SBI cuts lending rates for the first time in 10 months
Uploading Date : 02-11-2017State Bank of India (SBI), the country's largest bank, announced a 5 basis point cut in its benchmark lending rates across various maturities. This is the first time in 10 months that it has cut lending rates. With effect from November 1, the bank has pegged its benchmark rate to 7.95% for a term of one year against 8% charged earlier
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Walmart opens its first India ‘dark store’ in Bhiwandi
Uploading Date : 02-11-2017Walmart Stores has opened a fulfilment centre, or ‘dark store’, in India, one of its first globally, in an effort to speed up operations in the country, which is fast adopting online retail services.
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Mahindra Logistics issue may be an expensive bet
Uploading Date : 01-11-2017Mahindra Logistics plans to raise Rs 830 crore through an offer for sale. The proceeds of the issue would go to the private equity investor, Kedaara Capital. Unlike other listed logistics companies, Mahindra Logistics operates on an asset-light model, which ensures a better return on equity. However, its IPO valuation looks expensive compared with its peers. Given these factors, the share sale looks more suitable for investors with high risk appetite
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Manufacturing PMI falls to 50.3 in October
Uploading Date : 01-11-2017Nikkei India Manufacturing Purchasing Manager’s Index (PMI) fell to 50.3 in October from 51.2 in September as output rose only fractionally while new business orders stagnated. A reading above 50 on the index denotes expansion and less than that indicates contraction in activities. “This indicated a broad stagnation in the health of the manufacturing sector during October. At the sector level, improvements in consumer goods negated deteriorations in investment and intermediate goods,” Nikkei said in a release on Wednesday. Panellists in the monthly survey attributed some of the subdued demand conditions to negative impacts of the goods and services tax (GST). Meanwhile, new export orders for Indian goods reduced in October and the rate of contraction was the fastest since September 2013. However, employment increased for the third consecutive month. “Manufacturing production rose at the weakest pace in the current sequence of growth,” noted Aashna Dodhia, Economist at IHS Markit and author of the report. Business confidence also eased to the weakest since February as some firms expressed concerns over negative GST effects.
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Dabur Q2 net up 1% at Rs 363 crore
Uploading Date : 31-10-2017Homegrown FMCG major Dabur BSE 3.75 % India today reported 1.2 per cent increase in consolidated net profit at Rs 362.67 crore for the second quarter ended September 30, 2017.The company had posted a consolidated net profit of Rs 358.35 crore in the same period last fiscal, Dabur India said in a BSE filing.Revenue from operations during the period under review stood at Rs 1,958.93 crore. It was Rs 1,981.62 crore in the year-ago period.
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Oil prices rise on expected extension of output cuts
Uploading Date : 30-10-2017Oil markets rose on Monday, with Brent remaining above $60 per barrel on expectations that an OPEC-led production cut due to expire next March would be extended, although rising exports from Iraq kept a lid on prices. Brent crude futures, the international benchmark for oil prices, were at $60.73 per barrel at 0802 GMT, 29 cents or 0.48 percent above their last settlement and near their highest level since July 2015.
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Bharti Infratel Q2 profit dips 17.50% YoY to Rs 638 crore
Uploading Date : 30-10-2017Bharti Infratel on Monday reported 17.50 per cent year-on-year fall in consolidated net profit at Rs 638.40 crore for the quarter ended September 30, 2017 against Rs 773.80 crore in the corresponding quarter last year. Consolidated revenue of the company grew 11 per cent YoY to Rs 3,648 crore during the quarter under review. Ebitda improved to Rs per cent.................
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ITC profit rises in line with forecast, up 5.6%; cigarettes hit by high tax
Uploading Date : 28-10-2017In line with Street estimate, ITC posted a 5.6 per cent increase in its net profit at Rs 2,639.84 crore for the quarter ended September 30, 2017, as against Rs 2,500.03 crore in the corresponding quarter of 2016-17. The company's total income during the second quarter of the current financial year stood at Rs 10,258.13 crore, versus Rs 14,091.96 crore in the year-ago period............
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