Page 432 - Business Finance
Wipro Gallagher Solutions Wins HousingWire Tech100 Award
On 06 May 2019
Rupee falls 18 paise against dollar due to rising trade tensions
The rupee Monday fell by 18 paise to close at 69.40 against the US dollar as renewed trade war worries following US President Donald Trump's threat to raise tariffs on Chinese imports sent markets into a tailspin and triggered flight of capital to safe bets. Foreign investors were net sellers in capital markets Monday selling assets worth Rs 948 crore on a net basis, provisional exchange data showed. Forex dealers said that Trump's comment that he would raise taxes on USD 200 billion of Chinese products to 25 per cent from 10 per cent from Friday affected investor sentiment in the currency market. Gold and Japanese yen, considered as safe haven investment in times of crisis, gained Monday while Chinese currency yuan fell to the year's low level against the dollar. Other currencies such as the Turkish lira, the Mexican peso, and the Australian dollar declined up to 0.5 per cent on trade worries. The rupee opened weak at 69.38 and fell further to the day's low of 69.46 at interbank ...
ICICI Bank Q4 profit drops 5 pc due to higher provisioning for bad loans
Private lender ICICI Bank on Monday posted a 5 per cent drop in profit at Rs 969 crore in the quarter ended March 31 due to higher expenses.The net profit was Rs 1,020 crore in the corresponding quarter of last year.The bank's profit declined due to higher provisioning for bad loans in the January to March quarter. It made a provisioning of Rs 5,451 crore compared to Rs 4,244 crore in the previous quarter.The bank reported a 4.9 per cent increase in total income to Rs 20,914 crore. Its net interest income grew 26.54 per cent to Rs 7,620 crore, from Rs 6,022 crore in the quarter ended March 31, 2018.ICICI Bank said its net interest margin stood at 3.72 per cent in the fourth quarter of financial year 2018-19.Asset quality improved with gross bad loans as a percentage of total loans easing to 6.7 per cent in the quarter ended March 31, from 7.75 per cent in the previous quarter and 8.84 per cent a year earlier.The lender said its net non-performing assets came in at the lowest level in .
Sensex crashes 363 points as US-China trade tensions re-emerge
Equity benchmark Sensex Monday plummeted nearly 363 points in line with global market sell-offs as investors panicked sensing fresh trouble for the world economy after the US vowed to further raise tariffs on Chinese goods. Similarly, the NSE Nifty dived 114 points to settle below the 11,600-level. In a sign of derailment of trade talks between the two global economic powers the US and China, US President Donald Trump on Sunday threatened to hike tariffs on USD 200 billion worth of Chinese goods. Tracking tepid global market trend, the BSE gauge Sensex opened on a weak note at 38,719.33 against its previous close of 38,963.26. It lost further ground as the trade progressed and hit a low of 38,509.79 during the day. The index finally settled at 38,600.34, down 362.92 points or 0.93 per cent. The broader NSE Nifty too started off the session on a bearish note at 11,605.80. The NSE benchmark fell to a low of 11,571.35 before settling the day at 11,598.25, losing 114 points or 0.97 per ...
Nifty May futures at steep premium
Turnover in F&O segment falls
Sensex drops 363 points as US-China trade tensions escalate
Equity benchmark indices dropped in line with Asian shares on Monday, a day after US President Donald Trump said he will increase US tariffs on 200 billion dollars worth of Chinese goods.The S & P BSE Sensex tumbled 363 points to close at 38,600 while the Nifty 50 was down 114 points to 11,598.Reports said China is considering cancelling this week's trade talks in Washington. US-China trade tensions are likely to take a toll on foreign capital flows into India and other emerging markets.Adding to the nervousness was the start of the fifth phase of Lok Sabha elections. Investors were also concerned over the mixed set of numbers by large-cap majors.Except IT, all sectoral indices at the National Stock Exchange were in the red.In stocks, Tata Motors fell by more than 5 per cent following reports of phasing out of small diesel cars. Yes Bank too dropped by over 5 per cent after the rating agency ICRA downgraded its long-term ratings on the deterioration in the credit quality of large .
Eminent Gandhians address IIFT students on principles of 'Ethical Corporate Governance' on its 56th Foundation Day
Shobhana Radhakrishna, Chief Functionary of the Gandhian Forum for Ethical Corporate Governance and Dr Ravi Chopra, Founder Secretary of the Centre for Gandhian Vision and Values addressed students and faculty at the Indian Institute of Foreign Trade (IIFT) on the principles of ethical corporate governance. The eminent Gandhians were invited to speak at the prestigious B-school on its 56th Foundation Day and commemoration event of the 150th birth anniversary of Mahatma Gandhi."The most important thing for Mahatma Gandhi was action, making sure that we walk on the right path. His principles of Satyagraha (power of truth), Akardhrashti (level observance) and Shramdaan (voluntary contribution) are required in business as well as in personal life. Hard work, punctuality and simplicity are important for ethical leadership", said Shobhana Radhakrishna."The 56th foundation day is an important milestone for IIFT which over the years has grown to become a landmark institution in India. Since ..
