Page 2966 - Business Finance
Gold slides on weak global cues, silver plunges
Gold prices eased by Rs 90 to Rs 29,440 per 10 gram at the bullion market here today owing to slackened demand from local jewellers and a weak trend overseas. Silver prices, too, dropped owing to lack of industrial buying support. Standard gold (99.5 per cent purity) fell by Rs 90 to close at Rs 29,440 per 10 gram from Tuesday's closing level of Rs 29,530. Pure gold (99.9 per cent purity) also moved up by a similar margin to end at Rs 29,590 per 10 gram as against Rs 29,680 previously. Silver (.999 fineness) dipped by Rs 285 to finish at Rs 37,650 per kg as against Rs 37,935. Globally, gold prices steadied. However, expectations of a higher dollar due to rising US interest rates and strong demand for the US treasury bonds are expected to have an impact on the sentiment. Spot gold was unchanged at USD 1,210.60 an ounce at early trade. Silver rose by 0.1 per cent to USD 15.35 an ounce.
Govt needs to look at problems faced by exporters trading with Iran: FIEO
The government needs to look into the problems being faced by exporters shipping consignments to Iran in view of the increasing threat of US economic sanctions against the Persian Gulf nation, FIEO said today. Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said that the rupee account currently used for payment settlement has limited funds to meet export requirement only for 3-4 months. "Other than UCO Bank, no other bank is willing to deal with exporters who are trading with Iran in view of the US sanctions. The government needs to immediately look at the situation and take steps," Gupta said on the sidelines of a function here. The US has told India and other countries to cut oil imports from the Gulf nation to "zero" by November 4 or face sanctions. Iran is India's third-largest oil supplier after Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil between April 2017 and January 2018 (first 10 months of fiscal 2017-18). US President Donald .
Minda Industries Q1 net profit up 77 pc at Rs 81 cr
Auto component maker Minda Industries today posted a 77.46 per cent increase in its consolidated net profit at Rs 80.50 crore for the first quarter ended June 30. The company had reported a net profit of Rs 45.36 crore for the same period of the previous fiscal. Total income of the company rose to Rs 1,436.32 crore for the first quarter, as compared with Rs 1,031.75 crore in the April-June quarter of 2017-18, Minda Industries said in a regulatory filing. Last month, the company formed a joint venture (JV) with Japan's Kosei Group to manufacture moulds for alloy wheels. Shares of Minda Industries today ended 1.26 per cent up at Rs 423.55 apiece on the BSE.
China to slap additional tariffs on $16 billion worth of U.S. goods
HONG KONG (Reuters) - China is slapping additional import tariffs of 25 percent on $16 billion worth of U.S. goods ranging from oil and steel products to autos and medical equipment, the commerce ministry said, as the world's two largest economies escalate their trade dispute.
HPCL Q1 profit surges 86% to Rs 1,719 cr
State-owned Hindustan Petroleum Corp Ltd (HPCL) today reported 86 per cent jump in the June quarter net profit on higher refining capacity. Net profit of Rs 1,719 crore, or Rs 11.28 per share, in the April-June quarter of the current fiscal was 86 per cent higher than Rs 925 crore clocked in the year-ago period, HPCL Chairman and Managing Director M K Surana told reporters here. 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, he said. Its revenue rose to Rs 72,923 crore in first quarter of 2018-19, from Rs 59,891 crore a year ago.
Digital Lender Prest Loans secures USD 250K funding
Digital lending platform and RBI registered NBFC Prest Loans (www.PrestLoans.com), has secured debt funding of about USD 2.5 lakh (appr. Rs. 16.5 crore) from multiple lenders.The lenders include AU Small Finance Bank, INCRED, MAS Finance, Northern Arc Capital (earlier IFMR) and other who have been with the company from very early stage itself. The company has seen 10X growth in lending on YoY basis and is on aggressive expansion plan.The promoters have also recently infused another about USD100K (Rs. 65 lakh) in equity to further strengthen the technology platform and meet the growing demand of credit."The funding is an indication of confidence shown by lenders in our business. We got excellent support from various lenders within the first year of our operations and could raise debt largely due to strength of the business model, processes and technology being used. Some of our lenders have provided multiple tranches of credit based on our growth and track record. We have been growing .
Togofogo forays into refurbished laptops market in India
Togofogo, a trusted marketplace for buying and selling of re-commerce products in the mobiles category, has announced offering of a new product category, namely refurbished laptops.The new category offered by Togofogo will include quality check, certification, extended warranty, and repair services, maintaining the uniqueness of the platform.With an aim to capture 8-10 percent share in the market, Togofogo would be selling laptops of top-brands on its website."We now aim to significantly capture the market for refurbished laptops in India. By the next quarter we also plan to enable our customers to directly sell their old laptops on Togofogo," said CEO Togofogo, Soumitra Gupta.
