Page 976 - Business Finance
Equity markets gain more during non-BJP governments
A general perception runs that the Bharatiya Janata Party (BJP) is more pro-market and pro-industry compared to the any other national political party, making it investor-friendly both in and out of the equity markets. Data, however, seems to suggest otherwise.
Odisha chit fund scam: Panel says need 2-3 more years to identify all duped investors
Justice M.M. Das Commission, probing the multi-crore chit fund scam, here on Tuesday submitted 6th interim report to the Odisha government and said another 2-3 years would be required to identify all the duped investors.
TRAI gives time till March 31 to consumers to choose channels under new regulatory regime
TRAI has given time till March 31 for consumers to opt for channels of their choice under the new framework for broadcasting and cable services, the telecom regulator said Tuesday. In a statement, the Telecom Regulatory Authority of India (TRAI) said it has also asked all distribution platform operators (DPOs) to create 'best fit plan' for its subscribers who have not exercised their options yet. The 'best fit plan' shall be designed based on consumers' usage pattern, language spoken and popularity of channels, TRAI said. "The Authority extends time up to March 31, 2019 for exercising the option (of selecting channels) by such subscribers who have not exercised option yet. Subscribers will be free to change their 'best fit plan' at any date and time on or before March 31, 2019 and DPOs shall convert their 'best fit plan' into the desired (channels) pack within 72 hours from the time choice exercised," the statement said. There are about 100 million cable service TV homes and 67 ...
OPEC cuts oil supply steeply but sees growing 2019 headwinds
LONDON (Reuters) - OPEC said on Tuesday it had cut oil production steeply under a global supply deal, although it flagged headwinds confronting its efforts to prevent a glut this year including weaker demand and higher rival output.
Punjab & Sind Bank Q3 net profit at Rs 22 cr
State-owned Punjab & Sind Bank Tuesday reported a net profit of Rs 22 crore in the third quarter ended December 2018. It had reported a loss of Rs 258 crore in the corresponding period of 2017-18, according to a release by the company. The bank's total income increased during the quarter to Rs 2,337.13 crore as against Rs 2,178.69 crore in the corresponding period of 2017-18. Gross non-performing assets (NPAs) rose to 11.19 per cent of the gross advances at the end of the quarter, against 10.95 per cent in the year-ago period. However, net NPAs declined to 6.90 per cent, compared with 7.20 per cent a year ago. As a result, provisions for bad loans increased to Rs 453.88 crore during October-December 2018, against Rs 417.51 crore in the third quarter of the previous fiscal.
Indo-US commercial dialogue on Feb 14
Commerce and Industry Minister Suresh Prabhu will hold bilateral discussions on trade issues with US Commerce Secretary Wilbur Ross on February 14 here. The Indo-US CEO Forum will also held its meeting on the same day, the commerce ministry said in a statement. "Representatives of the US and Indian governments will share outcomes of the 2018 commercial dialogue work plan, including the three work streams: standards, business climate and investment and travel and tourism," it said. Discussions will be held on the 2019 commercial dialogue priorities, identification of new areas of cooperation based on the new CEO Forum recommendations, it added. The co-chairs for the US- India CEO Forum are Natarajan Chandrasekaran, Chairman of Tata Sons, and James Taiclet, Chairman, President and CEO of American Tower Corporation. It said that during the CEO forum, working groups will give presentations and recommendations related to their sector. This forum was reconstituted by the Trump and Modi ...
Bank of England's Carney warns UK of no-deal Brexit hit
LONDON (Reuters) - Bank of England Governor Mark Carney said on Tuesday Britain should be under no illusions about the likely shock to its economy if it leaves the European Union next month without a transition deal to ease the shock.
Hindalco Industries net profit falls to Rs 247 cr in Q3 on high input cost
Aditya Birla Group company Hindalco Industries Tuesday reported a 34.38 per cent decline in standalone net profit to Rs 247.46 crore for the December 2018 quarter due to increased cost of materials consumed. It had clocked a profit of Rs 377.14 crore in the corresponding quarter in the previous fiscal, Hindalco Industries Ltd said in a BSE filing. The aluminium maker's revenue from operations was higher at Rs 11,938 crore as compared with Rs 11,028 crore in the year-ago quarter. The company further said that "cost of materials consumed" were at Rs 7,812 crore, higher from Rs 6,884 crore in October-December 2017. Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia.
Reliance Power asks Sebi to immediately ban Edelweiss Group from capital mkts
Anil Ambani-led Reliance Power has asked the Sebi to immediately ban Edelweiss Group from the capital market, alleging "illegal and market disruptive activities" to cause a steep plunge in the company's share price. Reliance Group, last week, accused L&T Finance and Edelweiss Group entities of "illegal" and "motivated" actions in invoking the pledged shares of Anil Ambani group's three listed firms and selling them in open market causing a steep fall in share values. L&T Finance and Edelweiss Group have refuted the allegations and have counter-alleged that Reliance Group failed to make timely payments, which they said necessitated sale of pledged shares. Reliance Power, in a fresh letter to the Sebi dated February 11, also asked the markets regulator to declare all Edelweiss Group entities as not being "fit and proper" and impose a ban on each of them from the capital markets and related activities. It also asked the regulator to investigate the sale of Reliance Power shares ..
Oil up nearly 3 percent on Saudi and OPEC cuts
LONDON (Reuters) - Oil prices gained nearly 3 percent on Tuesday, supported by OPEC-led production cuts, which Saudi Arabia said it would surpass by more than half a million barrels per day (bpd), and by U.S. sanctions against Iran and Venezuela.
