Corporate News - Page 19

Markets end on weak note: Sensex falls over 240 points; Nifty below 9,200-mark; ONGC top loser, slumps over 4%

The Sensex fell over 242 points on Thursday, dragged by losses in index-heavyweights HDFC twins and Kotak Bank amid rising coronavirus cases in the country.

Coronavirus Outbreak: Road developers to incur Rs 3,700 cr toll revenue losses in March-June, says CRISIL

Highway developers and toll operators are likely to incur toll revenue losses of about Rs 3,700 crore during March-June this year, while NHAI will lose Rs 2,200 crore in toll fee, Crisil Research said on Thursday

Coronavirus crisis: Major lenders revive idea of 'bad bank' to deal with high NPAs; 'this is right time to work it out', says SBI CMD Rajnish Kumar

Rajnish Kumar said that the idea of bad bank was not feasible three years ago, when talk began that banks should spin off bad assets into a separate company to unburden existing banks.

Coronavirus Outbreak: CAIT flags traders' inability to pay full salary for April, seeks Piyush Goyal's intervention

As the country battles COVID-19, traders'' body CAIT on Thursday said traders are facing tremendous financial crunch and payment of full salary for April to their staff was next to impossible

Coronavirus Outbreak: Domestic aviation industry to crash-land this fiscal with Rs 24,000-25,000 cr revenue loss, says CRISIL

The domestic aviation industry, which has been severely hit by the coronavirus outbreak and the subsequent lockdown, is expected to crash-land this fiscal with a massive revenue loss of Rs 24,000-25,000 crore, a Crisil report said on Thursday

Coronavirus Outbreak: All visas, OCI cards for foreign nationals outside India remain suspended

All visas for foreign nationals and the OCI card visa-free travel for Indian-origin people, who are not in the country, remain suspended till the restrictions on international travel to and from India are in place, the Indian embassy here said on Wednesday

ArcelorMittal reports $1.1 bn net loss in March quarter; CEO LN Mittal says remainder of this year will be challenging

Global steel giant ArcelorMittal on Thursday reported a net loss of $1.1 billion for the first quarter ended 31 March, 2020 amid the coronavirus crisis

MSMEs need govt push to benefit from comparative advantage over China-made consumer goods: Report

The government needs to give a direct push to MSMEs to ramp up the export of consumer goods to reap the benefits of its comparative advantage over products made in China in the post-pandemic world, a report said

Kotak Mahindra Bank declares 10% pay cut for staff with over Rs 25 lakh annual salary

Private sector lender Kotak Mahindra Bank has decided on a 10 percent pay cut for the employees earning above Rs 25 lakh per annum, in a business sustainability move amid the COVID-19 pandemic, according to a communication

Q4 results impact: Yes Bank shares zoom 20% after lender posts Rs 2,629-cr profit, HCL Tech jumps over 4%

Shares of Yes Bank on Thursday zoomed 20 percent after the company reported a net profit of Rs 2,629 crore for the March quarter

HDFC to raise Rs 5,000 crore by issuing bonds on private placement basis to meet business requirements

Mortgage lender HDFC Ltd plans to raise up to Rs 5,000 crore by issuing bonds on private placement basis to meet its business requirements

IOB, Bank of Maharashtra cut lending rates; personal, car and home loan EMIs to become cheaper

State-owned Indian Overseas Bank and Bank of Maharashtra on Wednesday announced a reduction in their marginal cost of funds based lending rate (MCLR)

HCL Tech Q4 results better than expectations: Net profit up 22.8% at Rs 3,154 cr, announces dividend of Rs 2

HCL Tech's revenue grew 16.3 percent to Rs 18,590 crore in the quarter under review, from Rs 15,990 crore in the corresponding quarter last year, as per US GAAP

Yes Bank Q4 results: Private lender posts Rs 2,629 cr net profit on gains from AT-1 bond write-off

Yes Bank had a loss of Rs 18,560 crore loss in the December quarter while the loss was at Rs 1,506 crore in the March 2019 quarter.

