Page 945 - Business Finance
Sensex ends below 36,000 mark
The market ended on a mixed note today, 14 February 2019, as key benchmarks settled with modest losses while mid- and small-cap indices finished with gains. Shares of Yes Bank surged over 30%.
Quick Wrap: Nifty Media Index records a surge of 3.91%
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Eveready Industries posts multi-fold dip in Q3 net to Rs 19.71 lakh
Batteries and flashlights maker Eveready Industries Thursday reported a multi-fold decline in standalone net profit to Rs 19.71 lakh in the third quarter ended December 31, hit by cost of separation workers at Chennai plant. The company had posted standlone net profit of Rs 20.94 crore in the same quarter last fiscal, Eveready Industries said in a regulatory filing. Total income during the period under review stood at Rs 387.81 crore as against Rs 373.8 crore in the year-ago quarter, it added. Eveready Industries said it incurred Rs 23.21 crore in the voluntary retirement scheme for workmen (VRS) at its manufacturing facility at Tiruvottiyur, in Chennai. The VRS was completed during the quarter and after its completion the company had in December agreed to sell the land to Alwarpet Properties Pvt Ltd for Rs 100 crore. The company said it has received Rs 25 crore during the quarter, as per payment terms of the sale agreement. The recurring annualised savings following the VRS is around
Bombardier fourth-quarter EBIT surges as costs fall
(Reuters) - Canadian plane and train maker Bombardier Inc reported an increase in a closely watched measure of earnings in the fourth quarter, led by a fall in costs and stronger sales.
State agencies should be held responsible for delaying approvals to realty projets: VP
Urban local bodies and state development authorities should be made responsible for any delay in giving approvals to real estate projects, just as developers are held accountable for not completing houses on time under the new realty law RERA, Vice President M Venkaiah Naidu said Thursday. Addressing a real estate conference organised by CREDAI here, he asked developers to evolve an internal self-regulation mechanism and improve their image that has taken a hit due to wrongdoings of certain players. "Delivery of project on time is important. Approval by government and municipal agency is equally important. They also have responsibility. When you want to make real estate companies accountable for delay, you also make local bodies responsible for the delays," Naidu said. Stressing on the need for ease of doing business, he said the central and state authorities should facilitate steady growth of the real estate sector. Naidu also favoured online approvals for realty projects and asked ..
KOEL eyes 5-6 per cent market share gain with launch of new
Genset major Kirloskar Oil Engines Limited (KOEL) is hoping to gain five to six per cent market share with the introduction of its new intelligent gensets. "Currently, all India, our market share in generator industry is 30 per cent plus. It is precisely 33 per cent. With this introduction of intelligent genset, we expect to gain five to six per cent market share," Chief Operating Officer, KOEL, Sanjeev Nimkar told reporters during the announcement of the company's latest product range. "Within eight-nine months, we must get this share (additional market share). Because, we feel we are giving higher level of comfort and convenience to our customers without charging for it," he said. Noting that Kirloskar Oil Engines Ltd was currently doing Rs 1,500 crore worth business in power generation, he said, "With this new addition, another Rs 90 to Rs 100 crores should get added only because of this intelligent sets." The new intelligent products come with in-built feature like ..
Triumph expects sales to remain flat in India this fiscal
British superbike brand Triumph expects its sales to remain flat in India at around 1,200 units this fiscal but expects demand to pick up going ahead on the back of new product introductions, a senior company official said Thursday. The company, which follows July-June fiscal, had sold around 1,175 units in India during its last financial year. The company Thursday launched new versions of Street Twin and Street Scrambler in India priced at Rs 7.45 lakh and Rs 8.55 lakh, respectively (ex-showroom). The models now come with many additional features, including 18 per cent increase in power which now stands at 65 PS. "For our financial year we are looking close to 1,150 to 1,200 units...Even for calendar year it will also be the same," Triumph Motorcycles India General Manager Shown Farooq told PTI here. Elaborating further, he said, "For us it is more about the new products. Everything (existing models) was there for a while. All the new products are with us now". Farooq further said, ..
Board of Ganga Papers India appoints director
At meeting held on 14 February 2019
Yes Bank shares zoom 31%; m-cap rises by Rs 12,025 cr
Shares of Yes Bank rallied 31 per cent at close of trade Thursday, adding Rs 12,025 crore to its market valuation, after the company said that the RBI had not found any divergence in the asset classification and provisioning done by the lender during 2017-18. The shares zoomed 30.73 per cent to close at Rs 221 on BSE. Intra-day, it advanced by 32.32 per cent to Rs 223.70. On NSE, shares skyrocketed 31.36 per cent to close at Rs 222.60. In terms of traded volume, 194.98 lakh shares changed hands on BSE and over 26 crore shares were traded on NSE. The company stock was the biggest gainer on both the indices during the trade. Following the sharp jump in its shares, the company's market valuation jumped by Rs 12,025.11 crore to Rs 51,114.11 crore on BSE. The Reserve Bank of India (RBI) assesses compliance by banks with extant prudential norms on income recognition, asset classification and provisioning (IRACP) as part of its supervisory processes. "As part of this process, Yes Bank has ...
