Page 3918 - Business Finance
Bajaj Allianz General FY18 net up 26.51% at Rs 921 crore
Bajaj Allianz General Insurance today reported 26.51 per cent growth in net profit for the year 2017-18, at Rs 921 crore compared to the previous year. In 2016-17, the private general insurer's net profit stood at Rs 728 crore, the company said in a statement here. The underwriting profit of the company soared by 359 per cent to Rs 293 crore in FY18 against Rs 64 crore in the previous year as a result of a risk based pricing and prudent underwriting philosophy. The Gross Written Premium (GWP) of the company increased by 23.4 per cent to Rs 9,487 crore in FY18, compared to Rs 7,687 crore in FY17. Bajaj Allianz has substantially improved its combined ratio to 92.3 per cent in FY18 against 96.8 per cent during the previous year. "Our focus continues to remain on strong growth with high levels of customer service and profitability. The continued focus on our retail business lines such as motor, health and property insurance along with increasing footprint in newer ...
India gold discounts widen to most in two months; demand up elsewhere
MUMBAI/BENGALURU (Reuters) - Gold discounts in India widened to the highest level in nearly two months this week due to sluggish demand amid high local rates, while buying in other major Asian centres ticked up as global prices slid to 2018 lows.
Falling rupee impacting auto industry's bottomline: Toyota
Rupee depreciation is impacting the bottomline of auto industry, which is already reeling under the impact of increasing crude oil prices, a top official of Toyota Kirloskar Motor said today. "Rupee depreciation is impacting the auto industry to an extent of erosion of profitability," Shekar Viswanathan, vice chairman and whole-time director of Toyota Kirloskar Motor told reporters at the launch of the firm's mid-sized sedan, Yaris, in the domestic market. "Crude oil price increase also taking a toll on the industry," he added. While the rupee is hovering around the Rs 67 mark against the US dollar, crude oil price has crossed USD 80 a barrel this week, amid rising geopolitical tensions. Toyota Kirloskar Motor, the joint venture between Japanese auto major Toyota and Kirloskar group, today marked its entry into the highly competitive mid-sized sedan segment, with the launch of Yaris. The car prices start at Rs 8.75 lakh (ex-showroom). Yaris would compete with the likes ..
Ashok Leyland Q4 net profit rises 40% at Rs 667 cr
Hinduja Group flagship company Ashok Leyland today posted 40.15 per cent increase in its profit at Rs 667.38 crore for the fourth quarter ended March 31, 2018. The company had reported a net profit of Rs 476.16 crore for the same period of the previous fiscal. Net income rose to Rs 8,830.22 crore during the fourth quarter as against Rs 7,133.43 crore in the same period of the previous fiscal, Ashok Leyland said in a regulatory filing. For the year ended March 31, the company posted a consolidated net profit of Rs 1,815.81 crore, up 12.65 per cent, from Rs 1,611.91 crore during the fourth quarter of 2016-17 fiscal. Ashok Leyland Managing Director Vinod K Dasari said, 2017-18 turned out to be an extremely satisfactory year for the company with achievements in many fronts. "Exports have witnessed a healthy jump in the current year, and we will continue to focus on growing international business as well as defence and after-market portfolios. Our network continues to grow and reach out to
itel extends partnership with Airtel
China-based Transsion Holdings' brand itel Mobile on Friday extended its partnership with Bharti Airtel under the latter's "Mera Pehla Smartphone" initiative.
20 Indian start-ups selected for business expansion to London
Twenty Indian start-ups have been chosen to join London Mayor Sadiq Khan's India Emerging 20 (IE20) business programme which aims to help selected companies in setting up or expanding their business in Britain's capital.
Tin and nickel gain on rising demand
Tin and nickel prices gained further at the non-ferrous metal market here today on stockists' buying amidst rising demand from alloy industries. Elsewhere, copper armature, brass sheet cuttings and zinc also edged up owing to good demand from industrial users. Tin and nickel rose by Rs 10 per kg each to Rs 1,530 and Rs 1,025 from Thursday's closing level of Rs 1,520 and Rs 1,015, respectively. Copper armature, brass sheet cuttings and zinc inched up per kg each to Rs 470, Rs 364 and Rs 235, respectively.
Sensex sinks 300 pts to close below 35k-mark
The benchmark Sensex slumped 300 points to end at 34,848.30 today on across-the-board selling amid political uncertainty in Karnataka and negative global cues. The broader NSE Nifty too cracked below the 10,600-level. No let-up in selling by foreign funds and surging crude oil prices in global markets dragged down the key indices. Investors remained on the sidelines amid doubts whether the B S Yeddyurappa government in Karnataka will be able to prove its majority in the house tomorrow, brokers said. The Supreme Court today ordered a floor test in the Karnataka Assembly at 4 PM tomorrow, reducing the 15-day window given by the Governor to Yeddyurappa to prove majority. Yeddyurappa was sworn-in as the chief minister yesterday. Falling for the fourth straight session, the 30-share Sensex opened lower and stayed in the negative terrain for the major part of the session, hitting a low of 34,821.62 before ending at 34,848.30 -- down by 300.82 points, or 0.86 per cent. The barometer had ...
