Page 343 - Business Finance
Japan Market falls on refueled trade war concerns
Tokyo stocks opened lower after more conciliatory messages from Washington on trade. The U.S. President Donald Trump signed on Wednesday an executive order forbidding U.S. companies from using telecommunications equipment made by foreign companies deemed national security threats. The order apparently targets Chinese information technology giant Huawei Technologies Co. But stocks displayed some resilience around the midmorning as investors moved to hunt bargains. In the afternoon, the market struggled for direction.
InterGlobe Aviation stock tanks 9 pc amid reports of rift between promoters
Shares of InterGlobe Aviation dropped nearly 9 per cent Thursday amid reports of rift between promoters of IndiGo. The scrip tumbled 8.82 per cent to close at Rs 1,466.60 on the BSE. During the day, it tanked 9.82 per cent to Rs 1,450.50. At the NSE, shares plummeted 8.40 per cent to close at Rs 1,475. Following the plunge in the scrip, the company's market valuation dropped by Rs 5,455.89 crore to Rs 56,377.11 crore on the BSE. In terms of traded volume, 3.70 lakh shares were traded on the BSE and over 70 lakh shares on the NSE during the day. IndiGo CEO Ronojoy Dutta Thursday told employees that the airline's growth strategy remains unchanged and is firmly in place, amid reports of rift between two promoters of the country's largest carrier. "I want to assure you that the growth strategy of the airline remains unchanged and firmly in place, and the management is fully charged by the board to implement it," Dutta said in a communication to employees. Without directly mentioning ...
KPIT net profit at Rs 30.9 cr in March quarter
Technology firm KPIT has posted a consolidated net profit of Rs 30.9 crore and revenue from operations of Rs 501.2 crore for the quarter ended March 31. For the corresponding quarter of 2018-19, its net profit was Rs 55 crore, while revenue from operations was at Rs 641.2 crore, according to a regulatory filing. Last year, CK Birla Group-owned Birlasoft and KPIT Technologies had announced that they will merge and then split into two publicly-traded companies to create two specialised IT players. After the demerger, the engineering business was incorporated on January 8, 2018, and listed on the BSE and the NSE as KPIT Technologies in April 2019. "Hence, the company was not mandatorily required to prepare and publish quarterly and annual financial results during the year ended March 31, 2018, and up to the quarter ended December 31, 2018," the company said in a regulatory filing on Wednesday. This is the first quarter after the demerger and the company looks forward to the exciting ...
Australia Market extends gains on rate cut hopes
The local market extended yesterday gains after data showed wage growth stagnating last quarter, fuelling market expectations that the Reserve Bank of Australia (RBA) would cut interest rates soon. The RBA pinned its hopes on a robust labour market to lend support for a cooling economy. Markets took signs of labour market weakness as an argument for rate cuts. The April jobs report showed that unemployment rate crept to 5.2% from 5.0%. It was expected to have ticked up to 5.1%.
Bovonto maker's AP plant to start production in June
Indian soft drink maker Kali Aerated Water Works' plant in Sri City in Andhra Pradesh is expected to go on stream from June, said a company official on Thursday.
Market ends with sharp gains
The market ended with strong gains, supported by firmness in index heavyweights Infosys, ICICI Bank and HDFC Bank. The barometer index, the S&P BSE Sensex, rose 278.60 points or 0.75% to 37,393.48, as per the provisional closing data. The Nifty 50 index rose 100.10 points or 0.90% to 11,257.10, as per the provisional closing data.
