Page 3056 - Business Finance
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GPT Infraprojects bags order worth Rs 362.16 crore
From Rail Vikas Nigam, Varanasi
Repo rate hike will hit Knitwear sector: Exporters
The Federation of Indian Export Organisation, Southern region, today said the RBI's repo rate hike was on expected lines given the inflation outlook while Knitwear exporters in Tirupur expressed concern that the increase in cost of credit would impact the sector. The FIEO's southern region Chairman A Sakthivel, however, pointed out the tight liquidity conditions faced by the export sector especially, by the MSME, and requested the RBI Governor to bring export credit under priority lending category immediately. "The unfavourable condition in our major markets, tough competition from neighbouring countries coupled with higher interest cost and deficiency in dispensation of working capital requirement of the exporters strongly argue for the need for placing Export Finance under priority sector lending," he said in a release. Tirupur Exporters' Association President Raja Shanmugham said the increase in cost of credit would make the export units "un-competitive" and would ...
Textiles, apparel exports fall by nearly Rs 8k cr in FY18: Govt
Textiles and apparel exports dropped by nearly Rs 8,000 crore to Rs 2,30,056 crore in 2017-18 owing to competition from emerging economies like Bangladesh and Sri Lanka which enjoy preferential duty access in key markets, the government said today. The country's textiles and apparel exports stood at Rs 2,37,922 crore in 2016-17, Minister of State for Textiles Ajay Tamta said in a written reply to the Rajya Sabha. Replying to another query, the minister said that during the current cotton season (October 2017 to September 2018), shipments of cotton from the country are expected to touch 70 lakh bales, registering a 20 per cent increase over the previous season. According to Tamta, while 51.2 lakh bales have been exported up to April 30, 2018, no target as such has been set for cotton exports. Besides, he said there is no proposal to frame a separate policy for export of cotton, as its shipments are dependent on various factors including demand and supply conditions and the ruling ...
N-scientist pitches for 'militarily strong' India
Development without security is vulnerable, said eminent nuclear scientist Rajagopala Chidambaram as he pitched for a "militarily strong" India. The former atomic energy commission chairman also stressed the need for substantial rise in the country's Human Development Index to become a developed nation. "India of our dreams is economically developed, scientifically advanced and militarily strong. National development and national security are two sides of the same coin," he said, adding that development without security is vulnerable and security without development meaningless. Chidambaram was addressing students at the '14th graduation day of Anna University' here.
RInfra Q1 net profit declines 19 pc to Rs 272 crore
Reliance Infrastructure (RInfra) today reported a 19 per cent decline in its consolidated net profit to Rs 271.68 crore for the quarter ended June 30. The Anil Ambani-led company had clocked a consolidated net profit of Rs 334.17 crore for the corresponding quarter in the previous fiscal. The company's total consolidated income from operations during the quarter under review declined to Rs 7,616.64 crore as against Rs 7,656.42 crore in the year-ago quarter. Its total expenses rose to Rs 7,962.59 crore in the June quarter compared to Rs 7,602.88 crore in the same period last fiscal.
Orient Cement Q1 net profit down 59 pc to Rs 16 cr
CK Birla group firm Orient Cement today reported a decline of 58.86 per cent in its net profit to Rs 16.01 crore in the first quarter ended June of the current fiscal. The company had reported a net profit of Rs 38.92 crore in the April-June quarter a year-ago, Orient Cement said in a BSE filing. Total income stood at Rs 643.24 crore during the quarter under review. It was Rs 662.81 crore in the corresponding quarter of the last fiscal. Meanwhile, the company said that its revenue was not comparable as sales are recorded net of GST whereas earlier sales were recorded gross of excise duty which formed part of expenses. "Hence, revenue from operations for the three months ended June 30, 2018 are not comparable with previous period corresponding figures," Orient Cement said. Total expenses during the second quarter were at Rs 616.30 crore. Shares of Orient Cement today settled at Rs 120.65 apiece on the BSE, down 4.13 per cent from their previous close.
