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Corporate & Markets News
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Bullish on sector, UltraTech says cement demand likely to grow 8% in 2018-19
Shubhra Tandon | April 21, 2018 4:27 AMThe cement demand in the country could well grow by about 8% in 2018-2019, led by government spending on infrastructure.
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Krishnapatnam Port’s cargo handling rises 25% in FY18
FE Bureau | April 21, 2018 4:22 AMKrishnapatnam Port Company (KPCL), the largest all-weather deep water port on the east-coast, has handled 45 million tonne (MT) of cargo in 2017-18, achieving a 25% growth over 36.10 MT handled in the last fiscal, and has set a target to achieve 55 MT in the current fiscal.
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RP has to ensure eligibility of ArcelorMittal, Numetal bids
Shamik Paul | April 21, 2018 3:32 AMLenders likely to meet on April 24 to chart future course of action
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Aluminium, alumina market dynamics turn favourable
Motilal Oswal | April 21, 2018 3:26 AMAluminum and alumina market dynamics have turned favorable after recent events, leading to supply vacuum of 2.8mtpa of metal (Rusal and Hydro) and 8mtpa of alumina (from the world’s largest alumina refinery in Brazil owned by Hydro, and alumina refineries of Rusal in Ireland, Ukraine and Jamaica).
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Revise Mindtree EBIDTA margin estimates to 16.5%
Prabhudas Lilladher | April 21, 2018 3:12 AMMindtree results beat our estimates in dollar revenues, EBIDTA margin and PAT.
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IPL: Star claims highest first-week viewership with 371 million users
FE Bureau | April 20, 2018 6:21 AMA total of 371 million viewers tuned in to watch the Vivo Indian Premier League (IPL) during the first week between April 7 and 13, data released by Star India showed.
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SC allows Sahara to sell part of Aamby Valley property by May 15
FE Bureau | April 20, 2018 6:17 AMThe Supreme Court on Thursday allowed Sahara Group to sell a part of its flagship property Aamby Valley City Project in Maharashtra and deposit the sale proceeds into the Sebi-Sahara account by May 15.
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‘Flawed’ negative marking cost us H1 slot: UltraTech
Mithun Dasgupta | April 20, 2018 6:09 AMUltraTech Cement on Thursday urged the Kolkata bench of the National Company Law Tribunal (NCLT) to reject rival bidder Rajputana Properties’ plan and accept its revised resolution plan for debt-laden Binani Cement on the ground that the process of approving Dalmia Bharat-controlled Rajputana Properties’ resolution plan by the creditors’ committee was ‘flawed’.
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Reliance Power Jan-Mar net increases 16%
FE Bureau | April 20, 2018 6:03 AMReliance Power on Thursday reported improved operational efficiency and margins in the January-March quarter compared with the same quarter last year, leading to a 16% growth in its net profit at Rs 250.47 crore.
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Agitating drivers gatecrash Uber COO press meet
FE Bureau | April 20, 2018 5:58 AMUber chief operating officer (COO) Barney Harford, who is on a four-day visit to India, was in for a surprise when a group of driver-partners started agitating during a press conference in Hyderabad, where Harford announced Uber’s collaboration with the Hyderabad Metro Rail (HMRL)
Uber has entered into a partnership with HMRL to provide last-mile connectivity by setting up kiosks at 24 stations across Hyderabad. -
IndusInd Bank profit jumps 27% on NII push
FE Bureau | April 20, 2018 5:50 AMHowever, bad loans surged as the lender disclosed a Rs 1,350-crore divergence in NPAs it reported for FY17
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‘New recognition norms are a stepping stone to IndAS’
FE Bureau | April 20, 2018 5:44 AMThe Reserve Bank of India’s (RBI) guidelines on reporting one-day default in large-ticket accounts will be a stepping stone under the Indian Accounting Standards (IndAS), Romesh Sobti, MD and CEO, IndusInd Bank, told reporters. Excerpts:
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MPC minutes signal shift to a more hawkish RBI stance
FE Bureau | April 20, 2018 5:39 AMTaking a stance far more hawkish than suggested in the last policy review, members of the monetary policy committee (MPC) flagged a litany of risks to inflation and hinted at a rate hike in minutes of their April meeting.
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NCLT defers decision on Jayaswal Neco’s fate till SC’s July 2 hearing
FE Bureau | April 20, 2018 5:35 AMA decision on the future of loss-making Jayaswal Neco is likely only in July, after the Supreme Court hearing on July 2.
