Page 2311 - Business Finance
Bandhan Bank shares jump nearly 6% after Q2 earnings
Shares of Bandhan Bank Wednesday soared nearly 6 per cent after the company posted a 47.28 per cent jump in net profit for the quarter ended on September 30, 2018. The scrip jumped 5.60 per cent to end at Rs 512.05 on BSE. During the day, it soared 7.52 per cent to Rs 521.40. At NSE, shares of the company surged 5.19 per cent to close at Rs 512.15. Bandhan Bank Wednesday posted a 47.28 per cent jump in net profit to Rs 487.65 crore for the quarter ended September 30, 2018. The Kolkata-based lender had reported a net profit of Rs 331.09 crore in the corresponding quarter a year ago. Total income of the bank for the quarter under review stood at Rs 1,836.07 crore, up 36.73 per cent, against Rs 1,342.76 crore as on September 30, 2017, Bandhan Bank said in a regulatory filing. Bandhan Bank's gross non-performing assets (NPA) stood at 1.29 per cent in the second quarter of this fiscal compared with gross NPA of 1.43 per cent reported in September 30, 2017.
Odisha Governor lays foundation stone for ethanol bio-refinery
Odisha Governor Ganeshi Lal laid the foundation stone of the country's first 2G ethanol bio-refinery in Bargarh district on Wednesday.
Oil slips as IMF cuts outlook, Michael hits U.S. Gulf
LONDON (Reuters) - Oil prices eased on Wednesday after the IMF lowered its global economic growth forecasts, but markets were supported as Hurricane Michael closed nearly 40 percent of U.S. Gulf of Mexico oil output and U.S. sanctions restricted Iranian exports.
Nissan Motor India launches new Datsun Go and Datsun Go+
Nissan Motor India on Wednesday announced the launch of the new Datsun Go and Datsun Go+ models with added features.
Bandhan Bank Q2 net profit up 47.4%
Bandhan Bank on Wednesday reported a 47.4 per cent increase in its net profit to Rs 488 crore for the quarter ended September 30, 2018 as compared to Rs 331 crore in the corresponding quarter of the previous year.
OBC increases MCLR by 0.10 per cent from Thursday
State-owned Oriental Bank of Commerce (OBC) has raised the marginal cost of funds based lending rate (MCLR) by 0.10 per cent for various tenors with effect from Thursday. "This is to inform that the bank has revised MCLR for different tenors with effect from October 11," the bank said in a regulatory filing. MCLR for one year loan tenor, against which most of the retail loans are benchmarked, has been raised to 8.75 per cent, from 8.65 per cent earlier. Likewise, for 6 months, 3 months and 1 month tenor loans, MCLR has been increased by 0.10 per cent each to 8.70 per cent, 8.50 per cent and 8.45 per cent, respectively. For overnight tenor, MCRL is increased to 8.30 per cent. RBI has kept the key repo rate unchanged at 6.50 per cent in its latest monetary policy meet. Banks review MCLR every month. Earlier in the day, Syndicate Bank said it has increased MCLR by 0.10 per cent for 3-month tenor, while keeping the other rates unchanged. The new rate has come to effect from ...
Russia says Denmark has not asked for help in Danske case
COPENHAGEN (Reuters) - Danish and Estonian financial crime agencies have not asked Russia to help investigate a massive money laundering scandal at Danske Bank involving Russian and other account holders, Russia's financial monitoring service told Reuters on Wednesday.
Exclusive: BoE takes action to steer lenders through 'no-deal' Brexit - source
LONDON (Reuters) - The Bank of England (BoE) has asked lenders in Britain to provide six-hourly checks on their balance sheets in the days after a possible "no-deal" Brexit as it seeks to avert a sudden squeeze in credit supply, a senior industry source said.
