Page 3046 - Business Finance
Volumes spurt at Aditya Birla Fashion & Retail Ltd counter
Aditya Birla Fashion & Retail Ltd registered volume of 168.03 lakh shares by 14:14 IST on NSE, a 13.33 fold spurt over two-week average daily volume of 12.61 lakh shares
India Has Potential To Become One Stop Sourcing Destination For ASEAN Textile Sector
India has the potential to become one stop sourcing destination for brands and retailers from ASEAN, according to a latest update from Ministry of Textiles. There are opportunities for textile manufacturers from ASEAN to invest here and cater to domestic market as well as exports because of competitive advantages available in India including availability of raw material, trained man-power and presence of the entire textile value chain. Further, 100% FDI is allowed in the textile sector under automatic route.
Starbucks ties up with Alibaba for coffee delivery in China
American coffee chain Starbucks on Thursday announced that it has tied up with Chinese tech giant Alibaba to begin coffee delivery across China.
AkzoNobel Q1 net profit up 5 pc at Rs 43 cr
Paints and coatings maker AkzoNobel India today reported 5.42 per cent increase in standalone net profit at Rs 43.51 crore for the April-June quarter. It had posted a net profit of Rs 41.27 crore in the year-ago period. Total income during the reported quarter stood at Rs 724.83 crore. It was Rs 728.61 crore during April-June, 2017-18, AkzoNobel said in a BSE filing. The company said revenue for June quarter 2017-18 is reported inclusive of excise duty while revenue for April-June of the current fiscal is reported net of GST. "Reduction in GST rate for paints from 28 per cent to 18 per cent is expected to drive demand. Benefits arising from rate reduction are being passed on to the customers," AkzoNobel India Managing Director Jayakumar Krishnaswamy said. Shares of AkzoNobel India were trading at Rs 1,860 apiece on BSE, up 0.24 per cent from the previous close.
Base metals weak on muted demand, global cues
Prices of base metals fell by Rs 2 per kg at the non-ferrous metals market today, tracking a weak trend overseas amid tepid demand from consuming industries. Traders said, sentiment remained bearish after Shanghai copper fell more than 1 per cent following US officials confirmation that President Donald Trump's administration proposed an increase in tariff rate on USD 200 billion worth of Chinese goods. Fears that the trade row between the world's top two economies could hit demand for industrial metals saw Shanghai copper shed 3.4 per cent in July, while London copper posted its biggest monthly fall since December 2016. Meanwhile, the most-traded September copper on the Shanghai Futures Exchange fell by 1.4 per cent to 49,240 yuan (USD 7,230.44) a tonne, having earlier slipped to 49,010 yuan, its lowest since July 24. Also copper for delivery in three months slipped by 0.2 per cent to USD 6,162.50 a tonne, after closing down 2 per cent in the previous session on the London Metal ...
Pfizer Q1 net profit up 61 pc to Rs 92 cr
Drug firm Pfizer today reported 60.64 per cent rise in standalone net profit to Rs 91.84 crore for the first quarter ended June 30, 2018-19. It had posted net profit of Rs 57.17 crore for the corresponding period of the previous fiscal, Pfizer Ltd said in a filing to BSE. Standalone revenue from operations of the company stood at Rs 512.31 crore for the April-June quarter of the current fiscal. It was Rs 432.59 crore for the year-ago period. Shares of Pfizer Ltd were trading 3.6 per cent up at Rs 2,768 in the afternoon on BSE.
BMW beats Q2 forecasts as new anti pollution rules dent rivals
FRANKFURT (Reuters) - BMW reported a smaller-than-expected 6 percent decline in second operating profit on Thursday while brushing off new anti-pollution rules and global trade tensions which caused rival Daimler to warn on profits.
Bank of England poised to raise rates despite Brexit risk
LONDON (Reuters) - The Bank of England looks set to raise interest rates on Thursday to their highest level since the financial crisis almost a decade ago, defying warnings that it is taking a gamble while the terms of Brexit remain unclear.
Cox & Kings gets NCLT approval for scheme of arrangement
On 02 August 2018
Gold slumps Rs 365 on weak global cues, muted demand
Gold tumbled by Rs 365 to Rs 30,435 per 10 gram today on the back of subdued global cues amid slump in demand from local jewellers. Silver followed suit and declined by Rs 50 to Rs 39,000 per kg owing to reduced offtake by industrial units and coin makers. Traders said sentiment took a hit owing to a weak global trend, as the dollar strengthened after the US Federal Reserve kept interest rates steady as expected. Globally, gold fell 0.65 per cent to USD 1,215.50 an ounce and silver by 0.94 per cent to USD 15.35 an ounce in New York in yesterday's trade. In addition, considerable fall in demand from local jewellers and retailers at the domestic spot market fuelled the downtrend, they said. In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 365 each to Rs 30,435 and Rs 30,285 per 10 gram, respectively. The precious metal had gained Rs 150 yesterday. Sovereign however held steady at Rs 24,600 per piece of eight gram. Following gold, silver ready ...
Rolls-Royce upgrades forecasts despite engine trouble
LONDON (Reuters) - British engine maker Rolls-Royce upgraded its 2018 guidance on a stronger than expected performance across its business, saying that it could cope with the rising cost of fixing a problem with its Trent 1000 engines.
