Page 3554 - Business Finance
Nissan aims to expand sales network in India as part of regional growth plan
Japanese auto maker Nissan today announced plans to expand its business in India, Middle East and Africa as part of its mid-term strategy for steady growth and deliver solid profit margins. In India, the company said it will expand sales network for its two brands, Nissan and Datsun. As part of a six-year expansion strategy, Nissan aims to build on its strengths in markets, including South Africa, India, the United Arab Emirates, Egypt and parts of sub-Saharan Africa, the company said in a statement. "Under the Nissan M.O.V.E. to 2022 plan, the company is looking to capture the full potential of the Africa, Middle East, and India region," Chairman of Nissan in Africa, the Middle East and India Peyman Kargar said in a statement. Nissan has already developed a strong presence within this fast-growing region, and it is well-positioned to maximise its growth and make an increasing and lasting contribution to Nissan's overall performance, he added. As per the plan, the company intends to .
FPIs extend selling
Net outflow of Rs 1292.15 crore on 12 June 2018
Fitch downgrades viability rating of SBI, BoB on poor asset quality
Fitch Ratings today downgraded the Viability Rating (VR) of State Bank of India and Bank of Baroda by one-notch, reflecting weak risk profile due to negative effect of poor asset quality. Fitch, which has a negative sector outlook on Indian banks, however, affirmed the 'BBB' Long-Term Issuer Default Ratings (IDRs) of SBI, BoB, Canara Bank and Bank of India (BoI) with a stable outlook. "Fitch has downgraded the Viability Rating (VR) of SBI and BoB by one-notch to 'bb+' and 'bb', respectively, reflecting their weakened intrinsic risk profile due to the negative effect of persistently poor asset quality and earnings on their capital position. The banks' core capital buffers also appear more vulnerable to moderate shocks," the ratings agency said in a statement. As many as 19 of India's 21 state banks reported losses in the last fiscal, cumulatively wiping out almost all of the government's USD 13 billion capital injections during the year, Fitch said. It said the one-notch downgrade of ..
AT&T slips after Time Warner buyout gets approval
(Reuters) - Shares of AT&T Inc fell 2 percent on Wednesday after a federal judge approved the telecom company's $85 billion buyout of Time Warner Inc, clearing the path for more deals in a rapidly changing media industry.
FTIL case: Govt examining NCLT order to decide next course of action
The government said today that it is still examining the NCLT ruling in the Financial Technologies case wherein the corporate affairs ministry has been permitted to appoint up to three nominee directors on the company's board. The ruling pertained to a petition filed by the ministry seeking relief on various counts against the backdrop of the Rs 5,600-crore payment crisis at the National Spot Exchange Ltd (NSEL). The National Company Law Tribunal (NCLT) last week said the government can nominate up to three directors to the board of Financial Technologies (India) Ltd (FTIL) -- which is now known as 63 Moons Technologies -- to take care of the interest of all stakeholders as well as protect the company's investments in its subsidiaries. "NCLT has upheld the government's position of having three nominee directors on the board of FTIL as regards other aspects of the order. We are still examining the order to decide next course of action," Minister of State for Corporate Affairs P P ...
Markets maintain uptrend; Fed takes focus
Markets gave up early gains but managed to end higher for the third straight session today, driven by robust buying in technology and healthcare stocks amid positive macro data. The BSE Sensex closed 46.64 points higher at 35,739.16, while the broader NSE Nifty rose 13.85 points to 10,856.70. Sentiment was largely positive after April IIP grew at 4.9 per cent, spurred by higher growth in manufacturing and mining sectors. However, concern prevailed over retail inflation inching up to 4.87 per cent in May on increase in food prices. The BSE IT index was the session's top gainer, spearheaded by TCS which spurted 2.43 per cent after the company said it will consider a share buyback proposal at its board meeting on Friday. Asian markets ended mixed and European stocks rose in early deals as investors awaited the US Federal Reserve's policy decision, shifting focus away from the US-North Korea summit. The 30-share Sensex opened strong and hit a high of 35,877.41 on sustained buying by ...
