Page 962 - Business Finance
CG Power shares crash nearly 32% after Q3 loss
Shares of CG Power and Industrial Solutions on Wednesday plummeted nearly 32 per cent after the company said its consolidated net loss has widened to Rs 150.18 crore for the December quarter. The shares plunged 29.63 per cent to close at Rs 23.75 on the BSE. During the day, it dropped 31.85 per cent to Rs 23 -- its 52-week low. At the NSE, shares dived 31.60 per cent to close at Rs 23.05. On the traded volume front, 81.53 lakh shares traded on the BSE and over 11 crore shares on the NSE. The company had posted a consolidated net loss of Rs 28.23 crore in the year-ago period, it said in a BSE filing. However, the total income rose to Rs 1,730.99 crore compared to Rs 1,536.89 crore in the year-ago quarter.
KOEL to pump Rs 150 cr in FY20, launches IoT enabled gensets
Genset major, Kirloskar Oil Engines Ltd (KOEL) Wednesday said it will infuse Rs 150 crore in capex during the next financial year to meet the new emission norms for industrial engines business. "The capex for the current fiscal is Rs 110 crore in various projects while, in the next fiscal we would be pumping another Rs 150 crore for the industrial engines business, to be used to meet the new emission norms," KOEL COO Sanjeev Nimkar said on the sidelines of the launch of new smart intelligent gensets. The company had spent Rs 50 crore in upgrading the gensets having a capacity of 5 KVA and above with Internet of Things (IoT) that will enable improvising customer satisfaction, he said. "We have invested Rs 50 crore and spent three years to introduce these smart gensets," Nimkar said. Industrial engines is now a major growth driver for the company registering a growth of 25 per cent. This vertical contributes 20 per cent of the company's total revenue, he said. The new ...
Volatile session ends with losses; Nifty settles below 10,800
Key indices wiped off early gains to end with modest losses in a volatile session. The Sensex regained the psychological 36,000 after sliding below that level in intraday trade. The Nifty ended below 10,800 mark. State-run oil marketing companies tumbled amid firming crude oil prices.
Loans worth Rs 20,900 cr sanctioned under 100-day outreach programme for MSMEs
Loans to the tune of Rs 20,900 crore have been sanctioned under the 100-day outreach programme for MSMEs across 104 districts announced in November, a top official said Wednesday. Secretary in the Department of Financial Services Rajeev Kumar said 33 lakh MSMEs have been provided facilities under the 100-day outreach programme. Out of these, 6.36 lakh MSMEs in 39 districts are under the textiles sector. "Loans to the tune of Rs 20,900 crore have been provided to MSMEs in 104 districts, including Rs 6,500 crore for the textiles sector enterprises," Kumar said at an outreach event for MSMEs in the textiles sector. In November last year, Prime Minister Narendra Modi had announced a slew of measures, including sanction of loans of up to Rs 1 crore to small and medium enterprises in 59 minutes through a special portal and 2 per cent interest subvention or rebate for GST-registered MSMEs on incremental loan of up to Rs 1 crore, among others. He had also launched the 100 days programme for ..
Quick Wrap: Nifty PSE Index registers a drop of 2.30%
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Sensex, Nifty end in red after last hour sell-off
Key indices Sensex and Nifty succumbed to the final-hour selling pressure after trading in the green for the better part of Wednesday's session on account of easing inflation giving way to expectations of further rate cut.
