Page 978 - Business Finance
A bad omen? Emerging markets 'most crowded trade' for first time
LONDON (Reuters) - Investors made a U-turn on emerging markets, naming them the most crowded trade, in Bank of America Merrill Lynch's survey for the first time in its history.
Expert Views: India's January retail inflation rate hits 19-month low
(Reuters) - India's retail inflation rate fell to 2.05 percent in January from a year earlier, its lowest since June 2017, government data showed on Tuesday.
Deadline for selecting TV channels extended till March 31
The Telecom Regulatory Authority of India (TRAI) on Tuesday extended the deadline for selection of TV channels by both cable and Direct-to-Home (DTH) subscribers till March 31.
Sun Pharma Q3 profit zooms nearly 4-fold to Rs 1,241.85 cr
Drug major Sun Pharmaceutical Industries Tuesday reported nearly four-fold jump in its consolidated net profit at Rs 1,241.85 crore for the quarter ended on December 31, 2018. The company had posted a net profit of Rs 321.57 crore for the corresponding period of the previous fiscal hit by one-time deferred tax adjustment. "Net profit for Q3 FY19 was at Rs 1,242 crore with resulting net profit margin at 16.2 per cent. Net profit for third quarter last year was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates. Adjusted for this, net profit growth for Q3 FY19 was 49 per cent year-on-year," Sun Pharmaceutical Industries said in a filing to BSE. Consolidated revenue from operations of the company stood at Rs 7,740.19 crore for the quarter under consideration as against Rs 6,653.23 crore for the same period a year ago. Commenting on the results, Sun Pharma MD Dilip Shanghvi said: "Our focus on execution is reflected in the Q3 ...
Open raises USD 5 mn from Beenext, others
Fintech start-up Open Tuesday said it has raised USD 5 million (about Rs 35 crore), led by Beenext, Speedinvest and 3one4 Capital. The existing investors, Unicorn India Ventures and Angellist Syndicate, also participated in the Series A round, a statement said. "The funding will help us accelerate customer acquisition and growth as we target to onboard one million small businesses into the platform in the next two years," Open co-founder and Chief Executive Officer Anish Achuthan said. Founded in 2017, Open offers a business account in partnership with banks that helps small and medium enterprises (SMEs) automate and run their finances. The account has all the tools that are required by a small business to send and receive business payments, combined with an automated book-keeping tool to integrate banking into their business workflows. The platform has grown to over 30,000 SMEs and processes over USD 2 billion in transaction run rate. The company said it is adding over 7,500 SMEs ...
Hotel Leelaventure shares jump nearly 5 pc after Q3 results
Shares of Hotel Leelaventure Tuesday gained nearly five per cent after the company reported 8.58 per cent rise in standalone net profit for December quarter 2018. The company's stock jumped 4.53 per cent to close at Rs 13.60 on BSE. Intra-day, it advanced by 9.99 per cent to Rs 14.31. At NSE, shares rose 4.61 per cent to close at Rs 13.60. On the traded volume front, 2.12 lakh shares changed hands at BSE and over 15 lakh shares on NSE during the day. Hotel Leelaventure Tuesday reported 8.58 per cent rise in standalone net profit at Rs 44.14 crore for the latest quarter. The company had logged a profit of Rs 40.65 crore in the year-ago period, it said in a filing to BSE. Revenue from operations stood at Rs 209.06 crore in the latest quarter as against Rs 203.61 crore in October-December 2017, it said.
CBI arrests Indian Oil general manager in Guwahati for allegedly taking bribe
The CBI arrested Indian Oil General Manager Dibya Jyoti Datta in Guwahati on Tuesday for allegedly receiving bribe of Rs 2 lakh from a business representative, officials said. Bendang Naro, the business representative, and her associate Lal Chand Choudhry have also been arrested for allegedly paying the bribe to Datta to help them secure new retail outlets of Indian Oil across the Northeast, they said. Datta had assured them of help in winning lottery of new retail outlets of the state-run firm by manipulating computer systems, the officials said.
Shopify reports slower growth in vendor sales, shares fall 7 percent
(Reuters) - Shopify Inc beat analysts' estimates for quarterly profit on Tuesday, but a slowing rate of growth in total sales by vendors using the ecommerce company's software sent its U.S.-listed shares down about 7 percent before the bell.
Saudi crude output to fall to 9.8 million bpd in March: Falih
LONDON (Reuters) - Saudi Arabia plans to produce around 9.8 million barrels per day of oil in March, over half a million bpd below its pledged production level under a global supply-cutting deal, Energy Minister Khalid al-Falih told the Financial Times.
India's industrial output grows 2.4 percent in December
NEW DELHI (Reuters) - India's industrial output in December rose 2.4 percent from a year earlier, slightly higher than forecast, government data showed on Tuesday.
