Page 3076 - Business Finance
Gold heads for fourth month of losses, worst streak since 2013
LONDON (Reuters) - Gold hit a 1-1/2 week low on Tuesday, heading for a fourth consecutive month of losses as a stronger dollar and rising U.S. interest rates continue to weigh, pushing speculators to hold record short or sell positions.
Ralph Lauren beat fueled by fewer discounts, cost cuts
(Reuters) - Ralph Lauren Corp topped quarterly profit and revenue estimates as the luxury apparel maker benefited from a focus on offering fewer discounts and cost cutting, sending its shares up over 5 percent on Tuesday.
Base effect, higher refinery production accelerates June core factory output
Favourable base effect, along with higher production of refinery products and steel accelerated India's eight major industries' output in June 2018, official data showed on Tuesday.
Parliament nod sought for Rs 11,698-cr extra expenditure
The government on Tuesday sought Parliament sanction for gross additional expenditure of Rs 11,697.92 crore for the current financial year, including an amount of Rs 980 crore for infusion of equity into the heavily indebted Air India.
Digital payments to be trillion-dollar market by 2023: NITI Aayog
The digital payments market in India is set to become a trillion-dollar industry in the next five years, led by growth in mobile payments which are slated to rise to $190 billion by 2023 from $10 billion in 2017-18, the NITI Aayog said on Tuesday.
PowerGrid net profit up 9% at Rs 2,240 cr in Apr-Jun qtr
State-owned transmission utility Power Grid Corporation today posted over nine per cent rise in standalone net profit to Rs 2,240.54 crore for the first quarter this fiscal on the back of higher revenues. It had reported Rs 2,052.41 crore standalone net profit in the quarter ended June 30, 2017, the company said in a BSE filing. According to the filing, total income of the company rose to Rs 8,427.67 crore in the quarter under review as against Rs 7,389.83 crore a year ago. The company's transmission income stood at Rs 6,029.65 crore for the quarter compared to Rs 5,538.85 crore in the same period last fiscal, as per final tariff orders issued by the power regulator CERC. It has also recognised transmission income of Rs 1,752.04 crore for the quarter compared to Rs 1,278.72 crore a year ago, in respect of transmission assets for which final tariff orders are yet to be issued as per the CERC Tariff Regulations and other orders in similar cases. The company's revenues from telecom ...
Jagran Prakashan Q1 profit at Rs 88.35 crore
Jagran Prakashan Ltd (JPL), the publisher of leading Hindi daily Dainik Jagran, today reported a consolidated profit after tax of Rs 88.35 crore for the first quarter ended on June 30, 2018. The company had posted a profit after tax of Rs 88.74 crore during the same period of previous fiscal, Jagran Prakashan said in a BSE filing. Total income during the quarter under review was marginally up at Rs 607.46 crore as against Rs 603.35 crore during the year-ago period. JPL's total expenses were at Rs 472.83 crore. Commenting on the results, JPL Chairman and Managing Director Mahendra Mohan Gupta said: "After two consecutive quarters of de-growth, this quarter witnessed some growth in advertisement revenue." Its advertisement revenues were at Rs 445.34 crore, up by 1.4 per cent as against Rs 439.23 crore of the corresponding period. Shares of Jagran Prakashan today settled at Rs 116.80 on BSE, down 5.19 per cent from previous close.
Banks' bad loans surge to Rs 9.61L cr by FY18: Govt
Indian banks stood on gross bad loans of more than Rs 9.61 lakh crore by the end of 2017-18 while loans to industries formed a major chunk of such non-performing assets, official data showed today. After the asset quality review (AQR) directed by the Reserve Bank to lenders in 2015, transparent recognition of stressed assets as non-performing assets (NPAs) began, Minister of State for Finance Shiv Pratap Shukla said in Parliament. "As a result of transparent recognition of stressed assets as NPAs, aggregate gross non-performing assets of scheduled commercial banks, as per Reserve Bank data for domestic operations, increased to Rs 9,61,962 crore as on March 31, 2018," Shukla said in a written reply in the Rajya Sabha. Of this, Rs 85,344 crore worth of NPA pertained to agriculture and allied activities and Rs 7,03,969 crore pertained to industries, he added. The minister said in the course of last ten years, 2015-16 witnessed the highest increase in aggregate gross NPAs in the banking ..
Zoho's data centres to become operational in August
City-based software firm Zoho Corporation today said the two data centres being set up by the company would be operational by next month. The data centres were coming up in Mumbai and Chennai, the company said in a statement. "Zoho One, its flagship suite of applications designed to put businesses completely in cloud, would come with new set of capabilities that will bridge the gap between different department and roles within an organisation," the statement said. "Zia-Zoho's Artificial Intelligence will soon respond to user queries by combining information from multiple apps", it said. "The adoption of Zoho One has exceeded our expectations and we hope to continue this momentum into its second year", Chief Executive Officer of Zoho Corp Sridhar Vembu said. "The statistics clearly show that customers will use multiple apps from a single suite, if those apps work together more deeply than a patchwork of products from different vendors", he said. The Zia for Zoho One -- ...
