Page 2943 - Business Finance
Adidas shares jump as North America growth outpaces Nike
BERLIN (Reuters) - Adidas reported strong second-quarter results on Thursday, as its sales growth outpaced rival Nike in North America where new styles are proving popular even as the German sportswear brand stagnated in western Europe.
Cipla pares early gains; shares down over 2% at close
Shares of Cipla today gave up early gains and ended over 2 per cent down due to profit-booking. The scrip settled at Rs 619.25, down 2.23 per cent on BSE. During the day, the stock surged 4.49 per cent to Rs 661.90. At NSE, shares of the company slipped 2.11 per cent to end at Rs 619.15. Drug major Cipla yesterday posted a 10 per cent increase in its consolidated net profit to Rs 451 crore for the first quarter ended June 30, driven by robust sales across various markets. The company had reported a net profit of Rs 409 crore in the same period of the previous fiscal. Total income from operations stood at Rs 3,939 crore in the quarter, as compared to Rs 3,525 crore earlier.
GRSE becomes first defence PSU to be TreDS activated
The Garden Reach Shipbuilders and Engineers Ltd today became the first Defence PSU to get itself activated on the TReDS (Trade Receivable Discounting System) platform with necessary IT integration, post completion of security checks and testing, a Defence spokesperson said here. Rear admiral (retd) Vipin Kumar Saxena, chairman and managing director of GRSE Ltd inaugurated the TReDS system of payment mechanism to vendors under MSME category through TReDS platform. The on boarding of the defence public sector units (PSU) will benefit over 500 MSMEs, the spokesperson said. "This Make In India initiative brings MSME sellers, corporate and other buyers including government departments, PSUs and financiers together onto a common platform, to facilitate discounting and settlement of invoices at the earliest," the spokesperson said. With the implementation of TReDS, challenges faced by the micro, small and medium enterprises (MSME) on account of shortage of working capital for ..
Gold steadies as yuan holds onto gains versus the dollar
LONDON (Reuters) - Gold steadied on Thursday after two sessions of gains as a stronger dollar index weighed on upside momentum, though the precious metal took some comfort from a steadier yuan.
Oil up as U.S. sanctions on Iran kick in
LONDON (Reuters) - Oil rose on Thursday, recouping some of the previous day's steep price slide, after the first round of U.S. sanctions against Iran came into effect, although confidence in crude demand has been hit by the escalating China-U.S. trade dispute.
JSPL reports Rs 110 crore net profit in Apr-Jun quarter
Naveen Jindal-led JSPL today reported a consolidated net profit of Rs 110 crore for the quarter ended June 30, 2018. The private steel maker had suffered a consolidated net loss of Rs 421.43 crore in the corresponding quarter of the preceding fiscal. Total income during April-June 2018 rose to Rs 9,665.35 crore from Rs 6,126.61 crore in the year-ago period. Total expenses were at Rs 9,401.68 crore, higher from Rs 6,636.71 crore in the year-ago period. On a standalone basis, the company clocked a profit of Rs 332.24 crore in the reported quarter. It posted a loss of Rs 177.73 crore in the year-ago period. In a statement, JSPL which is one the top six steel makers in India said, "The company has reported a consolidated quarterly profit after 14 loss-making quarters, after reporting a net profit on a standalone basis in fourth quarter 2017-18 after 13-successive loss-making quarters." N A Ansari, Chief Executive Officer (CEO) JSPL said, "With the 6 MTPA integrated steel plant at Angul ...
Maha warns action for failure to implement sugarcane drip
Sugar factories and district banks in Maharashtra that fail to implement the state government's drip irrigation programme for sugarcane crop will face strict action, Chief Minister Devendra Fadnavis said today. The government had last year made drip irrigation mandatory for sugarcane crop in all the irrigation command areas across the state. Speaking at a meeting held in Mumbai, Fadnavis said it is mandatory for banks to process at least 50 per cent of the total loan applications received from farmers and sugar factories for implementing the drip irrigation system before the start of crushing season, which generally begins in November every year. The government had last year made it compulsory to install drip irrigation system in the fields of total 3.7 lakh hectares in a phased manner by 2019. The amount of loan will be Rs 85,400 per hectare. As per the programme, the government will borrow a long term loan from National Agricultural Bank and Rural Development (NABARD)
GE's Baker Hughes to develop Cairn's Rajasthan oil fields
GE arm Baker Hughes has been awarded the contract to develop an enhanced oil recovery project of Cairn Oil & Gas in the Mangala, Bhagyam and Aishwariya fields in Rajasthan. The contract awarded by Cairn Oil & Gas, a Vedanta subsidiary, involves construction of around 300 new wells and deployment of a chemical enhanced oil recovery programme aimed at increasing production from the Rajasthan fields, Baker Hughes said in a statement today. The project marks the largest integrated project for Baker Hughes in the country, the statement said, adding it will complete the project in phases over the next 24 months. ****************** Dentsu Impact appoints Sumit Negi as executive creative director * Dentsu Impact, the creative agency from Dentsu Aegis Network, today said it has appointed Sumit Negi as the executive creative director. Negi's key responsibility would be to take care of the creative output for Maruti Suzuki, while operating out of the Gurugram office, and .
U.S. weekly jobless claims unexpectedly fall; core PPI rises in July
WASHINGTON (Reuters) - The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting that a strong economy was helping the labor market weather ongoing trade tensions between the United States and a host of other countries.
