Page 858 - Business Finance
Saudi Aramco in talks with Reliance for joint investment in petchem, refinery projects
Saudi Aramco, the world's largest oil exporter, Wednesday said it is in talks with Reliance Industries and other Indian companies for investing in petrochemicals and refinery projects in the country. The Saudi national oil company, which along with its partner UAE's Adnoc has taken a 50 per cent stake in a planned USD 44-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, has bullish outlook on India's energy demand; and is keen on investing here. Saudi Aramco CEO Amin Al-Nasser said he remains positive on the firm's investment in India, and is working with partners. Indian partners, he said, are "assuring us that things are going very well.?" He was replying to a reporter's question, on the sidelines of Saudi India Forum, about the fate of the 60 million tonnes-a-year refinery project after ruling BJP and Shiv Sena agreed to shift the project from Ratnagiri district. "I think if there is any delay, we can catch up. All we hear lately is that ..
Garware Technical Fibres net profit rises by 14.2% in Q3 FY19 sales rise by 10.3% in Q3 FY19
Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.), a leading manufacturer of technical textiles for the Indian and global markets, has reported the financial results for the quarter and nine months ended 31st December 2018 which were approved by the Board of Directors at their meeting held on 13th February 2019.Q3 FY19 Highlights· Net Sales grew by 10.3% to Rs. 222.2 Cr. in Q3 FY19 as compared to Rs. 201.5 Cr. in Q3 FY19· Profit before tax grew by 13.2% to Rs. 36.4 Cr. in Q3 FY19 as compared to Rs. 32.2 Cr. in the same quarter last year· Net profit after tax has grown by 14.2% to Rs. 24.7 Cr. in the quarter as against Rs. 21.6 Cr. in the corresponding period of FY18· EPS for Q3 FY19 is at Rs. 11.29; this is a growth of 14.2 % over Q3 FY189M FY19 Highlights· Net Sales improved by 11.9% to Rs. 728.3 Cr. in 9M FY19 as against Rs. 650.7 Cr. in 9M FY18· Profit before tax grew by 17.1% to Rs. 131.3 Cr. as compared to Rs. 112.1 Cr. in 9M FY18· Net profit after tax has grown by
India identified as a Priority Growth Market for Majorel
India has been identified as a target growth market for Majorel - customer experience services group which was launched worldwide by its global Chief Executive Officer Thomas Mackenbrock with an ambitious statement of intent on its growth strategy. Early this year, the company was formed by combining the worldwide customer service businesses of Bertelsmann, the international media, services, an education company, and Morocco's Saham Group.Majorel, which has more than 48,000 employees in 28 countries worldwide, is a leading player in Europe, Middle East and Africa and has a strong presence in Asia and the Americas. The business is aiming for a leading position in the global customer experience industry by investing heavily in its regional network and digital customer engagement capabilities. It plans to invest several hundred million Euros over the course of the coming years in geographical expansion and in digital capabilities and solutions including analytics, artificial ...
Varun Beverages reports revenue of Rs 804 crore in Q3 FY19
Varun Beverages Limited (VBL), a key player in beverage industry and one of the largest franchisee of PepsiCo in the world, said on Wednesday its revenue from operations moved up to Rs 804 crore during October to December 2018 compared to Rs 543 crore in the same quarter of previous year.However, total expenses also moved up to Rs 904 crore from Rs 661 crore in the same period. As a result, the net loss was Rs 70.8 crore in Q3 of 2018-19 compared to Rs 72.1 crore in the year-on-year period.The company produces and distributes a wide range of carbonated soft drinks (CSDs) as well as a large selection of non-carbonated beverages (NCBs) including packaged drinking water sold under trademarks owned by PepsiCo.PepsiCo CSD brands produced and sold by VBL include Pepsi Diet Pepsi Seven-Up, Mirinda Orange, Mirinda Lemon, Mountain Dew, Seven-Up Nimbooz Masala Soda, Sting and Evervess. PepsiCo NCB brands produced and sold by the Company include Tropicana Slice, Tropicana Frutz, Tropicana Juices
UK regulator raises big objections to Sainsbury's-Asda deal
LONDON (Reuters) - Britain's competition regulator said on Wednesday Sainsbury's planned $9.5 billion takeover of Walmart-owned Asda should either be blocked or require the sale of a significant number of stores, or even one of the brands.
Supreme Court court finds Anil Ambani guilty of contempt in RCom-Ericsson case
NEW DELHI/MUMBAI (Reuters) - India's Supreme Court on Wednesday found Anil Ambani, chairman of debt-laden Reliance Communications (RCom), guilty of contempt of court for wilfully failing to pay 5.5 billion rupees ($77.29 million) to telecom equipment maker Ericsson.
Sugar production till mid-February up by 7.73%
Sugar production in the country has increased by 7.73 per cent year-on-year to 21.93 million tonne till February 15 but overall output at the end of the season would be lower than the previous year, Indian Sugar Mills Association (ISMA) said on Wednesday.
FDI during Apr-Dec 2018-19 falls 7 pc to USD 33.49 bn
Foreign direct investment (FDI) into India contracted by 7 per cent to USD 33.49 billion during April-December in the current fiscal, according to commerce and industry ministry data. Foreign fund inflows during April-December 2017-18 stood at USD 35.94 billion. The key sectors that received the maximum foreign investment during the nine months of the fiscal include services (USD 5.91 billion), computer software and hardware (USD 4.75 billion), telecommunications (USD 2.29 billion), trading (USD 2.33 billion), chemicals (USD 6.05 billion), and the automobile industry (USD 1.81 billion). Singapore was the largest source of FDI during April-December 2018-19 with USD 12.97 billion inflow, followed by Mauritius (USD 6 billion), the Netherlands (USD 2.95 billion), Japan (USD 2.21 billion), US (USD 2.34 billion), and the UK (USD 1.05 billion). A decline in foreign inflows could put pressure on the country's balance of payments and may also impact the value of the rupee.
