Page 2755 - Business Finance
Singapore's GIC acquires 49% stake in Provenance Land for Rs 1,000 cr
Singapore's sovereign wealth fund GIC has acquired 49 per cent stake in realty firm Provenance Land for an estimated Rs 1,000 crore, according to sources. GIC has been investing heavily in the Indian real estate market in the past few years. It had in December last year bought 33.34 per stake in DLF's rental arm DLF Cyber City Developers Ltd (DCCDL) for about Rs 9,000 crore. DCCDL holds 27 million sq ft of price commercial assets earning an annual rental income of Rs 2,400 crore. Provenance owns 4.5 acres at Worli in central Mumbai where the company already has a 5-star Four Seasons Hotel which has 202 rooms. It plans to develop Four Seasons Private Residences and a office tower with 7 lakh sq ft area. "GIC is acquiring a significant minority stake in Provenance Land, the developer that first introduced the Four Seasons brand into India," the two companies said in a joint statement. When contacted, Provenance Land MD Adarsh Jatia did not disclose the deal value or the stake diluted by
Jet Airways to discuss turnaround at Monday board meeting
(Reuters) - Cash-strapped Indian carrier Jet Airways will discuss ways to cut costs and turn its business around when its board of directors meets on Monday, the airline said on Wednesday.
Orient Electric eyes over 50% market share in premium fans segment
The Orient Electric Ltd., part of the diversified CK Birla Group, is planning to clock over 50 per cent market share of the premium fans segment in the next one year, an official said on Wednesday.
Samsung to disrupt mid-price smartphone segment this Diwali: Top official
In an apparent warning to Chinese players in India, a top Samsung executive said here on Wednesday that the company is once again refreshing its mid-price segment smartphones with flagship premium features for the upcoming festive quarter.
Spicejet launches 6 new flights
Spicejet has announced six new daily direct flights on both domestic and international routes, including the first direct flight on the Guwahati- Patna route, starting from October. Among the international routes, the airline will begin a new daily direct flight on the Hyderabad-Bangkok route from October 10, the Gurgaon-based airline said in a statement. It claimed that it is the first to introduce a daily direct flight on the Guwahati-Patna route. It is also introducing daily direct flights on the Hyderabad-Guwahati. The airline will deploying Boeing 737s on these routes, the new flights will help it its network connectivity between the metros and non-metros. ************* BSE signs an agreement with Bengal for SME listing * The BSE has signed an agreement with Bengal to create awareness amongst SMEs about benefits of listing. Through this, the BSE in association with the state's MSME department and industry chambers will help these small companies build capacity ...
Orient Electric targets 15-20% topline growth in FY'19
C K Birla group company Orient Electric Ltd today said it was targeting 15-20 per cent topline growth during the current fiscal on the back of strong performance in its core businesses. "In 2017-18, we grew by 12 per cent to Rs 1,700 crore against industry growth rate of 7-8 per cent. While, in the current fiscal, we hope to maintain strong growth at 15-20 per cent in topline," Orient Electric Senior VP and business head, fans Atul Jain said today at a press conference here. Fans remain the company's mainstay contributing 70 per cent to the total revenue. The company has also forayed into appliances, lighting and switchgear in the last 4-5 years. Jain said that the company is confident of maintaining profitability in sync with its expansion during the fiscal. On fan business, he said the company has become a leader in the premium segment with 40 per cent marketshare. "We are targeting to take the marketshare of premium fan to 50 per cent," Jain said. Premium fans comprise .
Board of Gokul Agro Resources approves shifting of registered office
At meeting held on 14 August 2018
Global Markets: Caution prevails over Trump legal woes and U.S.-China trade talks
LONDON (Reuters) - Stocks faltered and bonds rose on Wednesday as U.S. President Donald Trump's political position was threatened by the criminal convictions of two former advisers, while the U.S. dollar reversed course and headed for its sixth straight day of losses.
