SENSEX DROPS 120 POINTS IN LATE SELL-OFF, AUTO STOCKS DRAG
MUMBAI: Extending its fall for the fifth consecutive session, the Sensex gave up early gains to end 120 points lower on Wednesday, as investors booked profits in banking, auto, metal and pharma stocks in the last hour of trade. The Sensex opened higher at 36,279.63 and advanced to hit a high of 36,375.80 on the back of positive macroeconomic data as retail inflation fell to a 19-month low on continued decline in food prices and positive cues from other Asian markets. It succumbed to profit-booking to touch a low of 35,962.79 on heavy selling at the fag-end. The index ended 119.51 points, or 0.33%, lower at 36,034.11.
Ghosn replaces legal team in Tokyo 3 months into case
SINGAPORE/TOKYO: Carlos Ghosn replaced his legal team in Tokyo as he prepares for a trial on the financial misconduct allegations that have shocked the global car industry and kept the former Nissan Motor Co. chairman in jail for almost three months. Ghosn said on Wednesday he hired Junichiro Hironaka to be his new lawyer and help him with the
“trial phase” of his case. The outgoing lawyers, including former local prosecutor Motonari Otsuru, said they notified the court they no longer will represent Ghosn. The fallen executive is trying to step up his defense from behind bars after Otsuru’s team failed several times to win bail for Ghosn since his arrest.
Adani Transmission profit declines 77.52% in Q3
NEW DELHI: Adani Transmission on Wednesday reported a 77.52% drop in its consolidated net profit at ₹189.22 crore in the quarter ended December 31, 2018, mainly due to higher base last fiscal on account of factoring in one-time income of ₹742 crore. The company’s consolidated net profit was ₹841.88 crore in the third quarter last fiscal, a company statement said. “The consolidated net profit for third quarter this fiscal is ₹189 crore compared to ₹100 crore year ago after eliminating one time income of ₹742 crore (net of tax),” it added. The total income rose to ₹2,921.07 crore in third quarter this fiscal from ₹1,806.50 crore year ago.
Bosch Q3 net profit rises 19.34% to ₹335.37 crore
NEW DELHI: Auto component maker Bosch on Wednesday reported 19.34% rise in standalone net profit at ₹335.37 crore for the third quarter ended December 31, 2018. The company had posted a stand-alone net profit of ₹281.01 crore in the year-ago quarter, Bosch said in a regulatory filing. Total income during the period under review stood at ₹3,274.12 crore as compared to ₹3,174.18 crore in the same quarter last fiscal, it added. Expenses in the third quarter were higher at ₹2,784.22 crore as compared to ₹2,751.27 crore in the same period a year ago. The board approved reappointment of Bernhard Steinruecke as an independent director for another term of five years.
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