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We are at the top globally, our ambition is to become no.1 in India, says Mansi Tripathi of Shell India Markets
Vikas Srivastava | April 20, 2018 5:30 AMDespite the competition from price-sensitive regional players and dominant PSUs, Shell India has grown at a CAGR of 20% in the last 5 years, and with aggressive expansion plans the momentum will continue in the coming years, Mansi Tripathi, managing director, Shell India Markets, told Vikas Srivastava during an exclusive interview. Excerpts:
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Revise ‘buy’ on Cummins India with TP of Rs 862
Kotak Securities | April 20, 2018 4:01 AMWe expect Cummins India to be able to deliver growth at c.16.4% CAGR (against flat YoY growth in FY18E) between FY18-20 given the continued momentum in industrial demand and potential benefits arising from improving economic outlook in exports market (business impact yet to be confirmed by the management).
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Maintain ‘buy’ on Vedanta with target price of Rs 425
Edelweiss | April 20, 2018 3:55 AMWe view Vedanta’s (VEDL) acquisition of Electrosteel Steels (ELSS) as value accretive in the near term as: i) EV/t of $546 is significantly lower compared to recent transactions; ii) EBITDA/t accretion potential via captive iron ore use & capacity ramp up; and iii) opportunity to expand beyond 2.51mtpa.
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M&M prices new XUV 5OO lower to take on rivals
April 19, 2018 5:10 AMWhile the XUV 5OO has been selling about 2,500 units a month, Creta sells about 10,000 units and Vitara Brezza near 12,000 units.
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Open to talks but will not get into a minority deal: Uber
FE Bureau | April 19, 2018 5:06 AMThe speculations got stronger after Japan’s SoftBank — an investor in Ola — joined Uber as an investor committing over $1 billion.
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Fuel retail: RIL, Essar ramp up presence
Vikas Srivastava | April 19, 2018 5:01 AMThe low share of private firms in retailing is despite their substantial share in the country’s refining capacity and production (RIL and Essar together have close to 45% of the refinery throughput right now).
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Banks scale back PoS networks by up to 33pct
Shritama Bose | April 19, 2018 4:17 AMState Bank of India (SBI), HDFC Bank and ICICI Bank saw the number of POS terminals deployed fall by 0.4%, 0.9% and 4.5%, respectively, over the two-month period.
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Bond yield at week’s high; Rs falls to fresh 7-mth low
FE Bureau | April 19, 2018 4:15 AMThe benchmark yield had fallen to as low as 7.13% in recent times after the Reserve Bank of India (RBI) lowered its inflation expectations for the first and second halves of financial year 2018-19.
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ATM service providers seek Rs 3-5 hike in interchange
FE Bureau | April 19, 2018 3:40 AMAt present, the interchange is capped at Rs 15 per cash transaction and Rs 5 for each non-cash transaction by the central bank, and service providers have asked for it to be raised by Rs 3-5.
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IMD’s good monsoon forecast drives FMCG index to lifetime high
Yoosef KP | April 19, 2018 3:34 AMRural sales, which account for more than half the revenues of consumer companies, were hit over the past few years due to weak wage growth, disruption after currency ban and introduction of Goods and Services Tax.
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Motilal Oswal maintains ‘neutral’ on Gruh Fin with TP of Rs 600
Motilal Oswal | April 19, 2018 3:29 AMThe Indian Meteorological Department (IMD) released its first forecast for the 2018 southwest monsoon (June-September) rainfall.
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HDFC Standard Life FY18 net profit up at Rs 1,110 cr
FE Bureau | April 19, 2018 3:20 AMHDFC Standard Life’s portfolio had a product mix with Unit Linked Insurance Plan (Ulips) contributing 57% and conventional products forming 43% of the individual APE.
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Bullish on City Union Bank with revised TP of Rs 231
April 19, 2018 3:16 AMWe believe CUBK’s balance of deep customer relationships, employee motivation and rock steady astute top management will propel the bank to greater heights.
Budget passed in Lok Sabha without discussion; Finance bill, Appropriation bill passed by voice vote
Assam Budget proposes new schemes for women, education sector
Assam Finance Minister to present first e-Budget tomorrow
No fresh tax in Rs 41,440 cr Himachal budget for 2018-19
Andhra Pradesh Budget 2018: YSR Congress to boycott session starting tomorrow
Budget 2018: Opposition set to corner government in Parliament on financial scams
Budget 2018: UPA’s and NDA’s starkly differing priorities
Why universities need better budgetary support
Budget 2018: Madhya Pradesh Assembly’s financial session to begin tomorrow
Horoscope: By Peter Vidal
SAGITTARIUS Your creative energy should now be at a peak, but not perhaps because the stars are all on your side. On the contrary, challenging romantic stars remind us of the cliché that all great art stems from… read more
