Page 3747 - Business Finance
Indian companies to focus more on cybersecurity: Survey
With data breaches becoming more common than ever, Indian companies are gearing up to strengthen their cybersecurity infrastructure in 2018 in order to protect data of consumers, suppliers and employees, the results of a new survey of chief financial officers (CFOs) shows.
Canara Bank posts Rs 4,222 cr loss
Canara Bank on Wednesday said it closed last year with a net loss of Rs 4,222.24 crore on a total income of Rs 48,194.94 crore.
ICRA downgrades IFCI's borrowing programme to BBB+ with negative outlook
Rating agency Icra today downgraded long-term borrowing programme of IFCI by a notch from 'A-' to 'BBB+' with negative rating outlook due to continued deterioration of the state-owned financial institution. The rating downgrade considers the continued deterioration in IFCI's profitability and capitalisation ratios despite the sizeable divestment of non-core investments, resources and cost control measures undertaken by the company during FY18, Icra said in a statement. In addition, Icra also downgraded a short-term rating on commercial paper from A1 to A2+ with negative rating outlook. For the fourth quarter ended March 2018, infrastructure term lender reported widening of loss to Rs 566.64 crore due to higher provisioning for bad loans and write off. The state-owned lender had posted a net loss of Rs 317.90 crore in the same period of previous fiscal. There was a write off and provisions for bad assets to the tune of Rs 1,111.18 crore during the March quarter, more than double from ..
Fox sets Disney deal vote for July 10
(Reuters) - Twenty-First Century Fox Inc will hold a special meeting on July 10th for its stockholders to vote on a proposed merger with Walt Disney Co, the company said on Wednesday.
ED attaches wind farm in Nirav Modi case
The Enforcement Directorate (ED) on Wednesday attached a wind farm in Rajasthan valued Rs 58.80 crore in connection with its ongoing probe in the multi-crore Punjab National Bank (PNB) fraud involving diamantaire Nirav Modi.
One paisa cut in fuel prices cruel joke: Pb CM
Punjab Chief Minister Amarinder Singh today described the one paisa cut in fuel prices a "cruel joke" on the people of the country. Petrol and diesel prices were today cut by one paisa per litre each, the first reduction after 16 days of relentless price hikes. The marginal decline in fuel prices had its share of excitement with state-owned Indian Oil Corp (IOC) first announcing a reduction of 60 paise -- the biggest since daily price revision was introduced in mid-June last year, only to retract it within a couple of hours citing a technical error. "Clerical error? Nobody can believe that. It is just another joke the Narendra Modi government has perpetrated on the people of the country," Singh was quoted as saying in an official release here. Terming the one paisa cut "laughable", the chief minister said no wonder people were scorning the move. It was sad that the central government, with "no clear public welfare policies" in place, was "unable" to check the escalating petroleum ...
U.S. first-quarter growth revised down to 2.2 percent
WASHINGTON, (Reuters) - U.S. economic growth slowed slightly more than initially thought in the first quarter amid downward revisions to inventory investment and consumer spending, but income tax cuts are likely to boost activity this year.
Info Edge posts Q4 net loss at Rs 13.7 cr
Info Edge, which owns online job portal Naukri, today reported a net loss of Rs 13.7 crore on a standalone basis for the quarter ended March 2018. The company had posted a net profit of Rs 32.8 crore in the year-ago period, Info Edge said in a BSE filing. The company's total income, however, increased 19.7 per cent to Rs 263.1 crore for the fourth quarter of 2017-18 as against Rs 219.7 crore in the year-ago period, it added. For the full financial year 2017-18, Info Edge's net profit stood at Rs 500.9 crore (against a loss of Rs 42.6 crore), while total income was up about 11 per cent to Rs 1,077 crore from Rs 970.4 crore in financial year 2016-17 on a consolidated basis. "We have ended the year with a strong growth of 36.6 per cent year-on-year in net cash from operations. It is encouraging to see the rebound of growth in 99acres.com in the second half of FY18. The Billings of 99acres.com in Q3 and Q4 grew 54 per cent and 43 per cent, respectively y-o-y with the cash breakeven," Info
MTNL Q4 net loss widens to Rs 900 cr
State-run telecom operator MTNL today reported widening of standalone net loss to around Rs 900 crore in the quarter ended March 2018. The company had posted a net loss of Rs 634.8 crore in the same period a year ago. Total income of MTNL on a standalone basis declined by 31.4 per cent to Rs 660.02 crore in the last quarter of 2017-18 from Rs 963.12 crore posted in the corresponding quarter of 2016-17. For year ended March 31, 2018, the loss of MTNL on a standalone basis widened to Rs 2,973.03 crore from Rs 2,941.08 crore it posted a year ago. Total annual income of the loss making firm on standalone basis declined by 12.27 per cent to Rs 3,116.42 crore for fiscal year (FY) 2018 from Rs 3,552.46 crore it recorded at the end of financial year 2016-17. On consolidated basis, MTNL reported widening of annual loss to Rs 2,970.91 crore for financial year 2017-18 from a loss of Rs 2,936.05 crore it posted in the preceding fiscal. The consolidated total income of the company for financial ...
