Page 3742 - Business Finance
Wall St. rebounds, fueled by energy stocks
NEW YORK (Reuters) - U.S. stocks rose on Wednesday, with the S&P 500 set to erase all its losses from Tuesday as signs of easing political turmoil in Italy emerged.
Oil climbs over 2 percent, shrugs off API's U.S. crude build
NEW YORK (Reuters) - Oil prices surged on Wednesday, shrugging off an unexpected build in U.S. crude stockpiles and rebounding from a four-day slump as Russia's central bank expressed caution on plans to boost oil supply.
Stocks rebound as Italian risk fades slightly
NEW YORK (Reuters) - Hopes that Italy might avoid a potentially damaging general election lifted European markets on Wednesday, bringing Italian bond yields off multi-year highs and dampening some of the recent buying interest for German and U.S. government bonds.
India's RCom plans $2.68 billion asset sale to Jio, Brookfield in next few weeks
MUMBAI/NEW DELHI (Reuters) - India's Reliance Communications (RCom) said on Wednesday it expects to complete its asset sale to Reliance Jio Infocomm and Canada's Brookfield in coming weeks, after the bankruptcy appeals court halted insolvency proceedings against the debt-laden company.
Dollar recovery seen as an earnings risk on horizon
NEW YORK (Reuters) - Late last month, the chief financial officer at Akamai Technologies Inc identified an emerging risk for the network technology company's profit outlook: the U.S. dollar.
Oil climbs more than 2 percent as tight supplies in focus
NEW YORK (Reuters) - Oil prices climbed surged on Wednesday, rebounding from a four-day slump as Russia's central bank expressed caution on plans to boost oil supply and analysts forecast a drawdown in U.S. crude inventories.
Silly Monks turnover up by 181%
Silly Monks Entertainment Ltd (SMEL), listed in National Stock Exchange of India Ltd, on Wednesday reported a standalone growth of 181 per cent with a turnover of Rs 8.50 crore in FY 17-18.
U.S. factories shift into 'higher gear' despite trade worries: Fed
WASHINGTON, (Reuters) - U.S. factories ramped up production in late April and early May despite the risk of a global trade war, but soft consumer spending kept the economy growing at a moderate rate, the Federal Reserve reported on Wednesday.
Gold holds steady in face of robust dollar due to Italy crisis
LONDON (Reuters) - Gold prices were steady on Wednesday as concerns about political turmoil in Italy and over a trade conflict between China and the United States outweighed strength in the dollar.
Energy, banks fuel Wall Street's rebound, S&P 500 erases losses
(Reuters) - U.S. stocks rose on Wednesday, with a surge in energy stocks helping Wall Street recover from a steep selloff in the previous session that was driven by political turmoil in Italy.
SAIL back in black; Q4 net profit at Rs 816 cr
The country's largest steel maker SAIL today reported a standalone net profit of Rs 815.57 crore for the quarter ended March 31, mainly helped by rise in revenues. The company had posted a standalone net loss of Rs 771.3 crore in the corresponding quarter of the previous fiscal, according to a regulatory filing. In the latest quarter, the standalone total income increased to Rs 17,264.86 crore from Rs 14,543.53 crore in the year-ago period. For the year ended March 31, the company's standalone loss narrowed to Rs 481.71 crore. The same stood at Rs 2,833.24 crore in the previous fiscal. Shares of SAIL closed 1.5 per cent up at Rs 77.75 apiece on the BSE.
Hindustan Copper Q4 profit falls 46 pc to Rs 21 cr
State-run Hindustan Copper today reported 46 per cent fall in its profit at Rs 21.92 crore for the fourth quarter of the last fiscal. Its profit stood at Rs 40.71 crore in the year-ago period, the company said in a BSE filing. Total income of the company too decreased to Rs 393.57 crore during the period as against Rs 621.1 crore. Further, during the year ended March 31, the company's profit declined to Rs 79.6 crore as against Rs 61.94 crore. Shares of Hindustan Copper closed 1.13 per cent up at Rs 75.8 apiece on the BSE.
RCom reports widening of loss to Rs 6,883 cr in Q4
Debt-laden telecom operator Reliance Communications today reported widening of its loss to Rs 6,883 crore in the three months ended March 2018, mainly due to impairment charges. The company's total comprehensive loss stood at Rs 94 crore in the year-ago period, it said in a BSE filing. Total income of the Anil Ambani-led firm declined to Rs 407 crore in the reported quarter from Rs 852 crore in the corresponding period of the previous fiscal. During the year ended March 31, 2018, the company has reported a loss of Rs 9,867 crore as against Rs 1,797 crore during the previous year. Shares of RCom closed 9.72 per cent higher at Rs 17.5 a unit on the BSE.
U.S. first-quarter growth trimmed on weak consumer spending
WASHINGTON (Reuters) - U.S. economic growth slowed slightly more than initially thought in the first quarter as consumer spending rose at its weakest pace in nearly five years, but activity is already picking up against the backdrop of a tightening labor market and tax cuts.
