Page 3865 - Business Finance
Small banks trump Wall Street on Dodd Frank rewrite
WASHINGTON (Reuters) - Congress on Tuesday rolled back some of the restraints imposed on banks after the 2007-2009 global financial crisis, but big players like Goldman Sachs, Morgan Stanley and JPMorgan Chase, will not be breaking out the champagne.
Lowe's misses estimates as long winter hits spring demand
(Reuters) - U.S. home improvement retailer Lowe's Companies Inc missed analysts' forecasts for quarterly same-store sales on Wednesday as cold weather in some U.S. states led to a slower-than-expected start to the spring season.
Analysis: Coming back to life - Dollar surge raises hopes for volatile FX
LONDON (Reuters) - The U.S. dollar's unexpected surge over the past month is encouraging currency traders to pray for a return of lucrative but long-dormant price volatility on the main foreign exchanges, although early signs on that are strangely subdued.
Long-termpolicies needed to attractinvestments in battery
Lack of clear long-term policies, low mineral reserves and absence of major electric vehicle battery producers have become deterrentto attract investments in battery storage sector in India, according to a report by EY and Assocham. The report also suggested that in order toachieve significant electrification and automobiles by 2030 and beyond, India needs a robust andcompetitive battery manufacturing supply chain. "As per a report by NITI Aayog and Rocky Mountain Institute, India would require to set up a minimum of 20 Gigafactories to produce batteries at an investment of US$100 billion for meeting India's EV targets," it said. However, lack of clear long-term policies, technology uncertainty, low mineral reserves and absence of major EV battery producers are preventing investments in battery storage technologies in India, the report added. Two-wheelers is the largest segment of the Indian automotive industry representing 80 per cent of country's automotive sales in ..
Sensex skids 306 pts; Nifty ends below 10,500
Benchmark Sensex tumbled 306 points to end at an over one-month low of 34,344.91 today on widespread selling, led by energy and metal stocks. State-owned oil companies such as HPCL, BPCL, IOC, ONGC and OIL plunged on worries that the government may ask them to share the burden of higher petrol and diesel prices. The 30-share BSE index opened higher at 34,656.63 and advanced to 34,668.47 in early trade. However, it slipped into the negative zone to touch a low of 34,302.89, before finally ending at 34,344.91 -- showing a loss of 306.33 points, or 0.88 per cent. This is its weakest closing since April 19, when the gauge had finished at 34,427.29. Likewise, the 50-stock NSE barometer Nifty finished below the crucial 10,500 mark at 10,430.35, down 106.35 points, or 1.01 per cent. Intra-day, it shuttled between 10,417.80 and 10,533.55. Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,651.63 crore, while domestic institutional investors (DIIs) bought equities to ...
Hyatt brings its new brand 'Hyatt Centric' to India
Hyatt Hotels Corporation today announced the entry of its seventh brand 'Hyatt Centric' in India with a property in Bengaluru. Hyatt Hotels Corporation said it has re-branded Hyatt Bangalore MG Road to the Hyatt Centric, marking the brand's first hotel in India and twenty-third property worldwide. "Located in prime destinations across world-class cities like New York, Miami, Madrid, Tokyo and Chicago, the Hyatt Centric brand is designed to enable exploration and discovery, and targets millennial-minded travellers who want to be in the middle of the action," the company said in a statement. "The launch of a Hyatt Centric hotel in India strengthens Hyatt's portfolio in the country and highlights our commitment to offering the authentic experiences guests want," Sunjae Sharma, Hyatt's vice president of operations, India said. Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 14 premier brands. As of March 31, 2018, the ...
Cong questions fuel price hike, to protest in Mumbai tomorrow
Targeting the Narendra Modi-led government at the Centre over the fuel price hike, opposition Congress today sought to know why the petrol-diesel rates have gone up despite a fall in international crude oil prices. The party said it would hold a protest in the city tomorrow over the rising fuel prices. "In April 2014, during the Congress-led UPA rule, crude prices were USD 110 per barrel. Yet, petrol was Rs 80 and diesel Rs 63 per litre then," senior Congress leader Radhakrishna Vikhe Patil said. "The common man has only one question today- when the crude prices are USD 70 per barrel, why is it that petrol prices are Rs 85 per litre and diesel Rs 73 here now?" the Leader of Opposition in Maharashtra Legislative Assembly said. Mumbai Congress president Sanjay Nirupam said the residents of the city are paying the highest in the country for petrol and diesel. "We will hold a protest in the city tomorrow against the fuel price hike," he said.