Linde-Praxair try to save $83 bln merger after antitrust blow
MUNICH (Reuters) - Industrial gases giants Linde and Praxair are in talks to try to salvage their $83 billion merger after U.S. competition regulators demanded they sell assets that generate more than $4.3 billion in sales.
Sinopec, Zhejiang group to build LNG terminal, first phase set for end-2021
BEIJING (Reuters) - China's Sinopec Corp has teamed with Zhejiang Energy Group Co Ltd on a 3 million tonne-per-year liquefied natural gas (LNG) terminal in east China, with the first phase set for operation at end-2021, the state oil giant said on Wednesday.
Avanturaa Choppers' Rudra, Pravega models hit Indian market
Homegrown premium motorcycle maker, Avanturaa Choppers today announced market availability of its two models -- Rudra and Pravega -- which are priced at Rs 23.90 lakh and Rs 21.40 lakh (ex-showroom, Mumbai). The company had recently received ARAI certification for the two models, which are powered by 2,000cc, with vehicle length of 10 feet and 9 feet, Avanturaa Choppers said in a statement. With the opening of the company's first showroom in Bengaluru today, customers can contact for with enquiries, it added. "The distribution network is now slated to expand to Delhi NCR and Hyderabad," it added. Avanturaa ChoppersCEO Gaurav A Aggarwal said, "The growing culture of leisure-riding in India and the number of connoisseurs pioneering it, give us confidence that the market is ready for Avanturaa Choppers." Last year, while announcing the plans to bring the two models to the indian market, Aggarwal stated that the two models were developed from ground-up targeting the evolving riding ...
Samsung donates Rs 2 crore for Kerala flood victims
South Korean electronics giant Samsung has donated $300,000 (around Rs 2 crore) for the relief work in Kerala, which has been battered by torrential rains and floods, the company said here on Wednesday.
Sri Lanka's loss-making airline in new hunt for buyer
Sri Lanka's national carrier will launch a new search for an equity partner after the IMF warned the loss-making airline was dragging the country's economy down, officials said today. The government will call for fresh expressions of interest next month to inject new capital into and manage Sri Lankan, back in the doldrums after a potential US investor pulled out in May last year. "We hope a deal can be concluded in the first quarter of next year," a treasury official said. Attempts to privatise the carrier failed when San Francisco-based private equity firm TPG withdrew its bid for a 49 percent stake in Sri Lankan. The International Monetary Fund (IMF), which bailed out the government with a $1.5-billion loan in June 2016, warned two months ago that restructuring Sri Lankan airlines was essential to sustain economic growth. The flag carrier has debts and losses of over $2 billion. The airline was profitable before Mahinda Rajapakse, when he was president, cancelled a management ...
Flipkart launches independent 2GUD platform for refurbished
India's largest e-commerce marketplace Flipkart today announced the launch of '2GUD', its first-ever independent platform for refurbished goods. The product portfolio of 2GUD would initially include smartphones, laptops, tablets and electronic accessories, and several more categories would be added soon, Flipkart CEO Kalyan Krishnamurthy told reporters here. "With the launch of 2GUD, Flipkart is taking its values of affordability, accessibility and availability to the refurbished market, while also addressing the critical problem of trust and convenience," he said. The rollout of the platform is via mobile web initially, but would soon be taken across other channels, including desktop and mobile app, he said. 2GUD will remain a distinct and separate platform aimed at value buyers, while Flipkart shall remain the preferred online shopping destination home for new goods, Krishnamurthy said. The launch of 2GUD as the first choice for quality refurbished goods allows ...
Adyen keeps investors happy as first-half profit surges
AMSTERDAM (Reuters) - Adyen, the payments processor for Netflix and Facebook, reported a 75 percent jump in first-half net profit, further bolstering its shares which have more than doubled since their initial public offering in June.