Singapore property prices fall: Is this a good time for Indian nationals to buy?
Singapore, May 6 (ANI): Singapore property developer has gone bust for the first time since the 1997 Asian Financial Crisis.Developers Astoria and Lerida, which have the same owner, are now insolvent, with accounting firm KPMG acting as the receiver.The developments affected are the Sycamore Tree, a five-storey 96 residential unit with shops in Joo Chiat, which is in the eastern part of Singapore, and Laurel Tree, a 70-unit condominium in Hillview Terrace near Upper Bukit Timah. Both are incomplete freehold condos, which were supposed to have received their Temporary Occupation Permit in 2016.This has left buyers who bought units before construction started high and dry and hoping the receivers are able to raise sufficient funds to complete the project without having to make them "top-up" what they have already committed to pay in order to complete the building of their houses.The Controller of Housing at the Urban Redevelopment Authority (URA) is now reviewing the accounts for both ..
US to ensure oil supplies to India
US Ambassador to India Kenneth Juster made public this assurance to reporters after Trade Secretary Wilbur Ross held a meeting with Finance Minister Arun Jaitley at the North Block in which India's concerns over oil supplies getting deeply impacted following the US sanctions on oil imports from Iran by other countries.Juster, who accompanied Ross, said the US was working with other countries like Saudi Arabia and UAE to ensure adequate oil supplies to India.On his part, Ross said "Iran is a problem if you have seen recent terrorism incidents and we should be doing whatever we can against terrorism."To a question, he replied it was premature to talk about Foreign Direct Investment (FDI) in e-commerce which he said he would discuss with Suresh Prabhu.India was forced to stop importing crude oil from Iran May 2 after the US ended sanction waivers on countries importing oil from Teheran.The Trump administration decided not to renew waiver that let countries like India buy Iranian oil ...
Wockhardt net loss narrows to Rs 14.47 cr
Drug firm Wockhardt Monday reported narrowing of consolidated net loss of Rs 14.47 crore for the quarter ended March 2019. The company had posted a net loss of Rs 154.55 crore for the corresponding period of the previous fiscal, Wockhardt said in a filing to the BSE. Consolidated revenue from operations of the company stood at Rs 979.13 crore for the quarter under consideration. It was Rs 1,018.26 crore for the corresponding period a year ago. For the fiscal year ended March this year, its net loss stood at Rs 194.53 crore as against Rs 608.30 crore for the previous fiscal year. Consolidated revenue from operations for the recently concluded fiscal year stood at Rs 4,158.38 crore. It was Rs 3,936.90 crore for the previous year. Shares of Wockhardt closed at Rs 408.65 per scrip on the BSE, up 0.41 percent from its previous close.
Samsung leads India's premium smartphone market in Q1
Riding on the success of its Galaxy S10 series, Samsung India saw a massive jump in the premium smartphone segment in the first quarter of 2019, clocking 68.9 per cent market share (by volume) and 65.9 per cent (by value), a top company executive said on Monday.
Vardhman Special Steels reports standalone net loss of Rs 0.15 crore in the March 2019 quarter
Sales rise 5.14% to Rs 243.25 crore
Kewal Kiran Clothing standalone net profit rises 3.28% in the March 2019 quarter
Sales rise 10.91% to Rs 133.11 crore
Paramount Communications standalone net profit declines 9.14% in the March 2019 quarter
Sales rise 10.45% to Rs 184.26 crore
Restile Ceramics reports standalone net loss of Rs 1.60 crore in the March 2019 quarter
Sales rise 2.56% to Rs 0.40 crore
PTC India Financial Services reports standalone net profit of Rs 36.76 crore in the March 2019 quarter
Sales rise 14.06% to Rs 330.26 crore
Umiya Tubes reports standalone net profit of Rs 0.84 crore in the March 2019 quarter
Sales decline 75.32% to Rs 2.67 crore
Jupiter Infomedia reports standalone net profit of Rs 0.18 crore in the March 2019 quarter
Sales decline 6.25% to Rs 0.15 crore
Bharat Bijlee standalone net profit declines 80.29% in the March 2019 quarter
Sales rise 22.55% to Rs 273.05 crore
Vardhman Acrylics standalone net profit rises 38.17% in the March 2019 quarter
Sales decline 2.77% to Rs 78.88 crore