Tata Motors Group global wholesales down 12% in January
The global wholesales of the Tata Motors Group including Jaguar Land Rover declined 12 per cent in January 2019, on a year-on-year basis, the company said on Tuesday.
Institutional investors put in Rs 8,000-cr bids for SUUTI stake in Axis Bank
The government's share sale in Axis Bank held through SUUTI witnessed a blockbuster start with institutional investors putting in bids worth over Rs 8,000 crore by lapping up 2.56 times the shares reserved for them on the first day of the offer for sale (OFS). Institutional investors bid for over 11.69 crore shares, 2.56 times the 4.56 crore shares on offer for them, according to data from the National Stock Exchange. The issue will open for retail investors on Wednesday. At the floor price of Rs 689.52 a share fixed for the share sale, the bids by these investors are worth Rs 8,062 crore. The government through the Specified Undertaking of the United Trust of India (SUUTI) is selling up to 5.07 crore shares in Axis Bank through the two-day OFS. It also has a green-shoe option to retain over-subscription of 2.63 crore shares in case of over subscription. If the share sale goes through with over-subscription, the government would sell 3 per cent stake in Axis Bank held through SUUTI. ..
India's January core consumer inflation at around 5.4 percent: analysts
MUMBAI (Reuters) - India's core consumer inflation was around 5.4 percent in January slightly softer than a downwardly revised 5.6 percent in December, according to two analysts who estimated from inflation figures released on Tuesday.
Industrial growth remains subdued at 2.4 pc in Dec
Industrial output growth remained subdued at 2.4 per cent in December 2018 on account of contraction in the mining segment and poor show by the manufacturing sector. Factory output as measured in terms of the Index of Industrial Production (IIP) had grown by 7.3 per cent in December 2017, according to the data released by the Central Statistics Office (CSO) on Tuesday. The industrial growth for November 2018 was revised downwards to 0.3 per cent from the provisional estimate of 0.5 per cent released last month. During April-December 2018-19, industrial output grew at 4.6 per cent against 3.7 per cent in the same period of the previous fiscal. The manufacturing sector, which constitutes 77.63 per cent of the index, recorded a low growth of 2.7 per cent in December as against 8.7 per cent expansion in the year-ago month. Mining sector production contracted by 1 per cent in December as against 1.2 per cent growth in December 2017. The growth of the power sector output remained flat at ..
Indian Hotels Co Q3 net profit jumps 51 pc to Rs 170 cr
Tata Group hospitality firm Indian Hotels Company Tuesday reported a 50.99 per cent rise in its consolidated net profit to Rs 170.03 crore for the quarter ended December 31. The company had posted a net profit of Rs 112.61 crore for the corresponding period previous fiscal, Indian Hotels Company Ltd (IHCL) said in a BSE filing. Consolidated revenue from operations stood at Rs 1,323.45 crore for the quarter under consideration as against Rs 1,197.26 crore for the same period a year ago. Commenting on the results, IHCL MD and CEO Puneet Chhatwal said: "The company delivered a strong performance in the third quarter of this current fiscal. We saw double digit growth in revenues, robust increase in EBITDA margins of 150 bps and a PAT growth of 50 per cent". IHCL currently operates 178 hotels, including 30 under development globally across 4 continents, 12 countries and in over 80 locations. Shares of Indian Hotels Company Ltd closed at Rs 135.75 per scrip on the BSE, up 0.22 per cent from
Financial Inclusion Of Small Entrepreneurs Need Of Hour
Ministry of Micro Small and Medium Enterprises (MSME) organized a Regional Conference on MSME Financing under National SC/ST Hub Scheme in New Delhi today. Minister of State (I/C) for MSME, Giriraj Singh, in his inaugural address stressed on the need for financial inclusion of small entrepreneurs, without whom the country cannot develop. While appreciating the banking sectors concerns about the Non-Performing Assets and bad debts, he pointed out that where there is need based financing from the banks the recoveries have been more than 99 per cent. He urged the banks to set their priorities in line with the policies and financial guarantees of the Government and provide loans to youth and small entrepreneurs.
Agriculture Credit Flow Target Likely To Be Surpassed This Fiscal In Convincing Manner
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Uganda calls on mobile money to cultivate new debt investors
KAMPALA (Reuters) - Ugandans will be able to buy government securities through a mobile money platform in a move by the east African country to become less dependent on commercial banks and institutional investors for its funding.
Sun Pharma third-quarter profit jumps four-fold on strong U.S. show
(Reuters) - India's largest drugmaker by market value Sun Pharmaceutical Industries Ltd posted a nearly four-fold jump in quarterly profit on Tuesday, breezing past estimates on strong sales in the U.S. market.
China's 2018 tourism revenue growth slowest in a decade as economy cools
BEIJING (Reuters) - Growth in China's tourism revenue fell to its lowest level last year since the global financial crisis a decade ago, official data showed on Tuesday, highlighting growing risk in a fast-growing sector as Chinese consumers became more cautious.