Page 934 - Business Finance
CG Power shares stage smart comeback, zoom over 22%
Shares of CG Power and Industrial Solutions made a smart comeback Thursday after falling sharply in the previous trade to close with over 22 per cent gains. Shares of the company rose sharply by 22.32 per cent to close at Rs 29.05 on BSE. Intraday, it advanced 26.10 per cent to Rs 29.95. At NSE, shares zoomed 21.98 per cent to close at Rs 28.85. In terms of volume, 1.76 crore shares were traded on BSE, while over 16 crore shares changed hands on NSE during the day. Shares of CG Power and Industrial Solutions plummeted nearly 32 per cent on Wednesday after the company said its consolidated net loss widened to Rs 150.18 crore for the December quarter.
RBI imposes Rs 3.5 cr penalty on 3 PSU banks
The Reserve Bank on Thursday said it has imposed Rs 3.5 crore penalties on three public sector banks, including PNB and OBC, for violation of various banking norms. The monetary penalty on the banks has been imposed for non-compliance with various directions issued by the RBI on monitoring of end use of funds, exchange of information with other banks, and on restructuring of accounts, the Reserve Bank of India said in a statement. A penalty of Rs 1.5 crore has been imposed on Oriental Bank of Commerce (OBC) and Rs 1 crore each on Punjab National Bank (PNB) and Bank of India. The RBI, however, added that the fines have been imposed due to deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
Jet's Board approves bank-led provisional resolution plan
The Board of the beleaguered airline Jet Airways on Thursday approved a Bank-Led Provisional Resolution Plan (BLPRP) to relieve the financial strain on the passenger carrier.
Samsung India aims to make Galaxy A series a $4 bn brand
Samsung India, which is planning to launch one Galaxy A smartphone every month beginning March till June this year, aims to make the Galaxy A series a $4-billion brand in the country, a top company executive said on Thursday.
Vizhinjam Port commissioning deadline extended to October 2020
Vizhinjam Port, one of Kerala's dream projects that has been hanging fire for over 25 years, will be commissioned in October 2020, said a top official of the port.
India Petronet signs initial deal to invest, buy LNG from Tellurian: source
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), a source privy to the matter said.
Gold steadies as investors seek clarity on U.S.-China trade talks
(Reuters) - Gold was little changed on Thursday as investors awaited clarity on trade talks between Washington and Beijing and the risk of another U.S. government shutdown, with a strong dollar and stock markets pinning prices near $1,300 an ounce.
Bombardier beats earnings forecasts as sales of business jets rise
(Reuters) - Canada's Bombardier Inc topped analysts' forecasts for quarterly earnings on Thursday, bolstered by higher sales at its business jets business, which is benefiting from rising global demand for air travel.
Coca-Cola forecasts full-year profit below expectations
(Reuters) - Coca-Cola Co forecast full-year profit well below Wall Street expectations on Thursday as it reported a quarterly decline in volumes in North America, sending its shares down 3 percent.
Nestle's overhaul starts to pay off as growth accelerates
VEVEY, Switzerland (Reuters) - Nestle put its Herta processed meats business on the block on Thursday, accelerating the world biggest food group's revamp as it reported an uptick in sales growth in 2018 for the first time since 2011.
Oil gains as U.S.-China trade, OPEC cheer investors
LONDON (Reuters) - Oil rose for a third day on Thursday to reach its highest so far this year as financial markets drew support from investor optimism that the United States and China could resolve their trade dispute.
Tata Teleservices (Maha) Dec qtr losses narrow to Rs 409.42 cr
Tata Teleservices (Maharashtra) Thursday reported narrowing of losses to Rs 409.42 crore for the December 2018 quarter. The company had posted a Rs 480.75 crore loss after tax in the October-December 2017 quarter, Tata Teleservices (Maharashtra) said in a BSE filing. Revenue from operations came in at Rs 305.43 crore for the said quarter, which is about 27 per cent lower than Rs 418.38 crore in the corresponding period previous year. "The accumulated losses of the company as of December 31, 2018 have exceeded its paid-up capital and reserves. The company has incurred net loss during the quarter ended December 31, 2018 and the company's current liabilities exceed its current assets as at that date," it said. The filing added that Tata Teleservices (Maharashtra) is in discussion for monetisation of certain assets, proceeds of which will be used to meet its financial obligations as and when they fall due. "Further, the company has obtained a support letter from its promoters indicating ..
Samsung says expects $4 billion in Indian sales of new smartphone range
MUMBAI (Reuters) - Samsung Electronics expects a new range of smartphones it will launch in India in the first half of this year to generate sales of $4 billion in 2019, a senior company executive said on Thursday.
