Page 3260 - Business Finance
Minda inks pact to acquire German firm
Auto component maker Minda Industries today said it will acquire Germany-based iSYS RTS GmbH, a leading developer of embedded systems and software for global vehicle manufacturers, for an undisclosed amount. The agreement, which is subject to customary closing conditions and regulatory approvals, is expected to be completed by September this year. Munich-headquartered firm manufactures automotive electronic control units (ECUs), software components for automotive lighting and infotainment applications, among others. Last year, the company's revenues stood at around 6 million euros. "iSYS RTS will be at the core of our controller business strategy, as we seek to improve footprints with customers in India and Europe. In addition, it will also help MIL offer high end cockpit electronics with premiumisation of vehicles," UNO MINDA Group chairman N K Minda said in a statement. Upon close of the transaction, iSYS RTS will become subsidiary of Minda Industries and operate as an independent ..
Hindustan Unilever first-quarter profit rises but lags estimates
(Reuters) - Consumer goods maker Hindustan Unilever Ltd posted a 19 percent rise in its first-quarter profit on Monday but slightly missed analysts' expectations as cost of materials climbed.
Lenovo Data Center Group appoints new India Channel Head
Lenovo Data Center Group (DCG) on Monday appointed Ashish Taneja as Channel Head, India, with immediate effect.
Asian cues, inflation subdue equity indices; Nifty50 ends below 11,000
Weak Asian cues and rise in wholesale inflation subdued the key Indian equity indices on Monday, with the wider Nifty50 closing below the 11,000-mark.
SBI to organise outreach programme for farmers on July 18
Country's largest lender State Bank of India (SBI) will organise a nation-wide Kisan Mela on Wednesday as an outreach programme for farmers and to impart financial literacy. SBI said it expects to cover 10 lakh farmers through nearly 14,000 rural and semi-urban branches across the country in this Kisan Mela, to be held on July 18. Kisan Mela is a one-of-its-kind initiative by SBI to connect with farmer customers, resolve their grievances and educate them about their rights and various banks initiatives, SBI said in a statement. SBI, which has close to 1.50 crore farmer customers, said the lender had recently organised Kisan Mela which attracted nearly 6 lakh farmers across various locations in the country. As part of Kisan Mela, bank also offers farmers with Kisan Credit Card (KCC) an enhancement of 10 per cent to their credit limit on renewing the account, SBI said. The bank has taken this initiative to reach out to the farmers to educate about the benefits of renewing KCC account to
Sensex, Nifty end lower; Reliance, ICICI Bank top drags
(Reuters) - The Sensex and Nifty ended lower on Monday, as a dip in oil prices hurt energy stocks such as Reliance Industries Ltd, while ICICI Bank Ltd fell on reports that the bank has hired a law firm to look into allegations of irregularities in some loan accounts.
Modipon schedules board meeting
On 18 July 2018
Sensex drops 217 pts on sell-off in banking, pharma stocks
Market benchmark BSE Sensex dropped by around 218 points or 0.60 per cent due to continued sell-off in banking, pharma, and metal stocks amid foreign fund outflows and weak Asian cues. The broad-based Nifty cracked below the 11,000-mark as 35 of its constituents closed in the red, led by pharma and metal shares. Investors turned cautious after India's trade deficit widened to a more than three-and-a-half-year high of USD 16.6 billion due to costlier crude oil imports and inflation based on wholesale prices shot up to 5.77 per cent in June, brokers said. Asian stock markets too were down as data showed growth in China's economy slowed in the second quarter, and investors remain cautious over the impact of heated China-US trade war. The 30-share index started positive at 36,658.71, but the higher levels gave way as the gauge ended at 36,323.77, down 217.86 points, or 0.60 per cent. In the intra-day, it also hit a low of 36,298.94. It had shed 6.78 points in the previous session on ...
Affle Holdings files for India unit IPO
Singapore-based Affle Holdings has filed draft papers with capital markets regulator Sebi to list its Indian unit. The Indian unit -- Affle (India) -- is expected to raise approximately Rs 650 crore through its initial public offering(IPO), according to merchant banking sources. The IPO comprises fresh issue of shares worth Rs 90 crore, besides an offer for sale of up to 55 lakh equity shares by Affle Holdings, according to draft papers filed with Securities and Exchange Board of India (Sebi). ICICI Securities and Nomura Financial Advisory and Securities (India) will manage the company's public issue. Proceeds of the issue would be used to fund the working capital requirements of the company and for other general corporate purpose, the mobile marketing firm said. Affle is a leading global technology company with a proprietary consumer intelligence platform that delivers consumer acquisitions, engagements and transactions through relevant mobile advertising. Also, it provides ...
Freight rates up on tight trucks' position
Freight rates for the nine metric tonne pay load section for select destinations improved by Rs 1,000 at the local truck transport market in the national capital today following less availability of trucks in the market amid increased cargo movements. Transporters said thin position of trucks against busy cargo movements mainly pushed up freight rates for some destinations. Delhi to Pune, Kolkata, and Surat freight rates moved up by Rs 1,000 each to Rs 32,000, Rs 34,000 and Rs 29,000. Rates to Patna, Hyderabad, Vijaywada and Mysore also rose by Rs 1000 each to Rs 30,000, Rs 59,000, Rs 61,000 and Rs 67,000.
