Page 451 - Business Finance

Dana Incorporated Appoints Leader for Dana India

/ -- Dana Incorporated (NYSE: DAN), a leading provider of propulsion technologies in India for more than 50 years, today announced that Gajanan Gandhe is joining the company as country leader of Dana India, effective today. In this role, Mr. Gandhe will work across Dana, including the company's business units, functional teams, and joint-venture partners, to accelerate strategic and profitable growth. Included in his responsibilities is the implementation of the company's e-Mobility strategy in this important geographic market. He will also be an active member on each of Dana's India-based boards of directors. "India is one of the world's largest industrial markets, and Mr. Gandhe brings proven leadership experience in the mobility industry in India, as well as globally," said Antonio Valencia, senior vice president, global electrification, China, and India for Dana. "In combination with our significant organic growth and the acquisitions of Brevini, TM4, SME, and Oerlikon Drive ...

Stock markets witness lacklustre trading in early hours

Equity benchmark indices were subdued in early trading on Friday with auto stocks gaining and IT majors showing losses.At the National Stock Exchange, sectoral indices were mixed with banking, financial services, auto and realty in the green. But FMCG, IT, metal and pharma were in the negative zone.At 10:15 am, the BSE S & P Sensex was up 106 points at 39,087 while the Nifty 50 gained 17 points to 11,742.Bharti Infratel, Bharti Airtel and Tata Motors gained over two per cent. ONGC and Maruti were also up more than one per cent.However, HCL Tech, Tech Mahindra and Tata Consultancy Services lost more than two per cent. Infosys too slipped over one per cent.Meanwhile, Asian share markets were calm amid thin holiday trade.As investors await US jobs report, global policymakers continue to grapple with slow wage growth and lukewarm inflation which makes monetary policy decision-making complicated..

IRCON International advances after new order win

IRCON International rose 2.29% to Rs 408.65 at 10:05 IST on BSE after the company was awarded a contract worth approx $91.27 million from Sri Lanka Railways.

Economic growth may have slowed in 2018-19: FinMin

The Indian economy appears to have slowed down in 2018-19 due to lower private consumption, tepid growth in fixed investment and muted exports, a finance ministry report has said. The Central Statistics Office (CSO), which released the national account data for the third quarter, had in February revised downwards the growth estimate for 2018-19 fiscal to 7 per cent from 7.2 per cent. The 7 per cent growth is the lowest in 5 years. In its monthly economic report for March, the Finance Ministry said monetary policy has attempted to provide a fillip to the growth impulse through cuts in repo rate and easing of bank liquidity. "India's economy appears to have slowed down slightly in 2018-19. The proximate factors responsible for this slowdown include declining growth of private consumption, tepid increase in fixed investment, and muted exports, it said. The Ministry, however, said that India continues to remain the fastest growing major economy and is projected to grow faster in the ...

Rolta India Ltd Slides 4.85%, S&P BSE IT Sector index Shed 1.65%

Rolta India Ltd has lost 15.91% over last one month compared to 0.52% gain in S&P BSE IT Sector index and 0.58% rise in the SENSEX

Key market indices open on flat note on Asian cues

The key Indian equity indices opened on a flat note on Friday tracking a mixed trend in the Asian markets.

Rupee rises 13 paise to 69.24 vs USD in early trade

The rupee appreciated by 13 paise to 69.24 against the US dollar in opening trade Friday, driven by easing crude oil prices and higher opening in domestic equities. Forex traders said the weakening of the greenback in overseas markets coupled with sustained foreign fund inflows aided the local unit. The rupee opened strong at 69.38 at the interbank forex market, then gained further ground and touched 69.24, displaying gains of 13 paise over its last close. The local unit however, pared some gains and was trading at 69.26, up 11 paise from its previous close at 0945 hrs. The rupee had appreciated by 19 paise to 69.37 against the US dollar Thursday. Foreign institutional investors (FIIs) remained net buyers in the capital markets, putting in Rs 597.54 crore Thursday, according to provisional exchange data. Brent crude futures, the global oil benchmark, eased 0.38 per cent to USD 70.48 per barrel. Meanwhile, the US Federal Reserve held key interest rates steady amid lack of inflationary .

