Page 2940 - Business Finance
Crocs to outsource manufacturing of clogs, other footwear
Colorado-based footwear company Crocs Inc is closing company-owned manufacturing plants in Italy and Mexico by year's end and replacing its chief financial officer. The company announced the outsourcing of additional manufacturing and the closure of a distribution facility in Mexico Tuesday while reporting a second-quarter profit of USD 30.4 million, or 35 cents per share. Crocs is also closing less productive retail stores as leases expire and focusing more on online sales. Executive vice president Carrie Teffner will leave the company by next April, but is stepping down as CFO on August 24. Anne Mehlman, a former vice president of corporate finance for Crocs and current CFO of Zappos, will take over as CFO. Crocs shares were trading at USD 18.70 at mid-day Thursday, compared to USD 8.50 on August 9, 2017.
Tesla shares slip below level before Musk's going private tweet
NEW YORK (Reuters) - Tesla Inc's shares slipped more than 6 percent to a two-day low on Thursday, to trade below its level before Chief Executive Elon Musk took to Twitter on Tuesday to announce he was considering taking the electric car maker private.
Is SpaceX the model for a private Tesla?
SEATTLE (Reuters) - Tesla Inc Chief Executive Officer Elon Musk has held up his closely held space transportation company SpaceX as a model for taking his loss-making electric car company private, saying he wants existing Tesla investors to continue to hold stock.
Gold steadies as China's yuan holds gains vs. dollar
CHICAGO/LONDON (Reuters) - Gold was near flat on Thursday after two straight sessions of gains as a stronger U.S. dollar index weighed on upside momentum, though the precious metal took some comfort from a steadier Chinese currency.
Tribune Media ends merger deal with Sinclair, files suit
(Reuters) - Tribune Media Co terminated its $3.9 billion sale to Sinclair Broadcast Group on Thursday and sued Sinclair for breach of contract, claiming the rival TV-station owner mishandled efforts to get the transaction approved by taking too long and being too aggressive in its dealings with regulators.
TVS Motor Chairman moves Madras HC for anticipatory bail
TVS Motor Company Limited Chairman Venu Srinivasan has moved the Madras High Court for anticipatory bail in a missing idol case, informed sources said on Thursday.
USD 3.9B buyout of Tribune by Sinclair ends in acrimony
The USD 3.9 billion buyout of Tribune Media by Sinclair collapsed Thursday, ending a bid to create a massive media juggernaut that could have rivaled the reach of Fox News. Tribune Media Co. said Thursday that it is suing Sinclair for breach of contract and at least USD 1 billion in damages, according to its complaint . Sinclair used "unnecessarily aggressive and protracted negotiations" with the Department of Justice and Federal Communications Commission over regulatory requirements, the Chicago company said, and it refused to sell the stations it needed to in order to gain regulatory approval. Sinclair Broadcast Group wanted the Chicago company's 42 TV stations and had initially agreed to dump almost two dozen of its own to score approval by the FCC. The media company, which has enjoyed the support of President Donald Trump, appeared to be cruising toward approval by U.S. regulators. Last month, however, FCC Chairman Ajit Pai said that he had "serious concerns" about the deal, ...
SEBI should seek power to intercept calls: Committee
An expert committee on "Fair Market Conduct" has recommended that Security and Exchange Board of India (Sebi) should seek powers to intercept calls among other steps to curb cases of insider trading, front running or market manipulation.
Cabinet nods plan to revive Gorakhpur, Barauni, Sindri fertilizer plants
The Union Cabinet on Thursday approved the revival plan for fertilizer plants in Gorakhpur (Uttar Pradesh), Sindri (Jharkhand) and Barauni (Bihar) by Hindustan Urvarak and Rasayan Limited (HURL).
Bhushan Steel posts standalone net profit of Rs 2,104.3 cr in June qtr
Bhushan Steel Ltd today reported a standalone net profit of Rs 2,104.3 crore for the June 2018 quarter as against a net loss of Rs 1,486.13 crore in the year-ago period. The company reported total revenue from operations at Rs 4,623.6 crore in the June 2018 quarter as compared to Rs 4,176.12 crore in the April-June 2017 quarter, it said in a BSE filing. In May this year, Bhushan Steel -- which has been acquired by Tata Steel under the insolvency process -- had sought 90 days extension to file its audited financial results for the quarter and year ended March 31, 2018. The filing submitted today showed the company had registered a standalone net loss of Rs 21,252.91 crore in the March 2018 quarter as against a net loss of Rs 1,607.06 crore in the year-ago period. Its revenue from operations was at Rs 4,495.98 crore in the March 2018 quarter as against Rs 4,558.93 crore in the year-ago period. The filing said the Board has "approved change in name of the company from Bhushan Steel ...
