Gati’s Consolidated Net Profit Rises by 179% to INR 208 Mn in Q2 FY18

                     (Logo: ) India's leader in express distribution, supply chain solutions, and e-Commerce logistics solutions declared its financial results for the second quarter ended 30th September 2017 In Second Quarter of FY18, the company's revenue from operations was INR 4060 Mn, down by 4.6% over Q2 FY17. The revenue from operations for H1 FY18 was at INR 8327 Mn, a decrease of 2.2%...

Infosys Rs 13,000 cr buyback to open on Nov 30

India's second largest IT company Infosys  said its Rs 13,000-crore buyback offer will open on November 30 and end on December 14. Outlining the buyback dates in a regulatory filing, Infosys said that the company through letter dated November 16 received observations from the Securities and Exchange Board of India on the draft letter of offer for the buyback. The buyback, said the BSE filing, will open on November 30 and...

Sebi bans Swarnabhumi Agritech India, directors from markets.

New Delhi, Nov 17 (PTI) Regulator Sebi has banned Swarnabhumi Agritech India Ltd and its four directors from the securities market for at least four years and has directed them to refund the money that the company had collected illegally from the public. Besides, the watchdog has restrained Swarnabhumi Agritech India Debenture Trust and the person representing it, Gautam Bandopadyay, from the capital market for four years. In an order dated...

USFDA issues waring letter to Lupin’s Goa, Indore plants

USFDA issues waring letter to Lupin's Goa, Indore plants The US Food and Drug Administration (FDA) has issued a warning letter to Lupin for violation of current good manufaturing practice norms at two of its manufacturing facilities in Goa and Indore. In a letter to Lupin managing Director Nilesh Gupta, USFDA said inspectors during inspection from March 27 to April 7, found significant violations of current good manufacturing practice (CGMP) regulations...

Only 62 items likely to stay in 28% GST slab

 About three-fourth items in the highest tax slab may move to lower brackets. As many as 165 such items could be moved to the 18 percent category, with only 62 attracting the highest rate. Those retained in the highest category could include digital cameras, shaving creams, paints and varnishes, cigars, pan masala, chocolates, cosmetics, vacuum cleaners, refrigerators, washing machines, hair conditioning items, hair dyes, marble and granite.

Amway asked to remove two of its products from sales

Global direct selling major Amway has been asked to remove two of its products from sales by the apex consumer commission, which also slapped a fine of 1 lakh rupees on it for allegedly wrongly branding its products. The National Consumer Disputes Redressal Commission (NCDRC) asked Amway India Enterprises Pvt Ltd to remove Amway Madrid Safed Musli (Apple) and Kohinoor Ginger Garlic Paste from the market within six weeks.

All eyes on RCom’s tower & fiber optic businesses

Leading telcom companies and PE funds interested in mobile tower and the fibre optic assets of Reliance Communication (RCom) that are up for sale. RCom, debt of 40,000 crore, able to garner 17,000 crore by monitising its tower, fiber and spectrum assests and 10,000 crore from sales of Real Estate.It has also suggested that the bankers convert around 7,100 crore of their loans into equity by which they would have a 51% stake in RCom.

Bharat Forge Q2 profit jumps 61% to Rs 204 cr, EBITDA up 49%

Revenue from operations jumped 41.2 percent to Rs 1,258.02 crore, compared with Rs 890.89 crore in corresponding quarter.Profit for the quarter increased to Rs 203.72 crore from Rs 126.89 crore in year-ago.Operating profit (EBITDA - earnings before interest, tax, depreciation and amortisation) surged 49.4 percent year-on-year to Rs 370 crore and margin expanded by 160 basis points to 29.4 percent for quarter ended September 2017.

Oriental Bank of Commerce posts Q2 net loss at Rs 1,750 cr as provisions increase 4-fold

Other income (non-interest income) spiked 81.55 percent to Rs 1,059.24 crore and operating profit jumped 62.3 percent to Rs 1,551.4 crore compared with same quarter last fiscal. The bank had reported profit at Rs 153.3 crore year-ago quarter. Net interest income during the quarter fell 4.9 percent to Rs 1,251.7 crore year-on-year, with loan growth of 4.8 percent at Rs 1.49 lakh crore. NPAs were lower at 9.44 percent from 9.56 percent QoQ.

Bajaj Auto's Eric Vas sees market share reaching 23-25% by March

In domestic market, with around 19 percent it headed towards 23-25 percent because we have done very well over this season. We had tremendous retailing in excess of what we have invoiced to dealers good momentum going into the third quarter. We need to look what the industry is like but I do expect our market to be around 25 percent. On the back of Pulsar NS200 and NS160 doing very well.

Maruti Suzuki may aim for 2.5 million car sales by 2023

Maruti Suzuki would look to achieve annual sales of 2.5 million cars by 2023 once it achieves the milestone of 2 million cars per year by 2020, Chairman RC Bhargava. Maruti Suzuki, a 56.21 percent subsidiary of Japan’s Suzuki Motor Corporation, sold 1.56 million vehicles (domestic plus export) in the last financial year. During the first seven months (April-October) of the FY18, India’s largest passenger carmaker sold 1,033,135 vehicles

Airtel updates Rs 349 plan; offers 1.5GB per day validity of 28 days

Airtel is offering 1.5GB per day data with unlimited local, STD calls and 3000 text message.However, Reliance Jio is still offering a validity of 70 days with unlimited calls and text messages. Airtel calls are capped at 250 minutes a day or 1000 minutes a week  beyond this  a levy of 10p per min for Airtel to Airtel calls and 30p per min for other network.The offer can be availed by using Airtel's application.