Reliance Communications Ltd Spikes 4.47%, S&P BSE Telecom index Rises 1.31%

Reliance Communications Ltd has lost 47.91% over last one month compared to 2.91% fall in S&P BSE Telecom index and 0.48% rise in the SENSEX

Godrej Properties gains after purchasing land in Mumbai

Godrej Properties advanced 2% to Rs 837.20 at 09:18 IST on BSE after the company announced purchase of R.K. Studios' land in Chembur, Mumbai to develop a mixed-use project at the iconic location.

Market trades higher; breadth positive

Key benchmark indices were trading higher in early trade. At 9:22 IST, the barometer index, the S&P BSE Sensex, was up 91.71 points or 0.24% at 39,073.14. The Nifty 50 index was up 23.30 points or 0.20% at 11,748.05.

Apple Watch leads global smartwatch shipments in Q1

Led by Apple Watch, global smartwatch shipments grew at 48 per cent year-on-year (YoY) in the first quarter of 2019, Counterpoint Research said on Friday.

Uber hit with Australia class action ahead of stock listing

Global ride-sharing firm Uber on Friday faced another legal bump on the road to its blockbuster initial public offering, with taxi drivers launching a class action lawsuit in Australia. Thousands of cabbies are alleging that Uber gained an unfair advantage and destroyed their livelihoods by knowingly operating above the law, according to a filing lodged in the state of Victoria on Friday. Law firm Maurice Blackburn said their clients want to recover income they claim is lost as a result of Uber allegedly operating without proper licences for their drivers and vehicles. "It is shaping (up) as one of the largest class actions in Australian history," said the firm's head of class actions Andrew Watson. "Make no mistake, this will be a landmark case regarding the alleged illegal operations of Uber in Australia." It is unclear whether the class action will be successful, or whether any payout -- even in the multiple millions of dollars -- would be anything more than a blip on the company's

Godrej Properties buys iconic R K Studios land in Chembur, Mumbai

Realty firm Godrej Properties Friday announced the acquisition of iconic R K Studios' land in Chembur, Mumbai, where it would develop mixed-use project housing luxury flats and retail space. Godrej Properties, part of Godrej group, said it has added a new project in Chembur, Mumbai. "Spread across 2.2 acres, this project will offer approximately 33,000 square meters (about 0.35 million square feet) of saleable area comprising modern residential apartments of various configurations as well as a luxury retail experience," the company said in a statement. The company did not disclose the deal value. Godrej Properties Executive Chairman Pirojsha Godrej said the company has added this iconic site in Chembur to its development portfolio. "This fits well with our strategy of deepening our presence in key locations across India's leading cities. We will seek to ensure we celebrate the remarkable legacy of this site with the goal of delivering an outstanding lifestyle for its residents," he ...

Wipro seeks shareholders' nod for Rs 10,500-cr share buyback plan

This is Wipro's third buyback programme

Greaves Cotton board approves Rs 240-cr share buyback

Engineering firm Greaves Cotton Thursday said its board has approved a proposal to buy back around 1.37 crore shares worth up to Rs 240 crore. The price of shares will be Rs 175 apiece, it said. The company's board, which met Thursday, also recommended the re-appointment of its MD and CEO Nagesh Basavanhalli for a further period of five years with effect from September 27, 2019, till September 26, 2024, Greaves Cotton said in a regulatory filing. The company also said its profit after tax has declined 35.08 per cent to Rs 37 crore for the fourth quarter of 2018-19. It had posted a net profit of Rs 57 crore in the corresponding period of 2017-18. Revenue grew 9 per cent to Rs 528 crore as against Rs 486 crore in fourth quarter of 2017-18. Shares of the company Thursday ended 1.19 per cent up at Rs 148.40 on the BSE.

Banks can term IL&FS loans as NPAs, barred from recovery: NCLAT

The NCLAT on Thursday reversed its own interim order to allow lenders with exposure to IL&FS and its group companies to classify them as non-performing assets (NPAs), in line with RBI norms, but restrained them from moving to recover any dues from the beleagured group or group companies till their resolutions are undertaken.

Greaves Cotton approves Buyback of equity shares

at a tender price of Rs 175 per equity share

DCM Shriram standalone net profit rises 366.34% in the March 2019 quarter

Sales rise 21.44% to Rs 1866.85 crore

Britannia Industries consolidated net profit rises 12.76% in the March 2019 quarter

Sales rise 10.13% to Rs 2764.01 crore

Bandhan Bank standalone net profit rises 67.81% in the March 2019 quarter

Total Operating Income rise 35.70% to Rs 1832.69 crore