Generic Engineering Construction & Projects standalone net profit rises 24.17% in the March 2019 quarter
Sales rise 56.13% to Rs 55.77 crore
Punjab Communications reports standalone net loss of Rs 1.49 crore in the March 2019 quarter
Sales rise 3.42% to Rs 9.99 crore
Chowgule Steamships reports standalone net loss of Rs 0.64 crore in the March 2019 quarter
Reported sales nil
Caprihans India standalone net profit declines 7.33% in the March 2019 quarter
Sales rise 14.54% to Rs 70.68 crore
Fervent Synergies reports standalone net loss of Rs 0.05 crore in the March 2019 quarter
Sales rise 103.89% to Rs 3.67 crore
Bank of India reports standalone net profit of Rs 251.79 crore in the March 2019 quarter
Total Operating Income rise 15.70% to Rs 10814.12 crore
Chambal Fertilisers & Chemicals standalone net profit rises 85.41% in the March 2019 quarter
Sales rise 147.02% to Rs 2610.85 crore
Jupiter Industries & Leasing reports standalone net loss of Rs 0.02 crore in the March 2019 quarter
Reported sales nil
Ingersoll-Rand (India) standalone net profit declines 36.44% in the March 2019 quarter
Sales rise 40.38% to Rs 191.31 crore
Hindalco Industries standalone net profit declines 37.44% in the March 2019 quarter
Sales rise 5.87% to Rs 12372.66 crore
EU fines five major banks 1 bn euros for currency collusion
The EU's powerful anti-trust authority on Thursday fined five major banks -- including Barclays and Citigroup -- for collusion in the massive foreign exchange currency market. The European Commission fined Barclays, the Royal Bank of Scotland, Citigroup, JPMorgan and Japan's MUFG Bank a total of 1.07 billion euros after finding that traders colluded to fix exchange rates using chat rooms, a statement said.
High input costs, weak macros pull down Hindalco's Q4 profit to Rs 506 crore
Hindalco Industries, the metals flagship company of the Aditya Birla Group, said on Thursday its standalone profit after tax during fourth quarter of fiscal 2018-19 plunged to Rs 506 crore from Rs 616 crore in the same quarter of previous year.The dip was largely due to weak macros and higher input costs, it said in a statement.While revenue from operations increased to Rs 12,455 crore from Rs 11,687 crore, EBITDA (earnings before interest, tax, depreciation and amortisation) dropped to Rs 1,733 crore from Rs 1,807 crore.In the full financial year ending March 2019, revenue from operations totalled Rs 45,908 crore compared to Rs 43,462 crore in the year ending March 2018.Profit after tax too went up to Rs 2,678 crore from Rs 1,934 crore while EBITDA moved to Rs 7,532 crore from Rs 7,154 crore.On a consolidated basis, revenue from operations jumped to Rs 130,542 crore in FY 19 from Rs 115,820 crore in FY 18. Profit after tax slipped to Rs 5,495 crore from Rs 6,083 crore while EBITDA ...
JSW Energy logs Rs 6 cr profit in Q4
JSW Energy Thursday reported a consolidated net profit of Rs 5.79 crore for March quarter 2019 mainly on account of higher revenues. In the year-ago period, the company registered a loss of Rs 480.05 crore, a JSW Energy statement said. Total income in the latest quarter was Rs 2,018.16 crore, up from Rs 1,879.01 crore a year ago. Profit during 2018-19 fiscal was Rs 684.49 crore compared to Rs 84.91 crore in the previous year. Total income was Rs 9,505.56 crore in the last fiscal as against Rs 8,513.98 crore in 2017-18. The company's board in its meeting on Thursday recommended a dividend of Re 1 per equity share of Rs 10 each for the year ended March 31, 2019. The board also decided to convene 25th annual general meeting of the members of the company on August 13, 2019. The company also said it has decided not to pursue the electric vehicle business because of the higher than anticipated uncertainties associated with it. Rather, it would maintain capital cushion for growth ...
Ather Energy forays into Chennai, eyes 50-55 charging points
: Electric vehicle company Ather Energy Thursday said it has planned to set up about 50-55 fast charging network - Ather Grid points by this year-end. The company has set up seven Ather points here and has partnered with several cafes, restaurants, malls and gyms, marking its foray, a company statement said. With the charging networks, Ather Energy marks its entry into the Chennai market. The city would have Ather Space, an own experience centre, and pre-orders were set to commence in June, the statement aid. The charging network is supported by the Ather Grid application allowing electric vehicle owners to locate and check the availability of nearest charging points on a real- time basis. The company has planned to set up 6,500 charging points in 30 cities by year 2022 "Ather Grid has seen steady adoption in Bengaluru and we believe that accessible charging infrastructure is critical before launching our products in any market we enter," company's chief business officer