Page 106 - Business Finance
Jindal Stainless eyes 25 pc e-rickshaw market share by 2021
Jindal Stainless Friday said it is eying 25 per cent e-rickshaw market share by 2021, and expects the segment to generate revenues to the tune of Rs 200 crore over the next two years. Claiming to have developed the first stainless steel e-rickshaw prototype in India with superior body and chassis performance as compared to carbon steel e-rickshaws, the company is eying to tap market in Uttar Pradesh, NCT, West Bengal, Maharashtra and Gujarat. As a new business development initiative towards sustainable transportation, after stainless steel bus bodies and railway coaches and wagons, Jindal Stainless is now in talks with manufacturers to facilitate roll-out of stainless steel electric rickshaws (e-rickshaws), the company said in a statement. "Jindal Stainless is targeting a 25 per cent share of the total e-rickshaw market in India over the next 2 years fetching estimated revenue of Rs 200 crore," the company said. The company expects an annual volume demand of 13,000 metric tonnes from .
DHFL demise highlights funding risk at Indian non-bank lenders: Fitch
Dewan Housing Finance Corporation Limited's (DHFL) liquidity problems and its failure this week to pay coupons highlight the funding challenges faced by India's non-bank finance sector, according to Fitch Ratings.The liquidity pressures are in stark contrast to the banking sector which has not faced significant liquidity pressure or deposit withdrawals, despite asset-quality and capital weaknesses.Non-bank financial institutions' (NBFI) issues were already known to the market but DHFL became the focus point after the failure of Infrastructure Leasing & Financial Services (IL & FS) in September 2018 contributed to a sector-wide liquidity squeeze as investors become more risk-averse.The NBFIs' liquidity is sensitive to market sentiment as their business models rely on short-term wholesale funding, which can dry up fast if market sentiment turns negative.Funding models of housing finance companies and NBFI loan companies which have become increasingly reliant on short-term ...
Sensex ends 86 pts higher; Nifty below 11,900
The BSE benchmark Sensex ended 86 points higher after a highly volatile session Friday tracking mixed domestic and global cues. After swinging over 400 points, the BSE gauge settled 86.18 points, or 0.22 per cent, up at 39,615.90. The index hit an intra-day high of 39,703.10 and a low of 39,279.47. Similarly, the broader NSE Nifty rose 26.90 points, or 0.23 per cent, to settle at 11,870.65. During the day, the index touched a high of 11,897.50 and a low of 11,769.50. During the week, the Sensex fell 98.30 points and the broader Nifty lost 52.15 points. Top gainers in the Sensex pack Friday included IndusInd Bank, Bajaj Finance, M&M, SBI, ICICI Bank and Vedanta, rising up to 1.90 per cent. On the other hand, Yes Bank, PowerGrid, Sun Pharma, Coal India, Bajaj Auto, ONGC and RIL were among the top losers, dropping up to 2.37 per cent. The Indian rupee depreciated 20 paise to 69.48 against the US dollar. Meanwhile, other Asian bourses ended on a mixed note, while Europe was trading in
Indiabulls Real Estate promoters sell 12% stake to Embassy group; plan to exit realty biz
Promoters of Indiabulls Real Estate have sold about 12 per cent stake to Bengaluru-based realty firm Embassy Group through block deal, as part of its strategy to focus on financial services and exit realty business, sources said. Promoters have nearly 39 per cent stake in Indiabulls Real Estate. On late Thursday, Indiabulls Real Estate informed through a regulatory filing that the "promoters intend to dispose-of up to 14 per cent of the fully paid-up share capital of the company (out of the aggregate 38.72 per cent fully paid up share capital of the Company, currently held by them) to third party investors". The stake sale is in line with the promoters' strategy to focus on financial services in the long run, it added. Indiabulls Group is looking to exit the real estate business so that it can get regulatory approvals for the proposed merger of Indiabulls Housing Finance with the Lakshmi Vilas Bank. Whether Embassy Group is buying stake in Indiabulls Real Estate directly or in ...
