Page 2285 - Business Finance
HUL Q2 net profit rises 19.51% to Rs 1,525 crore
FMCG major Hindustan Unilever Ltd (HUL) Friday reported a 19.51 per cent increase in net profit to Rs 1,525 crore for the September 2018 quarter on account of double digit growth across categories. The company had posted a net profit of Rs 1,276 crore during the same period last fiscal. Sales during the quarter under review stood at Rs 9,138 crore as against Rs 8,199 crore in the year-ago period, up 11.45 per cent, HUL said in a regulatory filing. "Our focus on strengthening the core, leading market development and driving excellence in execution has enabled us to deliver competitive and profitable growth. In the near term, we expect demand to be stable. Our strength of agility and responsiveness gives us confidence to navigate the headwinds arising from crude inflation and currency depreciation," HUL Chairman and Managing Director Sanjiv Mehta said. HUL Chief Financial Officer Srinivas Phatak said while the company expects the demand to be stable in the near term, the company will ...
Retail inflation up marginally to 3.77 pc in Sept
India's retail inflation rose marginally to 3.77 per cent in September owing to higher fuel and food prices, showed the government data released Friday. The inflation based on consume price index (CPI) had declined to a 10-month low of 3.69 per cent in the previous month. In September 2017, it was at 3.28 per cent. However, the inflation rate has remained well within the RBI's target of 4 per cent. In categories such as cereals, meat and fish, eggs, milk products, retail inflation showed an upward trend. In fruits, however, the inflation rate moderated in September. The overall inflation in consumer food basket increased to 0.51 per cent as against 0.29 per cent in August, showed the data. In fuel and light category, the rate of price rise was at 8.47 per cent in September.
Yes Bank shares gain nearly 3% as co hires Korn Ferry to assist search panel for new CEO
Shares of Yes Bank Friday gained nearly 3 per cent after the company appointed US-based headhunter Korn Ferry to assist an expert panel searching for a successor to outgoing MD and CEO Rana Kapoor. The scrip rose 2.79 per cent to end at Rs 246.70 on BSE. Intra-day, it jumped 6 per cent to Rs 254.60. At NSE, shares of the company gained 2.60 per cent to close at Rs 246.45. In terms of equity volume, 38.82 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day. The bank had invited proposal from four global leadership advisory firms specialising in banking and finance sector to assist its five-member expert committee in identifying a new chief executive. Kapoor, the founder and promoter of the bank, has been asked by the Reserve Bank to step down after January 2019. Based on assessments and presentations made by these global advisory firms, the Search and Selection Committee has mandated Korn Ferry to assist the committee in evaluating .
India's August industrial output grows 4.3 percent
NEW DELHI (Reuters) - India's industrial output in August grew 4.3 percent from a year earlier, government data showed on Friday.
Cyber fraud: State Bank of Mauritius recovers 90pc money
The State Bank of Mauritius (India) on Friday said it has recovered around 90 per cent of the approximately Rs 190 crore that was lost in a major cyberattack on October 2.
Sundaram-Clayton Ltd sets up Rs 150 cr foundry at Oragadam
Sundaram-Clayton Ltd, a TVS Group company, has set up new foundry at an investment of Rs 150 crore in Oragadam near here. The plant, which would primarily serve auto major Hyundai Motor India, would also meet the growing demand for automotive products, a company statement said. Hyundai Motor India Managing Director and CEO, Young Key Koo formally inaugurated the facility recently. Sundaram-Clayton Ltd, Joint Managing Director Lakshmi Venu said "at SCL we are committed to work closely with customer as possible. This facility reinforces our drive to serve our customers by cutting down supply times because of proximity to their factories." The plant would have a capacity of 8,000 tonnes and would produce machine castings ranging from 1.9 kg to 7.2 kg. The capacity expansion was part of the SCL's strategy to partner in the light-weight of customers' vehicles, both with research and development and also in supply chain solutions, the statement added.
Poor mining output drags IIP growth to 3-month low of 4.3pc in Aug
Industrial production growth slipped to a three-month low of 4.3 per cent in August mainly due to a sharp decline in the mining sector output and poor offtake of capital goods, according to the Central Statistics Office (CSO) data. The industrial production measured in terms of Index of Industrial Production (IIP) was 4.8 per cent in August last year, the CSO data released Friday showed. The mining sector production contracted by 0.4 per cent in August compared to a growth of 9.3 per cent in the year-ago month. Similarly the capital goods output growth decelerated to 5 per cent during the month from a 7.3 per cent expansion year ago. The IIP growth is the lowest since May when industrial production grew at 3.9 per cent. Industrial production expanded by 6.8 per cent in June and 6.5 per cent in July. The manufacturing sector output grew at 4.6 per cent in August compared to 3.8 per cent a year ago. Power generation grew at the rate of 7.6 per cent in the month as against 8.3 per cent .
Quintegra Solutions reports standalone net loss of Rs 0.04 crore in the September 2018 quarter
Reported sales nil
CPI inflation rises marginally to 3.77% in September 2018
Core CPI inflation eases to 5.82% in September 2018
India's September retail inflation rises to 3.77%
Higher food and fuel prices accelerated India's September retail inflation to 3.77 per cent from 3.69 per cent in August, official data showed on Friday.
