Page 927 - Business Finance
Indo Rama's net loss close to Rs 40 crore in Q3 of FY19
Polyester manufacturer Indo Rama Sythetics's net loss expanded to Rs 39.91 crore during October to December 2018 compared to Rs 19.21 crore in the corresponding period of previous year.The income from operations fell to Rs 508.22 crore from Rs 524.27 crore in the same period.In first nine months (March to December) of current fiscal 2018-19, Indo Rama's revenue totalled Rs 1,258.17 crore but loss before tax totalled Rs 160.59 crore, resulting in a net loss of Rs 101.73 crore."The company incurred a net loss before tax of Rs 66.97 crore and Rs 160.59 crore respectively during the quarter and nine months ended December 31, 2018," it informed stock exchanges.The company's current liabilities now exceed its current assets. Indo Rama said it has taken several steps to improve operational performance in terms of speciality products, cost control initiatives and addition of new customers.On January 15, the board of directors had approved additional equity infusion of Rs 360.72 crore by way ..
Chana futures fall 0.46 per cent on muted demand
Chana prices declined 0.46 per cent to Rs 4,309 per quintal in futures trade Friday after participants reduced their exposure amid subdued demand at spot market. Profit-booking at higher levels also weighed on the sentiment. At the National Commodity and Derivatives Exchange, chana for delivery in April was trading lower by Rs 20, or 0.46 per cent, at Rs 4,309 per quintal with an open interest of 27,030 lots. The May rates also fell by Rs 14, or 0.32 per cent, to Rs 4,365 per quintal with an open interest of 3,480 lots. Marketmen said trimming of bets by traders due to easing demand in physical market against adequate stocks, mainly led to the fall in chana prices at futures trade here.
Castor seed prices dip by Rs 14 on muted demand
Castor seed prices dipped by Rs 14 to Rs 5,432 per quintal in futures trade Friday after participants tightened their bets amid muted trend. At the National Commodity and Derivatives Exchange, castor seed for April was trading lower by Rs 14, or 0.26 per cent, at Rs 5,432 per quintal. Castor seed for May, too, dipped by Rs 24, or 0.43 per cent, to Rs 5,500 per quintal with an open interest of 8,215 lots. Marketmen said trimming of bets by traders due to easing demand in physical market against adequate stocks, mainly led to the fall in castor seed prices at futures trade here.
Metal and mining stocks decline
Stocks weakened further in early afternoon trade. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 292.41 points or 0.82% at 35,583.81. The Nifty 50 index was down 101 points or 0.94% at 10,645.05. Shares of index heavyweight HDFC dropped. Metal and mining stocks declined. Sentiment was impacted by negative Asian stocks.
Ashwani Lohani takes charge as Air India CMD
Retired technocrat Ashwani Lohani took charge as the chairman and managing director (CMD) of Air India on Friday. He took the charge in presence of recently appointed Civil Aviation Secretary Pradeep Singh Kharola and senior officials of the national carrier. This is Lohani's second tenure as Air India chief. The Appointments Committee of the Cabinet on February 13 cleared Lohani's re-induction on a contract basis for a one-year tenure. Lohani is a 1980-batch IRSME (Indian Railway Service Mechanical Engineering) officer hailing from Madhya Pradesh. He had headed the national carrier from August 2017 to September 2017 before being moved to the Railway Board as the chairman, from where he retired in December, 2018. It was during his tenure that Air India made its first operating profit of Rs 105 crore in the 2017 financial year, since the merger of Indian Airlines and Air India in 2007. Kharola was the chief of Air India till February 6, when he was transferred to the position of civil .
US officials to meet Xi as trade talks end
Top US economic officials were to meet with Chinese President Xi Jinping on Friday after wrapping up trade talks in Beijing without announcing any progress. The world's two biggest economies were aiming to at least end the discussions on deep trade differences with enough goodwill to avoid an escalation of their tariff war. The high-level engagement began Thursday after President Donald Trump suggested he may extend his March 1 deadline for China to make significant concessions on trade if enough progress was made this week in Beijing. The talks pitted a visiting delegation led by US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin against one fronted by China's economic czar Liu He. They ended around mid-day on Friday and the delegations parted with nothing announced. Attention now shifts to a planned meeting between the US officials and Xi on Friday afternoon. Trump's economic advisor Larry Kudlow had earlier said Xi's willingness to meet was a "very good
Electrotherm (India) Ltd leads gainers in 'B' group
Prakash Constrowell Ltd, Bharat Dynamics Ltd, California Software Company Ltd and Tera Software Ltd are among the other gainers in the BSE's 'B' group today, 15 February 2019.
Dilip Buildcon Ltd leads gainers in 'A' group
Infibeam Avenues Ltd, Redington India Ltd, Shankara Building Products Ltd and IL&FS Transportation Networks Ltd are among the other gainers in the BSE's 'A' group today, 15 February 2019.
Sensex, Nifty slide on global woes, muted earnings
(Reuters) - The Sensex and Nifty followed their Asian peers lower, dragged by drugmakers, as muted domestic earnings and weak U.S. retail sales hurt risk appetite.
Oil hits 2019 highs amid OPEC cuts, partial Saudi field outage
SINGAPORE (Reuters) - Brent crude oil prices hit 2019 highs above $65 per barrel on Friday, spurred by OPEC-led supply cuts and a partial shutdown of Saudi Arabia's biggest offshore oil field.
