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Page 455 - Business Finance

Crude oil futures slip on weak global trend

Crude oil prices fell by another 0.7 per cent to Rs 4,415 per barrel in futures trade Thursday as speculators were indulged in reducing their holdings amid a weak trend overseas. On the Multi Commodity Exchange, crude for delivery in May contracts eased by Rs 16, or 0.7 per cent, to Rs 4,415 per barrel in a business volume of 19,664 lots. Analysts said, continuous offloading of holdings by participants in line with a weak trend in global crude mainly weighed on crude prices here. The oil for delivery in June contracts, too, lost Rs 10, or 0.22 per cent, to Rs 4,436 per barrel in 639 lots. The West Texas Intermediate (WTI) crude fell 0.60 per cent to USD 63.22, while Brent crude, the international benchmark shed 0.58 per cent to USD 71.76 a barrel at the New York Mercantile Exchange.

Updated On : 02 May 2019 | 2:05 PM IST

Volkswagen's 1st quarter profit slips on legal risks

German automaker Volkswagen saw profit slip in the first quarter as the company set aside 1 billion euros for legal risks related to its 2015 diesel scandal but saw better results from its core brand and stronger profit margins. After-tax profit fell to 3.05 billion euros ($3.41 billion) from 3.30 billion euros in the same quarter a year ago. Group sales revenue rose 3.1% to 60 billion euros even though the total number of vehicles sold declined. A key measure of profitability - the profit margin on sales - rose to 8.1% from 7.2% in the year-earlier period. The current figure exceeds the company's targeted margin range of 6.5% to 7.5%. Chief financial officer Frank Wittner said it was a "very strong first quarter" and "to an extent better actually better than we expected." "I think the key drivers were obviously the operational performance even though volume declined, but we were able to offset that with price and mix effects," Wittner told the Associated Press. Wittner said that ...

Updated On : 02 May 2019 | 2:05 PM IST

China Market shut on Thursday for public holiday

Stocks in Asia Pacific were mixed on Thursday, on following fall in Wall Street overnight after signs that the US Federal Reserve may not be considering rate cuts at the moment. Market losses were, however, capped after reports that the U.S. and China could announce a trade deal as soon as next Friday.

Updated On : 02 May 2019 | 2:04 PM IST

Bandhan Bank's profit up 68 pc at Rs 651 crore in Q4 FY19

Kolkata-based Bandhan Bank on Thursday reported 68 per cent increase in its March quarter net profit to Rs 651 crore due to higher net interest and non-interest income.It had reported a net profit of Rs 388 crore in the year-on period.Net interest income in Q4 of FY19 was up 46 per cent to Rs 1,258 crore as against Rs 864 crore last year. Non-interest income was at Rs 388 crore, up 91 per cent from Rs 203 crore a year ago.Deposits rose 28 per cent to Rs 43,232 crore while advances increased 38 per cent to Rs 44,776 crore. Provisions and contingencies surged 41 per cent to nearly Rs 200 crore in the quarter from Rs 113 crore a year ago.As a percentage of total loans, gross non-performing assets (NPAs) stood at 2.04 per cent as compared to 1.25 per cent in the same quarter a year ago. Net NPAs were static at 0.58 per cent."The year 2018-19 has been a challenging year for the banking industry," said Chandra Shekhar Ghosh, Managing director and Chief Executive Officer of Bandhan Bank."We .

Updated On : 02 May 2019 | 1:55 PM IST

Toyota's India sales decline 22% in April

Toyota Kirloskar Motor sold 10,112 vehicles in April, registering a 22 per cent annual decline from 13,037 units sold in the same month a year ago, the Japanese car maker said on Thursday.

Updated On : 02 May 2019 | 1:50 PM IST

Japan Market shut on Thursday for public holiday

Updated On : 02 May 2019 | 1:50 PM IST

Australia Market falls after the Fed pushed back rate cut expectations

The U.S. Federal Reserve's pushed back on market expectations that its next move would be a rate cut in overnight monetary policy meeting. Federal Reserve officials voted to hold interest rates steady Wednesday, while Fed Chairman Jerome Powell said in a news conference that recent low inflationary pressures may only be transitory. That dashed speculation the central bank was entertaining the idea of a rate cut because of tame inflation. Data released earlier this week showed the US core personal consumption expenditure price index remained unchanged in March and was up 1.6% year over year below the Fed's 2% target. U.S. President Donald Trump had urged the Fed to cut rates by 1%age point this week because of low inflation.

Updated On : 02 May 2019 | 1:50 PM IST

Bharat Forge Ltd drops for fifth straight session

Bharat Forge Ltd is quoting at Rs 469.8, down 0.52% on the day as on 13:24 IST on the NSE. The stock tumbled 37.38% in last one year as compared to a 9.83% rally in NIFTY and a 27.09% fall in the Nifty Auto index.