India accounted for about 1/3rd revenue in 2017: OnePlus
India accounted for about one-third of OnePlus' revenues last year and is set to become the "second home ground" for the premium smartphone maker, its chief executive Pete Lau said today. OnePlus led the premium smartphone segment (Rs 30,000 and above) in India with 40 per cent market share in the June quarter (2018), helped by record shipments of its OnePlus 6 handset as compared to its previous smartphones, according to Counterpoint Research. "Last year, for the first time, we hit the USD 1 billion revenue mark and this year, with the OnePlus 6, it managed to sell 1 million units in 22 days. India, as a market, has emerged as a frontrunner in what has been an incredible journey, making for almost one-third of the company's revenue in 2017," Lau said in a blogpost. He added that the Indian market is "now set to become our second home ground, a centre for product innovation. Our new R&D centre in India is just the beginning". He recounted that the company had not launched its ...
Fast Track Entertainment case: Sebi orders release of bank, demat ac/s of individual
Markets regulator Sebi has ordered the release of bank and demat accounts and mutual fund folios of one Jignesh Shah after recovering dues of over Rs 1.51 lakh in the Fast Track Entertainment case. The amount recovered by the Securities and Exchange Board of India (Sebi) from Shah includes "interest and costs towards full and final settlement of demand raised" in December 2014 through an attachment order. In December 2014, the regulator had attached Shah's bank and demat accounts as well as mutual fund folios to recover Rs 1,50,479. The attachment proceedings against Shah were initiated after he failed to pay a fine of Rs 1 lakh imposed on him by Sebi in October 2010 for violating capital market norms in the matter of Fast Track Entertainment. Apart from the initial fine of Rs 1 lakh, the recovery amount also included an annual interest of 12 per cent calculated between October 2010 and December 2014 amounting to Rs 49,479 and a recovery cost of Rs 1,000. In an order dated July 27, ...
Nissan launches 'Roots of Design' initiative to India
: Japanese automobile major Nissan has launched the 'Roots of Design' programme in India, aimed at encouraging students to take up careers in arts, design and creativity. Alfonso Albaisa, Senior Vice-President, Global Design, Nissan Motor Company, launched the initiative at the Chennai Public School recently. "The programme is aimed at encouraging the next generation of creators and developing a different perspective towards design and creativity to solve problems faced in the automotive industry", a company statement said. "The world around us is changing fast and so is the auto industry. The cities we live are becoming smarter and more connected. This in turn is affecting how consumers engage with objects around them", Albaisa said in the statement. Designers would play a key role, not just in the auto industry, but across technology, infrastructure, electronics and consumer durables, he said. "Through the Roots of Design programme, we are opening the doors to the ...
Mixed bag for auto companies in July
Leading automakers Maruti Suzuki India (MSI) and Hyundai Motor today posted marginal growth in domestic sales for July on account of high base in July last year. The transporters' strike in July had affected companies such as Ford and Mahindra & Mahindra with their passenger vehicles sales dropping, although Honda Cars reported its best ever July sales riding on the success of its new Amaze. Toyota Kirloskar Motor (TKM) saw its July sales falling due to high base in July last year. MSI said its domestic sales were up marginally at 1,54,150 units last month as against 1,54,001 units in the year ago month. The company witnessed robust growth in compact segment which includes models like Swift and Baleno but saw a dip in sales of mini segment cars and utility vehicles during the month. Sales of mini cars comprising Alto and WagonR were at 37,710 units as compared to 42,310 units in July last year, down 10.9 per cent. However, sales of compact segment, including models such as Swift, .
Italy's Prada opens 'new phase' after posting rising first-half sales, profits
MILAN (Reuters) - Italy's Prada said a "new phase of progress" had begun for the group, after the fashion brand posted rising sales, profit and income in the first half of the year.
Reading the runes of the UK economy ahead of Bank of England decision
LONDON (Reuters) - With the Bank of England looking poised to raise interest rates to a new post-financial crisis high, evidence about the health of Britain's economy appears mixed.
