Page 915 - Business Finance
Russia detains U.S. founder of Baring Vostok private equity group
MOSCOW (Reuters) - Russia has detained the U.S. founder of the Baring Vostok private equity group in Moscow on suspicion of fraud, a Moscow court said on Friday, a move likely to concern foreign investors.
Schneider Electric launches new circuit-breaker
: Schneider Electric Friday announced the launch of Masterpact MTZ, the next generation high-power low voltage circuit-breakers assembled in the Indian market. Masterpact MTZ is a first-of-its-kind air circuit- breaker in the market that provides the customer with enhanced performance, reliability and safety, a press release from the company said here. A circuit breaker is an automatically operated electrical switch designed to protect an electrical circuit from damage caused by overload. Commenting on the launch, president (buildings business) of Schneider Electric India Shrinivas Chebbi said, "We are reliant on digitisation to achieve our digital and sustainability goals while continuously improvising on our productline and services to help our customers maximise their operations and become energy-efficient." Zone president and managing director of the company Anil Chaudhry said, "Masterpact MTZ represents for us a next step in our effort towards digitisation of power
ONGC announces dividend of Rs 5.25 per share after profit zooms over 64%
Oil and Natural Gas Corporation (ONGC) has posted 64.8 per cent year-on-year rise in net profit at Rs 8,263 crore for the quarter ended December 31.The oil major had posted a profit of Rs 5,015 crore in the corresponding quarter last year.Revenue of the company increased by 20.4 per cent to Rs 27,694 crore in Q3 of FY19. The board of directors had declared an interim dividend of 105 per cent, that is Rs 5.25 on each equity share of Rs 5.ONGC is India's largest crude oil and natural gas company, contributing about 70 per cent to the domestic production.Crude oil is the raw material used by downstream companies like IOC, BPCL and HPCL to produce petroleum products like petrol, diesel, kerosene, naphtha and cooking gas LPG..
India's January trade deficit widens, slow exports growth a concern
NEW DELHI (Reuters) - India's trade deficit widened in January pushed by a rise in gold imports, while exports growth remained low, deepening concerns for Prime Minister Narendra Modi who wants to accelerate economic expansion ahead of elections.
Indo-Pakistan tension, high oil prices subdue market, PSU banks shed most
A day after a major terror strike in Jammu and Kashmir and subsequent India-Pakistan diplomatic tensions soured the overall market sentiment in the Indian equity market last trading day of the week.
Jet Airways shares gain 3 pc
Shares of Jet Airways rose 3 per cent Friday after its board approved a bank-led provisional resolution plan (BLPRP) that will pave the way for conversion of the airline's debt into equity, making lenders the largest shareholders in the company. The company's shares gained 2.99 per cent to close at Rs 232.55 apiece on the BSE. Intra-day, it advanced by 7.55 per cent to Rs 242.85. At the National Stock Exchange, shares rose 2.94 per cent to close at Rs 232.55 apiece. The plan proposes restructuring, under the provisions of the Reserve Bank of India's February 12, 2018 circular, to meet a funding gap of nearly Rs 8,500 crore. "The BLPRP contemplates conversion of lenders' debt into 11.40 crore shares of Rs 10 each by allotment of such number of equity shares to the lenders that would result in the lenders becoming the largest shareholders in the company," the airline said in a filing to exchanges.
PepsiCo forecasts surprise drop in profit as it ramps up investments
(Reuters) - PepsiCo Inc forecast a surprise drop in full-year profit on Friday, as the snack and beverage company spent heavily on marketing and developing new products in a bid to claw back market share from Coca-Cola Co Inc.
Jaguar Group eyes Rs 3,900 Crore revenue in 2018-19
Sanitary ware major Jaguar Group has set a target of garnering Rs 3,900 crore revenue during the current fiscal and aims to reach USD 1 billion by 2022, the company said Friday. As part of its expansion plans in the country, the firm inaugurated an exclusive brand showroom at Madhavaram that would display the group's latest collections and products under the Artize and Jaguar brands, company officials said. For the year 2017-18, the company recorded a turnover of Rs 3,123 crore. On the inauguration of the showroom, company Director and Jaguar Group Promoter, Rajesh Mehra said "Opening an exclusive large-format showroom in Chennai is an important landmark in our growth story and is reflective of our customers' faith." "We are excited at the prospect of further strengthening our foothold in Chennai, one of our key markets and simultaneously capitalise on growing demand of quality products..", he said. The company has presence in over 45 countries across Europe, Middle ...
US-China to hold trade talks in Washington next week
The trade talks between China and the US will continue in Washington next week after both sides made "progress" but not enough to seal a final deal, ahead of a planned American tariff hike on USD 200 billion of Chinese imports from March 2. Top officials from the world's two biggest economies wrapped up the two-days of talks here on Friday in a bid to at least create sufficient goodwill to stave off an escalation of their tariff war. Both sides have agreed to continue talks in Washington next week after two days of negotiations in Beijing produced "progress" but not enough to seal a deal to end the trade war, the Hong Kong-based South China Morning Post quoted officials as saying. "Talks will continue next week among the same group of people, but at a different place," said a source, who declined to be identified. "The last two days in Beijing made progress but not enough to seal a final deal," the source said, adding that the Chinese delegation may leave for Washington on ...
