Page 2745 - Business Finance
CreditAccess Grameen settles with small discount on debut
At Rs 420.80 on BSE
Alibaba first-quarter revenue rises 61 percent, beats estimates
BEIJING (Reuters) - Alibaba Group Holding Ltd, the world's biggest online retailer, said on Thursday first-quarter revenue rose 61 percent, beating analysts' estimates, driven by growth in its core e-commerce business.
Explainer: In the race to bag Iran's European oil market share, quality is king
LONDON (Reuters) - Two of Iran's biggest OPEC rivals, Saudi Arabia and Iraq, are bagging its European oil market share by cranking up production of their lookalike crude grades before the restart of U.S. sanctions designed to halt exports from the Islamic Republic.
Gillette net profit drops 8 pc to Rs 34.62 cr in Apr-Jun
FMCG major Gillette India today posted 8.09 per cent decline in its net profit at Rs 34.62 crore for the fourth quarter ended on June 30, 2018. The company, which follows July-June financial year, had posted a net profit at Rs 37.67 crore during April-June period a year ago, Gillette India said in a regulatory filing. Total income during the quarter under review stood at Rs 418.33 crore. It was Rs 442.49 crore in the year-ago period. Gillette's total expenses were at Rs 365.88 crore in the quarter. "Both grooming and oral care businesses delivered a strong comparable sales growth, ahead of market behind strong brand fundamentals, strength of the portfolio and improved in-store execution," the company said in a statement. For the financial year 2017-18, Gillette India's net profit was down 9.49 per cent at Rs 229.05 crore as against Rs 253.08 crore in 2016-17. Its total income was at Rs 1,689.60 crore in 2017-18. It was Rs 1,826.06 crore in the previous fiscal. The board of directors ..
Euro zone summer shutdown casts some clouds over growth - PMI
LONDON (Reuters) - Europe's summer shutdown kept euro zone business growth on ice this month as activity picked up less than expected, while prospects of a growing trade war clouded the outlook, a survey showed on Thursday.
Equity indices close on flat-to-positive note; capital goods stocks rise
The key Indian equity indices - S&P BSE Sensex and the NSE Nifty50 - closed on a flat-to-positive note on Thursday, after scaling fresh intra-day highs.
Quick Wrap: Nifty Metal Index declines 1.45%
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Sensex, Nifty close at new highs
Benchmark indices Sensex and Nifty continued their winning run for the fourth straight session today on hectic buying in L&T, RIL and NTPC stocks despite escalating trade war tensions. The 30-share Sensex scaled an all-time (intra-day) high of 38,487.63 in early trade. However, it succumbed to profit booking to slip to 38,227.36, before finally ending at 38,336.76 points, up 51.01 points, or 0.13 per cent. It bettered its previous record closing of 38,285.75 reached on August 21. The gauge has gained 622.19 points in the previous three sessions. The stock market was shut yesterday on account of Bakri Id. The broader NSE Nifty also rose 11.85 points or 0.10 per cent to finish at 11,582.75 -- surpassing its previous record closing of 11,570.90 hit on August 21. Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a proposal to buy back six crore shares amounting to Rs 9,000 ...
Chanda Kochhar offers to be reappointed on board of ICICI Securities
ICICI Bank CEO Chanda Kochhar, who is on indefinite leave pending a probe against her in an alleged quid pro quo in loan sanctioning case, has offered herself to be reappointed on the board of ICICI Securities. Kochhar is set to retire from the board of ICICI Securities, a subsidiary of ICICI Bank. "In terms of section 152 of the Act and Articles of Association of the Company, Chanda Kochhar would retire by rotation at the forthcoming AGM and is eligible for re-appointment. The annual general meeting (AGM) of ICICI securities is on August 30. "Chanda Kochhar has offered herself for re-appointment," said the annual report for 2017-18 of ICICI Securities. Kochhar is the Chairperson of the bank's subsidiary. There are allegations of impropriety on part of Kochhar in ICICI Bank extending loans to some companies and enjoying reciprocal benefits. It has been alleged that her family members, including her husband Deepak Kochhar, got financial favours from the borrowers against the loans ...
Building traceability would undermine end-to-end encryption: WhatsApp
WhatsApp has rejected India's demand for a solution to track the origin of messages on its platform, saying building traceability would undermine end-to-end encryption and affect privacy protection for users. Emphasising that people use its platform for all kinds of "sensitive conversations", the Facebook-owned company said the focus is on educating people about misinformation. The government has been pushing WhatsApp to find a technology solution to trace the origin of messages, a move it believes can help curb horrific crimes like mob-lynching emanating from fake news. "Building traceability would undermine end-to-end encryption and the private nature of WhatsApp, creating the potential for serious misuse. WhatsApp will not weaken the privacy protections we provide", a WhatsApp spokesperson told PTI. Over the past few months, WhatsApp has drawn flak over its use in spreading fake news through its platform that have even incited incidents of mob-lynching in various parts of the ...
