Page 3079 - Business Finance
BMW to invest a billion euros in first factory in Hungary
BMW said today it will invest a billion euros (USD 1.2 billion) in a new factory in Hungary, as it follows its fellow German automakers into building cars in lower-wage central Europe. The factory, to be built close to the eastern town of Debrecen, will have an annual capacity of 150,000 units and will make both conventionally and electrically powered vehicles. More than 1,000 new jobs are expected to be created. "The BMW group's decision to build this new plant reaffirms our perspective for global growth," said BMW chairman Harald Krueger. "After significant investments in China, Mexico and the US, we are now strengthening our activities in Europe to maintain a worldwide balance of production between Asia, America and our home continent," he added. BMW said it picked Debrecen because of its "very good infrastructure, suitable logistics connections and proximity to the established supplier network". Hungary's Foreign Minister Peter Szijjarto said talks for the new plant had been ...
Uber makes a billion trips in South Asia
American ride-sharing major Uber on Tuesday claimed making one billion trips in South Asia, mainly in India, Sri Lanka and Bangladesh in five years.
GSFC Q1 net profit up 75%
Gujarat State Fertilisers and Chemicals (GSFC) today posted a 75 per cent increase in its standalone net profit at Rs 70.74 crore during the first quarter of the 2018-19 fiscal on strong sales. Its net profit stood at Rs 40.52 crore in the same quarter last fiscal, the company said in a regulatory filing. Total income rose to Rs 1,795.60 crore during April-June 2018 from Rs 1,189.05 crore in the year-ago period. Expenses also increased to Rs 1,704.45 crore from Rs 1,137.23 crore in the said period. The company's shares fell by 1.52 per cent to settle at Rs 116.70 apiece on BSE today.
RIL topples TCS with market-cap crossing Rs 7.51 lakh cr
Reliance Industries Ltd (RIL) on Tuesday surpassed Tata Consultancy Services (TCS) in terms of market capitalisation (market-cap) in India.
Happy Loans to disburse 7 lakh MSME loans by end of 2020
Happy, an innovation-driven working capital fulfilment platform for Indian MSMEs has unveiled its growth projection and roadmap for the next two years.The platform projects disbursing more than 7 lakh loans to microenterprises operational across all key geographies of the country."At Happy Loans, we intend to bring a complete reversal of the order and extend the merits of our fast-growing economy to the bulging bottom of the pyramid, i.e. smaller businesses. This is our vision for India and microenterprises catering to its market," said founder and CEO, Happy, Manish Khera."By 2020, we will disburse about 7 lakh loans to MSMEs as our in-house projections indicate. This will help these MSME businesses to fulfil their working capital needs and to avail emerging business opportunities within the market. We are confident that Happy Loans, with its unique approach, will be successful in bringing the desired level-playing field for underserved businesses in India," added Khera.At present, ..
Cotton textile exporters demand tax refund on inputs already acquired
Cotton textile exporters on Tuesday urged the Goods and Services Tax (GST) Council to allow accumulated "Input Tax Credit" (ITC) on fabrics available with weavers as on July 31 for adjusting GST payment on outward supplies - both domestic and export.
JK Paper Q1 profit up 58 pc to Rs 95 cr
JK Paper today reported 58.27 per cent rise in standalone net profit at Rs 95.14 crore for the June quarter on better operating margins and improved performance. The company had posted a net profit of Rs 60.11 crore in April-June quarter a year ago, JK Paper said in a BSE filing. Total income in the said quarter stood at Rs 801.79 crore. It was Rs 671.02 crore in the year-ago period. The company said revenue for the June quarter is not comparable as it is reported net of GST revenue. Total expenses of the company were at Rs 654.62 crore. "Market for the company's products remains strong.This along with better operating efficiencies, enriched product mix and lower finance cost has resulted in improved performance," JK Paper Vice-Chairman & MD Harsh Pati Singhania sad. The company also informed that Hyderabad Bench of National Company Law Tribunal had on July 19 approved its bid for acquisition of Sirpur Paper Mills under the Insolvency and Bankruptcy Code 2016. "Effective steps are
Vivendi looks to cash in on music industry's rise from the ashes
PARIS (Reuters) - French tycoon Vincent Bollore is looking to cash in on the music industry's revival with plans to sell up to half of Vivendi's iconic Universal Music division - an asset worth up 30 billion euros ($35 billion).
Tata Motors posts first loss in three years on weak JLR sales
(Reuters) - India's Tata Motors Ltd reported its first quarterly loss in nearly three years on Tuesday, as UK business Jaguar Land Rover sold fewer of its luxury cars to dealerships in China, while raw material costs rose.
