Page 3308 - Business Finance
Hundreds of Norway oil workers go out on strike, Shell shuts one field
OSLO (Reuters) - Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.
NBFCs spreads may get squeezed by 50-75 bps in FY19: Report
Non-banking financial companies (NBFCs) and housing finance companies' spreads are likely to compress by 50-75 basis points in this fiscal, says a report. The borrowing costs for non-banks is also expected to rise by 40-50 basis points in this fiscal, affecting their profitability, compared to a decline of nearly 100 basis points seen in the previous fiscal. "We expect gross spreads (asset yield minus borrowing cost) of non-banks to compress 50-75 basis points this fiscal, and remain under pressure for some asset classes," Crisil said in a report today. The government-owned non-banks are not included in the study. The rating agency's senior director, Krishnan Sitaraman, said in the retail and smaller-ticket micro, small and medium enterprise (MSME) segments, which constitute over three-fourths of the AUM of non-banks, competition from private banks would intensify, especially in the urban areas. "Excepting asset classes such as used-vehicle loans and gold loans, where ...
Gold plunges Rs 280 on weak global cues
Gold prices tumbled by Rs 280 per 10 grams at the bullion market here today, in line with a weak trend overseas and easing demand from local jewellers. Silver followed suit by declining Rs 555 to Rs 39,105 per kg on poor offtake by industrial units. Standard gold (99.5 purity) fell by Rs 280 to end at Rs 30,370 per 10 grams from Monday's level of Rs 30,650. Pure gold (99.9 purity) also moved down by a similar margin to close at Rs 30,520 per 10 grams as compared to Rs 30,800 previously. Silver (.999 fineness) dropped by Rs 555 per kg to finish at Rs 39,105 as against Rs 39,660. Globally, gold headed lower, weighed down by a stronger dollar, and may re-test a seven-month low after a failed attempt to break higher in the previous session. Spot gold was down 0.3 per cent at USD 1,253.60 an ounce at early trade. In other precious metals, silver fell 0.5 per cent to USD 16.00 an ounce.
'Tata Steel's Thyssenkrupp JV to help improve credit profile'
International rating agency Fitch today said Tata Steel Europe's agreement with German industrial major Thyssenkrupp to create a joint venture will improve its credit and business profiles as it will reduce its exposure to structural weaknesses in the region. However, the gain will probably be offset by a relatively high level of leverage over the next two to three years due to acquisitions back home to expand market share, the agency warned in a report. It also hinted at resolving the rating watch on the ratings of both the companies after the completion of the JV transaction by 2018-end. Loss-making Tata Steel Europe and Thyssenkrupp had on June 30 singed an agreement to form a 50:50 joint venture, which will be the second-largest European flat-steel producer with annual shipments of about 21 million tonne. Tata Steel will transfer around 2.5 billion euros of term debt to the JV, while Thyssenkrupp will transfer pension liabilities of 3.6 billion euros. The JV will ...
Global Markets: U.S. earnings hopes and trade war lull keep world shares near three-week high
LONDON (Reuters) - World shares hovered near three-week highs on Tuesday, supported by optimism about U.S. company earnings and hopes that global economic growth can withstand trade tensions, although political bickering kept British markets on the backfoot.
Singapore's Temasek sees deals slowing as trade tensions bite
SINGAPORE (Reuters) - Singapore state investor Temasek Holdings cautioned it was looking to temper its pace of investments this year as trade tensions between world's top two economies ratchet up, after reporting a record high annual portfolio value.
Gujarat signs MoU with KOTRA to strengthen trade, industrial relations
A Memorandum of Understanding (MoU) was signed between the Industries and Mines Department under the Gujarat government and Korea Trade-Investment Promotion Agency (KOTRA) on Tuesday in Delhi.The priority sectors in focus under this signed MoU were Chemical, Petrochemical and Pharmaceuticals; New and Renewable Energy; Start-up Ecosystem; Textiles and Apparels; Urban Infrastructure; Food Processing and Agro related industries; Skill Training and Development; Automobile, etc.KOTRA is the national trade and investment promotion organisation operated by the Government of the Republic of Korea.The MoU was signed by Principal Secretary Industries and Mines MK Das on behalf of the Government of Gujarat and Dr. Kwon, Pyung-oh on behalf of KOTRA.The MoU was signed with an aim to recognize a mutual desire to further enhance and strengthen Korea - Gujarat trade and industrial investment relations and to encourage ongoing dialogue and cooperation.Both Industries Department of Gujarat and KOTRA ...
TCS Q1 net profit jumps 23% to Rs 7,340 crore
The country's largest software exporter TCS today posted a 23.4 per cent rise in consolidated net profit to Rs 7,340 crore for the first quarter ended June 30, 2018. The company had reported a net profit of Rs 5,945 crore in the same period previous fiscal, TCS said in a regulatory filing. The Tata Group company -- which accounts for a lion's share of the group's overall profit -- saw its income from operations grow at 15.8 per cent to Rs 34,261 crore for the first three months of the current financial year, up from Rs 29,584 crore a year earlier. "We are starting the new fiscal year on a strong note, with the growth engine firing on all cylinders. Our banking vertical recovered very nicely this quarter, while other industry verticals maintained their momentum," TCS CEO and MD Rajesh Gopinathan said in statement. Gopinathan exuded confidence that the company is poised "well for the future" given a good set of wins during the quarter, a robust deal pipeline and accelerating digital ...
Oil rises to $79 a barrel on Norway strike, Libyan disruption
TOKYO/LONDON (Reuters) - Oil prices rose by over 1 percent towards $79 per barrel on Tuesday due to growing supply outages, with Norway shutting one oilfield as hundreds of workers began a strike and Libya saying its production more than halved in recent months.
