July 23, 2019

SBI Life Q1 profit rises 5% to Rs 372 crore

SBI Life has posted an increase of 5 per cent in its net profit to Rs 371.90 crore in the first quarter ended June 30. The company's net profit during the corresponding quarter of the previous financial year ended March 2019 was Rs 354.31 crore. The gross written premium during April-June period of 2019-20 grew 41 per cent to Rs 6,690 crore as against Rs 4,760 crore a year ago, SBI Life said in a regulatory filing. Of this, revenue from new business premium (NBP) jumped 52 per cent to Rs 3,150 crore, while that from renewal premium were up 32 per cent to Rs 3,540 crore. Asset under management (AUM) stood at Rs 1.47 lakh crore as on June 30, up 22 per cent from Rs 1.20 lakh crore a year earlier. "The company has registered growth in savings and protection business reflecting balanced product mix. Total protection new business premium has increased by 106 per cent to Rs 4.4 billion in Q1 FY 2020," the life insurer said. Share of total protection NBP (individual and group) has ..
July 23, 2019

Voltas has infused Rs 197 crore in white goods entity Voltbek

Kolkata: Tata-owned Voltas Ltd has invested Rs 118 crore in the share capital of the white goods entity Voltbek Home Appliances in 2018-19, taking its total investment in the company till last fiscal to Rs 197 crore, the company said in its latest annual report. Voltbek is an equal joint venture of Voltas with Turkey’s Koc Group. Voltbek started operation last September selling frost free refrigerators, washing machines, microwave ovens and dishwashers under the Voltas Beko brand name. The company is also setting up its manufacturing plant at Sanand, Gujarat, which is expected to commence production in the second half of 2019 with direct cool refrigerators specifically designed for the Indian market. “In order to provide financial assistance, funds have been infused in the share capital of Voltbek in equal proportion by the joint venture partners,” Voltas said in the report. The paid-up capital of Voltbek as on March 31, 2019, was Rs 402 crore. Voltas also said it has over 100 exclu..
July 23, 2019

Sebi asks Hotel Leela to share details of transactions between firm, Brookfield and promoters

NEW DELHI: The Securities and Exchange Board of India (Sebi) on Tuesday asked Hotel Leelaventure (HLVL) to provide additional disclosures in postal ballot notice for asset sales to Brookfield. Sebi may also initiate adjudication proceedings against JM Financial ARC for its failure to ensure compliance with the applicable provisions of the takeover regulations. In an order issued today, G Mahalingam, Whole Time Member at Sebi asked Hotel Leelaventure to provide all relevant details of each of the sale transactions with specific information identifying the transactions between the company and Brookfield and the promoters and Brookfield. “HLVL shall make all material disclosures including the litigation relating to the claim of AAI with respect to the Leela Hotel, Mumbai, in the Postal Ballot Notice and in the financial statements in the Annual Report,” the order said. ITC had challenged the Leelaventure-Brookefield transaction in April complaining of “oppression and mismanagement”. ..
July 23, 2019

UBS reports best second quarter in nine years but warns against ‘sharp drop’ in interest rates

VIDEO3:5403:54We can compete with top US banks, UBS CEO saysSquawk Box EuropeUBS announced a net profit of $1.4 billion for the second quarter of 2019. This compared to a net profit of 1.28 billion Swiss francs ($1.29 billion) in the second quarter of 2018. The Swiss-lender announced that this is the highest second-quarter net profit since 2010. The profit boost comes in despite declines in both its investment bank and wealth management divisions. Here are some key highlights for the quarter: Operating income hit $7.5 billion versus $7.6 billion a year agoReturn on tangible equity stood at 11.9% versus 12% a year agoCommon equity tier 1 capital ratio of 13.3% versus 13.4% a year ago "We saw a normalization of the environment coming out of a good March into the rest of the quarter. I'd say the highlights were clearly: diversification paid off again," Sergio Ermotti, chief executive officer of UBS told CNBC's Joumanna Bercetche. UBS shares hovered around the flatline shortly af..
July 23, 2019

European stocks close higher on strong earnings; Johnson wins UK leadership race

European stocks closed higher Tuesday as investors digested a strong set of corporate results and looked ahead to this week's European Central Bank policy meeting. European Markets: FTSE, GDAXI, FCHI, IBEXThe pan-European Stoxx 600 closed provisionally up by 1%, with the majority of sectors and major bourses in positive territory. In earnings news, Swiss banking giant UBS beat forecasts with a net profit of $1.4 billion for the second quarter of 2019, marking its best second-quarter performance in nine years. UBS CEO Sergio Ermotti told CNBC's Joumanna Bercetche the results showed "diversification paid off again." Shares of the firm were 2.6% higher. Elsewhere in the banking sector, Santander posted a slight earnings beat, but net profit still declined 18% due to restructuring costs. The Spanish lender's stock rose 3.6%, while the broader European banking index was up nearly 2%. Autos stocks however were the best performers, rallying almost 4%, buoyed by a sharp rise in ..
July 23, 2019

GE reveals new parts for the ‘world’s largest offshore wind turbine’

A prototype of the turbine is being put together in the Netherlands.
July 23, 2019

Amazon could miss on guidance for this quarter, BMO analyst warns

Amazon is expected to report its second-quarter earnings on Thursday but one analyst at BMO is warning investors that Wall Street's estimates for the next quarter "are too high," especially for the company's operating income (OI). "We think 3Q OI guidance will come in below consensus as we do not believe consensus properly reflects the fact that 3Q is often a heavy investment period and continued investment in one-day shipping," BMO analyst Daniel Salmon wrote in a note on Tuesday. BMO expects that in its coming earnings report that Amazon will note about $850 million in spending for the third quarter, "related to the move to one-day shipping," Salmon said. Despite the caution, BMO told investors to buy "any pullback" in the stock if the forecast does come in lower than expected. The firm has an outperform rating on Amazon shares with a price target of $2,250. "We continue to view Amazon as a structural Outperform due to the positive revenue mix shift of adding higher-margi..
July 23, 2019

Apple supplier predicts strong consumer demand – and European chip stocks climb higher

Customers check the new iPhone X in London.Getty ImagesEuropean chip stocks traded higher Tuesday after Apple supplier AMS reported strong second-quarter sales and an upbeat outlook in its consumer business. Shares of AMS, which provides 3D sensors for Apple's FaceID technology as well as for Android devices, surged as much as 9% after the company said it expects revenue to reach $600-$640 million in the third quarter from its second quarter current revenue of $415 million. The Austrian chipmaker said it expects growth will be driven by "high volume ramps for smartphone sensing solutions." "The results reflect the strength of AMS' portfolio and more supportive demand trends in the consumer market," the company said in its earning release. European chipmakers STMicro, BE Semiconductor, ASML and Infineon Technologies traded between 2% and 3% higher on the back of the report. The PHLX Semiconductor Index ETF gained 2% on Monday after Goldman Sachs analysts upgraded three memory..
July 23, 2019

Europe braces for another heatwave as forecasters predict record-breaking temperatures this week

The rise in extreme weather, which has been linked to climate change, has made the wildfire season in Europe longer and more dangerous.

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