Page 3851 - Business Finance
City Union Bank posts 18% rise in net profit at Rs 152.12 cr
Private sector lender City Union Bank has reported an 18.04 per cent rise in net profit at Rs 152.12 crore for the quarter ended March 31, 2018. The Tamil Nadu-based bank had posted net profit of Rs 128.87 crore in the corresponding period of the previous year. Total income for the quarter under review went up by 6.99 per cent to Rs 990.48 crore, as against Rs 925.75 crore reported during corresponding period of last year. Net interest income increased by 18 per cent to Rs 368 crore from Rs 311 crore in March quarter of 2016-17. Net interest margin was at 4.36 per cent in the last quarter of 2017-18. Gross NPA stood at 3.03 per cent as on March 31, 2018, as against Rs 2.83 per cent reported a year ago. Net NPA was at 1.70 per cent in the last quarter of the last fiscal compared with 1.71 per cent in the same period in 2016-17. Shares of the bank were trading Rs 181.90 apiece, down 1.17 per cent, on BSE.
Oil prices drop on expectations OPEC could boost output
SEOUL/SINGAPORE (Reuters) - Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran.
Upsurge in spot demand lifts lead futures by 0.53 pc
Lead prices went up by 0.53 per cent to Rs 169.65 per kg in futures trading today as speculators built up fresh positions, taking positive cues from the spot market on good demand from battery makers. At the Multi Commodity Exchange, lead for delivery in May month edged up by 90 paise, or 0.53 per cent to Rs 169.65 per kg in business turnover of 1,709 lots. The metal for delivery in June was trading higher by a similar margin to Rs 170.55 per kg in 241 lots. Analysts said fresh positions created by traders after pick up in demand from battery-makers in the physical markets mainly helped lead prices at futures trade.
Jeera futures rise 0.91% on pick-up in demand
Jeera prices rose by 0.91 per cent to Rs 16,025 per quintal in futures trade today as speculators created fresh positions, driven by pick-up in demand from stockists and overseas enquiries. Besides, tight stock positions following restricted arrivals from the growing regions fuelled the uptrend. At the National Commodity and Derivatives Exchange, jeera for delivery in June contract rose by Rs 145, or 0.91 per cent, to trade at Rs 16,025 per quintal, with an open interest of 4,965 lots. Likewise, the contract for July delivery was trading higher by Rs 130, or 0.81 per cent, to Rs 16,100 per quintal, with the open interest of contract at 1,896 lots. Traders said, speculative positions built up by participants amid rising domestic as well as export demand led to the rise in jeera prices.
Crude palm oil futures rise 0.46% on firm spot demand
Crude palm oil prices rose 0.46 per cent to Rs 671.60 per 10 kg in futures trade today as speculators increased positions amid a firm demand at the spot market. Besides, a firming trend in overseas markets supported the uptrend. At the Multi Commodity Exchange, crude palm oil for delivery in the current month contract rose by Rs 3.10, or 0.46 per cent, to Rs 671.60 per 10 kg in a business turnover of 156 lots. Similarly, the oil for delivery in June contract went up by Rs 1.20, or 0.18 per cent, to Rs 670 per 10 kg in 137 lots. Analysts said widening of positions by participants amid pick-up in demand at the spot market against tight stocks position on restricted supplies from producing regions kept crude palm oil prices higher in futures trade.
Bhushan Steel seeks 90 days extension to file Q4, FY18 results
Debt-ridden Bhushan Steel, which has been acquired by Tata Steel under the insolvency process, has sought 90 days extension to file its audited financial results for the quarter and year ended March 31, 2018. Tata Steel, which won the bid for Bhushan Steel Ltd (BSL), completed the acquisition of controlling stake of 72.65 per cent in the debt-laden firm last week. As per regulatory norms, the company is under obligation to submit its audited financial results for quarter and year ended March 31, 2018 within 60 days from the end of the financial year, that is by May 30,2018 "Pursuant to the approved resolution plan, the entire existing board of the company was deemed to have resigned and vacated their office with effect from 18.05.2018 and the new board has been constituted with 5 directors, and key managerial personnel have been appointed to manage the affairs of the company," Bhushan Steel said in a BSE filing. Bhushan Steel said since the new management and directors have to review .
