Page 3067 - Business Finance
Ford India sales dip 4% to 25,028 units in July
Ford India today reported 4 per cent decline in total sales at 25,028 units in July against 26,075 units in the same month last year. The company said its domestic sales stood at 7,816 units last month as against 8,418 units in July 2017, down 7.15 per cent. Exports stood at 17,212 units as compared to 17,657 units in July last year, Ford India said in a statement. "The transport strike impacted both the production as well as shipment of Ford vehicles in July," Ford India President and MD Anurag Mehrotra said.
Ashok Leyland sales up 27 pc in July at 15,199 units
Hinduja Group flagship company Ashok Leyland today reported 27 per cent jump in total sales at 15,199 units in July. The company had sold 11,981 units in the same month last year, Ashok Leyland said in a statement. Sales of medium and heavy commercial vehicles rose 22 per cent to 10,996 units in July as against 9,026 units in the year-ago period, it added. Light commercial vehicles sales were at 4,203 units as against 2,955 units in July last year, a growth of 42 per cent, the company said.
'Financial impact of mining industry closure not quantified'
The Goa government has not quantified the financial impact of the closure of the state's mining industry following a ban by the Supreme Court in February this year, Chief Minister Manohar Parrikar told the Goa Assembly on Wednesday.
Dominos enables online payments with Amazon Pay
Amazon's online payments processing service Amazon Pay on Wednesday announced a partnership with Dominos that will enable customers on Domino's online platforms complete payment transactions using Amazon Pay -- along with offers, weekend deals and cashbacks.
Volkswagen profit rises 6.8 per cent despite diesel costs
Volkswagen says its profits rose 6.8 per cent in the second quarter compared to the year-earlier quarter despite USD 1.9 billion in charges for its diesel problems. The Wolfsburg, Germany-based automaker said Wednesday that profit rose to 3.31 billion euros from 3.10 billion a year earlier. Revenues rose 3.4 per cent to 61.14 billion euros. The company had record sales volume for the first six months of the year of 5.5 million vehicles, an increase of 7.1 per cent. CEO Herbert Diess said that the company "cannot rest on its laurels" due to coming challenges such as new, tougher emissions certification for vehicles. He also warned that "growing protectionism also poses major challenges" for the industry." US President Donald Trump has imposed new tariffs on steel, aluminum and Chinese goods.
Rio shareholders get bumper return after profit hike
Mining giant Rio Tinto today reported a bumper 33 per cent jump in first-half net profit on the back of strong commodity prices, rewarding shareholders with a record interim dividend and a further stock buyback. The Anglo-Australian firm's net profit in the six months to June 30 came in at USD 4.38 billion while underlying profit, its preferred measure which excludes impairments and exchange rate losses, jumped 12 per cent to USD 4.42 billion. "We have reported another strong set of results," chief executive Jean-Sebastien Jacques said. "We will continue to invest in Tier 1 growth, further strengthen our portfolio and maintain a strong balance sheet in order to deliver superior returns to shareholders in the short, medium and long term." Rio declared an interim dividend of 127 US cents, totalling USD 2.2 billion, the largest half-yearly return in its history. The world's second biggest miner also announced a further buy-back of USD 1.0 billion of its shares, targeted at its London ...
Gaurs sells 5,000 properties worth Rs 2,000 cr in last 4 months
Gaurs group has sold more than 5,000 housing and commercial units, estimated to be worth Rs 2,000 crore, during the April-July period of the current fiscal in Noida, Greater Noida and Ghaziabad, on rising demand for ready-to-move-in flats. The realty firm said in a statement that it has "sold over 5,000 units within a span over 4 months. These 5000+ properties, which are both residential and commercial, have resulted in sales of a total area of 4.5 million sq ft". The company did not disclose the sale value in the statement. According to property market experts, the sales value of about 5,000 units is estimated to be around Rs 2,000 crore. The bulk of sales have been achieved in its 237-acre township project 'Gaur City' in Greater Noida West (Noida Extension) where the company has developed 25,000 apartments. These flats now are ready to move in and over 12,000 families have already moved into it, the company said. To boost sales, the group had launched multiple schemes across all ...
Equity indices trade lower on weaker manufacturing data
The key Indian equity indices traded marginallly lower on Wednesday afternoon, weighed down by a weaker manufacturing data.
Exide Industries Q1 net profit up 11 pc at Rs 210 cr
Battery manufacturer Exide Industries today reported 11.06 per cent rise in its standalone net profit to Rs 209.92 crore for the first quarter ended June 30, 2018-19. It had posted a net profit of Rs 189 crore for the April-June period of last fiscal, 2017-18, Exide said in a BSE filing. Standalone revenue from operations of the company stood at Rs 2,772.46 crore for the quarter under consideration. It was Rs 2,363.72 crore for the corresponding period year ago. Volumes in Automotive and Motorcycle Batteries remained strong while growth in UPS, Telecom, Solar as well as other Infrastructure segments continued be good during to had the first quarter, Exide Industries MD and CEO G Chatterjee said. However, higher lead costs coupled with currency depreciation had adverse impact on the margin of the business as a whole, he added. The company's stock was trading 2.92 per cent down at Rs 271.40 on BSE in the afternoon.
