Share prices of MMTC rose significantly as company reported heavy profits for its quarters. Unfortunately, the Government of India owns almost all of the equity in the firm so that means there were only a few people who benefited from the record profits that the company has reported. How about giving those employees an increase in their wages? I am expecting that all these profits will get gulped down by the corrupt officers.
Interestingly the news also highlighted that the President of India holds a considerable percentage of the shares in the company which are not traded in the market. I am quite concerned how such a “reputable” person actually got shares in the company where the person is not even directly involved or am I missing something?
The company has shown a growth of 34% in its profits and is now reportedly going under disinvestment after getting an approval from EGM for splitting its share. Despite record profits being reported by the company, BSE Sensex remained weak.
Posted in: Business | Tags: mmtc, price, share
Share prices of the company Beyond Petroleum (also known as BP Plc) have remained volatile after the company got itself involved in one of the worst environment disasters. It is now being speculated that the company will need to apply for tax credits in order to overcome the total costs of the disaster. The company has already reported losses in billions for the quarter which had not at all been expected by analysts.
The tax credits are quite important for the company since it will help the company to mitigate over ten billion american dollars in costs related to the oil spill disaster. The company can apply for tax credits upto 35 percent of its losses according to the US corporate tax law.
It is still not sure whether the US Government will approve the tax credits for the company however the tax credits in no doubt are very important for BP Plc. In case Beyond Petroleum is denied the tax credits then it will be a lot harder for the company to make a quick recovery.
The company share price (LON:BP) dropped a bit as it is still not sure where the company is heading at the moment. Stocks of the company (NYSE:BP) at the New York Stock Exchange also dropped.
Posted in: Business | Tags: bp, credits, price, share, tax
Despite strong performance by the Banking major, stocks of Royal Bank of Scotland Group Plc (NYSE:RBS) weakened a bit. The decline in the stock prices of the Royal Bank of Scotland might have to do something with news regarding the recent takeover bid by Pakistan’s Faysal Bank (KAR:FABL) to takeover Royal Bank of Scotland’s Pakistan Operations.
Pakistan’s Faysal Bank won the bid to takeover the Royal Bank of Scotland’s local operations in Pakistan and allows Pakistan’s lending company Faysal to expand its retail presence in the area. The purchase of RBS assets in Pakistan means that Faysal will be doubling up its branch base and will be able to grow its business in Pakistan.
The recent takeover bid for RBS local branches in Pakistan has recently got its approval from the Pakistan Central Bank. RBS is in a move to ramp up its business by selling up non-core operations and has recently hired bankers to boost its Asian Equities business.
Posted in: Business | Tags: faysal, price, rbs, share
Share prices of many banking and financial firms went up as the stress report on european banks suggested that most of the banks were healthy and with UBS and Deutsche Bank reporting heavy profits for the second quarter of the year. Santander Bank share prices also went up as news regarding the positive report on bank stress results came out.
Also there is being speculation that Santander bank might takeover National Australia Bank Clydesdale and Yorkshire banking arms. Surprisingly out of seven banks that failed the stress tests, five were located in Spain. However Santander Banking Group which also has its headquarters in Spain was not only just able to pass the stress tests but also has been one of the strongest emerging banking company at the moment.
The company is already considering a flotation of its UK banking operations that is expected to raise billions of pounds for the company. Santander (NYSE:STD) was recently reported to bid for RBS branches in order to diversify its business.
Posted in: Business | Tags: bank, price, santander, share
As European financial firms UBS and Deutsche Bank announced their quarterly earnings for the second quarter of the year 2010, share prices of the Royal Bank of Scotland Group plc (NYSE:RBS) went up. Stocks of the Royal Bank of Scotland had also shown decent gains after the ONS report estimated that the country’s economy had grown more than what had been expected by analysts.
Shares of Royal Bank of Scotland Group plc (RBS) were also up at the London Stock Exchange (LON:RBS) and were heavily boosted by the report regarding the gains in net profits of European banking firms.
The rise in the stock prices of the European Banking Firm RBS is also being attributed to the announcement of the company passing the bank stress test results. As per the stress test results, none of the british banking companies have failed the stress tests. Some analysts have put that the stress tests were not strict enough but the news of the british banking firms passing the tests has been an overall good news.
Posted in: Business | Tags: price, rbs, share
