Page 2933 - Business Finance
Sports Direct buys House of Fraser from administrators for 90 million stg
LONDON (Reuters) - British sportswear retailer Sports Direct has acquired the business and assets of House of Fraser from the department store group's administrators for 90 million pounds ($115 million), it said on Friday.
Global Markets: Stocks dive, euro falls, as Turkey turmoil ripples out
LONDON (Reuters) - A plummeting Turkish lira sent ripples through global equities and emerging markets on Friday, as rising fears of a wider fallout sent investors scurrying for the safety of assets such as the yen and U.S. government bonds.
Hindalco Q1 standalone net profit up 43 per cent to Rs 414 cr
Aditya Birla Group flagship Hindalco today reported a 42.75 per cent jump in its standalone net profit to Rs 414 crore for the first quarter ended June 30, 2018. The aluminium maker had clocked a standalone net profit of Rs 290 crore in the corresponding period a year-ago. "Profit After Tax has doubled to Rs 734 crore in Q1 FY19, up by 102 per cent vs Rs 364 crore in Q1 FY18, driven by higher EBITDA and lower finance costs," a company statement said. It said its revenue (India operations) stood at Rs 10,670 crore for the quarter under review. "It achieved the highest ever quarterly EBITDA (Earnings before Interest, Tax, Depreciation and Amortisation) of Rs 1,951 crore, up by 17 per cent compared to Q1 FY18, on the back of supporting macros, operating excellence and higher by-products realisation in the copper business," the statement said. This was despite increase in the input costs, mainly of coal and furnace oil, it said, adding that the interest expense was lower by 23 per cent ..
UK economy picks up some speed, Brexit hurdles ahead
LONDON (Reuters) - Britain's economy picked up some speed in the second quarter after a sharp winter slowdown in early 2018 but lost momentum in June, underlining its stuttering performance ahead of Brexit in less than eight months' time.
Analysis: Trade war threatens reign of luxury stocks
LONDON/PARIS (Reuters) - An escalating trade war between the United States and China could abruptly end a glittering stock market run for luxury goods firms, with some investors already put off by lofty valuations in a sector powered by shoppers in the two countries.
IGL net profit up 9 pc in April-June
Indraprastha Gas Ltd, the firm that retails CNG in national capital and adjoining cities, today reported a 9 per cent rise in its first quarter net profit at Rs 175.89 crore. The company had a net profit of Rs 161.26 crore in April-June 2017. In a regulatory filing, IGL said CNG sales were up 21 per cent at Rs 1,076 crore while revenue from piped natural gas supplied rose 34 per cent to Rs 342 crore. In volume terms, CNG sales were up 10 per cent to 248 million kgs. "The profit after tax (PAT) is higher in the current quarter in view of higher sales volume and higher other income over first quarter of 2017-18," it said. Other income was up 46 per cent at Rs 26.24 crore. Total gross sales by value during April-June showed a 24 per cent rise to Rs 1,418 crore. "The increase in turnover is due to the increase in total sales quantity by 13 per cent and increase in average sales price of CNG and PNG segment by 10 per cent," it said.
Sensex falls 155 pts on profit-booking, global cues
The BSE Sensex tumbled over 155 points today to close below the 38,000-mark as investors booked profits amid lacklustre global cues. SBI was the biggest loser in the Sensex pack, diving 3.79 per cent, after the lender reported a hefty loss of Rs 4,876 crore for the June quarter. The 30-share Sensex, after opening a shade higher at 38,050.07, quickly slipped below the 38,000-mark. It hit a low of 37,815.75 during the day, before finally finishing at 37,869.23 -- down 155.14 points, or 0.41 per cent. The index had gained 137 points to close at a lifetime high of 38,024.37 yesterday. The NSE Nifty too lost 41.20 points, or 0.36 per cent, to finish at 11,429.50. It had ended at a record high of 11,470.70 yesterday. However, both the key indices finished with gains for the third week in a row. The BSE Sensex recorded a rise of 313.07 points, or 0.83 per cent, while the NSE Nifty advanced 68.70 points, or 1.01 per cent, this week. Meanwhile, domestic institutional investors (DIIs) sold ...
Khattar wants disclosure of valuables in lockers
Haryana Chief Minister Manohar Lal Khattar has suggested that people holding bank lockers should mandatorily declare their valuable assets.
India Accelerator raises angel round funding for expansion
India Accelerator, only GAN partnered, mentorship driven, incubation program in India, has raised an undisclosed amount of angel round of funding by InvestMind Solutions and HotStart Ventures.With this funding, India Accelerator aims to look forward for more diversification in its offerings, more global reach, participate more at the later stages of startup, offer mentorship, peripheral services and can help startups with the capital to start off the business.After two rounds of successful cohorts, the company has attracted this round of funding."We see the investment in India Accelerator as a step towards backing the budding talents of one of the biggest Asian economies and the company aims to provide them with a springboard into the Asian start-up scene," said partner, Hotstart Ventures, Ankit Airon."There's a lot of support which is given to the early stage companies still it becomes really difficult to succeed. While supporting IA, we are looking forward to support companies which
Try & Buy Fashions raises $1 Mn from Venture Catalysts
Venture Catalysts has announced a pre-series A round of funding worth USD 1 million in the world's first real-life virtual trial room, Try & Buy Fashions.Backed by prominent influencers from the industry including Muralikrishnan B. (COO, Xiaomi/Ex-COO, Jabong & Senior VP Myntra), Vinod Sood (MD Hughes), Bhaskar Raju, Co-Founder Redbus, Try & Buy Fashions aims to bring online shopping as close to the offline experience as possible by allowing trying and buying of apparel through virtual stylists and virtual trial rooms.An IP protected virtual trial room with an AI-based personalized stylist, Try & Buy creates lifelike animated 3D models of users, customized through their body type, body parts, height, weight, skin tone, hairs etc."Virtual Trial Room is a concept whose time has come and Try & Buy with their capabilities in 3D Virtualization, Image recognition, Virtual Reality and Artificial Intelligence is well poised to play a path-breaking role in this space. The ..