Profits down at military equipment firm BAE Systems
British military equipment maker BAE Systems today said that first-half net profits sank almost a fifth on weak demand for Eurofighter Typhoon fighter jets. Earnings after taxation slid 17 per cent to 471 million pound (USD 618 million, 528 million euros) in the six months to the end of June, compared with 569 million pound a year earlier, BAE said in a results statement. Sales, meanwhile, dropped almost seven per cent to 8.8 billion pound "as a result of reduced Typhoon production activity", the group added. The British company, which also makes Astute submarines, added however that its orders backlog increased to 39.7 billion pound, with a total of 9.7 billion pound of orders in the first half. Eurofighter was developed by a European consortium that also comprises Italy's Leonardo (ex-Finmeccanica) and Franco-German civilian planemaker Airbus. BAE Systems today added the group would have "good momentum in the second half and beyond" as a result of the British government's ...
Corrected: Trump to propose 25-percent tariff on $200 billion of Chinese imports - source
(Corrects "half a billion" to "half a trillion" in paragraph 12)
Lenovo, Intel partner Paytm Mall for SMB laptop range
Aiming to reach out to 10 million Small and Medium Businesses (SMBs) by 2020, global PC and smart devices brand Lenovo and global chip giant Intel on Wednesday announced a partnership with Paytm Mall.
Indian consumer sentiment hit record high in July: Report
Consumer sentiment in India rose to a new record high in July as respondents were bullish about future prospects for both business conditions and household finances, says a report. The GICI (Genesis India Consumer Indicator) - a monthly indicator tracking consumer sentiment pan India across personal finances, business conditions and buying conditions - rose to 62.44 in July from 60.00 in June, marking a new record high in the series. A result above 50 indicates respondents are optimistic while a reading below 50 indicates that pessimists outweigh optimists. The only component of the GICI to decrease in July was durable buying conditions, which measures whether respondents viewed it as a good time to buy durable goods. As per the survey, respondents were postponing purchases to benefit from lower prices post the GST tax reduction. The GST Council, chaired by Union Finance Minister, last week cut tax rates on white goods as well as various handicrafts items and paints. "The rise in ...
Market trading weak
Weakness persisted on the bourses in afternoon trade. At 13:24 IST, the barometer index, the S&P BSE Sensex, was down 66.54 points or 0.18% at 37,540.04. The Nifty 50 index was down 7.35 points or 0.06% at 11,349.15
Kylie Jenner now has her own Instagram filter
Television personality and model Kylie Jenner has got her very own custom filter on Instagram.
Net leasing of retail space in malls up 77 pc at 1.94 mn sq ft during Jan-June
Net leasing of retail space in shopping malls rose by 77 per cent during the first half of 2018 at 1.94 million sq ft in the top seven cities on rising demand from global and domestic brands, according to property consultant JLL India. Net absorption of retail space stood at 1.09 million sq ft in January-June of 2017. On new supply of mall space, JLL said that new completions saw a decline of about 25 per cent to 2.1 million sq ft in H1 2018 over 2.8 million sq ft in H1 2017. "The retail scenario in India has started to show signs of maturity now, by concentrating on malls that will have longevity, sustainable business and have scope of refurbishment and renovations in the future," said Ramesh Nair, CEO and Country Head, JLL India. He said the physical asset surrounding retail has become important in creating the right experience. "Therefore, developer companies are now creating retail destinations rather than mere shopping centres. In the next few years, we will see a concentration ..
German factory growth accelerates in July - PMI
Higher output and stronger new orders led to faster growth in Germany's manufacturing sector in July, a survey showed on Wednesday.
ArcelorMittal beats second-quarter forecasts, takes buoyant view of full year
BRUSSELS (Reuters) - ArcelorMittal, the world's largest steel producer, posted forecast-beating core profit in the second quarter after keeping costs low, and said an improving global market and trade protection were feeding into an upbeat full-year outlook.
GoDaddy trains web professionals to empower small businesses in India
In a bid to help small and medium businesses in India go digital, global web-hosting and Cloud company GoDaddy on Wednesday announced it has trained over 700 web professionals across Pune, Jaipur, Kochi and Ahmedabad.
Gold bounces up on hopes for U.S.-China trade talks
NEW YORK/LONDON (Reuters) - Gold prices rose on Tuesday, reversing early losses as the Chinese yuan strengthened against the dollar after a report said the United States and China were trying to restart negotiations to defuse a trade war.