Page 989 - Business Finance
Hindalco Industries standalone net profit declines 34.39% in the December 2018 quarter
Sales rise 8.25% to Rs 11937.74 crore
Shakti Pumps (India) consolidated net profit declines 24.34% in the December 2018 quarter
Sales rise 2.99% to Rs 152.10 crore
Cashew kernel exports may fall in FY'19; industry wants financial, policy support: CEPCI
India's exports of cashew kernels and allied products may fall 20 per cent to Rs 4,800 crore this fiscal due to lower volumes, industry body CEPCI said, while demanding higher incentives and hike in import duties on finished products to boost outward shipments. Concerned over likely fall in exports, the Cashew Export Promotion Council of India (CEPCI) Chairman R K Bhoodes said the import duty on cashew kernels (whole as well as split) should be increased to 70 per cent from present 45 per cent. He also sought hike in minimum import price of cashew kernels to Rs 720 per kg (for whole) and Rs 680 per kg (split/broken) from the current Rs 400 per kg and Rs 288 per kg, respectively, in order to curb imports of around 10,000 tonne of finished products annually. India exported 84,352 tonne of cashew kernels in 2017-18 as against 82,302 tonne during previous year. In value terms, exports went up almost 18 per cent to USD 911 million (around Rs 6,000 crore) from USD 770.65 million (around Rs .
Panama Petrochem consolidated net profit declines 7.96% in the December 2018 quarter
Sales decline 14.32% to Rs 307.81 crore
KKalpana Industries (India) consolidated net profit rises 84.63% in the December 2018 quarter
Sales rise 21.36% to Rs 482.60 crore
Gaming firm Supercell's 2018 profit falls as hit titles age
HELSINKI (Reuters) - Finnish mobile game maker Supercell reported a 26 percent drop in 2018 core profit on Tuesday due to falling revenue for its ageing hit games Clash of Clans and Clash Royale.
MHA gave security clearance to 6,200 proposals, including FDI in past 2 years
The Home Ministry has given security clearance to more than 6,200 proposals, including 134 foreign direct investment plans, in the past two years in critical sectors such as defence, civil aviation and telecom, the government told the Lok Sabha Tuesday. Union Minister of State for Home Hansraj Ahir informed the Lower House that in the past two years, the ministry gave security clearance to more than 1,600 proposals in critical sectors like defence, arms and ammunition, explosives, telecommunications, information and broadcasting, civil aviation, currency, shipping, etc. The ministry also disposed of more than 4,600 security clearance requests including 134 of foreign direct investment in government approval route requiring security clearance, he said in a written reply to a question. Average processing time for such clearance was about 71 days in 2018, he said. Ahir said as per information provided by the Department of Industrial Policy and Promotion and the Reserve Bank of India, the
Ipca Laboratories Q3 net jumps 52 pc to Rs 160.18 cr
Drug firm Ipca Laboratories Tuesday posted a 52 per cent jump in its net profit at Rs 160.18 crore for the third quarter ended December 31, 2018. The company had posted a net profit of Rs 105.58 crore for the same period of previous fiscal. Total income of the company grew 10 per cent to Rs 960.22 crore during the quarter under review as against Rs 870.18 crore in the same period of the previous fiscal, Ipca Laboratories said in a regulatory filing. Shares of the company were trading at Rs 736 apiece on BSE, up 0.82 per cent from the previous close.
RBI governor meets foreign investors in Hong Kong
Reserve Bank of India (RBI) Governor Shaktikanta Das Tuesday said he had an interactive meeting with foreign investors in Hong Kong. This is his first interaction abroad with investors after taking over as the RBI's governor in December last year. "Held an interactive meeting with FPIs in Hong Kong today (Tuesday). Good participation and discussion," he said in a tweet. Since he took over as 25th RBI Governor, he has hold a series of meeting with various stakeholders including heads of public sector banks, private sector banks, non-banking financial services, and industry chambers. The RBI last week proposed removal of 20 per cent foreign portfolio investor (FPI) restriction on the corporate debt market. It was stipulated that no FPI should have an exposure of more than 20 per cent of its corporate bond portfolio to a single corporate, including exposure to entities related to the corporate. This was decided as a part of the review of the FPI investment in corporate debt undertaken in
Vistara sees limited impact from overseas flight approval delays
NEW DELHI (Reuters) - Delays in regulatory approvals for international flights have had only a limited impact on Indian airline Vistara's business, the chief executive of the Tata Sons and Singapore Airlines Ltd joint venture said on Tuesday.