Updated On : 02 May 2019 | 1:50 PM IST

Zinc futures shed 0.61 pc on tepid demand

Zinc prices eased 0.61 per cent to Rs 219.15 per kg in futures trade Thursday as speculators cut positions, taking weak cues from the spot market on muted demand from consuming industries. On the Multi Commodity Exchange, zinc for delivery in the current month declined 60 paise, or 0.61 per cent, to Rs 219.15 per kg in a business turnover of 8,920 lots. Marketmen said weakness in metals in the domestic spot market, owing to slackened demand from consuming industries, influenced prices.

Updated On : 02 May 2019 | 1:45 PM IST

Gold futures decline Rs 283 on profit-booking, weak global cues

Gold prices fell by Rs 283 to Rs 31,457 per 10 gram in futures trade Thursday as speculators went for profit-booking at prevailing levels amid a weak trend overseas. In futures trade on the Multi Commodity Exchange, gold to be delivered in June fell by Rs 283, or 0.89 per cent, to trade at Rs 31,457 per 10 gram in a business turnover of 12,113 lots. The yellow metal for delivery in August shed Rs 236, or 0.74 per cent, to trade at Rs 31,626 per 10 gram with a business volume of 434 lots. Analysts attributed the fall in gold futures to profit-booking by traders and a weak trend in precious metals overseas. Globally, gold shed 0.72 per cent to USD 1,272.14 an ounce in Singapore.

Updated On : 02 May 2019 | 1:40 PM IST

TVS Motor sales up 5 pc in April at 3,18,937 units

TVS Motor Company Thursday posted five per cent rise in total sales at 3,18,937 units in April. The company sold 3,04,795 units in the same month last year, TVS Motor said in a regulatory filing. Total two-wheeler sales during the month increased 4 per cent to 3,05,883 units as against 2,93,418 units in April 2018. Domestic two-wheeler sales were at 2,48,456 units last month, up 3 per cent from 2,41,604 units in the same month last year. Motorcycle sales grew 9 per cent to 1,43,063 units from 1,31,704 units in April last year. Scooter sales were also up 9 per cent to 97,323 units in April as against 89,245 units in the year-ago period. Three-wheeler sales grew 15 per cent last month to 13,104 units compared to 11,377 units in April 2018. Total exports were up 13 per cent at 69,565 units last month as against 61,798 units registered in the year-ago period, the company said.

Updated On : 02 May 2019 | 1:35 PM IST

Manufacturing Growth Eases To Eight Month Low, Soft Increase In New Orders Weighs

Updated On : 02 May 2019 | 1:31 PM IST

Reliance Securities total income at Rs 337 crore in FY 19

Reliance Securities, the broking and distribution arm of Anil Ambani-led Reliance Capital, said on Thursday it registered 149 per cent growth in profit after tax of Rs 32 crore during fiscal 2018-19.This was on a total income of Rs 337 crore which moved up 7 per cent. In equity broking, the average daily stock exchange turnover grew to Rs 5,208 crore, marking a year-on-year jump of 16 per cent.As on March 31 this year, Reliance Securities had 9 lakh broking accounts, 5 per cent up from last financial year. The commodity broking accounts rose by 6 per cent to 1.08 lakh while average daily commodities turnover increased by 20 per cent to Rs 327 crore.The assets under management totalled Rs 3,983 crore, according to a statement."Despite market volatility, our customer centricity initiatives helped us manage our unique traded clients which led to 16 per cent growth in our average daily turnover," said B Gopkumar, Executive Director and CEO of Reliance Securities.About 95 per cent of new ..

Updated On : 02 May 2019 | 1:25 PM IST

BookMyForex to offer international SIM, partners with WorldSIM

BookMyForex.com, India's largest marketplace for foreign exchange and remittances has joined hands with WorldSIM, a leading British mobile virtual network operator, to offer International SIM to its customers. Customers will now be able to buy International SIM at the click of a button on BookMyForex platform and get free door-step delivery across India. This association will enable customers to save on international voice and data usage abroad apart from the savings on foreign exchange that BookMyForex offers."BookMyForex is on a mission to cut down woes of International travellers. Our platform removes the hassle of a rate comparison, rate haggling and brings the best rate and service to the customers. We are excited to partner with WorldSIM which is known for its low-cost data and roaming services. International SIM is an excellent addition in our portfolio and with this association; we will be delivering value addition to our customers who are looking to stay connected while ...

Updated On : 02 May 2019 | 1:25 PM IST

Eight Core Industries Growth Hits Five Month High In March

The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stood at 145.0 in March, 2019, which was 4.7 per cent higher as compared to the index of March, 2018 - recording its best performance in five months. Its cumulative growth during April to March, 2018-19 was 4.3 percent.