Nifty February 2019 futures at premium
Turnover in F&O segment spurts
Looking at onmi-channel presence in India: IKEA
Swedish home furnishings major IKEA Thursday said it plans to have an omni-channel presence in India going forward, reiterating its long-term commitment to the country. Last year, the company opened its first store in Hyderabad, spread over 13 acres of land and has a built up area of 4 lakh sq ft. "We are long term committed to India. We are planning to have omni-channel presence here. We will have three formats -- big stores, online and smaller stores here," IKEA India CEO Peter Betzel told PTI. He was speaking on the sidelines of Business Today MindRush 2019 here. The presence in three formats is to bring the customers closer, he added. The Hyderabad store is the first of 25 such outlets planned to be set up in India by 2025. The company will be opening big stores in India, starting with a store in Mumbai this year, followed by one in Bengaluru in spring-2021 and then in Delhi-NCR, Betzel said. However, he did not provide any timeline for the opening of the store in Delhi. IKEA ...
India could extend deadline on steel import rules for automakers: sources
NEW DELHI (Reuters) - India is considering extending by four months a compliance deadline on tougher import rules for steel that are aimed at forcing automakers to use locally made alloy, said two sources familiar with the matter.
Sensex, Nifty extend losses as energy, IT stocks weigh
(Reuters) - Indian shares fell on Thursday, hurt by profit-taking in IT stocks, while energy stocks declined after the benchmark Brent crude oil prices climbed to three-month highs.
Adani Gas net up 13 pc in Dec quarter on strong volume growth
Adani Gas reported a 13 per cent rise in consolidated net profit to Rs 47.21 crore for the December 2018 quarter, on the back of strong volume growth in its city gas distribution business. It had posted a consolidated net profit of Rs 41.81 crore in the corresponding quarter a year ago, the company said in a statement. Revenue from operations rose to Rs 484.84 crore from Rs 348.74 crore in the third quarter of the previous fiscal. The company, part of the Adani Group, listed on stock exchanges in November last year in a bid to become the largest city gas distribution (CGD) company in India and unlock its value for the existing shareholders. As part of the listing process, it allotted equity shares to the existing shareholders of Adani Enterprises Ltd in the ratio of 1:1. Following the listing, promoters will hold 74.92 per cent stake in Adani Gas, whereas retail and institutional investors will hold 3.36 per cent and 21.72 per cent, respectively. During the April-December 2018 period,
Board of G G Dandekar Machine Works appoints company secretary and CFO
At meeting held on 14 February 2019
Board of Smiths & Founders (India) approves change in directorate
At meeting held on 14 February 2019
Global Markets: Shares, oil at three-month highs but no love for euro
LONDON (Reuters) - Optimism about U.S.-China trade talks and bumper earnings lifted European shares to a three-month high on Thursday, though news that Germany only dodged recession by the narrowest of margins left the euro feeling unloved.
Oil rises for third day 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.
ACT Fibernet to expand into more cities; play in gaming to boost business
ACT Fibernet Thursday said it will expand its services in three new cities and is firming up plans to ramp up its play in the gaming segment as the Internet services provider looks to offer a differentiated experience to customers. The company, which has about 2.5 million cable and broadband subscribers, has also revamped its brand identity with a new logo. Its broadband services are available in 16 cities in India currently. "We have recently started our services in Madurai and Warangal, and in the next 3-6 months, we will expand into Lucknow, Jaipur and Ahmedabad. Setting up infrastructure takes time as optical fibre needs to be laid down...We do not want to be seen as a regional player and will be present across India, especially the big cities," Atria Convergence Technologies CEO Bala Malladi told PTI. He added that the company's capital expenditure was to the tune of about Rs 800 crore in 2016-17 and 2017-18. ACT offers cable, broadband and enterprise services. It had filed a ...
Ashok Leyland Q3 net profit dips 21 pc to Rs 381 cr
Hinduja Group flagship company Ashok Leyland Thursday reported 21.44 per cent decline in its standalone net profit at Rs 381 crore for the third quarter ended December 31, 2018, impacted by pricing pressure and higher input costs. The company had posted a net profit of Rs 485 crore during the October-December period of 2017-18. Revenues also declined to Rs 6,325 crore during the third quarter, as against Rs 7,191 crore in the same period of previous fiscal, Ashok Leyland said in a regulatory filing. "Our financial performance has been satisfying given the twin challenges of pricing pressure and higher input costs as we continue to post double digit EBITDA margins," Ashok Leyland CFO Gopal Mahadevan said. Total industry volume for the quarter was lower by 7 per cent due to high base last year, he added. Ashok Leyland Managing Director Vinod K Dasari said the company has achieved BS6 compliance across its entire range of engines on test beds. "Coupled with the modularity of vehicles we .