Silver futures up by 0.05 pc on global cues
Silver prices inched up by 0.05 per cent to Rs 38,814 per kg in futures trade today as speculators created fresh positions amid positive global cues. At the Multi Commodity Exchange, silver for delivery in December edged up by Rs 18, or 0.05 per cent, to Rs 38,814 per kg in A business turnover of 68 lots. Likewise, the white metal for September was up by 16, or 0.04 per cent, to Rs 37,972 per kg in 2,799 lots. Market analysts said fresh positions created by traders in tandem with a firm global trend influenced the silver prices at futures trade. Meanwhile, silver rose by 0.33 per cent to USD 15.40 an ounce in Singapore.
Swiggy acquires Scootsy for approximately Rs 50 cr
Food ordering and delivery firm Swiggy today said it has acquired Mumbai-based on-demand delivery platform Scootsy. The all-cash acquisition of Scootsy is for approximately Rs 50 crore, a sources in knowledge of the deal said. With this acquisition, Swiggy will further strengthen Scootsy's curated restaurant network and help the brand expand to newer cities on the back of its operational excellence and back-end strength, Swiggy said in a statement. Scootsy will continue to operate as an independent app post the acquisition, it added. Commenting on the development, Swiggy CEO Sriharsha Majety said, "With a shared belief of providing a superior user experience, its addition will extend the convenience and reliability that Swiggy is synonymous with." As Swiggy brings with it a conducive ecosystem and the right resources for expansion, the acquisition will enable Scootsy's expansion across Mumbai as well as propel its foray into 4-5 major Indian cities in the coming months, the statement .
Grab raises $1 billion to expand in Indonesia, eyes more funds
SINGAPORE (Reuters) - Singapore-based Grab said on Thursday it has secured $1 billion in fresh funding and will consider raising further cash, as the ride-hailing firm aggressively expands in Indonesia, Southeast Asia's biggest economy.
Delivered hot: Starbucks bets on Alibaba tie-up to revive China sales
SHANGHAI (Reuters) - Starbucks Corp is partnering with Alibaba to deliver its coffee in Chinese cities starting this fall, betting the move will revive sales growth in its second-largest market that is witnessing aggressive local competition.
Barclays second-quarter profits soar, lifts dividend
LONDON (Reuters) - Barclays second-quarter pretax profits almost trebled, beating analysts' expectations as the British bank avoided the heavy restructuring and legal costs that blighted past results.
NCC bags orders worth to Rs 689 cr in July
Infrastructure firm NCC today said it has received two new orders worth Rs 689 crore in July from state government agencies. The company said it has received an order of Rs 554 crore pertaining to buildings division and an order of Rs 135 crore related to the electrical division. "These orders are received from state government agencies and do not include any internal orders," NCC said in a BSE filing. NCC said it has so far received new orders of Rs 4,357.8 crore (exclusive of GST) up to July, 2018 of the current financial year. Shares of NCC were trading 3.84 per cent up at Rs 94.65 apiece on BSE.
Coal India output rises 14% to 177 MT in 4 mths
State-owned CIL today said it produced 177.43 million tonnes of coal in the first four months of the ongoing fiscal, registering a growth of 14 per cent. It had produced 155.53 million tonnes (MT) of coal in the year-ago period, Coal India Ltd said in a filing to BSE. In July CIL produced 40.56 MT coal, against 36.69 a year ago. The state-owned firm accounts for over 80 per cent of the domestic coal production. CIL has pegged its production estimate at 630 MT in 2018-19. In a separate statement, the PSU said it registered double digit growth of 15.1 per cent in coal supplies to thermal power plants (TPPs) during the April-July period, compared to a year ago. Coal supplies by CIL to TPPs perked up to 161.71 MT during the April-July period of the current fiscal, compared to 140.50 same period last financial year, it said. The increased supply was a result of higher rake loading to power sector which witnessed a growth of 12.5 per cent during the referred period. "Coal production and ...
Swiggy announces all-cash acquisition of Scootsy
Food ordering platform Swiggy on Thursday announced all-cash acquisition of delivery platform Scootsy to further strengthen its restaurant network and backend strength.Scootsy, which will continue to operate as an independent app post the acquisition will provide consumers a great ordering experience from a careful selection of restaurants, bakeries and gourmet stores.For Swiggy, the acquisition of Mumbai-based Scootsy is in line with its vision to provide a superior consumer experience and the widest restaurant choices for consumers. It will extend the breadth and selection of Swiggy's existing network of 40,000 restaurants by adding more curated restaurants to it."Scootsy is a well-loved brand that enjoys loyalty from both its restaurant partners and the consumer," said CEO Swiggy, Sriharsha Majety."With a shared belief of providing a superior user experience, its addition will extend the convenience and reliability that Swiggy is synonymous with," added Majety.Adding to this ...
APL Apollo Tubes Ltd spurts 1.19%, up for third straight session
The stock is quoting at Rs 1645.05, up 1.19% on the day as on 12:49 IST on the NSE. APL Apollo Tubes Ltd is up 4.72% in last one year as compared to a 12.77% gain in NIFTY and a 3.5% gain in the Nifty Metal index.