Page 3036 - Business Finance
Piaggio Vehicles to invest Rs 100 cr by 2020 on product devpt
Piaggio Vehicles, which unveiled new series of Ape model of three wheelers in CNG and LPG variants here today, is planning to invest about Rs 100 crore by 2020 in product development and new engine technology. The company, which is the wholly-owned subsidiary of Italian auto major Piaggio group, also rolled the 2.5 millionth commercial vehicle from its sole manufacturing facility in Baramati, Maharashtra. Besides, three-wheelers and sub-one tonne Porta 700 and one-tonner Porta 1000 trucks, the 3.80-lakh-per-annum capacity plant also produces the iconic Vespa and Aprilla brand scooters. Besides, it also has an engine manufacturing facility, which produced 1.50 lakh engines per annum. "We are not planning to make any big investment in manufacturing assets at least in the next three to five years. The current capacity at the plants is enough to meet the future requirements," said Diego Graffi, managing director and chief executive officer, Piaggio Vehicles. "Our investment .
AB InBev looks for best minds to address sustainability issues
The world's biggest beer giant Anheuser-Busch (AB InBev) today launched the 100+ Accelerator programme to find partners who can provide solutions to some of the most pressing global sustainability issues. The company has invited academics, entrepreneurs, scientists and technologists to apply for the 100+ Accelerator programme with the aim yo mobilize the world's brightest minds. AB InBev is looking for partners who can deliver breakthrough advancements in a range of areas like water stewardship, farmer productivity, product up-cycling, responsible sourcing and green logistics. "Through the 100+ Accelerator, we will support entrepreneurs who are tackling local challenges in the region with our resources, experience and global reach to speed their progress and scale," AB InBev India President Ben Verhaert said. Successful applicants will receive mentorship, funding and access to new networks. Selected winners will be announced in September 2018 and invited to be part of the 100+ ...
Capital First Q1 net up 55% at Rs 101.5 cr
Non-banking finance company Capital First today reported a 55 per cent increase in net profit at Rs 101.5 crore in the June quarter, helped by higher loan growth and better asset quality. The company had reported a profit after tax of Rs 65.4 crore in the year-ago quarter. "We reported 55 per cent growth in net profit in Q1 on a year-on-year basis as per the new accounting standard, with stable asset quality," said V Vaidyanathan, chairman, Capital First. Its gross and net NPA stood at 1.57 per cent and 1 per cent as on June 30, 2018, respectively, compared with 1.72 per cent and 1.04 per cent as on June 30, 2017, a release said. The lender's core income (net interest income and fee income) grew 31 per cent to Rs 601.7 crore during the quarter, from Rs 460.3 crore in the same period last year, it added. "The growth in income was primarily driven by higher net interest income, which grew 51 per cent to Rs 528 crore as against Rs 350.8 crore," the release said. The retail ..
JK Lakshmi Cement Q1 net profit slips 51% to Rs 13 cr
JK Lakshmi Cement today reported 51.41 per cent decline in its standalone net profit to Rs 13.75 crore for the first quarter ended June 30, impacted by higher fuel and power prices. The company had reported a net profit of Rs 28.30 crore in the June quarter a year ago, JK Lakshmi Cement said in a BSE filing. Total income stood at Rs 934.44 crore during the quarter under review. It was Rs 1,013.37 crore in the corresponding quarter of the last fiscal. "Company's profitability was severely hit by increase in its cost notably on account of increase in fuel and power prices. Pet coke prices reached all time high," the cement firm said. The JK Organisation group firm further said that its profit is further impacted by ban on use of pet coke in thermal power plant by the Supreme Court in October 2017. "The company could partially mitigate the full impact of rise in cost by improving the productivity, efficiency parameters and optimising the product mix," JK Lakshmi Cement said. Meanwhile, ..
Corrected: Possible new U.S. tariffs on Chinese goods not 'cataclysmic' - Commerce Secretary
WASHINGTON (Reuters) - New tariffs that the United States is threatening to impose on nearly half the goods imported from China would have a small impact on the Asian nation's economy and not lead to disaster, Commerce Secretary Wilbur Ross said on Thursday, as U.S. financial markets were set to open lower on the trade standoff.
Inmarsat's maritime business drifts as sets solo course
LONDON (Reuters) - Inmarsat talked up its prospects as a standalone company after it rebuffed an approach from EchoStar last month but its shares slipped after a lacklustre performance from its maritime business.
US tariff plan doomed to be futile: China
The US is playing hard and soft tactics with China on the trade issue, but such a two-faced approach is doomed to be futile and will disappoint countries and regions opposing the trade war, China's Ministry of Commerce said on Thursday.
Cognizant revenue, forecast disappoint; shares slide
(Reuters) - Cognizant Technology Solutions Corp missed estimates for quarterly revenue and forecast a weak third quarter, hurt by lower-than-expected spending from clients in the financial industry, sending its shares down as much as 8.6 percent.
Board of Ballarpur Industries approves in-principle investment in 50% equity of Premier Tissue (India)
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Board of BLB approves proposal to delist from BSE
At meeting held on 02 August 2018
Infinix Mobiles aims to be among top 5 players in online sales
Chinese smartphone firm Inifinix Mobiles today said it expects to be among top five players in online segment in next one year with monthly sale target of 2 lakh units. "Transsion Holdings (parent firm of the company) is just 2 years old in the country and it is already among top 5 mobile phones players in the country. Now, we are looking Infinix alone to be among top 5 player in online segment," Infinix India CEO Anish kapoor said after launching new smartphone Infinix Smart 2. According to Counterpoint Research, Transsion with its three brands- itel, Tecno and Infinix, has emerged as the fifth largest player in the Indian mobile phone industry by capturing 4 per cent market share in the first quarter of 2018. "Earlier, we were not focussing on volume sale. Now, we are looking to sell 2 lakh units of Infinix every month online," Kapoor said. He also said that company will continue to focus on smartphones in the price range below Rs 10,000 a unit to push sales. "We will keep bringing .
