Page 3847 - Business Finance
Xiaomi rolls out 'Mi Credit' for instant loans in India
Chinese handset maker Xiaomi on Thursday launched "Mi Credit" -- its new service that acts as a platform for users to initiate instant financial lending in India.
Minda Corporation raises Rs 310 cr via QIP
Auto component maker Minda Corporation today said it has raised Rs 310 crore from qualified institutional placement (QIP) of shares. International and domestic institutional investors participated in the issue, Minda Corporation said in a statement. "This helps us prepare for aggressively pursuing future growth and also expanding our shareholder base," Minda Corporation Chairman and Group CEO Ashok Minda said. Minda Corporation has a diversified product portfolio that encompasses safety, security and restraint systems; driver information and telematics systems and interior systems for auto OEMs. The company has 34 manufacturing facilities across India, South-East Asia, Europe and North America. Shares of the company today ended 3.69 per cent up at Rs 181.45 apiece on the BSE.
Sensex zooms 318 pts; Nifty tops 10,500-mark
The BSE Sensex rebounded over 318 points today on robust buying in IT, banking, metal and pharma stocks amid mixed global cues. This is the benchmark's biggest single session gain since April 5, when its had surged by 577.73 points. Unabated buying by domestic institutional investors (DIIs) contributed to the uptrend. The BSE Sensex stayed in the positive terrain throughout the session and hit a high of 34,741.46 intra-day, before finishing at 34,663.11 -- showing a sharp rise of 318.20 points, or 0.93 per cent. The gauge had lost 306.33 points in yesterday's trade. The broader NSE Nifty scaled a high of 10,535.15 before closing at 10,513.85, up 83.50 points, or 0.80 per cent. Technology stocks rallied, with the IT index up 2.45 per cent as TCS, Infosys, Wipro and HCL Technologies spurted following favourable rupee movement. Pharma, banking, financials and metals stocks also lent support to the market. Meanwhile, domestic institutional investors bought shares worth a net Rs 789.78 ...
V-Mart Q4 net profit more than doubles to Rs 15.91 cr
Multi-brand retail chain V-Mart's net profit more than doubled to Rs 15.91 crore for the quarter ended March 2018. The company had posted a net profit of Rs 6.44 crore during the January-March quarter of the previous fiscal. V-Mart's total income during the quarter under review stood at Rs 298.58 crore. It was at Rs 253.17 crore during the same period of the last fiscal, the company said in a BSE filing. For the full 2017-18 fiscal, V-Mart reported a net profit of Rs 77.70 crore as against Rs 43.90 crore in the preceding fiscal. Its total income in the financial year ended March 2018 stood at Rs 1,226.51 crore compared with Rs 1,005.86 crore in 2016-17. The company's board recommended a final dividend of Rs 1.80 per equity share for the year ended March 31, 2018. Shares V-Mart settled 2.22 per cent higher at Rs 2,315 apiece on the BSE today.
Meratask in talks with venture capital players to raise funds for biz expansion
Meratask, micro logistics delivery platform in Delhi-NCR region, today said it has initiated talks with venture capital players to raise funds for its business expansion to other cities. Founded by two Delhi-based entrepreneurs, Meratask allows users to delegate tasks for same day pick and drop related services with the help of a GPS tracker in a smartphone application. The app, which was launched in early 2016, has more than 13,000 users currently, while the company aims to increase its user base and help solve a common problem of pick and drop delivery services within the same city, , Meratask said in a statement. "Meratask is looking for a Series A Funding' for its expansion to other cities," the company said adding it has initiated talks with venture capital players to raise the required funds. "We are looking to expand our presence in 10 more cities including Mumbai, Bengaluru, Chennai, Hyderabad, Pune and others by 2018. This expansion and funds utilisation will include ...
City Union Bank Jan-Mar net up 18% at Rs 152 cr
City Union Bank today reported a rise of 18 per cent in its net profit at Rs 152.12 crore in last quarter ended March of 2017-18. The bank had clocked a profit of Rs 128.88 crore in the corresponding January-March period of 2016-17. During the March quarter, total income of the bank increased to Rs 990.49 crore from Rs 925.75 crore in the year ago period, it said in a regulatory filing. Net interest income grew by 18 per cent at Rs 367.94 crore during the quarter. Net interest margin stood at 4.36 per cent in January-March. The bank said it witnessed a robust growth in advances and CASA deposits. The board of directors has recommended for 2017-18, a dividend of 30 per cent (30 paise) per equity share, it said. For full year 2017-18, the bank registered an increase of 17.7 per cent in its net profit at Rs 592 crore against Rs 502.77 crore in the previous fiscal ended March 2017. Total income during the year rose to Rs 3,934.52 crore from Rs 3,657.73 crore in preceding fiscal. On the ...
