Page 3883 - Business Finance
BRICS Bank plans to launch Americas Regional Office in Brazil
The BRICS New Development Bank (NDB) is planning to launch its Americas Regional Office in Brazil this year, the bank said today. K V Kamath, the NDB president, made the remarks while meeting with Brazilian Foreign Minister Aloysio Nunes Ferreira in Shanghai yesterday. The Americas Regional Office will increase the operational capabilities of the NDB, headquartered in Shanghai, and facilitate identification and preparation of bankable projects in Brazil, the bank said in a press release today. Together with the Africa Regional Centre opened last year in Johannesburg, South Africa, the new regional office will progressively support a growing range of the bank's operations, the release said. The NDB was founded by the BRICS member countries -- Brazil, Russia, India, China and South Africa -- during the group's sixth summit in Fortaleza, Brazil in July 2014 and formally opened in Shanghai in July 2015. The Bank is mandated to mobilise resources for infrastructure and sustainable ...
NCLAT asks resolution professional, lenders, NCLT to hold order on Essar Steel
The National Company Law Appellate Tribunal (NCLAT) has directed the resolution professional, committee of creditors and NCLT not to pass any order in the matter related to insolvency resolution of Essar Steel. The appellate tribunal also admitted the cross petitions filed by Russia's VTB Capital-based NuMetal and Arcelor Mittal, two resolution applicant challenging their disqualification for Essar Steel. "Appeals admitted. List for hearing on July 23," said an NCLAT bench headed by Chairman Justice S J Mulhopadhaya. It further added, "Until further order RP, CoC and adjudicating authority (NLT) will not pass any order including order of liquidation of corporate debtor." The appellate tribunal further said that the resolution professional (RP) of the debt ridden firm would ensure day-to-day running. NCLAT would conduct daily hearing from July 23 on the matter. During the proceedings, senior advocate Harish Salve, appearing for Arcelor Mittal, sought stay over the second round of ...
SaleBhai becomes 1st B2C e-commerce to file Draft Prospectus with BSE for IPO
SaleBhai Internet Limited, the owner and operator of SaleBhai.com, recently became the first B2C e-commerce company to have filed a Draft Prospectus (DP) with the small and medium enterprise (SME) platform of the Bombay Stock Exchange (BSE) Ltd.This step will also effectively make the Ahmedabad-based startup the first to raise money through public route at an early stage.For its IPO, SaleBhai is issuing 22,59,600 equity shares, offering 26.58 percent of the company's equity in the market, and will be listed on the Bombay Stock Exchange's (BSE) SME Platform.It is looking to raise Rs 23.73 crores.The company intends to use the funds raised through the IPO towards growing the company through increased customer acquisition, improved IT platform, addition of more authentic sellers as well as product categories, and make the customer experience even smoother and effortless.Monarch Networth Capital Limited (Monarch) is acting as the issue's lead manager, while Skyline Financial Services ...
Sugar prices settle quiet on sporadic demand
Sugar prices ended quiet at the wholesale market in the national capital today following sporadic buying support amid ample stocks. Marketmen said pick up in supplies from mills to meet current demand managed to keep sweetener prices unaltered. Yesterday sweetener prices had recorded sharp gain of Rs 200 per quintal. Following are today's quotations (in Rs per quintal) Sugar retail markets - Rs 31.00-33.00 per kg. Sugar ready: M-30 Rs 2,950-3,080, S-30 Rs 2,940-3,070. Mill delivery: M-30 Rs 2,700-2,840, S-30 Rs 2,690-2,830. Sugar millgate (including duty): Mawana Rs 2,760, Kinnoni Rs 2,840, Asmoli Rs 2,820, Dorala Rs 2,770, Budhana Rs 2,740, Thanabhavan Rs 2,750, Dhanora Rs 2,810, Simbholi Rs 2,820, Khatuli Rs 2,830, Dhampur Rs 2,700, Sakoti 2,750, Modinagar 2,740, Shamli 2,700, Malakpur 2,740, Ramala not available, Anupshaher N.A, Baghpat N.A.,Morna N.A., Chandpur N.A., Nazibabad N.A and Nanota N.A.
