Page 3057 - Business Finance
PM ready to remove bottlenecks delaying approvals, but you need to speak up: Parekh to builders
In a blunt message to realty developers complaining about approval delays, industry leader Deepak Parekh has said most of them are reluctant to share information about the affected projects for fear of backlash by local authorities even when the Prime Minister's Office has sought details to remove the bottlenecks. Recalling a recent meeting he and other business leaders had with Prime Minister Narendra Modi, the eminent banker said, "He (Modi) met with various business heads and asked how things could be improved and as predictable as I am, I mentioned the need for faster building approvals". "His office (PMO) followed up after the meeting and requested me to collate a list of specific projects where building approvals were being delayed. "When I reached out to developers to get these details, I was taken aback that most were reluctant to share this information for fear of a backlash by the local authorities," said Parekh, who heads the country's biggest financial conglomerate HDFC ...
Wall Street opens higher as Apple lifts tech stocks
(Reuters) - U.S. stocks opened higher on Wednesday after Apple's strong earnings boosted technology companies and helped ease concerns over future growth of the tech sector.
Weak PMI data, RBI rate hike halt equity indices' record run (Roundup)
Ending their week-long rally to fresh record levels the domestic equity indices closed in the negative territory on Wednesday.
PC Jeweller rolls out India's first 'Augmented Reality Jewellery Buying Experience'
PCJ is implementing the 'AR Experience' on the iPAD with 'MirrAR,' by StyleDotMe, a platform that lets users virtually try-on jewellery in real time without actually wearing it and get instant fashion advice from experts before making a purchase. This would not only increase the conversions at the store but would also reduce the requirement for the in-store inventory to a large extent.
Torrent Power posts 12 pc jump in net profit at Rs 227 cr in April-June quarter
Torrent Power today posted about 12 per cent jump in its consolidated net profit at Rs 227.32 crore in the quarter ended June mainly on the back of higher revenues. The company's net profit stood at Rs 203.24 crore in the quarter ended on June 30, 2017, a BSE filing said. According to the statement, total income of the company rose to Rs 3,580.42 crore in the quarter under review from Rs 3,079.41 crore a year ago. The consolidated financial results include the results of the company and five subsidiaries : Torrent Power Grid Ltd , Torrent Pipavav Generation Ltd, Torrent Solargen Ltd, Jodhpur Wind Farms Private Ltd and Latur Renewables Private Ltd, it said. The application of lnd AS 115 has impacted the company's policy with respect to revenue recognition of licensed electricity distribution business. The company has applied the Modified Retrospective Approach for transition adjustments. Due to the application of lnd AS 115, each of revenue from operations, profit for the period and ...
Oil falls below $73 on rising supply, trade worries
LONDON (Reuters) - Oil extended losses on Wednesday to fall below $72 a barrel, pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and higher OPEC production, adding to indications of more ample supply.
Humana beats estimates on Medicare Advantage demand, raises forecast
(Reuters) - Humana Inc topped Wall Street expectations for second-quarter profit on Wednesday as it sold more Medicare Advantage healthcare plans to the elderly and the disabled, prompting the U.S. health insurer to raise its full-year earnings forecast.
No formal communication on govt's NHPC stake sale: NTPC
NTPC has not received any formal communication yet on government's reported plans to sell its stake in hydropower producer NHPC to the state-run power utility to meet its disinvestment target for this fiscal year. "Till now there is no formal communication from the government (on the issue)," said Gurdpeep Singh, chairman and managing director, NTPC. He, however, added that "any deal is a good deal if it is at the right price," indicating that the power utility will be open to acquire its hydropower peer if the government firms up its plans. According to reports in a section of media, the government is discussing a plan to sell it stake in NHPC to NTPC, which if goes through, will bring consolidation in the state-run energy firms besides helping it stick to the budget gap target. NTPC reported 1.14 per cent decline in standalone net profit to Rs 2,588.14 crore for the quarter ended June, due to higher depreciation, borrowing cost and expenditure on fuel. The company's ...
