Page 3879 - Business Finance
China to cut auto import tariffs from July
China will cut import tariffs on vehicles and auto parts starting July 1, the Finance Ministry announced on Tuesday.
IOC Q4 net up 40% to Rs 5.21K crore
Indian Oil Corp (IOC), the nation's biggest company, today reported 40 per cent jump in the March quarter net profit on the back of higher ?refining margin and inventory gains. Net profit of Rs 5,218 crore, or Rs 5.51 a share, in the January-March period compared with Rs 3,720.62 crore, or Rs 3.93 a share, net profit in the same quarter of the preceding financial year, IOC Chairman Sanjiv Singh told reporters here. The company earned USD 9.12 on turning every barrel of crude oil into fuel in the fourth quarter of 2017-18 fiscal as compared to USD 8.95 per barrel gross refining margin a year ago. Besides, the company made an inventory gain of Rs 3,442 crore during the quarter. Inventory gain arises when a company buys oil at a price but by the time it is able to transport it to refinery, process it and turn it into fuel, the rates move up. Since retail prices are ?decided on the rate prevalent on the day of sales, there is an inventory gain. There would be an inventory loss if the ...
FPIs continue selling
Net outflow of Rs 439.52 crore on 21 May 2018
Sensex, Nifty snap 5-day fall
Local stocks logged small gains in a volatile session of trade, reversing a five-day losing trend. The barometer index, the S&P BSE Sensex, rose 35.11 points or 0.10% to settle at 34,651.24. The Nifty 50 index rose 20 points or 0.19% to settle at 10,536.70. Global cues were mixed.
China slashes auto import tariffs in boost to BMW, Tesla
SHANGHAI/BEIJING (Reuters) - China will steeply cut import tariffs for automobiles and car parts, opening up greater access to the world's largest auto market amid an easing of trade tensions with the United States.
SBI posts Q4 net loss of Rs 7,718cr on higher NPAs
The country's largest lender SBI today reported a standalone net loss of Rs 7,718 crore in the fourth quarter ended March, mainly due to incremental rise in provisioning for bad loans. Besides, a lower investment income as well as higher provisioning for wage revision also dented the profits of the state-owned lender, SBI said in a statement. The bank had registered a net profit of Rs 2,815 crore in the corresponding quarter of preceding fiscal ended March 2017. Compared sequentially, the loss in March quarter widened from Rs 2,416 crore net loss in December quarter. For the full year, the bank has reported a net loss of Rs 6,547 crore, while there was a net profit of Rs 10,484 crore in 2016-17. "Due to increase in provisions for NPAs and Mark to Market (MTM) on investment portfolio, the bank incurred a net loss of Rs 6,547 crore in 2017-18," it said in the statement. In the March quarter, bank's provisions for non-performing assets (NPAs) jumped by 119 per cent to Rs 24,080 crore as
Exclusive: Citadel Securities ups ETF game as part of growth push
NEW YORK (Reuters) - Citadel Securities LLC has entered the lead market making business with a small list of exchange-traded funds, and is doubling down on hiring and analytics in 2018 to keep an edge over rival electronic trading firms, according to sources and an internal memo.
China, U.S. near deal on ZTE reprieve; Beijing cuts auto tariffs
BEIJING (Reuters) - Washington neared a deal to lift its ban on U.S. firms supplying Chinese telecoms gear maker ZTE Corp, sources said on Tuesday, and Beijing announced tariff cuts on car imports, further easing trade tensions between the world's two largest economies.
Bank of England's Carney says his message on rates isn't misunderstood
LONDON (Reuters) - Bank of England Governor Mark Carney denied on Tuesday that the central bank had confused investors and households by not raising interest rates earlier this month.
In first move since FX crackdown, Iran lowers rial vs dollar
DUBAI (Reuters) - In a sign that it will allow some flexibility in exchange rates under threatened U.S. sanctions, Iran has lowered the official value of the rial versus the dollar for the first time since it tried to stamp out a free currency market last month.
Fuel price can be controlled by reducing VAT: Petrol dealers
With prices of petrol and diesel soaring high and the public continuously requesting the government to reduce the same, All India Petroleum Dealers Association president Ajay Bansal on Tuesday said they can only control the rising fuel price by reducing VAT of state and central taxes."Fuel prices are directly linked to crude oil. The Organization of the Petroleum Exporting Countries (OPEC) have reduced supplies. We don't have any say to bring down the price. We can only reduce VAT of state taxes and central taxes, that is the only way to reduce the price," said Bansal.On Tuesday, the petrol prices were increased in the range of 29-32 paise per litre across Delhi, Kolkata, Mumbai and Chennai, while diesel prices were hiked by 26-28 paise per litre, compared to the previous day.The fuel price hike has raised a concern across the nation and invited a wrath of the general public for whom transportation has become costlier and inconvenient.Earlier, Union Petroleum and Natural Gas Minister .
Sumitomo Corporation buys 49% stake in JV with Mukand
Acquires 49% stake in Mukand Sumi Special Steel for Rs 1180.99 crore
Star Paper Mills standalone net profit declines 24.64% in the March 2018 quarter
Sales rise 8.28% to Rs 93.98 crore
Turbotech Engineering reports standalone net loss of Rs 0.05 crore in the March 2018 quarter
Reported sales nil
The Hi-Tech Gears standalone net profit rises 52.22% in the March 2018 quarter
Sales rise 27.49% to Rs 140.00 crore
5G to offer $27 bn biz opportunity for India by 2026: Ericsson
5G mobile services are expected to create an over USD 27 billion business opportunity for India by 2026, says Swedish gear maker Ericsson. Telecom operators are currently recording an average top speed of around 22 mbps on their 4G networks, while 5G services tests have recorded download speed of over 1000 mbps or 1 gbps. "5G will enable a USD 27 billion business opportunity in India. Out of this USD 13 billion is the addressable revenue opportunity for mobile operators in the country," Ericsson India, Managing Director, Nitin Bansal told PTI. He said an Ericsson study for the Indian market on 5G business has found that in terms of industry segment manufacturing at USD 2.4 billion revenue will see the biggest opportunity. It will be followed by sectors like energy and utilities with potential of USD 2.1 billion revenue, public safety USD 1.6 billion and Healthcare at USD 1.6 billion. India is aspiring to launch 5G services at par with other technologically advanced nations after ...
Bombay Burmah Trading Corporation reports standalone net loss of Rs 12.41 crore in the March 2018 quarter
Sales decline 15.64% to Rs 51.55 crore
Sastasundar Ventures reports consolidated net loss of Rs 4.24 crore in the March 2018 quarter
Sales rise 35.67% to Rs 46.67 crore
Just Dial standalone net profit rises 53.69% in the March 2018 quarter
Sales rise 10.32% to Rs 200.47 crore
Cipla posts fourth-quarter profit
(Reuters) - Cipla Ltd, India's second-biggest drugmaker by market capitalization, posted a fourth-quarter profit on Tuesday, but missed analysts' estimates.