Page 3750 - Business Finance
Snapchat, Tyroo enter into a strategic partnership in India
Tyroo, a Smile Group company, has forged a strategic partnership with Snapchat as their monetization partner in India. Through this partnership Tyroo will drive ad monetization and infrastructure for Snapchat, fuelling its growth in the APAC region."We're delighted to work with Snapchat. Our strong local presence and deep market relationships will help support Snapchat's mission in India. Snapchat is at the forefront of advances in augmented reality as well as performance advertising, and we are eager to bring these offerings to the Indian market," said CEO Tyroo, Siddharth Puri.Concurrent with this announcement, Tyroo has also appointed Akshay Mathur as its Chief Revenue Officer to drive growth through such partnerships. Akshay has been a veteran in the Indian media industry."With the advent of cheaper data and high-speed internet access, there has been a steady increase in the adoption of vertical video formats by the Indian online diaspora. We believe Snapchat is positioned very ...
People facing brunt of bank strike
The two-day nationwide strike called by the public sector employees over wage revision has caused disruption in ATM service and also left the public in distress.People are facing difficulty to withdraw their money as the ATMs are running out of cash due to strike.The strike on the weekday is also affecting the total daily business in the country.A local in Uttar Pradesh's Moradabad said, "We are facing problems because there is no cash in the ATMs around. Even there are connectivity issues."The United Forum of Banking Unions (UFBU), an umbrella body of nine bank unions has called for a nationwide bank strike, which kicked off today, against wage hike proposed by the Indian Banks' Association (IBA).On 5 May, the IBA refused to revise wages for all officers, citing poor financial conditions at banks. Large public sector banks had reported huge losses in the fourth quarter of the fiscal year 2018 owing to mounting bad loans.
Exporters' GST refund: FinMin says only Rs 14,000 cr pending
The finance ministry today said GST refunds worth Rs 14,000-crore to exporters are pending with the government and "solutions" are being put in place to fast-track clearances. Refuting claims by the Federation of Indian Export Organisations (FIEO) which had yesterday claimed that refund clearance has slowed down and pegged pending refund at over Rs 20,000 crore, the ministry in a statement said Rs 8,000 crore was sanctioned during May. "Refund claims to the tune of Rs 14,000 crore (Rs 7,000 crore on the IGST side and Rs 7,000 crore on account of ITC) are pending with the government as on date, as against the figure of Rs 20,000 crore projected by FIEO in the press reports," the ministry said. So far, the government has sanctioned more than Rs 30,000 crore as GST Refund. This includes an amount of Rs 16,000 crore of IGST and Rs 14,000 crore of ITC (input tax credit). The figures of ITC include sanction by both the central and state governments, the ministry said. "In order to liquidate
Insight: How Kinder Morgan won a billion-dollar bailout on Canada pipeline
OTTAWA/HOUSTON (Reuters) - U.S. energy firm Kinder Morgan's C$4.5 billion sale of an oil pipeline to Canada's government marked an extraordinary escape from months of fraught negotiations among warring camps of Canadian officials.
Analysis: Copper prices to rise for Indian manufacturers after Vedanta smelter closure
MUMBAI/THOOTHUKUDI, India (Reuters) - Indian electrical goods manufacturers will have to rely more on imported copper and are bracing for a rise in costs, after the government in Tamil Nadu this week ordered the permanent closure of Vedanta's copper smelter there.
RCom, Ericsson reach settlement on outstanding dues
NEW DELHI (Reuters) - India's Reliance Communications (RCom) on Wednesday reached a settlement with Ericsson and agreed to pay part of the dues owed to the Swedish company by the end of September, potentially clearing the way for RCom to sell assets and trim debt.
Tough government rules keep Tesla away from Indian roads: Elon Musk
Tesla CEO Elon Musk said on Wednesday that he would love to roll out Tesla electric cars in India but the tough government regulations have forced him to apply the brakes on his plans till date.