Mumbai Maersk sets world record by loading 19,038 TEU
The Mumbai Maersk, operated by APM Terminals Mumbai, has set a world record in loading the highest number of containers, surpassing the 19,000-TEU-mark, the shipping line has said. The vessel loaded 19,038 TEU (twenty-foot equivalent units) setting a new world record, which is a fete not only for a Maersk vessel, but also for any vessel in the world, the shipping line said in a statement today. The world record load of 19,038 TEU has raised a new bar for Maersk by surpassing the Madison Maersk, a first generation triple-E class vessel, which had clocked the previous record of loading 18,215 TEU in 2015. The Mumbai Maersk, a second generation triple-E class vessel with a nominal capacity of 20,568 TEU, had left the Tanjung Pelepas port in Malaysia over the weekend and is sailing into Europe with the first port of call expected at Rotterdam on September 5. The Mumbai Maersk is the newest to enter the triple-E fleet in May this year and is deployed on the Asia-to-Europe ...
Scoreboard on the fifth day of the third Test between India and England here.
Scoreboard on the fifth day of the third Test between India and England here. India 1st Innings 329 England 1st Innings 161 India 2nd Innings 352-7/decl England 2nd Innings A Cook c Rahul b Ishant 17 K Jennings c Pant b Ishant 13 J Root c Rahul b Bumrah 13 O Pope c Kohli b Shami 16 B Stokes c Rahul b Pandya 62 J Buttler lbw Bumrah 106 J Bairstow b Bumrah 0 C Woakes c Pant b Bumrah 4 A Rashid not out 33 S Broad c Rahul b Bumrah 20 J Anderson c Rahane b Ashwin 11 Extra: (b2, lb16,nb4) 22 Total:( for 10 wickets, 104.5 Overs) 317 Fall of Wickets: 27-1, 32-2, 62-3, 62-4, 231-5, 231-6, 241-7, 241-8, 291-9, 317-10. Bowlers: Bumrah 29-8-85-5, Ishant 20-4-70-2, Ashwin 22.5-8-44-1, Shami 19-3-78-1, Pandya 14-5-22-1.
Reliance General registers 30% rise in Q1 net profit at Rs 57 cr
Reliance General Insurance today reported a rise of 30 per cent in its net profit at Rs 57 crore in first quarter of this fiscal, ended June. The gross premium was Rs 1,571 crore, a year-on-year increase of 23 per cent, Reliance General Insurance (RGI) said in a release. The investment book increased to Rs 8,261 crore, up by 20 per cent from a year ago. The online channel registered 32 per cent growth in gross premiums collected during the quarter, it said. "We have witnessed growth of 23 per cent in Q1 FY19 (vis-a-vis industry growth of 12 per cent). The net profit rose by 30 per cent," said Rakesh Jain, ED & CEO, Reliance General Insurance Company. A wholly-owned subsidiary of Reliance Capital, RGI offers motor, health, home, property, travel, marine and other speciality products.
P&G Q4 net profit down 43% to Rs 44.55 crore
FMCG major Procter & Gamble (P&G) today reported a 42.91 per cent decline in net profit at Rs 44.55 crore for the fourth quarter ended June 30, 2018. The company, which follows July-June financial year, had posted a net profit of Rs 78.04 crore during the April-June quarter a year-ago, P&G said in a BSE filing. Its total income during the quarter under review stood at Rs 531.48 crore. It was Rs 540.77 crore of the corresponding quarter of the last fiscal. P&G's total expenses were at Rs 457.10 crore. For the financial year 2017-18, P&G's net profit was down 13.43 per cent at Rs 374.59 crore as against Rs 432.73 crore in 2016-17. This is "largely behind lower non-operating income and increased marketing investments," the company said in a statement. Its total income was at Rs 2,479.36 crore in 2017-18. It was Rs 2,496.46 crore in the previous fiscal.
Q&A: BOJ may begin policy normalisation in 2018 - ex board member Shirai
MUMBAI (Reuters) - The Bank of Japan's recent decision to make its policy more flexible was "more than just a tweak" and it could take further steps to normalise policy this year, former board member Sayuri Shirai told the Reuters Global Markets Forum on Wednesday.