Companies and Markets

Companies & Markets

US dollar ends higher against rupee

The US dollar ended higher against the rupee at 65.04/05 per dollar but the pound sterling finished lower at Rs 85.69/71 at the close of the Interbank Foreign Exchange (forex) market here today.

Following are the interbank forex and RBI rates: 

(In Rs per unit) Unit Interbank RBI Reference US Dollar 65.04/05 US Dollar Rs 65.0649 Pound Sterling 85.69/71 Euro Rs 76.5423 Euro 76.43/45 Japanese Yen (100) 57.

Airbus rebuffs US threat, takes Bombardier C-Series in fold

In the face of a bitter trade dispute with Boeing, Airbus announced it would take a majority stake in Bombardier’s marquee C-Series airliner programme, as the Canadian firm battles a stiff tariff ruling in the US.

The landmark agreement comes after the US administration slapped a 220 per cent countervailing duty, as well as an 80 per cent anti-dumping tax, on Bombardier CS100 and CS300 aircraft imported into the United States. Boeing accuses Bombardier of manufacturing its 100-150 seat planes with public subsidies and selling them at a loss to Delta Air Lines.

US cleaning solutions firm Diversey gung-ho on India

American institutional cleaning solutions brand Diversey, which was recently acquired by private equity firm Bain Capital, expects to clock a turnover of Rs 1,500 crore in India in five years. The company has identified healthcare as a fast growing market for cleaning equipments and chemicals.

Bajaj net slips a tad; plans exports to Oz, Thailand in H2

Bajaj Auto, which on Tuesday reported a marginal dip in net profit at Rs 1,193.6 crore in the three months to September, said it will start exporting its premium bikes to Australia and Thailand this fiscal.

The Pune-based automaker also said it is “on track” to achieve the target of selling four million vehicles, including in the overseas markets, in the current fiscal. The company attributed the fall in net income to lower sales as well as a 13.3 per cent decline in other income quarter from Rs 297.2 crore due to lower investment income.

Wipro profit up 6% in Q2; BFSI, digital in focus

Beating market estimates, Bengalurur-based Wipro has posted a 5.8 per cent increase in profit during the second quarter of the current financial year.

The country’s third largest IT player said its revenue from IT services increased to Rs 13,169 crore from Rs 13,137 crore, slightly above its forecast range of $1.96 billion to $2 billion. Net profit for the September quarter rose to Rs 2,192 crore from Rs 2,067 crore a year earlier.

The growth was driven by a decline in total expenses, lower finance cost and higher other income.

Gold sales up 20%

Gold and jewellery sales were up 20 per cent this Dhanteras, thanks to some relaxation in purchase norms.

“There has been a 15-20 per cent growth over last Dhanteras. Though Dhanteras celebrations are more profound in the northern and western regions, sales across all regions were up compared to last year. Relaxation of purchase norms has definitely helped. The gold price too helped as it remained at the same levels compared to Dhanteras in 2016,” said Bachchraj Bamalwa, past chairman, All India Gems and Jewellery Trade Federation (GJF).

Bofaml Oct survey finds cash balance falling

The cash balance with global fund managers is falling as expectations of Goldilocks is rising, according to Bank of America Merrill Lynch’s October fund manager survey.

Average cash balance fell to 4.7 per cent, the lowest level in two-and-a-half years, down from last October’s high of 5.8 per cent, the survey said.

“Cash balances dipped this month, but remain somewhat elevated,” said Michael Hartnett, chief investment strategist, Bank of America Merrill Lynch.

Federal Bank net profit up 31% on better asset quality

Kerala-based Federal Bank on Monday reported a 31 per cent jump in its September quarter net at Rs 263.70 crore on core income growth and better asset quality in corporate loans.

The Kochi-headquartered bank had registered a net profit of Rs 201.24 crore in the September quarter last year. It, however, reported a spurt in retail and agriculture loans slipping into the non-performing assets category due to a slowdown and expectations of farm loan waivers.

China offers to buy 5% of Saudi Aramco directly

China is offering to buy up to 5 per cent of Saudi Aramco directly, sources said, a move that could give Saudi Arabia the flexibility to consider various options for its plan to float the world’s biggest oil producer on the stock market.

Chinese state-owned oil companies PetroChina and Sinopec have written to Saudi Aramco in recent weeks to express an interest in a direct deal, industry sources told Reuters. The companies are part of a state-run consortium including China’s sovereign wealth fund, the sources say.