Page 3244 - Business Finance
Telia puts pressure on Telenor with $2.6 billion Norwegian expansion
STOCKHOLM (Reuters) - Swedish telecom operator Telia Company has agreed to buy TDC's Norwegian business in a $2.6 billion deal that adds broadband and TV to its mobile services in Norway and puts pressure on market leader Telenor.
Federal Bank Q1 net up 25% on interest income, recoveries
South-based Federal Bank today reported a 25 per cent growth in its June quarter net at Rs 262.71 crore on an increase in core income on jump in advances and better asset quality. The bank had reported a net profit of Rs 210.15 crore in the year-ago period. Its net interest income grew 22.40 per cent to Rs 980.06 crore for the reporting quarter, primarily on a 24 per cent credit growth, while hardening of yields impacted the other income which was down 18 per cent to Rs 271 crore, despite a 15 per cent growth in core fees. The operating profit growth came at 8 per cent, but a dip in provisions to Rs 199.15 crore as against the year ago period's Rs 236.44 crore helped in the higher growth in the net profit. Fresh slippages surged marginally when compared to last year to Rs 461 crore, but were far lower than Rs 872 crore in the March quarter. The gross non performing assets ratio came down to 3 per cent. The bank's recoveries and upgrades were at a highest ever Rs 246 ...
Nestle India market cap crosses Rs 1 lakh cr
FMCG major Nestle India's market valuation has surged past Rs 1 lakh crore mark helped by a rally in its share price. The company's market valuation stood at Rs 1,01,541.66 crore at close of trade on BSE today. Shares of the company gained 3.14 per cent to end at Rs 10,531.65 on BSE. During the day, it surged 3.55 per cent to Rs 10,574 -- its 52-week high. At NSE, shares of the company went up by 3 per cent to close at Rs 10,511.75. Led by the gain in the stock, the company's market valuation rose by Rs 3,096.66 crore to Rs 1,01,541.66 crore on BSE. Nestle has also become the third FMCG company after Hindustan Unilever and ITC to command a market valuation of more than Rs 1 lakh crore. HUL's m-cap stood at Rs 3,64,470.22 crore and that of ITC was Rs 3,29,355.98 crore. The stock of Nestle has gained over 34 per cent so far this year.
Taken serious note of WB's debt overhang: 15th Fin Commission
The 15th Finance Commission today said it has taken a "serious note" of the West Bengal government's debt overhang issue and would explore options within its mandate so that it does not remain a "permanent drag" on the state's economy. After holding a meeting with West Bengal Chief Minister Mamata Banerjee, Finance Minister Amit Mitra and other officials, the Commission's Chairman N K Singh lauded the state government's performance during the past few years. West Bengal's total debt stood at Rs 3.40 lakh crore, which is one of the highest among states. "The Commission recognises that in the last few years, West Bengal's economy has made enormous progress on GDP growth, debt management and increasing its own tax revenue," Singh told reporters after the meeting. He said the state government has submitted a detailed memorandum well in advance which enabled the Commission to understand specific demands. Chief Minister Mamata Banerjee has been seeking loan waiver and generous central funds
Wall Street opens lower as Netflix weighs
(Reuters) - U.S. stocks opened lower on Tuesday, as Netflix's sharp drop following weak subscriber growth weighed on consumer discretionary stocks and as investors awaited Federal Reserve Chair Jerome Powell's Congressional testimony.
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, specChief Executive Dennis Muilenburg told Reuters on Tuesday.
Walmart, Microsoft team up to take on Amazon
Walmart said today it was entering into a strategic partnership with Microsoft on "digital transformation" for the onetime retail industry leader. The move is aimed at helping Walmart compete better against Amazon, which is taking a growing share of retail sales in the United States and globally. The two firms said the partnership was focused on using artificial intelligence and other technology tools to help manage costs, expand operations and innovate faster. "Walmart's commitment to technology is centered around creating incredibly convenient ways for customers to shop and empowering associates to do their best work," said Walmart chief executive Doug McMillon, Walmart CEO. Microsoft's business cloud computing platform known as Azure will help Walmart manage operations ranging from refrigeration and air conditioning to improving its supply chain and transportation. "The world's leading companies run on our cloud, and I'm thrilled to partner with Walmart to accelerate their digital .
Rolls-Royce says stockpiling of parts due to Brexit could start in fourth-quarter
FARNBOROUGH, England (Reuters) - British engine maker Rolls-Royce could start stockpiling parts later this year if it looked like Britain was heading towards a no-deal or disorderly exit from the European Union, its chief executive said on Tuesday.
Sebi bans Sai Prakash Organic, directors from mkts for illegal schemes
Sebi has banned Sai Prakash Organic Food and its six current and former directors from the securities market for at least four years and directed them to refund the money collected from investors via illegal collective investment schemes (CISs). Besides, the directors have also been restrained "from holding position as directors or key managerial personnel of any listed company" for 4 years, according to a Sebi order dated July 16. The ruling follows an interim order passed by Sebi in January 2015 in which it had observed that the entities were involved in illegal mobilisation of funds from the public through various schemes for promoting organic farming and purchasing and developing agriculture farms. The activities were in the nature of CIS and without obtaining requisite certificate of registration, the order had said. The company had mobilised over Rs 25 crore from 2010-11 to 2013-14. In the absence of any evidence provided to refute the prima facie findings in the interim order,
Conduent wins $1 bn contract with Fortune 50 company
US-based business process services company Conduent Inc on Tuesday said it has won a three-year contract, worth approximately $1 billion, with a US-based Fortune 50 company.
