Page 388 - Business Finance
Escalating trade war pushes stocks to worst week of 2019
An escalating trade war between the U.S. and China pushed stocks lower for a fifth straight day Friday on Wall Street and put the market on track for its worst week of the year. The U.S. pulled the trigger on higher tariffs on USD 200 billion worth of Chinese goods even as both sides continued to negotiate. President Donald Trump said in a tweet Friday morning that "there is absolutely no need to rush" on making a deal. Technology and industrial stocks had some of the biggest declines as investors fled to lower-risk holdings liked utilities and real estate stocks. Several companies with substantial revenue in China fell. Apple and Micron fell 3pc. Boeing shed 1.2pc and Caterpillar fell 2pc. The higher tariffs from the U.S. and China's response that it would take "necessary countermeasures" rattled investors who had been hoping for a quick resolution to the dispute. Confidence in that outcome had eased investors' concerns this year, along with a more patient Federal Reserve and solid ..
DHFL says paid over Rs 30,000 cr to creditors since September
Housing finance firm DHFL Friday refuted "unwarranted speculation" over its debt repayment ability, saying it has made payments of over Rs 30,000 crore towards interest and principal since September. DHFL was in news for liquidity issues and allegations of siphoning off bank loans through layers of shell companies. In a regulatory filing, DHFL said that over the last one week there has been a lot of unwarranted speculations in the market about continuous weakening of DHFL's credit profile as a servicer. "We would like to place on record that the slowdown in business activity in the industry has not had any adverse impact on DHFL's debt repayment ability or loan servicing and collections of the company," it said. Since September 24, the company said, it has made more than Rs 30,000 crore of principal and interest payments to its creditors including its fixed deposit holders. "Please note that from a servicing standpoint, collection efficiency has remained over 99 per cent every month ..
March factory output slips to 21-month low (Roundup)
India's factory production shrunk in March 2019 by (-)0.1 per cent, the first contraction after June 2017, from a growth of 5.3 per cent reported for the corresponding month of 2018, official data showed on Friday.
Cong slams Modi over decline in industrial output in March
The Congress on Friday hit out at Prime Minister Narendra Modi over India's industrial production contracting by 0.1 per cent in March, saying diversion, distraction and distortion are the only tools left at his disposal. The Congress's attack came after India's industrial production contracted by 0.1 per cent in March, the lowest in 21 months, mainly due to manufacturing sector slow down, official data showed Friday. IIP's previous low was recorded in June 2017, when output shrank by 0.3 per cent. "Index of Industrial Production (IIP) plunges to Negative territory at -- 0.1% (decrease). FM Sh Jaitley is busy writing Blogs, Modi ji doesn't speak a word on 'Make In India' now!" Congress's chief spokesperson Randeep Surjewala tweeted. "Diversion, Distraction & Distortion is the only tool left at Modi ji's disposal!" he said.
IDFC First Bank posts Rs 218 cr loss in Q4
IDFC First Bank Friday reported a loss of Rs 218.03 crore for the quarter ended March 2019 against a profit of Rs 41.93 crore in the corresponding period of the last fiscal on account of higher provisioning. On an annual basis, it reported a loss of Rs 1,944.17 crore as against a profit of Rs 859.3 crore during 2017-18, the bank said in a stock exchange filing. The bank's gross NPAs stood at 2.43 per cent of the gross advances during the January-March quarter of 2018-19, down from 3.31 per cent in the corresponding period of the last fiscal. The bank made a provision of Rs 698.2 crore in the fourth quarter of 2018-19, up from Rs 242.45 crore in the corresponding year-ago period. Its total income stood at Rs 3,944.99 in the quarter ended March 2019 as against Rs 2,374.34 crore earlier. During the year ended March 31, 2019, the bank received income tax orders relating to a matter under appeal resulting in write-back of tax provision for earlier years of Rs 89.01 crore. During the year ..
China Market rebounds 3.1% from 11-week low
Sentiment was brightened in early morning by reports that U.S. President Donald Trump said he received a beautiful letter from Chinese President Xi Jinping and could have phone talks with the Chinese leader. But a wave of selling hit mid afternoon around the time the Trump administration carried out the tariff hike. The import duty was raised to 25 percent from 10 percent after the United States and China failed to find a solution to their trade dispute in the first round of the two-day ministerial-level negotiations in Washington on Thursday.