Garden Reach Shipbuilders shares slump 12.5 pc in debut trade
Shares of Garden Reach Shipbuilders & Engineers made a weak debut at the bourses Wednesday and ended with a sharp loss of 12.5 per cent from the issue price of Rs 118 per scrip. The stock listed at Rs 104, falling 11.86 per cent from the issue price on BSE. During the day, it plunged 19.19 per cent to Rs 95.35. The scrip finally ended at Rs 105.10, down 10.93 per cent. At NSE, shares of the company slumped 12.45 per cent to end at Rs 103.30. The company's market valuation stood at Rs 1,203.94 crore on BSE. In terms of equity volume, 5.70 lakh shares of the company were traded on BSE and over 30 lakh shares changed hands at NSE during the day. The company's Rs 345-crore initial public offer ran from September 24-October 1 as the issue closure date was extended. Also, the price band for the offer, which was fully subscribed, was revised from Rs 115-118 per share to Rs 114-118. IDBI Capital Markets & Securities and YES Securities were the book running lead managers to the ...
Radisson Hotel partners Bayaweaver, mulls expansion of Radisson RED brand
Global hospitality major Radisson Hotel Group Wednesday said it has partnered with Bayaweaver Ltd for managing a hotel in Noida under the upscale Radisson RED brand, as part of expansion plans in the country. Commenting on the development, Radisson Hotel Group South Asia CEO Raj Rana said: "We are glad to partner Bayaweaver for managing this hotel which will give the brand unrivalled exposure in the Indian market due to its strategic location." The hotel will feature 350 guest rooms across 38 floors, Radisson Hotel Group said in a statement. For the Radisson RED brand, the company is targeting expansion in central, urban, tier-1 locations in mixed-use developments and those with proximity and access to independent F&B outlets as those connect well with the brand, Rana added. "We are excited to partner with Radisson Hotel Group to introduce Radisson RED into the hospitality segment in Noida," Bayaweaver Ltd CEO Himmat Singh said. Radisson RED is an upscale, select service hotel ...
445 Indian cos to participate in Ambiente 2019
As many as 445 Indian firms will showcase products at the Ambiente Fair in Frankfurt next year, as part of efforts to boost handicrafts exports, an official said. The Ministry of Textiles along with Messe Frankfurt India unveiled India Design Concepts for the fair here Wednesday. Addressing the event, Development Commissioner (Handicrafts) Shantmanu said 445 Indian companies will participate in the fair. "With India being the Partner Country for 2019 edition, the worldwide consumer goods sector has its eyes set on the future potential of the USD 3,573 million export market and the heritage art and crafts that will be put together through the concept of Future Is Handmade," a release said. India's handicraft exports stood at Rs 23,029 crore for 2017-18. (USD 3573 million).
Over 2.81 lakh MT paddy purchased in Punjab
More than 2.81 lakh metric tonne of paddy has arrived in grain markets of Punjab during the ongoing Kharif marketing season. Of the total purchase of 2,81,182.50 metric tonne of paddy, the the government agencies procured 2,64,343.5 MT while 16,839 MT was procured by private millers, according to an official spokesman. Among procurement agencies, Pungrain bought 75,987 MT while Markfed purchased 69,162.50 tonne. Punsup. Punjab State Warehousing Corporation and Punjab Agro Foodgrains Corporation bought 56,912 MT, 28,014 MT and 32,495 MT of paddy respectively. The central procurement agency FCI procured 1,782 MT of paddy, spokesman said.
Chevron becomes first oil major to exit Norway
OSLO (Reuters) - U.S. oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter.
Gold slips as strong dollar, rebounding stocks dent appeal
BENGALURU (Reuters) - Gold fell on Wednesday as rebounding stock markets dimmed the metal's appeal and the bearish outlook was bolstered by dollar strength and a bullish U.S. interest rate outlook.
