Page 3025 - Business Finance
Sical Logistics consolidated net profit declines 71.36% in the June 2018 quarter
Sales rise 32.17% to Rs 323.51 crore
Quick Wrap: Nifty PSU Bank Index records a surge of 1.89,NIFTY climbs 1.03%
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Goa GSDP rises 18.92% in FY17: CAG report
After being negative till FY14, the gross state domestic product (GSDP) of Goa continued to show positive trend in FY17, registering a 18.92 per cent growth, which was higher than the projection made by 14th Finance Commission, the CAG has said. The Comptroller Auditor General (CAG) report, which was tabled on the floor of the House today during the ongoing monsoon session, has said that the secondary and tertiary sectors continued to be a dominant source of GSDP. "The growth rate of GSDP was 18.92 per cent against the 14th finance commission projection of 14.52 per cent during the year," the CAG has said. The secondary sector accounted for 50.07 per cent of the state's GSPD, while the tertiary sector contributed 32.26 per cent, the report said. "Out of remaining 17.67 per cent, the primary sector contributed to 8.40 per cent and taxes and subsidies on products contributed 9.27 per cent," it added. The CAG report has said the state government had achieved the target of ..
Demand conditions accelerate India's July service sector growth
Favourable demand conditions accelerated the growth of India's service sector in July, key economic data showed on Friday.
Indiabulls Housing shares surge over 6% post Q1 earnings
Shares of Indiabulls Housing Finance soared over 6 per cent today after the company reported a rise of 30 per cent in consolidated net profit for the June quarter. Its stock rose 5.93 per cent to settle at Rs 1,378.30 on the BSE. During the day, it jumped 6.42 per cent to Rs 1,384.75. On the NSE, shares of the company climbed 6.24 per cent to end at Rs 1,379.60. In terms of equity volume, 25.18 lakh shares of the company were traded on the BSE and over 54 lakh shares changed hands at the NSE during the day. Indiabulls Housing Finance has reported a rise of 30 per cent in consolidated net profit at Rs 1,048.68 crore for the quarter ended June. The company's net profit in the corresponding April-June period of 2017-18 stood at Rs 804.89 crore. In a regulatory filing yesterday, the company said its total revenue during the quarter increased to Rs 4,071.32 crore from Rs 3,288.24 crore in the year-ago period.
Heineken takes $3.1 billion stake in China's top brewer
Dutch beermaker Heineken will pour $3.1 billion into a stake in China's top brewer, expanding its access in the Asian giant's booming and hotly contested market, the two groups announced today. Heineken has signed a "non-binding" agreement with China Resources Beer to acquire 40 percent of CRH, the listed entity controlling the Chinese group, for a total of 24.35 billion Hong Kong dollars, according to a statement. In return, China Resources Beer will buy a 0.9 percent stake in Heineken for 464 million euros ($537 million). The Dutch firm, which operates three breweries in the country, will merge its operations in China with those of its new partner. Heineken will also grant its partner permission to market its eponymous beer brand in the country. The deal allows Beijing-based China Resources Beer, known above all for low-cost brands like Snow Beer, to add a well-known premium brand to its line-up. Heineken and its Chinese partner are joining forces at a time when competition is ...
U.S.-China tariffs threaten European capital goods supply chains
STOCKHOLM (Reuters) - European capital goods companies are starting to show the strain of Washington's trade conflicts with China and other countries, as tariffs push up costs for machine parts and raw materials and threaten to worsen supply bottlenecks.
Wall Street Weekahead: Investors move to cash, anticipating Democratic gains in U.S. November elections
NEW YORK(Reuters) - The likelihood of a Democratic party takeover of at least one house of the U.S. Congress in the midterm elections in November is prompting some portfolio managers to move more money to cash and rotate away from sectors like financials and technology that could see greater regulatory scrutiny.
Berger Paints lines up Rs 280cr capex by 2021
Berger Paints India Ltd today said it would invest Rs 280 crore till 2021 to augment capacities in Uttar Pradesh and Maharashtra. "We will soon commence water and solvent-based decorative, industrial and protective coating, resins, emulsion and construction chemical manufacturing facility at Sandila, Uttar Pradesh, at an estimated cost of Rs 200 crore," Chairman K S Dhingra said at Berger Paints' AGM here. The expansion is likely to be complete by 2021. Another Rs 80 crore would be spent for the second-phase expansion at Jejuri near Pune for automotive, industrial and protective coatings, he told reporters. The unit will have a paints capacity of 27,000 KL per annum and 12,000 MT of resins. The company will also add an additional powder coating line at Jejuri with an estimated capacity of 325 MT per month. Dhingra said he is optimistic about the Rs 2,000-crore automotive refinsh paints market. He said Berger Paints had encouraging trials out of the MoU with Rock Paint of ..
Tur import drops 84% in April-May: Govt
Import of tur has declined by 84 per cent to 16,000 tonnes during April-May this fiscal, the government today informed Parliament. About 97,000 tonnes of tur (red gram) was purchased from the overseas market in the same period of the previous fiscal. "There is a significant decline in import of the said commodity in the country over the last one year," Minister of State for Agriculture Gajendra Singh Shekhawat said in a written reply to the Rajya Sabha. It is due to higher local production and not import that is having adverse impact on domestic prices, he said. While the Telangana government has demanded ban on import of tur but the Centre has already imposed quantitative restriction of 2 lakh tonnes per annum on import of tur, effective August 2017, he added. Besides, the government has lifted ban on export of all varieties of pulses with effect from November 22, 2017 to boost overseas shipments. As per the data placed before the Upper House, tur imports dropped by 41 per cent to ...
