Page 2974 - Business Finance
APL Apollo Tubes consolidated net profit rises 20.95% in the June 2018 quarter
Sales rise 44.51% to Rs 1617.22 crore
Lupin tumbles after weak Q1 results
Lupin fell 4.75% to Rs 824 at 14:34 IST on BSE after consolidated net profit fell 43.11% to Rs 203.02 crore on 0.85% decline in net sales to Rs 3774.57 crore in Q1 June 2018 over Q1 June 2017.
Kerala agency bags 2 major expressway consultancy projects
State-owned technical consultancy KITCO Ltd, has bagged a major consultancy contract of two major expressways in Uttar Pradesh, a company official said on Wednesday.
Market breadth turns negative
Key benchmarks trimmed gains in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 136.39 points or 0.36% at 37,802.19. The Nifty 50 index was up 28 points or 0.25% at 11,417.45. Pharma shares saw mixed trend.
US unveils next round of tariffs on Chinese imports
The Trump administration said today it was moving ahead with a stiff 25 per cent tariff on additional USD 16 billion worth of imports from China, intensifying a trade war between the two economic giants. After coming to power, the Trump administration has initiated steps to address the issue of massive balance of trade with China and to the alleged Chinese theft of intellectual property. This is the second tranche of such tariffs and comes into effect on August 23. Washington had already imposed tariffs on USD 34 billion on July 6 but held off on a final USD 16 billion in goods as a result of concerns from US companies. This is part of the US' response to China's "unfair trade practices" related to the forced transfer of American technology and intellectual property, the US Trade Representative (USTR) said. The Trump administration has accused China of unfair trade practices. Talks between Washington and Beijing are at an impasse in the ongoing trade spat, with both sides continuing ..
Delta Magnets Ltd leads losers in 'B' group
TCPL Packaging Ltd, IOL Chemicals & Pharmaceuticals Ltd, Surana Solar Ltd and Balkrishna Paper Mills Ltd are among the other losers in the BSE's 'B' group today, 08 August 2018.
Future Supply Chain Solutions Q1 net profit up 37 pc to Rs 18 cr
Future Supply Chain Solutions has reported a 37.7 per cent rise in its standalone net profit to Rs 17.9 crore for the quarter ended June 30. The company had posted a net profit of Rs 13 crore for the same period a year ago, Future Supply Chain Solutions said in a statement. The standalone revenue from operations of the company stood at Rs 227.9 crore for the quarter under consideration. It was Rs 152 crore in the corresponding period of the previous fiscal. Future Supply Chain Solutions MD Mayur Toshniwal said: "I am pleased to report a strong start to FY19 with Q1 revenue from operations growing significantly at around 50 per cent year on year." This is a culmination of strong growth from the anchor customer and increased traction from non-anchor customers. Shares of Future Supply Chain Solutions were today trading 0.43 per cent lower at Rs 640 per scrip on the BSE.
China Tower joins growing list of subdued Hong Kong IPO debuts
HONG KONG (Reuters) - China Tower Corp Ltd's shares closed flat on their debut in Hong Kong on Wednesday, with escalating Sino-U.S. trade tensions dragging on investor sentiment towards the world's biggest initial public offering (IPO) in two years.
India's Lupin first-quarter profit misses estimate by wide margin
(Reuters) - Drugmaker Lupin Ltd posted a bigger-than-expected fall in first-quarter profit on Wednesday, hurt by declining sales in the United States and Japan.
SBI launches Multi Option Payment Acceptance Device
Lending major State Bank of India (SBI) on Wednesday launched a Multi Option Payment Acceptance Device for digital convenience of customers and merchants.
NHDC unearths 'irregularities' worth Rs 200 cr; refers case to CBI
The National Handloom Development Corporation has referred to the CBI a case related to alleged embezzlement of funds meant for the supply of yarn, after an internal probe indicated 'irregularities' worth around Rs 200 crore, a top official said. Textiles Secretary Anant Kumar Singh told PTI that irregularities worth around Rs 200 crore were detected through an inquiry report submitted last week. The matter been referred to the CBI by NHDC as it found some transactions which may have taken place without the yarn being distributed. Singh said the matter may have its roots in other states even though the problem has until now been reported in Lucknow region and Greater Noida. The textiles secretary said the CBI has been handed over the case as the central probe agency has expertise on such issues. E-mails sent to the top management of National Handloom Development Corporation (NHDC), a PSU under the Textiles Ministry, did not elicit any immediate response. "In the meantime, NHDC has ...
Lupin Q1 net profit dips 43 pc at Rs 203 cr
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 the previous fiscal. "The first quarter of FY2019 has been subdued, primarily on account of the US and Japan," Lupin Ltd Managing Director Nilesh Gupta said in a statement. During the quarter, the company's North America sales declined to Rs 1,185.8 crore, as compared with Rs 1,499 crore in the same period of 2017-18. Lupin's Japan sales stood at JPY 8,129 million during the first quarter ended June 30, as compared with JPY 8,585 million in the same period of the previous fiscal. In India, the company's formulation sales grew by 30.7 per cent to Rs 1,192.4 crore during the period ...
