Page 3913 - Business Finance
Industrials limit losses on Wall Street
(Reuters) - The benchmark S&P 500 index fell on Friday, weighed down by losses in shares of Alphabet and Applied Materials, although industrial stocks helped limit losses on signs of progress in Sino-U.S. trade talks.
Inox Wind reports Rs 55.66 cr net loss in Mar quarter
Inox Wind today reported a consolidated net loss of Rs 55.66 crore in the quarter ended March 2018 mainly due to lower revenues. The company has reported a consolidated net loss of Rs 127.54 crore in the quarter ended March 2017, a BSE filing said. According to the statement, during the quarter, the company's consolidated total income dipped to Rs 205.64 crore from Rs 1,033.55 crore a year ago. The company suffered a loss of Rs 187.61 crore in 2017-18. It had reported a consolidated net profit of Rs 303.29 crore in 2016-17. Total income of the company fell to Rs 504.20 crore in 2017-18 from Rs 3,480.32 crore in the previous fiscal. Besides approving financial results, the board also approved appointment of Kailash Lal Tarachandani, Chief Executive Officer (CEO) of the company as its whole-time director for a period of one year from May 19, 2018. He has been re-designated as whole-time director and CEO of the company.
Royal train's income rises by 13%
The luxury royal train, Palace on Wheels, has registered nearly 13 per cent rise in income, but had a flat growth of nine per cent in the number of tourists in 2017-18, an official said. A meagre 124 more tourists took the train, from 1,373 in the financial year of 2016-17 to 1,497 last fiscal, said Rajasthan Tourism Development Corporation (RTDC) chairman Sanjeev Sharma. The income from operations rose by around Rs 4.22 crore to Rs 37.44 crore in 2017-18 from Rs 33.22 crore in the year-ago period, a rise of 12.60 per cent, Sharma said. The train was run as Heritage Palace on Wheels this tourism season, RTDC general manager Pradeep Bohra said. The train rakes were refurbished to give a new look and super-luxury environment, he said, adding that the state hold immense tourism potential for luxury royal trains in the upcoming year.
Oil price to raise import bill by upto $50 bn, no excise cut likely
The Finance Ministry on Friday said the rising oil prices may inflate India's import bill by around $25 billion to $50 billion even as it virtually ruled out reducing excise duty on petrol and diesel in the near future.
Tata Steel subsidiary completes BSL acquisition
Tata Steel on Friday said its wholly-owned subsidiary Bamnipal Steel Ltd has completed the acquisition of 72.65 per cent stake in Bhushan Steel Ltd (BSL) in accordance with the approved resolution plan under the corporate insolvency resolution process (CIRP).
Govt non-committal on excise duty cut on petrol, diesel
Rising global oil prices may push up India's import bill by up to USD 50 billion, impacting current account deficit, but would have little affect on growth, Economic Affairs Secretary Subhash Chandra Garg said today even as he remained non-committal on cutting excise duty to the ease the burden on consumers. The government is watching the situation developing from oil prices hitting USD 80 a barrel -- the highest since November 2014, and adequate steps will be taken, he told reporters here without elaborating. Asked if the government would cut excise duty on petrol and diesel, he said he has nothing to say on that front. "Just watch." The BJP-led government had raised excise duty nine times -- totalling Rs 11.77 per litre on petrol and Rs 13.47 on diesel -- between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre. Garg parried questions on whether the government was considering a cut in ..
DHFL aims 24pc growth in FY'19
Housing finance company Dewan Housing Finance Ltd, bolstered by the government's affordable housing schemes, is targeting a growth of 24 per cent in the current fiscal, a top official of the company today said. "Housing finance sector is growing at 18-20 per cent this year and is likely to continue for the next 2-3 years. Even by conservative estimates, we will grow 24 per cent this year," DHFL CFO Santosh Sharma said. About 15 per cent of its total borrowers were Pradhan Mantri Awas Yojana (PMAY) beneficiaries last year. Sharma said there are other schemes of National Housing Bank that promotes affordable housing in the country. The company's incremental disbursement was close to Rs 45,000 crore in the last financial year, while this year (FY19), it expects the same to be at Rs 55,000 crore, another company official said. The company's fundraising requirement target is Rs 50,000 crore in FY19, of which Rs 12,000 crore would be generated from securitisation of loans. Of ..
India's Forex reserve plunge by $1.23 bn
India's foreign exchange (Forex) reserves plunged by $1.23 billion as on May 11, official data showed on Friday.
Harish Manwani appointed Tata Sons' Independent Director
Tata Sons on Friday said that former Global Chief Operating Officer for Unilever and the Non-Executive Chairman of Hindustan Unilever Harish Manwani has been appointed as an Independent Director on its Board.
Parcel cargo train connecting NE to the west coast begins operations
The Northeast Frontier Railway has started operating one lease Parcel Cargo Express Train (PCET) on fortnightly basis, connecting Northeastern part of the country to the West Coast, a statement from the ministry said today. The PCET has been started in line with the Government's priority to provide connectivity to the Northeast region and empowering the local industries there, the statement said. The route of this Parcel Cargo Express Train is - New Guwahati in Assam to Kalyan in Maharashtra with stoppages at New Jalpaiguri, Kalumna goods shed. "This move would enable farmers to market their products like tea, betal nuts, pineapple, jute, horticulture products, cane furniture at the retail markets in Mumbai, Bengaluru, Nagpur, Pune. This initiative will not only promote industries of the region particularly but will also provide sustainable job opportunity to the local youths including unskilled labour," the statement said. The PCET has emerged as a business tool and this has been ...