Sensex drops 120 pts in late selloff; bank, auto stocks drag
Extending its fall for the fifth consecutive session, the BSE Sensex gave up early gains to end 120 points lower Wednesday, as investors booked profits in banking, auto, metal and pharma stocks in the last hour of trade. Sustained selling by domestic institutional investors (DIIs) and foreign institutional investors (FIIs) too dented market mood, brokers said. The benchmark BSE index opened higher at 36,279.63 and advanced to hit a high of 36,375.80 on the back of positive macroeconomic data as retail inflation fell to a 19-month low on continued decline in food prices and positive cues from other Asian markets. It, however, succumbed to profit-booking to touch a low of 35,962.79 on heavy selling at the fag-end. The index finally ended 119.51 points, or 0.33 per cent, lower at 36,034.11. The gauge had lost over 720 points in the previous four days. In similar movement, the NSE Nifty fell below 10,800 and settled the day 37.75 points, or 0.35 per cent, down at 10,793.65 after shuttling
India Pharma Week 2018: Strengthening the Pharma Ecosystem in the Power Corridors of the North
/ -- Key Global and Local participation marked the 12thedition of CPhI & P-MEC India South Asia's largest Pharma event at a glance: 1,600+ exhibitors from 42 countries More than 7 eclectic engagements formed a part of the India Pharma Week magnum opus Innovation Gallery, Supplier-Finder, Exhibitor Showcase, onsite entertainment: features that kept attendees engaged Vital thought leadership garnered from events such as Pharma Connect, CEO Roundtable and Women in Pharma. Based on the recommendations of industry leaders, a White Paper Report is being prepared to be presented to key policy makers and visionaries. The reputed CPhI Global Pharma Index ranks India no 1 in terms of pharma market growth potential, and within the top 3 countries on the parameter of competitiveness. The 6th edition of the India Pharma Awards received more than 350 nominations, revealing a growth of over 30 percent. UBM India, India's leading B2B exhibition organizer, concluded the 12th edition of ...
Sensex drops 120 pts in late sell-off; bank, auto stocks crack
Extending its fall for the fifth consecutive session, the BSE Sensex gave up early gains to end over 100 points lower Wednesday, as investors booked profits in banking, auto, metal and pharma stocks in the last hour of trade. Sustained selling by domestic institutional investors (DIIs) and foreign institutional investors (FIIs) too dented market mood, brokers said. The benchmark BSE index opened higher at 36,279.63 and advanced to hit a high of 36,375.80 on the back of positive macroeconomic data as retail inflation fell to a 19-month low on continued decline in food prices and positive cues from other Asian markets. It, however, succumbed to profit-booking to touch a low of 35,962.79 on heavy selling at the fag-end. The index finally ended 119.51 points, or 0.33 per cent, lower at 36,034.11. The gauge had lost over 720 points in the previous four days. The NSE Nifty settled the day 37.75 points, or 0.35 per cent, down at 10,793.65 after shuttling between 10,891.65 and 10,772.10 ...
Sensex, Nifty end lower in volatile trade; oil marketers drag
(Reuters) - Indian shares wiped off early gains to end lower in a topsy-turvy trade on Wednesday, dragged by oil marketers, a day after the retail inflation came below the Reserve Bank of India's target for a sixth straight month.
Sensex maintains 36,000 in volatile trade
Key indices ended with modest losses weighed by selling pressure in late trade. The barometer index, the S&P BSE Sensex, fell 119.51 points or 0.33% at 36,034.11. The Nifty 50 index was down 37.75 points or 0.35% at 10,793.65. Intraday volatility was high as the Sensex regained the psychological 36,000 after sliding below that level in intraday trade.
Euro zone industrial production falls more than expected in December
BRUSSELS (Reuters) - Euro zone industrial production fell more than expected in December, official estimates showed on Wednesday, pulled down by a drop in the output of capital goods, used for investment.
Bajaj Allianz Life aims at 14 pc growth this fiscal
Private insurer Bajaj Allianz Life is aiming at 14 per cent growth in new premium income this financial year, a company official said. During the first nine months, individual business grew by 14 per cent (Rs 1053 crore) and renewal premium by 22 per cent (Rs 2464 crore). "We hope to grow 14 per cent in new business during the current financial", chief institutional business officer Dheeraj Sehgal said. Talking to reporters at a product launch here on Wednesday, Sehgal said gross weighted premium stood at Rs 5567 crore in the first nine months. He said that the new ULIP product positioned as a retirement plan with life cover would return mortality charges at periodic intervals. Bajaj Life aims at targeting the number game by launching this product.