Key indices end with modest gains
Local stocks ended with modest gains after a volatile session of trade. The barometer index, the S&P BSE Sensex, rose 86.18 points or 0.22% at 39,615.90. The Nifty 50 index rose 26.90 points or 0.23% at 11,870.65. Gains were led by HDFC Bank, ICICI Bank and HDFC. However, gains were capped by fall in index heavyweight Reliance Industries.
HDFC Bank removes S.R. Batliboi as statutory auditors
HDFC Bank has dropped the firm of S.R. Batliboi from its panel of auditors following the Reserve Bank of India's (RBI) refusal to approve the appointment and has, instead, appointed MSKA and Associates as their Statutory Auditors, the bank said on Friday.
Asia set to power growth of global gas industry: IEA
Strong consumption in fast-growing Asian economies like India is set to keep the global demand for natural gas growing over the next five years, the International Energy Agency (IEA) said on Friday.Demand for natural gas grew 4.6% in 2018, its fastest annual pace since 2010, according to the IEA's latest annual market report Gas 2019. Gas accounted for almost half the increase in primary energy consumption worldwide.The demand is expected to rise by more than 10 per cent over the next five years, reaching more than 4.3 trillion cubic metres (TCM) in 2024."Natural gas helped to reduce air pollution and limit the rise in energy-related CO2 emissions by displacing coal and oil in power generation, heating and industrial uses," said IEA's Executive Director Fatih Birol."Natural gas can contribute to a cleaner global energy system. But it faces its own challenges, including remaining price competitive in emerging markets and reducing methane emissions along the natural gas supply chain," ..
Tata Motors launches new Ultra range of light commercial vehicles in Vietnam
Homegrown auto major Tata Motors Friday said it has launched its next-generation range of Ultra Business Utility Vehicles (BUV) in Vietnam. The BUV is specially designed to meet the changing customer needs in light commercial vehicle segment, offering the comfort of an SUV with a truck like performance and profitability of a light commercial vehicle, Tata Motors said in a statement. "Tata Motors is committed to shaping the industry here in Vietnam, with the latest global technologies, giving the Vietnamese customer competitive business advantages with the trusted credentials of the Tata Motors brand," Tata Motors President - Commercial Vehicles Girish Wagh said. Tata Ultra BUV is a result of extensive feedback from customers and study into the lives of drivers to better understand their expectations, and is thereby designed to fast-track their businesses with superior all-round performance, he said. The Ultra BUVs will cater to payloads ranging from 4 to 11 tonnes with engine ...
Gold prices fall on tepid demand
Gold prices Friday declined by Rs 70 to Rs 33,420 per 10 gram in the national capital on reduced demand from jewellers amid a weak trend overseas, according to the All India Sarafa Association. Silver, however, rose Rs 100 to Rs 38,000 per kg on fresh offtake by industrial units and coin makers. Gold dipped on fall in demand from local jewellers amid a subdued global trend, traders said. Globally, spot gold was trading lower at USD 1,334.60 an ounce, while silver was up at USD 14.99 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 70 each to Rs 33,420 per 10 gram and Rs 33,250 per 10 gram, respectively. Sovereign gold held steady at Rs 26,700 per eight gram. Silver ready surged by Rs 100 to Rs 38,000 per kg, while weekly-based delivery fell Rs 72 to Rs 36,878 per kg. Silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.
Indices regain strength
Stocks once again regained positive zone in mid-afternoon trade amid volatility. At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 109.30 points or 0.28% at 39,639.02. The Nifty 50 index was up 37.90 points or 0.32% at 11,881.65. Gains were led by HDFC Bank, ICICI Bank and HDFC.
Cox & Kings Ltd leads losers in 'A' group
Reliance Infrastructure Ltd, Dewan Housing Finance Corporation Ltd, Reliance Capital Ltd and PC Jeweller Ltd are among the other losers in the BSE's 'A' group today, 07 June 2019.
