powered Advisory Committee (HPAC), which recommended the case for the settlement on payment of Rs 6.8 lakh. The recommendation of HPAC was also accepted by the panel of whole-time members of Sebi. Following this, the firm paid the settlement amount and accordingly, the Securities and Exchange Board of India (Sebi) settled the case. As per the order, if any representation made by the company in the settlement proceedings is subsequently discovered to be untrue, Sebi would take enforcement ...

Warehousing industry may grow at 13-15% in medium term: Report

The warehousing industry in the country is expected to grow at 13-15 per cent in the medium term, driven by the growth in manufacturing, retail, FMCG and e-commerce sectors, a report said Tuesday. Growth in overall production and consumption, organised retail, logistics outsourcing and regulatory interventions such as WRDA Act and GST have improved prospects of the organised professional warehousing segment, Care Ratings said in its report. Private investments in logistics and other infrastructure developments such as dedicated freight corridor (DFC) will also aid the segment growth, it added. "The domestic warehousing industry grew from Rs 56,000 crore in 2013 to Rs 77,000 crore in 2017, and is expected to grow at a rate of 13-15 per cent in the medium term," the report said. However, it added that the overall growth potential is limited by challenges like limitations in infrastructure connectivity, need for large capital and issues related to land acquisition. The ...

SJM seeks PM's intervention in keeping ITC in Indian hands

The RSS-affiliated Swadeshi Jagran Manch (SJM) on Tuesday sought Prime Minister Narendra Modi's intervention to ensure that the controlling stake in multi-business conglomerate ITC does not go to a foreign company. The SJM wrote to Modi in the wake of reports of a possible takeover of ITC by British American Tobacco Company (BAT), a UK-based multi-national firm. "Swadeshi Jagran Manch requests you to kindly intervene in this case in national interest, and pass instructions to increase the shareholding of the government to thwart the possibility of a takeover of an Indian company (ITC) by an MNC," its co-convener Ashwani Mahajan said in the letter to Modi. BAT already holds stake in the ITC, which has diversified business in a range of sectors including FMCG, apparel, hotels, specialty papers, packaging, agri-business and information technology among others. Referring to ITC's shareholding pattern, he said shares held by domestic financial institutions used to be 32 per cent which has .

Bhopal Muni lists bonds on NSE

Bhopal Municipal Corporation (BMC) Tuesday listed its bonds on debt market platform of the NSE, becoming the second municipal corporation in Madhya Pradesh to get listed after Indore. BMC raised around Rs 175 crore on September 25, its closing day, and the issue was subscribed 1.06 times. "NSE has listed muni bond of Bhopal Municipal Corporation (BMC)," the exchange said in a statement. The funds mobilised will be used for implementation of projects identified under government's Atal Mission for Rejuvenation and Urban Transformation (AMRUT). Muni bonds play an important role in building a sustainable source of financing to fund long term infrastructure and social obligations for Municipal Corporations. Muni bonds promote good governance in municipal corporations and will lead the way for self-sustainable communities," Managing Director NSE Vikram Limaye said. Indore Municipal Corporation listed its bonds in July on the exchange. Previously, urban bodies like Hyderabad and Pune also ...

Uber proposals value company at $120 billion in a possible IPO: WSJ

(Reuters) - Uber Technologies Inc could be valued at $120 billion when it finally goes public next year according to recent proposals made by U.S. banks, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Infosys Q2 net profit up 10.3% to Rs 4,110 cr, sees strong demand outlook

The country's second-largest IT firm Infosys Tuesday posted a 10.3 per cent jump in its September quarter consolidated net profit at Rs 4,110 crore, helped by strong deal pipeline and traction in digital revenues. Terming it a "blockbuster quarter", the company said the demand outlook remains strong but retained its 6-8 per cent revenue growth outlook for FY2018-19. The company had posted a net profit of Rs 3,726 crore in the year-ago period. Its revenue grew 17.3 per cent to Rs 20,609 crore in the said quarter. Basic earnings per share (EPS) was at Rs 9.45. "We see a strong demand outlook backed by good fundamentals in the US, Continental Europe...this is a fairly comfortable outlook, both in demand and revenue," Infosys CEO and managing director Salil Parekh said. He added that large deal wins at over USD 2 billion in the second quarter of the fiscal demonstrate "increased client relevance and also give us better growth visibility for the near-term". The company has seen a ...

Hero MotoCorp standalone net profit declines 3.39% in the September 2018 quarter

Sales rise 8.59% to Rs 9090.94 crore

Unilever to engage more with shareholders

LONDON (Reuters) - Unilever will engage more with its shareholders and has learned lessons from investors' opposition to the consumer goods group's pay policy, a company executive said on Tuesday in response to questions from a British parliamentary committee.