City Union Bank clocks 4qtr net at Rs 152.12 Cr upby 18%
Private sector City Union Bank has clocked a 18.04 per cent rise in the net profits for the fourth quarter ending March 31, 2018 to Rs 152.12 crore, owing to increase in overall business levels, a top bank official said here today. The Kumbakonam-based bank had posted net profits at Rs 128.87 crore during corresponding period of last year. For the financial year ending March 31, 2018, net profits of the bank increased by 17.75 per cent to Rs 592 crore from Rs 502.77 crore registered during same period of last year. Declaring the financial results, bank's Managing Director and CEO, N Kamakodi said, "basically the growth in the net profits is supported by the overall business. That is the main contribution (to increase in net profits)." Total income for the quarter ending March 31, 2018 went up by 6.99 per cent to Rs 990.48 crore, as against Rs 925.75 crore reported during same period of last year. Total income for the financial year ending March 31, 2018 grew up to Rs ...
Netherlands 'crucial' partner for India's development, says PM Modi
Issues, including strengthening Indo-Netherlands cooperation in technology and innovation, were discussed in the Chief Executive Officers (CEO) Roundtable meeting held at the Hyderabad House on Thursday.Indian and Netherlands Prime Minister Narendra Modi and Mark Rutte, respectively, attended the CEO's conference where the two leaders discussed issues crucial for India's development.Ministry of External Affairs spokesperson Raveesh Kumar informed that the CEOs' of two countries explored avenues to cooperate in agriculture and food-processing sectors."Ready for business! PM @narendramodi & Netherlands PM Mark Rutte participated at the CEOs Round Table. Explored strengthening cooperation in sectors like agriculture & food processing, horticulture, water management, logistics, life sciences & health, among other areas" Kumar tweeted.He further said the focus of the meeting was to develop technology and innovation sectors which are crucial for the growth of Indian business ...
Tirupur knitwear exporters seek steps to boost industry
Tirupur Exporters' Association (TEA) today thanked Tamil Nadu Chief Minister K Palaniswami for making a representation to Prime Minister Narendra Modi requesting him to address a few important issues affecting the textile industry. In a press release, TEA president Raja M Shanmugham said the representation touched on issues concerning the Tirupur knitwear export sector and making the industry sustainable in the global market. Thanking the chief minister for considering the representation from TEA, Shanmugham said the knitwear sector had seen a decline in competitiveness by about 10 per cent due to customs duty-free status enjoyed by the competing countries like Bangladesh, Sri Lanka and Ethiopia. Other issues like decrease of Rebate on State Levies (ROSL) from 3.5 per cent to 1.7 per cent and duty drawback rate from 7.7 to two per cent and ROSL pending claims have been included in the representation, he added. Also, he said the government could take steps to unveil a ...
Malaysian minister confirms c.bank, Khazanah funds used for 1MDB payments
KUALA LUMPUR (Reuters) - Malaysia's finance minister on Thursday confirmed reports that funds from deals with the central bank and sovereign wealth fund Khazanah were used by the previous government to meet some liabilities of troubled state fund 1Malaysia Development Berhad (1MDB).
China plans to cut import tariffs on some consumer goods from July 1: Bloomberg
BEIJING (Reuters) - China plans to cut import tariffs on some consumer products ranging from food and cosmetics as early as July 1, Bloomberg reported on Thursday, citing unidentified sources.
Embassy enters into mid-income housing; partners Amazon for home automation
Realty firm Embassy group today announced entry into mid-income housing and will invest about Rs 300 core over the next four years on a residential project in the city. The company has tied up with Amazon India to develop 826 smart homes in the 12-acre project, Embassy group CMD Jitu Virwani told reporters here. "We are known for luxury homes. Now we want to make our brand accessible to everyone," he said. These smart homes would come pre-installed with an Amazon Echo device in a price range of Rs 36-81 lakh, Virwani said. Elaborating on the project, Embassy group Sr Vice President (Residential Business) Reeza Sebastian said the project 'Embassy Edge' is part of 288-acre township Embassy Springs located near airport in North Bengaluru. This is the first time in recent years that the company is launching flats for below Rs 1 crore here, she said. The construction work will start soon and the project will be completed in the next four years, Sebastian said. Amazon India country manager .
