Page 3285 - Business Finance
Cyient PAT down 6 % to Rs 82.5 Cr in Q1
Cyient Limited, a city-based IT firm today said its profit after tax for the quarter ended June 30 was down by six per cent to Rs 82.5 crore against Rs 87.8 crore during the same quarter in FY 18. According to a press release and an investor presentation by the company, revenues from operations was up by 19 per cent to Rs 1080 crore during the quarter under discussion. It was Rs 907 crore in the first quarter of FY 18. Managing Director and Chief Executive Officer, Cyient, Krishna Bodanapu said, the results were in line with their expectation. "We witnessed a YoY growth of 14.3 per cent (in USD terms) driven by strong growth in Aerospace and Defense, Transportation and Semiconductor, IOT and Analytics business units," he said. He hoped that the outlook for FY 19 would continue to remain strong and expected a double digit growth in operating profit through the year. "Our operating margin is expected to remain flat YoY as operational improvements and upsides from exchange ..
Oil rallies as IEA warns of output capacity limits
LONDON (Reuters) - Oil prices rallied on Thursday, recouping some ground after sharp losses the previous session when Libya said it would resume oil exports.
Retail inflation at five month high of 5 pc in June
Retail inflation rose to 5 per cent in June, a five-month high, despite easing food prices, government data showed today. The retail inflation based on Consumer Price Index (CPI) was 4.87 per cent in May. It was 1.46 per cent in June 2017. The earlier high was in January this year at 5.07 per cent. As per the data released by the Central Statistics Office (CSO), the inflation in the food basket was 2.91 per cent, compared to 3.1 per cent in May. The inflation in fuel and light category, however, went up to 7.14 per cent as against 5.8 per cent in May. The government has mandated the Reserve Bank to keep inflation at 4 per cent, with a margin of 2 per cent on either side. The RBI Governor headed Monetary Policy Committee will be meeting later this month to review interest rate regime.
India's fuel demand jumps 8.6% in June
India's fuel demand jumped 8.6 per cent in June as falling rates led to rise in consumption. Fuel consumption in June totalled 17.99 million tonne (MT) as compared to 16.56 MT in the same month last year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. The rise was more than double of 3.8 per cent growth seen in May when demand totalled 18.1 MT. During June, petrol sales were up 14.9 per cent at 2.37 MT while diesel consumption was up 7.75 per cent to 7.32 MT. In May, petrol was up by a meagre 2 per cent and diesel consumption was flat as high oil prices dented demand. While Rs 3.8 a litre hike in petrol and Rs 3.38 in diesel propelled rates to hit an all-time high of Rs 78.43 a litre and Rs 69.31, respectively, on May 29 in Delhi, prices cooled off in June. Petrol price was down to Rs 75.55 by the end of the month and diesel to Rs 67.38. Rates have since gone up marginally. Petrol costs Rs 76.53 a litre and diesel Rs 68.23. In April, petrol sales
India's June retail inflation accelerates to 5.0 percent
NEW DELHI (Reuters) - India's retail inflation rate accelerated to a five-month high of 5.0 percent in June, government data showed on Thursday, driven by higher fuel prices and a depreciating rupee.
India's industrial output grows 3.2 percent in May
NEW DELHI (Reuters) - India's industrial output grew 3.2 percent in May from a year earlier, driven by a pick up in capital goods manufacturing, government data showed on Thursday.
EU slashes eurozone growth forecast on US trade war tensions
The EU today slashed its growth forecast for the eurozone in 2018, warning that the rising trade tensions with the United States were hitting the economy. The European Commission, the EU's executive arm, said the 19-country single currency bloc would expand by 2.1 per cent in 2018, lower than the 2.3 per cent forecast just weeks ago in early May. "Our forecast is for a continued expansion in 2018 and 2019, although a further escalation of protectionist measures is a clear downside risk," said EU Economic Affairs Commissioner Pierre Moscovici in a statement. "Trade wars produce no winners, only casualties," he added. The commission added that the economy in the eurozone would expand by 2.0 per cent in 2019, the same forecast as in May. The worry about the European economy stems from the ongoing trade dispute with the administration of US President Donald Trump, which has now threatened to impose tariffs on European auto imports, with German auto giants the intended target. If ...
ECB sees rates at record low levels for as long as needed: minutes
FRANKFURT (Reuters) - The European Central Bank will keep rates at a record low for as long as needed to raise inflation, and its interest rate guidance should be seen as "open-ended", policymakers concluded in June, according to minutes of their meeting published on Thursday.
Bengal to push for GST exemption up to Rs 50 lakh: Mitra
West Bengal would try to prevail upon the GST Council for giving exemption to businesses having an annual turnover of up to Rs 50 lakh, the state's Finance Minister Amit Mitra said today. At present, the exemption limit for GST is for businesses having an annual turnover of Rs 20 lakh or less. "Let the GST stabilise first. It has not yet stabilised as matching of invoices with vouchers was being done manually," Mitra said at a meeting of garment manufacturers and traders here. He said the implementation of the new tax regime was done in a hurry, and the GST network had not been able to upload the GSTR2 form online yet for matching vouchers with invoices done through the GSTR1 (already uploaded online). "The exemption limit can be raised gradually," he said. Mitra also announced that requirement of e-way bills for workers within the state was no longer needed. This, he said, would apply to the garment manufacturers in West Bengal. "The state government will help the ...