Markets fall amid mounting tension between India and Pakistan
Benchmark indices fell in early trade on Friday as tension mounted between India and Pakistan over the deadly terror attack at Pulwama in Jammu and Kashmir on Thursday. Markets were also nervous over slipping Asian stocks after grim US retail sales figures raised doubts about the strength of the US economy.At 11:15 am, the S&P BSE Sensex was down 293 points at 35,583 while the Nifty slipped 104 points at 10,641. The losses were spread across all sectors.Dr Reddy Labs tumbled 5.9 per cent and was trading at Rs 2,510.30, JSW Steel down 3.6 per cent at Rs 270.60, Sun Pharma down 3.4 per cent at Rs 425.90 and Tata Motors down 2.8 per cent at Rs 155.30.Among the gainers, however, were ONGC, GAIL, Bharat Petroleum Corporation and Powergrid.Meanwhile, most Asian stocks were in the red after Thursday's data showed weakening US economy even as the United States and China engage in a fresh round of trade talks in a bid to resolve tariff disputes.US retail sales slumped 1.2 per cent in ...
Uptick in demand, positive global cues lifts lead futures
Amid pick up in demand from consuming industries and the domestic spot market and positive overseas cues, lead prices edged up 0.45 per cent to Rs 145.45 per kg Friday in futures market as speculators enlarged their positions. At the Multi Commodity Exchange, lead to be delivered in February was trading higher by 65 paise, or 0.45 per cent, at Rs 145.45 per kg in a business turnover of 1,332 lots. Marketmen said widening of bets by participants, taking positive cues from global market on better-than-expected Chinese trade data, mainly led to rise in lead futures.
Asian stocks retreat as lacklustre China, U.S. data weigh
TOKYO (Reuters) - Asian stocks fell on Friday, retreating from four-month highs after data out of China raised concerns over deflationary pressures building in the world's second biggest economy.
Crude oil futures remain up on global cues, rise 0.91%
Crude oil prices continued the upward move for yet another day by rising 0.91 per cent to Rs 3,902 per barrel Friday as speculators indulged in raising their bets taking positive cues from overseas market. Crude oil for delivery in February was trading higher by Rs 35, or 0.91 per cent, at Rs 3,902 per barrel in a business turnover of 5,761 lots at the Multi Commodity Exchange. Analysts said the persistent rise in crude prices at futures trade was in line with a firm trend overseas where the international benchmark Brent crude again crossed the USD 65 mark after top exporter Saudi Arabia said it would cut crude exports. Meanwhile, West Texas Intermediate gained 0.85 per cent to USD 54.84, while Brent crude rose 0.63 per cent to USD 65.04 per barrel.
Trump company ditches plans for new hotels: NYT
The company overseeing President Donald Trump's business dealings has dropped plans to develop two new lines of hotels, citing what it calls a hostile political climate, The New York Times reported Thursday. In 2016 and 2017 the Trump Organization announced plans for the two new brands, called Scion and American Idea, which were to be more affordable than the usual flashy Trump hotel properties. But they never really got off the ground and only one partner, in Mississippi, had signed a deal. Now, the Trump Organization has shelved plans for these hotels, probably for the rest of the Trump presidency, the Times said. The company is under investigation by federal prosecutors and Congress. And a former employee, Trump's former personal attorney Michael Cohen, is bound for prison. "We live in a climate where everything will be used against us, whether by the fake news or by Democrats who are only interested in presidential harassment and wasting everyone's time, barraging us with nonsense
Global Business Summit to Address Challenges of a World in Transition
/ -- 5th Edition of The Global Business Summit to be held on 22nd and 23rd February 2019 in New Delhi to witness presence of global CEOs, economists, innovators, young entrepreneurs and high-ranking government representatives Under the umbrella theme of sustainability, scalability and social change the eminent speakers at the Global Business Summit 2019 (http://www.et-gbs.com) will discuss the challenges of a world in transition as a result of a highly digital and an emerging shared economy. The Global Business Summit 2019 presented by The Economic Times and YES BANK and powered by Facebook, will be held on 22nd and 23rd February in New Delhi. The Hon'ble Prime Minister, Government of India, Narendra Modi will address the summit as the Chief Guest. (Logo: https://mma.prnewswire.com/media/822234/The_Global_Business_Summit_Logo.jpg ) "The much anticipated 5th The Global Business Summit will highlight the changing narrative brought about by geo-political risks and new global economic ...
Lyft to woo investors with fast U.S. growth in IPO race with Uber
SAN FRANCISCO/NEW YORK (Reuters) - Lyft Inc will pitch investors on its fast growth in the United States as it seeks to beat out Uber Technologies Inc to become the first publicly listed ride-hailing company, according to people familiar with the matter.
Gold futures up 0.34% on global cues
Taking positive cues from global market, gold prices edged higher by 0.34 per cent to Rs 33,190 per 10 gram in futures trading Friday after speculators created fresh positions. At the Multi Commodity Exchange, gold for delivery in far-month April was trading higher by Rs 111, or 0.34 per cent, at Rs 33,190 per 10 gram in a business volume of 736 lots. Likewise, the metal for delivery in March gained Rs 98, or 0.30 per cent, to Rs 33,068 per 10 gram in 854 lots. Analysts said fresh positions built up by participants on the back of a firming trend in the global markets, mainly led to the rise in gold prices at futures trade here. Globally, gold rose 0.02 per cent to USD 1,313.50 an ounce.
Pharma stocks slide
Fresh selling in index pivotals dragged the key indices to intraday low in mid-morning trade. At 11:15 IST, the barometer index, the S&P BSE Sensex, was down 285.69 points or 0.8% at 35,590.53. The Nifty 50 index was down 92.60 points or 0.86% at 10,653.45. Shares of index heavyweight HDFC Bank dropped. Pharma shares fell sharply.