Page 2965 - Business Finance
Bourses should reconcile regulatory, market interests: NITI Aayog
Indian stock exchanges need to further reconcile their regulatory functions with market interests in order to protect and promote the interest of retail depositors, NITI Aayog Vice Chairman Rajiv Kumar said on Wednesday.
Tesla's board says Musk started go-private talks last week
(Reuters) - Tesla Inc Chief Executive Elon Musk started talks with the company's board last week about taking the electric car maker private, some board members said on Wednesday.
Rupee furthers gains, up 5 paise at 68.63 a dollar
The rupee today further consolidated its gains by 5 paise to end at 68.63 against the US currency, extending its recovery momentum for the second-straight day as the dollar weakened on worsening US-China trade war. A record-setting rally in domestic equities too weighed on the forex trading front. The rupee confined in a narrow range of 68.57 and 68.71 most part of the day. Though, the local currency gave back some of its early strong gains following renewed dollar demand from state-run oil marketing companies (OMCs). The vertiginous ascent in the Indian stock market showed no signs of slowing down with the key benchmark indices ending at fresh life-time highs powered by a rally in frontline heavyweights amid earnings optimism. The BSE Sensex vaulted 221.76 points to close at 37,887.56, while the broader NSE Nifty advanced 60.55 points to finish above the 11,400-mark for the first time. On the energy front, crude prices retreated after a brief overnight surge after China reported ...
Tesla board says it will evaluate Musk proposal to go private
Tesla's board of directors said today it will evaluate chief executive Elon Musk's proposal to take the electric car maker private. After Musk last week raised the idea as a better solution for Tesla's long-term growth, directors met "several times" and "is taking the appropriate next steps to evaluate this," the board in a brief statement issued before the stock market opened. Musk jolted markets Tuesday by announcing the proposal on Twitter and saying he could finance the buyout at a large premium to current valuation, at a price of $420 a share.
Spain's firm signs MoU with Punjab to set up Rs 300cr unit
Spain-based food processing company Congelados De Navarra will invest Rs 300 crore to set up a food processing unit at Ludhiana in Punjab, an official spokesperson said today. The final modalities for the setting up of unit at Ludhiana were worked out at a meeting of company officials with Chief Minister Amarinder Singh here, he said. The company later signed an MoU with Punjab Bureau of Industrial Promotion (PBIP) for the project, which has been facilitated by IFFCO (Indian Farmers Fertilizer Cooperative) under the Invest Punjab scheme, he said. A delegation comprising the company's Director General Berito Jimmez and Consultant Inigo Soto, along with IFFCO Chairman BS Nakai and MD US Awasthi, met the chief minister to finalise land for the project, which will generate direct employment for 400 and indirect employment for 5,000 people in the state, he said. The company, along with IFFCO, had earlier shortlisted two land parcels for the project, he said. The foundation stone for the ...
HPCL profit jumps 86% on higher refining margins
State-owned Hindustan Petroleum Corp Ltd (HPCL) today reported 86 per cent jump in first-quarter net profit on higher refining margins. Net profit of Rs 1,719 crore, or Rs 11.28 per share, in the April-June period of the current fiscal was 86 per cent higher than Rs 925 crore clocked a year ago, HPCL Chairman and Managing Director Mukesh K Surana told reporters here. "The profit was higher because of higher refining margins which had a component of inventory gains. It was aided by higher refinery throughput and higher sales," he said. The firm earned USD 7.15 on turning every barrel of crude oil into fuel as compared to USD 5.86 per barrel gross refining margin a year ago. This included an inventory gain of USD 3.43 per barrel as compared to an inventory loss of USD 2.86 in the same period of previous fiscal. Inventory gain occurs when a company buys crude oil at a particular rate but by the time it is able to transport it to its refinery, process it and send out fuel to sale outlets,
Growth projection, global cues lift indices to record highs (Roundup)
Positive global cues, along with prediction of healthy economic growth and better-than-expected quarterly results, lifted the key Indian equity indices to new record intra-day and closing high-levels on Wednesday.
RCF Q1 profit up 12% at Rs 23 cr
State-owned Rashtriya Chemicals and Fertilisers today reported 12 per cent increase in net profit at Rs 22.99 crore for the quarter ended June 30. Its net profit stood at Rs 20.55 crore in the year-ago period, the company said in a regulatory filing. Total income increased to Rs 1,955.96 crore from Rs 1,563.12 crore in the year-ago period. During the entire 2017-18 financial year, the company posted a net profit of Rs 78.80 crore on a total income of Rs 7,343.20 crore.
Jimmy Choo shoes help Michael Kors strut past estimates, raise forecast
(Reuters) - Fashion house Michael Kors Holdings Ltd's efforts to revamp its high-end shoe brand Jimmy Choo paid off as the company topped Wall Street's quarterly profit estimates on Wednesday and raised its full-year earnings forecast.
BPCL shuts fire-hit hydrocracker unit at Mumbai refinery, 40 injured
MUMBAI (Reuters) - State-run Bharat Petroleum Corp Ltd shut a hydrocracker unit at its Mumbai refinery on Wednesday evening following a fire that left 40 people injured, said a top company official.
