Page 109 - Business Finance
N R Agarwal Inds dips after planned shutdown of unit for maintenance
N R Agarwal Industries fell 3.79% to 252.60 at 9:41 IST on the BSE after the company said its unit-4 will remain shut between 6 June and 25 June 2019 for annual maintenance & technical upgradation.
IMF raises forecast for US to 2.6% in 2019
The International Monetary Fund (IMF) has raised economic growth forecasts for the US to 2.6 per cent this year and 2 per cent in 2020, compared to 2.3 per cent and 1.9 per cent in April respectively, despite the trade war with China and threats to Mexico.
Rupee opens marginally higher post RBI policy decision
The rupee opened marginally higher and touched 69.21 against the US dollar in opening trade Friday, after the Reserve Bank cut key interest rates by 0.25 percentage point. To boost the sagging economy, the RBI Thursday lowered its benchmark lending rate to a nearly nine-year low of 5.75 per cent and changed its monetary policy stance to accommodative, leaving space for future rate cuts. Forex traders said investors welcomed the RBI policy decision as this would help to boost the slowing economy. The rupee opened at 69.23 the interbank forex market then gained further ground to touch 69.21 per dollar amid positive opening in domestic equities, displaying gains of 7 paise against the greenback. On Thursday, the rupee had settled at 69.28 against the US dollar. Meanwhile, foreign fund inflows, higher crude oil prices and lower opening in domestic equities weighed on the domestic currency and restricted the upmove. Foreign funds pulled out Rs 1,448.99 crore in the capital markets on a net
Equity indices turn red after opening in green
The key Indian equity indices turned to negative territory minutes on Friday after opening higher, with the Sensex trading over around 140 points lower.
Indiabulls Real Estate jumps on buzz Blackstone may buy promoters' stake
Indiabulls Real Estate rose 5.78% to Rs 139.20 at 9:27 IST after the company said its promoters plan to sell 14% stake to third party investors.
There Is Room For Further Reduction In Repo Rate: FICCI
"Reviving business confidence, consumer confidence and triggering animal spirits in the economy is the need of the hour. Given that real interest rates in India are amongst the highest in the world, there is room for further reduction in repo rate. At the same time the RBI may also consider lowering the reverse repo rate to improve liquidity. Going forward, while RBI should continue the accommodative stance in coming months, the new Government should present a progressive Union Budget that would help revive consumption and encourage greater private investments," added Mr. Somany
Australia Market extends gain to fourth straight day
Local market received a boost from gains in the Wall Street overnight after reports that Trump administration is considering delaying a planned 5% tariff on all imports from Mexico, as discussions continue over how to stop the flow of Central American migrants to the U.S. border. The Dow Jones Industrial Average rose 181.10 points, or 0.7%, at 25,720.66. The S&P 500 index rose 17.34 points, or 0.6% to 2,843.49, while the Nasdaq Composite Index added 40.08 points, or 0.5%, to reach 7,615.55.
Japan Nikkei rises on possible Mexico tariff delay
Total 22 subsectors out of 33 subsectors of the Topix's were in positive territory, with Oil & Coal Products, Machinery, Electric Appliances, Nonferrous Metals, and Mining issues being notable gainers, whereas Pulp & Paper, Air Transportation, and Electric Power & Gas issues were notable losers
Market drifts lower in early trade
Domestic stocks were trading lower in early trade on selling pressure in index pivotals. At 9:26 IST, the barometer index, the S&P BSE Sensex, was down 127.04 points or 0.32% at 39,402.68. The Nifty 50 index was down 32.20 points or 0.27% at 11,811.55.
Glenmark Pharmaceuticals Ltd Slides 3.05%, S&P BSE Healthcare index Drops 1.4%
Glenmark Pharmaceuticals Ltd has lost 13.59% over last one month compared to 6.73% fall in S&P BSE Healthcare index and 4.09% rise in the SENSEX
Indiabulls Real Estate Ltd Spikes 4.1%, S&P BSE Realty Index index Rises 1.06%
Indiabulls Real Estate Ltd has added 39.87% over last one month compared to 13.21% gain in S&P BSE Realty Index index and 4.66% rise in the SENSEX
Stocks may open lower
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 21 points at the opening bell.
IFIN indulged in abusive funding to non-group entities (IANS Exclusive)
Such was the smokescreen behind which the IFIN (IL&FS Financial Services) management was operating that the closed user group got away with blue murder. The cornerstone of its architecture was abusive funding to non-group entities. This was done with gay abandon with the management riding roughshod over rules, regulations, filters, best practices and what have you.
