Page 2314 - Business Finance

Asutosh Enterprises reports standalone net profit of Rs 0.75 crore in the September 2018 quarter

Reported sales nil

Infomedia Press reports standalone net loss of Rs 0.89 crore in the September 2018 quarter

Reported sales nil

Chennai Petroleum shuts crude unit at Manali refinery for 30 days

NEW DELHI (Reuters) - India's Chennai Petroleum Corp Ltd has shut a 74,000 barrel per day (bpd) crude unit at its 210,000 bpd Manali refinery in Tamil Nadu from Oct. 6 for about month for planned maintenance, the company has said.

European shares fall as uncertainty prevails; tech, luxury hit

LONDON (Reuters) - European shares fell on Wednesday as investors assessed whether worries about global growth warranted the caution that led Wall Street and Asian markets to trade sideways the day before.

Odisha govt woos Delhi-NCR investors in agri-marketing

To boost farmers' income in a sustainable manner, the Odisha government Wednesday invited private investors to explore opportunities in the agri-marketing sector. Companies like Maersk, Bayer, Mother Dairy and StarAgri were asked to invest in the state ahead the biennial 'Make in Odisha Conclave, 2018' scheduled for November 11-15 in Bhubaneswar. "In order to realise the goal of enhancing farmers' income further in a sustainable manner, the Government of Odisha is seeking private investments across a range of areas under agriculture marketing," state cooperation minister Surjya Narayan Patra said at the workshop organised along with Ficci to woo investors from Delhi-NCR. There are opportunities in developing quality infrastructure for storage, grading, sorting, packaging and trading of agricultural produce as well as providing ease of trade between sellers and buyers respectively, he was quoted as saying in a statement. The other focus areas include enabling hassle-free IT-based ...

Pepperfry FY18 losses narrow to Rs 169 cr

Furniture retailer Pepperfry Wednesday said it has narrowed its losses to Rs 169.26 crore for FY18 driven by higher efficiencies and reduction in overhead costs. TrendSutra Group of Companies, which operates under the Pepperfry brand, had posted losses of Rs 248.50 crore in FY2017, a statement said. "Over the last few years, we focused on strong unit economics and building a business that truly benefits from economies of scale," Pepperfry founder and CEO Ambareesh Murty said. This is the second consecutive year that the company has reduced its losses. Revenue in FY18 grew 20 per cent to Rs 308.46 crore from Rs 257.96 crore in the previous fiscal, it added. The company has derived scale efficiencies through supply chain automation, high vehicle utilisation, improved delivery success rates and staff productivity. Further, Pepperfry achieved 17 per cent year-on-year reduction in overheads through tight budget controls, the statement noted. Pepperfry competes against Urban Ladder as well .

Cabinet okays signing of India-Lebanon agri pact

The Cabinet Wednesday approved the signing of a Memorandum of Understanding (MoU) between India and Lebanon for cooperation in the field of agriculture and allied sectors. The proposed MoU will promote understanding of best agricultural practices in the two countries and help in better productivity at farmer fields as well as improved global market, an official statement said. The MoU will help to increase agriculture production and productivity by getting access to best practices and market worldwide, it added.

Cabinet approves MoU between India and Lebanon for cooperation in the field of agriculture and allied sectors

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Luxury stocks slide as Vuitton strength fails to quell China worries

PARIS (Reuters) - Robust appetite in the third quarter for Louis Vuitton handbags and other high-end goods sold by LVMH failed to dispel fears of a looming slowdown in Chinese demand on Wednesday, as shares across the sector tumbled.

Exclusive: China taps brakes on outbound investment, betrays capital flow fears

SHANGHAI (Reuters) - China is suspending approvals for a niche overseas investment product in Shanghai known as the QDLP scheme and urging licence holders, such as JPMorgan Asset Management and Aberdeen Standard Investments, to be "low profile" in marketing it, sources said.

SoftBank upping bet on loss-making WeWork with possible majority stake: source

SAN FRANCISCO/NEW YORK (Reuters) - Japan's SoftBank Group Corp is in discussions to buy a majority stake in U.S. shared office space provider WeWork Cos, a source said, potentially doubling down on one of its biggest bets on a loss-making startup.

27% increase in trade with India: Taiwan official

There has been a 27 per cent increase in bilateral trade between Taiwan and India in 2017, Taipei Economic and Cultural Center in India (TECC) Representative Tien Chung-Kwang has said.

GRSEL eyes order book of Rs 28,000 cr from Navy contracts

State-owned ship building company Garden Reach Shipbuilders and Engineers (GRSEL) is eyeing an order book of Rs 28,000 crore to build warships for the Indian Navy and Indian Coast Guard, a top company official said. Garden Reach is a shipbuilding company in India under the administrative control of the MoD and primarily adhere to the shipbuilding requirements of the Indian Navy and the Indian Coast Guard. "We have a strong order book of Rs 20,300 crore, comprising gross order value in the shipbuilding segment, engineering segment and the engine segment. The order also includes construction of three stealth missile frigates. Construction started ahead of schedule and first ship will be delivered by 2023." GRSEL chairman and managing director Vipin Kumar Saxena told PTI here. They also have three projects of Indian Navy and Coast Guard for delivering nine warships and some more orders are expected to take it to an order book of Rs 28,000 he said. The company had already ...

Despite volatility in market, MFs pump over Rs 116 bn in equities in Sept

On the other hand, FPIs pulled out Rs 108.25 billion from equities

Indian shares gain more than 1 percent as rupee recovers

(Reuters) - Indian equities ended more than 1 percent higher on Wednesday with shares of non-banking financial companies staging a recovery, while IT stocks closed lower as the rupee strengthened against the U.S. dollar.

Saudi Arabia to supply extra oil cargoes to India in Nov as Iran sanctions loom

SINGAPORE/NEW DELHI (Reuters) - Saudi Arabia, the world's biggest oil exporter, will supply Indian buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said on Wednesday.

Nifty, Sensex gain more than 1 percent as rupee recovers

(Reuters) - Indian equities ended more than 1 percent higher on Wednesday with shares of non-banking financial companies staging a recovery, while IT stocks closed lower as the rupee strengthened against the U.S. dollar.

China seeks India's cooperation amid trade war with US

China and India need to deepen their cooperation to fight trade protectionism, the Chinese Embassy here said on Wednesday, as it accused the US of provoking trade disputes by adopting a unilateral approach.

Markets stage relief rally; banking, auto stocks lead

Markets staged a strong comeback Wednesday after the recent rout as investors started accumulating battered financials, auto and metal stocks amid the rupee recovering from record lows. The BSE Sensex, after a gap up opening at 34,493.21, rallied to hit a high of 34,858.35 before concluding 461.42 points, or 1.35 per cent higher at 34,760.89. The broader Nifty too reclaimed the key 10,400 mark. It touched a high of 10,482.35, before finally settling at 10,460.10, showing a significant gain of 159.05.10 points, or 1.54 per cent. Key indices stayed in the positive terrain through the session as buying activity gathered momentum. The Sensex had lost nearly 175 points Tuesday as the rupee plunged to a record low amid unabated capital outflows by foreign funds. Sentiment also got a lift after the SBI, coming to the rescue of cash-strapped NBFCs, decided Tuesday to buy their assets to the tune of Rs 45,000 crore, a move that will provide liquidity support to non-banking financing companies .

Govt. approves acquisition of up to 77.80% stake of Merck by P&G

On 08 October 2018