TCI Express Apr-Jun net profit jumps 33 pc to Rs 16 cr
Logistics firm TCI Express today reported a 33 per cent rise in its net profit at Rs 16.12 crore for the April-June quarter this year. The company had posted a net profit of Rs 12.12 crore in the year-ago period, TCI Express said in a BSE filing. Its total income from operations (net) during April-June quarter increased to Rs 248.10 crore from Rs 203.63 crore in the same a year ago. TCI Express Chief Executive Officer (CEO) P C Sharma said government initiatives like introduction of Goods and Services Tax (GST), E-way Bill and giving infrastructure status to logistics sector has given a boost to the organised logistics industry. "It also helped us in getting a good result. Now the customers go to the organised players who have GST number which helps in making hassle-free deliveries. Customers do not go to the unorganised players who don't comply with rules and evade taxes," he said. TCI Express is a leader in domestic express logistics industry. It makes deliveries to more than 40,000
Lakshmi Vilas Bank signs agreement with A.TReDS
To on-board INVOICEMART platform for MSMEs
EMIs to cost more as RBI raises lending rates, India Inc disappointed (Roundup)
EMIs on home, car and two-wheeler loans are set to cost more as the Reserve Bank of India (RBI) on Wednesday raised key lending rates on the back of higher inflationary risks and fears of global volatility such as currency wars.
India continue to hold top spot for Dubai tourism in H1
India continued to be the top source market for tourism in Dubai, with over one million travellers visiting the megapolis during the first half of 2018, a three per cent rise over the same period last year. Saudi Arabia and the UK also retained the second and the third spots, respectively, while China ended the first half of 2018 in the fourth place, according to Dubai's Department of Tourism and Commerce Marketing (Dubai Tourism). Meanwhile, Russia topped the growth charts with a 74 per cent increase over H1 2017, delivering 405,000 visitors to jump five positions within the top 10 source markets. China and Russia benefited from added ease of travel access following the introduction of visa-on-arrival facilities for their citizens in late 2016 and early 2017, respectively, according to Dubai Tourism. The first half also saw increased contributions from the US and Germany, who were at seventh and eighth positions, respectively. Overall, Dubai welcomed a record 8.10 ...
IDBI Bank shares surge nearly 6 pc
Shares of IDBI Bank today surged nearly 6 per cent after the Cabinet cleared the purchase of 51 per cent controlling stake in the bank by state-run insurer Life Insurance Corporation (LIC). The stock soared 5.61 per cent to end at Rs 62.15 on the BSE. Intra-day, it jumped 6.96 per cent to Rs 62.95. On the NSE, shares of the company surged 5.60 per cent to close at Rs 62.15. In terms of equity volume, 48.57 lakh shares of the company were traded on the BSE and over 3.9 crore shares changed hands on the NSE during the day. The Cabinet today cleared the purchase of 51 per cent controlling stake in IDBI Bank by LIC, sources said. LIC already has 7-7.5 per cent stake in the bank and will acquire the remaining for majority holding. Although, the proposed acquisition by LIC would not bring any money to the government, the bank would get capital support between Rs 10,000 crore and Rs 13,000 crore, depending on the share price of the bank.
Hero MotoCorp sales up 9 pc at 6,79,862 units in July
Two-wheeler major Hero MotoCorp today reported a 9 per cent increase in sales to 6,79,862 units in July. The company had sold 6,23,269 units in the corresponding month last year. "We are confident of carrying the growth trajectory forward and expect to grow at double-digit in the upcoming festive season," Hero MotoCorp Chairman, MD and CEO Pawan Munjal said in a statement. The normal monsoon in most parts of the country, and the consequent agricultural harvest will keep the sentiments buoyant and help maintain the momentum, he added. Hero MotoCorp said it has lined up multiple new product launches ahead of the festive season, including the Xtreme 200R motorcycle and the 125cc scooters.
Rupee ends at fresh 2-wk high on RBI's bullish growth outlook
The rupee bounced back from early losses to end at a fresh two-week high of 68.43, up by another 11 paise against the US dollar, even as the RBI hiked repo rate by 25 basis points today. The forex market sentiment was buoyed by the Reserve Bank maintaining its growth outlook for the economy, projecting an GDP expansion rate of 7.4 per cent in 2018-19 on the back of robust macroeconomic environment. The central bank's upbeat comments on the economic growth outlook predominantly triggered a fresh leg of a bullish move for the home currency after initial wobbliness. A sharp fall in global crude prices further supported the local currency. Joining the global tightening bandwagon, the RBI for the second straight meeting raised its benchmark interest rate by 0.25 per cent to 6.50 per cent on hardening inflationary risks, while not strangulating growth. The key trigger for the rate hike was the expectation that inflation could go up rapidly in the next one year impacted by a steep hike in ..