TCS expands operations in Florida as part of Transamerica deal
India's largest IT services firm TCS today said it has expanded operations in Florida, US, with over 430 employees joining the company as part of its deal with Transamerica. In January, Tata Consultancy Services (TCS) had signed an over USD 2 billion deal with Transamerica to administer the latter's life insurance, annuity, supplemental health insurance, and workplace voluntary benefits products. It covered managing administration of more than 10 million policies. More than 430 former Transamerica employees now work for TCS at this new St Petersburg facility (in Florida) as part of recruiting and investing in more than 2,200 Transamerica jobs across the US in multiple locations, the Indian software services giant said in a statement. "TCS will occupy several floors of Transamerica's building at 570 Carillon Parkway in St Petersburg, as part of a multi-year agreement with Transamerica... The St Petersburg office is a new US business centre for TCS, adding to the over 1,000 employees ...
GST on fuel price not possible until all state FMs agree: MoS Finance
With prices of petrol and diesel soaring high, Minister of State (MoS) for Finance Shiv Pratap Shukla on Wednesday suggested that imposing Goods and Services Tax (GST) on fuel price will not be possible until and unless all state finance ministers agree."Crude is imported. Foreign companies are raising price. Petroleum Minister has said petrol and diesel should be brought under GST. Point is, it can't be brought before the Council until and unless all state finance ministers agree," Shukla told ANI here.Shukla further assured that Prime Minister Narendra Modi is looking into the matter seriously.Earlier in the day, former Union Finance Minister P. Chidambaram claimed that the rates can be reduced by Rs. 25 per litre, but the government is not doing so."It is possible to cut up to Rs 25 per litre, but the government will not. They will cheat the people by cutting price by Re 1 or Rs 2 per litre of petrol," he said in a tweet.Petrol prices rose by 30 paisa in most metropolitans earlier .
Breadth turns negative
The main indices hit fresh intraday low in mid-afternoon trade as selling pressure intensified, triggered by weak global cues. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 158.17 points or 0.46% at 34,493.07. The Nifty 50 index was down 68 points or 0.65% at 10,468.70. Global stocks fell as investors continued to assess potential trade tensions, the possible cancellation of a June summit with North Korea and a fall in commodity prices.
Dhanlaxmi Bank reports Q4 net loss of Rs 17 cr
Private sector Dhanlaxmi Bank today reported a net loss of Rs 17 crore in the quarter ended March of 2017-18 due to higher provisioning for bad assets. The bank had made a net profit of Rs 8.81 crore in the corresponding period of 2016-17. However, the bank trimmed its losses when compared with (-) Rs 21.74 crore in the third quarter ended December 2017. Bank's provisions and contingencies were raised to Rs 80.12 crore during the quarter, up by 170 per cent from Rs 29.65 crore parked aside in the same period of year-ago period, the bank said in regulatory filings. Total income of the bank also fell in January-March quarter of 2017-18 to Rs 276.14 crore against Rs 296.34 crore in the same period a year ago. On asset front, the gross bad loans or non-performing assets (NPAs) rose to 7.35 per cent of gross advances by end of March 2018 against 4.78 per cent at the end of March 2017. Net NPAs also increased to 3.19 per cent from 2.58 per cent. In absolute terms, gross NPAs stood at Rs ...
Minda Inds jumps after strong result, liberal bonus
Minda Industries surged 13.97% to Rs 1,284 at 15:12 IST on BSE after consolidated net profit jumped 122.46% to Rs 139.95 crore on 61.49% rise in total income to Rs 1453.38 crore in Q4 March 2018 over Q4 March 2017.
Market tumbles on negative global signals
The market declined sharply due to negative global cues. The barometer index, the S&P BSE Sensex, fell 306.33 points or 0.88% to 34,344.91, as per the provisional closing data. The Nifty 50 index fell 106.35 points or 1.01% to 10,430.35, as per the provisional closing data. Global stocks fell as investors continued to assess potential trade tensions, the possible cancellation of a June summit with North Korea and a fall in commodity prices.
