Page 2258 - Business Finance
RBI approves 3-year term for Bakhshi as ICICI Bank chief
Adopting a seemingly cautious approach, the Reserve Bank has approved appointment of Sandeep Bakhshi as ICICI Bank's Managing Director and Chief Executive Officer for three years as against a five-year term sought by the lender. ICICI Bank Tuesday informed the stock exchanges that the Reserve Bank of India (RBI) has cleared Bakhshi's appointment for three years effective from October 15. After ICICI group veteran Chanda Kochhar -- who was facing inquiry related to alleged nepotism and quid pro quo in extending loans to certain entities -- resigned earlier this month, the bank announced appointment of Bakhshi as the MD and CEO for five years. In recent months, the RBI seem to be exercising a cautious approach when it comes to re-appointment of chiefs of private sector banks, especially against the backdrop of rising non-performing assets in the banking system. Last month, the central bank curtailed the proposed three-year term for Yes Bank MD and CEO Rana Kapoor, whose tenure was ...
China exporters worried about trade war, rising costs at home: Reuters poll
GUANGZHOU, China (Reuters) - Chinese exporters are mostly confident they can weather a trade war with the United States, but worry about collateral damage it might cause throughout the global economy, according to a Reuters poll of participants at China's largest trade fair.
Walmart lowers earnings outlook due to Flipkart buy; shares drop
(Reuters) - Walmart Inc lowered its earnings forecast for the year on Tuesday and said its e-commerce growth next year would be slower than the current fiscal year that ends in January, sending its shares down in premarket trading.
Goldman Sachs profit beats on higher equity trading, investment banking
(Reuters) - Goldman Sachs reported a better-than-expected quarterly profit on Tuesday, driven by its equities trading and investment banking businesses that offset weakness in bond trading.
Domino's U.S. sales disappoint, shares fall 6 percent
(Reuters) - Domino's Pizza Inc reported a smaller-than-expected increase in quarterly same-store sales at company-owned stores in the United States on Tuesday, underscoring intensifying competition from Pizza Hut and food delivery upstarts in an overcrowded market.
Global Markets: Degree of calm returns to battered stocks; Italy helps out
LONDON (Reuters) - World stocks nudged higher on Tuesday, as focus turned to earnings season and a rebound in Italian assets helped battered equities find firmer ground for now.
Hero MotoCorp quarterly profit drops 3 percent
(Reuters) - Hero MotoCorp Ltd, the world's largest two-wheeler maker, posted a 3.4 percent drop in quarterly profit on Tuesday, hurt by higher expenses amid a depreciating rupee.
Hero MotoCorp Q2 net profit dips marginally to Rs 976 cr
The country's largest two-wheeler maker Hero MotoCorp Tuesday reported a maginal dip in its standalone profit after tax to Rs 976.28 crore for the second quarter ended September 30, 2018. The company had posted a net profit of Rs 1,010.49 crore for the same period of the previous fiscal, Hero MotoCorp said in a BSE filing. 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. Shares of Hero MotoCorp today closed at Rs 2,890 per scrip on BSE, up 0.23 per cent from its previous close.
APEDA's organic foods trade fair at Pragati Maidan from Oct 25
India's strength as major hub for organic food products will be showcased at a three-day trade fair 'Biofach India 2018' to be held in the national capital at Pragati Maidan from October 25, the government body APEDA said Tuesday. The trade fair is being jointly organised by the government's Agricultural Processed Food Products Export Development Authority (APEDA) and exhibition organiser NurnbergMesse India, an official statement said. More than 500 delegates from India and abroad will be participating in the fair. There will be an 'Organic Theme Pavilion' by APEDA to provide direct business opportunity to Indian producers with visiting international buyers. APEDA is inviting and sponsoring more than 50 buyers from important importing countries for direct market linkages of producers with international trade, the statement added. India produced around 1.70 million tonnes of certified organic products in 2017-18. Among different states, Madhya Pradesh is the largest producer of ...
Wells Fargo seeks to create Paris hub as part of Brexit plan
(Reuters) - Wells Fargo & Co said on Tuesday it has applied for an investment firm license in France as part of its Brexit strategy.
UnitedHealth tops earnings estimates, raises 2018 forecast
(Reuters) - UnitedHealth Group Inc added more members to its health insurance plans in the third quarter, helping the industry bellwether beat profit estimates and raise its earnings forecast for the full year.
BlackRock profits rise, sales hurt by investor sentiment
(Reuters) - BlackRock Inc reported a better-than-expected quarterly profit on Tuesday, helped by lower taxes, but the company's sales growth sank as investors cut risk in their portfolios.
India's vegetable oils import down 2pc in Sept
Vegetable oils' import fell two per cent to 14.91 lakh tonne (LT) in September due to rupee depreciation and higher custom duty, according to edible oil industry body SEA. Total imports of vegetable oils were also down 3.5 per cent to 137.69 LT during November-September period of the 2017-18 oil year from 142.72 LT in the year-ago period, it said in a statement. Oil year runs from November to October. "The September vegetable oil imports declined marginally because of weak rupee and higher customs duty," Solvent Extractors Association of India (SEA) Executive Director B V Mehta said. As per the SEA data, import of edible oil fell to 14.22 LT in September from 15.01 LT in the year-ago period, but the shipments of non-edible oils rose to 69,171 tonne from 17,994 tonne during the review period. The country imported 2,44,577 tonne of RBD palmolein, 6,65,110 tonne of crude palm oil, 8,988 tonne of crude palm kernel oil in September this year. It also imported 3,41,402 tonne of soyabean ...
