Page 933 - Business Finance
Laptop 'for him', vacuum 'for her'? HSBC draws ire with Valentine offer
LONDON (Reuters) - A Valentine's day special deal for HSBC staff in Hong Kong offering discounted laptops 'for him' but vacuum cleaners and kitchen appliances 'for her' has angered staff over the sexist implications of the campaign.
New IL&FS Board pushes for asset-level resolution (IANS Exclusive)
The crisis in the debt-ridden Infrastructure Leasing and Financial Services (IL&FS) is set to be addressed by undertaking asset-level sale process first before putting in place a plan for a single group-level or vertical-level resolution, sources said.
ONGC's Q3 net profit at Rs 8,263 cr soars 65%
State-run explorer Oil and Natural Gas Corp (ONGC) on Thursday reported a massive 65 per cent jump in net profit for the third quarter ending December at Rs 8,263 crore, buoyed by higher revenues.
Mills to sell sugar at Rs 31/kg now from Rs 29 earlier: Paswan
Sugar mills cannot sell the sweetener below Rs 31 per kg, the government announced Thursday, a move that will boost the liquidity of cash-strapped millers and help clear mounting cane arrears of around Rs 20,000 crore. The Centre has hiked the minimum selling price (MSP) of sugar by Rs 2 per kg to Rs 31, Food Minister Ram Vilas Paswan said. MSP is the rate below which the mills cannot sell sugar in the open market to wholesalers and bulk consumers like beverage and biscuit makers. Arrears of sugarcane farmers stood at around Rs 20,000 crore as of January-end, according to industry body ISMA. "We have increased the minimum selling price of sugar from Rs 29 per kg to Rs 31 per kg. This will help millers to make the payment to sugarcane growers," Paswan told PTI. MSP has been increased in view of the rising sugarcane arrears to farmers, Paswan said. The price has been revised upward by Rs 2 per kg following the direction from the committee of secretaries, he added. Paswan also said a ...
Higher prices dent Coca-Cola demand, forecast underwhelms
(Reuters) - Coca-Cola Co forecast full-year profit well below Wall Street expectations on Thursday and posted a drop in soda sales for the fourth quarter as price increases in North America crimped demand, sending its shares down 3 percent.
Zoho eyes to set up data centres in "every geography":CEO
: Cloud services firm Zoho has planned to set up a data centre in "every geography" and would add another 1,000 people to the total India headcount by end of the year, a top official said Thursday. The city-based company, under its move to expand product portfolio, Thursday unveiled Zoho Next Generation "Office Suite" for individuals and enterprises. "Basically, what is going to happen is we are going to have data centres in all major geographies. Last year, we opened in India, this year we are looking at Australia and New Zealand and then we will look probably at Japan and other countries", Zoho Corp, CEO, Sridhar Vembu said. Talking to reporters here after the launch of the new product, he said Zoho which has strong presence in the United States was witnessing a growth happening much faster outside US market due to product pricing and value. The company currently has eight data centres, globally with two each in India, United States, Europe and China. On expansion ...
Cox & Kings Q3 net profit dips 31 pc to Rs 23.22 cr
Travel firm Cox & Kings Thursday reported a 31.30 per cent dip in its standalone net profit to Rs 23.22 crore for the third quarter ended December 31. The company had posted a net profit of Rs 33.80 crore for the corresponding period previous fiscal, Cox & Kings said in a BSE filing. Standalone income from operations of the company stood at Rs 585.93 crore. It was Rs 534.74 crore in the same period a year ago. "Given the seasonal nature of the business of the company, the results of any quarter may not be a true and/or proportionate reflection of the annual performance of the company," Cox & Kings said. Shares of Cox & Kings closed at Rs 153.90 per scrip on the BSE, up 1.32 per cent from its previous close.
Nestle India quarterly profit rises nearly 10 percent
(Reuters) - Nestle India Ltd, a unit of Swiss food group Nestle SA, reported a 9.6 percent rise in fourth-quarter profit on Thursday, driven by strong demand for its products in its home market.
Samsung India aims to make Galaxy A series a $4-bn brand
South Korean giant Samsung which ended 2018 at second place with a 22.4 per cent share in the India smartphone market is gearing up to launch one Galaxy A smartphone every month -- beginning March till June -- and aims to make Galaxy 'A' a $4-billion brand in the country, a top company executive said on Thursday.
Wholesale inflation eases to 2.76% in January
The annual rate of inflation based on wholesale price index stood at 2.76 per cent last month compared to 3.02 per cent in January 2018, the government said on Thursday.Wholesale inflation in December 2018 was 3.8 per cent. The official wholesale price index for all commodities (base: 2011-12=100) for January 2019 declined by 0.7 per cent to 119.2 from 120.1 (provisional) for the previous month.Build up inflation rate in the financial year so far was 2.49 per cent compared to a build-up rate of 2.47 per cent in the corresponding period of previous year, according to an official statement.On Tuesday, the government said consumer inflation stood at 2.05 per cent in January, its lowest level recorded since June 2017. That marked sixth consecutive month in which inflation came in within the Reserve Bank of India's medium-term target.For December, consumer inflation was revised to 2.11 per cent. The RBI has maintained a medium-term goal of 4 per cent for consumer inflation.
Jet Airways posts Rs 588 cr standalone net loss for Q3
Jet Airways here on Thursday reported Rs 587.7 crore standalone net loss for the third quarter ended December 31, 2018. It had reported a net profit of Rs 165.25 crore during the year-ago period.