Ashok Leyland fourth-quarter profit jumps 40 percent, beats estimates
(Reuters) - India's Ashok Leyland Ltd posted a 40 percent jump in fourth-quarter net profit on Friday, helped by stronger sales volume.
Punjab Communications announces change in directorate
With effect from 25 April 2018
Board of JTEKT India approves change in directorate
With effect from 18 May 2018
RCom in talks with Ericsson to settle dues outside NCLT
Anil Ambani-run Reliance Communications today said it is in advanced stages of discussions with Ericsson for settling issues related to unpaid dues outside of the insolvency and bankruptcy proceedings. "We confirm that RCom and Ericsson are at an advanced stage of discussions to expeditiously resolve commercial issues. This will enable Reliance Communications to exit the National Company Law Tribunal (NCLT) process," an RCom spokesperson said in a statement. The spokesperson added that the company is confident to "expeditiously proceed with its monetisation plan with Reliance Jio and overall resolution plan with the lenders, keeping in mind the interests of all stakeholders". Earlier this week, the NCLT in Mumbai admitted an insolvency petition filed by Swedish firm Ericsson against RCom and two of its subsidiaries seeking to recover Rs 1,150 crore. Ericsson had signed a seven-year deal in 2014 to operate and manage RCom's nationwide telecom network but has not been paid for the ...
Debt-laden Reliance Communications in advanced talks with Ericsson to resolve issues
MUMBAI (Reuters) - Reliance Communications said it was in advanced talks with Ericsson to resolve "commercial issues", after two sources indicated it was currently uncertain if the firms' discussions over dues would lead to an out-of-court settlement.
Edibles and non-edibles recover on fresh demand
Refined palmolein recovered modestly at the Vashi oils and oilseeds wholesale market here today following fresh demand from retailers. Elsewhere, castor seeds bold and castor oil commercial also rebounded owing to renewed demand from soaps and shippers industries. While groundnut oil and linseed oil held stable in the absence of any worthwhile buying activity. In the edible segment, refined palmolein edged up by Rs 3 per 10 kg to Rs 721 from Thursday's closing level of Rs 718 and groundnut oil closed unchanged at Rs 845 per 10 kg. Moving to non-edibles section, castor seeds bold moved up by Rs 5 per 100 kg to Rs 4,020 as against Rs 4,015 yesterday and castor oil commercial inched up per 10 kg to Rs 834. Linseed oil ended unaltered at Rs 780 per 10 kg.
US supports participatory polls in Bangladesh
The United States is in favour of holding "free, fair and participatory election" in Bangladesh that truly brings out the will of Bangladeshi people.USAID Administrator Mark Green said, "Bangladesh and the US are indeed friends. This friendship is based on shared values and willingness to talk to each other openly and honestly," as quoted bt Dhaka Tribune.Experience shows responsive democratic governance is an irreparable ingredient in long-term sustainability and successful economic development, Mark Green said.Green raised concerns over the ongoing arrest of opposition leaders and detention of journalists.The US will continue to work with Bangladesh to resolve Rohingya issue, he added.The administrator asked for Bangladesh's continued help in punishing those who are responsible for the brutal killing in 2016 of Xulhaz Mannan.There were discussions about the strong partnership between the United States and Bangladesh.Green praised and thanked the government of Bangladesh for ...
RCOM, Ericsson discussions at advance stage to resolve issues
Reliance Communications (RCOM) said on Friday it is at an advance stage of discussions with Ericsson to resolve commercial issues.
JSW Steel signs pact to buy Aferpi for Rs 600 cr from Algeria's Cevital
JSW Steel today inked a pact with Algeria's Cevital to buy its Italian arm Aferpi for around Rs 600 crore, a source in the know of the development said today. The Sajjan Jindal-owned firm had earlier tried to acquire the second largest plant in Italy in 2014, when it was known as Lucchini. The Algerian conglomerate Cevital however acquired Lucchini and renamed it Acciaierie e Ferriere di Piombino (Aferpi). "JSW Steel has signed a deal with Algeria's Cevital to buy Italy's second largest steel firm Aferpi for around Rs 600 crore on Friday," the source who did not wish to be quoted said. According to the source, senior officials of JSW are in Italy and the agreement document was signed at Italy's Ministry of Economic Development. While JSW Steel refused to comment on the development, an email query sent to Cevital remained unanswered. The acquisition will help JSW to expand its reach in the specialised steel market, particularly in the automobile sector. Aferpi makes a wide range of ...
Facebook India to help smartphone brands connect better with consumers
India is currently the second largest smartphone market globally and is expected to hit 1.4 billion unique mobile subscribers by 2022
Strides Shasun Ltd leads losers in 'A' group
SRF Ltd, Astra Microwave Products Ltd, Granules India Ltd and Reliance Naval & Engineering Ltd are among the other losers in the BSE's 'A' group today, 18 May 2018.
India has no plans to cancel bond auctions despite spike in yields: source
NEW DELHI (Reuters) - India's government is unlikely to cancel bond auctions despite a spike in bond yields as it does not want to trigger panic in financial markets, a senior finance ministry official said on Friday.