Page 378 - Business Finance
Companies bracing for China's retaliation in tariffs dispute
Companies were bracing Monday for how Beijing might retaliate against President Donald Trump's escalation of a fight over technology and trade that threatens to disrupt a Chinese economic recovery. Regulators have threatened "necessary countermeasures" for Trump's tariff hikes Friday on USD 200 billion of Chinese imports. But three days later, in a break with previous tit-for-tat penalties that were imposed immediately, Beijing had yet to announce what it might do. A foreign ministry spokesman said Monday that he had no details about Chinese plans or high-level contacts since negotiations ended Friday without a deal. "We are determined and capable of safeguarding our legitimate rights and interests," said the spokesman, Geng Shuang. "We hope the United States will meet China halfway to address each other's legitimate concerns." China is running out of U.S. imports it could penalize due to the lopsided U.S.-Chinese trade balance. Regulators have been targeting American companies in ...
Soybean prices fall on weak spot demand
Soybean prices fell by Rs 4, to Rs 3,804 per quintal in futures trade Monday after participants cut down their bets tracking negative cues from the physical market. Besides, muted demand for soybean attributed the fall in prices, marketmen said. Soyabean for August contracts fell by Rs 4, or 0.11 per cent, to Rs 3,804 per quintal clocking an open interest of 3,060 lots. At the National Commodity and Derivatives Exchange, soybean for October contracts eased by Rs 74, or 2.1 per cent, to Rs 3,370 per quintal having an open interest of 270 lots.
Refined soya oil futures gain 0.66% on spot demand
Refined soya oil prices were up 0.66 per cent to Rs 732.8 in futures market Monday as speculators created fresh bets, taking positive cues from spot market on pick-up in demand. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in June contracts rose by Rs 4.8, or 0.66 per cent, to Rs 732.8 with an open interest of 3,5240 lots. Likewise, the oil for delivery in July contracts was up by Rs 3.85, or 0.54 per cent, to Rs 722.4 per 10 kg in 27,930 lots. Analysts said fresh positions built up by traders due to pick-up in demand in the physical market against restricted supplies from producing belts mainly influenced refined soya oil prices.
Guar seed futures rise by Rs 68.5 per 10 quintal
Guar seed prices rose by Rs 68.5 to Rs 4,515 per 10 quintal in futures trade Monday as traders widened their bets. Raising of bets by speculators, tracking a firm trend at the spot markets on thin supplies from growing belts amid sturdy demand, led to the rise in prices, marketmen said. At the National Commodity and Derivatives Exchange, guar seed contracts for June spurted by Rs 68.5, or 1.14 per cent, to Rs 4,515 per 10 quintal with an open interest of 1,13,050 lots. Similarly, the July contracts hardened by Rs 75.5, or 1.68 per cent, to Rs 4,580 per 10 quintal in an open interest of 6,300 lots.
ICICI-Videocon loan case: Chanda Kochhar, husband appear before ED
Former ICICI Bank CEO Chanda Kochhar and her husband Deepak Kochhar appeared before the Enforcement Directorate (ED) on Monday in connection with an alleged bank loan fraud and money laundering case registered against them. The couple arrived at the Enforcement Directorate's headquarters in Khan Market here shortly before their scheduled appearance time of 11 am, official sources said. They said the two were required to assist the investigating officer (IO) in taking the probe forward and their statement would be recorded under the Prevention of Money Laundering Act (PMLA). The Kochhars were supposed to depose before the agency early this month but they had then sought an extension of time and were allowed, they said. Chanda Kochhar's brother-in-law (Deepak's brother) Rajiv Kochhar has also been grilled by the ED multiple times in the case a few days ago here. Rajiv Kochhar has been questioned by the CBI in the same case in the past as well. He is the founder of Singapore-based Avista
Inox Leisure Q4 profit falls 16.65 pc at Rs 48.08 crore
Multiplex operator Inox Leisure Monday reported a 16.65 per cent fall in consolidated profit at Rs 48.08 crore for the quarter ended March 31, 2019. The company had posted a profit of Rs 57.69 crore in the same period a year ago. Total income stood at Rs 484.09 crore, up 46.76 per cent from Rs 329.85 crore in the year-ago quarter, Inox Leisure said in a regulatory filing. Total expenses during the quarter under review were at Rs 410.93 crore, up 32.29 per cent, as against Rs 310.61 crore reported in the last quarter of 2017-18. For the entire 2018-19, Inox Leisure posted a profit of Rs 133.49 crore, as against Rs 114.63 crore in the previous year. Its total income was at Rs 1,707.1 crore as compared to Rs 1,362.58 crore in 2017-18. Shares of Inox Leisure were trading 0.55 per cent lower at Rs 305.65 apiece on BSE.
