Page 924 - Business Finance
GMR Infrastructure forms panel to 'spin off' airport business
: GMR Infrastructure Ltd has said it has constituted a sub-committee of its board for a possible spin-off of the airport business as it sees a USD 100-billion investment opportunity in India. According to a regulatory filing with bourses Thursday, the company has already received multiple proposals from the investors for the airport business, which are currently being evaluated and shall be placed at the meeting of the newly constituted sub-committee. "We wish to inform that the board of directors of the company at its meeting held on February 14 approved the constitution of the sub-committee to consider and evaluate options of demerger to unlock shareholder value in the existing business of the group," the filing said. The consideration and evaluation of option of demerger would pave way for the next phase of growth considering the stated intent of the government for faster privatisation of airports in the country, which is a USD 100-billion investment opportunity, it .
Gold rises as weak U.S. data supports Fed pause hopes
Gold rose on Friday after weak U.S. economic data dialled down chances the Federal Reserve would hike rates this year, and as dismal signals from China and Europe compounded concerns of a global slowdown and supported safe-haven demand for bullion.
PepsiCo forecast surprise drop in 2019 core profit
(Reuters) - PepsiCo Inc forecast a surprise drop in full-year profit that was well below Wall Street estimates on Friday, hit by a stronger dollar, higher tax rate and increased investments in the business.
Shell buys German solar battery maker sonnen
FRANKFURT (Reuters) - Royal Dutch Shell has agreed to buy German residential solar battery maker sonnen, as the oil and gas major expands its electricity business in its bid for a bigger role in the global transition to low-carbon energy.
Brent oil hits $65 as production cuts fuel 2019 high
LONDON (Reuters) - Brent crude oil briefly reached 2019 highs above $65 a barrel on Friday as OPEC-led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged investors.
Boeing to showcase 'advanced capabilities' at Aero India 2019
Boeing stated Friday that it would showcase its range of platforms with "advanced capabilities" at Aero India 2019 in Bengaluru and it would "focus on partnerships" with its defence and commercial customers. In a press statement, the world's largest aerospace company stated that it would showcase a "range of platforms, support and training capabilities" at Aero India 2019, including the F/A-18 Super Hornet aircraft, KC-46A Pegasus tanker, AH-64E Apache helicopter, CH-47F Chinook helicopter, and the P-8 aircraft. Aero India 2019 will take place in Bengaluru from February 20 to February 24. The company also said in its statement, "During the show, Boeing will focus on the partnerships with its defence and commercial customers, and highlight strategic investments in developing India's aerospace ecosystem, with the theme 'The Future is Built Here'." The company would also be displaying models of the latest Boeing commercial airplanes, including 737 MAX, 777X and the 787 Dreamliner. Aero ..
Market slips in volatile trade
Local stocks ended with modest losses led by slide index pivotals HDFC, Sun Pharmaceutical Industries and HDFC Bank. Intraday volatility was high. Shares of index heavyweight HDFC dropped. Global stocks were mixed.
ONGC shares gain over 2 pc after Q3 results
Shares of Oil and Natural Gas Corporation (ONGC) rose by over 2 per cent Friday after the company reported a 65 per cent jump in its third quarter net profit. The company's shares gained 2.27 per cent to close at Rs 135.10 on BSE. It jumped 6.58 per cent to Rs 140.80. On NSE, shares rose by 2.23 per cent to close at Rs 135.10. On the traded volume front, 19.25 lakh shares were traded on BSE and over 3 crore changed hands on NSE. The state-owned company Thursday reported a 65 per cent jump in its third quarter net profit as higher prices made up for a fall in oil output. Net profit in October-December 2018 at Rs 8,262.70 crore, or Rs 6.44 per share, was higher than Rs 5,014.67 crore, or Rs 3.91 a share, net earning in the same period of the previous fiscal, the company said in a statement. Revenue from operations rose to Rs 27,694.09 crore from Rs 22,995.88 crore in the third quarter of 2017-18 fiscal.
Quick Wrap: Nifty Pharma Index falls 3.11%
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RBS delivers on dividend but warns of Brexit business threat
LONDON (Reuters) - Royal Bank of Scotland will pay investors, including the British government, a bigger-than-expected dividend after it more than doubled its profit in 2018, but warned that Brexit could drive businesses under and curtail cost-cutting.
Expect India to be huge growth driver: Amway
US-based direct selling major Amway Inc expects India to be a huge growth driver for the company and play a role in its global supply chain through innovative herbal products, a top company official said Friday. The company also aims a sustained double-digit growth in the next five years in India, a market which it is expecting to break into its top-five global markets in the mid to long term. "Of course we do. The size and the scope and the breadth of the Indian market, we see it as a huge growth driver for us globally," Amway Inc Co-Chairman Douglas L DeVos told PTI here in an interview. He was responding to a query on whether Amway believes that India can be among its top-five global markets. Currently, the country is ranked seventh after China, US, South Korea, Japan, Thailand and Taiwan. Amway has already set a target of USD 1 billion sales in India by 2025. In 2017-18, the direct selling firm had sales of Rs 1,800 crore and expects to touch Rs 2,000 crore in 2018-19. Commenting .