Gold inches down on robust dollar; Italy crisis curbs losses
BENGALURU (Reuters) - Gold prices edged down on Wednesday as a robust U.S. dollar weighed on the market, but concerns about political turmoil in Italy and Sino-U.S. trade conflict limited losses.
Binani Industries posts Q4 net loss at Rs 3.95 cr
Binani Industries today reported a standalone net loss of Rs 3.95 crore for the fourth quarter ended March 2018. The company had posted a net loss of Rs 1.22 crore during the January-March quarter a year ago, said Binani Industries, which holds over 98 per cent shares in debt-ridden Binani Cement. Its total income stood at Rs 0.55 crore during the quarter under review. It was Rs 3.89 crore in the corresponding quarter of the previous fiscal. Meanwhile, Binani Industries said it could not file its consolidated results as it has no control over its debt-ridden subsidiary Binani Cement. "The board has been suspended and the company does not have control on Binani Cement Limited effective July 25, 2017," it said. For the period when Binani Cement was under control of Binani Industries from April 2017 till July 24, 2017, it does not not have either management accounts or audited accounts. "Under these circumstances, we have requested Sebi to give us time till end of August 2018 to declare .
Ruchi Soya's financial results postponed
Bankruptcy-hit Ruchi Soya today said its financial results could not be approved today as resolution professional (RP) sought certain clarification from management. In a regulatory filing, Ruchi Soya said the draft financial results of the company for the quarter and financial year ended March 31, 2018 were considered by the resolution professional. "However, he desired clarifications/management representation on certain matters. Hence the same could not be approved," the filing said. In December 2017, Ruchi Soya Industries Ltd entered into the Corporate Insolvency Resolution Process (CIRP) and Shailendra Ajmera was appointed to act as interim resolution Professional (IRP). The appointment was made by the National Company Law Tribunal (NCLT) on the application of the creditors Standard Chartered Bank and DBS Bank Ltd, under the Insolvency and Bankruptcy Code.
AirAsia India says 'incongruous' to allege control is in violation of norms
AirAsia India, which is being probed by the CBI, today said it would be "incongruous" to allege that the control of the airline is not in accordance with foreign exchange investment laws. The probe agency has named the airline, its officials as well as AirAsia Berhad in a FIR for allegedly trying to manipulate government policies through corrupt means to get international licence for its Indian venture Air Asia India. In a statement, the domestic carrier said that allegations regarding indirect foreign control in violation for norms were fully investigated by the Director General of Civil Aviation (DGCA). The DGCA passed a detailed and reasoned order in February 2017 and it was pursuant an investigation exercise mandated by the Delhi High Court, it said. According to the airline, the DGCA order effectively ruled that the operations and management of AirAsia India was in accordance with FEMA (Foreign Exchange Management Act), FDI (Foreign Direct Investment) regulations and the FIPB ...
Bhushan Steel seeks 90-day time from Sebi to file financial results
Post acquisition by Tata Steel, Bhushan Steel Ltd today sought an additional 90-day time from Sebi to file its financial results for the quarter and fiscal ended March 31, saying the new management will take time to understand its operations. Tata Steel's arm Bamnipal Steel Ltd (BNPL) earlier this month had acquired controlling 72.65 per cent stake in Bhushan Steel, undergoing insolvency proceedings. Post acquisition, the nominees of BNPL were appointed on the board of BSL. "Since the new management will take some time to understand, acclimate and take complete hold on the operations and management of the company, the company has filed an application with Sebi (Securities and Exchange Board of India) seeking additional time of 90 days to file its audited financial results standalone and consolidated for the quarter and year ended March 31, 2018," Bhushan Steel informed in a BSE filing. Tata Steel Ltd had won the bid to acquire debt-laden Bhushan Steel Ltd (BSL) in an insolvency ...
Yes Bank inks MoU with SIDBI to provide loans to SMEs, MSMEs
Yes Bank has entered into an agreement with SIDBI under which it will act as a preferred financial institution for giving loans to the small and medium enterprising customers of the latter. Small Industries Development Bank of India (SIDBI) and Yes Bank have inked a memorandum of understanding (MoU) to channelise various banking solutions to SMEs, the private sector bank said in a statement. "In line with its invigorating vision of SIDBI 2.0, SIDBI has been taking all such steps which can instil vibrancy in MSME eco-system and partnership with Yes Bank is an endeavour along these lines to ensure that finance reaches the doorsteps of MSMEs on the back of robust technology and efficient service delivery," Mohammad Mustafa, Chairman and Managing Director, SIDBI said. This will facilitate smooth flow of credit in a hassle-free manner to MSME customers availing term loan facility from SIDBI (currently offering term Loans to MSMEs at an interest rate of 8.12 per cent per annum), it ...