GAIL India fourth-quarter profit surges nearly four-fold, misses estimates
(Reuters) - State-owned gas utility GAIL (India) Ltd's fourth-quarter profit surged nearly four-fold, but missed analysts' expectations.
Oil pinned below $80 a barrel as chances rise of OPEC raising output
LONDON (Reuters) - Oil fell on Thursday, driven lower by the prospect of the first increase in OPEC output since 2016 in the face of concern over supply from both Venezuela and Iran, while a surprise rise in U.S. crude inventories raised doubt over seasonal demand.
China, Pakistan extend currency swap deal
The People's Bank of China, the country's central bank, on Thursday extended a currency swap agreement with the State Bank of Pakistan.
After 1,460 days of Modi rule, 'achhe din' yet to come, feel experts (4th anniversary of BJP-led government)
There's only one year more to go for the BJP-led regime before another test at the hustings. But is the country any nearer to Prime Minister Narendra Modi's promised 'acche din' (good days)?
GE T&D India Ltd leads losers in 'A' group
Jet Airways (India) Ltd, Tata Motors Ltd, Adani Power Ltd and Dalmia Bharat Ltd are among the other losers in the BSE's 'A' group today, 24 May 2018.
Ikea ties up with UrbanClap for its soon-to-open outlet in
: UrbanClap, a mobile-based services marketplace today said it has been engaged as the furniture assembly service partner for Ikea in Hyderabad. According to a press release issued by UrbanClap, the world's largest furniture retailer will open its first store of about 400,000 square feet property in the city this summer. As part of this collaboration, consumers purchasing a select range of IKEA furniture from the store will be able to book furniture assembly services via the UrbanClap app or the website. Ikea will contribute in the training of the carpenters on UrbanClap's platform, thereby, skilling them to become professional IKEA assemblers, it said. UrbanClap co-founder, Varun Khaitan said Ikea's belief in UrbanClap as a partner is a source of pride, and a boost to India's entire start-up ecosystem. The partnership is a result of the mutual objective of the two brands to keep customer experience and efficiency at the centre of everything, he added. "We look forward to
Volkswagen rejects 'protectionism' after US car tariff threat
Car behemoth Volkswagen warned today against "one-sided protectionism" after the United States said it was considering new taxes on auto imports in the name of national security. "One-sided protectionism has never helped anyone in the long term. Only free and fair trade secures increased prosperity," a spokesman for the group based in Wolfsburg, Germany told AFP. American Commerce Secretary Wilbur Ross announced Wednesday he had initiated a so-called Section 232 investigation on auto trade -- which would provide the legal basis to impose tariffs, if his department finds imports threaten US national security -- after speaking with President Donald Trump on the matter. "Core industries such as automobiles and automotive parts are critical to our strength as a nation," Trump said in his own statement. Volkswagen responded that "working together as partners is the basis for prosperity, employment and growth among all involved." Cars are a keystone industry in Germany, Europe's largest ...
ONGC tumbles over 11 pc on worries over windfall oil tax
Oil stocks tumbled up to 11 per cent today following reports that the government may levy a windfall tax on oil producers like ONGC as part of a permanent solution it is working on for moderating the spiralling retail prices of petrol and diesel. Shares of Oil & Natural Gas Corporation tanked 11.44 per cent to Rs 155.45 on the BSE. Oil India Ltd tumbled 11.23 per cent to Rs 204.65. The tax, which may come in form of a cess, will kick in the moment oil prices cross USD 70 per barrel, sources privy to the development said. Under the scheme, oil producers, who get paid international rates for the oil they produce from domestic fields, would have to part with any revenue they earn from prices crossing USD 70 per barrel mark. Petrol and diesel prices were raised for the 11th day in succession today as the state-owned oil firms gradually passed on to the consumer the increased cost of international oil that had accumulated since a 19-day freeze was imposed just before Karnataka ...