IOC Q4 net up 40 pc to Rs 5.21K crore
Indian Oil Corp (IOC) today reported 40 per cent jump in the March quarter net profit to Rs 5,218 crore. In contrast, its profit for the January-March quarter of the previous fiscal was Rs 3,720.62 crore, the company said in a regulatory filing. IOC's turnover rose to Rs 1.36 lakh crore in the fourth quarter of last fiscal year ended March 31, from Rs 1.24 lakh crore in the year-ago period. The company sold 20.8 million tonnes of petroleum products during the last quarter of 2017-18, higher than 19.64 million tonnes domestic sales a year-ago. Exports too were up at 1.76 million tonnes from 1.46 million tonnes. The Board of the company recommended a final dividend of Rs 2 per share (20 per cent on the paid up equity share capital) for the financial year 2017-. This is in addition to the interim dividend of Rs 19 per share paid earlier.
SBI posts Q4 loss of Rs 7,718 cr, gross NPAs up
Reflecting the continued pressure on state-run banks, State Bank of India (SBI) on Tuesday posted a loss of Rs 7,718 crore for the fourth quarter ended March, the bank said in a stock exchange filing.
Dhunseri Petrochem Ltd leads losers in 'B' group
Country Condos Ltd, GSS Infotech Ltd, NRB Industrial Bearings Ltd and XPRO India Ltd are among the other losers in the BSE's 'B' group today, 22 May 2018.
State Bank of India posts record quarterly loss after RBI rule change
(Reuters) - State Bank of India (SBI) reported its deepest-ever quarterly loss on Tuesday, far beyond analyst estimates, as the country's biggest lender set aside more provisions for bad loans after a change in banking regulation.
Australia's Santos rejects Harbour Energy's final $10.8 billion takeover offer
(Reuters) - Australia's Santos said on Tuesday it terminated discussions with Harbour Energy and rejected the U.S.-based firm's final takeover offer of $10.8 billion.
Volumes soar at Bajaj Holdings & Investment Ltd counter
Bajaj Holdings & Investment Ltd clocked volume of 7.57 lakh shares by 14:24 IST on NSE, a 53.76 times surge over two-week average daily volume of 14084 shares
India calls on UN to provide transparent platform to raise international taxation issues
India has called on the UN to provide a transparent platform for all member states to have an equal voice on international taxation, an issue that is perceived as "skewed" in favour of those who make the rules. Speaking at a meeting on International Cooperation in Tax Matters, Counsellor in India's Permanent Mission to the UN Ashish Sinha said India has been of the view that the Committee of Experts on International Cooperation in Tax Matters Committee should be upgraded into an intergovernmental body. "Universal membership is essential for more effective implementation of tax standards and norms than the present system that is perceived as skewed in favour of those who make the rules," he said. Sinha stressed that India believes that implementation of a truly universal agenda would need a platform where all countries have equal voice on the issues related to international taxation. "UN can provide this platform for open, transparent and inclusive processes to safeguard the interest ..
Petrol price highest ever in Chennai; up 30 paise across metros
After reaching unprecedented highs in Delhi and Mumbai, petrol prices touched a record high in Chennai, at Rs 79.79 per litre on Tuesday.
Dr. Reddy's fourth-quarter profit falls about 19 percent, misses estimates
(Reuters) - Indian generic drugmaker Dr. Reddy's Laboratories Ltd posted an about 19 percent fall in quarterly net profit, missing estimates, hurt by headwinds in the U.S. market.
SBI posts Q4 net loss of Rs 7,718 cr on higher bad loans
The country's largest lender SBI today posted a standalone net loss of Rs 7,718.17 crore for the March quarter due to higher non-performing assets (NPAs). The bank had reported a net profit of Rs 2,814.82 crore in the corresponding period of 2016-17. Sequentially, the loss widened from Rs 2,416.37 crore in the third quarter ended December 2017. Total income during the January-March quarter was up at Rs 68,436.06 crore, from Rs 57,720.07 crore in the same period a year earlier, the bank said in a regulatory filing. Gross NPAs, as a percentage of gross loans, jumped to 10.91 per cent from 6.90 per cent at March-end 2017. Net NPAs rose to 5.73 per cent of the net advances compared to 3.71 per cent last year. Stock of SBI was trading 5.2 per cent up at Rs 257.85 on BSE in afternoon trade.
