Page 2954 - Business Finance
Gold remains weak on muted demand, global cues
Gold prices dipped by Rs 5 to Rs 30,560 per 10 grams at the bullion market today due to tepid demand from local jewellers and a weak trend overseas. However, silver recovered by Rs 55 to Rs 38,970 per kg on scattered enquiries from industrial units and coin makers. Marketmen said subdued demand from local jewellers and retailers at the domestic spot market amid weak global cues kept gold prices lower. Globally, gold fell 0.20 per cent to USD 1,211.10 an ounce and silver slipped 0.29 per cent to USD 15.36 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed another Rs 5 each to Rs 30,560 and Rs 30,410 per 10 grams, respectively. The yellow metal had lost Rs 20 yesterday. Sovereign, however, remained unaltered at Rs 24,600 per piece of eight grams. On the other hand, silver ready recovered by Rs 55 to Rs 38,970 per kg and weekly-based delivery traded higher by a similar margin to Rs 38,020 per kg. Silver coins, however, were unchanged at Rs
Ipca Labs Q1 profit at Rs 65 cr
Ipca Laboratories today reported a standalone net profit of Rs 65.52 crore for the quarter ended June 30, mainly on account of robust sales. The drug firm had posted a net loss of Rs 20.25 crore in the year-ago period, Ipca Labs said in a BSE filing. Total income stood at Rs 867.56 crore for the quarter under review. It was Rs 719.14 crore for the same period a year ago. "Indian formulations income was up 36 per cent at Rs 400.94 crore," the company said. Shares of Ipca Laboratories were trading at Rs 789 per scrip on BSE, down 0.72 per cent from the previous close.
Only 0.35% of I-T returns filed last year to be scrutinised: CBDT
The income tax department today said it has picked up only high tax evasion cases for scrutiny, which account for around 0.35 per cent of the 6.86 crore returns filed for Assessment Year 2017-18. Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said that the department has faith on the income tax payers, but will not allow evaders to scot free. "We have increased the tax base and have full faith on taxpayers. Last year, we got 6.86 crore returns and I have picked up only 0.35 per cent cases for scrutiny. This means that 99.65 per cent of the returns filed can be at peace," Chandra said at an Assocham event here. He said out of this 0.35 per cent cases picked up for scrutiny, 0.15 per cent are for 'limited scrutiny' and 0.20 per cent are for 'full scrutiny'. "This shows that in only high tax evasion cases, we will go for scrutiny," Chandra said. A scrutiny procedure in the income tax system pertains to a case where a taxpayer is required to provide a number of documents to .
Adidas reports strong second quarter as North America growth outstrips Nike
BERLIN (Reuters) - German sportswear firm Adidas reported higher-than-expected second-quarter results on Thursday, as it kept growing faster than rival Nike in North America even as it stagnates in its western European home market.
Analysis: Musk's Tesla buyout plan could test Wall Street's nerves
SAN FRANCISCO (Reuters) - A leveraged buyout of electric carmaker Tesla could be an ominous sign of market exuberance, but investors may need more justification to run for the exits.
Maruti to open bookings for new Ciaz from tomorrow
Maruti Suzuki India (MSI) today said it will start accepting bookings for the updated version of its mid-sized sedan Ciaz, from tomorrow onwards. The company plans to launch the new Ciaz on August 20 and the model would continue to be sold from the MSI's Nexa network. The new Ciaz can be booked with an initial payment of Rs 11,000 at any of the 319 NEXA showrooms, MSI said in a statement.
Board of SQS India BFSI appoints director and CFO
On 09 August 2018
Metro Bikes raises Series A investment of USD 12.2 million
Bike rental start-up Metro Bikes today said it has raised Series A investment of USD 12.2 million led by Sequoia India and Accel Partners. The company has also announced the change in its brandname to "Bounce". The funds would be used to further scale the Bounce network across Bengaluru, invest in a robust delivery model through innovations in technology and develop a pan-India presence by expanding to all major cities by2020, the company said in a release. Raghunandan G, founder of TaxiForSure and a consortiumof other investors, have also participated in this round, itsaid. Founded by Vivekananda HR, Varun Agni and Anil G, the start-up offers a dockless scooter sharing service allowing users to pick up the scooter from anywhere, ride to their destination and drop it off at any location. "There is tremendous potential for innovation in the shared mobility segment given the major gap in last mile connectivity in intra-city travel. We are looking at a market opportunity ..
Post CCI consent, Walmart shows confidence in the Indian market
Hailing the approval by the Competition Commission of India (CCI) in the proposed acquisition of e-commerce major Flipkart, American multinational retail corporation Walmart, has shown its confidence in the ability to contribute to the Indian market."We welcome the CCI's decision. Walmart remains committed to contributing to the Indian economy by supporting smallholder farmers, manufacturers, and our Kirana customers," said the American multinational retail corporation Walmart in a statement.Earlier on Wednesday, the CCI sent out a tweet from its official Twitter handle, giving a stamp of approval for the deal to go through. Further details of the development are awaited.Walmart International Holdings, Inc, the company based in Bentonville in the United States, had in May announced that it would pay approximately USD 16 billion for an initial stake of approximately 77 per cent in Flipkart."Our partnership with Flipkart is testament to our continued confidence in our ability to ...