Alstom consortium bags EUR 378 million order from Taipei metro
Alstom today said it along with Taiwanese engineering and contracting services firm CTCI has bagged a 378-million euro contract to supply integrated metro system for a Taipei metro project. Of the the total contract value of 378 million euros, Alstom's share is worth close to 220 million euros, the company said in a statement. "Alstom together with Taiwanese engineering and contracting services company CTCI has won a contract from Systemwide E&M Project Office Department of Rapid Transit System Taipei City Government (SEMPO) to supply an integrated metro system for Taipei Metro Line 7 phase one," it said. Taipei Metro Line 7 also known as Wanda Zhonghe Shulin Line is a medium capacity rapid transit line. As consortium leader, Alstom will supply 19 metropolis trains, platform screen doors among others. Alstom is leading provider of integrated metro systems. So far, Alstom has won 20 integrated metro system projects in 16 countries across four continents.
Cricket viewership shapes how consumers look for auto content across the web in India: CarToq Survey
CarToq, India's fastest growing automobile platform, with its current reach of over 22 million unique audiences every month across its web and social media properties, today announced the findings of its first ever market mapping on the impact of cricket viewership on consumption of online auto content in India.The survey analysed the online search patterns of the digital audience between February to June 2018 on the CarToq platform to understand what consumers looked for during the airtime of both domestic and international matches during the peak cricket season. CarToq survey derived insights based on consumer segments comprising of 85 per cent males and 15 per cent females, with 48 per cent of the audiences belonging to a high online spending age bracket of 25-34 years, followed by 23 per cent aged between 18-24 years.The peak cricket season witnessed ODIs and T20 matches played across Ireland, England, West Indies, Afghanistan, Scotland and India between teams from these nations, .
TCS first-quarter profit rises 24 percent, beats estimates
(Reuters) - India's biggest software services exporter, Tata Consultancy Services Ltd, posted a better-than-expected rise of about 24 percent in first-quarter net profit, helped by strong growth in its banking, financial services and insurance division.
Frito-Lay unit sales power PepsiCo's profit, revenue beat
(Reuters) - PepsiCo Inc topped quarterly profit and revenue estimates on Tuesday as the company's strategy to offer more healthier beverages and focus on its snacks business paid off.
Global Markets: Stocks hit two-week high, led by banks ahead of earnings
NEW YORK (Reuters) - Global stocks hit a two-week high on Monday, led by a rise in bank shares ahead of earnings reports from the biggest U.S. lenders later in the week, while sterling took a hit after another British cabinet resignation left Prime Minister Theresa May's Brexit plans in chaos.
TCS shares end nearly 1% lower ahead of Q1 earnings
Shares of Tata Consultancy Services (TCS) ended nearly 1 per cent lower ahead of its June quarter earnings to be announced later in the day. The stock fell by 0.56 per cent to close at Rs 1,877 on BSE. During the day, it lost 0.79 per cent to Rs 1,872.60. At NSE, shares of the company fell by 0.36 per cent to end at Rs 1,876.05. In terms of equity volume, 4.33 lakh shares of the company were traded on BSE and over 53 lakh shares changed hands at NSE during the day.
IndiGo's Delhi-Gorakhpur flight from Sep 1
Budget airline IndiGo on Tuesday announced its Delhi-Gorakhpur daily flight service would start from September 1.
HDFC group m-cap crosses Rs 10 trillion, only second after Tatas
Deepak Parekh-led financial services conglomerate HDFC group today saw the market capitalisation of its listed firms cross Rs 10 lakh crore mark, making it only the second Indian business house after Tatas to achieve this feat. HDFC group currently has four listed entities -- housing finance major HDFC Ltd, banking behemoth HDFC Bank, life insurance firm HDFC Standard Life and Gruh Finance -- while Tatas have nearly 30 firms listed on the stock exchange. Another HDFC entity -- its mutual fund arm -- is currently in the process of launching an IPO, after which the group will have five listed firms and analysts have pegged its market capital at around Rs 30,000 crore. At close of trade today, the market valuation of HDFC Bank stood at Rs 5,59,633.53 crore, of HDFC Ltd was Rs 3,26,776.81 crore, HDFC Standard Life Insurance Company Rs 95,936.72 crore and Gruh Finance Rs 24,967.71 crore on the BSE. Tata group firms have a combined market valuation of nearly Rs 11 lakh crore. Tata ...
Trade conflicts need to be resolved for global growth: Das
Expressing concern over increasing protectionism and trade conflicts across the world, India's G-20 Sherpa Shaktikanta Das said that countries ought to work out arrangements that are beneficial to all in the larger interest of reviving global growth. "Global growth has taken a downward turn in the aftermath of 2008 financial crisis. Then advanced economies were under pressure because of subsequent developments. Financial crisis was followed by debt crisis in PIGS countries (Portugal, Italy, Greece and Spain). It was followed by Eurozone crisis," he told PTI. There was another major event like Britain deciding to exit the European Union, putting further pressure on global growth, he said. "But now I think in recent months, the US economy as well as European economies are showing signs of revival. On the whole, the global economy appears to be in revival mode. Therefore, at this juncture, any trade conflict which goes beyond a certain point will definitely have negative impact on global
Hundreds of Norway oil workers start strike, one field shut
OSLO (Reuters) - Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated oilfield and helping to send Brent crude prices higher.
Ocado warns of bigger 2018 loss on investment, bonuses
LONDON (Reuters) - British online supermarket Ocado warned its pretax loss this year would likely be larger than market expectations due to a step up in investment and management bonuses.