Page 2283 - Business Finance
Nalco board approves share buyback worth Rs 504.8 cr
State-owned Nalco Friday said its board has approved proposal to buyback shares worth Rs 504.8 crore. National Aluminium Company Ltd in a filing to the BSE said that "the board of directors of the company in their meeting held on October 12, 2018 has unanimously approved....the proposal to buyback not exceeding 6,73,11386 equity shares...in cash for an aggregate consideration not exceeding Rs 504,83,53,950." Aluminium maker Nalco had earlier reported a five-fold jump in net profit at Rs 687 crore for the first quarter ended June 30, 2018.
GE delays third-quarter earnings by a week
(Reuters) - General Electric Co put off publication of its third-quarter results by almost a week on Friday to allow new Chief Executive Officer Larry Culp to complete business reviews and site visits.
Let RPF secure, manage new metro stations across country: Railways proposal
Railways has proposed that RPF be given the responsibility of securing the premises of all upcoming metro stations in the country, a senior official said. The railway board has written to the Ministry of Housing and Urban Affairs saying that the Railway Protection Force (RPF) which is already guarding the Kolkata Metro be made in charge of security for the new metros in Lucknow, Nagpur, Chennai, Pune, Ahmedabad, Bangalore, Indore, Bhopal and Hyderabad. "Having a single dedicated force for the Metro Railway is advantageous since the staff can be trained in the safety and security requirements of the metro. The RPF has specialised training because it is already securing sub-urban stations for years," said a senior official. The official also pointed out that the move will also be cost effective. Presently, the Central Industrial Security Force (CISF) charges Rs 1.84 lakh annually per jawan for securing metro premises, while the RPF charges only Rs 78,000 per jawan yearly. Also, as the ..
Karnataka Bank Q2 net up 20% at Rs 112 cr on lower provisions
Private sector Karnataka Bank Friday posted a 20 per cent increase in its net profit at Rs 111.86 crore in the second quarter ended September 2018 on lower provisioning for bad loans and healthy core income. Bank's net profit in the corresponding July-September quarter of 2017-18 was at Rs 93.38 crore. Total income of the bank increased to Rs 1,653.81 crore in the second quarter of 2018-19, from Rs 1,565.75 crore in the same period of the preceding fiscal, the bank said in a regulatory filing. Bank's earnings from interest moved up to Rs 1,452.61 crore during the September quarter as against Rs 1,317.93 crore in the year-ago period. The asset quality has moderated and is showing signs of turnaround, the bank said in a statement. Further, stress in the pipeline, especially in terms of SMA2 (special mention accounts-2), MSME dispensation accounts, restructured advances has considerably eased, the bank said. On asset quality, the net non-performing assets (NPAs) came down to 3 per cent ..
DIPP develops portal for filing of IEM, IL applications
The Department of Industrial Policy and Promotion (DIPP) Friday said it has developed a portal for facilitating filing of online applications for industrial entrepreneurs' memorandum (IEM) and industrial licence (IL). Applications for IEM and IL under Industries (Development & Regulation)Act are currently accepted through e-biz portal whereas applications for manufacture of defence items under the Arms Act are received physically, the Commerce and Industry Ministry said in a statement. The DIPP is an arm of the ministry. "This portal will be available for public with effect from October 16 for filing application and no applications shall be received through e-biz portal or in physical form," it added.
Retail inflation picks up to 3.77 pc; IIP growth dips to 3-mth low of 4.3 pc
Industrial production dropped to a three-month low of 4.3 per cent in August mainly due to a fall in mining output, while retail inflation inched up to 3.77 per cent in September as fuel rates peaked and food prices rose, further raising prospects of a RBI rate hike in the near future. However, the retail inflation - which is taken into account by the Reserve Bank while deciding the monetary policy - is below the central bank's medium-term target of 4 per cent. The experts are of the opinion that there are chances of either rate hike or hold in view of firming up of headline inflation in view rising fuel prices, depreciating rupee and upward revision in crop support prices. The next policy of the RBI is due on December 5. "The mild uptick in the CPI (retail) inflation in September is in line with our expectation of a sub-4 per cent print for that month. However, the rise in crude oil prices, the sharp weakening of the rupee and the revision in MSP (minimum support price) are likely to
India needs to expedite structural reform process by building consensus: IMF officials
India should expedite the structural reform process by working to build consensus, according to senior IMF officials who said the country needs land and labour market reforms to achieve sustained growth. Changyong Rhee, Director of the Asia and Pacific Department at the International Monetary Fund, said that India has some of the world class economists and there is no dearth of good policies, the issue is with their implementation. "I don't know whether my Indian colleagues will like it or not. Just do it. Stop talking," Rhee told PTI in an interview when asked what India needs to do to achieve high sustained growth. Rhee quickly explained stating that "just do it" might be too simple a line. "India is, of course, a democratic society, so consensus needs to be first built. It is in that context, though, that India needs to expedite the reform process first, by working to build consensus and agreement and then followed by implementation," he explained. "I think, the real issue is ...
Emami Cement files Rs 1,000-cr IPO papers with Sebi
Emami Cement on Friday filed draft papers with capital markets regulator Sebi to raise Rs 1,000 crore through an initial share sale. The IPO comprises fresh issuance of shares worth Rs 500 crore, besides, an offer of sale of the same size by the company's existing promoters and shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi. The company said net proceeds raised through the issue will be used for re-payment of certain indebtedness and for other general corporate purposes. IIFL Holdings, Axis Capital, CLSA India, Edelweiss Financial Services and Nomura Financial Advisory and Securities (India) will manage the company's public issue. The equity shares will be listed on BSE and NSE. Emami Cement established an installed manufacturing capacity of 5.60 million metric tonne per annum (MMTPA) in its two years of commercial operations. The company said it currently operates three manufacturing plants and is in the process of setting up another plant, which ..
