Page 3767 - Business Finance
US announces 25 per cent new tariffs on Chinese tech goods
The US will impose a hefty 25 per cent tariff on the USD 50 billion worth of Chinese goods containing "industrially significant" technology, the White House said today, days after the two sides reached an agreement and vowed not to launch a trade war against each other. China and the US averted a trade war by reaching an agreement on May 20 under which Beijing agreed to "significantly increase" its purchases of American goods and services to reduce USD 375 billion trade deficit with Washington. After lengthy second round of talks in Washington, the two sides issued a joint statement vowing not to launch a trade war against each other. "The United States will impose a 25 per cent tariff on USD 50 billion of goods imported from China containing industrially significant technology, including those related to the 'Made in China 2025' programme," the White House said in a statement. The final list of covered imports will be announced by June 15, and tariffs will be imposed on those imports
Companies in India to recruit more permanent employees: Report
Companies in India are likely to recruit more permanent employees than contractual workers in the times ahead, a report said here on Tuesday.
HDFC Mutual Fund buys stake worth Rs 71 cr in Vardhman Textiles
HDFC Mutual Fund today picked up 1 per cent stake in Vardhman Textiles for over Rs 71 crore through an open market transaction. The fund house bought 5.73 lakh shares, amounting to 0.99 per cent stake in the textile firm, according to the bulk deal data available with the BSE. The shares were purchased at a price of Rs 1,245 apiece, valuing the transaction at Rs 71.34 crore, the data showed. The seller of the shares could not be ascertained immediately. Bulk deal data available with the NSE also showed that ICICI Prudential Mutual Fund bought 27.50 lakh Tata Motors DVR (differential voting rights) shares for Rs 47.02 crore.
Sebi bans F6 Finserve, F6 Commodities, 8 others from markets
Regulator Sebi today banned two brokers -- F6 Finserve and F6 Commodities -- and their eight former and present directors from the securities market "till further directions" in a matter related to misutilisation of funds and securities of clients. Among the eight directors are Pankaj Goel, Parveen Sharma, Meenu Goel, Sanjay Anand, Kavita Anand, Asha Sharma, Deepak Goel and Ruchika Goel. While Pankaj is the present director of F6 Finserve Pvt Ltd, the other seven are its former directors. Pankaj and Meenu are also the current directors of F6 Commodities Pvt Ltd. Also, Pankaj and Meenu are the promoters of F6 and F6 Commodities and together hold 100 per cent shareholding. The ruling has come following an inspection of F6 Finserve conducted by Sebi between August 10-30, 2017 for the period from April 1, 2015 to August 10, 2017. Besides, leading exchange NSE had carried out the inspection of F6 Finserve on two separate occasions and forwarded the observations to Sebi. "... during the ...
IL&FS Transportation Q4 net profit almost flat at Rs 106 cr
IL&FS Transportation Networks Ltd (IL&FS) today reported an almost flat standalone net profit at Rs 106.54 crore for the quarter ended March 2018. The company had clocked a standalone net profit of Rs 105.80 crore in the year-ago quarter, it said in a BSE filing. Its total income rose to Rs 1,612 crore during the quarter under review as against Rs 1,111.66 crore in the same quarter of 2016-17. The total expenses also rose to Rs 1,472.74 crore during the January-March quarter against Rs 1,070.76 crore. Shares of the company closed at Rs 55 apiece, down 0.90 per cent from the previous close on the BSE.
Nepal unveils Rs 1.31 trillion budget for FY 2018/19
The Nepal government on Tuesday unveiled the first federal budget of Rs 1.31 trillion for fiscal year 2018-19 at the Federal-Parliament.According to Nepal Finance Minister Yubaraj Khatiwada, the government aims to collect Rs 8 trillion from revenues in the upcoming fiscal year and Rs 202 billion from foreign aid, Kathmandu Post reported.Nepal's Finance Minister today presented the first federal budget of the Himalayan nation after completing the three-tier elections held simultaneously in the year of 2017.The economic growth presumed by Finance Minister is hard to meet without increasing the tax levied on the public, the experts had projected.Two days before presenting the budget for the upcoming fiscal year, the Finance Minister also stated that the budget deficit of the Himalayan Nation is expected to grow by 10.4 percent. Though Nepal unveils its budget every year, hardly 50 percent of the total allocated budget is spent over the title it is less spent and is freeze over.There is a
JPMorgan sees flat second-quarter markets revenue vs year earlier
NEW YORK (Reuters) - JPMorgan Chase & Co corporate and investment bank chief Daniel Pinto said that second-quarter markets revenue looks like it will be flat compared with a year earlier.
