For the first time in four years, profit has been fallen on lower gross refining and petrochemical margins of Reliance Industries. According to the company’s exchange filing, the exact profit fell 4.2 percent successively to Rs. 8,556 crores in the quarter ended March. It is supposed to be the first decline in the 17 quarters. However, the company’s other income worth Rs. 2,883 crores have helped beat the top line. According to Deven Choksey, Managing Director of KRChoksey Investment Managers Pvt. Ltd. “The throughput process is lower compared to the earlier quarter because of the refinery shutdown.” The profit was lower due to the refining business’ throughput course. However, its operating margin spread 190 basis points to 16.4 percent, though its operating profit fell 5.5 percent quarter on quarte

On Friday, Tata technologies said it has grown pact with China’s FutureMove Automotive to develop connected mobility solutions for automotive manufacturers in China and other markets. The pact came into meaning through signing a memorandum of understanding on the sidelines of the shanghai Motor Show 2019. Tata Technologies Chief Executive Officer and Managing Director Warren Harris in a statement said, “the relationship with FutureMove will combine Tata Technologies’ market-leading connected car service offerings with the platform and technology of FutureMove to provide a suite of services to the Chinese automotive industry.” Tata Technologies is capable in delivering vehicle programmes. It consist of 9,000 professionals, the company serves in 27 countries  from its 17 global delivery centres in As

Shares of Spice Jet surged 15 per cent in morning trade on Thursday this is due to that rival Jet Airways suspended its operations. Shares of the company have been on an upward path since last Thursday, and as of Tuesday's close, the stock has gained 40 per cent. The stock rose on the troubles of rival Jet Airways as in the aviation industry, the fall of one player brings difference and opportunities to the rivals.   On Tuesday, the company said it plans to expand its regional jet fleet to 32 aircrafts by adding five more 90-seater Bombardier Q400s. Three of these planes will join the fleet in the next ten days while the remaining two will be inducted by June, SpiceJet said in a statement. Besides, the company is set to launch new international flights from Mumbai from May-end.   Shares of SpiceJet traded

The government is targeting to raise about Rs. 1,500 crore from initial public offerings (IPOs) of two railway companies namely IRCTC and IRFC  by September, stated by an official. The finance ministry earlier this year initiated the process of launching an IPO of Indian Railway Finance Corporation (IRFC) but the company has told the railway ministry that their borrowing cost will go up if it gets listed, the official said. A final call on this would be taken by the Union Cabinet. "We are working to bring IPO of Indian Railway Catering and Tourism Corporation (IRCTC) and IRFC by September. IRFC may have to go to Cabinet again after elections," an official said. "The draft red herring prospectus would be soon filed with market regulator Sebi for IRCTC and for IRFC, it would be after the elections get over a

Shares of Jet Airways dived as deep as 30 per cent in morning trade on Thursday. The company has temporarily suspended all flights with no cash to run operations any further. While Jet had been running a bare minimum number of 35-40 flights for the last few days, a total grounding will significantly affect its value for potential investors that are undergoing a bidding process to invest in the airline. There are fears of its licence being subsequently suspended if it does not get its flights back up. The announcement from the lenders came early morning ahead of market opening.   "The lenders after due deliberations decided that the best way forward for the survival of Jet Airways is to get the binding bids from potential investors who have expressed EOI (Expression of Interest) and have been issued bid docume

The National Company Law Appellate Tribunal has sought a response from Reliance Group Chairman Anil Ambani within 10 days on a contempt plea filed against him and other officials by the minority shareholders alleging non-payment of dues by one of its group firms. “We intend to hear the learned counsel appearing on behalf of the contemnor-respondents (Anil Ambani and others),” the bench said. “They may file a short reply within ten days. Rejoinder, if any, may be filed by the appellants within a week thereof.” The National Company Law Appellate Tribunal has directed that the matter be listed on May 20 for admission.HSBC Daisy moved the appellate tribunal over alleged default of payment of Rs 230 crore by Reliance Infratel. NCLT in March 2018 halted the sales process, following which Reliance Infratel

On Wednesday, MindTree announced a total dividend of Rs 27 per share. The board of directors today declared an interim dividend of Rs 3 per share on the face value of Rs 10 each. The company fixed April 27 as record date for payment of the interim dividend. Mindtree CEO and Managing Director Rostow Ravanan said, “Mindtree has delivered exceptional performance for both the fourth quarter and the full fiscal year as we cross the historic $1 billion milestone. Over the course of two decades our strategy of being expertise-led and backed by a unique culture continues to help us attract world class people and create customer successes.” He added the company is “well-poised to continue delivering industry leading returns for all our stakeholders, the best is yet to come.” Mindtree's FY19 profit increase

Oil and Natural Gas corporation has found a declining crude oil production trend in its onshore fields and registered a 1.25 percent rise in output in the fiscal year ended March 2019, company official said. produced 6.141 million tonnes of crude oil from its onshore fields despite majority of them being more than 50 years old and facing a natural decline. ONGC Chairman and Managing Director Shashi Shanker said: "The growth in onshore production has been achieved beating enormous challenges which cropped up due to ageing of the fields. This has come at a time when fields with similar vintage are facing a sharp decline internationally." ONGC Director (Onshore) S K Moitra said the company continues to take up various initiatives on the EOR front and as many as six EOR projects have been either implemented or a