Port of Tanjung Pelepas inks pact with Ramco Systems
: Kuala Lumpur-based Pelabuhan Tanjung Pelepas Sdn Bhd, part of the MMC Group, Wednesday said, it has signed an agreement with Ramco Systems to upgrade its Enterprise Resource Planning (ERP) system. Port of Tanjng Pelepas, CEO, Marco Neelsen exchanged documents with Ramco Systems, CEO, Virender Aggarwal at the signing ceremony held recently, a press release said. Under the agreement, Ramco Systems would implement its comprehensive ERP suite comprising procurement, inventory, finance, maintenance, human capital management, treasury, loan management among others. The latest digital roadmap is testament to PTP's commitment in providing best in class service to customers, Neelsen said. "By investing in the latest technology, we are establishing our terminal as one of the best equipped and most technologically advanced terminal port in the region", he said. "We also wanted to choose a digital solution provider with tools that can aid us in our growth as well as give us the ..
Heineken toasts fizziest beer growth in a decade
Dutch brewing giant Heineken on Wednesday cheered the fastest sales growth in its core brand in a decade, helped by the roll-out of a non-alcoholic beer. Despite a fall in overall profits the world's second largest brewer recorded growing sales in major markets last year, although it warned that 2019 could be "volatile". "In 2018 we delivered another year of superior top-line growth. The Heineken brand grew 7.7 per cent, its best performance in over a decade, with Heineken 0.0 now available in 38 countries," Heineken CEO Jean-Francois van Boxmeer said. The Amsterdam-based brewer' posted profits of 1.9 billion euros for 2018, down 1.6 per cent on the year before, based on total sales of 26.8 billion, up by 3.7 per cent. Heineken sales grew by double digits in Brazil, Britain, Germany, Mexico, Nigeria, Poland, South Africa and Russia, while China returned to profit, the company said. Among other brands, sales of Tiger, Desperados, Birra Moretti and Krusovice all grew by volume. But the .
Oil gets a boost from Saudi output pledge, declining U.S. inventories
LONDON (Reuters) - Brent oil prices rose on Wednesday, after top exporter Saudi Arabia said it would cut crude exports and deliver an even deeper cut to its production, while U.S. futures gained on a decline in domestic oil inventories.
Kirloskar Electric's loss widens to over Rs 60 crore in March to December FY 19
Diversified engineering major, Kirloskar Electric on Wednesday reported a loss of Rs 20.51 crore in the quarter ended December 2018 while the revenue from operations dropped to Rs 61.29 crore.In the corresponding period of the previous year, the loss was Rs 20.18 crore while the revenue totaled Rs 82.92 crore.The company has thus piled up a loss of Rs 60.49 crore in the first nine months of 2018-19 on a turnover of Rs 217 crore."The net worth (after excluding revaluation reserve) of the group in terms of the consolidated financial statements as at March 31, 2018, consisting of the company, its subsidiaries and its associate is eroded," it informed stock exchanges."The company has incurred losses for the quarter. There were certain overdues in respect of banks and creditors. The company and its components have initiated several measures like active steps being taken for disposal of non-core assets."Last month, Kirloskar Electric Company obtained shareholders' approval to sell non-core .
Bad loans and money laundering curbs take toll on ABN Amro
AMSTERDAM (Reuters) - Rising bad loans and a big investment in improving anti money-laundering controls pushed fourth quarter net profit from Dutch bank ABN Amro way below analysts' expectations, prompting a sell-off in its shares.
Qatar revamps investment strategy after Kushner building bailout
LONDON/NEW YORK/DUBAI (Reuters) - When news emerged that Qatar may have unwittingly helped bail out a New York skyscraper owned by the family of Jared Kushner, Donald Trump's son-in-law, eyebrows were raised in Doha.
CG Power slumps after dismal Q3 results
CG Power and Industrial Solutions fell 29.33% to Rs 23.85 at 15:07 IST on BSE after reporting consolidated net loss of Rs 150.18 crore in Q3 December 2018, higher than net loss of Rs 28.23 crore in Q3 December 2017.