Page 2500 - Business Finance
BHEL wins orders worth Rs 40,932 cr in FY'18, declares 91 pc dividend
State-run engineering major BHEL booked orders worth Rs 40,932 crore in 2017-18, registering 74 per cent jump from the previous financial year, its Chairman and Managing Director Atul Sobti said Wednesday. BHEL secured all orders for main packages of thermal power projects during 2017-18. "With this, the company has ended the year with a total order book of over Rs 1,18,000 crore - the highest in the last five years," said Sobti in the company's Annual General Meeting. Addressing the shareholders, Sobti said in 2017-18 the company achieved a profit before tax (PBT) of Rs 1,585 crore, compared to Rs 628 crore in 2016-17, registering a surge of 152 per cent. Profit After Tax (PAT) for the year jumped 63 per cent at Rs 807 crore, against Rs 496 crore in the previous fiscal. He further said that maintaining the trend of topline (sales) growth for the second consecutive year, BHEL has recorded a turnover of Rs 27,850 crore, as against Rs 27,740 crore in the previous year. Consequently, a ..
Cong says no improvement in Maha's irrigation potential
The Congress claimed Wednesday that despite the BJP-led Maharashtra government spending more than Rs 64,000 crore on upgrading water resources in the last four years, there has been no substantial increase in the state's irrigation potential. State Congress chief Ashok Chavan demanded a probe to find out if there were any irregularities in the spending of these funds. "In the last four years, the total amount spent, with revised administrative approvals, on all irrigation projects has been over Rs 64,000 crore. But this has not increased the irrigation potential of the state," he said. As per the 15th Finance Commission, only 18 per cent of the state's total cultivable land is irrigated. Chavan said the finance commission's findings about the state have shown a "mirror" to the ruling BJP, which had accused the previous Congress-NCP government of financial mismanagement. Till 2013-14, the total debt of the state was Rs 2.69 lakh crore. But in the last four years, the ...
Ircon IPO subscribed over 9 times so far on last day of bidding
Railways engineering and construction firm Ircon International's initial public offer was subscribed over 9 times so far on the last day of bidding Wednesday. The public offer to raise Rs 470.49 crore received bids for 9,14,24,190 shares against the total issue size of 99,05,157 shares, translating into 9.23 times subscription, data available with the NSE till 1600 hrs showed. The offer was fully subscribed yesterday. The IPO is of 9,905,157 shares and has been set in a price band of Rs 470-475 per share. The offer had opened for bidding on Monday. IDBI Capital Markets & Securities Ltd, Axis Capital Ltd and SBI Capital Markets Ltd are managing the issue. The shares of the company will be listed on BSE and NSE.
Anupam Kher rings Nasdaq opening bell to promote 'New Amsterdam'
Actor Anupam Kher, who is in New York for the shooting of NBC's medical drama "New Amsterdam", rang the opening bell of the Nasdaq MarketSite at Times Square here. Kher, accompanied by his co-star Janet Montgomery, visited the Nasdaq MarketSite on Monday to start the day and week at the Nasdaq Stock Market. The artistes were promoting their upcoming television series which premieres on 25 September 2018 on NBC. Kher, 63, plays Dr Vijay Kapoor in the medical drama, which is about the oldest public hospital in America. "I am honoured. It was an exciting moment to ring the bell on behalf of New Amsterdam cast," he told PTI. Kher also posed before the digital Nasdaq sign in Times Square, which announced his arrival "Nasdaq Welcomes Anupam Kher. Star of 'New Amsterdam'.
Govt starts selection process for BSNL CMD post
The government has started selection process for the post of Chairman and Managing Director of state-owned telecom firm BSNL, as present CMD Anupam Shrivastava will superannuate in June next year. "PESB has invited names of qualified candidates for the post of CMD, BSNL by 15 hours on October 22, 2018," the Department of Telecom said in a note to heads of state-run firms under it. The selection process starts 8-10 months in advance of retirement of the public sector enterprise CMD. The pay scale for the post is in the range of Rs 80,000-Rs 1.25 lakh. Candidates working in private sector firm with annual turnover of over Rs 2,000 crore can also apply for the post. Shrivastava was appointed CMD of BSNL for a period of five years or till the time of superannuation age of 60 years in 2015. During his tenure, BSNL reported an operating profit of Rs 672 crore for 2014-15, aided by a fall in administrative costs and jump in revenue. The company has also been able to arrest decline in ...
Exclusive: India considers raising import duty on steel to support rupee - document
NEW DELHI (Reuters) - India's steel ministry has proposed increasing the effective import duty on some steel products to 15 percent from current rates ranging from 5 percent to 12.5 percent, according to two sources and a government document reviewed by Reuters, as the country looks to support the rupee.
Nifty, Sensex extend falls to near 8-week closing low; HDFC firms top drag
(Reuters) - Indian shares gave up early gains to close lower on Wednesday, declining for a third straight session to their lowest close since late July, dragged by financials such as HDFC Bank Ltd and Housing Development Finance Corp as the rupee hovering near its record low spooked investors.
