Page 3077 - Business Finance
Exclusive: Lloyd's of London reviews operations after losing $2.6 billion and CEO
LONDON (Reuters) - Lloyd's of London is reviewing all aspects of its business, including its centuries-old structure, to ensure it is cost-competitive and responsive to both clients and members, especially after Britain leaves the EU, industry sources said.
Wall Street gains on report of U.S. and China restarting trade talks
(Reuters) - U.S. stocks rose on Tuesday as technology stocks rebounded and a report said the United States and China were trying to restart negotiations to defuse a trade war between world's two largest economies.
Board of SKM Egg Products Export (India) recommends final dividend
Of Rs 0.5 per share
Beekay Niryat to convene board meeting
On 7 August 2018
Daimler India MD Nesselhauf to take up global role in Germany
Daimler India Commercial Vehicles (DICV) today said its Managing Director and Chief Executive Officer Erich Nesselhauf will take up a global responsibility at company's headquarters in Germany with effect from October 1. Nesselhauf, who was heading DICV since June 2014, will return to Germany to take over global responsibility for manufacturing engineering at Daimler Trucks' headquarters, the company said in a statement. His successor in India will be announced in due course, it added. "We thank Erich Nesselhauf for more than ten years of dedicated service in this strategic growth market. Under his leadership, we have firmly established our footprint in India, which includes our domestic BharatBenz business as well as exports from India to markets around the globe," Head of Daimler Trucks Asia Hartmut Schick said. Nesselhauf joined Indian operations in 2008 and built the local procurement and supply chain strategies from ground up. In June 2014, he was named Managing Director and CEO .
Idea shares drop 6 pc, m-cap falls by Rs 1,547 cr
Shares of Idea Cellular today tumbled 6 per cent, wiping out Rs 1,547 crore from its market valuation, after the company's June quarter earnings failed to enthuse investors. The company's stock tumbled 6.07 per cent to close at Rs 54.90 on the BSE. During the day, it slumped 6.92 per cent to Rs 54.40. On the NSE, shares of the company dived 6 per cent to end at Rs 54.85. The company's market valuation dropped Rs 1,546.93 crore to Rs 23,936.07 crore on the BSE. In terms of equity volume, 44.98 lakh shares of the company were traded on the BSE and over 4 crore shares changed hands on the NSE during the day. In its last financial result before merger with Vodafone India, Aditya Birla Group firm Idea Cellular yesterday reported total comprehensive income of Rs 263.5 crore in the June quarter, mainly on account of one time gain from sale of mobile towers. The company had posted a loss of Rs 816 crore in comprehensive income in the same period a year ago, as per the company's BSE ...
Daimler India to get new head as Nesselhauf returns to Germany
Daimler India Commercial Vehicles (DICV) today said its managing director and chief executive officer, Erich Nesselhauf, will return to Germany to take up a senior position at the Daimler Trucks' headquarters. The replacement for Nesselhauf, who has been heading the 100 per cent Indian subsidiary of the Daimler AG, Germany, since 2014, will be announced in due course, a release said. Nesselhauf will be taking over global responsibility for manufacturing engineering at Daimler Trucks' headquarters on October 1, it added. "Under his (Nesselhauf) leadership, we have established our footprint in India, which includes our domestic BharatBenz business as well as exports to global markets," said Hartmut Schick, head of Daimler Trucks Asia. Nesselhauf joined Daimler Trucks' Indian project in 2008 and built the local procurement and supply chain strategies from the scratch. Subsequently, he was named the managing director and chief executive officer of DICV in June 2014. The ...
Corrected: Gold heads for fourth month of losses, worst streak since 2013
(Corrects day of the week in the first paragraph to Tuesday (from Thursday))
Procter & Gamble sales disappoint after prices get a shave
(Reuters) - Procter & Gamble Co's fiscal fourth-quarter sales fell below Wall Street estimates on Tuesday, hurt by lower pricing and weak demand at its units that make Pampers diapers and Gillette shaving products.
Brent crude set for biggest monthly drop since 2016
LONDON (Reuters) - Oil dropped on Tuesday and Brent futures were on track for their largest monthly decline in two years after a survey showed OPEC's output hit a 2018 high in July, reigniting concern about supply swamping demand.
Pfizer lowers 2018 revenue forecast, increases R&D spend
(Reuters) - Pfizer Inc lowered its revenue forecast for this year, blaming the stronger dollar, and increased its planned spending on research and development, as the drugmaker works to launch new drugs to replace declining sales from its established products like Viagra.
Healthy Q1 earnings, foreign funds lift equity indices (Roundup)
After a largely volatile trade, healthy quarterly earnings results along with fresh influx of foreign funds and expectations of a dovish monetary policy aided the key Indian equity indices to pare their initial losses and end Tuesday's trade session on a record high.