India to ensure state banks meet minimum capital requirements: government official
MUMBAI (Reuters) - India will ensure that all its state-run lenders meet their minimum capital requirements as mandated by the country's central bank, a top government official said on Wednesday.
Fortis investors vote out fourth director after divisive investment decision
(Reuters) - Shareholders in India's cash-strapped Fortis Healthcare Ltd voted out a fourth director, the hospital operator said on Wednesday, amid displeasure over the board's handling of offers of investment.
CESC posts 1% fall in net profit at Rs 292 cr in March quarter
CESC today reported one per cent dip in its standalone net profit at Rs 292 crore in the quarter ended on March 31, 2018, compared with a year-ago period. The company's standalone net profit was Rs 295 crore in the quarter ended on March 31, 2017, a BSE filing said. The company's standalone total income was Rs 1,843 crore in the quarter up from Rs 1,631 crore year ago, it said in a statement. The company's standalone net profit was Rs 871 crore in 2017-18 up from Rs 863 crore in the previous fiscal. The company's consolidated net profit was Rs 1,155 crore in 2017-18 up from Rs 810 crore in the previous financial year. Besides approving financial results, the board has appointed Debasish Banerjee as Managing Director (Distribution) and Rabi Chowdhury as Managing Director (Generation) of the Company each for a period of five years with effect from May 28, 2018, in its meeting held today. Both have been appointed by the board as additional directors of the company from the said date. The
NITI Aayog and ABB India partner to make India AI ready
NITI Aayog will work with ABB to prepare key sectors of the economy, such as the power and water utilities sector, industries like food as well as the heavy industries sector; and the transport (rail and metro) and infrastructure sectors for digitalization, the Internet of Things (IoT) and Artificial Intelligence (AI). The initiative also covers the fast growing segment of electric mobility. Jointly, NITI Aayog and ABB will work with government ministries, solicit feedback for areas critical to them and discuss solutions using industrial automation, and digitalization technologies.
Bajaj Electricals' March-qtr net plunges 81 pc to Rs 7.31 crore
Bajaj Electricals' standalone net profit plunged 81 per cent to Rs 7.31 crore for the quarter ended March due to impairment of its investments in joint venture company Starlite Lighting Ltd. It had registered a net profit of Rs 38.42 crore in the January-March period of the previous fiscal 2016-17. The company reported exceptional expense of Rs 89.36 crore due to impairment of its investments. "Pursuant to continuous reduction in the CFL business and future outlook...the company has re-assessed the recoverability of its investments and loans provided to Starlite Lighting Ltd and consequently impaired it fully...as an exceptional item," the company said in a BSE filing. Its total income in the fourth quarter of 2017-18 was Rs 1,628.82 crore. It stood at Rs 1,289.45 crore in the year-ago period. The company also announced elevation of Anant Bajaj, son of current Managing Director Shekhar Bajaj, as its new Managing Director. Anant Bajaj is at present Joint Managing Director of the ...
Foreign exchange earnings in tourism grow by over 10 % in April 2018
Earnings from foreign exchange in tourism have grown by more than 10 per cent in April 2018 over April 2017, a Tourism Ministry statement said today. The Ministry of Tourism estimates monthly Foreign Exchange Earnings (FEEs) through tourism in India, both in rupee and dollar terms based on the credit data of Travel Head from Balance of Payments of RBI for the previous year. "FEEs during the month of April 2018 were Rs 15,713 crore as compared to Rs. 14,260 crore in April 2017. The growth rate in FEEs in rupee terms in April 2018 over April 2017 was 10.2 per cent," the statements stated. FEEs during the period January- April 2018 were Rs. 68,629 crore with a growth of 14.2 per cent, as compared to the FEE of Rs. 60,079 crore in January-April 2017. FEEs in US$ terms during the month of April 2018 were US$ 2.393 billion as compared to FEEs of US$ 2.211 billion during the month of April 2017. The growth rate in FEEs in US$ terms in April 2018 over April 2017 was 8.2 per cent, it ...