Aluminium futures rise on firm demand
Aluminium prices advanced by 0.26 per cent to Rs 156.70 per kg in futures trading today as speculators enlarged their positions, tracking a firm trend at the spot market on soaring demand. At the Multi Commodity Exchange, aluminium for delivery in June month edged up by 40 paise, or 0.26 per cent to Rs 156.70 per kg in business turnover of 145 lots. Similarly, the metal for delivery in May contracts was trading higher by 20 paise, or 0.13 per cent to Rs 155.35 per kg in 750 lots. Analysts said widening of positions by participants on the back of surging demand from industries in the physical market mainly kept aluminium prices higher at futures trade.
PNC Infratech spurts after strong Q4 result
PNC Infratech rose 4.41% to Rs 171.65 at 11:45 IST on BSE after net profit jumped 230.53% to Rs 111.52 crore on 111.97% surge in total income to Rs 765.52 crore in Q4 March 2018 over Q4 March 2017.
Board of City Union Bank recommends bonus issue
At meeting held on 24 May 2018
Lenovo posts biggest loss since 2009, high costs overshadow revenue growth
HONG KONG (Reuters) - Chinese PC maker Lenovo Group swung to its biggest annual loss in nine years as higher component costs, an expected tax writedown and lower income from asset disposals overshadowed growth in revenue.
Refined soya oil futures slip 0.13% on weak spot cues
Refined soya oil prices slipped by 0.13 per cent to Rs 780 per 10 kg in futures trade today as speculators cut down bets, taking negative cues from spot market on subdued demand. Besides, ample stocks position on increased arrivals from producing belts, fulled the downtrend. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in June shed Re 1, or 0.13 per cent, to Rs 780 per 10 kg with an open interest of 62,300 lots. Similarly, the oil for delivery in July contracts was trading lower by 70 paise, or 0.09 per cent, at Rs 789.10 per 10 kg in 27,820 lots. Analysts said offloading of positions by participants on the back of sluggish demand in the physical market against sufficient stocks position influenced refined soya oil prices in futures trade.
Wheat futures gain 1.09% as demand picks up
Amid pick up in demand in the spot market and restricted supplies from producing belts, wheat prices traded higher by 1.09 per cent at Rs 1,860 per quintal in futures trade today as speculators raised bets. At the National Commodity and Derivatives Exchange, wheat for delivery in July rose by Rs 20, or 1.09 per cent, to Rs 1,860 per quintal with an open interest of 2,150 lots. Similarly, wheat for delivery in June contracts gained Rs 19, or 1.05 per cent, to Rs 1,837 per quintal in 7,440 lots. Analysts said expanding of positions by traders due to pick up in demand in the physical market amid a pause in arrivals from producing regions attributed to the rise in wheat prices in futures trade.
L&T Construction bags orders worth Rs 2,112 cr
Larsen & Toubro (L&T) today said L&T Construction has won orders worth Rs 2,112 crore in the domestic market. The buildings and factories business of L&T Construction has secured orders worth Rs 1,565 crore. Power transmission and distribution business has secured orders worth Rs 547 crore, the engineering and construction major said in a BSE filing. Elaborating, L&T said it has won an order from Airport Authority of India for the modernisation of Chennai Airport. "This brown field project is to be completed in two phases within stringent time lines and involves the construction of 2.1 million Sq. ft. of passenger terminal building including basement, finishing works, electro-mechanical works and airport systems," it added. It has received another order from a developer for the construction of multi-level car parking with an integrated commercial mall at Chennai airport. Under its power transmission and distribution business, the company has secured orders worth Rs
OVL FY18 net profit up 29 pc on higher oil production
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), today reported a 29 per cent jump in its net profit for the fiscal year ending March 31, 2018 as it produced more crude oil and natural gas. Consolidated net profit in 2017-18 fiscal at Rs 981 crore was 29.6 per cent higher than Rs 757 crore in the previous financial year, the company said in a statement. OVL is an unlisted company and as such is not obligated to release quarterly earning numbers. The firm, which has 41 projects in 20 countries spanning from Venezuela to New Zealand, produced 11 per cent more crude oil at 9.35 million tonnes in FY18. Natural gas output was also up 10 per cent at 4.81 billion cubic metres. "The incremental production was mainly from Vankorneft and Sakhalin-1 projects in Russia; Brazil's BC-10 project, CPO-5 block of Colombia and due to the acquisition of 4 per cent stake in the Lower Zakum Concession project in UAE during the year," the statement said. The ...
