Geo Energy Resources (SGX:RE4) profit during the first quarter of the year fell 72% to $4.0 million from $14.1 million a year earlier, according to a Wednesday filing with the Singapore Exchange.
Revenue declined 42% year over year to $95.8 million from $166.4 million, with the coal mining company reporting lower coal sales and production volume during the period.
India raised import duties on gold and silver sharply to defend the rupee and ease pressure on foreign-exchange reserves, multiple media outlets reported Wednesday, citing official orders.The government increased total import taxes to about 15% from 6%, combining a 10% basic customs duty with a 5% agriculture infrastructure and development levy, Bloomberg said citing two official orders.The move aims to cut demand in the world's second-largest bullion market and follows a rare weekend appeal from Prime Minister Narendra Modi to avoid gold purchases and cut non-essential foreign travels, the report noted.Gold ranks as India's second-largest import after crude oil, and higher import costs have widened foreign outflows, adding pressure on the rupee, which has hit record lows in recent sessions, Bloomberg said.The Reserve Bank of India has stepped up interventions in currency markets, with foreign-exchange reserves easing to $690.7 billion as of May 1, the lowest in over a month, Bloomberg reported. The RBI has also tightened rules on bank forex positions to curb speculation, it added.Markets reacted to the move, with shares of Kalyan Jewellers slipping over 2% in Wednesday's trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Keppel (SGX:BN4) bought back 200,000 shares in the open market on Wednesday for about SG$2.2 million, according to a same-day filing with the Singapore Exchange.The infrastructure and real estate company has so far repurchased 4.1 million shares under its existing buyback mandate.
Trans-China Automotive's (SGX:VI2) revenue dropped 7.3% to 425.3 million yuan in the first quarter from 458.9 million yuan a year earlier, according to a Wednesday filing with the Singapore Exchange.Trans-China attributed the decline to ceasing new car sales operations in its BMW Guangzhou dealership.The automotive dealership said it delivered 1,142 units between January and March, down 12.4% from the year-ago period.Shares of the company closed 8% lower on Wednesday.