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Jet Airways has been struggling with weak demand from the Persian Gulf for a few quarters, though the management indicated that might change soon Jet Airways ’ December quarter performance did not go down well with the Street, with the stock shedding nearly 6 per cent at close on Thursday. The company had declared the results after market hours on Wednesday. One reason for the stock fall could be the net profit decline. The bottom line, at Rs 1.86 billion, was down 38 per cent over the year-ago quarter. However, net profit for the year-ago period, at Rs 2.99 billion, included Rs 3.27 billion profit on sale and leaseback of aircraft. The company has restated the numbers for the third quarter of 2016-17 and nine months of 2016-17 to reconcile these with Indian accounting standards. Without the adjustment, net profit would have shown an increase of 19.2 per cent. On the operational front, revenues increased 10.4 per cent to Rs 64.12 billion. This was led by a 13.4 per cent in...

Jet Airways has been struggling with weak demand from the Persian Gulf for a few quarters, though the management indicated that might change soon   LATEST NEWS : Jet Airways ’ December quarter performance did not go down well with the Street, with the stock shedding nearly 6 per cent at close on Thursday. The company had declared the results after market hours on Wednesday. One reason for the stock fall could be the net profit decline. The bottom line, at Rs 1.86 billion, was down 38 per cent over the year-ago quarter. However, net profit for the year-ago period, at Rs 2.99 billion, included Rs 3.27 billion profit on sale and leaseback of aircraft. The company has restated the numbers for the third quarter of 2016-17 and nine months of 2016-17 to reconcile these with Indian accounting standards. Without the adjustment, net profit would have shown an increase of 19.2 per cent. On the operational front, revenues increased 10.4 per cent to Rs 64.12 billion. This was led ...

Revenue rises 7% to Rs 10,314 cr LATEST NEWS : ITC Ltd reported almost 6% rise in net profit at Rs 2,640 cr for the September quarter as against Rs 2,500 crore in year-ago period. Revenue increased 7% to Rs 10,314 crore as compared to Rs 9,661 crore in September 2016. Diversified group ITC Ltd today reported a 5.59 per cent increase in its standalone net profit at Rs 2,639.84 crore for the quarter ended September 2017, riding on lower expenses. The company had posted a net profit of Rs 2,500.03 crore during July-September of 2016, ITC Ltd said in a regulatory filing. Total income during the quarter under review was Rs 10,258.13 crore as against Rs 14,091.96 crore in the year-ago period. The company said total income from operations during the quarter is not comparable with the previous periods due to introduction of GST from July 1. Consequent on introduction of GST, central excise, VAT etc have been replaced by the one unified tax. In accordance with Indian ac...

US sales drop 42%; Rs 950-cr charge related to settlement of antitrust case in US LATEST NEWS    :    Drug major Sun Pharmaceutical on Friday reported a consolidated net loss of Rs 425 crore for the quarter ended June 30, mainly due to one-time exceptional item. The company had posted a net profit after taxes, share of profit/loss of associates, joint ventures and non-controlling interests of Rs 2,033.71 crore for the same period a year ago, Sun Pharmaceutical Industries said in a filing to the BSE. Consolidated total revenue from operations of the company stood at Rs 6,208.79 crore for the quarter under consideration as against Rs 8,256.26 crore for the corresponding period of the previous fiscal, it added. The company and one of its wholly owned subsidiaries entered into settlements with certain plaintiffs in respect of an antitrust litigation relating to Modafinil in the month of July 2017, whereby the company agreed to pay an aggregat...

