Page 1045 - Business Finance

Loan interests to fall as RBI cuts rate to 6.25%, shifts stance (Roundup)

In a surprise move that could bring down home and auto loans, the RBI on Thursday went the whole hog by not only lowering its key lending rate by 25 basis points (bps) to 6.25 per cent, but also turned accommodative, changing its monetary policy stance from "calibrated tightening" to "neutral", even as industry hailed the decision.

Pizza Hut promotions drag Yum Brands profit; Taco Bell shines

(Reuters) - Yum Brands Inc missed Wall Street expectations for quarterly profit on Thursday, as the fast-food chain operator spent aggressively on promotions to revive sluggish sales at its Pizza Hut restaurants.

Rs 51,600 cr investments being implemented in Assam

Investments to the tune of Rs 51,600 crore are at various stages of implementation by different corporate houses across Assam, the state Assembly was informed Thursday. Replying to a query by Congress MLA Abdul Khaleque, Commerce and Industry Minister Chandra Mohan Patowary said works for 55 projects worth Rs 23,269.48 crore have already begun at different places. Another investment of Rs 28,334.65 crore by 15 corporates of diverse segments are in the pipeline, he added. Patowary, however, said the recent series of protests in Assam over various issues are making the investors apprehensive of the social peace in the state. Stating that many companies have talked to him about the protests, he said the agitations is making the investors apprehensive. "If we cannot stop that, no investment will come. I strongly register this in the House," the minister said. During organising the 'Advantage Assam' global investors' summit in Guwahati last year, a total of Rs 41.66 crore ...

Global Markets: Shares drop on weak Europe data, dollar extends run

NEW YORK (Reuters) - Stocks around the world pulled back sharply on Thursday as fears of a global growth slowdown spread to Europe, while the U.S. dollar strengthened for a sixth session as central banks outside the country grow more cautious.

T-Mobile results beat on higher subscriber additions

(Reuters) - T-Mobile US Inc on Thursday reported quarterly revenue and profit that beat Wall Street estimates, as the wireless carrier added more than expected phone subscribers who pay a monthly bill.

Steel companies plan price hike

Steel prices may go up as major players are planning upward price revision, industry sources said. JSW Steel has already hiked the prices by Rs 750 a tonne. "Hot Rolled Coil (HRC) was hovering in the range of Rs 42,000 to 44,000 till end of January. The hike made last week was in line with international prices. The rates have gone up in the international market," a company source said. Another steel company JSPL will also hike the prices "if others will do", a company official who did not wish to be quoted said. "In last 10 days, prices of steel have gone up to USD 70 a tonne in the international market due to increasing prices of iron ore. If there will be a revision it will be an upward revision," an Essar Steel official said. In a statement, SAIL Chairman A K Chaudhary while pointing at the current volatility in steel prices said: "...despite various factors including cheap imports, the prices are expected to improve in coming days considering the high input costs". E-mail queries .

Letter to BS: RBI board meeting on Feb 18 to approve interim dividend

The present move to arrive at the amount of interim dividend based on the audited accounts of the RBI for the half year ending December 31, 2018, should give the RBI some relief

Gold climbs on global growth worries; strong dollar caps gains

(Reuters) - Gold prices edged higher on Thursday, helped by concerns over the U.S.-China trade dispute and its potential impact on global growth, although gains were capped by a strengthening U.S. dollar.

230 flights cancelled due to closure of Mumbai airport runways

As many as 230 flights were cancelled on Thursday from the airport here due to closure of two runways for maintenance and repair work, according to a source. Travel portal ixigo said average airfares have increased 23 per cent on key routes to and from Mumbai for the next few days. Both runways of the airport are being closed from 11 am to 5 pm for three days every week between February 7 and March 30. During this period, the runways would be shut for maintenance and repair work on Tuesdays, Thursdays and Saturdays. The primary runway at the Chhatrapati Shivaji International Airport can handle up to 50 arrivals and departures an hour. The secondary runway can handle 35 flight movements per hour. The source at the airport said that 230 flights were cancelled Thursday due to the closure of runways. ixigo's co-founder and CEO Aloke Bajpai Wednesday said that airfares have seen an average spike of 23 per cent on key routes to and from Mumbai. "Ahmedabad-Mumbai has seen a substantial hike .

