Page 3041 - Business Finance

Zuari Agro Chemicals reports standalone net loss of Rs 8.33 crore in the June 2018 quarter

Sales rise 81.67% to Rs 1346.83 crore

Gravita India standalone net profit rises 12.73% in the June 2018 quarter

Sales rise 69.33% to Rs 236.78 crore

Orient Cement standalone net profit declines 58.84% in the June 2018 quarter

Sales rise 12.66% to Rs 639.90 crore

SNL Bearings standalone net profit rises 2.53% in the June 2018 quarter

Sales rise 4.30% to Rs 8.24 crore

Navneet Education standalone net profit rises 15.18% in the June 2018 quarter

Sales rise 19.03% to Rs 669.96 crore

Zuari Agro Chemicals reports consolidated net loss of Rs 7.99 crore in the June 2018 quarter

Sales rise 51.76% to Rs 2000.52 crore

Gravita India consolidated net profit rises 9.70% in the June 2018 quarter

Sales rise 61.01% to Rs 304.95 crore

Vietnam firm launches selfie smartphones in Hyderabad

Vietnamese smartphone brand Mobiistar launched its series of selfie smartphones here today, marking its entry into the offline market of the southern States of India. The phones were priced in the range of Rs 4,000-Rs 11,000 in the country. Mobiistar was co-founded by Carl Ngo in 2009 and it established itself as a leading brand in Vietnam and recently expanded to Southeast Asia and Gulf Cooperation Council (GCC) countries. "On May 23, we officially announced our presence in India," Carl Ngo told reporters. The products were available online. "With our new range of selfie-centric smartphones, we aim to be the part of top five smartphone brands in the affordable segment by this year-end," he said. The company launched the offline operation with the partnership of 600 distributors across India, he said. The company plans to hire about 3,000 people, he added.

Bosch, Siemens cut washing machine, fridge prices by 7-8%

European company BSH Household Appliances, which operates in the country under two brands, Bosch and Siemens, today said it will reduce prices of its refrigerators, washing machines and mixer grinders by 7-8 per cent to pass on the benefits of GST rate cut to consumer. The reduction will be valid with immediate effect. The government recently had decreased the GST rates from from 28 per cent to 18 per cent on 15 items, including washing machine, fridge, laundry machines and food grinders. "Further to this reduction on essential home appliances, we're happy to announce that BSH Household Appliances will be passing on the full benefit to the end consumer under its brands Bosch and Siemens Home Appliances," said Gunjan Srivastava, managing director and chief executive officer, BSH Household Appliances. "There has been a substantial drop in prices of about 7-8 per cent, well ahead of the festive season, which is expected to spur growth and boost demand," he added. Srivastava .

HMSI sales volume slips 0.73% to 544,529 units in July

Second largest two-wheeler maker Honda Motorcycle & Scooter India (HMSI) today reported a marginal fall in July sales volumes at 544,529 units, down 0.73 per cent from 548,577 units sold in July 2017. The company, which has been growing in high double digits in the previous months, didn't attribute any reason for the decline. But it can be noted that in July 2017 the whole industry had clocked higher volumes following tax cuts after GST was implemented. Had it not been for a stellar show by exports, which soared to 40,162 units in July this year, from 32,569 units in last July, the overall numbers would have been very bad. YS Guleria, senior vice-president for sales and marketing, Honda Motorcycle & Scooter India, said, "In July this year, Honda has crossed 38 million customer mark cumulatively since its start of operations in 2001." The company said its domestic sales crossed two million mark in the first four months of the current year. "Parallely, we are fully .

IT services firm Cognizant profit beats estimates

(Reuters) - Cognizant Technology Solutions Corp topped analysts' estimates for quarterly profit on Thursday, as clients in the healthcare and financial industries spent more for its services.

Sensex closes 1 percent lower; Reliance, HDFC top drags

(Reuters) - Indian shares extended losses to close nearly 1 percent lower on Thursday, pulled down by financial and energy stocks, a day after the central bank raised its key policy rates.

Odisha assures all support to Taiwans CPC Corporation

Odisha govenrment today assured all support to the Taiwans state-owned firm CPC Corporation which proposes investment of Rs 43,000 crore (USD 6.6 billion) in the petrochemical sector in India. The Taiwan company has identified port town Paradip in Odisha as one of its possible locations for its investment, officials said. The company is likely to choose the Paradip site as it may meet its raw materials requirement by using feedstock from Indian Oil Corporation (IOC), they said. The state government's assurance was given by Chief Minister Naveen Patnaik when he met a CPC Corporation delegation led by its president Shun-Chin Lee at the state secretariat here, the officials said. Patnaik during the discussion with Lee said that a high level taskforce headed by the state chief secretary will be formed to facilitate the company to set up its facility in Paradip, the officials said. Lee was quoted to have said that the company has plans to set up a petroleum cracker facility ..