Bombardier on track to break even on cash flow this year
(Reuters) - Canadian plane and train maker Bombardier Inc posted a 7 percent rise in a key profit measure for the second quarter and its cash burn was much better than expected, putting it firmly on track to break even on cash flow this year.
Special Report: Biotech incubator taps investors through in-house brokerage
NEW YORK (Reuters) - Last August, National Securities Corp analyst Jonathan Aschoff was bullish on Avenue Therapeutics Inc, a fledgling biotechnology company with no revenue and one drug in clinical trials. In a research note posted on National's website, he rated the newly listed stock a "buy" and predicted that the share price would more than double in a year.
Reliance Jio, SBI enter MoU to deepen their digital partnership
Reliance Industries on Thursday said that its telecom subsidiary Jio has entered into an MoU with State Bank of India (SBI) to deepen their digital partnership.
Safexpress launches logistics park in Bengaluru
Prominent supply chain and logistics company, Safexpress today launched its ultra-modern logistics park here, built at a cost of Rs 200 crore. Spread over an area of 1.25 million sq ft along National Highway 75 here, it is the company's 35th logistic park and second largest logistics hub after its Manesar facility near Delhi. The Bengaluru park is aimed at catering to a larger portion of South India, the company said. The facility in Bengaluru, fully owned by the Safexpress, can have at least 260 trucks loading and unloading at the same time, it said. The company's Managing Director Rubal Jain said, "With aneconomic growth of over 10 per cent, Bengaluru is the second fastest growing major metropolis in India. It is the country's fourth largest FMCG market, hub of biotechnology related industry and one of the major industrial hubs of the country." Keeping this in mind, Safexpress has established its state-of-the-art logistics park here to serve as a nodal point for supply
Wall Street opens lower weighed by tech stocks
(Reuters) - U.S. stocks opened lower on Thursday, after technology stocks fell, as fears of a trade war between the United States and China were sparked after President Donald Trump proposed 25 percent tariffs on $200 billion worth of Chinese imports.
SC directs NBCC to complete all unfinished housing projects of Amrapali Group
In a relief to about 40,000 Amrapali home buyers, the Supreme Court on Thursday directed the public sector undertaking (PSU) National Building Construction Corporation (NBCC) to takeover all the 16 unfinished projects of the real estate major.
Rupee plunges 27 paise, hits 1-week low of 68.70 vs USD
The rupee sank 27 paise to close at a one-week low of 68.70 against the US dollar today amid a ratcheting up of global trade war rhetoric. Sentiment turned fragile after US officials confirmed a proposal to raise tariffs on USD 200 billion worth of Chinese imports from 10 per cent to 25 per cent. A massive sell-off in local equities also reverberated through the forex market. The Indian unit stormed to a fresh one-month high of 68.26 in early trade, a day after the RBI struck an optimistic tone on the economy's macro fundamentals and growth outlook. The home currency see-sawed between a high of 68.26 and a low of 68.72 during the day. Earlier, the rupee resumed higher at 68.37 against Wednesday's close of 68.43 at the Interbank Foreign Exchange (forex) market. It later strengthened to a fresh one-month high of 68.26 on heavy dollar unwinding, well supported by falling crude prices. However, forex market sentiment took a sudden U-turn in mid-afternoon deals, largely tracking global ...
Ongoing enquiry against Kochhar may lead to more scrutiny, says ICICI Bank
ICICI Bank has said that the ongoing enquiry against its MD and CEO Chanda Kochhar could lead to further scrutiny and additional costs, denting its reputation. The Audit Committee of the bank had instituted in June an independent enquiry, headed by former Supreme Court Judge B N Srikrishna, to probe various allegations against Kochhar. These relate to nepotism, quid pro quo and her not disclosing conflicts with regard to transactions between Videocon group and entities controlled by her husband Deepak Kochhar. "We are at increased risk for inquiries or investigations by regulatory and enforcement authorities, which may adversely affect our reputation, lead to increased regulatory scrutiny, cause us to incur additional costs or adversely affect our ability to conduct business," ICICI Bank said in a US SEC (Securities and Exchange Commission) filing dated July 31, 2018. Pending the enquiry, Kochhar is on a leave of absence since June 19, 2018 and in the interim the bank has appointed ...
Geojit Fin Services Q1 net down 22% on higher marketing cost
Geojit Financial Services today reported a 22 per cent decline in consolidated net profit at Rs 12.7 crore for the June quarter on higher staff expenses and marketing cost coupled with poor stock market activities. The Kochi-based company had posted a net profit of Rs 16.22 crore in the year-ago period. The firm, which has completed a year of independent operations after ending its decades of association with the French financial powerhouse BNP Paribas, reported a 4 per cent decline in consolidated revenue at Rs 81.2 crore during the quarter, as its income from the flagship brokerage vertical show lower volume as the stock market remained tepid. CJ George, founder and managing director, Geojit Financial Services, attributed the poor set of numbers to the decline in stock market activity during the quarter along with higher marketing expenses and hiring in the sales division. "The decline in stock market activity during the quarter has resulted in a marginal 4 per cent ...