Karunanidhi was a scientists' scientist: M S Swaminathan
Agriculture expert and former Rajya Sabha member M S Swaminathan on Wednesday paid homage to late Dravida Munnetra Kazhagam (DMK) chief M. Karunanidhi and said that he had great respect for scientists.In a series of posts on Twitter, Swaminathan hailed Karunanidhi and recalled some of his "outstanding" contributions to the society."Dr M Karunanidhi was a scientists' scientist. Among his numerous contributions to Tamil Nadu's development are outstanding universities like Anna University as well as the State Biotechnology Council and gender-sensitive institutions like the Women's Biotechnology Park," Swaminathan tweeted."Karunanidhi was also keen to see Tamil Nadu progress from food security to nutrition security. Long before India's Food Security Act was introduced, he launched in the 1990s a 'Hunger-free area programme' in order to fulfil the dream of Mahakavi Subramania Bharathiyar," he added.The five-time Chief Minister of Tamil Nadu "married science with Tamil literature," ...
Outsource your logistics to Inland
With more than 3 decades of experience in logistics industry, Inland World Logistics (IWL) is now offering (Third Party) 3PL Logistics services. IWL has the infrastructure, expertise and skilled manpower to plan, execute and control all matters of procurement, production as well as distribution logistics outsourced to them.Inland World Logistics, with group turnover of over Rs. 3000 crore has 550 branches covering 1000 locations in the country. IWL has 3500 dedicated in-house fleet, over 2 million sq. ft warehousing space and over 2000 trained workforce equipped with most modern material handling facilities to skilfully manage your inbound inventory and outbound distribution.As Third Party Logistics Provider, IWL will offer supply chain solutions including multi-modal transportation, customs clearance, and door deliveries, along with superior warehousing and primary and secondary distribution services. At the heart ofIWL 3PL Logistics Services will be their TMS, WMS, VMI - Warehouse ..
Sodexo partners with QSR startup Charcoal Eats
Tech-enabled, full stack quick service restaurants (QSR) start-up Charcoal Eats announced its partnership with Sodexo, the country's largest employee benefits company, to give its millions of meal card users access to the high quality and appetizing offerings from Charcoal Eats.Sodexo is one of the widely used meal benefit solutions amongst corporates. Corporate executives who patronize Charcoal Eats can now pay by using their Sodexo meal cards. This tie-up will enable Sodexo meal card users to make quick payments for their orders at the Charcoal Eats dine-in outlets across the country.They can also use their Sodexo cards to pay for their orders online at www.charcoaleats.com or through the Charcoal Eats app.Charcoal Eats offers high quality, all-day food across snack and meal times, at attractive price points. The offerings include a wide array of biryanis, rolls, loaded fries, starters, meals, puff pizzas, beverages, and desserts. The company prepares its food at best-in-class, ...
Fincare Small Finance Bank aims Rs 10,000-cr loan book size by FY21
Fincare Small Finance Bank (SFB) aims to grow its loan book size to Rs 10,000 crore by 2020-21 and targets to gain 40 lakh customers by then, its managing director and chief executive Rajeev Yadav said today. "Our FY'21 vision is to be a Rs 10,000 crore assets company and 4 million customers. We believe once we reach Rs 10,000 crore, we will have a reasonable mass of customers and size," Yadav said in an interaction. Fincare SFB was earlier known as Dish Microfin as an NBFC and it forayed into Delhi market by opening a branch here today. "So if we look at growth rate, this is a very healthy growth rate of the order to 60-70 per cent for the next three years," he further said. He said the bank wants to have its presence in at least top 80 cities of the country or to be covering at least 30 per cent states. Fincare started its SFB operations in July 2017, one of the ten entities that were granted RBI approval in 2015. In the last one year since its launch, the bank has built a deposit ..
Global Markets: World shares hold at one-week high, sterling's slide gathers pace
LONDON (Reuters) - Robust U.S. earnings and expectations of additional stimulus from Beijing supported world shares at one-week highs on Wednesday but a selloff in Britain's pound gathered steam over mounting concerns for the country's outlook.
Jimmy Choo shoes help Michael Kors beat 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.
