Page 3714 - Business Finance

Magna Eletrocasting standalone net profit rises 1.33% in the March 2018 quarter

Sales rise 23.83% to Rs 25.72 crore

Kabra Drugs reports standalone net loss of Rs 1.55 crore in the March 2018 quarter

Reported sales nil

Veto Switchgears & Cables consolidated net profit rises 21.75% in the March 2018 quarter

Sales rise 2.79% to Rs 70.41 crore

T. Spiritual World reports standalone net loss of Rs 2.86 crore in the March 2018 quarter

Reported sales nil

Kansal Fibres reports standalone net loss of Rs 0.23 crore in the March 2018 quarter

Sales reported at Rs 0.37 crore

Simplex Infrastructures standalone net profit declines 56.07% in the March 2018 quarter

Sales rise 6.33% to Rs 1648.22 crore

Hero MotoCorp records 11% growth in May sales

Sells 7.06 lakh units

Tata Steel's Kalinganagar plant creates employment for over 21k

Tata Steel's Kalinganagar plant has generated direct and indirect employment opportunities for more than 21,000 persons, said a statement on Friday.

Honda Cars sales increase 41 pc in May

Honda Cars India (HCIL) today reported a 41 per cent increase in its domestic sales to 15,864 units in May, riding on the back of strong sales of new Amaze. The company had sold 11,278 units in the domestic market in May 2017, HCIL said in a statement. HCIL also exported a total of 516 units during the month. "We are delighted with the customer response to the all new Amaze which has helped our overall sales grow by 41 per cent in May," HCIL Senior Vice President and Director, Sales and Marketing Rajesh Goel said in a statement. During last month, the company prioritised Amaze production volumes to cater to the strong customer demand, he added. "We are confident that we will continue with our sales momentum in coming months," Goel said. The company sold 9,789 units of new Amaze during the month.

India's GDP growth to improve further: Ficci

Stating that the economy is on an "uptrend", industry body Ficci today said the March quarter GDP growth at 7.7 per cent gives an "optimistic picture". It said that India's growth scenario is set to improve further going ahead and the GDP is expected to grow at 7.5 per cent in the current fiscal. However, the chamber cautioned that one will have to be watchful about the movement in the oil prices in the global market as well as the pace at which the health of the domestic banking sector improves. It said the gross domestic product (GDP) growth of 7.7 per cent recorded in the fourth quarter of 2017-18 clearly shows that Indian economy is on an uptrend. The GDP growth data released yesterday presents an optimistic picture of the economy, reflected in y-o-y growth for Q4, especially for construction and manufacturing sectors, Ficci President Rashesh Shah said. We hope that the government will continue investing in infrastructure to accelerate the pace of growth even further, he added.

Indian manufacturing PMI growth slows in May, inflationary pressures pick up

BENGALURU (Reuters) - Activity in India's manufacturing sector grew at a weaker pace in May from the previous month, a business survey showed on Friday, while inflationary pressures picked up again amid rising oil prices in another sign that an interest rate hike is around the corner.

MD and CEO Chanda Kochhar not asked to go on leave: ICICI Bank

Private sector banking major ICICI Bank on Friday said that the company's MD and CEO Chanda Kochhar has not been asked to go on "leave".

India, Singapore sign eight agreements

India and Singapore on Friday signed eight agreements, including on defence and economic cooperation, following a bilateral summit between Indian Prime Minister Narendra Modi and his Singapore counterpart Lee Hsien Loong here.

TVS Motor Company May sales up 10% at 3,09,865 units

TVS Motor Company today reported 10 per cent increase in total sales at 3,09,865 units in May. The company had sold a total of 2,82,007 units in the same month of the previous year, it said in a statement. Total two-wheeler sales were at 2,98,135 units last month as against 2,75,426 units in May 2017, a growth of 8.2 per cent. During the month, domestic two-wheeler sales increased 2.4 per cent to 2,46,231 units as against 2,40,527 units in the year-ago month.

Sugar prices soar on paucity of stocks, brisk demand

Sugar prices advanced by Rs 100 per quintal at the wholesale market in the national capital today following bumper demand from stockists and bulk consumers amid tight stocks due to pause in supplies by mills. Marketmen said, shortage of stocks in the market on decreased supplies amid reports that government may take a decision to create a 3 million tonnes buffer stocks to curb falling prices supported the upward trend. Frantic buying by stockists and bulk consumers such as soft-drink and ice-cream makers, triggered by ongoing summer season also contributed to rising prices. In price section, sugar ready M-30 an S-30 went by Rs 100 each to settle the 3,250-3,380 and Rs 3,240-3,370 per quintal. Mill delivery M-30 and S-30 prices also climbed by Rs 100 to finish at Rs 2,950-3,150 and Rs 2,940-3,140 per quintal. In the mill gate section, sugar Dhampur shot up by Rs 100 to Rs 2,980, Mawana shot up by Rs 80 to Rs 3,040, while Dorala, Dhanora, Khatuli, Sakoti and Modinagar hardened by Rs 70

Royal Enfield sales up 23 pc at 74,697 units in May

Royal Enfield, the two-wheeler division of Eicher Motors, today reported a 23 per cent growth in total sales at 74,697 units in May. The company had sold 60,696 units in May last year, Royal Enfield said in a statement. Exports rose 7 per cent to 2,187 units as against 2,049 units in the same month previous year, it said.

Tata Boeing facility delivers 1st fuselage for AH-64 Apache

Tata Boeing Aerospace (TBAL) today announced the delivery of the first AH-64 Apache combat helicopter fuselage from its Hyderabad facility. The fuselage, which has been delivered ahead of the scheduled time, will now be transported to the US aviation major's AH-64 Apache manufacturing facility in Mesa (Arizona) for integration into the final assembly line, the company said in a release. This delivery also comes within a year of the aerospace joint venture facility becoming operational. "The delivery of the fuselage within a year of the facility being operational is a huge boost to indigenous manufacturing," Sukaran Singh, Managing Director and chief executive officer, Tata Advanced Systems, said. TBAL is a joint venture between Boeing and Tata Sons wholly-owned subsidiary Tata Advanced Systems. The government had finalised an order with Boeing for the supply of 22 AH-64E Apache helicopters in September 2015. The deliveries of these choppers are to commence from early ...

Deutsche Bank gets key investor backing as rating cut casts doubt on turnaround

FRANKFURT (Reuters) - Deutsche Bank and its biggest investor sought to reassure shareholders and staff of its financial strength after a ratings downgrade cast doubts on its turnaround plans.

Australia threatens ANZ, Deutsche and Citi with criminal charges over share issue

SYDNEY (Reuters) - Australia is preparing criminal cartel charges against the country's third-biggest bank and underwriters Deutsche Bank and Citigroup over a $2.3 billion share issue, in an unprecedented move with potential implications for global capital markets.

Bag maker Samsonite's CEO resigns after short-seller report

Luggage maker Samsonite said today its CEO has stepped down following a report by a short-seller questioning his credentials and the company's accounting. Ramesh Tainwala resigned for personal reasons, which Samsonite's board decided was in the best interests of the company and its shareholders, the company said in a statement to the Hong Kong stock exchange. A research report issued by US-based short-seller Blue Orca a week earlier said Tainwala had falsely claimed on his resume that he earned a doctorate degree in business administration from Union Institute and University in Cincinnati. Samsonite said its board took the allegations seriously but added it had accurately disclosed Tainwala's educational background since it went public in Hong Kong in 2011. The company's latest annual report did not refer to him as a "Dr." but Blue Orca said it found such references in US filings dating from before the company was delisted from US trading more than a decade ago, in Indian filings and .