Etihad, two others submit financial bid for Jet Airways
The State Bank of India-led consortium of lenders to Jet Airways Friday said it has received bids from Etihad Airways and from a few unsolicited parties to acquire stake in the grounded airline. The consortium of 26 lenders, which now owns 51 percent in the airline, had invited expressions of interest between April 8 and 12 and had received four preliminary bids. The lenders are offering 31.2-75 per cent stake in the company on a fully diluted basis. Friday was the last day to submit the financial bids from the qualified bidders. SBI Caps, which has been mandated for the sale, in a statement said, "sealed bid from Etihad Airways has been received and the same will be submitted to lenders for examination." It has also received a few unsolicited offers, which the lenders may deliberate on subsequently, the statement said, adding the banks are likely to evaluate bids next week. Jet Airways ceased operations temporarily on April 17 due to acute financial distress. Earlier ..
Jet Saga: Etihad sends in binding bid for Jet Airways (Roundup)
Moments before the window for submitting binding bids closed, Abu Dhabi-based Etihad Airways gave its "conditional" bid for the grounded Jet Airways emphasising that it cannot be the sole investor.
Allahabad Bank's net loss rises to Rs 3,834.07 cr in Q4
State-run Allahabad Bank on Friday said it has posted a net loss of Rs 3,834.07 crore in the fourth quarter of the financial year 2018-19 (FY 19), widening from a net loss of Rs 3,509.63 crore in the year-ago period.
Tata Steel Europe-Thyssenkrup merger hits EC opposition
The Tata Steel Group Friday said the proposed merger of its European operations with German's Thyssenkrupp has almost fallen through as they are not in a position to rework the remedy packages to assuage the concerns of the European Commission. Tata Steel Europe and Thyssenkrupp had signed definitive agreements on June 30, 2018 to create a 50:50 pan- joint venture that would have created a steel behemoth and help salvage the struggling Tata Steel Europe, which was created after the Tatas bought out the loss-making English alloy major Corus in 2007 for USD 13.1 billion. The JV was expected to combine the European steel businesses of the Tatas with the German firm to create Thyssenkrupp Tata Steel. The new company would have workforce of 48,000 across 34 sites and produce about 21 million tonne steel with a revenue of around 15 billion euros. ThyssenKrupp in April had submitted a comprehensive package of solutions to the EC to get its nod for the merger. "The Commission ...
Oberoi Realty Q4 net profit rises 9 pc to Rs 155.76 cr
Oberoi Realty Friday reported 9 per cent increase in its consolidated net profit to Rs 155.76 crore for the quarter ended March 31. Its net profit stood at Rs 142.92 crore in the year-ago period, the Mumbai-based company said in its regulatory filing. Total income rose to Rs 597.30 crore in the fourth quarter of last fiscal from Rs 352.84 crore in the corresponding period preceding year. During the full 2018-19 fiscal, net profit rose to Rs 816.93 crore from Rs 458.80 crore. Total income more than doubled to Rs 2,661.25 crore in the last fiscal from Rs 1,292.01 crore in 2017-18.
HCL Comnet, three other subsidiaries to merge with HCL Tech
IT company HCL Technologies said its board has approved the scheme for merger of four of its subsidiaries, including HCL Comnet, with itself. The scheme was approved by the board of directors of the subsidiaries in their respective meetings Friday, HCL Tech said in a regulatory filing. The proposal to merge HCL Comnet, HCL Eagle, HCL Technologies Solutions and Concept2silicon Systems into HCL Technologies was approved by the latter's board on Thursday. All these companies are direct or step-down wholly-owned subsidiaries of HCL Tech. "The scheme of amalgamation would enable optimum utilisation of resources, synchronisation of synergies and an optimised legal entity structure by reducing the number of legal entities in the group structure," the filing said. The move would also result in significant reduction in the multiplicity of legal and regulatory compliances required to be carried out by these companies. "It will also result in cost savings by way of reduction of overheads, ...
City of London's largest grant provider elects first Indian-origin chair
The City Bridge Trust Committee, the largest independent grant giver of the City of London Corporation, has elected Dhurv Patel its first Indian-origin chairman. Patel, 35, who founded the City Hindus Network in London's financial district and has been an elected member of the City of London Corporation since 2013, replaces Alison Gowman after her full three-year term, the Corporation said on Thursday. The City Bridge Trust Committee is the funding arm of the City of London Corporation's charity, Bridge House Estates, making charity grants of 20 million pounds a year to tackle disadvantaged communities across the British capital. "It is a great privilege to be in the leadership role of one of the UK's most important supporters of civil society. Together we will continue to help give all London's communities the opportunity to thrive, and give young people, in particular, the best possible start in life," said Patel. "I am humbled to have been elected by the City Bridge Trust Committee
Imran Khan asks people to bear with rising inflation
Admitting that the people of Pakistan were facing the brunt of rising inflation, Prime Minister Imran Khan urged them to "stay strong" until his government fixed the debt-ridden economy. His comments came as Pakistani media reported that Khan's government was close to clinching a bailout package from the International Monetary Fund (IMF). And all signs show that this package of USD 6.5 billion, according to estimates will cost the Pakistanis dearly, the Express Tribune reported. According to official figures released on Friday, Pakistan's economy registered a dismal 3.3 per cent growth in 2018-19, achieving just over 50 per cent of its projected target of 6.2 per cent, as all key sectors failed to perform. Speaking at the groundbreaking ceremony of a modern hospital in Rawalpindi, Khan said, "It is absolutely true that right now, our people are [facing] difficulties. Power is expensive, gas is expensive. "I understand that inflation [is rising]," he said and urged the people to ...
