Companies and Markets

Companies & Markets

Higher tax on cigarettes keeps industry under pressure: ITC

ITC today said it has to bear an incremental tax burden of over 20 per cent due to the combined impact of increase in excise duty in budget 2017 and revision in GST compensation cess on cigarettes.

The cumulative growth in tax incidence on cigarettes, after cognising for the latest increase in cess rates, stands at 202 per cent in last six years, ITC said in its earnings release.

HDFC Bank shares gain 1 pc post Q3 results

Shares of HDFC Bank today rose by 1 per cent after the company reported a 20.1 per cent growth in net profit for the third quarter of the current fiscal.

The stock went up by 1 per cent to close at Rs 1,951.20 on BSE. During the day, it gained 1.44 per cent to Rs 1,959.80 -- its 52-week high. On NSE, shares of the company rose by 0.92 per cent to end at Rs 1,952.20. Private lender HDFC Bank today reported a 20.1 per cent growth in net profit to Rs 4,642.6 crore for the third quarter of the current fiscal.

Wipro for net edition

Bangalore-based IT services major Wipro on Friday said, its revenues grew by 0.9% sequentially in constant currency during Q3, in line with its guidance and it continues to show an improving trajectory.

Jio logs first net profit of Rs 504 cr in Dec quarter

Reliance Jio today posted its first-ever net profit of Rs 504 crore for the three months period ended December 2017, the second quarter of commercial operations.

The company had incurred a loss of Rs 271 crore in the September quarter. The revenue from operations came in at Rs 6,879 crore, 11.9 per cent growth over the previous quarter.

The earnings before interest, tax, depreciation and amortisation (EBITDA)- at Rs 2,628 crore - was 82.1 per cent more than the sequential quarter. The operating profit margin improved quarter-over-quarter to 38.2 per cent.

Bharti Airtel Q3 profit misses forecast

The country’s biggest mobile carrier BhartiAirtel reported a more than 39 per cent fall in its consolidated net profit for the third quarter after the telecom regulator Trai more than halved interconnection fees last year.

The firm’s net profit fell 39.3 per cent to Rs 306 crore in the October-December quarter, missing an average estimate of Rs 398 crore from 10 analysts, according to Thomson Reuters data.

The company had a net profit of Rs 504 crore in the year-ago period.

Market awaits results from biggies today

Thursday was highly volatile, with stocks making wild swings. The key indices ended with modest gains. The Sensex gained 178.47 points, or 0.51 per cent at 35,260 and the Nifty 50 rose 28.45 points, or 0.26 per cent to end at 10,817. The market opened higher on reports that the government is planning to hike the FDI limit in the banking sector. After the gap-up opening, selling emerged in the second half. The BSE Mid-Cap and Small-cap indices plunged 1.69 per cent and 2.04 per cent.

Gold seen at $1,400 this year as China demand firms up

Gold prices on Thursday broke its one-month rally that flared prices by $100 an ounce. Though not many triggers are available in the bullion market now, if the yellow metal manages to break last year’s peak levels, chances of a resumption in the rally are pretty high.

Since mid-December, gold prices have been moving up sharply, rising from $1,234 per ounce levels in the international market to a high of $1,340 on Monday. With this, gold got closer to 2016 and 2017 high levels of $1,360- $1,370. In the Indian market, gold moved up to Rs 31,050 per 10 gm levels.

IndiGo, Jet among dozen bidders for RCS hinterland routes

The second round of bidding for starting flights to smaller towns and cities under the regional connectivity scheme (RCS) has seen over a dozen airlines, including IndiGo and Jet Airways, vying for new routes.

Airlines have placed bids for as many as 500 routes across the country, including North East and hilly states for launching helicopter services.

This gives a major boost to the Modi government’s ambitious air connectivity plan that seeks to help every common man by providing affordable airfares.

Private bank stocks fired up by 100% FDI plans

Private sector bank stocks rallied for the second consecutive session on Thursday amid news reports that the government is planning to raise the foreign direct investment (FDI) limits in both public and private sector banks. State-owned lenders, however, came under some selling pressure at the fag end of the day.

Haryana govt to revise pension, family pension

Haryana government has decided to revise pension and family pension with effect from January 1, 2016 in respect of all state government employees, who retired or died prior to January 1, 2016.

The government decided to revise pension and family pension by notionally fixing their pay in the pay matrix recommended by the 7th Central Pay Commission in the level corresponding to the pay in the pay scale or pay band and grade pay at which they retired or died, an official release said here today.