Deutsche Telekom again lifts core profits guidance
FRANKFURT (Reuters) - Deutsche Telekom raised its profit outlook for the second time this year as it reported second-quarter results which showed underlying growth, although this was offset by a drag from the weaker U.S. dollar.
Indian Oil Corporation Ltd slips for fifth straight session
The stock is quoting at Rs 165.45, down 0.27% on the day as on 13:19 IST on the NSE. Indian Oil Corporation Ltd tumbled 19.35% in last one year as compared to a 16.8% rally in NIFTY and a 20.81% spurt in the Nifty Energy index.
Highest ever aspirants appear in railway exams
About 73.8 per cent aspirants appeared for an Indian Railways mega recruitment examination on Thursday, a record, officials said.
Bajaj Electricals Q1 net jumps 98% to Rs 40.53 crore
Bajaj Electricals today reported a 97.70 per cent jump in standalone net profit at Rs 40.53 crore for the first quarter ended June 30, 2018. The company had registered a net profit of Rs 20.50 crore in April-June period a year-ago. Its total income in the quarter under review stood at Rs 1,149.24 crore. It was Rs 1,039.90 crore in the year-ago period, Bajaj Electricals said in a BSE filing. The company said gross sales figures, part of total income, for the quarter ended 30 June 2018, is not compatible with the previous periods presented in the results post implementation of GST with effect from July 1, 2017. For the quarter, consumer products segment of the company has earned total revenue of Rs 596.86 crore as against Rs 469.53 crore, a growth of 27.1 per cent over the corresponding previous quarter. Its engineering, procurement and construction (EPC) segment achieved a total revenue of Rs 542.96 crore, registering a de-growth of 3 per cent. Shares of Bajaj Electricals were trading .
HSBC launches online platform MyDeal to raise funds via capital mkts
HSBC has launched a new digital platform to simplify capital raising process through capital markets by providing real-time access to information such as investors' feedback, profiles, client orders and deal pricing. The platform -- MyDeal, contains all the information relating to a client's capital markets transaction, and is updated on real time basis. In its pilot phase, MyDeal has raised over USD 25 billion in the first seven months through over 30 transactions globally. "Raising capital through capital markets can be a nerve-wracking and complex process," Global Head of Corporate and Institutional Digital at HSBC Niall Cameron said, adding that "MyDeal radically simplifies some of the most time-consuming and stressful parts of the process. It gives you real-time access to all aspects of your deal all available in one place". The platform, which HSBC's bankers can access on a tablet or desktop, uses application programming interface (API) technology to centralise data from ...
Thyssenkrupp CEO says has mandate to keep group as conglomerate
FRANKFURT/DUESSELDORF (Reuters) - Thyssenkrupp Chief Executive Guido Kerkhoff, which took the helm of the group after the sudden departure of Heinrich Hiesinger last month, on Thursday said he has a clear mandate to develop the company in its current form.
Textiles Secretary Anant Kumar Singh moved to Land Resources dept
Textiles Secretary Anant Kumar Singh has been shifted to the Land Resources department as part of a minor top-level bureaucratic reshuffle effected today. Culture Secretary Raghvendra Singh has moved as Textiles secretary in place of Anant Singh, an order issued by the Personnel Ministry said. Arun Goel will be the new Culture secretary. He is at present special secretary, Ministry of Culture. Anant Singh, a 1984 batch IAS officer of Uttar Pradesh cadre, was appointed secretary in the Ministry of Textiles, which is headed by Union Minister Smriti Irani, in May last year. He has been appointed in the vacancy caused by the superannuation of Dinesh Singh on June 30, 2018, the order said. Anant Singh had recently said irregularities worth around Rs 200 crore were detected in the National Handloom Development Corporation (NHDC), a public sector undertaking under the Textiles Ministry. The matter has been referred to the Central Bureau of Investigation (CBI) as the central probe agency has .
Insight: GM squeezes pounds and pennies to attack Ford's pickup profit machine
FORT WAYNE, Ind. (Reuters) - When General Motors Co engineers were developing the 2019 Chevrolet Silverado and GMC Sierra pickup trucks, some of them joined public tours of Ford Motor Co's Dearborn, Michigan factory to watch aluminum-bodied F-series trucks go down the assembly line.
T.V. Today Network Ltd soars 1.11%, rises for third straight session
The stock is quoting at Rs 440.1, up 1.11% on the day as on 12:49 IST on the NSE. T.V. Today Network Ltd is up 103.33% in last one year as compared to a 16.74% fall in NIFTY and a 0.15% fall in the Nifty Media index.
Hathway Cable & Datacom Ltd rises for third consecutive session
The stock is quoting at Rs 20.65, up 6.17% on the day as on 12:49 IST on the NSE. Hathway Cable & Datacom Ltd is down 32.3% in last one year as compared to a 16.74% drop in NIFTY and a 0.15% drop in the Nifty Media index.
Den Networks Ltd spurts 6.2%, gains for third straight session
The stock is quoting at Rs 50.5, up 6.2% on the day as on 12:49 IST on the NSE. Den Networks Ltd is down 34.07% in last one year as compared to a 16.74% drop in NIFTY and a 0.15% drop in the Nifty Media index.