Guar seed futures rise by Rs 13.5 per 10 quintal
Guar seed prices rose by Rs 13.5 to Rs 4,186 per 10 quintal in futures trade Friday as traders widened their bets. Marketmen said raising of bets by speculators, on a firm trend at spot markets due to thin supplies from growing belts amid sturdy demand, led to the rise in prices. At the National Commodity and Derivatives Exchange, guar seed contracts for July rose by Rs 13.5, or 0.32 per cent, to Rs 4,186 per 10 quintal with an open interest of 29,050 lots. Similarly, guar seed for August delivery hardened by Rs 11.5, or 0.27 per cent, to Rs 4,245 per 10 quintal in an open interest of 97,580 lots.
Videocon loan case: ED summons Chanda Kochhar on June 10
The Enforcement Directorate (ED) on Friday summoned former ICICI bank Managing Director and CEO on June 10 in connection with the Rs 1,875 crore Videocon loan case, a official said.
Optiemus Infracom Ltd leads losers in 'B' group
R&B Denims Ltd, Century Extrusions Ltd, Eros International Media Ltd and Somi Conveyor Beltings Ltd are among the other losers in the BSE's 'B' group today, 07 June 2019.
Volumes jump at S H Kelkar & Company Ltd counter
S H Kelkar & Company Ltd witnessed volume of 2.55 lakh shares by 14:19 IST on NSE, a 5.03 times surge over two-week average daily volume of 50730 shares
Soybean prices fall on muted demand
Soybean prices Friday fell by Rs 5 to Rs 3,675 per quintal on muted cues from spot markets. On the National Commodity and Derivatives Exchange, soybean contracts for July delivery traded lower by Rs 5, or 0.11 per cent, to Rs 3,675 per quintal with an open interest of 15,720 lots. Soybean contracts for August delivery also fell by Rs 8, or 0.22 per cent, to Rs 3,700 per quintal with an open interest of 19,560 lots.
Manappuram Finance tumbles on reports of Sebi notice for insider trading
Manappuram Finance fell 4.90% to 130.90 at 14:21 IST on the BSE after media reports suggested that the stock market regulator issued a notice to the company alleging insider trading.
Suzuki Motorcycle strengthens presence in premium segment
: Suzuki Motorcycle India Friday unveiled its latest offerings GIXXER 250SF and GIXXER SF models, strengthening its product portfolio in the domestic two-wheeler segment. A subsidiary of Japan-headquartered Suzuki Motor Corporation, the Suzuki GIXXER SF 250 is priced at Rs 1.70 lakh (ex-showroom Chennai) while the GIXXER SF which is an upgraded variant 150cc motorcycle offered at Rs 1.09 lakh (ex-showroom Chennai). Commenting on the launch of the new motorcycles, Suzuki Motorcycle India head Koichiro Hirao said, "The all- new Suzuki GIXXER SF series in the premium motorcycle segment is part of our on-going commitment to the Indian market." "GIXXER SF is one of the Suzuki's flagship products in India and increasing its portfolio will allow us to enhance Suzuki's much-loved brand presence in the country," he said. On the unveiling of GIXXER SF series, the company vice-president Devashish Handa said, "India is the largest two-wheeler market and this market has now started ..
KPMG acquires startup Recommender Labs
Consultancy and audit firm KPMG Friday said it has acquired artificial intelligence-led decision-science services company Recommender Labs. The size of the deal was not disclosed by the company. "KPMG has acquired Mumbai-based Recommender Labs' trademark brand, software products and other IP rights. Their managing director and four employees will join KPMG India," KPMG said in a statement. The acquisition will help KPMG develop technology products for clients as it has plans to build its own centre of excellence specialising in decision-science and artificial intelligence-driven solutions, it said. Artificial Intelligence (AI) in India is expected to grow at a CAGR (compound annual growth rate) of 45 per cent between 2019 and 2025. Established in 2016, Recommender Labs utilises AI capabilities to support users during decision-making processes by generating recommendations.
HDFC Bank appoints MSKA & Associates as auditor
HDFC Bank on Friday announced the appointment of MSKA & Associates as its statutory auditor for four years, after the Reserve Bank of India (RBI) earlier this week barred the private lender's proposed auditor S.R. Batliboi & Company from bank audits.