Page 494 - Business Finance
Market drops sharply in volatile trade
Local stocks dropped sharply on selling pressure in index pivotals. The barometer index, the S&P BSE Sensex, dropped 323.82 points or 0.83% at 38,730.86. The Nifty 50 index lost 84.35 points or 0.72% at 11,641.80. The Sensex dropped below the psychological 39,000 level. Negative global stocks also impacted sentiment.
Amara Raja Batteries Ltd extends losses
Amara Raja Batteries Ltd is quoting at Rs 670.55, down 0.56% on the day as on 13:24 IST on the NSE. The stock tumbled 20.15% in last one year as compared to a 10.59% rally in NIFTY and a 25.44% fall in the Nifty Auto index.
China Market tumbles 2.43%
Their declines came amid net outflows recorded through the stock connect in Hong Kong for three consecutive days. Wednesday, the latest data available from the Hong Kong stock exchange, disclosed that a net outflow of 3.525 billion yuan was recorded from both Shanghai and Shenzhen northbound.
Anarock revenue doubles to Rs 188-cr in FY19; brokerage drives growth
Out of the total revenue, Rs 150 crore came from housing brokerage, said chairman Anuj Puri
Maruti's Q4 net slips by 4.6 pc to Rs 1,796 crore
Adverse foreign exchange rates and commodity prices pulled down Maruti Suzuki's net profit during the fourth quarter ended March 31 by 4.6 per cent to Rs 1,796 crore in the year-on period.Higher depreciation and higher sales promotion expenses also weighed heavy on the balance sheet with net sales of Rs 20,737 crore, up by 0.7 per cent over the same period of previous year.Total sales slipped by 0.7 per cent at 458,479 vehicles. The country largest passenger car manufacturer sold 428,863 units in domestic market, including 421,383 units in the passenger vehicle segment and 7,480 units of light commercial vehicles.Exports were at 29,616 units, according to an official statement.The board of directors recommended a dividend of Rs 80 per share of face value of Rs 5 for 2018-19, the same as that of last year.In the entire fiscal year 2018-19, net sales stood at Rs 83,027 crore, marking a growth of 6.3 per cent over the same period of previous year.Net profit for the year stood at Rs 7,501
Gold rises Rs 150 on jewellers' buying, weak rupee
Gold prices Thursday rose by Rs 150 to Rs 32,870 per 10 gram in the national capital on fresh buying from jewellers, according to the All India Sarafa Association. Silver also gained Rs 295 to Rs 38,520 per kg on more offtake by industrial units and coin makers. Traders said besides increased buying from local jewellers, a depreciating rupee which slumped to Rs 70 against the dollar aided the uptrend. The rupee slumped 22 paise to 70.08 against the dollar in early trade on Thursday due to rising global crude prices and fresh demand for the American currency from importers. Globally, spot gold was trading higher at USD 1,278.50 an ounce, while silver was trading lower at USD 14.99 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity advanced by Rs 150 to Rs 32,870 and Rs 32,700 per 10 gram, respectively. However, sovereign gold held steady at Rs 26,400 per eight gram. Silver ready surged Rs 295 to Rs 38,520 per kg, while weekly-based delivery ...
Japan Stocks gain on relief over BOJ policy
Total 27 issues out of 33 subsectors of the Tokyo Stock Exchange inclined, with shares in Land Transportation, Real Estate, Retail Trade, Oil & Coal Products, and Construction issues being notable gainers, whereas Nonferrous Metals, Mining, and Securities & Commodities Futures issues were notable losers.
Maruti Suzuki India skids after weak Q4 results
Maruti Suzuki India fell 1.70% to Rs 6904.95 at 15:12 IST on BSE after net profit fell 4.6% to Rs 1795.60 crore on 0.7% increase in net sales to Rs 20737.50 crore in Q4 March 2019 over Q4 March 2018.
Brent tops $75, rupee to weaken further
Brent crude, the global oil benchmark, crossed $75 a barrel mark on Thursday, its highest level in over six months after the US said it would end sanctions waivers that have allowed oil importing countries to keep buying Iranian crude.
Dish TV forays into OTT segment with Watcho
Dish TV Thursday forayed into online Video on Demand segment by launching OTT (over-the-top) platform 'Watcho', and expects to have 10 million user-base within a year, said a top company official. Essel Group's DTH arm is targeting the young millenial across the country, and as per its strategy it will offer short format contents, which are economically viable along with user-generated platforms in languages such as Hindi, Kannada and Telugu. Besides, the company has also plans to add contents on its platform in other regional languages, including Bhojpuri and Gujarati, to expand in the OTT market. The company will provide OTT service to its existing DTH subscribers of Dish TV and D2H brands, which are estimated to be around 23 million, free as of now. The OTT platform will synergise with the existing DTH platform as this would help to control churning rates and benefit the customers, which now prefer to consume entertainment contents on the go, Dish TV India Executive Director & .
India's crude oil production falls by 4.15 pc in 2018-19
India produced 34,203 thousand metric tonnes (TMT) of crude oil during 2018-19 (April to March) which is 4.15 per cent below the output in the previous financial year and 7.59 per cent lower than the target, the government said on Thursday.The production in 2017-18 was 35,684 TMT while the target for 2018-19 was pegged at 37,011 TMT, a statement issued by the Ministry of Petroleum and Natural Gas said.The downward trend in production comes at a time when the United States has said it will no longer grant sanctions waiver to countries like India which import crude oil from Iran from next month.At the same time, falling domestic crude oil production has pushed up India's oil import dependence to nearly 84 per cent of the total consumption.In March alone, the country produced 2,854 TMT of crude oil which is 16 per cent lower when compared to output in March 2018 and nearly 13 per cent below the target. The production in March 2018 was 3,041 TMT while the target for March 2019 was 3,280 ..