US, China hold talks to clinch deal to end trade war
Top trade negotiators from the US and China began their talks in "good spirits" here on Thursday amid the optimism generated by President Donald Trump's remarks about extending the March 1 deadline for the world's two largest economies to reach a trade deal. US Trade Representative Robert Lighthizer and his Chinese counterpart Vice Premier Liu He met in Beijing to take the talks forward from their recent meeting in Washington on the topics of trade balance, technology transfer, protection of intellectual property rights (IPR), non-tariff barriers, service sector, agriculture and enforcement mechanism. Besides Lighthizer, described as a hardliner on China by the Chinese media, the US team also included Treasury Secretary Steven Mnuchin and David Malpass, a Treasury undersecretary who is Trump's nominee for World Bank president. Trump is pushing China to reduce the USD 375 billion trade deficit and protection of intellectual property rights and more access to Chinese markets. He has ...
Ashok Leyland's profit drops to Rs 381 crore in Q3 FY19 on lower sales
Ashok Leyland said on Thursday that its net profit tumbled to Rs 381 crore during October to December of 2018.The flagship company of Hinduja Group had reported a net profit of Rs 485 crore in the same quarter of previous year.The drop in sales also shaved revenues which totalled Rs 6,325 crore in Q3 of 2018-19 compared to Rs 7,191 crore in Q3 of 2017-18. The EBITDA (earnings before interest, tax, depreciation and amortisation) slid to Rs 650 crore from Rs 839 crore in the same period.However, revenues taken together during first three quarters of current financial year (March to December 2018) increased by 15 per cent to Rs 20,209 crore compared to Rs 17,576 crore in the corresponding period of previous year.The net profit increased by 36 per cent to Rs 1,330 crore against Rs 975 crore and EBITDA moved up 17 per cent to Rs 2,150 crore from Rs 1,838 crore."Total industry volume for the quarter was lower by 7 per cent owing to the high base in last year," said Gopal Mahadevan, Chief ...
Gammon Infra loss at Rs 80 cr in Dec quarter
Gammon Infrastructure Projects Thursday posted a standalone loss of Rs 80.35 crore for the December 2018 quarter. It had posted a standalone profit 'for the period from continuing operations' of Rs 7.24 crore in the corresponding quarter of the previous fiscal, Gammon Infrastructure Projects said in a filing to the BSE. The loss/profit is "for the period from continuing operations," the company said. The standalone income during the October-December 2018 period dropped to Rs 8.30 crore, over Rs 67.84 crore in the year-ago period. The company's operations constitute a single segment namely 'infrastructure development'.
Leela promoters curious over 'sale' of hotel group (IANS Exclusive)
In a curious tale of a transaction taking place without the owner's knowledge, embattled Hotel Leela Ventures Company Secretary Alen Fernes wrote to both NSE and BSE surveillance departments on February 12 saying "We wish to clarify that the company in consultation with lenders is evaluating various options and there is no binding contract with any investor as on date either for investment in the company or for sale of company's assets.
U.S. retail sales post biggest drop in nine years in December
U.S. retail sales recorded their biggest drop in more than nine years in December as receipts fell across the board, suggesting a sharp slowdown in economic activity at the end of 2018.
Weak Q4 consumer demand pulls India PC shipment down by 2.8% in 2018: IDC
PC shipment in India declined by 2.8 per cent to 9.3 million units in 2018 compared to the previous year, mainly due to muted consumer demand and absence of large special projects in the October-December 2018 quarter, according to research firm IDC. The shipment during the fourth quarter of 2018 stood at 1.99 million units, down by 23.8 per cent year-on-year. The overall market saw good momentum in the first half 2018 due to stable consumer spending and the execution of special projects, IDC said. "However, the market witnessed challenges in the second half of 2018 in both consumer and commercial segment owing to the aggressive stocking of inventory, drop in demand and impact of processor shortages," it added. HP led the market with 31 per cent overall market share, followed by Dell (23 per cent), Lenovo (20.6 per cent), Acer (12 per cent) and Apple (3.9 per cent) in 2018. "Despite decline in CY2018, the industry is seeing new adoption trends of traditional PCs. The market witnessed ..
Bill to give leg up to marginal farmers adopted in TN Assembly
The Tamil Nadu Assembly Thursday passed a bill that puts in place a policy framework and institutional mechanism on agricultural produce and livestock contract farming, aimed at benefitting marginal farmers. The Tamil Nadu Agricultural Produce and Livestock Contract Farming and Services (Promotion and Facilitation) Bill, 2019, piloted by Agriculture Minister R Doraikkannu, was passed by a voice vote. It envisages setting up "TN Contract Farming and Services (Promotion and Facilitation) Authority," which will make contract farming more transparent, easier and successful and shall have the powers of a civil court in specified areas. The objective of adopting the bill, drafted on the lines of a model legislation suggested by the Central government, includes addressing the issue of fragmentation of arable land. The small size of farms has thrown in challegnes of farm viability, particularly in case of marginal parcels, the objects for the bill said. "When small parcels of ...
Govt hikes minimum selling price of sugar by Rs 2/kg
Concerned over mounting cane arrears ahead of Lok Sabha polls, the government Thursday hiked the minimum selling price of sugar by Rs 2 per kg to Rs 31 to help millers clear farmers' dues. The minimum selling price (MSP) is the rate below which the mills cannot sell sugar in the open market to wholesalers and bulk consumers like beverage and biscuit makers. "We have increased the minimum selling price of sugar from Rs 29 per kg to Rs 31 per kg. This will help millers to make the payment to sugarcane growers," Food Minister Ram Vilas Paswan told PTI. Industry body ISMA had recently said cane arrears stood at around Rs 20,000 crore at the end of January.
India's Petronet signs initial deal to invest, buy LNG from Tellurian
NEW DELHI (Reuters) - Indian gas importer Petronet LNG on Thursday signed an initial agreement with Tellurian Inc to invest in its proposed Driftwood project in Louisiana in the United States and buy liquefied natural gas (LNG), Tellurian said in a statement.