Fourth qtr to be "substantially" better: India Cements Ltd
Cement manufacturer, The India Cements Ltd Tuesday expected the company's performance to be "substantially" better during the fourth quarter following a rise in capacity utilisation in Oct-Dec 2018 quarter, a top company official said. "I feel the worst is over for the cement industry. I see price discipline now in the market and I believe it will stay," company Vice-Chairman and Managing Director, N Srinivasan said. He expected the performance of India Cements Ltd to be "substantially" better in fourth quarter of current fiscal following the rise in capacity utilisation which was at 76 per cent in third quarter of last year. India Cements Monday reported a 79.46 per cent decline in its standalone net profit at Rs 3.13 crore for the quarter ending December 31, 2018, as against Rs 15.24 crore registered corresponding period of last fiscal. Total income during the period under review was up 8.53 per cent at Rs 1,320.57 crore, as against Rs 1,216.75 crore recorded in ...
Karur Vysya Bank Q3 profit dives 70 pc as bad loans mount
Karur Vysya Bank Tuesday said the gone by December quarter saw a decline of over 70 per cent in net profit to Rs 21.20 crore as bad loans spiked. The private sector lender had clocked a profit of Rs 71.49 crore in October-December 2017-18. Total income went up at Rs 1,702.65 crore in the latest quarter as against Rs 1,647.17 crore in the same period of 2017-18, the bank said in a regulatory filing. Gross bad loans spiked to 8.49 per cent of gross advances as at December-end 2018 from 5.94 per cent by December 2017. In terms of value, gross non-performing assets (NPAs) or bad loans stood at Rs 4,055.73 crore, higher than Rs 2,663.32 crore a year ago. Net NPAs too rose to 4.99 per cent (Rs 2,295.60 crore) from 3.88 per cent (Rs 1,698.92 crore). Provision coverage ratio was at 56.09 per cent as at December-end 2018, Karur Vysya Bank said. Stock of the bank was trading 4.40 per cent down at Rs 81.50 on BSE.
Samsung reaches settlement over 'exploding' washing machines
Samsung Electronics has reached a settlement in a class-action lawsuit over 2.8 million "exploding" washing machines recalled in the US, the South Korean company said Tuesday. The faulty appliances were recalled in 2016 after reports that the top "can unexpectedly detach from the washing machine chassis during use, posing a risk of injury from impact", according to The US Consumer Product Safety Commission. The lawsuit claimed some of the washers were "exploding". "Samsung has chosen to settle class-action lawsuits involving top-load washing machines that were subject to a voluntary recall," Samsung said in a statement, adding the decision was reached to "avoid distraction and expense of litigation". The washing machines in question have long been off the market, Samsung said. Those covered by the settlement may receive benefits ranging from a "rebate, refund or reimbursement of certain expenses, costs, and repairs", according to the statement. Samsung said at the time that the recall
Market hovers with small losses
Key benchmarks hovered in a small range in negative zone in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 39.07 points or 0.11% at 36,355.96. The Nifty 50 index was down 2.90 points or 0.03% at 10,885.90.
Gujarat Narmada Valley Fertilizers & Chemicals Ltd leads losers in 'A' group
Meghmani Organics Ltd, Kaveri Seed Company Ltd, Tamil Nadu Newsprint & Papers Ltd and Sharda Cropchem Ltd are among the other losers in the BSE's 'A' group today, 12 February 2019.
HEG jumps after robust Q3 numbers
HEG rose 3.65% to Rs 2291.90 at 14:43 IST on BSE after net profit rose 153.38% to Rs 866.83 crore on 121.31% increase in net sales to Rs 1864.99 crore in Q3 December 2018 over Q3 December 2017.
Kremlin: no talks are underway to create new Russia-OPEC alliance
MOSCOW (Reuters) - The Kremlin said on Tuesday there were no substantial talks currently taking place to establish an alliance between Russia and OPEC.
Thyssenkrupp warns of economic pressure as profit falls
FRANKFURT/DUESSELDORF (Reuters) - Steel-to-elevators group Thyssenkrupp on Tuesday warned of a darkening economic backdrop, a key driver of demand for its products, signalling tough times for its capital goods business ahead of a planned spin off.
U.S. official Lighthizer arrives in Beijing ahead of trade talks
BEIJING (Reuters) - U.S. Trade Representative Robert Lighthizer arrived in Beijing on Tuesday ahead of high-level trade talks scheduled this week for the world's two largest economies to hammer out a deal ahead of a March 1 deadline.
Mangalam Drugs and Organics Ltd leads losers in 'B' group
Punjab Communications Ltd, North Eastern Carrying Corporation Ltd, Spice Mobility Ltd and Madhucon Projects Ltd are among the other losers in the BSE's 'B' group today, 12 February 2019.