Swedish furniture retailing giant IKEA has partnered with the Mumbai-based developer Rustomjee to offer designer, furnished homes at upcoming township project Global City at Virar near here. IKEA will design around 1,200 units of 1& 2 BHK apartments priced between Rs 41 lakh and Rs 52 lakh, respectively. Rustomjee is looking at a revenue of Rs 700 crore from this project alone with this partnership.” This is for the first time a global brand like Ikea has partnered with a developer to provide fully furnished apartments with a range of product offerings from Ikea” Rustomjee chairman Boman Irani said.
Shares of Hindustan Zinc plunged over 4% to hit an 18-month low of Rs 256.35 after the company on Monday reported a weak performance for the quarter ended December. The company reported 4% year-on-year (YoY) decline in net profit at Rs 2,211 crore in December quarter. Operational revenue declined by 6% YoY to Rs 5,540 crore, due to lower metal prices. The losses were however partly offset by rupee depreciation. In the past nine months, Hindustan Zinc has underperformed the market by falling 21%, as compared to a 6% rise in the S&P BSE Sensex.
Chinese digital apps, widely used in India, have been found to seek excessive information from users, according to a study by an information security firm. Chinese apps, including Helo and Shareit as well as browsers like UC Browser, ask users to provide access to contacts, camera, microphone, sensors, location and text messages on their smartphones. According to the study, these apps transfer data to around seven outside agencies, with 69% of the data being transferred to the US. The apps that were reviewed include Helo, Shareit, TikTok, UC Browser, Vigo Video, Beauty Plus ClubFactory Everything, News-Dog, UC News and VMate.
Sweden-based global music streaming giant Spotify is reportedly planning to launch its operation in India by the end of this month. According to reports, the preparation plans were accidentally made public through its India terms and conditions page. The company recently signed a global content deal with New Delhi-based film and music company T-Series. It will allow Spotify users to access T-Series’ catalogue of Bollywood and regional songs, and is being looked at as a step to initiate its launch in the country. Spotify was launched in 2006 and currently boasts of 200 million global monthly active users.
Former US President George W. Bush delivered pizzas to his unpaid Secret Service personnel and called for the partial US government shutdown to end. Some 6,000 Secret Service employees are among the 800,000 federal workers not receiving paychecks. The US government shutdown, the longest in its history, entered the 28th day on Friday, as President Donald Trump's demand for $5 billion of funding to build the Mexico border wall is yet to be approved.
India’s richest person Mukesh Ambani committed to invest Rs 3 lakh crore in various projects in the next 10 years in Gujarat, ranging from energy and petrochemical to new technology and digital business. Reliance Industries operates the world’s largest oil refining complex at Jamnagar in Gujarat as well as petrochemical units at multiple locations in the state. Ambani called Gujrat the Janmabhoomi (birthplace) as well as its Karmabhoomi (workplace) of Reliance.
The board of Wipro Ltd on Friday approved a 1:3 issue of bonus equity shares. However the company did not specify the record date. The company also declared an interim dividend of Rs 1 per equity share. This is the second bonus issue by the IT major in 2 years. In 2017, Wipro had announced a 1:1 bonus issue and also carried out an Rs 11,000 crore share buyback programme. Wipro also reported a 30% jump in third-quarter profit on Friday at Rs 2,510 crore from Rs 1,931 crore in the year-ago period.
Reliance Industries reported posted an 8.8% growth in net profit at Rs 10,251 crore in the third quarter. Analysts expect the stock to outperform in the coming months. In the near term, the stock’s outperformance will depend on the company’s CapEx plans, improvement in gross refining margin, and pricing pressure in the telecom sector. The refining segment accounted for nearly 30% of the total operating profit in the first nine months of FY19, while petrochemicals contributed about 50%. RIL has made close to Rs 1 lakh crore of capital expenditure in the first nine months.
Reliance Industries Ltd (RIL) on Thursday reported consolidated net profit of Rs 10,251 crore for the third quarter (Q3), up 8.8% from Rs 9,420 crore for the same period in the previous year. RIL is the first ever Indian private company to breach the Rs 10,000 crore profit mark in a quarter. RIL's revenues rose by 56% to Rs 171,336 crore in the third quarter. Meanwhile, Reliance Jio, the telecom unit of RIL, posted a Q3 net profit of Rs 831 crore, up by 22.1% quarter-on-quarter. Outstanding debt as on December 31 stood at Rs 2,74,381 crore.
Reliance Industries Limited (RIL) plans to launch its Rs 2,500-crore bonds issue in the next few days to repay its old loans and fund capital expenditure. The company has also initiated talks with banks to raise funds both in India and abroad for its $10 billion oil refinery planned in Gujarat.
Shares of IT firm Wipro climbed 3% in morning trade on Tuesday after the company said it will consider a bonus issue proposal in its board meeting to be held on January 17-18, 2019. The company is also slated to announce its third-quarter earnings numbers on January 18. In June 2017, the company had announced its fifth bonus issue in ten years at 1:1 ratio.
Industrial production in November grew at just 0.5%, its lowest in last 19 months, as compared to 8.1% in October, as per data released by the Central Statistics Office (CSO) Friday. Factory output had grown by 8.5% in November 2017. The Index of Industrial Production (IIP) growth in June 2017 was 0.3%. The manufacturing sector posted contraction of 0.4% in November as against a growth of 10.4% a year ago. Capital goods output fell by 3.4%, compared to 3.7% growth a year ago. The electricity output plunged to 5.1%, while the mining sector recorded 2.7% growth in November.
Online education startup Eruditus has raised $40 million in a Sequoia India-led Series-C funding round to fuel its expansion plans of growing into new geographies such as Latin America and China, apart from expanding its range of courses in emerging sectors such as artificial intelligence (AI), blockchain, robotics and self-driving vehicles. Cofounder Ashwin Damera says that the financing round has pushed the Mumbai based company’s valuation to $410 million. Eruditus partners with top colleges in the US and Europe, such as MIT, INSEAD and London School of Economics, among others, to create training courses for professionals and executives.
The promoters of Eveready Industries, leader in dry cell batteries and flashlights, are planning to sell their stake in the company as part of the group’s plans to reduce debt. The stake sale by promoters, who currently own 45%, could attract the interest of foreign and domestic strategic acquirers. Eveready is a century old brand which was acquired by the current promoters led by B M Khaitan after fighting a bitter battle with Nusli Wadia’s Bombay Dyeing for Rs 300 crore in the early 1990s. The current market cap of the company is Rs 1,350 crore.
The steel ministry is putting pressure on automakers to use domestically produced steel by refusing to ease the stringent import rules for some high-grade steel products it had announced last August. Automakers such as Maruti Suzuki, Hyundai Motor Co, Honda Motor Co and Ford Motor Co have warned the government of production disruptions and stoppages if the tough import rules are not relaxed. The new rules are expected to come into effect on February, 17. Presently such steel products are sourced from countries like Japan and South Korea.