Exports up 3.74 pc in Jan; trade deficit narrows
The country's exports grew 3.74 per cent to USD 26.36 billion in January on account of growth in sectors such as gems & jewellery, pharmaceuticals and chemicals, according to data from the commerce ministry. Imports almost remained flat at USD 41 billion during the last month, narrowing the trade deficit to USD 14.73 billion. The trade deficit stood at USD 15.67 billion in January 2018. Gold imports also grew 38.16 per cent to USD 2.31 billion in January this year as against USD 1.67 billion in the corresponding month of 2018. During the April-January period of the current financial year, exports grew 9.52 per cent to USD 271.8 billion. Imports rose by 11.27 per cent to USD 427.73 billion. The trade deficit widened to USD 155.93 billion during the 10 months of the current fiscal from USD 136.25 billion in April-January 2017-18. Oil imports in January rose by 3.59 per cent to USD 11.24 billion.
Board of Dalmia Bharat Sugar & Industries appoints director
At meeting held on 14 February 2019
Central to cross Rs 3000cr topline in FY'19
Central, a chain of premium retail stores of the Future Lifestyle Fashions Ltd, Friday said it will cross Rs 3,000 crore topline by the end of the current fiscal. Central, possibly the only fashion retail chain yet to log on to the e-commerce bandwagon, said it will remain offline. "We are into offering a total experience which is not possible in online selling. We do not retail our merchandise on e-commerce platform and neither propose to do so in future," Central CEO Vishnu Prasad said at the launch of Metro Central store in the revamped iconic heritage building which was housed the Metro cinema in the heart of the city. The Metro store is the first thematic store keeping alive the nostalgia of cinema associated with the theatre that was opened by the Metro-Goldwyn-Mayer studios in 1935. Prasad said the chain that contributes in excess of 50 per cent to the group's total revenues, was growing steadily at around 15 per cent and would continue to so in the coming ...
India's January trade deficit widens to $14.73 billion
NEW DELHI (Reuters) - India's trade deficit widened to $14.73 billion in January, mainly pushed by rise in gold imports, the trade ministry said in a statement on Friday.
Himachal CM admits using chopper for more than 60% of his tours
Himachal Pradesh Chief Minister Jai Ram Thakur on Friday admitted he has used helicopters in more than 60 per cent of his tours within the state.
Gold hits two-week high as weak U.S. data lifts likelihood of Fed pause
Gold rose to its highest in two weeks on Friday after weak U.S. economic data compounded concern over a global slowdown and dialled down the chances of the U.S. Federal Reserve raising interest rates this year.
Rupee extends slide, down 7 paise to 71.23 vs USD
The rupee slipped by 7 paise to close at 71.23 against the US dollar Friday, pressured by heavy foreign capital outflows and firming oil prices. This is the third straight session of loss for the domestic currency, during which it has depreciated by 53 paise. On a weekly-basis, the rupee registered a loss of 8 paise. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 71.22 and fell further to touch the day's low of 71.44. The local unit covered some lost ground, before finally ending at 71.23 per dollar, down by 7 paise against its previous close. On Thursday, the rupee had tumbled 36 paise to close at 71.16 per US dollar. Forex traders said heavy selling in domestic equities coupled with foreign capital outflows affected the movement of the rupee. Foreign portfolio investors (FPIs) sold shares worth a net Rs 966.43 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 853.25 crore Friday, provisional data showed. "India's ...
BSE illiquid stock options: Sebi slaps Rs 10 lakh fine on a firm for fraudulent trade
Markets regulator Sebi Friday slapped a penalty of Rs 10 lakh on Poonam Drums and Containers Pvt Ltd for fraudulent and manipulative trading in illiquid stock options on the BSE. The Securities and Exchange Board of India (Sebi) conducted an investigation into the trading activity in illiquid stock options on BSE from April 2014 to September 2015 after observing large-scale reversal of trades in the bourse's stock options segment. The regulator observed that the entity repeatedly bought and sold stock options and executed reversal trades with the same set of entities for same quantity within a short span of time with substantial price difference. Sebi noted from the trading pattern of the entity that it was deliberately making repeated losses through reversal trades in stock options which does not make any economic sense and is a blatant misuse of trading platform for creating artificial volume in the illiquid stock options. The non-genuine and deceptive transactions of entity is ...
Dr Reddy's shares witness heavy volatility, recover most of early losses
Shares of Dr Reddy's Laboratories Ltd witnessed heavy volatility Friday, recovering most of its sharp early losses to end over 4 per cent down. The company's stock tumbled 22.62 per cent to Rs 2,065.30 intra-day on the BSE. Later, it recovered most of the losses and closed 4.21 per cent lower at Rs 2,556.90. At the National Stock Exchange (NSE), shares crashed 29.77 per cent to Rs 1,872.95 apiece -- its 52-week low in intra-day. It later closed at Rs 2,563.35, a fall of 3.89 per cent. On the traded volume front, 4.94 lakh shares traded on the BSE and over 67 lakh shares on the NSE. The stock reeled under selling pressure amid reports that research firm Jefferies said 11 FDA observations under Form 483 on a unit of the drug firm included four repeat observations. On February 8, Dr Reddy's in a filing to the BSE said, "This is to inform you that the audit of our formulations manufacturing plant - 3 at Bachupally, Hyderabad by the US FDA, has been completed. We have been issued a Form ...
Greenlam Industries consolidated net profit rises 14.11% in the December 2018 quarter
Sales rise 12.03% to Rs 313.96 crore