Wall Street opens higher on trade hopes, progress to avert government shutdown
(Reuters) - U.S. stocks opened higher on Tuesday, buoyed by a tentative deal reached by U.S. lawmakers to avoid another partial government shutdown and as the United States and China expressed optimism about the ongoing trade talks.
JK Paper's Q3 standalone net profit up 72%
Improved market conditions aided paper manufacturer JK Paper to report a rise of 72.26 per cent in its net profit for the quarter ended December 31, 2018.
Sonata Software net up 30% in Q3
Leading IT solutions provider Sonata Software on Tuesday reported a consolidated net profit of Rs 64 crore for the third quarter (Q3) of fiscal 2018-19, registering 30 per cent annual growth over Rs 49 crore posted in the same period a year ago.
13 IAS officers transferred in Punjab
The Punjab government shifted 13 IAS officers and one PCS officer with immediate effect on Tuesday. Among the transfers, six deputy commissioners (DC) have been shifted in the state, officials said. IAS officer Chander Gain has been made DC of Ferozepur while G S Sidhu has been placed as DC Faridkot. DPS Kharbanda has been shifted as DC Kapurthala, while PK Goyal has been transferred as DC Fatehgarh Sahib. Shivdular Singh Dhillon and TPS Phoolka have been made DC Amritsar and Barnala respectively. Dharm Pal has been placed as Chief Administrator of Punjab Urban Planning and Development Authority, SAS Nagar. B S Dhaliwal, who was DC Barnala, has been shifted to Social Justice, Empowerment and Minorities as director. Indu Malhotra has been placed as Director Public Instructions (Colleges) and Mohammad Tayyab has been made Director General of School Education. Manjit Singh Brar has been shifted as Director of Industries and Commerce and Rajeev Prashar has been posted as Special Secretary
Religare Enterprises standalone net loss narrows to Rs 10 cr in Q3
Religare Enterprises (REL) saw its standalone net loss narrowing to Rs 10.33 crore during the December 2018 quarter, compared with Rs 45.14 crore a year ago. Its total income was Rs 12.23 crore, slightly up from Rs 11.85 crore in the corresponding quarter of 2017-18, Religare Enterprises said in a regulatory filing on Tuesday. On December 17, 2018, the company along with its subsidiary Religare Finvest (RFL) filed a complaint with the corporate affairs ministry and Sebi against the promoters of REL Malvinder Mohan Singh and Shivinder Mohan Singh as well as former CMD Sunil Godhwani, directors and officers of the entities owned and controlled by the promoters and other unknown persons seeking investigation into various suspicious transactions undertaken at REL and its subsidiaries, the company said. REL said it had also filed a criminal complaint on December 18 with the economic offences wing of the Delhi Police against these people and other unknown persons for various offences under .
Venezuela hopes to create non-dollar trading bloc
NEW DELHI (Reuters) - Venezuela hopes to create a trade bloc consisting of China, India and Russia to help the South American country settle oil payments in currencies other than the dollar, its oil minister said on Tuesday.
Rough ride: Nissan slashes outlook, unveils Ghosn-related charge
YOKOHAMA, Japan (Reuters) - Nissan Motor warned its annual profit will plumb six-year lows on waning global sales, underlining the challenges it faces as it also grapples with the fallout from the shocking arrest and ouster of its former chairman Carlos Ghosn.
India unleashing landmark policy reforms, recalls a nostalgic Ram Naik
India has unleashed landmark policy reforms in the oil and gas sector with a view to raising domestic output and cut imports, at the same time making a smooth transition to cleaner fuels, Uttar Pradesh Governor Ram Naik said Tuesday. Naik, who presided over the "Golden Era" of petroleum sector one-and-half-decade back, said pathbreaking initiatives like acquisition of oil and gas properties, exploration licensing rounds, use of CNG and ethanol as fuel unveiled and plans for building strategic storages were unveiled during the Atal Bihari Vajpayee-led NDA-1 between 1999 and 2004 are now being improvised for the country's energy security. Speaking at the concluding session of the Petrotech Conference here, Naik said he feels "nostalgic to recall" his own full term as the Minister of Petroleum and Natural Gas under Vajpayee. "That was the first time in India's history when anyone led the Ministry of Petroleum and Natural Gas for a full term of five years since 1962 when a separate ...
Industrial production growth improves to 2.4% in December 2018
10 out of 23 industry groups in the manufacturing sector shows positive growth
JK Paper Q3 net profit jumps 72% to Rs 120.26 crore
JK Paper Tuesday reported a 72.26 per cent jump in standalone net profit to Rs 120.26 crore for the third quarter ended December 2018 on account of improved realisation, better operating parameters and reduced finance cost. The company had posted a net profit of Rs 69.81 crore in the October-December quarter last year. Total income during the quarter under review rose 10.94 per cent to Rs 883.11 crore. It stood at Rs 796.01 crore in the December quarter of 2017-18, JK Paper said in a BSE filing. The company said improved realisation, better operating parameters and reduced finance cost contributed to increased profitability during the quarter. The improved market conditions helped growth in sales realisation across the board, Vice Chairman and MD H P Singhania said. "Better operating efficiencies and lower finance cost due to deleveraging have contributed to improved performance on a quarter to quarter basis. The company continues its focus on farm plantation in close proximity to the