ITI eyeing FPO in July-August: Official
Public sector ITI Limited is targeting to come out with fresh issue of shares through a follow on public offer (FPO) between coming July and August, its Chairman and Managing Director S Gopu said today. "The Cabinet Committee on Economic Affairs was very kind enough to approve a proposal to allow us to offer 18 crore fresh issue of shares to public through FPO in domestic market. Our aim is to come out with fresh issue of shares between July and August," he told Gopu told PTI here. The government currently holds 92.59 per cent stake in ITI, he said. "We are hopeful it (FPO proceeds) will be used for very important projects like Bharat Net, Data Centres and several IoT programmes," he added. The FPO will also help ITI reduce its debt obligations and meet Sebis requirement of minimum 25 per cent public shareholding, Gopu said. FPO is a stock issue of additional shares made by a company that is already publicly listed and has gone through the initial Public Offering ...
Nifty snaps 3-day rise, down 55 points
Snapping its 3-day winning streak, the NSE Nifty slipped by 55 points to 10,633.30 due to heavy selling mainly in banking and pharma sectors. Correction in global stocks amid political turmoil in Italy and Spain and sharp fall in the rupee dented investors' sentiment. In the overseas markets, European stocks fell amid renewed fears of a Eurozone break up risk in Italy and political turmoil in Spain. Most Asian stocks ended lower as the political crisis in Italy worsened as a fresh election appeared likely in the Eurozone's third-largest economy. Back home, the 50-share NSE Nifty closed at 10,633.30, down 55.35 points, or 0.52 per cent. The index hit a high of 10,717.25 and a low of 10,616.10 during the day. It saw an intra-day movement of about 101.15 points. On the sectoral front, PSU bank fell by 2.95 per cent followed by media 1.73 per cent, bank 1.35 per cent, private bank 1.32 per cent, pharma 1.03 per cent, finance service 1.08 per cent, realty 0.98 per cent and FMCG .
Godfrey Phillips India posts Q4 net profit at Rs 43 cr
Cigarette maker Godfrey Phillips India today reported standalone net profit at Rs 43.11 crore for the fourth quarter ended March 2018. The company had reported a net profit of Rs 55.83 crore in the January-March quarter a year ago, Godfrey Phillips said in a BSE filing. Its total income from operations stood at Rs 586.27 crore during the quarter under review. It was Rs 1,349.79 crore for the corresponding period a year ago. Meanwhile, the company informed that its results were not comparable due to introduction of GST from July 1, 2017. Moreover, it had a exceptional gain in the fiscal due to sale of its packaged tea business to Goodricke Group. Godfrey Phillips' overall expenses stood at Rs 525.41 crore. For the entire 2017-18 fiscal, Godfrey Phillips had a consolidated net profit of Rs 158.81 crore. It posted a net profit of Rs 136.63 crore in 2016-17. Its total income stood at Rs 2,945.31 crore as against Rs 4,459.10 crore in 2016-17. Shares of Godfrey Phillips India today settled .
Board of ADF Foods approves change in directorate
At meeting held on 29 May 2018
Wall Street tumbles on concerns over Italy's political turmoil
(Reuters) - The S&P 500 and Dow Jones Industrial Average touched near three-week lows on Tuesday as investors switched cash into perceived safe havens of global financial markets due to a deepening political crisis in Italy.