Seeking new growth drivers, Samsung plans $22 billion spending on new tech
SEOUL (Reuters) - Samsung Group will invest 25 trillion won ($22 billion) in artificial intelligence, 5G mobile technology, electronic components for autos, and the biopharmaceutical business in pursuit of new growth areas, Samsung Electronics said on Wednesday.
Positive global cues, Q1 results buoy equity indices
Broadly positive global cues and expectations of healthy quarterly results buoyed the key Indian equity indices during the mid-afternoon trade session on Wednesday.
Select bold grains extend gains on increased offtake
Select bold grain prices hardened by Rs 10 per quintal at the wholesale grains market today due to pick up in demand from consuming industries. However, other grains moved in a narrow range in limited deals and pegged at last levels. Traders attributed the rise in select bold prices to upsurge in demand from consuming industries against restricted supplies from producing belts. In the national capital, bajra and maize traded higher by Rs 10 each to Rs 1,480-1,485 and Rs 1,360-1,365 per quintal, respectively. Following are today's quotations (in Rs per quintal): Wheat MP (desi) Rs 2,320-2,420, Wheat dara (for mills) Rs 1,965-1,970, Atta Chakki(delivery) Rs 1,975-1,980, Atta Rajdhani (10 kg) Rs 250-280, Shakti Bhog (10 kg) Rs 275-310, Roller flour mill Rs 1,070-1,090 (50 kg), Maida Rs 1,170-1,180 (50 kg) and Sooji Rs 1,200-1,210 (50 kg). Basmati rice (Lal Quila) Rs 10,700, Shri Lal Mahal Rs 11,300, Super Basmati rice Rs 9,900, Basmati common new Rs 7,400-7,500, Rice Pusa (1121) Rs ...
Base metals shine on positive global cues, spot demand
Base metal prices rose by up to Rs 5 per kg at the non-ferrous metals market today, tracking a firm trend overseas amid pick-up in demand from consuming industries. Traders said sentiment bolstered after London copper ticked higher today as the dollar weakened against a basket of major currencies. Meanwhile, three-month copper was up 0.2 per cent at USD 6,190 a tonne on the London Metal Exchange. Also the most-traded October copper contract on the Shanghai Futures Exchange rose 0.3 per cent to 49,550 yuan (USD 7,286) a tonne. Besides, an uptick in demand from consuming industries at the domestic spot market supported the uptrend, they said. In the national capital, copper mixed scrap and nickel plate (4x4) rose by Rs 3 and Rs 5 to Rs 435 and Rs 910-913 per kg, respectively. Zinc ingot, lead ingot and lead imported also enquired higher by Rs 2 each to Rs 133-139, Rs 138 and Rs 145 per kg, respectively. Following are today's metal rates (in Rs per kg): Zinc ingot Rs 133-139, nickel ...
RIL jumps on completing Eros stake buy
Reliance Industries rose 1.84% to Rs 1205.35 at 14:12 IST on BSE after the company said it completed the purchase of a 5% stake in Eros International Plc.
Groundnut oil rises on Vanaspati millers' buying
Groundnut oil prices firmed up by Rs 200 per quintal at the wholesale oils and oilseeds market today on increased offtake by Vanaspati millers. However, castor oil in the non-edible section, remained weak on easing demand from consuming industries. Traders said, pick up in buying by Vanaspati millers following uptick in demand from retailers against restricted supplies from growing regions, mainly pushed up groundnut oil prices. In the national capital, groundnut mill delivery (Gujarat) oil shot up by Rs 200 to Rs 9,400 per quintal. Groundnut solvent refined followed suit and edged up by Rs 10 to Rs 1,780-1,880 per tin. On the other hand, in the non-edible section, castor oil drifted further down by Rs 200 to Rs 7,300-7,400 per quintal. Following are today's quotations (in Rs per quintal): Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900, Vanaspati Ghee (15-litre tin) Rs 800-1,000. Edible oils: Groundnut mill delivery (Gujarat) Rs 9,400, Groundnut Solvent ...
Lupin quarterly profit falls 43 percent
(Reuters) - Drugmaker Lupin Ltd posted a 43 percent fall in first-quarter profit on Wednesday, widely missing analysts' estimates.
Pakistan to decide on IMF or Chinese bailout by end of September - finance minister-in-waiting
ISLAMABAD (Reuters) - Pakistan will decide on whether to seek a bailout from the International Monetary Fund or friendly nations such as China by the end of September, according to Asad Umar, the finance minister-in-waiting of the incoming government.