Ezetap's Sanjeeb Kalita Joins Innoviti as Chief Revenue Officer
/ -- Move designed to further accelerate Innoviti's revenue expansion plans An alumnus of INSEAD, France, Sanjeeb Kalita joins Innoviti as Chief Revenue Officer. He brings over 22 years of diverse experience of Sales & BD, Large Scale Operations Management and building businesses across sectors like FinTech, IT & Telecom. Sanjeeb till recently was the Chief Revenue Officer at Ezetap where he led the company's international expansion, built partnerships and alliances, and was responsible for sales and revenue. Sanjeeb was previously associated with Bharti Airtel as Vice President & Chief Service Officer. Sanjeeb Kalita's induction is in line with Innoviti's aggressive plans for scaling up of its business operations post the latest fund raise of US$ 18 million in a Series B funding round led by the Singapore-based SBI FMO Emerging Asia Financial Sector Fund (the 'SBI-FMO Fund' jointly setup by SBI Holdings Group of Japan and FMO of Netherlands), Bessemer Venture Partners .
OPEC urges producers to ramp up investment amid shrinking spare oil capacity
NEW DELHI (Reuters) - OPEC Secretary-General Mohammad Barkindo on Tuesday urged oil producing companies to increase capacities and invest more to meet future demand as spare oil capacity shrinks worldwide.
Federal Bank shares jump nearly 8% after Q2 results
Shares of Federal Bank Tuesday rose by nearly 8 per cent after the company posted increase in net profit at Rs 266.04 crore for the quarter ended September. The scrip soared 7.86 per cent to end at Rs 81.65 apiece on the BSE. During the day, it jumped 9.37 per cent to Rs 82.80. On the NSE, shares of the company surged 7.71 per cent to close at Rs 81.65. In terms of the equity volume, 56.25 lakh shares of the company were traded on the BSE and over 7 crore shares changed hands on the NSE during the day. The bank had posted a net profit of Rs 263.7 crore during the July-September quarter of 2017-18, according to a regulatory filing by the company. The bank's total income stood at Rs 3,087.81 crore during the second quarter of the current fiscal as against Rs 2,666.82 crore in the year ago period.
Sensex zooms 297 pts to reclaim 35K; rupee, corp earnings drive optimism
The equity benchmark Sensex continued its winning run for the third straight session Tuesday, rising 297 points to scale the key 35,000-level on positive macro signs like strengthening rupee and healthy start to the corporate earning season. Meanwhile, the rupee strengthened by 25 paise to 73.58 (intra-day) against the US dollar in the forex market. Besides, easing global crude prices and positive cues from Asian markets and a higher opening in European shares too fuelled the rally. Brent was trading 0.25 per cent lower at USD 80.58 a barrel on Tuesday. "Market maintained a positive momentum as healthy start to the earnings season and gaining strength in rupee supported the sentiment. Though rally was broad based, financials led from the front... Earnings season will dictate the trend in the market as investors are gradually shifting their focus from global volatility to domestic triggers," Vinod Nair, Head of Research, Geojit Financial Services said. The 30-share Sensex stayed in the
Federal Bank reports Rs 266 cr net profit in Q2
Federal Bank Tuesday posted a marginal increase in net profit at Rs 266.04 crore for the quarter ending September on annual basis. The bank had posted a net profit of Rs 263.7 crore during the July-September quarter of 2017-18, according to a regulatory filing by the company. The bank's total income stood at Rs 3,087.81 crore during the second quarter of the current fiscal as against Rs 2,666.82 crore in the year ago period. Federal Bank's gross non-performing assets (NPA) widened to 3.11 per cent of its assets as against 2.39 per cent in the second quarter of the last fiscal. Net NPA too rose to 1.78 per cent of its assets during September 2018 quarter. This compares with 1.32 per cent in the year ago quarter. For the first half of the current fiscal, bank's net profit stood at Rs 528.75 crore, up from Rs 473.85 crore in the comparable period of 2017-18. Federal Bank shares closed up by 7.86 per cent at Rs 81.65 on BSE after touching a high of Rs 82.80. The scrip witnessed a hectic ..
Johnson & Johnson profit beats, lifts forecast on cancer drug demand
(Reuters) - Johnson & Johnson on Tuesday reported quarterly profit above estimates and raised its full-year forecast, as demand for its cancer drugs Zytiga and Imbruvica helped offset decline in sales of blockbuster drug, Remicade.
Omnicom's beats third-quarter results as U.S. ad share rises
(Reuters) - U.S. advertising company Omnicom Group Inc beat analysts' estimates for third-quarter revenue and profit on Tuesday, helped by an almost 7-percent rise in revenue from euro zone markets and a steadying of ad spending in the United States.