Page 3053 - Business Finance
Trade tensions, labor shortages loom over U.S. factories
WASHINGTON (Reuters) - U.S. manufacturing activity slowed in July amid signs that a robust economy and import tariffs were putting pressure on the supply chain, which could hurt production in the long term.
TGBL net profit down 6.55% in Q1
Tata Global Beverages Ltd (TGBL) on Wednesday reported a 6.55 per cent decrease in its consolidated net profit for the quarter ended June 30, 2018 as compared to Rs 142.97 crore in the year-ago period.
Exide Industries net profit up 11% in Q1
Battery maker Exide Industries on Wednesday reported an 11 per cent increase in its net profit to Rs 209.92 crore in the quarter ended June 30, as compared to Rs 189 crore in the year-ago period.
Indigo starts Kolkata-Dhaka flight
IndiGo airline on Wednesday launched its Kolkata-Dhaka service from the Netaji Subhas Chandra Bose International Airport here, a company statement said.
Cabinet nod for LIC buying up to 51% stake in debt-laden IDBI Bank
The Cabinet today approved Life Insurance Corp's proposed acquisition of up to 51 per cent stake in debt-ridden IDBI Bank, with Finance Minister Piyush Goyal saying it would be an "excellent deal". Briefing reporters after the Cabinet meeting here, Goyal also said that the proposed deal would be a win-win for both LIC and IDBI Bank, amid concerns in various quarters about the move. Post the transaction, IDBI Bank would become a subsidiary of LIC and the insurer would have 51 per cent stake. Currently, LIC holds 7.98 per cent stake in the debt-ridden public sector bank. An official release said the acquisition would have wide-ranging synergy benefits for customers, LIC and the bank. "Benefits to the two entities emanate from economies of scale, reduction in the costs of distribution and customer acquisition, greater efficiency and flexibility in operations, and greater opportunity for cross-selling of products and services," it added. The Cabinet today approved "conveying of no ...
Italy's Ilva steelworks to run out of cash in Sept: commissioners
ROME (Reuters) - Italian steelmaker Ilva, which is in state-supervised special administration, has enough money in its coffers to keep going until next month, its commissioners told parliament on Wednesday.
Excel Crop Care gets board nod for merger with Sumitomo Chem
Agrochemicals firm Excel Crop Care today said its board has approved a proposal to merge the company with Sumitomo Chemical India. The scheme of amalgamation will be subject to approval by the National Company Law Tribunal and other regulators, the company said in a regulatory filing. The board approved the scheme in a meeting held today. Pursuant to the scheme, the existing equity shareholding of Sumitomo Chemical India (transferee company) in Excel Crop Care (transferor company) will get cancelled. The other equity shareholders of the transferor company will receive 51 equity shares of the transferee company for every two equity shares held. The scheme shall be effective from April 1, 2018 or such other date as may be approved by NCLT and/or the regulatory authorities, the filing said.
Expect GST collections to improve in coming months: Goyal
Finance Minister Piyush Goyal today exuded confidence that GST revenues will go up in the coming months on improved compliance and market demand. The mop up from Goods and Services Tax (GST) increased to Rs 96,483 crore in July from Rs 95,610 crore in the previous month, as more number of people filed returns. Goyal said revenue collections are "within our target so far" and festive season would help increase demand in the market going forward. "So I think considering that we have very good collection on GST and given the buoyancy in the market that we expect after the major changes that have been carried out, both compliance will improve in GST, market demand will increase and our own sense is that we will not have any revenue shortfalls. "On the contrary we are expecting to see revenue buoyancy and better revenues coming into days ahead," Goyal told reporters here. Following GST rate cut on 88 items with effect from July 27, there have been apprehensions about some pressure on ...
Global Markets: Stocks mixed as techs get boost but trade war fears hound markets
NEW YORK (Reuters) - World stocks were mixed on Wednesday, with fears of an imminent escalation in the tariff war between the U.S. and China holding back gains, though robust results form technology giant Apple Inc boosted a key index on Wall Street.