Wall Street gains at open as banks rise
(Reuters) - U.S. stocks opened higher on Friday, as bumper results from the country's largest banks, including JPMorgan, set an upbeat tone for the earnings season.
U.S. import prices increase 0.5 percent on jump in fuel
WASHINGTON (Reuters) - U.S. import prices jumped faster than expected in September amid resurgent energy prices but prices excluding fuels were unchanged.
U.S.-China trade talks must cover currency, U.S. Treasury chief says
NUSA DUA, Indonesia (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Friday that he told China's central bank chief that currency issues need to be part of any further U.S.-China trade talks and expressed his concerns about the yuan's recent weakness.
Wells Fargo profit rises, cost cuts paying off
(Reuters) - Wells Fargo & Co posted a 32 percent jump in quarterly profit on Friday, as the bank gave out more personal and automobile loans, and made headway in its cost-cutting plan.
India, Azerbaijan to take steps to boost bilateral trade
India and Azerbaijan have agreed to take steps to boost bilateral trade as the two-way commerce between the countries was far below the potential, an official statement said Friday. The issues were discussed during the fifth meeting of the India-Azerbaijan Inter-Governmental Commission on Trade and Economic, Science and Technology Cooperation here. The meeting was co-chaired by Union Minister of Commerce and Industry Suresh Prabhu and Minister of Ecology and Natural Resources of the Government of Republic of Azerbaijan, Mukhtar Babayev. "Both sides felt that bilateral trade was far below the potential and there was a need to step up the cooperation to enlarge the trade basket and increase bilateral trade and investment," the Commerce Ministry said. The two sides agreed to take measures to enhance trade relations and expand business tie-ups between the countries, it added. Bilateral trade between the countries stood at USD 657.9 million in January-August 2018. The two sides emphasised .
KKR looks to buy assets from Indian NBFCs: Bloomberg
(Reuters) - U.S. private equity firm KKR & Co Inc is seeking to buy assets from Indian non-banking finance firms as it believes current market conditions offer attractive opportunities, Bloomberg reported.
PV sales growth witness moderate growth in H1 at 6.88%
Passenger vehicles (PV) sales grew at a moderate 6.88 per cent in the first half of 2018-19 hit by a slump in July-September that prompted auto makers body SIAM to take a conservative outlook for the fiscal signalling a slowdown in the sector. PV sales contracted by 5.61 per cent in September -- the biggest monthly slump in this fiscal -- marking the third straight month of decline. In total, PV sales dropped by 3.6 per cent in July-September 2018 after a stellar 20 per cent growth in the April-June quarter. Sales dropped 2.71 per cent in July followed by a 2.46 per cent contraction in August. The Society of Indian Automobile Manufacturers (SIAM) contained its growth forecast for 2018-19 to 9 per cent from earlier spread of 9-11 per cent. Passenger vehicle sales during the April-September period stood at 17,44,305 units as against 16,32,006 units in the year-ago period, showing a moderate growth of 6.88 per cent largely backed by new launches and rural demand. In the first half of the
Bengaluru airport sees 28% rise in pax trafic in Sep qtr
Passenger trafic at the city's Kempegowda International Airport surged 28.1 per cent to 8.13 million in September quarter, driven by new flights, higher occupancy in aircraft and low fares, the aerodrome operator said Friday. The private airport, operated by Bangalore International Airport (BIAL), had flown 6.35 million passengers in the same period last year. The domestic passenger traffic rose 30.5 per cent to 7.07 million in September quarter, while the international passenger volumes increased by 13.8 per cent to 1.6 million, BIAL said in a release. The launch of new routes, superior load factors and attractive offers contributed to the growth trajectory and increased passenger volumes, the release added. BIAL is the joint venture company that operates Bengaluru's Kempegowda international airport. Canadian firm Fairfax holds 54 per cent stake in the JV, Siemens Projects Ventures 20 per cent, while the central and state governments hold 13 per cent each through AAI ...
Saudi faces business backlash over Khashoggi disappearance
Saudi Arabia's Crown Prince Mohammed bin Salman is facing a backlash over the disappearance of journalist Jamal Khashoggi from business and media previously supportive of his reform drive, with partnerships at risk and big names boycotting a major conference this month. The crown prince, the son of King Salman, has spearheaded an ambitious programme known as Vision 2030, aiming to make the oil-rich conservative kingdom a hub for global innovation and better able to respond to the demands of its increasingly youthful population. Despite enduring criticism of Saudi's human rights record and its role in the war in Yemen, business chiefs, investors and prominent media figures have been impressed by the crown prince's rhetoric and backed his vision of a new Saudi Arabia. The showcase of this international support was set to be on October 23-25 at the Future Investment Initiative in Riyadh, a lavish conference to be attended by top foreign business leaders and dubbed the "Davos in the ...
ADB pledges $1bn fund for Indonesia's earthquake, tsunami
The Asian Development Bank (ADB) pledged up to $1 billion of emergency assistance fund to support Indonesia's immediate budgetary needs and reconstruction efforts in areas affected by earthquakes and tsunami on Sulawesi Island.
Oil rebounds towards $81 but weaker demand view weighs
LONDON (Reuters) - Oil rebounded towards $81 a barrel on Friday as an equities rally lent support, though prices pared gains after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.
US firm Ametek opens India tech centre in Bengaluru
The US-based Ametek Instruments on Friday said it opened its India arm's technology solutions centre here to spur growth of its electronic instruments and electro-mechanical products business.