EU slashes eurozone growth forecast as Germany cools

The European Commission sharply cut its eurozone growth forecast for 2019 on Thursday as an unexpected slowdown in Germany and protests in France weigh on the economy in Europe. The EU also cut Italy's growth rate to a five-year low, a situation that risks reopening bitter differences between Brussels and Rome about the government's spending plans this year. The commission, the EU's executive arm, is now expecting growth of 1.3 per cent in the eurozone this year, a significant cut from 1.9 per cent predicted in November. It said the full European Union would grow by 1.5 per cent instead of the earlier 1.9 per cent. The health of the German economy is fast emerging as a worry for the EU as slumping demand for foreign cars in China takes a toll on Europe's export powerhouse. The commission said Europe is facing international headwinds that have now taken the steam out of a post-crisis recovery in the eurozone. The slowdown "reflects external factors, such as trade tensions and the ...

RBI rate cut to boost growth, make loan affordable: Goyal

Finance Minister Piyush Goyal Thursday said the rate cut by the RBI will give a boost to the economy by providing affordable credit to small businesses and homebuyers. The Reserve Bank of India (RBI) has reduced repo rate (at which RBI lends to banks) by 0.25 per cent to 6.25 per cent, a move that will translate into softening interest rates. "RBI's decision to reduce the repo rate by 25 basis point from 6.5 per cent to 6.25 per cent and change of stance to 'Neutral' will give a boost to the economy, lead to affordable credit for small businesses, homebuyers etc and further boost employment opportunities," Goyal said in a tweet. Welcoming the RBI's decision, Economic Affairs Secretary Subhash Chandra Garg said it is a very balanced and pragmatic policy statement. "Assessment of growth and inflation is quite realistic and underlines low inflation and high growth path for India for 2019-20. Welcome change of stance to neutral and rate cut by 25 bps. Also welcome removal of FPI ...

Wall Street hits session lows on U.S.-China trade fears

(Reuters) - The three main U.S. stock indexes extended losses to hit session lows on Thursday after White House adviser Larry Kudlow said there was a pretty sizable distance to go in the U.S.-China trade talks.

U.S. weekly jobless claims drop from 1-1/2-year high

WASHINGTON (Reuters) - The number of Americans filing applications for unemployment benefits dropped from near a 1-1/2-year high last week, pointing to sustained labor market strength that should continue to underpin the economy.

Italian region signs MoU with West Bengal govt

An MoU was signed on Thursday between the Lombardy Region government of Italy and West Bengal government to promote industrial growth, technical skill development and research & innovation in both the regions. Deputy Chief Minister of Lombardy Region government Fabrizio Sala and West Bengal Finance Minister Amit Mitra signed the MoU at the Bengal Global Business Summit (BGBS) here. Also the minister for research, innovation, and export, Sala said the MoU will also help promote cooperation in manufacturing sector, investment and process standardisation. "It will also help to exchange information on facilitations for trade exhibitions, trade fairs and business missions between the two regions," Sala said. Another MoU was signed between the Indian Chamber of Commerce (ICC) and Jeollanamdo Province of the Republic of Korea on the sidelines of the BGBS. Both sides have set a target of bi-lateral trade and investments amounting to USD 30 million in the next three years, .

RBI slaps fine of Rs 1 cr on SBI

State Bank of India Thursday said the Reserve Bank of India has slapped Rs 1 crore penalty on the country's largest lender for violating norms. RBI "in exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 has levied a penalty of Rupees one crore on the bank for not monitoring the end use of funds in respect of one of its borrowers," SBI said in a regulatory filing. SBI, however, did not share details of the borrower and the loan amount given to the borrower.

