Corporate News - Page 18

Novelis Q4 sales dive 12% to $2.7 bn as commodity prices fall, shipments decline; firm on capacity additions

For the full year, Novelis net sales decreased 9 percent from the prior year to $11.2 billion, driven by lower average LME aluminum prices and local market premiums.

Equity mutual fund inflows hit 4-month low of Rs 6,108 cr in April as stock market witnesses extreme volatility

Inflows into equity mutual funds dropped to a four-month low of Rs 6,108 crore in April as the broader market witnessed extreme volatility on concerns over the coronavirus pandemic

Coronavirus Outbreak: Air India unions challenge airline's decision to slash allowances by 10% in Mumbai High Court

Air India employee unions have moved the Bombay High Court against the airline's decision to slash allowances, which form a major part of the salary, by ten percent because of the impact of the coronavirus pandemic

Record excise duty hike on petrol, diesel unlikely to help govt bridge fiscal gap: Report

The record excise duty hike on petrol and diesel will not help the government bridge the fiscal gap as planned, nor will it help boost economic growth as consumption demand will further be crippled, warns a report

Dharmendra Pradhan hints at new gas policy as current pricing formula economically unviable, says low oil prices no answer

Natural gas prices in India have fallen to their lowest in more than a decade, leading to producers like ONGC incurring losses in businesses.

Procter & Gamble's profit up 1% to Rs 91 cr in March quarter, sales down 6%; firm says lockdown impacts business operations

Procter & Gamble Hygiene and Health Care Ltd on Friday reported a marginal rise of 1.09 percent in net profit at Rs 91.10 crore for the March quarter 2020 as the lockdown impacted its business operations

Jio Platforms strikes third unit stake deal; raises $8 billion in two weeks post-Facebook, Silver Lake, Vista investment

Unlike traditional mobile carriers which depend on voice services to make money, Ambani has pitched Jio as a trailblazer tech company by offering cheap mobile data plans that helped hundreds of millions of Indians use the internet for the first time

Jio Platforms-Vista Equity deal: All you need to know about RIL's latest high-profile investor

The latest round of investment by Vista values Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore.

Rupee surges 18 paise to close at 75.54 on higher domestic equities, weak dollar overseas

The rupee appreciated 18 paise to provisionally settle at 75.54 against the US dollar on Friday, tracking higher domestic equities and weakness in the American currency

Cognizant Tech Q1 net profit falls 16.7% to $367 mn; sees challenging demand environment in 2020

IT company Cognizant has reported a 16.7 percent drop in its March quarter net income at $367 million, and said it expects a challenging demand environment throughout 2020 amid the coronavirus pandemic

Dr Reddy's gets USFDA inspection closure report for Srikakulam manufacturing plant in Andhra Pradesh

Drug major Dr Reddy's Laboratories on Friday said the US health regulator has closed inspection of its manufacturing facility in Srikakulam, Andhra Pradesh

Cyient shares plunge nearly 9% after company reports 74.4% decline in consolidated net profit in Q4

Shares of IT firm Cyient on Friday tumbled nearly 9 percent after the company reported a 74.4 percent decline in consolidated net profit for March 2020 quarter

Mahindra launches online sales platform; customers can finance, insure, exchange vehicles under new initiative

Under the new initiative of Mahindra -- Own-Online, a customer can finance, insure, exchange, accessorise and own a company vehicle, in four simple steps, from the comfort of their homes, the auto major said.

RIL shares jump over 4% as Vista Equity Partners picks 2.32% stake in Jio Platforms for Rs 11,367 cr

Shares of Reliance Industries on Friday jumped over 4 percent after the company announced that US-based private equity firm Vista Equity Partners will buy a 2.32 percent stake in its digital unit, Jio Platforms, for Rs 11,367 crore

Coronavirus Lockdown: Air India pilot unions urge govt to provide financial support to clear wage backlog

Air India's pilot unions IPG and ICPA has urged Civil Aviation Minister Hardeep Singh Puri to "urgently" provide financial support to the national carrier amid private airlines' cry for a bailout package in the wake of the COVID-19 outbreak

ICICI Securities' shares zoom nearly 14% after company clocks 28% rise in Q4 net profit

Shares of ICICI Securities on Friday jumped nearly 14 percent, a day after the company reported a 28 percent rise in profit after tax for the March quarter

IndiGo reinstates pay cut for senior employees from May; to implement 'limited, graded leave without pay program'

IndiGo will be cutting the salaries of senior employees from May onwards and also implement a "limited, graded leave without pay program" for the months of May, June and July, its CEO Ronojoy Dutta said on Friday

Rupee rises 45 paise to 75.27 in early trade on positive start in domestic equity markets, foreign fund flows

The rupee appreciated 45 paise to 75.27 against the US dollar in early trade on Friday tracking positive opening of domestic equities and weakness in the American currency

Govt plans to construct highways worth Rs 15 lakh cr in next 2 years; auto scrapping policy soon: Nitin Gadkari

Gadkari informed that he has directed the ministry officials to finalise the auto scrapping policy quickly, and said it will go a long way in cost reduction.

ICICI Securities Q4 net profit up 28% to Rs 156 cr on revenue growth, changes in statutory tax rates

ICICI Securities on Thursday reported a 28 percent jump in profit after tax at Rs 156 crore for the March quarter on account of growth in revenue and changes in statutory tax rates

RBL Bank net profit declines 54% to Rs 114 cr in March quarter; bad loan provisions spike manyfold

RBL Bank on Thursday reported a 54 percent decline in its net profit to Rs 114 crore for the March 2020 quarter, as the provisioning for bad loans spiked manyfold

Air India divestment process looks very uncertain due to COVID-19 crisis, says CRISIL

The disinvestment process for national carrier Air India looks "very uncertain" in the wake of the coronavirus pandemic that has impacted the aviation sector the most globally, according to rating agency CRISIL

HCL Technologies shares give up early gains; close nearly 2% lower due to profit-booking

Shares of HCL Technologies gave up all its early gains and closed nearly 2 percent lower on Thursday due to profit-booking

Yes Bank creates stressed asset management vertical to resolve NPA accounts

Having recognised a huge quantum of non-performing assets (NPAs) in the past few quarters, Yes Bank has created a dedicated stressed asset management vertical to recover and resolve such accounts that have touched Rs 50,000 crore, a top official said on Thursday

GSK exits HUL, offloads 5.7% stake for Rs 25,480 cr in largest block trade ever carried out in Indian equity market

On 1 April 2020, GSK had announced the completion of its divestment of its popular healthcare drink brand Horlicks and other consumer healthcare nutrition products in India to Unilever.

UK economy could suffer deepest annual contraction in more than three centuries due to covid-19, warns Bank of England

The Bank of England warned Thursday that the British economy could suffer its deepest annual contraction in more than three centuries as a result of the coronavirus pandemic, before bouncing back next year

India exports 33.5 lakh tonne sugar so far in 2019-20 marketing year; Centre takes measures to help sugar mills clear cane dues

According to AISTA, mills exported 33,49,132 tonnes of sugar from 1 October 2019 till 4 May 2020.

Ratan Tata invests in 18 year-old Arjun Deshpande's pharma startup; aims to bring affordable medicines to masses

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