Siemens June qtr net up 25 pc at Rs 204 cr
Siemens today posted 25.5 per cent jump in standalone Profit After Tax (PAT) at Rs 204.4 crore for the quarter ended June 30, on the back of higher revenues. The company's PAT in the year-ago quarter stood at Rs 162.9 crore, it said in a BSE filing. The revenue in the third quarter (April-June) stood at Rs 2,964.4 crore which amounts to 14.6 per cent increase (excluding impact of Excise Duty from the revenue for the year-ago quarter) compared to the same period last year. The company follows October-September financial year. It said the new orders for the period stood at Rs 2,840.7 crore. "Order growth of our base business is robust across most of our divisions. However, large infrastructure tenders, particularly in railways, power generation and transmission sectors continue to be muted while demand seems to be increasing from the state discoms. "We see private sector capex also picking up with increased interest in our digitalization solutions," MD and CEO Sunil Mathur said in a ...
HC restrains Alchemist Group from transferring money to any foreign entity
The Calcutta High Court today restrained Alchemist Group from transferring money to any foreign entity without its permission and asked the business house and its Chairman K D Singh to respond to market regulator Sebi's plea for a probe into their alleged attempts to siphon off funds to a tax haven. Passing an interim injunction, the court also restrained Alchemist Group and Singh from entering into a business contract with any foreign entity without its permission. A division bench comprising justices Joymalyo Bagchi and R Bharadwaj directed the Group and Singh to file an affidavit with regard to the plea by the Securities and Exchange Board of India (Sebi) within four weeks and asked the capital market regulator to file its affidavit in opposition in another two weeks after that. The matter will come up for hearing after six weeks, the court said. Seeking directions for a thorough probe, Sebi had told the bench that Singh was allegedly trying to siphon off around USD 100 million ...
CVS Health profit beats on higher prescription drug sales
(Reuters) - Drugstore retailer CVS Health Corp's adjusted quarterly profit topped analyst estimates on Wednesday as it sold more prescription drugs at its stores, sending its shares up 3.4 percent in premarket trading.
BPCL first-quarter profit rises over three-fold, beats estimates
(Reuters) - India's Bharat Petroleum Corp Ltd reported a better-than-expected quarterly profit on Wednesday, helped by strong refining margins.
Analysis: U.S. steel tariffs a boon for some European producers
LONDON (Reuters) - Washington's tariffs on steel imports have prompted warnings of an earnings hit for European producers, but for companies such as ArcelorMittal with operations in increasingly protected markets, levies are expected to yield a profit bonanza.
SBI launches digital transaction initiative MOPAD
As part of its effort to promote online transaction, State Bank of India (SBI) today launched one more digital initiative called MOPAD (Multi Option Payment Acceptance Device). It will enable customers to make payments through cards, Bharat QR, UPI and SBI Buddy (e-wallet) on a point of sale (PoS) terminal. It will also provide digital convenience to customers and ease of doing business for merchants at the same time, SBI Chief General Manager Alok Kumar Choudhary said here. SBI has 6.23 lakh point of sale terminals deployed across the country. "It has decided to roll-out the facility on all PoS terminals in a phased manner. This will result in economic digital transactions as the merchant need to deploy only one terminal," he said. The merchants get single MIS for all types of digital transactions helping them to have total control on the cash flows. It is expected that this multipurpose initiative will enhance the digital ecosystem and help the bank in driving the economy towards a .
Adani Enterprises Q1 PAT grows 6 pc to Rs 169 cr
Adani Enterprises Ltd, the flagship company of the Adani Group, today said its consolidated profit after tax (PAT) rose by 6 per cent to Rs 169 crore in the April-June quarter of 2018-19. The company had clocked a PAT of Rs 159 crore in the year ago period, the company said in a statement. Consolidated income from operations fell to Rs 7,954 crore in the quarter under review from Rs 8,548 crore in the same quarter of the preceding fiscal. "We will continue to thrust on diverse national critical business spaces like mining, gas distribution, agro businesses, solar manufacturing and ancillary industries," Adani Group Chairman Gautam Adani said in the statement. Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India's largest business conglomerates. Its business portfolio comprises coal trading and mining, agri-storage infrastructure and services as well as edible oil and gas distribution. Shares of the company today ended 4.84 per cent up at Rs 199.35 ...
New York Times digital subscriber growth slows, shares drop
(Reuters) - The New York Times Co reported a better-than-expected quarterly profit but the company added fewer paid digital subscribers, sending its shares down about 5 percent in premarket trading.
Thomson Reuters grows revenue, sees Blackstone deal closing in fourth quarter
TORONTO (Reuters) - Thomson Reuters Corp on Wednesday reported a 2 percent rise in quarterly revenue and reaffirmed its 2018 forecast, saying it was on track for a "solid" year. The news and information provider reported second-quarter revenue of $1.31 billion, compared with $1.28 billion a year ago. Adjusted for special items, earnings were 17 cents per share, down from 19 cents per share a year ago.
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