Page 3242 - Business Finance
Tata Sponge Iron Jun qtr net profit rises 49% to Rs 45cr
Tata Sponge Iron today reported a 49 per cent rise in its consolidated net profit to Rs 45.56 crore for the quarter ended June 30. The company had posted a net profit of Rs 30.57 crore in the corresponding quarter of previous fiscal, Tata Sponge Iron Ltd said in a BSE filing. The firm's total income also rose to Rs 272.84 crore in April-June quarter from Rs 201.76 crore in the year-ago period. Total expenses of the company stood at Rs 203.86 crore in the quarter under review, as against Rs 156.53 crore in the same period last fiscal. Shares of the company today ended 0.94 per cent up at Rs 967.65 apiece on BSE.
Numetal to NCLAT: Aurora Enterprises would have no control over firm
Russia's VTB Capital-backed Numetal today said Ruia family scion Rewant will never be in management of Essar Steel even though the rules do not bar blood relations of delinquent promoters from bidding for loan defaulter companies being auctioned to recover dues. During the proceedings of the National Company Law Appellate Tribunal (NCLAT), senior advocate Mihir Thakore representing Numetal said that the Insolvency & Bankruptcy Code (IBC) does not disqualify anyone based on blood relations. Aurora Enterprises Ltd (AEL) had 25 per cent shareholding in Numetal. "AEL would never be in management control of Numetal or the corporate debtor (Essar Steel) in future," Thakore submitted. He further said that VTB has 75 per cent shareholding of Numetal and owns the company and is a promotor. On being asked by the appellate tribunal, whether blood relations are barred under Section 29A of the IBC, to bid for a company, he replied no. "Blood relations are not barred under Section 29A," he ...
Max Life to share Rs 1,084cr bonus with policyholders eligible for dividend
Max Life Insurance today said it will distribute Rs 1,084 crore as bonus to policyholders who are eligible to get the company's profit share via dividend. Such customers are termed as participating policyholders. They are generally paid the dividend on an annual basis over the span of the policy bought. During the period July 1, 2018, to June 30, 2019, Max Life Insurance will be paying Rs 1,084 crore as policyholder bonus on the participating policies in-force, an increase of 27 per cent over Rs 854 crore in the same period in the previous year, the company said in a statement today. Max Life said the bonus for 12-month period has crossed the Rs 1,000 crore mark for the first time. The bonus distribution will benefit about 15 lakh participating policyholders of Max Life Insurance. The life insurer said that this is the 16th year in a row when Max Life Insurance has announced bonus. "In spite of volatile market conditions experienced over the last year, we are able to offer stable ...
Gold, silver fall on weak demand
Gold prices slipped by Rs 125 per 10 grams at the bullion market here today due to slack demand from local jewellers, even as the metal made headway overseas. Silver also moved down by Rs 240 per kg due to lack of buying support from industrial units. Standard gold (99.5 purity) declined by Rs 125 to end at Rs 30,055 per 10 grams from Monday's closing level of Rs 30,180. Pure gold (99.9 purity) also eased by a similar margin to finish at Rs 30,205 per 10 grams as against Rs 30,330 yesterday. Silver (.999 fineness) also moved down by Rs 240 per kg to conclude at Rs 38,570 from Rs 38,810 previously. Globally, gold edged up as the dollar dipped and most other markets were subdued before Federal Reserve Chair Jerome Powell testifies to the US Congress, though the precious metal was not far off a recent seven month low. Spot gold was up 0.2 per cent at USD 1,243.34 an ounce at early trade. Silver rose 0.4 per cent to USD 15.81 an ounce.
EU set to fine Google billions over Android: sources
The EU is set to fine US internet giant Google several billion euros this week for freezing out rivals of its Android mobile phone system, sources said, in a ruling that risks fresh tensions with Washington. Competition Commissioner Margrethe Vestager is expected to say on Wednesday that Google abused its dominant position in the market by making tie-ups with phone makers like South Korea's Samsung and China's Huawei. The long-awaited decision comes as fears of a transatlantic trade war mount due to President Donald Trump's shock decision to impose tariffs on European steel and aluminium exports. Two European sources told AFP the fine would be "several billion euros" without giving further details. EU rules say Google could be fined up to 10 per cent of parent company Alphabet's annual revenue, which hit USD 110.9 billion in 2017. "The fine is based on the length of the infraction, but also on whether anti-trust authorities believe there was an intention to commit the offence, and ...
Boeing to seek supplier cost reductions after Embraer deal - CEO
FARNBOROUGH, England (Reuters) - Boeing will press for deeper price cuts from suppliers with overlapping operations once it completes its planned acquisition of the regional jet business of Brazil's Embraer, Chief Executive Dennis Muilenburg told Reuters on Tuesday.
Fed's Powell: 'Several years' of strong jobs, low inflation still ahead
WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Jerome Powell, discounting the risk that a trade war may throw a global recovery off track, said the economy is on the cusp of "several years" where the job market remains strong and inflation stays around the Fed's 2 percent target.
Government increases maximum load capacity for trucks
The government has decided to increase the maximum load carrying capacity of all new heavy vehicles by 20-25 per cent, Road Transport and Highway Minister Nitin Gadkari said on Tuesday.
Odisha CM asks Tatas to set up defence hub
Odisha Chief Minister Naveen Patnaik on Tuesday proposed to the Tata Group to set up a Defence Manufacturing Cluster and Steel Downstream Cluster in Odisha.