Rate hike big negative for exporters: EEPC
The 25 basis points increase in the interest rate by Reserve Bank of India is a big negative for exporters, the engineering export promotion body said here today. "With the rate hike they (exporters) would become less competitive in a tough global market that is already facing the threat of tariff war," EEPC India chairman Ravi Sehgal said in a statement. "While the RBI Governor Dr Urjit Patel has himself pointed towards increased global risks including the trade war and widening trade deficit, making higher export growth imperative, the rate of borrowing has been moving up. That is certainly not a good news for exporters," he said. In fact the cost of borrowing is adding to the overall cost of production for exporters, particularly in the engineering sector, due to rising prices of raw material like steel, he said. If the GDP growth has to be pushed up to the levels as estimated by the RBI, the exporters need to be supported , like their competitors countries like ...
Mobiistar launches 5 budget smartphones in India
Vietnam-based smartphone maker Mobiistar on Wednesday launched five selfie-centric smartphones within the price range of Rs 11,000.
V-Guard Industries Q1 standalone net up 47.9% to Rs 34.39 Cr
: Consumer electrical and electronic appliances maker V-Guard Industries has clocked a 47.9 per cent rise in standalone net profits for the April-June 30 2018 quarter to Rs 34.39 crore. The company had registered standalone net profits at Rs 23.24 crore during the quarter of the previous year. For the year ending March 31, 2018 standalone net profits stood at Rs 133.08 crore. Total income for the quarter ending June 30, 2018 on a standalone basis grew to Rs 638.11 crore from Rs 572.22 crore registered in the same period last year. For the year ending March 31, 2018 standalone total income was at Rs 2,332.38 crore. The growth was contributed from the digital UPS, fans, water heaters, wires and switchgear businesses. Commenting on the financial results, company Managing Director Mithun K Chittilappilly said "a weak summer adversely impacted some of our categories, yet we are on track to achieve our growth". "We are making good progress in building the strength of our brand,
RBI warns of currency war, hikes rate to cut risk
The Reserve Bank of India on Wednesday warned of a global currency war on rising trade tensions and said it did not want to add to the risk profile of India's growth as it hiked its key lending rate by 25 basis points to 6.5 per cent.
GST collections in line with government target, to rise further
Finance Minister Piyush Goyal on Wednesday said the GST collection figure of Rs 96,483 crore is in line with the government's target and that it is set to increase further in the coming months with rise in compliance and market demand.
Dow futures dip on trade concerns despite Apple boost
(Reuters) - Dow futures dipped on Wednesday due to fears that the trade war between the United States and China was escalating, while Nasdaq futures got a lift from Apple's stellar results that helped ease concerns over the future growth of the tech sector.
Nifty slips by 10 points after RBI raises key rate
Benchmark Nifty shed 10 points to end at 11,346.20 today, pulled down by auto and banking stocks, after the RBI raised repo rate by 25 basis points to a two-year high of 6.5 per cent. A private survey showing factory growth easing in July and conflicting signs over the US-China trade relations also weighed on sentiment. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 572.21 crore, while domestic institutional investors (DIIs) sold equities to the tune of Rs 290.87 crore yesterday, provisional data showed. Overseas, European stocks were trading lower as investors sifted through the latest news on the US-China trade front. Most Asian stocks ended higher. The Nifty 50 index eased 10.30 points or 0.09 percent to end at 11,346.20 after hovering between 11,390.55 and 11,313.55. It witnessed an intra-day movement of about 77 pts. Sector-wise, Auto fell 0.70 per cent, followed by Private Bank 0.67 per cent, Finance Service 0.62 per cent, Bank 0.60 per cent, Metal
Rly registers 2 pc growth in passenger numbers, earnings rise by 7 pc in last 2 years: Min
There was a little more than two per cent increase in the number of passengers carried by the railways in 2017-2018, as against the previous year, while its earnings through it rose by more than seven per cent in the same period, Union minister Rajen Gohain said in Lok Sabha today. The minister of state for railways said that while the number of passengers carried by the national transporter was 8116 million in 2016-17, it rose to 8287 million in 2017-2018. Passengers earnings in the same period grew from Rs 46.28 crore in 2016-2017 to Rs 49.66 crore, he said. Similarly, the freight performance improved by 4.83 per cent in 2017-2018 as compared to 2016-2017, Gohain said. While in 2016-2017, the railways carried 1106.15 million tonnes of freight, the next year it carried 1159 million tonnes. Earnings from freight rose from Rs 1.02 lakh crore in 2016-2017 to Rs 1.12 lakh crore in 2017-2018 registering a growth of 10.68 per cent.
