Page 3336 - Business Finance
Bengal Chemicals aims at Rs 36-crore net profit by 2020
Bengal Chemicals and Pharmaceuticals Ltd, the country's first pharma company, is hopeful of clocking a net profit of Rs 36 crore by 2020, an over three-fold rise from the bottomline it posted in the last fiscal. "We have doubled our profit for 2017-18 to Rs 10 crore on a turnover of Rs 78 crore. In the current fiscal, we are aiming at Rs 20 crore net profit on a topline in excess of Rs 100 crore," Managing Director P M Chandraiah said here today, announcing the company's earnings. "By 2020, we are confident of Rs 36 crore net profit on revenues of Rs 150 crore," he said. In the fiscal ended March, Bengal Chemicals registered a growth of over 123 per cent. Chandraiah said the company has crossed the consolidation phase and it will now be in the growth phase. "The worst year for Bengal Chemicals was 2013-14, when the company posted a net loss of Rs 36.55 crore. I am aiming to reverse the same in 2020," he said. In the first quarter ended June, Bengal Chemicals posted a ...
China blames U.S. for 'largest-scale trade war'
BEIJING/WASHINGTON (Reuters) - The United States and China slapped tit-for-tat duties on $34 billion worth of each other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict.
China moves to spur consumption amid trade war headwinds
BEIJING (Reuters) - China on Friday approved new guidelines to further stimulate household consumption, in a bid to stabilise the economy as it braces for a full-blown trade war with the United States.
UBI looks at Rs 3,000 cr recovery, expects to turn profit this fiscal
State-run United Bank of India (UBI), which received about Rs 676 crore from two stressed accounts through resolution in the NCLT, is expecting to recover Rs 3,000 crore in this route, its Managing Director and CEO Pawan Bajaj said here on Friday.
Varroc Engineering attracts small premium on debut
Shares of Varroc Engineering settled at Rs 1,040.55 on BSE, a premium of 7.61% over the issue price of Rs 967 on its debut on the bourses today, 6 July 2018.
India, Bhutan discuss strengthening of development partnership
As India and Bhutan mark 50 years of diplomatic ties this year, Prime Minister Narendra Modi and his Bhutanese counterpart Tshering Tobgay on Friday discussed ways for strengthening the development partnership between the two countries.
Hathway Cable, DEN, Siti Networks shares continue to fall, tank up to 11%
Shares of broadcasting and cable TV operators continued to face selling pressure for the second straight session today, tumbling up to 11.2 per cent after Reliance unveiled fiber broadband service in 1,100 cities. Hathway Cable and Datacom plunged 11.17 per cent, DEN Networks 7.36 per cent and Siti Networks 5.01 per cent on BSE. These stocks tanked up to 15.4 per cent in the previous trading session also. After shaking mobile telephony with free voice calls and dirt cheap data, richest Indian Mukesh Ambani yesterday unveiled an ultra high-speed fixed line fiber broadband for homes and enterprises across 1,100 cities. Jio GigaFiber will offer ultimate broadband experience to surf, stream, game, and work, because of its ultra-fast upload and download speeds and effective functioning in milliseconds.
Analysis: Trump's $500 billion trade threat makes China's already battered investors shiver
SHANGHAI/SINGAPORE (Reuters) - Six months of wrangling over trade tariffs with the United States has wiped out about a fifth of China's stock market value and driven its currency down sharply. But those moves may have just been a downpayment on what is yet to come.
Euro zone banks should get exceptions from global banking rules: ECB's Nouy
LINZ, Austria (Reuters) - Euro zone banks should be granted exceptions from global banking rules when it comes to mortgages and lending to companies, particularly small to medium enterprises (SMEs), the European Central Bank's chief banking supervisor said on Friday.