India's industrial production declines 0.1% in March 2019
India's industrial production growth eases to 3.6% in FY2019
Pak economy grows by mere 3.3 pc in 2018-19 against target of 6.2 pc: Reports
Pakistan's economy registered a dismal 3.3 per cent growth in 2018-19, achieving just over 50 per cent of its projected target of 6.2, as all key sectors failed to perform in the first year of Prime Minister Imran Khan's government, according to media reports on Friday. The poor show came as the cash-strapped Pakistan Tehreek-e-Insaf government was negotiating a bail out package from the International Monetary Fund (IMF) to tide over the country's economic woes. The National Accounts Committee, in its 101st meeting chaired by Secretary Planning, Development and Reform Zafar Hasan, to review the Gross Domestic Product (GDP), came out with the growth figures for the year 2018-19. The government has anticipated 3.8 per cent growth rate in agriculture, 7.6 per cent in industry and 6.5 per cent in services, thus set up a target of 6.2 per cent GDP growth, the Dawn reported. In a major setback to the government, all these targets fell flat, it said. "It shows the dismal performance of the ..
UK-based charity rewards platform set for India launch
A UK-based charity providing digital platform announced here on Friday the launch of its first-ever philanthropic rewards-based subscription service in India. Elbi India will harness the power of technology to provide a new web and mobile friendly platform to encourage Indians to subscribe to a community-based service and get rewarded for their charitable donations. Co-founded by global supermodel and philanthropist Natalia Vodianova and tech entrepreneur and impact investor Timon Afinsky, Elbi India's unique earn rewards as you donate offer is now available online and on smartphone devices across India. "India is one of the fastest growing economies in the world, with the world's youngest population of energetic change makers. The ambition, energy and growing entrepreneurial prowess of the country makes it an extremely appealing proposition for Elbi," said Vodianova. "India is a global leader and has the potential to become a front-runner in achieving several goals for people and the
Eicher Q4 PAT up 18% at Rs 545 cr
Eicher Motors Friday registered a 18.05 per cent rise in consolidated net profit after tax to Rs 545 crore for March 2019 quarter. The company had reported a net profit after tax (PAT) of Rs 462 crore in the year-ago period. Total revenue from operations for the quarter stood at Rs 2,500 crore as against Rs 2,528 crore in the same period of 2017-18, Eicher Motors said in a statement. During the period under review, the maker of niche Royal Enfield bikes sold 1,97,567 units, down 13 per cent from 2,26,907 in the same period last year. For 2018-19, the company posted a PAT of Rs 2,203 crore as compared to Rs 1,960 crore in 2017-18. Total revenue for 2018-19 was Rs 9,797.06 crore as against Rs 9,219.26 crore in 2017-18. "The latter half of 2018 was a challenging period for the two-wheeler industry in India with factors such as revision in insurance cost, increase in prices on account of new safety norms, affected consumer sentiment," Eicher Motors MD Siddhartha Lal said in a ...
Trump raises China tariffs, Beijing to hit back (3rd Lead)
US President Trump escalated his trade war with China on Friday, raising tariffs on $200 billion worth of Chinese goods from 10 per cent to 25 per cent, prompting a swift rebuke from Beijing as trade talks held in Washington failed to produce a breakthrough.
Forex reserves up by USD 171.9 mn to USD 418.7 bn
The country's foreign exchange reserves increased by USD 171.9 million to USD 418.687 billion in the week to May 3, mainly on account of a rise in foreign currency assets, RBI data showed Friday. In the previous week, the reserves had swelled by USD 4.368 billion to USD 418.515 billion, helped by the second dollar-rupee swap auction held on April 23. In the reporting week, foreign currency assets, which are a major component of the overall reserves, rose by USD 448.3 million to USD 390.869 billion. Expressed in US dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US currencies like the euro, pound and yen held in the reserves. Gold reserves declined by USD 281.6 million to USD 23.021 billion, according to the data. The special drawing rights with the International Monetary Fund rose by USD 1.6 million to USD 1.451 billion. The country's reserve position with the Fund also increased by USD 3.6 million to USD 3.344 billion, the according to the