Huawei pips Apple to come second as Samsung leads global smartphone market
Chinese tech conglomerate Huawei surpassed Apple to become the second largest smartphone brand worldwide in the second quarter of 2018 as South Korean giant Samsung continued to be the global leader, multiple analysts said on Wednesday.
Prestige Group, MRG Group Inaugurate Phase 1 of Disney-Themed Prestige Lakeside Habitat
The Prestige Group in association with the MRG Group inaugurated Phase 1 of Prestige Lakeside Habitat - Bengaluru's first and only Disney themed premiere residential township development, overlooking the scenic Varthur Lake on Whitefield- Sarjapur road.The event was a fairy-tale experience, quite literally, given the unique theme of the property. It included an experiential walkthrough and was a memorable day especially for children with several fun activities lined up for them, apart from fairies and Disney characters roaming around the property entertaining them.Speaking on this momentous occasion, Mr. Irfan Razack - CMD -Prestige Group said, "At Prestige, we have always strived to raise the bar with every new project we create, to ensure that we offer something unique to our homebuyers. We understand that buying a home is as much about aspirations, as it is about affordability, amenities and accessibility.""Today, with increasing global exposure and incomes, homebuyers are keen to .
TGBL Q1 declines 6.5% to Rs 133.60 crore
Tata Global Beverages (TGBL) today reported a 6.55 per cent decline in its consolidated net profit at Rs 133.60 crore for the first quarter ended June 30, 2018. It had posted a net profit of Rs 142.97 crore in April-June period a year ago, TGBL said in a BSE filing. TGBL's total income was up 6.53 per cent at Rs 1,831.11 crore during the quarter under review as against Rs 1,718.76 crore in the same quarter of the previous fiscal. "The Group net profit for the quarter is lower due to the impact of exceptional items," the company said adding that it is "for the current quarter represent redundancy costs relating to internal restructure." TGBL has shown a loss of Rs 18.18 crore in exceptional items. Exceptional items for the corresponding quarter of the previous year represent a gain from disposal of stake in its Chinese subsidiary, the company said. "For the quarter, Revenue from Branded Business increased by 7 per cent and after excluding the impact of business restructuring and at ...
Sebi fines DMC International's former promoter, 2 others
Markets regulator Sebi has imposed a total penalty of Rs 9 lakh on a former promoter and two former directors of DMC International for disclosure lapses. According to a Sebi order dated July 31, Shark Communications was the promoter of DMC at the the time of the lapse. Sham Sunder Gupta was the managing director and compliance officer of the firm and Saroj Gupta was non-independent director. The ruling came following an investigation conducted by the Securities and Exchange Board of India (Sebi) in the shares of of DMC International (now known as DMC Education) from April to September 2010. The regulator had observed that during April and May 2010, the shareholding of Shark Communications had increased from 13.27 to 14.18 per cent. Under SAST (Substantial Acquisition of Shares and Takeovers) Regulations, Shark Communications was required to disclose the increased shareholding to DMC International and the BSE. However, Shark Communications failed to do so and violated the SAST norms, ..