Russia, China to show united front at economic forum
Chinese President Xi Jinping appears Friday as guest of honour at Russia's showcase economic forum, as the two neighbours present a united front in the face of shared troubles with the US. Xi arrived in Moscow on Wednesday for a three-day visit with Vladimir Putin and described the Russian leader as his "best friend" during a cosy meeting at the Kremlin. To end the trip, Xi and his host will appear at a plenary session of the annual Saint Petersburg Economic Forum, which Moscow hopes will woo foreign investors despite an uncertain business climate. Xi is set to present China's ideas on sustainable development and multilateral cooperation, Beijing said ahead of his appearance. The 2019 forum "will illustrate very clearly just how bi-polar the world has become," said Chris Weafer, a senior partner at the Macro Advisory consulting firm. "In the same week that President Trump will be having tea with the Queen in London, President Putin will be hosting President Xi in Saint ...
MCA hints at RBI inaction on non-compliance of IFIN on key benchmarks
The Ministry of Corporate Affairs (MCA) has hinted at the indifference of RBI on the IL&FS's financial services arm (IFIN) for not meeting the basic criteria on CRAR (Capital-to-risky Asset ratio) and NOF (Net owned Funds) and the company's auditors' taking refuge in such lack of response from the apex bank in taking action on time against the company.
How Trump tariffs on China and Mexico could hurt US economy
Ten billion here, ten billion there: President Donald Trump's escalating tariffs on imports to the United States have begun to amount to serious money and potentially to imperil one of the most resilient economies in American history. Until now, the economy has largely shrugged off damage from Trump's trade wars. Even as the self-proclaimed Tariff Man piled import taxes on everything from Turkish steel to Canadian aluminum to Chinese burglar alarms, the job market has remained sturdy. At 3.6%, the unemployment rate is at its lowest point in a half-century. In July, the expansion that followed the Great Recession will become the longest on records dating to 1854. But over the past month, Trump has made a higher-stakes gamble on the economy's durability. He's more than doubled tariffs on USD200 billion in Chinese imports. He's preparing to tax an additional USD300 billion in goods from China, extending his import taxes to everything Beijing sells to the United States. And in a move ...
Democrats ask Fed to scrutinize Deutsche Bank over Trump transactions
Top US Senate Democrats on Thursday asked the Federal Reserve to scrutinize Deutsche Bank over allegedly suspicious transactions tied to President Donald Trump and his son-in-law Jared Kushner. The letter from Ohio's Sherrod Brown, ranking Democrat on a Senate banking panel, and other lawmakers follows recent reporting in The New York Times quoting whistleblowers who accused senior Deutsche Bank staff of deliberately suppressing warnings of suspicious activity. Deutsche Bank was one of the few lenders to keep Trump afloat after his repeated bankruptcies in the 1990s. "In light of these most recent press accounts, and Deutsche Bank's extensive history of violations, which have prompted huge penalties for the bank, we urge you to undertake a thorough evaluation of the Bank's compliance" with US money-laundering statutes, the letter said. It was also signed by presidential candidate Elizabeth Warren of Massachusetts, who has long campaigned for stricter oversight of the financial sector,
Blackstone may buy Indiabulls Real Estate promoters' stake for around USD 1 billion
US-based investment firm Blackstone may acquire Indiabulls Real Estate's promoters' stake at an estimated enterprise value of around USD 1 billion, sources said Thursday. Blackstone might buy promoters' total 39 per cent stake in Indiabulls Real Estate through a joint venture with Bengaluru-based realty firm Embassy Group, they 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. Sources said the talks between Blackstone and Indiabulls Group are at an advanced stage. The deal could be struck at an enterprise value of around USD 1 billion, they added. Embassy Group and Blackstone declined to comment, while Indiabulls Group could not be reached. Indiabulls Real Estate has been selling its commercial assets to Blackstone. In December 2018, it sold 50 per cent stake in two office assets in Gurgaon to Blackstone at an enterprise value of Rs 464 ...
US trade deficit shrinks in April
US trade deficit shrank to 50.8 billion US dollars in April, down 1.1 billion dollars from revised March reading of 51.9 billion dollars, the US Department of Commerce said Thursday.
Keventers not as good as before: HC judge during hearing
Super Milk Products Pvt Ltd which re-launched the popular milkshake brand Keventers in 2015 drew flak from a Delhi High Court judge on Thursday who said during a hearing that Keventers was "no longer as good as it used to be" before closing down in 1970.