RIL open offer to acquire Den Networks, GTPL Hathway to commence Friday

Reliance Industries' open offer to acquire shares of Den Networks and GTPL Hathway through its subsidiaries will start on Friday, according to regulatory filings. RIL and its subsidiaries have proposed to acquire 2,88,40,891 full paid-up equity shares, representing 25.64 per cent voting share capital of GTPL Hathway for Rs 82.65 per equity share for total consideration of Rs 238.37 crore. In case of Den Network, RIL and its subsidiaries have announced open offer to acquire 12,21,83,457 fully paid-up equity shares, representing 25.58 per cent of the expanded voting share capital at price of Rs 72.66 per equity share aggregating to total consideration of Rs 887.78 crore, according to the filings. RIL on October 17 announced that it will buy majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore, a move aimed at becoming the largest player in the broadband as well as the cable TV and direct-to-home market. The acquisition gives Reliance access to 24 ...

Multi-pronged strategy needed to tap Indo-Africa trade potential: Prabhu

A multi-pronged strategy is needed to tap the trade potential between India and Africa, Commerce Minister Suresh Prabhu has said. Addressing Indo-Africa Strategic Economic Co-operation meet here Wednesday, he said any strategy for enhancing bilateral trade between Africa-India will critically hinge on the scope for value chain integrations in various manufacturing and services segments. Bilateral trade between Africa and India has increased from around USD 7 billion in 2001 to USD 60 billion in 2017, the commerce ministry said in a statement Thursday quoting the minister. Prabhu also stressed on the need for right kind of investments in Africa in areas like manufacturing as the continent provides right resources including low-cost labour and abundant natural resources.

Draft bill on tenancy laws gets CM's nod, to be placed before Pb cabinet

Punjab's draft bill on tenancy laws, which aims to provide an effective mechanism for expeditious disposal of disputes between the lessor and the lessee, will be placed before the state cabinet for detailed deliberations, an official statement said here. Chief minister Amarinder Singh gave his nod to the draft bill on Thursday, the statement said. Punjab Land Leasing and Tenancy Bill, 2019,has been prepared by Punjab Revenue Commission. The CM was apprised about the aims and objectives of the draft bill by the Commission's Chairman Justice S S Saron (retd). Saron told the chief minister the issue regarding giving of agriculture land on lease in the state had engaged the attention of the land owners/lessors and lessees. A lessor is a person who leases or lets out his property to another while a lesse holds the lease of that property and is a tenant. Amarinder hoped the bill would go a long way in safeguarding the interests of farmers, besides maintaining a balance in the relationship ..

Tech leads Wall Street lower as global growth worries resurface

(Reuters) - U.S. stocks fell on Thursday weighed down by the technology sector, as fears of a global slowdown were rekindled after the European Union cut its economic growth forecasts, while a slew of dismal quarterly reports also added to woes.

Uflex Q3 up 3.9% to Rs 54.34 cr

Packaging company Uflex Ltd Thursday reported a 3.9 per cent increase in consolidated net profit at Rs 54.34 crore for the quarter ended December 2018. The company had posted a net profit of Rs 52.30 crore during the October-December quarter a year ago, Uflex said in a BSE filing. Total income during the quarter under review was up 17.74 per cent to Rs 1,981.09 crore as against Rs 1,682.47 crore in the corresponding quarter of the previous fiscal. Commenting on the results Uflex Group CFO Rajesh Bhatia said, "The performance during this quarter is exceptional against the backdrop of huge volatility in crude oil prices." According to Uflex, its "total production volume during the quarter was 96,876 MT up 4.4 per cent Y-o-Y and total sales volume rose by 3.1 per cent Y-o-Y to 94229 MT." Uflex's total expenses were at Rs 1,907.14 crore as against Rs 1,630.18 crore, up 16.98 per cent. Shares of Uflex Ltd Thursday settled at Rs 251.20 on BSE, down 1.43 per cent from the previous close.