BoI Q1 net up 8.44% at Rs 95 cr on interest income growth
State-run Bank of India today reported a 8.44 per cent rise in net profit at Rs 95 crore in the June quarter, helped by growth in interest income. The company had reported a net profit of Rs 88 crore in the same period last year. The lender reported profits in the June quarter after two consecutive quarterly losses. "We have done well this quarter and have come back to black. Growth in profits were on account of higher interest income, recovery from Bhushan Steel and reduction in costs," the bank's managing director and chief executive officer, Dinabandhu Mohapatra, told reporters here today. The bank recovered Rs 1,500 crore from resolution of Bhushan Steel which was facing insolvency resolution process in the NCLT. Its net interest income rose 32.41 per cent to Rs 3,354 crore, from Rs 2,533 crore in the year-ago period. The bank's global net interest margin (NIM) improved to 2.49 per cent from 1.99 per cent, while its domestic NIM stood at 3.05 per cent, against 2.39 ...
Australian Trade Minister seeks deeper economic ties with India
Australia is striving to improve its "underdone" two-way trade relationship with India, Trade Minister Steve Ciobo said on Tuesday.
EIH Q1 net profit dips 12 pc to Rs 10 cr
Hospitality major EIH, which runs hotels and resorts under Oberoi and Trident brands, today reported a 11.54 per cent decline in its net profit to Rs 10.19 crore on account of increase in expenses. The company had posted a net profit of Rs 11.52 crore for the corresponding period of the previous fiscal, EIH said in a BSE filing. Company's total revenue for the quarter under consideration stood at Rs 343.46 crore for the quarter under consideration. It was Rs 303.26 crore in the same period a year ago. "The results for the first quarter are not indicative of a full year's working due to the seasonal nature of the Indian Hotel Industry," EIH said. Shares of EIH today closed 1.73 per cent higher at Rs 168.05 per scrip on the BSE.
Oil to hold steady into 2019 as OPEC, U.S. compensate for supply hitches
Oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the U.S. meets growing demand led by Asia and helps to offset supply disruptions from Iran and elsewhere, a Reuters poll showed on Tuesday.
Brookfield to buy Forest City Realty Trust in $11.4 billion deal
(Reuters) - Brookfield Asset Management Inc said on Tuesday it would buy Forest City Realty Trust Inc in a deal valued at $11.4 billion, including debt, months after Forest City ceded board control to activist shareholders.
Wall Street opens higher on tech rebound, U.S.-China trade talks
(Reuters) - U.S. stocks opened higher on Tuesday as technology stocks rebounded after a widespread sell-off in the previous session and on a report that the U.S. and China seek to restart talks on trade.
Bank of India shares dive nearly 9 pc after Q1 results
Shares of Bank of India tumbled nearly 9 per cent today following deterioration on asset front in the quarter ended June. The bank's stock tanked 8.75 per cent to close at Rs 94.35 on the BSE. During the day, it slumped 9.33 per cent to Rs 93.75. On the NSE, shares of the company dived 8.57 per cent to end at Rs 94.40. The company's market valuation declined Rs 1,577 crore to Rs 16,445 crore on the BSE. In terms of equity volume, 38.98 lakh shares of the company were traded on the BSE and 3.99 crore shares changed hands on the NSE during the day. Bank of India has reported over 8 per cent rise in net profit to Rs 95.11 crore in the first quarter ended June 30, 2018-19. The bank had registered a net profit of Rs 87.71 crore in the April-June period of 2017-18. Its total income for the first quarter of 2018-19 fell however to Rs 10,842.96 crore, down 2.4 per cent, from Rs 11,106.61 crore in the year-ago period.
TI Financial clocks standalone Q1 net profit of Rs 2.43 crore
: TI Financial Holdings, formerly Tube Investments of India Ltd, has recorded a standalone net profit of Rs 2.43 crore for the April-June quarter of the current financial year. The city-based Murugappa Group company had recorded a net loss of Rs 0.34 crore during the same period last year. For the year ending March 31, 2018, net profits stood at Rs 59.39 crore, the company said in a BSE filing. Total income for the quarter ending June 30, 2018 was Rs 3.89 crore. For the year ending March 31, 2018 total income was at Rs 64.67 crore. Cholamandalam Investment and Finance Company, in which TI Financial holds 46.2 per cent stake, disbursed loans of Rs 7,014 crore for the quarter ending June 30, 2018 as against Rs 4,853 crore registered in the same period of last year. Cholamandalam MS General Insurance Company, a group entity of TI Financial Holdings, registered a Gross Written Premium (GWP) of Rs 951 crore for the quarter ending June 30, 2018 as against Rs 878 crore in the ...