Zensar Q1 net profit jumps 74% to Rs 82.16 cr
Zensar Technologies today posted over 74 per cent increase in net profit at Rs 82.16 crore for the quarter ended on June 30, 2018, from the year-ago period. This is against a net profit of Rs 47.17 crore in the April-June 2017 period, Zensar said in a statement. Its revenue from operations also grew 22.8 per cent to Rs 904.66 crore in the reported quarter from Rs 736.65 crore in the same quarter last fiscal. "The company has reported a stellar industry-leading year-on-year revenue growth of 18.1 per cent in the first quarter of the fiscal year. Digital continues to grow sequentially, underlining the success of our proprietary 'Return on Digital' strategy," Zensar Technologies CEO and Managing Director Sandeep Kishore said. He added that with the acquisition of Indigo Slate, a US-based digital customer marketing and experience agency, the company expects the growth momentum to continue. "We also continued to book new business backed by large deals resulting in a comprehensive and ...
Oil steadies as trade worries weigh on market
NEW YORK (Reuters) - Crude prices on Thursday held near lower levels set in the previous session, as the escalating China-U.S. trade dispute has cast doubt on the outlook for oil demand.
Tech stocks take Nasdaq, S&P close to record
(Reuters) - The S&P and the Nasdaq inched towards a record on the back of high-flying technology trio of Apple, Amazon and Microsoft.
Fed's Evans sees one or two more rate hikes in 2018 as reasonable
CHICAGO (Reuters) - The U.S. economy is performing "very well" with continued growth clearing the way for one or two more interest rate hikes in 2018, Chicago Federal Reserve Bank President Charles Evans said on Thursday in an interview in which he dismissed earlier worries about weak inflation.
Cummins India Q1 standalone profit down 18%
Engines and generators manufacturer Cummins India on Thursday reported a 17.62 per cent decline in its net standalone profit for the first quarter (Q1) of 2018-19.
GMR Infra board to consider raising up to Rs 2,950 cr
GMR Infrastructure Ltd today said its board will consider a proposal for raising up to Rs 2,950 crore through various routes at its meeting on August 14. In a BSE filing, GMR Infrastructure said it will seek Board approval for raising up to Rs 2,500 crore in one or more tranches through issue of equity shares or equity-linked instruments, debentures or any other securities. Also, approval is being sought for "raising of funds, up to Rs 450 crore in one or more tranches through issue of optionally convertible debentures (OCDs) under Section 62 (3) of the Companies Act, 2013". It added that the enabling resolution and resolution for issue OCDs is subject to approval of shareholders. In a previous filing, GMR Infrastructure had said its Board of Directors is scheduled on August 14 to consider and approve unaudited financial results for the quarter ended June 30, 2018.
Group of ministers meet to discuss RCEP issues tomorrow
A group of ministers (GoM) headed by Commerce and Industry Minister Suresh Prabhu will meet tomorrow here to look into issues related to the proposed mega free trade agreement RCEP, official sources said. The GoM, which also consists of Finance Minister Piyush Goyal, Defence Minister Nirmala Sitharaman and Housing and Urban Affairs Minister Hardeep Singh Puri, will deliberate upon the issues being raised by the industry as well as other government departments, they said. The Regional Comprehensive Economic Partnership (RCEP) bloc comprises 10 Asean group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and their six FTA partners - India, China, Japan, South Korea, Australia and New Zealand. Formation of the GoM assumes significance as domestic industry has raised several apprehensions about the presence of China in the bloc, with which India has huge trade deficit. India had trade deficit with as many as 10 member ...
Feeling 'embarrassed' about investors losing money: Jet Airways chairman Naresh Goyal
Jet Airways Founder Chairman Naresh Goyal today said he felt "guilty and embarrassed" as a lot of shareholders have lost their money, amid the airline's shares plummeting on financial woes. Shares of the full service carrier has slumped over 12 per cent since July 2 and in intra-day trading today, it touched a 52-week low of Rs 286.95 apiece. Addressing shareholders at the company's annual general meeting here, Goyal said competition as well as fuel prices are on the rise. "Lots of shareholders have lost money, I feel guilty and embarrassed," he said. From its 52-week high price of Rs 883.65 scaled on January 5, 2018, shares of the company have tumbled 67.5 per cent to hit its one-year low of Rs 286.95 in intra-day trading today. It managed to close with nearly three per cent gains at Rs 301.70. "As you know we had laid a three-year road map to return profitability. We hit that target a year early and followed it up with another profitable year in FY17. "Although overall revenue ...
Oil eases as trade worries weigh on market
NEW YORK (Reuters) - Crude prices edged lower on Thursday, adding on to the previous session's sharp loss, as the escalating China-U.S. trade dispute has cast doubt on the outlook for oil demand.
Will waive overdue loans of Tribal Sub-Plan area's farmers: R'sthan CM
Rajasthan chief minister Vasundhara Raje today said her government will waive overdue loan of farmers of Tribal Sub-Plan (TSP) area of the state. She made the announcement at a rally under Rajasthan Gaurav yatra in Pratapgarh district today. The chief minister said the government will waive overdue long-term loans taken from cooperative banks by small and marginal farmers of all categories in the TSP area. The Tribal Sub-Plan (TSP) is a strategy for the rapid Socio-economic development of tribal people. She also announced increase the loan subsidy from 5 to 7 per cent for the farmers who timely repay loans borrowed from cooperative land development banks.