Lupin shares tank nearly 5 pc, m-cap dips by Rs 1,771 cr after Q1 earnings
Shares of Lupin today plunged nearly 5 per cent after the company reported 43.37 per cent decline in its consolidated net profit for the first quarter ended June 30. The stock dropped 4.53 per cent to end at Rs 825.85 on the BSE. Intra-day, it slumped 5.42 per cent to Rs 818.10. On the NSE, shares of the company declined 4.73 per cent to close at Rs 825.55. The company's market valuation plunged Rs 1,770.92 crore to Rs 37,341.08 crore. In terms of equity volume, 8.44 lakh shares of the company were traded on the BSE and over one crore shares changed hands on the NSE during the day. Drug firm Lupin today reported 43.37 per cent decline in its consolidated net profit at Rs 202.76 crore for the first quarter ended June 30, hit by drop in sales in the US and Japan. The company had posted a net profit of Rs 358.08 crore in the April-June quarter of 2017-18. Income from operations declined to Rs 3,774.57 crore for the first quarter as compared with Rs 3,806.83 crore in the same period of ...
Don't play smart, give your property details: SC to Amrapali directors
The Supreme Court on Wednesday asked the Directors of the Amrapali Group to file details of all their movable and immovable assets along with valuation, and warned them that they would be rendered homeless if they tried "to play smart."
JP Morgan to take 1.1 mn sq ft office space on lease from Embassy group
Realty firm Embassy Group today said it has signed an agreement with global financial services firm JP Morgan to provide on lease 1.1 million sq ft premium office space in its project at Bengaluru. Embassy group is the country's leading commercial real estate developer with over 30 million sq ft of completed assets and another 20 million sq ft under various stages of development. The Bengaluru-based developer, in a statement, said that it has signed a long-term lease deal with JP Morgan for commercial office space at Embassy TechVillage project. "Embassy shall develop a 1,100,000 sq. feet built-to-suit facility in phases, with the first phase expected to be delivered by the first quarter of 2021," it added. Spread over 103 acres, Embassy TechVillage is an integrated LEED platinum-rated business park with commercial, retail, hospitality spaces and is located on the Outer Ring Road, the heart of Bengaluru's IT corridor. Jitu Virwani, CMD of Embassy Group, said: "This transaction ...
GE Capital to sell energy finance unit to Starwood Property for $2.56 billion
(Reuters) - General Electric Co's financing arm said on Wednesday it will sell its energy finance unit and loan portfolio to Starwood Property Trust Inc for $2.56 billion, as part of a plan to shrink itself into a smaller, more focused business.
RSP's special plate plant posts "record" monthly dispatch
Rourkela Steel Plant today said its special plate plant registered the "best-ever" monthly dispatch since inception at 657 tons for July. The previous best was in the month of March at 511 tons, the company said in a statement. The first four months of the current fiscal from April to July saw a growth of 40.22 per cent over the corresponding period last year in terms of dispatch, it said. The special plate plant (SPP) specialises in production of heat-treated (Q&T) armour grade plates for ordnance factories and the Indian Navy, the statement said. The department has produced and dispatched about 88,000 tons of special plates to various defence organisations since its inception in 1969. The SPP is presently is in the process of ramping up production of quenched and tempered plates for defence and other non-defence applications, it added.
Natco Pharma Q1 net profit up 93 pc to Rs 181 cr
Drug firm Natco Pharma today reported a 93.27 per cent rise in its consolidated net profit to Rs 181.1 crore for the quarter ended June 30 mainly on account of robust sales. The company had posted a net profit of Rs 93.7 crore for the corresponding period of the previous fiscal, Natco Pharma said in a BSE filing. Consolidated total revenue of the company stood at Rs 574.5 crore for the quarter under consideration. It was Rs 448.7 crore in the corresponding period of the previous fiscal. The company's board of directors have approved an interim dividend of Rs 1.50 per equity share of Rs 2 each, Natco Pharma said. Shares of Natco Pharma today closed 0.06 per cent lower at Rs 812.85 per scrip on the BSE.
Markets scale new peaks on RIL push; IMF forecast buoys sentiment
Benchmarks rallied to fresh lifetime highs today on persistent investor appetite for market heavyweight RIL, while the broader buying momentum got a fillip after IMF underlined India's role as a source of global growth. The BSE Sensex vaulted 221.76 points to close at a new peak of 37,887.56. The broader NSE Nifty extended its record-setting run for the fourth session and finished above the 11,400-mark for the first time. Sentiment was buoyed after the IMF said India will be a source of growth for the global economy for the next few decades and it could be what China was for the world economy, even as it suggested more structural reforms. Sustained FII inflows and fresh spell of buying by domestic institutional investors fuelled the rally, brokers said. Encouraging first quarter earnings and mixed trend in global markets, with US stocks approaching fresh all-time highs, too bolstered sentiment, they added. Reliance Industries witnessed heavy buying and spurted 2.85 per cent to close ..