Sensex edges up to record close; RIL crosses 8 trillion rupees in market cap
(Reuters) - Indian shares edged higher on Thursday to record close, driven by index heavyweight Reliance Industries Ltd which became the country's first company to cross 8 trillion rupees ($114.14 billion) in market capitalisation.
Sensex, Nifty log small gains
Key benchmark indices registered small gains in a volatile session of trade led by index heavyweights Reliance Industries, Larsen & Toubro and Infosys. The barometer index, the S&P BSE Sensex, rose 51.01 points or 0.13% at 38,336.76, as per the provisional closing data. The Nifty 50 index rose 11.85 points or 0.1% at 11,582.75, as per the provisional closing data.
Euro zone summer shutdown casts some clouds over growth -PMI
LONDON (Reuters) - Europe's summer shutdown kept euro zone business growth on ice this month as activity picked up less than expected, while prospects of a growing trade war clouded the outlook, a survey showed on Thursday.
India is fastest growing market for Crocs: CEO
Colorado-based footwear company Crocs Inc said it counts India among its top six markets globally and is very "optimistic about the growth prospects" here, said a top company official. It is a high priority region for the company because of its huge growth potentials, said Crocs global CFO & EVP Carrie Teffner. "India is among our top ten markets globally and its our fastest growing markets," Teffner told PTI. "It has certainly become our global key focus market, given the growth trajectory that we have been seeing," she added. Presently, India ranks six in Crocs' overall global markets following the US, China, Japan, South Korea and Germany. Crocs, which had entered in India in 2007 has presence in 150 cities here with around 1,500 point of distribution. It has 90 Crocs branded stores. At present, the company gets around one fourth of its total sales from online platforms. "We have witnessed a very strong topline and profitable growth," she said, adding that the company is ...
Sebi calls for reduction in TER, more competition in MF sector
Markets regulator Securities and Exchange Board of India (Sebi) today stressed on the need of having higher competition in the mutual fund industry and called for rationalisation in the total expense ratio (TER). Speaking at an Amfi summit here, Sebi chairman Ajay Tyagi highlighted that the top seven fund houses grab around 60-70 per cent of the market share and 60 per cent of the total profit before tax of the mutual fund industry. "There is a need to have more competition in the sector and there is a need for TER rationalisation; we are looking into this," Tyagi told reporters on the sideline of the event here. TER is a percentage of a scheme's corpus that a mutual fund house charges towards expenses including administrative and management. "The concept of TER started in the late 90s when AUM was Rs 50,000 crore and today it is Rs 23 lakh crore. Therefore, some elements are needed and we are examining the need for rationalisation," he said. Tyagi said the assets under .
Japan Nikkei ups 0.22% on yen softer tone
Many market participants are awaiting outcome of the lower-level trade talks between the United States and China due Thursday. U.S. and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of U.S. tariffs due Thursday.
China Market edges up ahead of US-China tariff hikes
Many market participants are awaiting outcome of the lower-level trade talks between the United States and China due Thursday. U.S. and Chinese officials met for the first time in over two months to find a way out of their deepening trade conflict, but there was no evidence the low-level discussions would halt a new round of U.S. tariffs due Thursday.
Anil Kumar Pathak takes over as Member (Planning) at BIZ-BRIEFS
Anil Kumar Pathak has taken over as Member (Planning) at the Airports Authority of India (AAI), according to a release. Pathak took charge on August 21. Prior to this posting, he had served as Executive Director of Planning as well as Engineering at the headquarters, the AAI said in a release today. He was also associated with Corporate Planning, Traffic Forecasting, and Airport Infrastructure Planning, it added. Pathak has a Masters Degree in Environment Science and Engineering. State-owned AAI manages more than 120 airports in different parts of the country. ***** Rays Power forays into B2C segment * B2B solar power solution provider Rays Power Infra today announced that it has now ventured into the B2C (business to consumer) retail segment. Government's initiative to subsidize rooftop solar installations and encourage use of renewable energy, especially in the residential and domestic sector, has enabled the firm to step into the retail segment through its group company, Rays ...
Hong Kong Market ends 0.33% down
Blue chips were mostly weaker. CK Hutchison (00001) declined 2.3% to HK$87.9. Tencent (00700) edged down 0.1% to HK$359. HSBC (00005) dipped 0.6% to HK$69.65. China Resources Land (01109) sank 3.3% to HK$27.8. But China Overseas Land & Investment (00688) added 1.2% to HK$24.45 as it reported interim net growth of 7%. Ping An Insurance (02382) jumped 1.8% to HK$74.1 as many research houses are bullish towards its prospects.
New Qualcomm flagship chip to take on Apple A12 processor
Global chipset-maker Qualcomm's next flagship processor, which is likely to be Snapdragon 855, will be built on the same 7nm process technology like its rival Apples powerful A12 and Huaweis in-house Kirin 980 processors.