Page 3068 - Business Finance
Rio Tinto first-half profit misses estimates with 12 percent jump; adds $1 billion to share buyback
(Reuters) - Global miner Rio Tinto said on Wednesday its first half profit grew 12 percent, missing estimates and sending shares lower, but earmarked an additional $1 billion to buy back London-listed stock.
Maruti to hike prices across models this month
Maruti Suzuki India today said it will hike prices of its vehicles across models this month to offset adverse impacts of rise in commodity costs, foreign exchange fluctuations and fuel price increases. The company, however, said it is currently working out the details of the quantum of price increase, which will vary depending on the model. "This question has been coming for quite some time. We have been analysing the adverse movement of commodity prices -- going towards the higher side," Maruti Suzuki India Senior Executive Director (Marketing and Sales) R S Kalsi told PTI. He further said, "Also the foreign exchange rate has been impacting us adversely. The fuel prices too have increased, adding to the logistics costs." The company cannot absorb the full impact any longer. "So it is now imperative for us to pass on some impact of the above factors to the customers through a price increase. This will happen across the range of models in August itself," he said. When asked about the ..
Piramal Enterprises Ltd gains for third consecutive session
The stock is quoting at Rs 2772.65, up 3.46% on the day as on 12:49 IST on the NSE. Piramal Enterprises Ltd is down 4.79% in last one year as compared to a 12.68% spurt in NIFTY and a 1.87% spurt in the Nifty Pharma index.
Marico Ltd up for third consecutive session
The stock is quoting at Rs 368.9, up 1.32% on the day as on 12:49 IST on the NSE. Marico Ltd is up 13.12% in last one year as compared to a 12.68% jump in NIFTY and a 21.81% jump in the Nifty FMCG index.
Edelweiss Financial Services Ltd soars 1.2%, up for third straight session
The stock is quoting at Rs 313.15, up 1.2% on the day as on 12:49 IST on the NSE. Edelweiss Financial Services Ltd is up 45.65% in last one year as compared to a 12.68% gain in NIFTY and a 13.9% gain in the Nifty Financial Services index.
Oil & Natural Gas Corpn Ltd up for third straight session
The stock is quoting at Rs 167.55, up 1.12% on the day as on 12:49 IST on the NSE. Oil & Natural Gas Corpn Ltd is up 1.3% in last one year as compared to a 12.68% jump in NIFTY and a 18.02% jump in the Nifty Energy index.
Amara Raja Batteries Ltd soars 1.64%, Gains for third straight session
The stock is quoting at Rs 837.4, up 1.64% on the day as on 12:49 IST on the NSE. Amara Raja Batteries Ltd is down 0.63% in last one year as compared to a 12.68% gain in NIFTY and a 1.99% gain in the Nifty Auto index.
Lupin Ltd soars 2.07%, rises for fifth straight session
The stock is quoting at Rs 841.5, up 2.07% on the day as on 12:44 IST on the NSE. Lupin Ltd is down 18.69% in last one year as compared to a 12.67% spurt in NIFTY and a 1.85% spurt in the Nifty Pharma.
T.V. Today Network Ltd soars 1.48%, up for fifth straight session
The stock is quoting at Rs 430.9, up 1.48% on the day as on 12:44 IST on the NSE. T.V. Today Network Ltd is up 78.28% in last one year as compared to a 12.67% drop in NIFTY and a 7.7% drop in the Nifty Media.
Dabur India Ltd soars 3.3%, gains for fifth straight session
The stock is quoting at Rs 435.45, up 3.3% on the day as on 12:44 IST on the NSE. Dabur India Ltd is up 44.81% in last one year as compared to a 12.67% jump in NIFTY and a 21.77% jump in the Nifty FMCG.
Colgate-Palmolive India Chairman Vinod Nambiar resigns
FMCG major Colgate-Palmolive India (CPIL) today said that its Chairman Vinod Nambiar has resigned from the company. Nambiar, who had joined CPIL in 1998, has cited personal reasons for the resignation, the company said in a regulatory filing. "Vinod Nambiar, Chairman of the Board of Directors of Colgate-Palmolive (India) has informed the company of his decision to resign from the office of Director and Chairman of the Board due to his taking a leave of absence from Colgate Palmolive for personal reasons," the company said. It further added that Nambiar will cease to be a Director with effect from September 1, 2018. Nambiar, an alumnus of IIM Calcutta, was appointed as a Non-Executive Director & Chairman of CPIL in 2015.
Maize futures gain on spot demand
Maize prices looked up by Rs 3 to Rs 1,306 per quintal in futures trade today on creation of bets by speculators backed by rising physical market trend. Marketmen mentioned the uptick in maize futures prices to emerging trend in the spot market, where prices enquired higher on the back of gearing up in demand for poultry feed makers amid tight stocks position. At the National Commodity and Derivatives Exchange, maize delivery for September edged up by Rs 3, or 0.23 per cent, to Rs 1,306 per quintal, with an open interest of 3,190 lots. Similarly, the delivery for August inched up by Rs 2, or 0.16 per cent, to Rs 1,273 per quintal, in an open interest of 6,910 lots.