Independent auditors raise doubts on survival of L&T Shipbuilding (Lead, correcting company's name)
Despite the promise of 'Make in India' and the rhetoric of defence modernisation, the fortunes of India's ship building industry continue to sink, with more and more companies slipping into the red.
Gazprom profits expand as European exports hit record
Gazprom said today its net profit climbed 11.4 per cent in the first quarter as export volumes to Europe surged to a record level despite increasing tensions over dependence on Russian gas. The state-controlled group said its net profit rose to 371.6 billion rubles (5.1 billion euros, USD 5.9 billion at current exchange rates), beating analyst expectations, thanks to both increases in export volumes and prices. Operating profit jumped 59 per cent from the January through March period last year to 467 billion rubles on an 18 per cent increase in sales to 2.14 trillion rubles. Gazprom historically generates most of its profits from exports to Europe, which climbed by 9 per cent from the first quarter of last year to 71.5 billion cubic metres, the first time they rose above 70 billion cubic metre level. Last year the group exported a record of 194.4 billion cubic metres of gas to Europe and Turkey. Gazprom has in recent years been gaining market share in Europe, accounting for around a ..
Global Markets: Italy leads European mini-bounce as election risk fades slightly
LONDON (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.
Rolls-Royce says tripling capacity to fix Trent 1000 engine problems
LONDON (Reuters) - Britain's Rolls-Royce said it would add maintenance facilities and people to triple its capacity to fix problems with Trent 1000 engines that have grounded Boeing Dreamliner planes, but said this would not raise the cost of the work.
National parties receive Rs 711 cr donation from 'unknown sources' in 2016-17: ADR
The income of seven national parties from "unknown sources" during 2016-17 was Rs 710.80 crore, while total donations (above Rs 20,000) declared by them stood at Rs 589.38 crore, with BJP receiving Rs 532.27 crore from 1,194 entities, says a report. Donations declared by BJP is more than nine times the aggregate declared by Indian National Congress (INC), Nationalist Congress Party (NCP), Communist Party of India (CPI), Communist Party of India (Marxist) (CPM) and All India Trinamool Congress (AITC) for the same period, the report by Association for Democratic Reforms (ADR) said today. "The total donations (above Rs 20,000) declared by the national parties was Rs 589.38 crore, from 2,123 donations. A total of Rs 532.27 crore was declared by BJP from 1,194 donations while INC declared receiving Rs 41.90 crore from 599 donations," it said. Bahujan Samaj Party (BSP) declared that it did not receive any donations above Rs 20,000 during 2016-17, as it has been declaring for the past 11 ...
Thomas Cook Q4 net profit at Rs 5,915 crore
Travel services firm Thomas Cook India has posted a consolidated net profit of Rs 5,915.04 crore for the fourth quarter ended March 2018. The company had reported a net loss of Rs 59 lakh during the same period of the previous fiscal. Total income from operations stood at Rs 2,662.03 crore for the fourth quarter. It stood at Rs 2,213.93 crore in the January-March period of 2016-17. For the year ended March 31, the company posted a net profit of Rs 6,131.39 crore. It stood at Rs 86.10 crore in 2016-17. Total income from operations for 2017-18 stood at Rs 11,411.55 crore. It was Rs 8,846.77 crore in 2016-17. The company said the consolidated results for the quarter and year ended march 31, 2018 were not comparable with results of fourth quarter and year ended March 31, 2017. Commenting on the results, Thomas Cook (India) Ltd (TCIL ) Group Chairman and Managing Director Madhavan Menon said: "Our strategic focus for the period was on technology- both business and customer facing. This, ...
Board of Duke Offshore approves foray into dredging sector; approves bonus issue
At meeting held on 30 May 2018
Unitech's board meet to approve results cancelled on lack of quorum
Crisis-hit realty firm Unitech Ltd today cancelled its board meet to consider financial results for the quarter and year ended March 31, 2018 due to non-availability of adequate number of independent directors. The company has called the board meeting on June 11, according to a BSE filing. Unitech said that the meeting of the audit committee which was scheduled today to review the audited financial results for the quarter and year ended March 31, 2018, has been "adjourned due to non-availability of adequate number of 1ndependent directors (want of quorum)". The meeting of the board was adjourned by the chairman to June 11, 2018 after ascertaining the availability of adequate number of directors on that date, it added. "Accordingly the items with respect to the audited financial results for the quarter and year ended March 31, 2018 and other business will now be considered on Monday, June 11, 2018," Unitech said. Gurgaon-based realty firm is facing huge protest and litigations from ...
IBM lets Indian customers host marketing data locally
Tech giant IBM on Wednesday announced that its Artificial Intelligence (AI)-powered Enterprise Marketing Cloud services will now be available from its local Cloud Data Centre in India, thus allowing its customers in the country host their data locally.
Special drive to process pending GST refunds announced
The government on Wednesday announced a special fortnight-long drive from May 31 to June 14 to process pending GST refunds.
Bank strike impacts transactions over Rs 21,000 cr on day one(Roundup)
Banking transactions worth about Rs 21,700 crore could not be put into effect across the country as more than 10 lakh bankers struck work on Wednesday to demand wage revision.