Steel sector may get boost from infra growth: Birender Singh
Steel minister Chaudhary Birender Singh today said the steel industry is set to see big growth opportunities as 70 per cent of the country's infrastructure estimated at Rs 6 lakh crore is still to come up. "I think, 70 per cent of India's infrastructure is still to come up. There is a provision of Rs 6 lakh crore for infrastructure. Even if 10 per cent goes to steel, there is around Rs 60,000 crore for the industry," Singh said at the MSME Steel Conclave 2018 organised by the Steel Re-rollers Association of Maharashtra (SRAM) here. "Our consumption is about to rise to 180-185 million tonnes by 2020. As the production rises, the infrastructure consumption increases as well, presenting a big opportunity for the sector," he said, adding, "We aim to increase the steel capacity to 300 million tonnes by 2030." Singh said the steel industry offers direct employment to five lakh and indirect employment to 25 lakh individuals. Steel secretary Aruna Sharma said the contribution of
China ends US sorghum anti-dumping probe, OKs Toshiba deal
China has dropped an anti-dumping investigation and given long awaited approval for the sale of Toshiba's memory chip business, in gestures that could suggest a thaw between Beijing and the U.S. as trade talks resumed in Washington. The Commerce Ministry said today ended the probe into imported US sorghum because it's not in the public interest. A day earlier, Beijing cleared the way for a group led by US private equity firm Bain Capital to buy Toshiba Corp.'s computer memory chip business. The moves signaled Beijing's willingness to make a deal with Washington amid talks between senior US and Chinese officials aimed at averting a trade war between the world's two biggest economies, analysts say. "I think China is willing to make concessions," said Wang Tao, chief China economist at UBS. "The Chinese stance has been very clear, that China wants to mute any trade dispute. But of course it doesn't mean China would heed to all the demands the US would place." A White House official said .
Board of Inditrade Capital approves investment in subsidiaries
At meeting held on 18 May 2018
Deadline for filing "GSTR-3B" form extended till May 22
The central government on Friday extended the deadline for filing of the return "FORM GSTR-3B" for the month of April, 2018 till May 22, 2018.
China may buy up to USD 200 billion worth of US goods to reduce massive trade deficit: report
China may buy up to USD 200 billion worth of American goods under intense pressure from the Trump administration to reduce its massive trade deficit with the US, a media report said today, amid a round of high-level trade talks between the world's two largest economies. The US has threatened to impose 25 per cent tariffs on up to USD 150 billion in Chinese goods while China has targeted USD 50 billion in American exports. The two countries have not yet implemented their tariff increases to reach a negotiated settlement. A high-level Chinese delegation led by Vice Premier Liu He is currently in Washington for trade negotiations with the US. The two-day talks would continue until Friday. Liu called on US President Donald Trump at the White House yesterday. "Chinese negotiators are preparing to offer the administration a deal to buy up to USD 200 billion worth of American goods, which would allow Trump to claim victory in his campaign to reduce the trade deficit with China and rebalance .
Future Lifestyle Fashion Q4 net down 64 pc to Rs 25.94 cr
Future Lifestyle Fashion Ltd (FLFL), part of Kishore Biyani-led Future Group, today reported a decline of 64.12 per cent in its standalone net profit to Rs 25.94 crore for the fourth quarter ended March 2018. The company had posted a net profit of Rs 72.30 crore in the January-March quarter a year-ago, FLFL said in a BSE filing. Its total income during the quarter under review stood at Rs 986.62 crore, marginally down 0.64 per cent, as against Rs 993.02 crore in the corresponding period of the last fiscal. The company's total expenses stood at Rs 956.55 crore, up 1.23 per cent, as against Rs 944.89 crore. For the 2017-18 fiscal, FLFL's net profit was down 4.52 per cent to Rs 110.51 crore as against Rs 115.75 crore in 2016-17. Its total income stood at Rs 4,252.45 crore in 2017-18, up 9.30 per cent, compared to Rs 3,890.40 crore in the previous fiscal. Meanwhile, in a separate filing, FLFL informed that its board today recommended a dividend of Rs 1.20 (60 per cent) per equity share of
India's bond borrowing plan to stay on course - official
NEW DELHI (Reuters) - India's government will continue its bond market borrowing plan during April-September without any interruption, Economic Affairs Secretary Subhash Chandra Garg told reporters, adding that it may tweak the composition of bonds on offer, if needed.
Analysis: Why Turkey and Argentina are the main emerging market weak links
LONDON (Reuters) - Running the numbers on foreign exchange reserves and general exposure to the dollar throws up some of the reasons why Turkey and Argentina have been at the heart of the recent emerging market sell-off.
Bajaj Auto's Q4 standalone net profit up 35%
Two and three-wheeler manufacturer Bajaj Auto on Friday reported a rise of 34.68 per cent in its standalone net profit for the quarter ended March.
Train delays: Railway Board chairman reviews punctuality of 'worst-performing' divisions
Concerned over train delays, Railway Board Chairman Ashwani Lohani today asked managers of the ten worst performing divisions -- including Allahabad, Benaras, Howrah and Mumbai Central -- to explain the reasons and take remedial measures. According to official figures, nearly 30 per cent trains ran late in the financial year 2017-18, making it the Indian Railways' worst punctuality performance in three years. Between April 2017 and March 2018, the punctuality rate of mail and express trains fell to 71.39 per cent, down from 76 per cent. As of March 2018, there are 21 critical divisions across the country's railway network having a punctuality rate of less than 80 per cent. Among them, the worst performing divisions are Allahabad division (which recorded a punctuality of around 48 per cent in 2017-2018), Sonpur (57.7 per cent), Mumbai Central (60.9 per cent) and Lucknow (60.97 per cent). An official said that Lohani held a meeting with ten divisional railway managers whose divisions ..