UBI expects Rs 3,000 cr recovery from NCLT resolutions
United Bank of India is expecting to recover around Rs 3,000 crore out of a total of Rs 5,951 crore, by way of resolutions through the National Company Law Tribunal (NCLT), the public sector lender's MD and CEO Pawan Bajaj said today. Altogether 40 cases were referred to the NCLT of which Rs 580 crore had already been recovered by the bank, Bajaj told shareholders at the annual general meeting here. "Now, all the cases referred to the NCLT will be ready for resolution, as the stipulated time limit is going to be over and reached the last stages of settlement," Bajaj said. As on March 31, 2018, the bank's gross non-performing asset stood at over 24 per cent, he said, adding, the lender's liquidity position was strong enough to meet any kind of liability, as the CASA ratio was high. In the first quarter of the current fiscal, UBI posted a net loss of Rs 220 crore, Bajaj said. "We expect to be back in the black by the end of March 2019." Bajaj said the bank was shedding bulk
FPIs extend buying
Net inflow of Rs 297.08 crore on 5 July 2018
NIIT Ltd to train 20,000 students from south in IT, BFSI
Skill and talent development firm NIIT Ltd today said about 20,000 students from four southern states will be tained in IT and banking and financial services sectors under its Talent Pipeline as a Service (TPaaS) offering. The students would be selected from Tamil Nadu, Karnataka, Andhra Pradesh and Kerala. "In today's changing environment, NIIT would like to be a reliable partner servicing specific talent needs at the time businesses need the talent", NIIT Ltd CEO Sapnesh Lalla said. The reason to select the IT and BFSI sectors was due to the demand for skilled manpower in digital technologies and also changing work profile, he said. "The Talent Pipeline as a Service (TPaaS) is our attempt to identify and groom the best Just-in-Time job ready talent for emerging roles in organisations", Lalla said. NIIT will train around one lakh students in three years from across the country under the programme.
Varroc Engineering shares jump nearly 8% in debut trade
Shares of auto component maker Varroc Engineering ended with nearly 8 per cent gains against its issue price of Rs 967 in its debut trade today. The stock debuted at Rs 1,032, surging 6.72 per cent over the issue price on BSE. During the day, the stock soared 9.82 per cent to Rs 1,062. It finally ended at Rs 1,040.55, up 7.60 per cent. On NSE, shares of the company settled 6 per cent higher at Rs 1,025.15. The company's market valuation stood at Rs 14,027.81 crore. In terms of equity volume, 22.75 lakh shares of the company were traded on BSE and over one crore shares changed hands on NSE during the day. The company's Rs 1,955-crore IPO was subscribed 3.6 times during June 26-28. Price band for the offer was fixed at Rs 965-967 per share. Varroc Engineering supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. Besides, it supplies auto parts to giants such as Volkswagen, Ford, Honda and Bajaj Auto. Founded in 1990 in Aurangabad, Varroc is an automotive ...
Tata Global Beverages appoints an Independent Director
W.e.f. 11 May 2018
GST Had A Positive Impact On Business, Say 76% Respondents Of FICCI GST Survey
Mr. Sandip Somany, Senior Vice President, FICCI and Vice Chairman & CMD, HSIl Ltd., said that Goods and Services Tax is not only the biggest indirect tax reform but also a landmark in the country's taxation history. "Results of FICCI survey on one year of GST show that implementation of GST has been successful on overall basis with 76% respondents stating that GST had a positive impact on their business. Also, 96% respondents believe that introduction of e-way bill mechanism in lieu of check posts will facilitate ease of doing business."
Exclusive: Credit Suisse creates new anti-sexual harassment role
ZURICH (Reuters) - Credit Suisse has carved out a new role to lead its handling of sexual harassment claims and examine group-wide policies, as Switzerland's second-biggest bank seeks to boost equal opportunities and create a fair treatment environment.
Global Markets: Stocks, euro survive first battle of U.S.-China trade war
LONDON (Reuters) - Stocks rose and the euro climbed to a three-week peak as the imposition of tariffs by the United States and China on billions of dollars of trade was absorbed calmly by markets on Friday, though concerns about the conflict escalating capped appetite for risk.
India's June gold imports drop by a quarter as rupee hits record low
MUMBAI (Reuters) - India's gold imports fell for a sixth month in June to 44 tonnes as a drop in the rupee to record lows lifted local prices to a near 21-month high, curtailing demand, provisional data from GFMS analysts at Thomson Reuters and bank dealers showed.
India gold returns to premium, U.S.-China row limits interest
MUMBAI/BENGALURU (Reuters) - Gold was sold at a premium in India this week after a drop in domestic prices boosted demand, while buyers elsewhere in Asia were sidelined, waiting how the escalating trade tensions between the United States and China would evolve, traders said.
As tariffs strike, China blames U.S. for 'largest-scale trade war'
BEIJING/WASHINGTON (Reuters) - The United States and China slapped tit-for-tat duties on $34 billion worth of the other's imports on Friday, with Beijing accusing Washington of triggering the "largest-scale trade war" as the world's two biggest economies sharply escalated their conflict.