Sensex plunges 356 pts, Nifty drops below 11,300-mark

Benchmark Sensex tanked 356 points to close at a one-week low of 37,165.16 today, while the NSE Nifty ended below the 10,300-mark on widespread selling amid weak global cues. Asian and European stocks dropped as the latest escalation in the Sino-US trade spat weighed on investor sentiment. Heavy selling by foreign and domestic institutional investors after RBI's rate hike yesterday added to the selling pressure. The 30-share Sensex stayed in the negative zone for the whole day and ended at 37,165.16, showing a loss of 356.46 points, or 0.95 per cent. This is its lowest level since July 26, when it had closed at 36,984.64. The gauge had lost 84.96 points in the previous session. The broader Nifty too succumbed to selling pressure and hit a low of 11,234.95, before ending at 11,244.70, down 101.50 points, or 0.89 per cent. Profit-booking by participants in view of the domestic markets' recent record-setting run fuelled the downtrend, brokers said. On a net basis, foreign portfolio ...

Indian footwear market largely unorganised: Designer Jyoti Narula (Lead, correcting intro)

Only one-third of the footwear market is organised, while the rest of the business consists of unorganised players, says designer Jyoti Narula of the brand Joe Shu. He notes that the rise of disposable income and global fashion trends are contributing to the industry's evolution.

Godrej Properties' Q1 net tanks 65% on higher expenditure

Real estate firm Godrej Properties' consolidated net profit declined by 65.41 per cent to Rs 34.3 crore in the June quarter, mainly due to higher expenditure. Its net profit stood at Rs 99.17 crore in the same period last year. The company's total income, however, rose 18.96 per cent to Rs 1,066.73 crore in the reporting quarter, from Rs 896.71 crore in the year-ago period. Its total expenses increased to Rs 992.14 crore, from Rs 732.98 crore. "We have just completed an eventful start to the year. The new accounting standards fundamentally change the way we recognise revenues and will lead to more volatility in reported earnings," Godrej Properties' executive chairman Pirojsha Godrej in a statement. Total bookings for the company witnessed a decline in the June quarter, both in volume and value terms, at 1.17 million sq ft and Rs 820 crore, respectively. It had registered 1.8 million sq ft bookings, valued at Rs 1,474 crore, in the year-ago period. The company also raised

Oil falls for a third day, dented by rising tide of supply

LONDON (Reuters) - Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply.

Marico Q1 net up 10 pc at Rs 260 cr

FMCG firm Marico today reported 10.25 per cent rise in consolidated net profit at Rs 260.13 crore for the quarter ended June 30. The company had reported a net profit of Rs 235.93 crore in April-June quarter of 2017-18. Total income during the reported quarter stood at Rs 2,050.8 crore. It was Rs 1,714.53 crore in the June quarter of 2017-18, Marico said in a BSE filing. It said during the quarter its India business volumes grew 12.4 per cent while the International business posted a currency growth of 7 per cent (volume growth of 3 per cent). "The FMCG Business in India achieved a turnover of Rs 1,628 crore (USD 243 million), a growth of 23 per cent over the same period last year," it added. Marico said revenue from International business stood at Rs 399 crore in the reported quarter as against Rs 365 crore in the same period a year ago. Stock of Marico was trading 4.27 per cent down at Rs 352.75 on BSE.

Wishfin launches "Mutual Fund SIP on WhatsApp"

Wishfin has launched a pioneering product, "Mutual Fund SIP on WhatsApp" through which you can now buy Mutual Funds on Whatsapp.With this launch, starting SIP is as simple as giving a missed call at 844 778 2222 and chatting away to start a Mutual Fund SIP. You can also start a Mutual Fund SIP through this link: https://mutualfund.wishfin.com/campaign-whatsapp-sip.Puru Vashishtha, Chairman and MD, Wishfin.com. said, "Mutual Fund SIPs are best systematic wealth creation product for retail customers. We are a big champion of Mutual Funds and SIPs, and wanted to make it easy to invest in them. It could not have been easier than chatting your way to prosperity on Whatsapp. The world is seeing the power of commerce on chat platforms. Pinduoduo Inc recently got listed on Nasdaq with approximately $25 billion market cap, leveraging the power of WeChat for e-commerce. What we have built with Whatsapp has similar contours. If anything, financial services have even more leverage on a chat ...

Bajaj Finserv offers home loan up to Rs. 3.5 crore

In order to help its customers to realise the dream of owning a house, Bajaj Finance Ltd., the lending arm of Bajaj Finserv, is offering its customers the facility of availing high-value home loans of up to Rs. 3.50 crore at a competitive interest rate. This facility is available for new home buyers as well as for customers who opt to transfer their existing home loan to Bajaj Finserv.This offering from Bajaj Finserv is loaded with additional home loan offers such as 3 EMI Holiday and doorstep service for documentation. The customer can also opt for an additional top-up amount of up to Rs. 50 Lakhs to supplement their personal finances, without any additional documentation.Bajaj Finserv also offers Flexi Hybrid Home Loan facility, wherein home buyer needs to pay only the interest component as EMI for the first four years and start paying principal component thereafter. This facility enables the customers to organise their finances effectively which are affected after incurring ...