Changes to the way JLR's pension payments are calculated resulted in a one-time gain of Rs 3,609 cr LATEST NEWS    : Tata Motors Ltd posted a 42% rise in quarterly profit on Wednesday. Profit was Rs 3,182 crore in the first quarter ended June 30, compared with Rs 2,236 crore a year earlier, the company said. The automaker, owned by the software-to-salt conglomerate Tata Group, said its total income fell about 10% to Rs 59,972 crore versus Rs 66,339 crore a year ago. After announcing results, the company said, "First quarter results have not met our expectations." It plans to launch its new car Nexon in September. The company made a one- time gain of Rs 3,609 crore related to the changes made to Jaguar Land Rover pension plans. Volume sales, including exports of commercial and passenger vehicles for the quarter stood at 1,11,860 units, down 11.8% when compared to the corresponding quarter last year, it said. Tata Motors said its operatin...

However, net interest income rises 8% to Rs 5,589 cr LATEST NEWS :     Country's largest private lender ICICI Bank reported 8% dip in net profit at Rs 2,049 crore for quarter ending June 2017 as against Rs 2,232 crore a year ago. However, net interest income rose 8% to Rs 5,589 crore as compared to Rs 5,158 crore in June 2016. Gross NPAs in Q1FY18 were 7.99% versus 7.89% in Q4FY17 and net NPAs were 4.86% in Q1FY18 versus 4.89% in Q4FY17. Net loans to companies whose facilities have been restructured were Rs 2,370 crore as compared to Rs 4,265 crore in March 31, 2017. On Thursday, the lender's stock on BSE closed 1% lower at Rs 307. READ THIS : Official: SSC releases admit cards for 2017 CGL Exam I

Revenue stood at $3.55 bn, sticking to the higher end of the company's guidance IT services major Cognizant today posted a 26 per cent increase in net profit at $557 million for the quarter ended March 31, 2017. Cognizant's net profit stood at $441 million in the first quarter of 2016. Cognizant Technology Solutions has declared its first quarterly cash dividend of $0.15 per share, after it has agreed with activist investor Elliott Management to issue dividend and announce share purchase programme. The company has posted a growth in tune with its guidance for the quarter ended March 31, 2017, with a revenue growth of 10.74% to $3.55 billion as compared to $3.20 billion during the same period a year ago.   Read this: At least 9 months' pay! Cognizant top execs get voluntary separation option The company has declared its initial quarterly cash dividend of $0.15 per share to Cognizant Class A Common Stock for shareholders of record at the close of busi...

Board approves bonus issue in the ratio of 1:1; standalone net rises 20% on sequential basis Wipro , India's third largest software exporter said fourth quarter profits grew 0.4% to Rs 2,267 crore on revenues of Rs 13,987.5 crore, a jump of 2.6% The Bengaluru-based IT services firm said IT services revenue grew 2.7% over the previous quarter to $1.96 billion. For the fourth quarter, Wipro had projected growth between $1.9 billion-$1.94 billion or 1-2%. Read this: Wipro Q4 results out today: Five key things to watch out for Wipro has forecast its IT services revenue in the first quarter of the fiscal 2018 to be in the range of $1.92 billion to $1.96 billion. “We delivered revenues within the guidance range in our fourth quarter,” said Abidali Z Neemuchwala, Chief Executive Officer of Wipro. “We are confident that the recovery in Energy & Utilities and our demonstrated strength in Digital will help us improve our growth trajectory during the course of the c...

Reliance Industries is expected to report night straight quarter of PAT growth The market watchers are keenly awaiting Reliance Industries Ltd’s March quarter results, which the oil & gas major will announce later in the day. While the company is expected to report strong overall numbers amid growth in the refining and petrochemical segment, all eyes will be on RIL’s commentary on Reliance Jio Infocomm, the group’s telecom venture. RIL, now an oil-to-telecom conglomerate, has reported growth in profit after tax (PAT) for eight straight quarters, and beaten consensus PAT estimates in six quarters in a row. READ THIS : Sensex gains 200 points, Nifty stays at all-time high in noon trade "We expect strong earnings, driven by refining and petchem (higher volumes, improved margins). Despite increased losses in domestic E&P (exploration and production), we expect RIL to report a ninth straight quarter on quarter stand-alone PAT growth," analysts with Nomu...