Page 3893 - Business Finance
Future Retail Q4 net loss at Rs 464 cr
Future Retail today reported a net loss of Rs 463.62 crore for the quarter ended March 31, 2018. The company had posted a net profit of Rs 123.05 crore in the same period a year ago. It reported exceptional expense of Rs 603.87 crore in the reported quarter due to demerger of retail business undertaking of Hypercity Retail (India) with the company, which resulted in the loss. Future Retail said financial results for the three months and twelve months ended March 31, 2018 are not comparable with corresponding periods of previous year. Revenue from operations (part of total income) for the quarter is reported net of GST. Therefore, revenue from operations for current periods are not comparable with the earlier periods, it added. Total income stood at Rs 4,577.79 crore during the period under review. It was Rs 4,486.39 crore in January-March 2016-17, the company said in a BSE filing. For 2017-18, Future Retail posted net profit of Rs 11.31 crore. It was Rs 368.28 crore in 2016-17. Total .
China says it can't guarantee no more trade tension with US
China's government said today it cannot guarantee that renewed trade tension with Washington can be avoided after US Treasury Secretary Steven Mnuchin declared a temporary truce in a spiralling dispute that prompted worries of a chilling of global commerce. Mnuchin said yesterday the two sides were "putting the trade war on hold" following an announcement Beijing would "significantly increase" purchases of American farm goods, energy and other products and services. But the two sides gave no indication of how much progress they had made toward ending the dispute over U.S. complaints about market access and technology policy. Mnuchin's comments showed both sides hope to avoid a "trade war," said a Chinese foreign ministry spokesman, Lu Kang. However, he added, "Given the increasing interaction between the two countries, we cannot assure you they will not encounter more frictions or disputes in the future." US President Donald Trump has threatened to raise import duties on Chinese goods
Lu resignation a blow for Baidu's push into AI, analysts say
The resignation of a senior Baidu executive is a major setback to the Chinese internet giant's push into artificial intelligence, an analyst said today, as the company tries to diversify away from its search engine business. The loss of chief operating officer and AI expert Lu Qi is the latest blow for the company, often referred to as China's Google, which has invested heavily in its deep learning efforts. Lu was overseeing Baidu's move into AI-related businesses, from autonomous driving to facial recognition, and his departure last week saw the firm's share price slump almost 10 per cent in New York Friday. Baidu has spun off non-core assets such as its movie streaming platform iQiyi and financial services arm as it moves to make AI central to its future, plans that dovetail with Beijing's strategic goal of dominating the field. His departure followed the loss of Baidu's chief scientist Andrew Ng last year, when the firm also lost its driverless car unit head Wang Jing, among other .
HMD Global raises $100 mn
HMD Global, which designs and sells Nokia brand of phones, today said it has raised USD 100 million from Geneva-based Ginko Ventures and other investors to scale its business operations. "This round of investment has been led by Geneva-based Ginko Ventures via Alpha Ginko Ltd with participation from DMJ Asia Investment Opportunity Ltd and Wonderful Stars Pte Ltd, a subsidiary of FIH Mobile Ltd," HMD Global said in a statement. With the latest round of funding, HMD Global's current market valuation exceeds USD 1 billion, giving it a unicorn status, it added. "In 2018, the company plans to aggressively expand its portfolio of Nokia smartphones and double down on expanding channel reach in strategic markets, while continuing to deliver innovation where it matters most to consumers," it said. HMD Global CEO Florian Seiche said the company aims to be among the top smartphone players globally and its "success to date gives us the confidence to further continue on a growth path in 2018 and ..
Japan: Nikkei closes up on weak yen
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USG Boral India appoints Sumit Bidani as CEO
Building products technology provider USG Boral today said it has appointed Sumit Bidani as its Chief Executive Officer (CEO) for India market. Bidani will be responsible for developing the growth strategies and expansion of USG Boral across South Asia. "USG Boral, a leading innovator of plasterboards, manufacturing and supplying building solutions, today announced the appointment of Sumit Bidani as CEO for its India market," the Singapore based company said in a statement. It said India is a key market for for the company and had recently shared its plan for a new plasterboard manufacturing plant to meet the region's needs. USG Boral India operates two other plants a plasterboard and metal plant in New Delhi, and a joint compound and putty plant, in Chennai. Bidani said the company is poised to become a leading player in the building materials industry in India. Prior to his new role, he was Managing Director at Formica India and has held senior positions in global companies such ..
HP leads Indian large format printer market in Q1 2018
HP Inc. has emerged as the leader in the Indian large format printer (LFP) market with 37.7 per cent share as the segment posted strong growth in the first quarter of 2018, market research firm International Data Corporation (IDC) said on Monday.
Petronet posts record Rs 522cr profit for Jan-Mar
Petronet LNG Ltd, the nation's biggest importer of liquefied natural gas, today reported its highest quarterly net profit in three-months ending March 31 on processing higher volumes of gas. Petronet posted a net profit of Rs 522.76 crore in January-March, 11 per cent higher than Rs 470.71 crore in the same quarter a year ago, company CEO and Managing Director Prabhat Singh told reporters here. The record quarterly profit "is due to higher volumes processed and better efficiencies in operations," he said. The company processed 18 per cent higher imported gas at 213 trillion British thermal unit (TBtus) in the fourth quarter of 2017-18 fiscal. It's mainstay Dahej import terminal in Gujarat processed 17 per cent higher gas at 207 TBtus, he said?. Sales were up 34 per cent at Rs 8,739.63 crore. For the full fiscal, the company clocked 21 per cent higher net profit of Rs 2,078 crore - the highest ever. The firm processed 16 per cent higher gas at its Dahej and Kochi import terminal in ...