Fitch ups India growth forecast to 7.4% for FY'19
Fitch Ratings today raised India growth forecast for 2018-19 to 7.4 per cent from 7.3 per cent, but cited higher financing costs and rising oil prices as risks to growth. For 2019-20, it estimated the country to grow at 7.5 per cent. We have revised up our forecast for 2018-19 growth to 7.4 per cent from 7.3 per cent in March. However, higher financing costs (stemming from monetary tightening and higher market premiums) and rising oil prices should limit the upside to growth, Fitch said in its Global Economic Outlook. The economy grew at 6.7 per cent in 2017-18 and 7.7 per cent in January-March quarter. Fitch said the Indian rupee has been one of the worst performing currencies in Asia this year, although the depreciation was more muted than during the 2013 taper-tantrum episode. India has better macroeconomic fundamentals than in 2013 and very low foreign ownership rates in the domestic government bond market, but the current account deficit has been widening as a result of rising ..
Truecaller acquires Chillr
Phone number search engine Truecaller today announced a strategic investment into the payment space in India by acquiring Chillr, the country's first multi-bank payments app. This was in continuation of Truecaller's announcement last year that it will foray into the digital payments segment, incorporating UPI-based transfers in its app. Truecaller co-founder and chief strategy officer Nami Zarringhalam told reporters here that the founders of Chillr, Sony Joy, Anoop Sankar, Mohamed Galib and Lishoy Bhaskaran and therest of the organisation will join Truecaller. Sony Joywill be the vice-president of Truecaller Pay. Zarringhalam was confident that Chillr's team of engineers and designers will bring to Truecaller their expertise and understanding of mobile payments. He also said the company intends to leverage its full reach of over 150 million users in India as well as its 300+ existing partnerships in India to enable Truecaller Pay as a platform. "By acquiring Chillr, we ..
Hunt for new WPP CEO after Sorrell is 'well advanced': chairman
LONDON (Reuters) - The hunt for a new chief executive of WPP after the sudden departure of Martin Sorrell in April is well advanced and moving ahead rapidly, Chairman Roberto Quarta told the advertising company's annual general meeting on Wednesday.
WPP chairman defends company's handling of allegation against Sorrell
LONDON (Reuters) - The chairman of the world's biggest advertising agency WPP, facing investor anger over the departure of former CEO Martin Sorrell, defended the company's handling of the process and said he could not say anything more on the matter.
India open to listing Air India after failed divestment: government source
NEW DELHI (Reuters) - India is open to listing ailing state carrier Air India, a government source said on Wednesday, after failing to attract buyers for a 76 percent stake in the company.
Nifty June futures at small discount
Turnover on NSE's F&O segment rises
Prajay Engineers Syndicate reports standalone net loss of Rs 5.68 crore in the March 2018 quarter
Sales decline 61.49% to Rs 7.12 crore
Gagan Polycot India reports standalone net profit of Rs 0.24 crore in the March 2018 quarter
Sales rise 119.88% to Rs 65.26 crore
Avon Lifesciences reports standalone net loss of Rs 6.01 crore in the March 2018 quarter
Reported sales nil
Pooja Entertainment & Films reports standalone net profit of Rs 2.86 crore in the March 2018 quarter
Sales rise 235.11% to Rs 28.35 crore
Raghunath International reports standalone net loss of Rs 0.18 crore in the March 2018 quarter
Reported sales nil
Nitin Castings reports standalone net loss of Rs 0.58 crore in the March 2018 quarter
Sales decline 24.03% to Rs 19.22 crore
Kaycee Industries standalone net profit rises 32.35% in the March 2018 quarter
Sales rise 16.39% to Rs 7.81 crore
Sejal Glass reports consolidated net loss of Rs 8.37 crore in the March 2018 quarter
Sales rise 763.16% to Rs 3.28 crore