Page 3917 - Business Finance
Himatsingka Seide's arm acquires home portfolio of Global Brands Group
Textile firm Himatsingka Seide today said its step-down subsidiary has acquired the home portfolio of Global Brands Group Holding, which has exclusive licence rights for brands like Tommy Hilfiger, Copper Fit, among others. The company expects this portfolio to contribute annual revenues of approximately USD 60-65 million (over Rs 400 crore) to the group. "Himatsingka America Inc, the wholly owned step-down subsidiary of Himatsingka Seide Ltd, has acquired the home portfolio of Global Brands Group Holding Ltd," the company said in a BSE filing. It further said: "The acquired home portfolio includes the exclusive licence rights to the famous and iconic Tommy Hilfiger brand, the Copper Fit brand and other brands. This brand portfolio is estimated to contribute annual revenues of approximately USD 60-65 million to the group.
Strides Shasun shares nosedive 25% on disappointing Q4 results
Shares of drug firm Strides Shasun today tumbled nearly 25 per cent after the company reported a consolidated net loss of Rs 4.40 crore from its continuing operations for the quarter ended March. The stock slumped 23.03 per cent to end at Rs 387.10 on BSE. During the day, it crashed 24.70 per cent to Rs 378.70 -- its 52-week low. On NSE, shares of the company dived 24.59 per cent to close at Rs 379.35. The company's market valuation fell by Rs 1,034.56 crore to Rs 3,466.44 crore. In terms of equity volume, 10.55 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day. The company had posted a net profit of Rs 91.59 crore for the same period a year ago, Strides Shasun said in a BSE filing today. Consolidated revenue from continuing operations of the company stood at Rs 664.15 crore. It was Rs 677.13 crore in the same period a year ago.
Tata Steel's Dutch employees throw spanner in Thyssenkrupp JV works
AMSTERDAM (Reuters) - Tata Steel's Dutch works council has called into question a timeframe for completing a joint venture between the Indian group and Thyssenkrupp by end-June, saying it may need more time to assess the deal, its president said.
BP chief sees shale, OPEC cooling oil markets
LONDON (Reuters) - BP Chief Executive Bob Dudley expects a flood of U.S. shale and the reopening of OPEC taps to cool the oil market after crude rose above $80 a barrel this week.
IIFL Special Opportunities Fund invests Rs251cr in Bikaji Food
Alternative investment fund, IIFL Special Opportunities Fund, today said it has acquired a minority stake in Bikaji Foods International for Rs 251 crore. The investment also marks part exit of existing investors Lighthouse Funds and Intensive Softshare from Bikaji Foods, the company said in a press release. "We, at Bikaji, welcome IIFL AMC Fund to join us in the exciting journey of tapping into the huge potential offered by the Indian packaged food industry," Bikaji's managing director and founder Shivratan Agarwal said. IIFL Asset Management Company's CEO Prashasta Seth said, "Organised snacks market is expected to clock a 15 per cent CAGR whereas organised namkeen market is set to witness 19 per cent CAGR in the country. Bikaji, with its strong leadership, well diversified product portfolio, strong brand and growing pan-India presence, is strongly positioned to capture this growth." IIFL Special Opportunities Fund was launched in 2017 and has invested in companies ...
Market drops on broad-based selling pressure
Key benchmark indices logged sharp losses led by index pivotals L&T, ICICI Bank and Reliance Industries. The barometer index, the S&P BSE Sensex, lost 300.82 points or 0.86% at 34,848.30, as per the provisional closing data. The Nifty 50 index lost 86.30 points or 0.81% at 10,596.40, as per the provisional closing data. The Sensex provisionally ended below the psychologically important 35,000 mark.
Turnover on NSE's F&O segment drops
Nifty May futures at small premium
Sensex, Nifty hits over 3-week closing low ahead of Karnataka trust vote
Key benchmark indices logged sharp losses led by index pivotals L&T, ICICI Bank and Reliance Industries. The barometer index, the S&P BSE Sensex, lost 300.82 points or 0.86% to settle at 34,848.30. The Nifty 50 index lost 86.30 points or 0.81% to settle at 10,596.40. The Sensex ended below the psychologically important 35,000 mark. The Sensex and the Nifty, both, settled at over 3-week closing low.
Birla Corporation Q4 consolidated EBIDTA at Rs. 284 crores
Birla Corporation Limited, the flagship company of the M P Birla Group, announced on Friday its financial results for the year ended March 31, 2018 as well as the consolidated results, including those of Reliance Cement Company Private Limited (RCCPL), wholly-owned material subsidiary of the company.The company's Board of Directors approved the audited financial results for 2017-18 today and proposed a dividend of Rs. 6.50 per share (previous year Rs 6.50). The total outgo on account of dividend, including taxes, works out to Rs. 60.34 crores.Key Financial & Performance Highlights [Consolidated]· Cement Production- For Q4 FY2018 stood at 34.4 lakh tons, compared to 33.1 lakh tons in Q4 FY2017, reflecting an increase of 4%.- For 12M FY2018 stood at 125.3 lakh tons, compared to 101.3 lakh tons in 12M FY2017, reflecting an increase of 24%.· Cement Sales- For Q4 FY2018 stood at 34.1 lakh tons, compared to 32.8 lakh tons in Q4 FY2017, reflecting an increase of 4%.-For 12M FY2018 stood
China securities regulator warns of further bond default risks
BEIJING/SHANGHAI (Reuters) - China's securities regulator said on Friday that exchanges should pay close attention to risks following a recent spate of corporate defaults, and as private companies face growing refinancing risks.
Focus: China's steel mills turn trash into cash as policy reshapes strategy
BEIJING (Reuters) - Steel mills in China are spending big on equipment that shreds cars and other junk metal for use as raw material, as government demands to make smoke-stack industries cleaner continues to reshape heavy manufacturing.