Gujarat Fluorochemicals issues corporate guarantee for Inox Wind Infrastructure Services
For term loan of Rs 100 crore sanctioned by Aditya Birla Finance to Inox Wind Infrastructure Services
Nifty hits record high above 11,350-level, up 37 points
The NSE Nifty today ended up by 36.95 points to 11,356.50, a record closing level for the fourth consecutive session, backed by buying in realty, energy, IT and pharma stocks ahead of the RBI's rate decision tomorrow. Overseas, European stocks struggled for direction following earnings updates from major companies, while Asian markets ended mixed as the Bank of Japan tweaked its monetary policy. The 50-share NSE Nifty opened lower at 11,311.05 and hit an intraday low of 11,267.75. But it managed to recover morning losses in the last hour of the trade and touched an all-time high of 11,366. Finally, the index ended 36.95 points higher to finish at 11,356.50. Nifty witnessed an intraday movement of about 98.25 points. Sector-wise, realty rose by 1.68 per cent followed by energy 1.60 per cent, IT 1.16 per cent, pharma 0.70 per cent, FMCG 0.55 per cent, auto 0.45 per cent, metal 0.45 per cent and infra 0.22 per cent. While, PSU bank fell by 1.25 per cent, financial service 0.65 per cent, .
Tata Motors posts Rs 1,863 cr Q1 loss
Auto major Tata Motors on Tuesday reported a consolidated net loss of Rs 1,863 crore for the quarter ended June 30 on account of losses at its luxury car unit Jaguar Land Rover (JLR).
BEL net up 43% in Q1
State-run Bharat Electronics Ltd (BEL) on Tuesday reported a Rs 180 crore net profit for the first quarter of fiscal 2018-19, registering 43 per cent annual growth from Rs 125 crore over the same period year ago.
Australia strives to improve 'underdone' trade ties with India: Minister
Australia today said it is pushing to improve its "underdone" trade relationship with India and particularly identified Maharashtra as a promising region for investment. Indians are the second highest tax-paying diaspora in Australia, Trade Minister Steve Ciobe said at an event of the Committee for Economic Development of Australia (CEDA) here. "Our economic relationship with India is underdone. It is very much in our interests to fix this," Ciobo was quoted as saying by the SBS News. Asserting that there are huge opportunities to develop business with the sub-continent, the minister said Australia wants to develop relationships with large Indian states, such as Maharashtra, the report stated. "Maharashtra offers diverse opportunities for Australian firms in education and training, urban infrastructure, financial services, agribusiness and energy sectors," Ciobo said.
Board of GBL Industries approves change in directorate and appoints CFO
At meeting held on 31 July 2018
Pradhan welcomes Taiwanese investment in Paradip
Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Tuesday welcomed the Taiwanese investment proposal to the tune of over US 6 billion dollar in petrochemical projects in Odisha's seaport town, Paradip.Addressing the media after meeting the Taiwanese delegation in Delhi, Pradhan said, "Lee Shun Chin, President of CPC Corp, and Taiwan Government officials have a proposal of six billion investments in India. Looking at Make in India mission, I welcome Taiwanese investment in Indian petrochemical industry."The Union Minister tweeted after meeting the delegation, "Met with a delegation led by President of Taiwan's state-owned petrochemical company, CPC Corporation. They propose to invest $ 6.6 billion in petrochemical projects in Paradip using feedstock from IOC."Highlighting India's ambition to export petrochemical products to neighbouring countries, Pradhan said, "Taiwan is known for its capability in petrochemical products. India needs more petrochemical products for ..
NCLT approves resolution plan for Amit Spinning Industries
On 31 July 2018
Charter profit beats on internet subscriber gains
(Reuters) - Charter Communications Inc on Tuesday topped analysts' estimates for quarterly profit as the cable operator lost fewer-than-expected video subscribers, while signing up more customers for its internet services.
'Mobiles to influence 70% of fashion accessory buys by 2022'
Mobile phones are expected to influence around 70 per cent of both apparel and fashion accessory purchases in the country by 2022, amounting to USD 110 billion sales opportunity, according to a report. Nearly half of this will be driven by Facebook, the report named 'Eliminating friction in fashion path to purchase' by Facebook in association with KPMG said today. It said mobile could help apparel brands to tap into potential sales opportunity of around USD 5 billion by reducing media friction, while it could help fashion accessories brands to tap into potential sales opportunity of around USD 9 billion. "The friction faced by consumers can be reduced with the higher use of mobile in the media mix, creating about USD 14 billion worth of potential revenue for fashion brands by 2022," it said. The report found that friction accounts for 19 per cent of consumer dropouts in the apparel category, and more than two-third of this friction is caused by media. In the accessories .
Castrol Q2 net profit up 19 pc at Rs 164 cr
Castrol India today posted 19 per cent increase in its net profit at Rs 164.2 crore for the second quarter ended June 30, driven by higher volume as well as improved margin. The company had reported a net profit of Rs 137.9 crore during the same period of the previous fiscal. Revenue from operations rose to Rs 1,017.2 crore for the April-June period, as compared with Rs 1,007.7 crore in the same period of previous fiscal, Castrol India said in a statement. The company follows January-December financial year. Castrol India Managing Director Omer Dormen said close to 80 per cent of the company's growth has come from the new products launched during the last nine months. "While personal mobility continues to be a key strategic growth driver, the focus on our significant commercial vehicle engine oil portfolio is also delivering results with record volume growth driven by launch of new products and aided by a favourable economic environment, with emphasis on infrastructure development," ..