Power Grid Q4 net up 4.6 pc at Rs 2,004 cr
State-run Power Grid Corporation today said its standalone net profit rose by 4.6 per cent at Rs 2,004.68 crore in the quarter ended March 2018 mainly on account of higher revenues. The company's standalone net profit stood at Rs 1,916.36 crore in the quarter ended March 2017, a Power Grid statement said. According to the statement, total income of the company increased to Rs 8,098.93 crore in the fourth quarter from Rs 7,049.69 crore a year ago. The company's consolidated net profit also increased to Rs 8,198.31 crore in 2017-18 as compared to Rs 7,450.73 crore in the previous financial year. Total consolidated income of the company stood at Rs 30,430.54 crore in 2017-18 from Rs 26,282.96 crore in the previous fiscal. The company's board today also recommended a final dividend of Rs 2.80 per share (of face value Rs 10 each). During the year, the company has paid an interim dividend of Rs 2.45 per share (of face value of Rs 10 each) for 2017-18. The total dividend (including interim ..
Tendulkar meets Maharashtra Governor
Cricket icon Sachin Tendulkar today called on Maharashtra Governor Ch Vidyasagar Rao at the Raj Bhawan here. It was a courtesy call by the legendary batsman, a statement from the Raj Bhawan said. Sports journalist Sunandan Lele and Chief Executive Officer of SRT Sports Management Mrinmoy Mukherjee were also present, the statement added.
Reliance Infratel withdraws petition seeking permission for asset sales
Reliance Infratel has reached an agreement with its minority shareholder HSBC Daisy Investments (Mauritius) to settle a dispute over non-payment of dues, paving the way for sale of the firm's telecom tower business to clear bank loans. Following the development, the Anil Ambani led firm today withdrew its petition from the National Company Law Appellate Tribunal (NCLAT) seeking permission to sell its tower and fibre assets. The move will allow debt ridden Reliance Communications to proceed with asset monetisation by selling tower and fibre assets of Reliance Infratel Ltd (RITL). During the proceedings of NCLAT, the counsel appearing for the RCom subsidiary informed the appellate tribunal that it has reached a settlement with HSBC Daisy Investments (Mauritius), which holds 4.26 per cent share holding in the company. "Parties have reached settlement. The moment company exits IBC process, they would sign the terms of consent," the RITL counsel said. Following this, a NCLAT bench headed ..
Money markets remove bets on ECB rate hike over next 12 months
LONDON (Reuters) - Euro zone money markets no longer expect the European Central Bank to raise interest rates in the next 12 months and have pushed rate hike expectations out to October 2019 from June 2019 as economic growth slows and Italy's political crisis worsens.
Torrent Power Q4 net up 62 pc at Rs 221 cr
Torrent Power's consolidated net profit increased by 62.57 per cent at Rs 221.25 crore in the quarter ended March 2018 on account of higher revenues. The company's consolidated net profit was Rs 136.09 crore in the quarter ended March 2017, a Torrent Power statement said. According to the statement, total consolidated income of the company rose to Rs 2,909.12 crore in March quarter from Rs 2,479.94 crore a year ago. Its consolidated net profit for 2017-18 jumped to Rs 952.12 crore as compared to Rs 429.79 crore in the previous financial year. Total income of the company stood at Rs 11,775.64 crore in 2017-18 up from Rs 10,190.98 crore in the previous fiscal. The board today approved a final dividend of Rs 5 per equity share of Rs 10 each for 2017-18. The aggregate amount of final dividend to be distributed is Rs 289.71 crore including Rs 49.40 crore as tax on profit distributed. In a separate filing to the BSE, the company has informed that all future communications should be ...
Cash logistics: Pvt security agencies' grouping flags concerns over RBI directive
The Central Association of Private Security Industry (CAPSI) has flagged concerns about a recent RBI directive regarding cash logistics business, saying that such a move could result in cartelisation in the sector. In this regard, the grouping of private security agencies has written to Prime Minister Narendra Modi and Competition Commission of India (CCI) Chairperson D K Sikri, among others. Last month, the RBI had issued a notification regarding cash in transit companies involved in replenishment services of ATMs, cash pick up and cash drop. As per the notification, such firms should have a minimum net worth of Rs 100 crore and a fleet size of 300 vehicles, among other requirements. The decision of the RBI has shaken more than 60 medium and small companies which do not fall under this criteria, therefore would have to shut their companies, CAPSI has claimed. In a letter to the Prime Minister, CAPSI Chairman Kunwar Vikram Singh also alleged that the RBI decision would facilitate only
Outcome of board meeting of Mukesh Babu Financial Services
Held on 29 May 2018
Board of Garware Polyester accepts resignation of director
At meeting held on 29 May 2018