Adani Transmission Q3 net soars 89 pc after removing exceptional income
Adani Transmission Thursday said its December 2018 quarter net profit soared 89 per cent after considering profits in the corresponding period of the previous fiscal after removing a one-time gain. The company's net profit without factoring in the one-time gain dropped 77.52 per cent to Rs 189.22 crore in the quarter ended on December 31, 2018. "This decline over the corresponding period was primarily because of one-time gain that accrued to the business in the previous financial year," Adani Transmission Chief Financial Officer Kaushal Shah said. The company, he said, is in a regulated business and typically receives past incomes when the sector regulator approves them. "In December 2017 quarter, the company got Rs 941 crore in one-time income. This is not a recurring income. After considering a 21 per cent tax on income, that earning came to Rs 742 crore," he said adding if this income was excluded from the profits of October-December 2017, then net earnings in the third quarter of .
Rupee tumbles 36 paise to 71.16 per dollar
The rupee weakened by 36 paise Thursday to close at 71.16 per US dollar amid firming crude oil prices and persistent foreign capital outflows. Heavy dollar demand from banks and importers and strengthening of the greenback against major currencies overseas weighed on the domestic unit, forex traders said. At the Interbank Foreign Exchange (forex) market, the rupee opened lower at 70.90 and fell further to touch the day's low of 71.18. It finally ended at 71.16 per dollar, down by 36 paise against its previous close. On Wednesday, the rupee had ended 10 paise lower at 70.80. "Higher crude prices and rising dollar index both are weighing on the rupee. The ICE Dollar Index has resumed its upward journey and has reached above 97, the highest level for the last two months," said V K Sharma, Head PCG and Capital Markets Strategy, HDFC Securities. Brent crude, the global oil benchmark, was trading at USD 64.47 per barrel, higher by 1.35 per cent. Meanwhile, the domestic equity benchmarks ...
Jet Airways approves lenders' rescue deal to plug $1.2 billion funding gap
NEW DELHI/BENGALURU (Reuters) - The board of Jet Airways Ltd has approved a plan by its lenders to resolve a near 85 billion rupee ($1.19 billion) funding gap, which will make them the largest shareholders of India's biggest full-service carrier, Jet said on Thursday.
Hong Kong Market ends 0.23% down
China's exports unexpectedly returned to growth in January after a shock decline the previous month, while imports fell much less than expected. China's January dollar-denominated exports rose 9.1% from a year ago, ompared with the previous month's 4.4% decline, according to Chinese customs data. China's imports fell 1.5% over the same period. Imports in December fell 7.6% from a year ago. Thus, China's overall trade surplus of $39.16 billion in January. China's closely watched trade surplus with the U.S. fell to $27.3 billion in January, from $29.87 billion in December. In January, China's exports to the U.S. fell 2.4% from a year ago, while imports from its trade war opponent tanked 41.2% over the same period.
China Stocks end mixed as market awaits Sino-US trade talks news
China's exports unexpectedly returned to growth in January after a shock decline the previous month, while imports fell much less than expected. China's January dollar-denominated exports rose 9.1% from a year ago, ompared with the previous month's 4.4% decline, according to Chinese customs data. China's imports fell 1.5% over the same period. Imports in December fell 7.6% from a year ago. Thus, China's overall trade surplus of $39.16 billion in January. China's closely watched trade surplus with the U.S. fell to $27.3 billion in January, from $29.87 billion in December. In January, China's exports to the U.S. fell 2.4% from a year ago, while imports from its trade war opponent tanked 41.2% over the same period.
Honda Cars starts pre-launch bookings of new Civic
Honda Cars India Thursday said it would commence pre-launch bookings of its new Civic sedan from Friday. The pre-launch booking can be made at all authorised Honda dealerships across the country with a booking amount of Rs 31,000, the company said. The 10th generation Civic is scheduled to be launched on March 7, it added. "Civic is an iconic brand with a rich legacy of 10 generations and is currently our largest-selling model globally. We are excited to bring the latest 10th generation all new Civic to the Indian market," Honda Cars India Senior Vice-President and Director (Sales and Marketing) Rajesh Goel said. The new sedan will be launched with both petrol and diesel powertrains. The petrol versions will come with a 1.8 litre engine mated with a CVT (automatic) transmission, while the diesel trims will come with a 1.6 litre engine mated to a manual six speed transmission. As per the company, the petrol variants would deliver a fuel efficiency of 16.5 km per litre, while the diesel
Beekay Steel Industries standalone net profit rises 18.17% in the December 2018 quarter
Sales decline 5.80% to Rs 242.69 crore