Sensex soars to record high on earnings cheer; Nifty reclaims 11k-mark
Benchmark Sensex defied gravity for the fifth straight session to close at a fresh lifetime high today as investors poured money into energy and financial shares amid a robust start to the earnings season. The 30-share Sensex surged 282.48 points to end at 36,548.41, while the broader NSE Nifty reclaimed the crucial 11,000-level with a 75-point leap. Oil-to-telecom conglomerate Reliance Industries spurted 4.42 per cent to hit its all-time closing high, re-entering the USD 100 billion market cap club. The stocks was the session's biggest gainer on the Sensex. An appreciating rupee, sustained buying by domestic and foreign institutional investors and an encouraging start to the earnings season spurred buying momentum, brokers said. The 30-share barometer, after opening on a strong footing, gathered momentum to touch an all-time intra-day high of 36,699.53. However, it shed some ground on profit-booking, before finally finishing at 36,548.41, up by 282.48 points, or 0.78 per cent -- ...
Global Markets: Stocks, commodities regain footing after slump
LONDON (Reuters) - Stocks and commodity markets regained some poise on Thursday, having suffered wild tailspins in the previous session as the United States ratcheted up trade war threats on China.
Exhibition traces revival story of antique handloom saris
On display at the India International Centre (IIC) here are old photographs, textile samples and revived versions of antique hand-woven saris, which tell the tale of a 45-year journey of hand-holding of Indian handloom weavers by textile expert Pavithra Muddaya.
India's fuel product sales up 8.7% in June 2018
Fuel product sales moves up 5.1% in April-June 2018
TruJet to induct up to 7 ATRs; to expand 20 more routes
Regional carrier TruJet today said it plans to acquire five to seven ATRs and expand the network to 20 more routes by the end of the current fiscal. The carrier currently has five ATR-72s and connects 14 destinations including some under Centre's Udan (Ude Desh Ka Aam Nagrik) scheme, CEO of Turbo Megha Airways Pvt Ltdwhich operates TruJet, Vishok Mansingh said. "We have 14 destinations at present. We are adding close to 20 more destinations in coming months. At present we are operating five ATRs. We are looking to add five to seven more ATRs in the coming months." "We will be adding those destinations by the end of this financial year. The routes will be in Western Maharashtra, Gujarat, some parts of Rajasthan and Northeast," Mansingh told reporters here. Started in 2015, TruJet claims to be the first airlines to successfully fly all routes as part of the first bid under Udan. Former Union Minister and movie star Chiranjeevi's son Ram Charan Teja is also one of the ...
EU cuts euro zone growth forecast, blames U.S. trade wars
BRUSSELS (Reuters) - The European Commission on Thursday cut its forecasts for the euro zone's economic growth this year, citing among the top causes for its revision trade tensions with the United States and rising oil prices which push the bloc's inflation higher.
RIL crosses USD 100-bn m-cap mark; shares surge 17.5% so far this yr
Reliance Industries today crossed the USD 100-billion market capitalisation mark in morning trade for the first time in the last 10 years following surge in its share price. Shares of RIL surged 4.42 per cent to its all-time closing high of Rs 1,082.20 on BSE. Intra-day, it soared 6 per cent to Rs 1,098.80. In the morning trade, the market capitalisation (m-cap) of the company touched Rs 6,88,513.11 crore (USD 100.3 billion). The market valuation of the company has been calculated on the basis of morning exchange rate of Rs 68.58 against the dollar. However, at close of the trade, the company's m-cap slipped below the USD 100-billion mark. Helped by the surge in the stock, RIL's market valuation zoomed Rs 29,234.09 crore to close at Rs 6,85,725.09 crore (USD 99.9 bilion). Reliance Industries had earlier breached this mark in intra-day trade on October 18, 2007. The US dollar was quoted at Rs 39.59 at that time. At NSE, shares of the company gained 4 per cent to end at Rs 1,080.90. The
Gold steady but lacks upside momentum despite trade war fears
LONDON (Reuters) - Gold steadied on Thursday as the dollar came off the boil, though the market lacked direction and seemed unable to capitalise on escalating trade tensions.
Delta cuts 2018 forecast on higher fuel costs, profit beats estimates
(Reuters) - Delta Air Lines Inc slashed its full-year earnings forecast on Thursday as fuel costs in the second quarter surged 38.8 percent and the company said it expected $2 billion spike in its fuel bill in 2018.
Analysis: Hedge funds embrace China yuan short trade, but no doomsday in sight
LONDON (Reuters) - A record slide in the Chinese currency in June has paid rich dividends for some of the world's top macro hedge funds, though they say those trades do not reflect growing bets on an economic crash.
India becomes newest shareholder of European Bank for Reconstruction and Development
India is now the 69th shareholder of the European Bank for Reconstruction and Development (EBRD), paving the way for more joint investment with Indian companies across the bank's regions of operation. The Indian government had applied for membership in the London-based EBRD in December 2017. The EBRD board of governors, which represents all the existing shareholders, voted unanimously in favour of the country's application in March 2018, with the entire membership process completed this week, the bank said in a statement. "We are very proud and happy to welcome India to our Bank. This day opens a new chapter in our relations, allowing us to build further on already very close ties," said EBRD's Indian-origin president Suma Chakrabarti yesterday. India takes a shareholding in the EBRD but it will not be a recipient of EBRD financing. In the lead up to the membership, the EBRD held its inaugural business forum in Mumbai last month. The conference, co-hosted with the Federation of Indian