Dilip Buildcon Q4 net profit up 11 pc to Rs 217 cr
Highways sector player Dilip Buildcon today reported a 11.01 per cent jump in its standalone net profit to Rs 217.7 crore for the quarter ended March 2018. The company had clocked a standalone net profit of Rs 196.1 crore for the year-ago quarter. Its total income rose to Rs 2,562 crore during the quarter as against Rs 1,753.5 crore in the year-ago period. The company's total expenses also rose to Rs 2,283.8 crore during the quarter against Rs 1,563 crore in the same quarter of 2016-17. Shares of the company closed at Rs 917.60 apiece on the BSE, down 12.87 per cent from their previous close.
Samsung firms sell $1.3 billion Samsung Electronics stock to maintain compliance
SEOUL (Reuters) - Samsung Group's two insurance firms said on Wednesday they will sell $1.3 billion worth of stock in the conglomerate's biggest earner, Samsung Electronics Co Ltd, to maintain regulatory compliance.
AGC Networks Q4 net profit more than doubles to Rs 8.72 cr
AGC Networks has reported that its consolidated net profit more than doubled to Rs 8.72 crore for the quarter ended March 2018. It had registered a consolidated net profit of Rs 3.52 crore in the January-March 2017 quarter, AGC Networks said in a statement. The Essar group company's revenue grew by 8.6 per cent to Rs 209.37 crore as against Rs 192.80 crore in the year-ago period, it added. For the full year, net profit was up 44.5 per cent to Rs 14.93 crore, while revenue declined by 6 per cent to Rs 733.45 crore as compared to financial year 2016-17. With re-organisation and cost optimisation initiatives completed, the same is reflective in steady growth of revenues, margin and operating income over the period of four quarters in financial year 2017-18, AGC Networks said. "This has been possible due to the various domain-focused initiatives in each theatre to strengthen the organisation," it added. The enterprise communications major has significant presence across Middle East, ...
Insecticides India looks to invest Rs 200 cr in 3 yrs on expansion
Agro-chemical firm Insecticides India plans to invest Rs 200 crore on expansion of its existing plant over the next three years and set up new units in Gujarat and Rajasthan for further growth of the business. The Rs 1,100-crore company is expecting 10-15 per cent growth in its revenue this fiscal banking on forecast of normal monsoon rains and launch of 7-8 new products, its MD Rajesh Aggarwal told reporters here. "We are launching today three insecticides products and one fungicides that will help farmers in protecting crops like cotton, paddy, pulses and vegetables," he said. All the four new products -- Encounter, Sofia, Alkido and Hercules -- are based on the combinations of two products that will provide synergistic effect in terms of better control and efficacy, he added. On revenue outlook, Aggarwal said: "We are expecting about 10-15 per cent growth if there is a good monsoon with well-distribution of rains." Asked about expansion plan, he said the company is expanding ...
Independent auditors raise doubts on survival of L&T Shipping
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.
Spaceage Products reports standalone net profit of Rs 0.02 crore in the March 2018 quarter
Sales decline 66.67% to Rs 0.07 crore
Integra Garments & Textiles reports standalone net loss of Rs 0.50 crore in the March 2018 quarter
Reported sales nil
Abhinav Leasing & Finance reports standalone net loss of Rs 0.03 crore in the March 2018 quarter
Sales reported at Rs 4.78 crore
IITL Projects reports standalone net loss of Rs 0.52 crore in the March 2018 quarter
Sales decline 80.00% to Rs 0.15 crore
Amaze Entertech reports standalone net profit of Rs 0.02 crore in the March 2018 quarter
Sales reported at Rs 0.06 crore
Sri KPR Industries standalone net profit rises 210.00% in the March 2018 quarter
Sales rise 80.69% to Rs 6.83 crore
Tai Industries standalone net profit rises 1100.00% in the March 2018 quarter
Sales decline 4.90% to Rs 18.81 crore
Gagan Gases reports standalone nil net profit/loss in the March 2018 quarter
Sales decline 43.48% to Rs 0.13 crore