RERA: Centre seeks law ministry's opinion about West Bengal notifying its own Act
The Centre has sought the opinion of the Law Ministry over West Bengal notifying its own real estate law instead of implementing the Real Estate (Regulation and Development) Act enacted by Parliament. West Bengal has notified its Housing and Industrial Regulation Act, 2017 (HIRA) on the same subject. Union Housing and Urban Affairs Secretary Durga Shanker Mishra via video conference today interacted with representatives of 29 states and union territories for expediting compliance of Real Estate (Regulation and Development) Act, 2016 (RERA), under which proper protection is provided to home-buyers. Mishra said Kerala has agreed to notify the provisions of RERA Act and the state is currently in the process of issuing a notification about the same. Except West Bengal and six states from northeast, all states have been implementing the provisions of RERA, the secretary said. "In an interaction via video conference, West Bengal told us that it has notified its own Act. In view of this, we .
Global Markets: Dollar holds gains after Fed chair remarks, stocks edge higher
NEW YORK (Reuters) - The U.S. dollar held gains on Tuesday against a basket of major currencies following an upbeat economic assessment from the head of the U.S. Federal Reserve, while world stocks edged higher, with Wall Street erasing earlier losses.
India asks Oman to cut customs duties on chemical products
India has asked Oman to cut customs duties on chemical products like dyes to provide greater market access for its goods in that country, the commerce ministry said today. Reduction of duties on items like dyes, inorganic and organic chemicals, agro chemicals, cosmetics, glazed ceramic articles, aluminium alloys and tyres used in buses will provide better market access, it said in a statement. "India requested for reduction in customs tariff on Indian chemical products exported to Oman, which is about 5 per cent," the ministry said. The issues were raised by New Delhi in the India-Oman Joint Commission meeting in Muscat. Commerce and Industry Minister Suresh Prabhu is there on an official visit. Further, both the countries agreed to obtain their respective internal approvals for early finalisation of Double Taxation Avoidance Agreement (DTAA) between the nations. Both the sides also discussed the issue of Oman India Fertilizer Company and extension of Urea Off Take Agreement (UOTA) ...
Explainer: Thyssenkrupp's foundation to steer conglomerate in leadership crisis
FRANKFURT (Reuters) - Thyssenkrupp's foundation, the company's largest shareholder, pledged to work with unions and management to appoint a successor to its chairman Ulrich Lehner.
Netflix shares take hit as subscriber slip hints at "lumpy" road ahead
(Reuters) - Shares of Netflix Inc headed for their worst day in two years on Tuesday, falling as much as 14 percent after reporting a surprise shortfall in new subscribers in a quarter marked by the lack of a blockbuster new show and World Cup soccer.
Oil slips as focus turns to surplus from shortage
NEW YORK (Reuters) - U.S. crude oil futures fell on Tuesday as worries over supply disruptions eased and the focus moved to increasing domestic production and potential damage to global growth from the U.S.-China trade dispute.
Soon, milk outlets may come up at all railway stations
Railways is drawing up a plan to make milk available at railway stations across the country to promote its consumption, Railway Minister Piyush Goyal said today. Goyal said this after attending a high-level meeting chaired by Transport Minister Nitin Gadkari, Agriculture Minister Radha Mohan Singh, representatives of Amul India and food safety body FSSAI to discuss issues and concerns of the dairy sector in the backdrop of the farmers agitation in Maharashtra that had led to severe shortage of milk in the state. The agriculture ministry had mooted a proposal asking railways to make milk available at railway stations and at the meeting, sources said representatives from Amul India suggested that the national transporter could provide stalls to dairy companies or cooperatives where they could sell their products. "Railways will soon take a call on the availability of milk at railway stations. We are going to discuss more on the issue with other ministries tomorrow to see how milk ...
Indian Metals & Ferro Alloys' Q1 net down 71% at Rs 28.74 cr
Indian Metals & Ferro Alloys (IMFA) today announced a 71 per cent decline in net profit at Rs 28.74 crore in the June quarter on unplanned shutdown at its Therubali plant in Odisha and mark-to-market provisions. The company had reported Rs 99.92 crore net profit in the same period last year. Its revenues also stood lower at Rs 412.53 crore, compared with Rs 426.31 crore in the year-ago period, the company said in a release. Production of ferro chrome slipped to 46,766 tonne, against 51,798 tonnes in the year-ago period, while the sales stood flat at 48,580 tonne. Subhrakant Panda, managing director and chief executive officer, IMFA, said, "An unplanned shutdown at our Therubali unit in Odisha and 'mark to market' provision on foreign currency borrowings affected the bottom line." He said long term price finalisation for the ongoing quarter reflects the positive trend in the ferro chrome industry and, although quarter on quarter volatility may persist, "we expect to ..
Goldman Sachs names new CEO, profit beats; shares dip
(Reuters) - Goldman Sachs Group Inc announced a new chief executive on Tuesday and reported a better-than-expected jump in quarterly profit, but investors focused on relatively weak performance in its main businesses.
Thyssenkrupp searches for new chairman as activists circle
DUESSELDORF (Reuters) - Thyssenkrupp's foundation, the company's largest shareholder, pledged to work with unions and management to appoint a successor to its chairman Ulrich Lehner, with questions about its role in his abrupt departure.
TalentQuest partners with Unity & pvt varsity to launch AR/VR
TalentQuest, a global talent management and learning solutions company, today launched Academic AR/VR (Augmented Reality/Virtual Reality) Centre of Excellence here, partnering with a private university and Unity Technologies. Managed by TalentQuest, the centre, which they claimed was the first of its kind in the country, would provide a one year AR/VR certification programme, with a diploma from PES University. Unity would provide licenses of its software for hands-on learning at the Centre of Excellence, a joint release issued by TalentQuest, PES University and Unity Technologies said. Unity Technologies is the creator of the most widely used real-time 3D development platform that powers more than 60 per cent of all AR/VR content, the release noted. "The gap between the AR/VR talent available and the talent required is growing, which is why this is the ideal time to establish a physical space in India to equip our citizens with the skills they need to excel in the ...