WPI inflation spikes to 4-yr high of 5.77% in June
Inflation based on wholesale prices accelerated to over 4-year high of 5.77 per cent in June on increasing prices of vegetables and fuel items, raising chances of rate hike by the RBI in its monetary policy review next month. The Wholesale Price Index (WPI) based inflation stood at 4.43 per cent in May and 0.90 per cent in June last year, as per the government data released today. Inflation is at the highest level since December 2013, when it was at 5.9 per cent. Retail inflation, which the Reserve Bank of India takes into account while formulating its monetary policy, had touched a 5-month high of 5 per cent in June. It is based on Consumer Price Index (CPI). RBI targets to keep inflation at 4 per cent, (+/- 2 per cent), and its rise beyond this comfort zone will put pressure on the central bank to hike rates. As per the latest WPI data, inflation in food articles stood at 1.80 per cent in June, as against 1.60 per cent in the preceding month. Inflation in vegetables jumped to 8.12 ..
Fitch says IOC's net debt levels to rise due to large capex
Fitch Ratings today it expects state-owned Indian Oil Corp's (IOC) net debt levels to increase due to its large capital expenditure and investment plans in the medium term and affirmed a rating equivalent to India's sovereign rating. The 'BBB-' rating with stable outlook "equalises the India-based company's rating with that of its largest shareholder, the State of India (BBB-/Stable), based on Fitch's Government-Related Entities (GRE) Rating Criteria," the rating agency said in a statement. "Fitch expects IOC's capex to remain high to upgrade refineries to meet new emission standards (BS-VI) and to expand refining and petrochemical capacity, including the expansions currently underway. Fitch forecasts average capex of Rs 25,000-30,000 crore per annum over the next five to six years," it said. IOC's financial profile, it said, is likely to remain moderate over the medium term due to its high capex and investment plans. Its financial profile has improved over the last couple of years ...
HUL scales record high ahead of result
Hindustan Unilever rose 0.9% to Rs 1,757.70 at 15:03 IST on BSE ahead of its Q1 June 2018 result today, 16 July 2018.
LIC to take majority stake in IDBI Bank
NEW DELHI (Reuters) - The Life Insurance Corporation of India's (LIC) board on Monday approved a proposal to acquire a 51 percent stake in IDBI Bank, in a move that will provide the embattled lender much-needed capital to set aside for bad loans.
LIC gets board's nod to buy majority stake in IDBI Bank
The LIC board today gave approval to the insurance behemoth to acquire IDBI Bank by raising stake to 51 per cent via preferential shares, Economic Affairs Secretary S C Garg said today. The debt laden bank will issue preferential shares to state-owned LIC to raise capital. "Most likely that (preferential share allotment route) would be the way. The bank needs capital. They will issue preferential shares that should be the method," said Garg, who is on the LIC board. "The other one is that they can buy from the government but that does not provide capital to the IDBI Bank and therefore, that is the preferable mode to do it (acquire the bank)," he said after the meeting held here. The next step for the Life Insurance Corporation of India (LIC) is to approach markets regulator Sebi, as the bank, which is also state-owned, is a listed entity. Insurance regulator Irdai has already given its approval to the insurer for the stake purchase. IDBI Bank too has to get approval of its board to ...
OLED, premium range to constitute 50% of TV sales in India in coming yrs: LG
South Korean consumer electronic major LG is expecting its OLED and super premium range to contribute around 50 per cent to its total smart TVs sales in coming years, said a top company official. Strengthening its portfolio, LG Electronics India today introduced range of TVs featuring artificial intelligence (AI) ThinQ, under organic light-emitting diode (OLED), super ultra-high-definition (UHD), UHD and smart TV categories. With AI functionality, a viewer can directly speak into the remote to control TV functions and seamlessly discover and play content through its intelligent voice-activated control and connectivity. "Globally OLED TV and premium segment is reaching 50 per cent of the total market and this is also happening in India," LG Electronics India, Director-Home Entertainment Younchul Park told PTI. OLED, which was introduced in India two years ago, is powered by Alpha 9 intelligent processor. It allows viewers to enjoy accurate colours, more realistic and improved image ...
Deutsche Bank expects quarterly profit to top forecasts
FRANKFURT (Reuters) - Deutsche Bank expects to report second-quarter net profit well ahead of forecasts, a rare piece of good news as Germany's largest lender cuts jobs and costs to try to restore profitability.
PC Jeweller Ltd leads losers in 'A' group
Den Networks Ltd, DCB Bank Ltd, NCC Ltd and Dr Reddys Laboratories Ltd are among the other losers in the BSE's 'A' group today, 16 July 2018.
Deutsche Bank says expects second-quarter profit above expectations
FRANKFURT (Reuters) - Deutsche Bank expects to report second-quarter pretax profit of about 700 million euros ($818 million) and net income of approximately 400 million euros, it said on Monday.
Race for top ECB supervisor job gets under way
FRANKFURT (Reuters) - The European Central Bank has advertised for a new bank supervisory chief, looking for an expert to oversee a bloated and inefficient sector that is still weighed down by the legacy of the bloc's debt crisis.