Union Bank of India, one of India’s largest state-controlled banks, reported a deterioration in its loan book quality and wider losses for the October-December quarter. The bank posted net loss for Rs 1,250 crore for the quarter, compared to net profit of Rs 104 cr for the same quarter last year. Higher provisions to deal […]
Facebook, the largest social network on earth, has added several new features to its ‘Pages’ feature, including the ‘Poll’s option that was removed five years ago. Administrators of Facebook pages can now create a poll by clicking on the ‘+’ sign and choosing ‘polls’ as the type for the new post they are able to […]
Tata Steel said it has completed the acquisition of a 135 MW power plant from a subsidiary of Jasper Industries for Rs 255 paid in cash. The thermal power plant, located in Cuttack district in Odisha, will help it increase its captive source of power to meet its growing demand, it said. The acquired company […]
Tata Teleservices Maharashtra, the listed arm of Tata Teleservices that provides telecom services in Maharashtra and Goa, reported better pretax profit margins for the December quarter thanks to lower depreciation charges. Pretax losses narrowed to Rs 385 cr in Q3 from Rs 392 cr in the Q2 and Rs 489 in the year-ago period. Depreciation […]
Hero MotoCorp reported strong auto sales numbers for January. Total two-wheeler sales rose 31% to 6.41 lakh during the month, taking the total for the financial year over the 6 mln mark with two months remaining. The performance is comparable to those of the others in the industry. Bajaj Auto, for example, reported a 36% […]
Info Edge India, which runs websites like jeevansathi.com and naukri.com, reported a 22% year-on-year increase in revenue and but the top line remained flattish on a sequential basis. Margins suffered due to higher advertising costs. Total billing during the third quarter increased 19% on year to Rs 228.3 cr, the company said. Net sales rose […]
Godrej Properties reported a sharp 66% fall in its net profit for the third quarter despite strong sales growth, as it was hit by a sharp increase in its input costs. Net profit fell to Rs 25.94 cr for the three months ended December from Rs 77.24 in the same period last year. In Q2, […]
PC Jewellers, the Delhi-based jewelry retailer, denied that there was any reason for the halving of its share price as was seen today. It issued a statement after the company’s shares fell from around Rs 500 to Rs 217 in trading today, reportedly over worries that the company may be linked with Vakrangee, another firm […]
Government of India-controlled Cochin Shipyard Limited said it signed an agreement with Russia’s largest shipbuilding company to jointly design and manufacture inland and coastal ships in India to enable the government’s Sagar Mala program. Sagar Mala is a ₹8 lakh cr investment initiative of the Government of India to promote the use of water ways […]
Yes Bank, one of India’s youngest banks, said it will raise $600 mln by issuing five-year notes with a coupon rate of 3.75% per year. The bonds will be listed on the Singapore Exchange Securities Trading, International Securities Market of The London Stock Exchange and India International Exchange IFSC. The instruments will be issued on […]
Yes Bank, one of India’s youngest banks, said it will raise $600 mln by issuing five-year notes with a coupon rate of 3.75% per year. The bonds will be listed on the Singapore Exchange Securities Trading, International Securities Market of The London Stock Exchange and India International Exchange IFSC. The instruments will be issued on […]
Bajaj Auto reported strong sales growth for January, with overall motorcycles jumping 36% on year to 2.89 lakh units and three-wheeler sales setting an all-time monthly record. TWO WHEELERS Domestic sales of motorcycles were up 36% at 1.63 lakh, while exports of motorcycles rose 37% to 1.26 lakh. This has come as a relief to […]
Sales of Royal Enfield motorcycles rose 31% in the month of January when compared to the same month last year, said its manufacturer Eicher Motors. Eicher said it sold a total of 77,878 Royal Enfield bikes in January, or 2,512 bikes every day. The growth was led by sales of smaller Enfield bikes. Sales of […]
Tata Motors reported very strong auto sales for January, with passenger vehicle volumes up 55% and commercial vehicle sales up 38%. A large chunk of the gain came from the sales of small commercial vehicles. The company’s passenger vehicle sales in India were at 20,055 units for the month as against 12,907 units last year. […]
The following is the full text of Arun Jaitley’s speech on the Union Budget for 2018-19. The major highlight of the budget in terms of taxation was the imposition of a 10% tax on long-term gains from equity investments. “Madam, four years ago, we pledged to the people of India to give this nation an […]
Finance Minister Arun Jaitley has removed the tax exemption given to long-term gains derived from the sale of equity shares, and instead imposed a 10% tax on long-term gains from the sale of equity shares. This is what he said in his budget speech on this issue: “The total amount of exempted capital gains from […]
Mahindra & Mahindra reported a 32% jump in its auto sales January 2018 to 52,048 vehicles, boosted by strong sales of commercial vehicles. The Passenger Vehicles segment, which includes SUVs, Cars and Vans, sold 23,686 vehicles in January 2018, as against 20,169 vehicles during January 2017, registering a growth of 17%. In the Medium and […]
The following are the important highlights of the budget speech by finance minister Arun Jaitley for the year 2018-19. UPDATE: To read what Jaitley said about the imposition of tax on equity transactions, click here. To read his full speech, click here. The following are the major announcements of the Budget 2018-19. EQUITY MARKETS Long-term […]
India’s largest carmaker Maruti Suzuki India said it sold a total of 1.51 lakh vehicles in January 2018, up 4.8% over the same period of last fiscal. The overall growth rate, and that seen in individual segments, is below the average for the year so far. It had been reporting growth of around 14% so […]
Quess Corp, the ‘business services’ subsidiary of Thomas Cook India, announced two major acquisitions, purchasing the Asia business of Monster.com and the Indian service center business of HCL Infosystems. Quess Corp will pay up to Rs 30 cr for the service center business of HCL Infosystems. It did not disclose the consideration for the monster.com […]