Pennar Group bags orders worth Rs 311 crore
For Immediate Release
Dhanlaxmi Bank change in directorate
On 10 May 2019
Coriander futures rise 1.29 pc on spot demand
Coriander prices rose by 1.29 per cent to Rs 7,359 per quintal in futures market Monday as participants built up fresh positions amid rising spot demand. Besides, tight stocks on account of restricted arrivals from major growing regions boosted coriander futures. At the National Commodity and Derivatives Exchange, coriander for June contracts edged higher by Rs 94, or 1.29 per cent, to Rs 7,359 per quintal with an open interest of 29,470 lots. Market analysts attributed the rise in coriander futures to upsurge in demand in the physical market against tight stocks position. On similar lines, the delivery for July contracts was trading higher by Rs 104, or 1.41 per cent, to Rs 7,473 per quintal with an open interest of 4,350 lots.
April passenger cars sales down 20%
Passenger cars' sales declined 19.93 per cent in April as low demand along with high interest cost continued to dent purchases.
Castor seed prices up on firm demand
Castor seed prices rose by Rs 110 to Rs 5,928 per quintal in futures trade Monday after investors widened their bets amid firm trend at the physical market. Marketmen said apart from rising demand from consuming industries, short position of stocks in the spot market mainly led to the rise in castor seed futures. At the National Commodity and Derivatives Exchange, castor seed for most-active June contracts was trading higher by Rs 110, or 1.89 per cent, to Rs 5,928 per quintal, clocking an open interest of 243,575 lots. Castor seed for July contracts rose by Rs 114, or 1.93 per cent, to Rs 6,020 per quintal, having an open interest of 34,545 lots.
Poly Medicure Q4 net profit declines 6.81 pc to Rs 21.48 cr
Medical devices maker Poly Medicure Monday reported a 6.81 per cent fall in its standalone net profit at Rs 21.48 crore for the quarter ended March 31, 2019. The company had posted a net profit of Rs 23.05 crore for the corresponding period of the previous fiscal, Poly Medicure said in a filing to BSE. The standalone total income of the company for the quarter under consideration stood at Rs 164.52 crore. It was Rs 145.02 crore for the same period a year ago. The company posted a net profit of Rs 66.28 crore for the fiscal year ended March this year as against Rs 70.19 crore for the previous fiscal year. For the fiscal year ended March 2019, the total income of the company stood at Rs 602.53 crore. It was Rs 524.06 crore for the year ago fiscal. The company said its board has recommended a dividend of Rs 2 per share on equity shares of Rs 5 each for the financial year ended March 31, 2019. Shares of Poly Medicure were trading at Rs 200 per scrip on BSE, up 0.88 per cent from their ...
Maruti opens 300th commercial vehicle retail outlet
In a move to focus on its commercial vehicles segment, automobile major Maruti Suzuki India on Monday said that it has opened its 300th "Commercial" retail outlet in the country.
Sugar exports surge to 21.29 lakh tonnes so far this marketing year
The country's sugar exports surged to 21.29 lakh tonne so far in the current marketing year ending September, as against about five lakh tonnes shipped in the entire 2017-18, industry data showed Monday. Out of the 21.29 lakh tonnes exported between October 1 and April 6, raw sugar accounted for 9.76 lakh tonnes, the All India Sugar Trade Association (AISTA) said in a statement. Another 7.24 lakh tonnes of sugar is in the export pipeline, it added. "Total sugar export contract so far is around 30 lakh tonnes, out of which 28.53 lakh tonnes has been dispatched from mills," AISTA CEO R P Bhagria told PTI. India had exported around five lakh tonnes of the sweetener in the last marketing year amid lower prices in the global markets, which made Indian shipments uncompetitive. Bangladesh, Sri Lanka, Somalia, Afghanistan and Iran are the major export destinations, AISTA added. The Centre has asked mills to export 50 lakh tonnes of sugar in 2018-19 marketing year (October-September) to ...