Market drops as pivotals slide
Key benchmark indices logged modest losses on last trading day of the week led by index pivotals State Bank of India (SBI), Reliance Industries (RIL) and ICICI Bank. The barometer index, the S&P BSE Sensex, fell 155.14 points or 0.41% at 37,869.23, as per the provisional closing data. The Nifty 50 index fell 41.20 points or 0.36% at 11,429.50, as per the provisional closing data. The Sensex settled below the psychological 38,000 level after falling below that level in early trade.
HRD to spend Rs 418 cr on research with foreign institutes
Human Resource Development (HRD) Ministry on Friday announced a spending of Rs 418 crore from 2018-20 on collaborative research between Indian and foreign institutes under the 'Scheme for promotion of Academic and Research Collaboration' (SPARC).
Ryanair pilots on strike, thousands affected across Europe
Ryanair pilots went on a 24-hour strike on Friday in several European countries in protest against the stagnation of negotiations on wages and working condition, forcing the Irish low-cost airline to cancel 400 flights on Friday affecting thousands of people.
Passenger vehicle sales drop first time in 9 months in July
Passenger vehicle sales in India declined for the first time in nine months, on account of high base last year when sales had spiked due to the GST rollout across the country. According to data released by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle (PV) sales declined to 2,90,960 units last month from 2,99,066 units in July last year. Domestic car sales also declined marginally to 1,91,979 units compared to 1,92,845 in July 2017. "Last year in July, PV sales had shot up due to GST roll out. So, despite this drop in sales last month we are satisfied with the situation as we believe that all the industry segments are on a growth path," SIAM Deputy Director General Sugato Sen told reporters here. PV sales had last dropped marginally in October last last year. Goods and services tax (GST) was launched on July 1, 2017. The new indirect tax regime subsumed over a dozen local taxes. Sen said that 10 million vehicles were produced in the country in the ..
SBI shares tank over 5% on Q1 loss
Shares of SBI today tumbled over 5 per cent after the lender reported a hefty loss of Rs 4,876 crore for the June quarter. Following the results, shares of the company erased early gains and tanked 4.85 per cent to Rs 301.10 on BSE. On NSE, shares of the company dropped 5.32 per cent to Rs 300.50. The country's largest lender SBI today reported a hefty loss of Rs 4,876 crore for the June quarter due to higher bad loans. The bank had earned a net profit of Rs 2,006 crore in the April-June period of the previous fiscal, SBI said in a regulatory filing. The bank's gross non-performing assets (NPAs) rose to 10.69 per cent of total advances at the end of June, against 9.97 per cent a year ago. However, net NPA marginally declined to 5.29 per cent from 5.97 per cent earlier. Accordingly, gross NPAs increased to Rs 2,12,840 crore as on June 2018 from Rs 1,88,068 crore at the end of the same month last year.
Jet Airways (India) Ltd leads losers in 'A' group
Jindal Steel & Power Ltd, Jaiprakash Associates Ltd, Manappuram Finance Ltd and Firstsource Solutions Ltd are among the other losers in the BSE's 'A' group today, 10 August 2018.
SBI posts third straight quarterly loss, bad loan ratio improves
(Reuters) - The State Bank of India (SBI) reported a bigger-than-expected quarterly loss on Friday, as country's biggest lender by assets made higher provisions for treasury losses although its improved bad loan ratio sent its shares higher.
Dhanuka Agritech posts Q1 net profit flat at Rs 16 cr
Agro-chemical firm Dhanuka Agritech today posted a flat net profit at Rs 16.18 crore for the first quarter of the 2018-19 fiscal. Its net profit stood at Rs 16.13 crore in the same quarter of the last financial year, the company said in a regulatory filing. Net income declined marginally to Rs 221.54 crore during April-June quarter of the current fiscal from Rs 224.41 crore in the year-ago period. Expenses remained slightly lower at Rs 200.42 crore as against Rs 201.55 crore in the said period. Dhanuka Agritech Managing Director M K Dhanuka said, "The company's slow growth in sales and profits may be attributed to uneven distribution rainfall." Decline in EBITDA may be attributed to low growth in topline and change in product mix, he said. However, the company's sales has picked up very well from first week of July at the start of monsoon. "Our expectations for coming quarter are high considering good monsoon and our strong and superior products backed by several marketing and ...
Volatility to the fore
Volatility ruled the roost in mid-afternoon trade as stocks extended losses soon after staging an intraday recovery. At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 97.27 points or 0.26% at 37,927.10. The Nifty 50 index was down 22.50 points or 0.2% at 11,448.20. Most pharma shares declined. State Bank of India rose after declaring Q1 result.