China to aid cross-border yuan flows ahead of MSCI inclusion
SHANGHAI (Reuters) - China's central bank announced a series of measures on Friday to support cross-border fund flows, in an apparent effort to avoid a potential liquidity crunch in the offshore yuan market around June 1, when Chinese shares will be included in MSCI's benchmark indexes.
China stands to gain in Iran after US quits nuclear deal
The US decision to reimpose sanctions on Iran could scare off European investors but oil-thirsty China may step into the void and ramp up business links with the country. China, which is already Iran's top trade partner and one of its biggest buyers of crude, has signalled that it intends to keep working with the Islamic regime despite the US move. Beijing is a signatory of the 2015 Iran nuclear deal that had eased sanctions on Tehran, but President Donald Trump quit the accord earlier this month and said Washington would reinstate punitive measures. "By driving away American, European and Japanese companies, the sanctions could increase opportunities for Chinese businesses," Hu Xingdou, an economist at the Beijing Institute of Technology, told AFP. The Iran deal has been highly profitable for the Asian giant. Chinese businesses involved in Iranian developments are worth at least $33 billion as of June 2017 according to Beijing's Commerce Ministry -- part of the country's ambitious ...
Factbox: Iran sanctions risk highlights dollar's hegemony in world markets
LONDON (Reuters) - From global finance and merchandise trade to investment, the dollar's supremacy in the world economy is being underscored by the U.S. decision to reimpose sanctions on Iran and all those doing business with it.
Strides Shasun Q4 net loss at Rs 4.40 cr, shares tank 23 pc
Drug firm Strides Shasun today reported a consolidated net loss of Rs 4.40 crore from the continuing operations. The company had posted a net profit of Rs 91.59 crore for the same period a year ago, Strides Shasun said in a BSE filing. Consolidated revenue from continuing operations of the company stood at Rs 664.15 crore. It was Rs 677.13 crore in the same period a year ago. For the fiscal year ended March this year, the company posted a consolidated net profit of Rs 70.22 crore. It was Rs 279.71 crore for the year ago period. Consolidated revenue from continuing operations for the fiscal year ended March 2018 stood at Rs 2,839.38 crore. It was Rs 2,755.44 crore for the previous fiscal year. "The financial year 2017-18 was a difficult year for Strides. While we continue to build momentum with our strategy, our execution was far from satisfactory," Strides Shasun Group CEO and Managing Director Arun Kumar said. In 2018-19 company's clear focus will be on the improving the quality of ..
Voltas shares tank over 5% after Q4 results
Shares of Voltas today fell by over 5 per cent as the company reported 3.13 per cent decline in consolidated net profit for the quarter ended March 2018. The stock declined 5.39 per cent to end at Rs 552.10 on BSE. During the day, it tanked 8.87 per cent to Rs 531.75. At NSE, shares of the company tumbled 5.22 per cent to close at Rs 552.75. In terms of equity volume, 7.87 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day. Voltas yesterday reported 3.13 per cent decline in consolidated net profit at Rs 194.19 crore for the quarter ended March 2018. The company had posted a net profit of Rs 200.47 crore in March quarter of 2016-17.. Voltas' total income stood at Rs 2,092.17 crore in the fourth quarter. It was at Rs 2,097.61 crore in the same period of 2016-17, Voltas said in a BSE filing.
Toyota looking at 10 per cent growth in 2018
Japanese car maker Toyota is looking at a growth of 10 per cent in the current year with the launch of its new sedan 'Yaris' here today. In 2017, the company's Indian arm, Toyota Kirloskar Motor, sold 1.4 lakh cars and utility vehicles. "We are looking at a growth of 10 per cent in 2018. For Toyota, utility vehicles' sales were higher than cars, both sedan and hatchback," senior VP and director of Toyota Kirloskar Raju Ketkale said. Toyota said it was the policy of the company not to go for volume sales, rather focus on customer satisfaction. The official said sales of its luxury brand 'Lexus' was going up year after year. "We are bringing Lexus products as a completely built unit. It was to test the demand in the market first," he said. Sales of hybrid version of 'Camry' sedan had been hit after the imposition of GST, he said. "There had been steep rise in tax incidence after GST from 28 per cent to 43 per cent for which sales were hit," he said. "We are talking to the ...
'Young Consumers' and 'Bridal' expected to drive 2018 Platinum Jewellery Market in India
Platinum Guild International (PGI) today published the findings of its 2017 Platinum Jewellery Business Review revealing that two key trends - young consumers and bridal - are emerging to contribute to platinum demand growth in 2018. Compiled by independent platinum market experts and industry analysts, the survey reports strong consumer retail sales growth in the India, U.S. and Japan for 2017, even outperforming gold in some areas."We saw above-market growth for platinum jewellery in three out of four key markets in 2017. This trend is tied to a robust global economy and historically low platinum prices, together with an increasing preference for platinum among younger consumers, which indicates growth potential in the platinum jewellery sector in 2018," says CEO Huw Daniel of Platinum Guild International."Platinum growth in India for 2017 has been very encouraging. Platinum today resonates with young India. The rarity of the metal, the designs inspired by global trends and the ...
Cutting $200 billion from U.S.-China trade deficit is a tall order
BEIJING (Reuters) - For China to slash its record trade surplus with the United States by up to $200 billion annually, it would have to buy the equivalent of more than 600 Boeing airliners every year.
Nifty ends lower, post biggest weekly loss in 10
(Reuters) - Indian shares ended lower for a fourth straight session on Friday, dragged by financials such as HDFC Bank and Housing Development Finance Corp, while sentiment was subdued amid caution over developments in U.S.-China trade negotiations.