Team Lease Services to acquire stake in Avantis Softech
Transaction expected to close before end of September 2018
Turnover on NSE's F&O segment declines
Titan Company, Axis Bank, SBI August futures at premium
Zydus Wellness Q1 net profit up 1.8% to Rs 25.73 cr
Consumer products firm Zydus Wellness today reported a 1.8 per cent rise in its consolidated net profit to Rs 25.73 crore for the quarter ended June 30, 2018. The company had posted a net profit after tax and non-controlling interests of Rs 25.27 crore for the corresponding period of the previous fiscal, Zydus Wellness said in a filing to BSE. Consolidated total revenue of the company stood at Rs 152.82 crore for the quarter under consideration. It was Rs 141.86 crore for the same period a year ago. "During the quarter, the company's pillar brands, Sugar Free, EverYuth and Nutralite continued to grow at a consistent pace," Zydus Wellness said. Shares of Zydus Wellness today closed at Rs 1,502.35 per scrip on BSE, up steep 5.10 per cent from its previous close.
People aghast to find UIDAI helpline number in their phonebooks
Thousands of smartphone users in India woke up puzzled on Friday as a toll-free helpline number of UIDAI was saved in their phonebooks by default.
Titan Q1 net up 31% to Rs 349.17 crore
Tata Group firm Titan Company today reported a 30.81 per cent jump in standalone net profit to Rs 349.17 crore for the first quarter ended June 30, 2018. The company had reported a net profit of Rs 266.91 crore in the April quarter a year-ago. Total income during the quarter under review stood at Rs 4,354.52 crore. It was Rs 4,054.23 crore in the corresponding period last fiscal, Titan said in a BSE filing. Titan said revenue from operations for the period up to June 30, 2017, includes excise duty on goods sold. "With the implementation of Goods and Service Tax (GST) in India with effect from July 1, 2017, excise duty has subsumed into GST, and hence, revenue from operations for the period from July 1, 2017, does not include excise duty," it added. "All our core businesses have shown a healthy growth in profit in addition to market share gains...Despite the single digit revenue growth of our jewellery business in the first quarter, the profits grew by a healthy 16 per cent. "The ...
Manpasand to invest Rs 1,500cr to set up 10 new plants by 2020
Fruit juice maker Manpasand Beverages is planning to invest Rs 1,500 crore to set up 10 new manufacturing plants in the country by 2020 in its effort to drive volumes, a top company executive said. The company at present has six manufacturing plants across the country, of which three are in Vadodara, and one each in Varanasi, Dehradun and Ambala. "We are planning to have a total of 16 plants in the country by 2020, and are looking to invest Rs 1,500 crore on 10 new plants," Dhirendra Singh, chairman and managing director, Manpasand Beverages, told PTI. The city-based firm is also planning to enter new product segments like milk based sugar free drinks, glucose drinks and protein based drinks over the next three years to grow revenues and provide a significant boost to its growth journey across local and global markets, he added. "For a country whose per capita consumption of cold drinks stand at mere six litres against 90 litres in the US, we need to have more affordable
E-commerce industry needs soft touch regulation: Expert
A soft touch regulation is needed to promote the nascent e-commerce industry in the country and the proposal to allow startups to issue shares with differential voting rights would affect the flow of foreign capital into this space, IT industry veteran V Balakrishnan has said The draft e-commerce policy was clearly aimed at promoting Indian e-commerce players while at the same time trying to bring about a level-playing field between online and offline players, the former Chief Financial Officer of Infosys Ltd said. The draft policy was trying to put India first by focusing on encouraging more made-in-India products to be sold through the e-commerce marketplace, he said. The e-commerce market was still insignificant in the country, said the chairman of Exfinity Venture Partners LLP, and StartupXseed Ventures LLP. "While there is a need for a single-point regulator to address all the concerns related to the e-commerce industry, too much of regulations at this nascent ...
Carborundum Universal's consolidated Q1 net up 56.3%
: Carborundum Universal Ltd, engaged in manufacturing of abrasives, electro minerals, industrial ceramics, has recorded a 56.3 per cent rise in its net profits on a consolidated basis for the quarter ending June 30, 2018 at Rs 65.29 crore. The city-based Murugappa Group company, recorded consolidated net profits at Rs 41.77 crore during the corresponding quarter of previous year. For the full year ending March 31, 2018 consolidated total income was at Rs 219.59 crore. Consolidated total income for the April-June 2018 quarter grew to Rs 644.82 crore, from Rs 557.48 crore registered during the year-ago period. For the year ending March 31, 2018 consolidated total income stood at Rs 2,418.09 crore. In a BSE filing, the company said, on consolidated basis, the sales without excise duty for the quarter ending June 30, 2018 grew by 22 per cent, to Rs 626 crore from Rs 512 crore registered during same quarter of last year "on account of better performance from all the business .
Dimming UK services growth raises questions over BoE hike
LONDON (Reuters) - Growth in British services companies slowed in July by more than expected, raising further questions about the Bank of England's decision to raise interest rates before Brexit, a survey showed on Friday.
Heineken toasts $3.1 billion China Resources Beer premium tie-up
HONG KONG/SHANGHAI (Reuters) - Heineken is taking a $3.1 billion stake in the parent of China Resources Beer, China's top brewer, to tap a growing thirst for premium brands in the world's biggest beer market.