DATx Establishes Cross-Chain Hub for the Blockchain Industry
/ -- On September 30th, the team at DATx, a blockchain project focused on building industry infrastructure, announced the addition of cross-chain interoperability functionality to the DATxChain (Decentralized Application Transformational Chain), the DATx public chain. With the increasingly fragmented nature of the blockchain industry, the DATx team believes only by increasing communication between chains will blockchain technology reach wide commercial adoption. What is cross-chain interoperability? Cross-chain interoperability is the ability of two different blockchains to transfer information between each other. Currently, cross-chain interoperability has yet to be acheived on a significant scale due to technical barriers in differing protocols between chains. Advocates believe cross-chain interoperability will allow for a more efficient token economy by connecting blockchains specialized for different markets, making cryptocurrency a real competitive alternative to the fiat ...
India's passenger vehicle sales hurt by higher fuel costs, weaker rupee
NEW DELHI (Reuters) - India's domestic passenger vehicle sales fell 5.6 percent in September from a year ago, data from the Society of Indian Automobile Manufacturers (SIAM) showed on Friday, with demand hurt by rising fuel prices and interest rates.
Expert Views: India's September retail inflation picks up to 3.77
BENGALURU (Reuters) - India's retail inflation rate slightly picked up to 3.77 percent in September, government data showed on Friday, driven by higher food and fuel prices and a depreciating rupee.
Aircraft maker Boeing 'concerned' about Jet Airways, says official
Boeing is "concerned" over Jet Airways which is grappling with financial woes, a senior official of the leading aircraft maker said Friday. The full service carrier, which has been flying for over 25 years, is a key customer of Boeing. The airline has placed orders for 219 Boeing 737 MAX planes and has taken delivery of five of these planes. "We are concerned absolutely ... we have (just) delivered five MAXs. We will continue to work with them," Dinesh Keskar, Senior Vice President (Sales and Marketing for Asia Pacific and India) at Boeing Commercial Airplanes said. When asked whether he is concerned about financial stability of the airline, Keskara said, "it is ... sustainability", adding that fare levels seen in the last two-three months in the country's domestic airlines sector are a concern. While the operating cost of airlines has increased in recent months mainly due to higher oil prices, fares have not been hiked much amid stiff competition. There are entities that have deep ...
M&M to launch luxury SUV codenamed Y400 on Nov 19
Mahindra & Mahindra Ltd (M&M) Friday said it would launch its luxury SUV, codenamed Y400, next month. The new SUV, which will be built at the company's automotive plant at Chakan in Maharashtra, will be launched on November 19, 2018, it said. "Positioned in the high-end SUV segment, the Y400 is a high-end, full sized SUV that offers luxury and exclusivity in its tasteful design, lavish interiors, thrilling performance and best in class features," M&M Ltd President Automotive sector Rajan Wadhera said. He further said the company is "sure that it will further enhance our SUV portfolio". The Y400 will be under the Mahindra brand and will be exclusively available through a separate high-end showroom within the existing 'World of SUVs' dealerships, it added. These outlets will be equipped with ultra-modern digital technology to provide an enhanced and immersive high-end experience for customers, the company said.
Rasoi reports standalone net loss of Rs 0.17 crore in the September 2018 quarter
Sales decline 31.96% to Rs 4.45 crore
Krishnapatnam Port targets handling 60 mn MT cargo in FY18-19
: Andhra Pradesh-based Krishnapatnam Port has set itself a target of handling total cargo of close to 60 million metric tonnes during the current financial year, a top official said Friday. "In six months, we registered more than 25 per cent growth in 2018-19. We handled 29.12 million tonnes of cargo upto September 30, 2018. We expect to handle close to 60 Million Metric Tonnes (this financial year)", Port CEO and Director Anil Yendluri said. Krishnapatnam Port had handled 45 million tonnes in the last financial year, he told PTI. Yendluri said the port was in the process of setting up its first liquid cargo terminal at an investment of Rs 500 crore. "Currently, we do not have a dedicated liquid cargo terminal. We handle palm oil as liquid cargo. But this will be a new liquid cargo terminal. Two vessels can be berthed at the same time on the jetty", he said. Construction on the terminal has begun and it was proposed to be commissioned in 18 months. It would provide ...
Hindustan Unilever standalone net profit rises 19.51% in the September 2018 quarter
Sales rise 11.45% to Rs 9138.00 crore
India's September retail inflation picks up to 3.77 percent
NEW DELHI (Reuters) - India's retail inflation rate slightly picked up to 3.77 percent in September, government data showed on Friday, driven by higher food and fuel prices and a depreciating rupee.
IL&FS board initiates austerity measures at troubled company
MUMBAI (Reuters) - India's troubled Infrastructure Leasing and Financial Services Ltd (IL&FS) said on Friday that its Board has initiated several austerity measures related to personnel and operating expenses at the company.