Rupee bounces 12 paise to end at 2-week high as crude oil ebbs
The rupee today bounced back to settle at a fresh two-week high of 68.45 against the US currency, gaining 12 paise as crude oil prices beat a hasty retreat, easing inflation and trade deficit worries. A sharp fall in global crude prices to the lowest level since mid-April along with upbeat domestic equities largely helped the recovery momentum. Heavy dollar unwinding by speculative currency traders ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony for any clues on the pace of US interest rate rises also had an impact on the trading sentiment. The rupee resumed sharply higher at 68.40 against previous close of 68.57 at the Interbank Foreign Exchange (forex) market. The local currency moved to an intra-day high of 68.27 but some dollar demand in afternoon session pushed back to a low of 68.47. It finally closed at 68.45, revealing a gain of 12 paise, or 0.18 per cent. The home unit had ended 4 paise lower yesterday. Oil prices had dropped by 4 per cent ...
Oil steadies as focus moves from shortage to surplus
LONDON (Reuters) - Oil prices stabilised on Tuesday as worries over supply disruptions eased and the focus moved instead to increasing production and potential damage to global growth from the U.S.-China trade dispute.
Johnson & Johnson profit beat fueled by strength in pharma business
(Reuters) - Johnson & Johnson topped analysts' estimates for quarterly profit and revenue on Tuesday, as strong demand for cancer drugs Zytiga and Darzalex more than made up for declining sales of blockbuster treatment Remicade.
Boeing lifts industry demand forecast as air show deals roll on
FARNBOROUGH, England (Reuters) - Boeing raised its rolling 20-year industry forecast for passenger and cargo aircraft on Tuesday, as a steady flow of deals on day two of the Farnborough Airshow underscored the industry's resilience to rising global trade tensions.
ICICI Lombard net profit surges 35% to Rs 289 cr in Apr-Jun
ICICI Lombard General Insurance today reported a 35.1 per cent rise in its profit to Rs 289 crore in first quarter ended June of this fiscal. The company's net profit in the corresponding April-June quarter of 2017-18 was at Rs 214 crore. The gross premium collected by the general insurer grew by 14 per cent to Rs 3,856 crore in the June quarter of 2018-19 as against Rs 3,394 crore in the year-ago period, the company said in a regulatory filing. The shareholders have approved a final dividend of Rs 2.50 per equity share for the year ended March 2018, the company said in the filing. The return on average equity (ROAE) was 24.7 per cent in first quarter of this fiscal compared to 22.4 per cent during the same period a year earlier. Stock of the company closed 3.52 per cent higher at Rs 736.10 on BSE.
BSE building at Dalal Street gets trademark
Leading stock exchange BSE today said it has secured a trademark for its iconic building Phiroze Jeejeebhoy Towers at Dalal Street in Mumbai. This marks an important milestone in the journey of BSE as the tower has been an irreplaceable part of the soul of the city. BSE, which was founded in 1875, started off as a small group of brokers who functioned under a banyan tree on Dalal Street. After 143 years, Dalal Street is identified by BSE's iconic building. The 28 floored building took almost 10 years to build and was finally completed in 1980. At the time of its completion, it was the tallest building in the country and hence got a lot of prominence. Initially known as BSE Towers, the building was soon renamed after the late chairman of BSE, Sir Phiroze Jamshedji Jeejeebhoy. "We are glad that the uniqueness of this iconic building that serves as a barometer of Indian economy has been recognise under the Trade Marks Act, 1999 by the Government of India," BSE MD and CEO Ashishkumar ...
Goldman Sachs names new CEO as it targets Main Street growth
Goldman Sachs named David Solomon its new chief executive today, implementing a much-telegraphed succession plan as it expands beyond its Wall Street roots to the broader consumer market. The prestigious investment bank said Solomon will assume the top executive job on October 1, succeeding longtime chief Lloyd Blankfein, who will remain as chairman through the end of the year. Solomon will then succeed Blankfein as chairman. The succession comes as Goldman expands efforts aimed at Main Street customers through online banking and other newer ventures such as credit cards, even as the bulk of revenues continues to come from legacy businesses such as merger and acquisition advising. Part of the reason for Goldman's shift has been the tighter regulatory environment on banking in the wake of the 2008 financial crisis that has curtailed some riskier activities. With Blankfein's departure, JPMorgan Chase's Jamie Dimon is the last remaining chief executive from a big Wall Street bank from ...
Goldman Sachs beats on bond trading strength, names new CEO
(Reuters) - Goldman Sachs Group Inc reported a better-than-expected quarterly profit on Tuesday and named bank insider David Solomon to replace long-time Chief Executive Lloyd Blankfein.
Netflix subscriber slip hints at 'lumpy' road ahead
(Reuters) - Shares of Netflix Inc fell 13 percent on Tuesday after it reported a surprise shortfall in subscriber additions for a second quarter marked by the lack of a blockbuster new show and the soccer World Cup.
OMC stocks rally after sharp fall in crude prices
Shares of oil marketing companies HPCL, Indian Oil Corporation and BPCL surged by up to 6.3 per cent today after global crude prices plunged. Hindustan Petroleum Corporation Ltd stock soared 6.31 per cent, followed by IOC 4.26 per cent and Bharat Petroleum Corporation Ltd 2.97 per cent on BSE. Also, Jet Airways (India) gained 2.96 per cent, InterGlobe Aviation 2.22 per cent and SpiceJet 0.45 per cent. "Both the benchmark Sensex and the Nifty traded the day on a firm note as a steep fall in crude oil prices gave a fillip to positive domestic sentiment," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. Brent crude dipped below the USD 72-mark, to quote at USD 71.67 a barrel, while WTI slipped to USD 66.89 a barrel. The BSE 30-share index ended the day at 36,519.96, up 196.19 points.