Govt hikes customs duty on wheat to 30% to curb cheaper imports
The government has raised the customs duty on wheat from 20 per cent to 30 per cent in order to curb cheaper imports and protect domestic growers. The import duty on walnut shell has also been increased from 30 per cent to 100 per cent, according to a late night notification issued by the Central Board of Excise and Customs (CBEC). The increase in import duty on wheat comes in the wake of record domestic production and fear of cheaper imports from international market, especially from Russia where the production is expected to be better this year. The government wants to restrict overseas purchase so that domestic prices of wheat do not come under pressure and farmers get at least the minimum support price (MSP) of Rs 1,735 per quintal fixed for the 2017-18 crop year (July-June), industry experts said. Farmers have almost harvested the 2017-18 wheat crop and the government has procured about 33.3 million tonnes so far at the support price, as per the official data. The government, ...
IT shares in demand
Key indices extended intraday gains and hit fresh intraday high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 177.83 points or 0.52% at 34,522.74. The Nifty 50 index was up 40.50 points or 0.39% at 10,470.85. Gains were triggered by bargain hunting following a steep sell off in the previous session. IT and FMCG shares rose.
India moves a notch higher to 44th rank in IMD's competitiveness rankings
India has moved one notch higher, to the 44th place in terms of competitiveness, in the annual rankings compiled by International Institute for Management Development (IMD) which placed the US in the top slot. The US became the most competitive economy globally driven by its strength in economic performance and infrastructure, followed by Hong Kong and Singapore in the second and third place, respectively. The Netherlands and Switzerland were the other two nations in the top five slots. This year, though India has moved up to 44th position worldwide, up one rank from last year, it is ranked the 12th most competitive economy out of the 14 Asian countries on the list. Regarding India, the report said, "some of the challenges which India has to face for the year 2018 would be skilling of manpower and employment generation, streamlining the implementation of goods and services tax and balancing high growth with sustainable development goals". The report further noted that "digital ...
Australia's central bank chief warns over China debt risk
Australia's central bank chief has warned China's mounting debt poses a grave economic threat, with broadening trade ties between the two countries exposing more industries to the risk. Total debt has ballooned in China from 100 percent of gross domestic product (GDP) in the late 1990s to about 260 percent, with authorities seeking to boost credit and stimulate the economy since exports slowed during the global financial crisis. China is Australia's largest trading partner, accounting for close to a third of its exports and about one fifth of imports, and Reserve Bank of Australia chief Philip Lowe is worried. "Among the largest economic risks that Australia faces is something going wrong in China," he said during a speech in Sydney on Wednesday evening. "And perhaps the single biggest risk to the Chinese economy at the moment lies in the financial sector and the big run-up in debt there over the past decade." Lowe stressed that economic ties with China run much deeper today than ...
Aryzta further cuts full-year EBITDA guidance
(Reuters) - Swiss food company Aryzta further cut its full-year guidance for earnings before interest, tax, depreciation and amortisation (EBITDA) after saying EBITDA margins in the third quarter fell below management expectations.
Indonesia ride app Go-Jek to add 4 Southeast Asian nations
Indonesian ride-hailing app Go-Jek will expand into Thailand, Vietnam, Singapore and the Philippines in the next few months, it said today, stepping up competition with rival Grab for Southeast Asian customers. Go-Jek, which currently only operates in Indonesia, said Thursday it will spend $500 million on the regional expansion. It's potentially good news for consumers in Southeast Asia after competition between ride-hailing apps lessened with Uber's agreement in March to sell its failing business in the region to Singapore-based Grab. Go-Jek, which got a cash injection from investors including Google and Tencent earlier this year, said its overseas businesses will initially focus on ride hailing but eventually expand to other services such as food delivery. It said it wants to replicate the dominance it has achieved in Indonesia, Southeast Asia's most populous nation and biggest economy. Both apps are trying to extract more revenue from their ride-hailing customers by transforming ...