Zomato to target alcohol deliveries, aims to cash in on demand for liquor post-coronavirus lockdown: Report

Zomato has already diversified into grocery deliveries as the restrictions on movement shuttered some restaurants and people hesitated to order outside food due to fears of catching the disease.

Kansai Nerolac Paints Q4 net profit down 23.5% to Rs 65.4 cr; total revenue marginally drops to Rs 1,080 cr

Kansai Nerolac Paints Ltd on Wednesday reported a 23.47 percent decline in consolidated net profit at Rs 65.36 crore for the fourth quarter ended March 2020 due to COVID-19 pandemic

Coronavirus Outbreak: Shopping centers body approaches Punjab, Haryana govts for phased opening of malls; reiterates need for stringent SOPs

The SCAI has endorsed the ability of shopping centers to enforce protocols in a "far more efficient manner" than many others who have benefited from the relaxation, the release said.

StanChart’s Jose Vinals predicts economic recovery led by Asia in late 2020; says most economies to suffer negative growth rates

StanChart's annual investor meeting was closed to shareholders in line with government restrictions to control the spread of the new coronavirus.

Coronavirus Outbreak: German factory orders plunge in March as shutdowns hit; orders for investment goods witness steep drop

There was a particularly steep drop in orders for investment goods such as factory machinery, which were down 22.6 percent.

Coronavirus Lockdown: Footwear sector revenue may drop by 10-15% in FY21, says ICRA

Closure of retail outlets coupled with weak consumer sentiment due to the ongoing lockdown is likely to impact the footwear industry which is expected to witness a 10-15 percent decline in revenues in the current fiscal, says ICRA

Hiring during April dips by 62% due to lockdown to curb coronavirus pandemic: Report

The nationwide lockdown due to the spread of COVID-19 pandemic has resulted in 62 percent decline in hiring activities in April compared to the same month last year, according to a report

India to send nearly 1,000 tonne of paracetamol raw material to Europe; eases export curbs on over-the-counter medicines

Europe is India’s biggest buyer of paracetamol APIs and imports around 12,000 tonnes annually, according to Pharmexcil estimates.

Assam forest dept slapped Rs 43.25 cr fine on Coal India for carrying out 'illegal mining'

The Assam forest department has slapped a penalty of Rs 43.25 crore on PSU major Coal India Ltd for carrying out "illegal mining" inside a reserve forest for 16 years from 2003, officials said on Wednesday

Toll collections to see 13% drop due to nationwide lockdown; revival likely to be slow: CRISIL Research

Over the long term - fiscals 2019-2024, CRISIL Research said it expects toll collections to bounce back to a healthier compound annual growth rate (CAGR) of 11-12% on the back of new road construction.

SBI scouts for PR agency to devise brand building strategies; endeavours to become preferred choice of customers

The selected agency will have to design and implement SBI's corporate communications strategy with a long-term perspective.

NIIT Technologies shares jump 20% after company reports 11.4% rise in Q4 consolidated net profit

Shares of NIIT Technologies on Wednesday zoomed 19.53 percent after the company reported a 11.4 percent rise in consolidated net profit for March 2020 quarter

Yes Bank fraud case: Enforcement Directorate files charge sheet against Rana Kapoor on money laundering charges

The Enforcement Directorate (ED) on Wednesday filed a charge sheet against Yes Bank co-founder Rana Kapoor, arrested on money laundering charges, in a special court here

Coronavirus Outbreak: BMW profit down in Q1; says pandemic to slow auto industry 'for quite some time'

BMW said that it remained financially solid with 19 billion euros ($21 billion) in cash at the end of the first quarter.

Birlas to challenge Harsh Lodha's reinstatement as director in MP Birla Group firms in Supreme Court

The Birla family, which has been in a 16-year-old legal battle with the Lodhas to wrest control of the Rs 5,000-crore Birla Estate, has decided to challenge the reinstatement of Harsh Vardhan Lodha as a director in MP Birla Group companies in the Supreme Court

Adani Enterprises Q4 net profit declines 64% to Rs 96.93 cr; total income marginally up at Rs 13,698 cr

Adani Enterprises on Wednesday reported a 63.57 percent decline in consolidated profit to Rs 96.93 crore for the fourth quarter ended 31 March