5G competition, delays drop Nokia into deeper losses
Intensifying competition and delays in rolling out 5G equipment for the next generation of mobile phone networks pushed Nokia deeper into the red in the first quarter, the company said Thursday. Net losses more than doubled from the same period last year to hit 446 million euros ($497 million), and compared to a 193 million euros profit in the final three months of last year. Chief executive Rajeev Suri acknowledged that the quarter was weak for the Finnish firm, which is widely seen as trailing China's Huawei and Sweden's Ericsson in the race to supply operators with the equipment needed to build next-generation 5G networks. "We expected that it would be, and the outcome has not changed our perspective on the full year," added Suri. "5G revenues are expected to grow sharply, particularly in the second half of the year, driven by our 36 commercial wins to date," he added. Nokia said it delayed booking 200 million euros in revenues it had expected in the first quarter. Nevertheless ...
LEAP to tap USD 180 billion patent management and monetization market
Clairvolex, the global Intellectual Property (IP) asset management firm, today announced the launch of LEAP- the first AI & amp; ML enabled unified IP portfolio development & amp; management platform, incubated in India and engineered jointly with the Silicon Valley, for global markets.Patent development is a USD 18 billion market opportunity in the hi-tech space alone. Further, patent licensing is a much larger market, estimated at a value of USD 180 billion. These are two extremely siloed business systems in the global industry. Patent portfolio development is an expensive and tedious process, with large patent holders spending hundreds of million dollars to develop and maintain them. Licensing is complex, in the absence of a market place for inventions and patents. LEAP addresses these challenges, helping businesses enhance the value of IP and patent portfolios.Powered by ML, AI and automation, and with an extensive data at its backend, LEAP offers enhanced patent ...
Bharti Infratel Ltd leads losers in 'A' group
Reliance Communications Ltd, Mahindra & Mahindra Financial Services Ltd, Vodafone Idea Ltd and IIFL Holdings Ltd are among the other losers in the BSE's 'A' group today, 25 April 2019.
Pakistan Stock Exchange suspends trading over technical glitch
The Pakistan Stock Exchange (PSX) on Thursday suspended trading after a technical fault in its trading network limited access for some brokerages.
Nirav Modi, Mehul Choksi's 13 luxury cars on auction
Thirteen luxury cars owned by fugitive diamantaires Nirav Modi and his uncle Mehul Choksi went on online auction by the Metals & Scrap Trading Corporation, here on Thursday.
Cong promises relief to 5.85 cr families affected by Pearls chit fund case
The Congress on Thursday expressed support for the 5.85 crore families affected by the Pearls chit fund case and promising that it will ensure payment to them with interest within six months if voted to power. The party said it unequivocally and strongly condemns the injustice done to the families by Pearl Agrotech Corporation Limited (PACL) as well as about 12 crore victims of the various chit fund scams and it is taking a very serious view of this organised fraud. The Congress said in a statement that within six months of government formation, the 5.85 crore families affected by PACL will be ensured payment with interest according to the February 2, 2016, decision of the Supreme Court. The party will also pass stringent laws to curb such scams which attack the right to dignity of each citizen, it said. The statement came after Congress president Rahul Gandhi met with representatives of chit-fund affected groups at New Delhi. The party said it has already commenced work on its ...
Maruti to phase out diesel models from April next year
The country's largest carmaker Maruti Suzuki India (MSI) Thursday said it will phase out all diesel cars from its portfolio with effect from April 1, 2020. "From April 1, 2020 we will not be selling diesel cars," MSI Chairman RC Bhargava told reporters here. The company currently sells a range of diesel vehicles. Around 23 per cent of all units sold by the company in the domestic market currently are diesel cars.
Maruti Suzuki Q4 net profit dips 4.6 pc to Rs 1,795.6 crore
The country's largest car maker Maruti Suzuki India (MSI) Thursday reported a 4.6 per cent decline in net profit to Rs 1,795.6 crore for the fourth quarter of the 2018-19 fiscal. The company had posted a net profit of Rs 1,882.1 crore in the January-March period of 2017-18, MSI said in a statement. Net sales during the quarter rose to Rs 20,737.5 crore, up marginally over the year-ago period. Total car sales dips marginally to 4,58,479 units during the quarter under review, the company said. For the entire 2018-19 fiscal, MSI posted a net profit of Rs 7,500.6 crore, down 2.9 per cent from the previous fiscal. Net sales last fiscal stood at Rs 83,026.5 crore, a rise of 6.3 per cent from 2017-18. Total volume sales during 2018-19 were up 4.7 per cent to 18,62,449 units. Of this, 1,08,749 units were exported, the company said. The company said that the quarter was marked by adverse foreign exchange rates and commodity prices, higher depreciation and higher sales promotion expenses. It ...
Mohit Industries Ltd leads losers in 'B' group
Lloyds Steels Industries Ltd, Cyber Media (India) Ltd, Trejhara Solutions Ltd and Electrotherm (India) Ltd are among the other losers in the BSE's 'B' group today, 25 April 2019.