Select edible oils up on millers' buying
Select edible oil prices rose by Rs 50 per quintal at the wholesale oils and oilseeds market today on fresh buying by vanaspati millers. Castor oil in the non-edible section, also went up on increased offtake by consuming industries. Traders said increased offtake by vanaspati millers to meet rising demand from retailers against restricted supplies from growing regions mainly pushed up select edible oil prices. In the national capital, palmolein (RBD) and palmolein (Kandla) oils moved up by Rs 50 each to Rs 7300 and Rs 7350 per quintal respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also traded higher by a similar margin to Rs 7750 and Rs 7350 per quintal respectively. Mustard expeller (Dadri) oil too recovered by Rs 50 to Rs 7,700 per quintal. Among non-edible, castor oil traded higher by Rs 100 to Rs 7,300-7,400 per quintal. Following are today's quotations (in Rs per quintal): Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs ...
Dr Reddy's Labs Q4 net falls 3% to Rs 302 cr
Drug firm Dr Reddy's Laboratories today reported a 3.29 per cent fall in its consolidated net profit to Rs 302.2 crore for the fourth quarter ended March 31, 2018, mainly on account of continuing headwinds in the US. The company had posted a net profit of Rs 312.5 crore for the corresponding period of the previous fiscal, Dr Reddy's Laboratories said in a filing to BSE. Consolidated revenue of the company stood at Rs 3,534.9 crore for the quarter under consideration. It was Rs 3,554.2 crore for the same period a year ago. For the fiscal year 2017-18, the company posted a net profit of Rs 980.6 crore as against Rs 1,203.9 crore for the year-ago period. Consolidated revenue of the company stood at Rs 14,202.8 crore for the fiscal year ended March 2018. It was Rs 14,080.9 crore for the previous fiscal year. Dr Reddy's Laboratories CEO and Co-chairman GV Prasad said, "We concluded a challenging year for Dr Reddy's with a relatively muted fourth quarter performance." This was mainly on ...
Corrected: Dr. Reddy's fourth-quarter profit falls about 19 percent, misses estimates
(Reuters) - Indian generic drugmaker Dr. Reddy's Laboratories Ltd posted an about 19 percent fall in quarterly net profit, missing estimates, hurt by headwinds in the U.S. market.
Harry Potter publisher Bloomsbury's revenue, shares hit 10-year high
(Reuters) - Harry Potter publisher Bloomsbury Publishing Plc on Tuesday reported its highest annual revenue since 2007, when last of the seven-part original series written by J. K. Rowling was published, sending the company's shares to a 10-year high.
State Bank of India posts $1.1 billion fourth-quarter loss, misses estimates
(Reuters) - State Bank of India (SBI) posted a fourth-quarter net loss of 77.18 billion rupees ($1.13 billion) on Tuesday, hurt by higher provisions for bad loans.
Gold halts slide on jewellers' buying, global cues
Gold prices inched up by Rs 5 to Rs 31,880 per 10 grams at the bullion market today, halting its two-day slide on buying by local jewellers amid a firm trend overseas. Silver also reclaimed the Rs 41,000-mark by surging Rs 340 to Rs 41,100 per kg on the back of increased offtake by industrial units and coin makers. Traders attributed the rise in gold prices to fresh buying by local jewellers at domestic spot markets and a firm trend overseas. Globally, gold rose by 0.18 per cent to USD 1,294.50 an ounce and silver by 0.39 per cent to USD 16.56 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 5 each to Rs 31,880 and Rs 31,730 per 10 grams, respectively. The yellow metal had lost Rs 115 in the last two days. Sovereign, however, remained flat at Rs 24,800 per piece of eight grams. Silver ready surged by Rs 340 to Rs 41,100 per kg while weekly-based delivery climbed by Rs 360 to Rs 40,305 per kg. In line with overall trend, silver ..