OYO strengthens international presence with UK foray
Hospitality firm OYO Wednesday said it has forayed into the United Kingdom and intends to invest GBP 40 million (approximately Rs 382.93 crore) for its expansion in the country. This is the company's first market beyond Asia, OYO said in a statement. The company plans to invest GBP 40 million into the UK market and looks to launch in 10 cities in UK including Manchester, Birmingham, Glasgow and Edinburgh by 2020, it added. Commenting on the development, OYO Founder and CEO Ritesh Agarwal said, "Driven by its booming domestic and international travel and budget hospitality needs, the UK presents a multi-billion dollar opportunity for OYO." The company is thrilled to now be able to offer its affordable, hassle-free and quality living experiences to guests across the UK and to be empowering the UK independent hoteliers with the technology and operational expertise that helps them focus on customer experience and thereby generate increased, sustainable incomes, he added. The UK business ..
China Market rises 1.14%
The administration of U.S. President Donald Trump announced Monday that it will impose a 10 percent tariff on $200 billion worth of Chinese imports from Sept. 24 and increase the rate to 25 percent, effective on Jan. 1 next year. In response, China said it will hit back with retaliatory duties of up to 10 percent on $60 billion worth of U.S. products. A risk-on mood grew among investors as the tariffs were smaller than initially feared.
Hong Kong Market extends gains
Equity markets in Asia took their cues from Wall Street overnight, which posted a broad-based rally on Tuesday amid emerging views that the US-China trade dispute's impact on world growth might not be as heavy as previously feared.
Japan Nikkei rises on expectations for LDP leadership race
Abe, who returned to office in December 2012 pledging to bolster defences and reboot the economy, is widely expected to defeat his rival, former defence minister Shigeru Ishiba, for leadership of the LDP. Expectations for a large supplementary budget grew among some investors due to growing speculation that Prime Minister Shinzo Abe is likely to win a third straight term as president of the ruling Liberal Democratic Party in Thursday's election,
Trade tensions dent indices; equities slip for third consecutive day
Broadly negative global cues on the back of escalation in trade tensions dragged the key Indian equity indices into the red on Wednesday.
Rupee fall temporary, long-term path stable: Top official
As the rupee keeps falling to new lows, a top government official on Wednesday said it was a temporary phenomenon and the long-term path for rupee-dollar exchange rate was "quite stable".
Call for fresh tender for operating taxi stand: HC to S Rly
The Madras High Court has directed Southern Railways to call for a fresh tender for parking and operating a call taxi stand at the Central Railway station here and finalise it by March 23 2019,enabling the new successful tenderer to continue operations without any break. Justice S M Subramaniam gave the direction on petitions by Bharathi Cabs Pvt Ltd. and Fast Track Pvt. Ltd, and permitted Ani Technologies Pvt Ltd to operate the cab services from September 24, 2018 to March 23, 2019, in whose favour the tender was already finalised. While the petition filed by Bharathi Cabs sought to quash the August 2 2017 tender notification, the one by Fast Track sought cancellation of the letter issued on October 26 by Southern Railways to Ani Technologies Pvt.Ltd. for submission of documents before taking up the contract. Disposing of the petitions, the judge said, "The facts and circumstances of the present case on hand certainly require an application of the legal principle of ...
CAIT writes to Prabhu over plans to change draft e-comm policy
Traders' body CAIT Wednesday termed the government's reported move to drop the draft of e-commerce policy as a regressive step, and has written to commerce minister Suresh Prabhu registering its protest. The Confederation of All India Traders (CAIT) said that the country's e-commerce market has considerably grown in size and scale which needs a codified policy and a regulatory authority to regulate and monitor the market. The objection has been raised after reports that the government has decided to drop the draft of e-commerce policy that proposed allowing 49 per cent FDI in inventory model, and set up a committee of secretaries to decide on a new set of recommendations. The traders' body said that the policy is already delayed for more than three years and if dropped, it will be a blow to the fair trade practices in e-commerce and will give every opportunity to e-commerce portals to continue with predatory pricing, deep discounting and loss funding, creating an uneven
Australia Market gains 0.46%
Shares of materials and resources inclined, reflecting higher copper and iron ore prices on broad improvements in global investment sentiment. Copper prices recorded an unexpected rise of 2.43% overnight, while iron ore jumped too. BHP Billiton was up 2.9% to A$32.40 and Rio Tinto rose 3.1% to A$75.40.
Nucleus Software supports VietCredit Finance Joint-Stock Company in Vietnam
To drive innovation and growth in lending business at Vietnam
ISGEC Heavy Engineering acquires Eagle Press and Equipment Co., Canada and its group companies
Through its subsidiary - Isgec Canada Inc.
Exclusive: Japan regulator to check banks' readiness for emerging market swings - sources
TOKYO (Reuters) - Japan's financial regulator plans to check if the country's banks and other financial institutions are prepared to deal with any impact from sharp swings in emerging markets, sources with direct knowledge of the matter told Reuters on Wednesday.