NSE signs pact with Uttarakhand govt to fuel MSMEs growth in state
Leading stock exchange NSE Wednesday said it has signed a pact with the Uttarakhand government to provide access to capital to MSMEs, which will fuel growth of such entities in the state. The bourse will play an active role in nurturing the SMEs and start-ups by increasing awareness along with the government on the opportunities to raise capital, SME exchange guidelines, listing processes, compliances with listing agreement among others, NSE said in a statement. "We, at NSE are happy to actively collaborate with the Government of Uttarakhand. small and medium enterprises (SMEs) are crucial for economic growth, employment generation and broad based inclusive development," NSE Chief Business Development Officer Ravi Varanasi said. "We are very focused on providing access to capital to SMEs and look forward to supporting SMEs from Uttarakhand in their growth plans and do joint programmes with government of Uttarakhand in each district of the state for capital raising initiatives," he ...
Skullcandy expects India to be among its top 3 mkts in 3-5 years
Lifestyle audio brand Skullcandy is expecting India to be among its top three markets globally in the next three to five years as the Utah, US-based company is growing in high double digits here, said a top company official. India is presently one of the fastest growing markets for Skullcandy and the country is witnessing a rapid increase in number of smartphone users and growth in the purchasing power here. "We have a very positive outlook for the Indian market and we look forward to India being amongst the top three markets for Skullcandy globally in the next three to five years," Skullcandy International Sales Director Brain Welsh told PTI. Presently, India is the fourth largest market globally for Skullcandy and accounts for five per cent of its total sales, he added. The top three markets for Skullcandy are the US, Canada and the UK. China is presently half the size of the Indian market and the company expects it to climb up in the global sales. "In India, we are having a double .
Cargo Airport to boost the real estate market of Bhiwadi
The Aviation Ministry has approved a Green Field Cargo Airport in Alwar district of Rajasthan to facilitate business on Delhi-Mumbai Industrial Corridor (DMIC).Authorities have marked 636 hector of land in the first phase for developing Kotkasim aerocity. The airport is likely to turn areas of Kotkasim and Tejara Tehsil into one of the biggest cargo and logistics hub in north India.DMIC is an industrial corridor between the wealthy north and the prosperous west offering businesses a convenient access to the two largest consumer markets in India. The industrial towns in the region such as Bhiwadi, Rewari, Neemrana, Manesar will benefit most with this initiative.This aspirational project is also believed to have a lateral effect on nearby real estate market especially Bhiwadi."The project will boost economic activities in the region, generating enormous employment opportunities. Being near to NCR and catering strongly to DMIC corridor, the project will attract a lot of economic and ...
Govt shuts down loss-making NJMC, BJEL
The Union Cabinet on Wednesday approved the closure of the loss incurring Central Public Sector Enterprises (CPSEs), National Jute Manufactures Corporation Limited (NJMC) and its subsidiary Birds Jute and Exports Limited (BJEL).The decision of the closure will benefit the Government exchequer in reducing recurring expenditure incurred in operating both the sick CPSEs in running their activities. The available land would be put up for public use for overall development of the society.The proposal would help in closing loss-making companies and ensuring the release of valuable assets for productive use, or for generating financial resources for developmental progress.NJMC was under reference to Board for Industrial and Financial Reconstruction (BIFR) since 1993. The company's primary product was hessian jute bags used for packaging of food grain used by the various State Governments. Over the years, the demand for hessian bags has eroded and to that extent, it has been found to be no ...
BookMyShow, Razorpay partner for UPI payments
Razorpay, India's first converged payment solutions company has announced its alliance with BookMyShow, India's largest online entertainment destination, to help consumers book tickets on the BookMyShow website and Android mobile app through UPI (Unified Payments Interface).Introduction of UPI on BookMyShow with Razorpay will ensure a seamless payment experience and a hassle free checkout for entertainment seekers, without entering any additional bank information.On BookMyShow, Razorpay along with its banking partner, HDFC has now enabled UPI payments through the intent flow on native mobile applications using existing UPI supported apps installed on customer's phone, thereby avoiding the inconvenience of using multiple apps (merchant, SMS, UPI app) for making an online transaction. Currently supported on Android devices, the UPI intent flow does not require any additional line of code for integration."In the last few months, we've witnessed how UPI has radically transformed payment ..
Outcome of board meeting of Sharat Industries
Held on 10 October 2018