Vedanta Q1 net profit up 2% to Rs 1,533 cr
Metals and mining giant Vedanta Ltd today posted barely 2.13 per cent rise in consolidated net profit to Rs 1,533 crore for the first quarter ended June 30, 2018-19. It had posted net profit of Rs 1,501 crore in the April-June period of 2017-18, Vedanta Ltd said in a filing to BSE. It said the net profit is after after taxes, non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items. The consolidated total income during the first quarter of the current fiscal increased to Rs 22,624 core, as against Rs 20,431 crore in the year-ago period. Vedanta Ltd CEO Kuldip Kaura said, "Vedanta had a good first quarter with revenue of Rs 22,206 crore, up 15 per cent year-on-year and EBITDA of Rs 6,529 crore, 31 per cent higher year-on-year." Stating that Vedanta's balance sheet is one of the strongest in the sector, Kaura said that during the quarter "we completed the acquisition of Electrosteel Under the IBC process...We plan to ...
Engineer held for accepting Rs 2 lakh bribe
A superintending engineer was arrested while accepting a bribe amount of Rs 2 lakh, the anti-corruption bureau said today. S Praveen Chandra, working in the Telangana Urban Finance and Infrastructure Corporation's Nalgonda division, was caught last evening when he accepted the bribe from the complainant, who is a civil contractor, for doing an official favour, an ACB release said.
Focus - Pulp problems: Why shoppers may pay more for tissues, toilet paper
CHICAGO/LONDON (Reuters) - With toilet roll and tissues swept up in an escalating international trade row, it's not just Procter & Gamble's Charmin that's going to get the squeeze.
China says to keep economic growth steady, make policies more effective
BEIJING (Reuters) - China will keep its economic growth within a reasonable range by making policies more flexible and effective, the state-run Xinhua news agency said on Tuesday.
Mobiles to drive India's 70% fashion accessory purchases by 2022: Report
Nearly half of those mobile-influenced purchases will be driven by Facebook, amounting to a $110 billion sales opportunity, said the latest "Zero Friction Future" report.
Pune-based KPIT launches first centre showcasing PTC technology in US
Indian multinational corporation KPIT Technologies has launched its first Centre of Excellence (CoE) showcasing technologies by software firm PTC at its Raleigh, North Carolina location.
Setco Automotive posts net profit of Rs 8.1 cr in June qtr
Auto component maker Setco Automotive today reported a net profit of Rs 8.1 crore in the June quarter. The company had reported a net loss of Rs 11.8 crore in the year-ago period. Its revenue more than doubled to Rs 137 crore in the reporting quarter, from Rs 68.6 crore in the same period last year, Setco Automotive said in a release. The city-based auto component maker is the largest manufacturer of clutches for commercial vehicles (CVs) and farm tractors in the country with Tata Motors, Bharat Benz, Ashok Leyland, among others, as its major customers. "This is our strongest ever Q1 performance, and we expect to continue strong growth with better cost management," said Harish Sheth, chairman and managing director, Setco Automotive. Strong economic fundamentals on the back of implementation of GST, continue to drive medium and heavy commercial segment growth, he said adding this growth trend is seen for the last four quarters in a row and the growth cycle is expected to
Telangana to establish B-Hub for Biotech, Biopharma sector
: The Telangana government today said it plans to establish a B-Hub at Genome Valley here to scale up manufacturing activities for biopharma based Research and Development. The proposed B-Hub, with at an estimated cost of Rs 60 crore, would be set up through Public Private Partnership (PPP) in Genome Valley, India's first organised cluster for life sciences Research & Development and clean manufacturing activities, an official release said. "B-Hub will be a first of its kind initiative in the country, aimed at providing much needed support to the biopharma R&D activities, featuring a scale-up manufacturing facility, along with a turnkey incubator/lab space module at Good Laboratory Practises grade within a built-up area of 40,000 square feet," it said. Establishment of an end-to-end biopharma scale-up manufacturing facility would give domestic companies the required impetus viz-a-viz Korea, China and France who have taken lead in biopharma innovation, it ...
Pfizer beats profit estimates but lowers 2018 revenue forecast
(Reuters) - Pfizer Inc topped Wall Street estimates for quarterly profit on Tuesday, driven by higher sales of its cholesterol and arthritis drugs, but the biggest U.S. drugmaker lowered its full-year revenue forecast due to a stronger dollar.
Fortive to buy software maker Accruent for $2 bln
(Reuters) - Industrial products maker Fortive Corp said on Tuesday it would buy software maker Accruent from private equity firm Genstar Capital for about $2 billion in cash.
Futures edge higher as tech stocks bounce
(Reuters) - U.S. stock index futures edged higher on Tuesday, with technology stocks looking to bounce back after a widespread sell-off in the earlier session on rising concerns about the future growth of high-flying companies.