Page 3735 - Business Finance

GMR Infrastructure consolidated net profit declines 93.82% in the March 2018 quarter

Sales decline 21.30% to Rs 2060.06 crore

Suzlon Energy reports consolidated net loss of Rs 469.85 crore in the March 2018 quarter

Sales decline 55.21% to Rs 2236.11 crore

Ladderup Finance reports consolidated net loss of Rs 0.03 crore in the March 2018 quarter

Sales rise 50.92% to Rs 2.46 crore

Sensex soars 416 pts on F&O expiry; GDP data eyed

The BSE Sensex rebounded by over 416 points today to end at a two-week high of 35,322.38 on a flurry of buying in banking, energy and IT stocks amid a firming trend overseas. Covering-up of pending short positions on expiry of the May derivatives contracts and optimistic buying by participants ahead of GDP data added to the momentum, brokers said. The BSE 30-share Sensex took off on a positive note at 35,083.81 and stayed in the green on widespread buying to hit a high of 35,416.03. It finally ended at 35,322.38, up 416.27 points, or 1.19 per cent. This is its biggest single session gain since April 5, when it had surged 577.73 points. The gauge had lost 259.37 points in the past two sessions. The 50-issue NSE Nifty ended at 10,736.15, up 121.80 points, or 1.15 per cent, after shuttling between 10,763.80 and 10,620.40. Domestic institutional investors (DIIs) bought shares worth Rs 492.46 crore, while foreign portfolio investors (FPIs) sold to the tune of Rs 1,286.91 crore yesterday, ..

Reduce dependence on govt orders: Smriti Irani to jute mills

Union Textiles Minister Smriti Irani today urged the jute mill owners to reduce dependence on government orders and go for enhanced diversification of jute products. Presently, the government's Jute Packaging Materials (Compulsory use in Packing Commodities) Act, 1987 (JPM Act) allows mandatory packaging of 90 per cent of foodgrains and 20 per cent of sugar in jute bags. "Jute producers should go for enhanced diversified products rather than depend on government orders," Irani said at an event at the Merchants' Chamber of Commerce & Industry here. She said it was necessary to reduce dependence on the JPM Act. "West Bengal should become the largest exporter of diversified jute products," she added. Jute also holds great potential for finding application in the technical textiles sector which includes automotive applications and geotextiles. Geotextiles are permeable fabrics that are used in civil construction like building roads. Regarding the Technology Upgradation ..

Outcome of board meeting of Energy Development Company

Held on 30 May 2018

PBM Polytex standalone net profit rises 6.95% in the March 2018 quarter

Sales decline 19.34% to Rs 49.52 crore

Zenith Birla (India) reports standalone net loss of Rs 31.81 crore in the March 2018 quarter

Sales rise 15.52% to Rs 34.32 crore

Z F Steering Gear (India) standalone net profit declines 1.20% in the March 2018 quarter

Sales rise 5.60% to Rs 117.70 crore

M&M to invest Rs 500 cr in Chakan plant to expand EV portfolio

Mahindra & Mahindra (M&M) today said it will invest an additional Rs 500 crore at its Chakan plant in Maharashtra to expand its electric vehicles portfolio. The utility vehicle major today inked two pacts with the state government regarding EVs. In a statement issued today, M&M said it will make efforts to become fully electric ready by further investing in its Chakan plant for manufacture of EVs, e-motor, controller, battery pack and other electric vehicle components for multiple mobility applications. "As part of this expansion plan, the company will invest an additional Rs 500 crore (in Maharashtra)," it said. M&M has earmarked a total outlay of Rs 900 crore for EV vertical. Apart from Rs 500 crore investment in Maharahtra, the company also plans to put in another Rs 400 crore in its other plants across the country. As part of the MoU, the company along with the Maharashtra government will also work closely with various fleet partners, taxi aggregators, logistics ...

Cybermate Infotek consolidated net profit declines 26.36% in the March 2018 quarter

Sales decline 77.05% to Rs 10.78 crore

UP, MP keen to implement DBT for food subsidy in select areas

Uttar Pradesh and Madhya Pradesh governments have evinced interest to move to direct benefit transfer (DBT) of food subsidy in select blocks and districts, Food Minister Ram Vilas Paswan said today. At present, the cash transfer of food subsidy scheme is being implemented in Union territories of Chandigarh, Puducherry and urban areas of Dadra and Nagar Haveli, covering a total of 2.4 lakh households. Currently, it is not mandatory for states to implement cash transfer of food subsidy. They can do it in identified areas subject to fulfilment of certain conditions. "UP and MP have shown interest to implement cash transfer of food subsidy in select block and districts where banking system is in place," Paswan told reporters after the launch of a 'Handbook for Implementation of Cash Transfer of Food Subsidy' here. These two state governments have been asked to make all preparations required for implementing the cash transfer of food subsidy, he said. The minister hoped that the handbook ..

Megasoft reports consolidated net profit of Rs 2.12 crore in the March 2018 quarter

Sales decline 23.61% to Rs 15.89 crore

CMI consolidated net profit declines 71.08% in the March 2018 quarter

Sales rise 18.99% to Rs 159.73 crore

Surging oil prices to hurt airlines' profits: IATA

Surging oil prices are forecast to dent airlines' profits and could significantly hurt their bottom lines next year, the boss of airline industry group IATA warned today. Oil has been trading at 3.5-year highs recently amid concerns about supply disruptions caused by the United States' decision to quit the Iran nuclear deal and unrest in Venezuela. The International Air Transport Association (IATA) is set to release a lower profit forecast for the global airline industry at its annual meeting in Sydney next week, with rising fuel costs a key factor. "Significantly, probably next year," the group's chief executive Alexandre de Juniac told reporters in Sydney of the scale of the impact on carriers' profits. IATA in December tipped record industry profits of more than USD 38 billion for this year when the price of a barrel of crude was at USD 60. Since then, the price has steadily risen towards USD 80, prompting the revised outlook, although profits were "still positive" despite the ...

Galaxy Surfactants consolidated net profit declines 7.49% in the March 2018 quarter

Sales rise 6.88% to Rs 643.56 crore

Aqua Pumps Infra Ventures consolidated net profit declines 24.62% in the March 2018 quarter

Sales rise 349.21% to Rs 5.66 crore

Bal Pharma reports consolidated net loss of Rs 0.34 crore in the March 2018 quarter

Sales decline 8.45% to Rs 58.91 crore

DCM reports consolidated net loss of Rs 1.03 crore in the March 2018 quarter

Sales rise 0.52% to Rs 251.28 crore

Banking services hit in TN, Puducherry

Employees of various banks, part of the United Forum of Bank Unions, continued their protest for the second today, against the 'meagre' two per cent wage hike offered by the Indian Banks Association. As part of the agitation, employees staged a demonstration in front of the Union Bank of India office here and raised slogans. Bank Employees Federation of India, Tamil Nadu, General Secretary, C P Krishnan said the staff held protests in front of banks across 50 places in Tamil Nadu and Puducherry. Following the strike call given by the associations, banking services were hit in the state and neighbouring Puducherry. Nearly 12 lakh cheques worth Rs 7,000 crore stagnated in the state due to the two-day strike. The Unions had claimed that the strike was a 'total success' as employees 'enthusiastically participated in the strike in all banks and in all branches.' Operations in the new-generation private banks like ICICI Bank, HDFC Bank, Axis Bank, however, were almost normal, .