Copper futures gain 0.06% on positive global cues
Tracking positive global cues, copper prices edged higher by 0.06 per cent to Rs 452.75 per kg in futures trade Wednesday as participants raised bets. At the Multi Commodity Exchange, copper for delivery in February was up by 25 paise, or 0.06 per cent, at Rs 452.75 per kg in a business turnover of 984 lots. Likewise, the metal for delivery in April traded higher by 65 paise, or 0.14 per cent, at Rs 457.40 per kg in 102 lots. Besides firm trend overseas, pick up in demand at the spot market mainly led to the rise in copper prices in futures trade, analysts said.
Hathway Cable & Datacom Ltd stays slippery
Hathway Cable & Datacom Ltd is quoting at Rs 25.2, down 1.37% on the day as on 13:24 IST on the NSE. The stock jumped 9.95% in last one year as compared to a 2.68% rally in NIFTY and a 28.91% spurt in the Nifty Media index.
HCL Technologies Ltd slips for fifth straight session
HCL Technologies Ltd is quoting at Rs 1036.7, down 0.23% on the day as on 13:24 IST on the NSE. The stock jumped 9.95% in last one year as compared to a 2.68% rally in NIFTY and a 21.95% spurt in the Nifty IT index.
Tata Consultancy Services Ltd extends drop
Tata Consultancy Services Ltd is quoting at Rs 1902.75, down 0.11% on the day as on 13:24 IST on the NSE. The stock jumped 25.09% in last one year as compared to a 2.68% rally in NIFTY and a 21.95% spurt in the Nifty IT index.
GlaxoSmithkline Consumer Healthcare Ltd falls more than 1%
GlaxoSmithkline Consumer Healthcare Ltd is quoting at Rs 7220.95, down 1.13% on the day as on 13:24 IST on the NSE. The stock jumped 29.65% in last one year as compared to a 2.68% rally in NIFTY and a 8.98% spurt in the Nifty FMCG index.
Hindustan Unilever Ltd down for fifth straight session
Hindustan Unilever Ltd is quoting at Rs 1725.1, down 0.74% on the day as on 13:24 IST on the NSE. The stock jumped 29.65% in last one year as compared to a 2.68% rally in NIFTY and a 8.98% spurt in the Nifty FMCG index.
Positive market breadth
Firmness prevailed on the bourses in afternoon trade. At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 221.38 points or 0.63% at 35,573.99. The Nifty 50 index was up 70.15 points or 0.66% at 10,674.50. Positive cues from other Asian stocks boosted investors sentiment.
Glencore's 2018 earnings rise, announces $3 billion share buyback plan
(Reuters) - Trading company Glencore said on Wednesday it would buy up to $3 billion worth of its shares as higher pricing and production boosted full-year adjusted core earnings by 8 percent.
Sugar production till Feb 15 up 8.07 pc to 21.93 MT: ISMA
The country's sugar production rose 8.07 per cent to 21.93 million tonnes (MT) till February 15 in the ongoing marketing year 2018-19 from the year-ago period, industry body ISMA said Wednesday. However, the overall sugar output is pegged lower at 30.7 MT for the current marketing year (October-September) compared to 32.5 MT during 2017-18, it added. According to the Indian Sugar Mills Association (ISMA), the recent hike in minimum selling price of sugar by Rs 2 per kg to Rs 31 will "generate additional revenue for the sugar mills and help them in payment of cane price arrears." Cane arrears have touched over Rs 20,000 crore this year and the government raised the minimum selling price of sugar to improve the liquidity of cash-starved mills and enable them to clear the mounting cane dues. Sharing the production update, ISMA said mills have manufactured 21.93 MT of sugar till February 15, higher than 20.35 MT in the year-ago period. "Higher production this year is mainly because ...
Kaveri Seed extends losses on poor results, state licence suspension
(Reuters) - Kaveri Seed Co Ltd's shares extended falls into a fifth session on Wednesday, shedding as much as 12.3 percent to a 27-month low.
Crude oil prices bounce 0.32% on global cues
Crude oil prices rose 0.32 per cent to Rs 4,046 per barrel Wednesday as speculators created fresh positions amid positive overseas cues. Oil prices increased in the previous sessions on supply cut by OPEC and US sanctions on Iran and Venezuela. But the market also traded on cautious note over rise in US production and forecasts of an economic slowdown. At the Multi Commodity Exchange, crude for delivery in March was trading higher by Rs 13, or 0.32 per cent, at Rs 4,046 per barrel in a business turnover of 12,987 lots. Meanwhile, West Texas Intermediate gained 0.12 per cent to USD 56.16, while Brent crude, the international benchmark, recovered 0.05 per cent to USD 66.48 per barrel.
Japan Nikkei extends gain on US-China talk hopes
The two countries (US-China) started a new round of talks to resolve their trade war on Tuesday, and sessions at a higher level are planned later this week. US President Donald Trump said on Tuesday that trade talks with China were going well and suggested he was open to pushing off the deadline to complete negotiations, saying March 1 was not a "magical" date. Tariffs on $US200 billion worth of Chinese imports are currently scheduled to rise to 25% from 10% if no trade deal is reached by March 1.