Australia Market ends softer
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Oil Minister Dharmendra Pradhan says considering steps to keep fuel prices in check
NEW DELHI (Reuters) - India is looking at ways to keep rising fuel prices in check, its oil minister said on Monday, with retail rates for diesel and petrol touching record highs in capital city New Delhi and financial hub Mumbai.
Prism Cropsets uporganic nutrient factory
City-based Prism Crop Science Private Limited, an agri-input manufacturing company, today said it has set up an organic nutrient factory and formulation unit in Yadadri Bhuvanagiri District of Telangana. The company already manufactures 60 products and will be adding 40 more products this year, its Managing Director G Yugendhar Rao and Director S P Raja Sekhar told reporters here today. "We established our new factory to manufacture organic nutrition and residue-free chemicals with an investment of Rs 15 crore. It has production capacity of 3,000 kiloliters of liquids, 1,000 tonnes of powder formulation and over 10,000 tonnes of granules per annum," they said. The company set up in 2008 had a formulation unit in a leased premises earlier. The company achieved a turnover of Rs 70 crore in the last fiscal and aims take it to Rs 150 crore in the current fiscal. "We are targetting Rs 500 crore turnover by 2021 and expect almost 50 per cent of itto come from microbial ...
Faircent.com receives NBFC-P2P certification from RBI
Peer to Peer (P2P) lending platform Faircent.com on Monday received its NBFC-P2P certification from the Reserve Bank of India (RBI)."This development further bolsters our resolve to take financial inclusion to every last Indian through technology and to address the country's credit deficit with our innovative tech-led offerings," said Rajat Gandhi, Founder and CEO - Faircent.com.The company, through its tech-led approach, has not only helped in enabling more seamless access to credit for Indian borrowers, but also presented a high-potential avenue of wealth creation to investors across the country.The platform currently has more than 40,000 registered lenders and 3.5 lakh registered borrowers, and has facilitated over 6,000 loans cumulatively till date.Projected to be worth USD 4-5 billion by 2023, the P2P lending segment has disrupted consumer lending and asset class categories in India. Its recent inclusion into the larger regulatory ambit has put the sector on an exponential growth
CEFC Shanghai International defaults on $327 million in bond payments
SHANGHAI (Reuters) - CEFC Shanghai International Group Ltd, a subsidiary of troubled China CEFC Energy, said on Monday it missed bond payments totalling 2.09 billion yuan ($327.3 million), becoming the latest private Chinese company to default amid a crackdown on financial risk.
DHFL to raise up to Rs 12K cr; NCD issue opens tomorrow
Housing finance firm DHFL will issue bonds tomorrow to raise up to Rs 12,000 crore, largely for onward-lending to push growth. It is targeting 30 per cent growth in loan disbursements in the current financial year. DHFL had disbursed Rs 44,800 crore in the last financial year ended March 31. In its bonds issue opening tomorrow, the company will offer up to 12 crore secured redeemable non-convertible debentures (NCDs) for Rs 3,000 crore with a green shoe option of up to Rs 9,000 crore. The issue is scheduled to close on June 4, with an option of early closure or extension as decided by the board of directors of the company or the NCD public issue committee, the company said at a conference here. The allotment of bonds will be on first-come, first served basis, will come up in six series in a tenure ranging from 3, 5, 7, 10 years offering coupon rate of 8.56-9.10 per cent. To senior citizens, the company will offer an additional 0.10 per cent benefit on coupon rate, said Bharat Pareek, .
Cnergyis Infotech expects to double revenue this fiscal
HR software maker Cnergyis Infotech India expects to almost double its revenue by the end of this year on the back of its foray into a new product segment and contribution from overseas market, a company official said. "We are currently almost clocking the revenue rate of about Rs 30 crore. It has been consistent in the last 14-17 months. We are looking at doubling our turnover every year and increasing the base here on. We are looking at crossing a turnover of Rs 60 crore, because ZingHR technology is helping us leapfrog as it is a scalable platform," Cnergyis Infotech co-founder Vivek Tikoo told PTI. He said that the company has developed an independent product ZingHR which would contribute significantly to its growth. The product can be customised by any organisation and scaled up to manage employee count of around 1.5 lakh, he added. The company has been making customised software for human resource management segment across all verticals since last 18 years. "We are also getting .
TTK Prestige shares drop 5% after Q4 results
Shares of kitchen appliances maker TTK Prestige today dropped 5 per cent after the company reported a 32.35 per cent decline in consolidated net profit for the fourth quarter ended March 2018. The stock fell 4.92 per cent to end at Rs 5,735.90 on BSE. During the day, it shed 5.51 per cent to Rs 5,700. On NSE, shares of the company declined 5 per cent to close at Rs 5,700.15. TTK Prestige today reported a 32.35 per cent decline in consolidated net profit at Rs 37.44 crore for the fourth quarter ended March 2018. The company had reported a net profit of Rs 55.35 crore in the January-March quarter of the previous fiscal. Total income during the quarter under review stood at Rs 448.22 crore. It was Rs 399.07 crore in the year-ago period, TTK Prestige said in a BSE filing.
FPIs' selling pressure ebbs
Net outflow of Rs 277.98 crore on 18 May 2018
Inox Wind reports standalone net loss of Rs 40.23 crore in the March 2018 quarter
Sales decline 87.69% to Rs 80.97 crore
Suyog Telematics standalone net profit declines 51.89% in the March 2018 quarter
Sales rise 23.36% to Rs 22.39 crore
Diligent Media Corporation reports standalone net loss of Rs 33.96 crore in the March 2018 quarter
Sales rise 68.64% to Rs 33.39 crore