India launches second auction of small discovered oil & gas blocks
(Reuters) - India launched its second auction of small discovered oil and gas blocks on Thursday, as the south Asian nation looks to quickly monetise its hydrocarbon resources.
Global trade losing momentum in third quarter, WTO indicator shows
GENEVA (Reuters) - Lower export orders and car sales are likely to slow world trade growth in the third quarter, the WTO said, as a global tariff crusade by U.S. President Donald Trump to protect American jobs begins to bite.
Tribune calls off $3.9B buyout by Sinclair
Tribune withdrew from its USD 3.9 billion buyout by Sinclair, ending a bid to create a massive media juggernaut that could have rivaled the reach of Fox News. Tribune Media Co, which is on the hook for a USD 135 million breakup fee, said today that it is filing a lawsuit against Sinclair, citing breach of contract. Sinclair Broadcast Group Inc wanted the Chicago company's 42 TV stations and had agreed to dump almost two dozen of its own to score approval by the Federal Communications Commission. The media company which has enjoyed the support of President Donald Trump, appeared to be cruising toward approval by US regulators. Last month, however, FCC Chairman Ajit Pai said that he had "serious concerns" about the deal, saying that Sinclair might still be able to operate the stations "in practice, even if not in name." Tribune, based in Chicago, claimed today that Sinclair used "unnecessarily aggressive and protracted negotiations" with the Department of Justice and FCC over regulatory
Rupee logs 1st fall in three days, down 5 paise at 68.68 a dollar
Snapping its two-day rally, the rupee today ended lower by 5 paise at 68.68 against the US dollar on renewed buying interest for the American currency even as domestic equities remained in a triumphant mode. Escalating trade war and sanctions dominated headlines and continued to play a critical role in driving the forex market sentiment after the US imposed fresh tariffs on imported goods from China and sanctions against several other nations. The Indian currency had appreciated by a whopping 25 paise in the last two days. Tail-end dollar demand from banks and importers largely offset early steep gains from lower crude oil prices and a recovery in the Chinese yuan. The home currency touched a fresh one-week high of 68.45 in mid-morning deals before retreating. Emerging markets currencies also witnessed turmoil. The Chinese yuan was trading higher at 6.83 against the dollar after data showed China's consumer inflation index rose by 2.1 per cent in July. Meanwhile, equity benchmarks ...
Hindustan Copper Q1 profit up 3-fold to Rs 35.26 cr
State-run Hindustan Copper today reported a three-fold rise in standalone profit at Rs 35.26 crore for the quarter ended June 30, 2018. The company had posted a standalone profit of Rs 10.21 crore in the year-ago period, Hindustan Copper said in a filing to BSE. The profit for the period is from continuing and discontinued operations after tax. The company's standalone income from operation during April-June period was at Rs 427.04 crore against Rs 426.84 crore in the corresponding quarter of previous fiscal. Total expenses of the company during April-June dropped to Rs 376.07 crore from Rs 410.61 crore in the year-ago period. Hindustan Copper Ltd had recently said that it will spend Rs 5,500 crore over six years to expand its production capacity by six times to up to 20 million tonnes per annum. The company is primarily engaged in the business of mining and processing of copper ore to produce refined copper metal.
Tribune Media files suit, terminates Sinclair tie-up deal
(Reuters) - Tribune Media Co terminated its $3.9 billion deal to be acquired by Sinclair Broadcast Group and filed suit, the company said on Thursday, after regulators objected to the acquisition that had received support from U.S. President Donald Trump.
Wall Street set to open higher; S&P flirts with record high
(Reuters) - U.S. stocks were set to open slightly higher on Thursday, with the S&P 500 aiming at a fresh record as strong earnings helped weather the impact of trade tensions.
Global Markets: U.S. sanctions whack Russia's rouble, Turkey's lira free-falls
LONDON (Reuters) - Alarm bells were ringing on Thursday as new U.S. sanctions drove down Russia's rouble and worries that Turkey was sliding towards a full-blown economic crisis battered the lira.
Maersk, IBM say 94 organisations have joined blockchain trade platform
COPENHAGEN (Reuters) - Shipping group Maersk said on Thursday 94 companies and organisations have so far joined a blockchain platform developed with IBM aimed at boosting efficiency and limiting the enormous paper trail of global container shipping.
Sundram Fasteners posts Rs 106.18 crore net profit in Q1
Automotive components major Sundram Fasteners Ltd on Thursday said it closed the first quarter of the current fiscal with Rs 106.18 crore net profit.
APM Terminals Pipavav Q1 net falls 15 pc to Rs 47 cr
APM Terminals Pipavav (Gujarat Pipavav Port Ltd) today said its net profit fell 15 per cent to Rs 47.1 crore during the quarter ended June 30, 2018. The company had posted Rs 55.7 crore net profit during the same quarter a year ago. Its revenue from operations rose to Rs 176 crore from Rs 169.1 crore in April-June 2017, APM Terminals Pipavav said in a statement. The container cargo business for the quarter stood at 195k TEUs (twenty-foot equivalent unit). APM Terminals Pipavav is one of India's leading gateway ports for containers, liquid bulk and dry bulk cargoes serving customers in Gujarat with road and rail networks to country's hinterland. It is India's first public private partnership (PPP) port in India and is a part of the APM Terminals global terminal network.