Jet knocks on government doors in fight for survival: media
BENGALURU (Reuters) - Beleaguered Indian carrier Jet Airways is seeking an $840 million bailout from shareholders and a state-backed fund, Business Television India said, after earlier approving a deal with its lenders to help plug a billion-dollar funding hole.
Lloyds Bank hires Morgan Stanley banker Chalmers as CFO
LONDON (Reuters) - Britain's biggest mortgage lender Lloyds Banking Group has hired senior Morgan Stanley banker William Chalmers as its new chief financial officer.
Declining Income Velocity Of Money Indicates Staggered Pickup In Economic Activity
A latest research report from the State Bank Of India (SBI) indicates that domestic currency in circulation (CIC) at Rs 20.4 trillion is still short of trend CIC by at least Rs 1.5 lakh crore. Thus, any argument of cash coming back aggressively into the system and financing informal activities is not entirely correct, noted the report. Even though CIC has expanded, income velocity of money has shown a sharp plunge. In principle, the declining velocity indicates that money is not getting adequately circulated in the economy.
Kellton Tech net up 8.8 per cent to Rs 18.5 crore in Q3
: Kellton Tech Solutions Ltd Friday said its net profit for the quarter-ended December 31, 2018 stood at Rs 18.5 crore up 8.8 per cent over the same quarter the previous fiscal. The net profit was Rs 17 crore in the third quarter of FY 18, a press release from the company said. The total revenue was at Rs 2,07.8 crore during the quarter under review as compared to Rs 210.8 crore during the corresponding period the previous year, reflecting a decrease of 1.4 per cent on a year-on-year basis. Commenting on the results, chairman and whole-time director of Kellton Tech Niranjan Chintam said the company has recorded steady growth in this quarter and gained huge traction in the IoT business in Europe and the APAC region. "While gearing up to fuel the next level of growth, we are expanding our existing portfolio to deliver high-quality service to our customers," he said. "This quarter, with 13 new clients, we also continue to focus on maintaining stable win ratios and investing .
Sensex, Nifty extend declines, post two percent weekly fall
(Reuters) - Indian shares recovered some of their early losses in late trade on Friday, but subdued global indicators and muted domestic earnings led to the markets ending in the red again.
Sensex ends 67 pts lower; pharma, metal stocks crack
Benchmark indices reeled under selling pressure for the seventh straight session Friday as pharma, metal, auto and banking stocks led losses amid sustained foreign fund outflows and muted earnings season. However, emergence of buying in power, energy and PSU stocks in the last one hour of the session and covering-up of short positions by speculators wiped off most losses. The 30-share Sensex after slumping 365 points to hit a low of 35,510.97 intra-day, recouped most of the lost ground on fag-end buying, and finally settled with a modest fall of 67.27 points, or 0.19 per cent down at 35,808.95. The index has now lost a lost over 1,165 points in seven sessions. The broader NSE Nifty, after shuttling between 10,620.40 and 10,785.75, settled at 10,724.40 points, down by 21.65 points, or 0.20 per cent. On a weekly basis, the BSE index dropped 737.53 points, or over 2 per cent; while NSE Nifty fell 219.20 points, or 2 per cent. Top losers include Sun Pharma, Tata Steel, Vedanta, Hero ...
Indofil enters into JV with Italy-based Reagens
Modi Enterprises Group company Indofil Industries Ltd, a Rs 2,500 crore giant in crop protection and speciality chemicals, has announced a joint venture with Italy-based Reagens, a world's leading polymer additives manufacturer with a turnover of 230 million euros.Indo-Reagens Polymer Additives will start manufacturing green stabiliser range from a facility at Ankaleshwar in Bharuch district of Gujarat. The company will begin offering speciality additives from Reagens units in Europe from April 1.The joint venture will build a new plant in Gujarat Industrial Development Corporation's Special Economic Zone in Dahej to offer all green polymer additives to the Indian polymer processing industry."Both companies have complementary strengths which can be leveraged to bring sustainable solutions and products used in PVC and CPVC polymers," said Indofil's Chairman and Managing Director K K Modi. "We hope to combine our expertise and talent and take the JV to its best potential."Reagens ...
Global Markets: Fall in U.S. retail sales dampens world stock market rally
NEW YORK (Reuters) - The steepest decline in U.S. retail sales since 2009 in December halted a broad rally in world stock markets on Thursday and pushed investors into the safety of government bonds.
Seizing on Huawei's troubles, Samsung bets big on network gear
SEOUL (Reuters) - Samsung Electronics is pouring resources into its telecom network equipment business, aiming to capitalise on the security fears hobbling China's Huawei, according to company officials and other industry executives.