All eyes on RBI ahead of monetary policy
Market indices are treading cautiously, with the Reserve Bank of India's third bi-monthly monetary policy statement to be released shortly.The decision to hike key interest rates or not comes amid a hike in crude oil prices and rising inflation, which are considered to be the key factors that will influence the decision.After the previous meeting, the Reserve Bank's six-member monetary policy committee (MPC) had hiked the repo rate and reverse repo rate to 6.25 percent and 6 percent respectively.Apart from hikes in repo and reverse repo rates, the MPC estimated GDP in the range of 7.5-7.6 percent in H1 and 7.3-7.4 percent in H2, with risks evenly balanced.For those unversed, the RBI's six-member committee has been entrusted with the task of setting the benchmark interest rate after an amendment was passed through the Finance Act, 2016.Prior to the establishment of the MPC, the RBI Governor was responsible for setting the interest rate.
Ashok Leyland logs 27% volume growth in July
Commercial vehicle major Ashok Leyland Ltd on Wednesday said it closed July with 27 per cent growth in sales volume.
Jeera futures fall 1.36 pc on profit-booking
Jeera prices fell 1.36 per cent to Rs 19,920 per quintal in futures trade today as speculators trimmed positions to book profits at prevailing levels amid lower domestic and exports demand at the spot market. Furthermore, ample stocks position following higher supplies from the producing belts, fuelled the downtrend. At the National Commodity and Derivatives Exchange, jeera for delivery this month fell Rs 275, or 1.36 per cent, to Rs 19,920 per quintal, with an open interest of 5,955 lots. Similarly, the spice for delivery in September moved down by Rs 180, or 0.88 per cent, at Rs 20,210 per quintal in 3,588 lots. Analysts said besides profit-booking by speculators at existing levels, a fall in demand at the spot market against adequate stocks position, kept pressure on jeera futures.
Sensex pares gains, turns choppy ahead of RBI policy outcome
Benchmark indices pared early gains to retreat from life-time highs scaled in morning trade amid buying in oil and gas, energy, telecom, healthcare, capital goods, IT and teck sectors ahead of the key RBI bi-monthly policy decision due later today. Caution crept as investors eagerly await the central bank's policy decision on repo rate on the backdrop of volatility in crude oil and food prices as well as inflationary concerns. Auto, realty, power, banks and financial stocks saw profit-booking. The 30-share index was trading higher at 37,623.54, showing a gain of 16.96 points, or 0.05 per cent, at 1050 hrs. Earlier the Sensex marked a life-time high of 37,711.87. The broader Nifty50 index was trading higher at 11,374.75, up 18.25 points, or 0.16 per cent. Major gainers were TCS, ONGC, Sun Pharma, Vedanta and Bharti Airtel. Losers include Tata Motors DVR, Tata Motors, Maruti, Axis Bank and Infosys. Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 572.21 crore on a ...
Mustard seed futures move down on negative physical leads
Mustard seed prices receded by Rs 27 to Rs 4,139 per quintal in futures trade today with the narrowing of the holdings by traders in anticipation with subdued physical market sentiments. Marketmen said, tracking lower physical market stance, traders shortened holdings, which pulled down the prices of mustard seed futures. In the spot markets, slowdown in demand from oil mills amid bloated stocks positions on regular supplies from growing belts, kept the prices lower, they added. At the National Commodity and Derivatives Exchange, mustard seed delivery for August looked down by Rs 27, or 0.65 per cent, to Rs 4,139 per quintal, showing an open interest of 90,000 lots. In line with the general trend, the delivery for September shed Rs 27, or 0.64 per cent, to Rs 4,187 per quintal, in an open interest of 67,740 lots.
Consumer Price Inflation Consolidates Just Under 4%
The All-India CPI-IW for June, 2018 increased by 2 points and was pegged at 291. On 1-month percentage change, it increased by (+) 0.69 per cent between May, 2018 and June, 2018 when compared with the increase of (+) 0.72 per cent between the corresponding months of previous year.
Huawei outpaces Apple to become the second largest smartphone seller
Apple has been dethroned by its China-based rival Huawei which reported strong sales last quarter, more than any company in the world except Samsung.As per the industry estimates, while overall smartphone sales slowed, Huawei had a healthy growth owing to its much-hyped P20 Series, Engadget reported.Huawei sold 54.2 million units of its mid-range Nova devices, beating the industry predictions by a whopping 10 million and capturing 15 percent of the worldwide market.
Flipkart unveils loyalty programme to counter Amazon Prime
MUMBAI (Reuters) - Indian online retailer Flipkart will be launching its second loyalty programme later this month, a move aimed at boosting customer retention and rivalling Amazon.com Inc's Prime benefit plan.