Exclusive: Nissan close to settling dispute with India over unpaid incentives
NEW DELHI (Reuters) - Nissan Motor Co and authorities in Tamil Nadu are close to settling a dispute over which the Japanese carmaker initiated international arbitration seeking more than $729 million in unpaid dues and damages, sources told Reuters.
Hyundai's July overall sales up 7.7%
Automobile major Hyundai Motor India on Wednesday reported a 7.7 per cent rise in its overall sales, including exports, in July 2018.
M&M's July sales up 13%
Automobile major Mahindra & Mahindra (M&M) on Wednesday reported a 13 per cent rise in its overall sales, including exports, in July 2018.
Bank while you chat on WhatsApp with South Africa's Absa
JOHANNESBURG (Reuters) - South Africa's Absa Group on Wednesday officially launched Whatsapp banking, in its latest push to become a digitally-led African bank, with more than 10,000 customers already registered to date since early July.
RInfra's Q1 consolidated total income rises YoY
Reliance Infrastructure (RInfra) on Wednesday reported a year-on-year rise in its consolidated total income for the first quarter of 2018-19 to Rs 7,991 crore.
Tata Power generation rises to 13,113 MU in Apr-Jun qtr
Tata Power today said its electricity generation increased by 5.5 per cent to 13,113 million units (MUs) in the first quarter this fiscal as compared 12,429 MUs in the same period a year ago. The company, together with all its subsidiaries and jointly controlled entities, has an installed generation capacity of 10,857 MW (as of August 2018), a company statement said. In line with its commitment to generate 30 to 40 per cent power from non- fossil fuel sources by 2025, the company is progressively increasing its renewable energy installations in India, it added. With the commissioning of 100 MW renewable project in Anantapur, Andhra Pradesh, Tata Power has significantly increased its presence in the renewable energy space with a gross installed capacity of 2,449 MW and non-fossil fuel capacity of 3,517 MW, the company said. Overall in the first quarter this fiscal, Tata Power continued its robust operations with the consolidated generation standing at 13,113 MUs and standalone ...
Rate hike to impact credit growth, hit realty sector: Experts
The 0.25 per cent increase in repo rate by the Reserve Bank of India (RBI) to 6.50 per cent would impact credit growth and delay the revival of realty sector, said an industry player on Wednesday.
EIH to focus more on managing properties
Hospitality major EIH Ltd, which is intending to be "asset light", will focus on managing properties more rather than owning them, an official said here on Wednesday.
Govt approves Rs 1,258 cr interest free loan to HURL's fertiliser revival projects
The Cabinet today approved proposal to provide Rs 1,257.82 crore interest free loan to Hindustan Urvarak and Rasayan Ltd's three fertiliser revival projects. The Cabinet Committee on Economic Affairs has approved the fertilizer department's proposal to grant interest free loan (IFL) equivalent to the interest during construction component of Rs 422.28 crore, Rs 415.77 crore and Rs 419.77 crore for Gorakhpur (Uttar Pradesh), Sindri (Jharkhand) and Barauni (Bihar) projects, respectively, to Hindustan Urvarak and Rasayan Limited's (HURL) fertilizer projects, according to an official statement. The total value of the IFL will be Rs 1,257.82 crore, it said, adding that the IFL shall cover only the interest accrued during the scheduled period of construction and any escalation due to time or cost overrun will be borne by the JV company. According to the statement, the IFL will be disbursed in the first three years during construction. The repayment will be spread over a period of 11 years ..
Wall Street gains on Apple boost, easing trade worries
(Reuters) - U.S. stocks rose on Wednesday as Apple's robust earnings lifted the high-growth technology sector and eased worries of an escalating trade war between the United States and China.
Hindustan Copper to issue fresh equity to raise funds
State-run firm Hindustan Copper (HCL) will off-load 13,87,82,700 equity shares or up to 15 per cent of its paid up equity capital in the country's stock markets to raise funds for its expansion projects.