Nickel futures fall 0.49 pc on low demand
Nickel prices drifted lower by 0.49 per cent to Rs 834.30 per kg in futures trading Monday as speculators trimmed their positions amid muted spot demand. On the Multi Commodity Exchange, nickel for delivery in May declined by Rs 4.10, or 0.49 per cent, to Rs 834.30 per kg in a business turnover of 13,651 lots. Similarly, the metal for delivery in June traded lower by Rs 2.90, or 0.33 per cent, at Rs 865 per kg in 471 lots. Low demand from alloy-makers in spot markets and profit-booking by speculators weighed on nickel prices here, analysts said.
April passenger cars sales in India down 20%
Passenger cars sales declined 19.93 per cent in April as low demand, along with high interest costs, continued to dent sale figures.
Aluminium futures shed on weak cues, low demand
Aluminium prices eased 0.04 per cent to Rs 147.15 per kg in futures trade Monday as speculators were engaged in reducing their positions, tracking a weak trend overseas. Besides, fading demand from consuming industries at the domestic spot market fuelled the downtrend. On the Multi Commodity Exchange, aluminium for May contracts declined 15 paise, or 0.04 per cent, to Rs 147.15 per kg in a business turnover of 1,464 lots. However, the metal for June contracts was trading up by 25 paise, or 0.17 per cent, to Rs 148 per kg in 677 lots.
India's rising oil demand to support investments in refineries, upstream production: Moody's
India's rising oil consumption will support its investments in refining capacity additions and upstream production, but imports will keep growing amid stagnant production, Moody's Investors Service said Monday. The country's dependence on imported crude oil to meet its needs has risen to 83.7 per cent in 2018-19 fiscal year from 82.9 per cent in 2017-18. Import dependence was 80.6 per cent in 2015-16. In a report on regulatory and security policies in emerging markets, Moody's said all petroleum products in India are now sold at prices linked to international or regional market rates, which has opened up the fuel retail market. But national oil companies - Indian Oil Corp (IOC), Hindustan Petroleum Corp Ltd (HPCL) and Bharat Petroleum Corp Ltd (BPCL) continue to enjoy over 90 per cent market share in petroleum product distribution, it said. The three oil refining and marketing national oil companies (NOCs) control 57,944 petrol pumps out of a total of 64,624 petrol pumps in the ...
HDFC reports Q4 FY19 net profit at Rs 2,862 crore
Housing Development Finance Corporation (HDFC) on Monday reported the fourth quarter 2018-19 net profit of Rs 2,862 crore on a revenue of Rs 11,580 crore.In the corresponding period of the previous year, the net profit was Rs 2,257 crore while the revenue totalled Rs 9,317 crore.However, for the entire fiscal year 2018-19, the net profit declined to Rs 9,632 crore from Rs 10,959 crore in the previous year, though the revenue moved up to Rs 43,348 crore from Rs 40,689 crore.Total expenses including finance cost, provision for impairment on financial instruments, employee benefit expenses increased to Rs 30,259 crore in FY 19 from Rs 27,518 crore in FY 18, said the housing finance company in a statement.The board has recommended a final dividend of Rs 17.50 per share.
Tata Motors global wholesale down 22 pc in April
Tata Motors Monday reported 22 per cent decline in group global wholesales, including that of Jaguar Land Rover (JLR), at 79,923 units in April 2019. Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in April 2019 were at 31,726 units, lower 20 per cent year-on-year, the company said in a regulatory filing. The company further said its global wholesales of all passenger vehicles last month were at 48,197 units, down 23 per cent from the year-ago month. For JLR, global wholesales were at 35,451 units. Jaguar wholesales for the month were 13,301 units and those of Land Rover for the month were 22,150 units, it added.