Page 118 - Business Finance
Sensex, Nifty hit fresh intraday low
Key benchmark indices further extended losses and hit fresh intraday low in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, was down 305.71 points or 0.76% at 39,777.83. The Nifty 50 index was down 100.95 points or 0.84% at 11,920.70. Investors booked profits after the Reserve Bank of India (RBI) cut repo rate by 25 basis points, in line with market expectations.
Aurobindo Pharma Ltd slips for fifth straight session
Aurobindo Pharma Ltd is quoting at Rs 633.45, down 3.11% on the day as on 13:24 IST on the NSE. The stock jumped 15.65% in last one year as compared to a 10.69% rally in NIFTY and a 1.28% spurt in the Nifty Pharma index.
Lead futures edge up on spot demand
Lead prices were trading up by 0.43 per cent to Rs 152.35 per kg in futures trade Thursday as participants built up fresh positions, driven by pick-up in demand at the spot market. At the Multi Commodity Exchange, lead for delivery in June contracts edged higher by 65 paise, or 0.43 per cent, to Rs 152.35 per kg in a business volume of 3,083 lots. Market analysts said fresh positions created by traders due to upsurge in demand by battery-makers in the physical markets mainly helped lead prices to trade higher.
TMP Worldwide Secures the Silver Specialist Agency of Year Award at the 2019 Indian Agency Awards
/ -- TMP Worldwide, a global leader in talent acquisition technologies, announced that it won the Silver Specialist Agency of the Year Award at the inaugural Indian Agency Awards (IAA). The awards were created to honor the unsung heroes of the marketing and advertising industries. Social Samosa, who propels the industry with insightful analysis and investigative research that empowers decision making, designed the awards to celebrate organizations that have and are currently mastering the art of clutter-breaking campaigns. Over 20 speakers, 60 companies and 200 participants came together for an evening of celebrating the best within the marketing arena. The submissions were judged across 25 different categories and 14 individual awards. At the debut awards ceremony, TMP took home this esteemed award for its expertise in the Employer Brand category. "For a long time, recruitment marketing in India has only been about banners on job sites and in recent times, social posts," explains ...
Indian CEO charged in US with securities fraud
An Indian ex-CEO of a publicly traded American fintech firm has been indicted for orchestrating a multi-million dollar accounting fraud to inflate the revenue of the now-defunct cryptocurrency company to get it listed on the Nasdaq, a US attorney has said. Venkata Meenavalli, 49, and others orchestrated the fraud in 2017 and 2018 relating to Longfin Corp, a publicly traded company purportedly engaged in sophisticated commodities trading and so-called "cryptocurrency" transactions, including "blockchain-empowered solutions." He has been indicted for allegedly orchestrating the scheme to defraud investors and others by recognising more than USD 66 million in fake revenue to fraudulently get the company listed on the Nasdaq, US Attorney Craig Carpenito said on Wednesday. The Nasdaq is an American stock exchange. The charges carries a maximum potential penalty of 20 years in prison and a USD 5 million fine. The company's share price jumped some 2,000 per cent in 2017 after announcing a ...
India lost USD 13 billion to trade misinvoicing: Report
India lost a staggering USD 13 billion, over Rs 90,000 crore, to trade misinvoicing, equivalent to 5.5 per cent of the value of the country's total revenue collections in 2016, according to a report by the US-based think tank Global Financial Integrity. In 2016, almost two-thirds of Indian imports that appear to be most at risk for some degree of potential revenues losses are imports from just one country, China, which was by far India's largest source of imports in that year, GFI said in its latest report released this week. The report, "India: Potential Revenue Losses Associated with Trade Misinvoicing", analyses India's bilateral trade statistics for 2016 (the most recent year for which sufficient data is available), published by the United Nations (Comtrade) . "Trade misinvoicing is a reality impacting India and every other country of the world. Imports coming into a country can be over-invoiced in order to shift money abroad, or imports can be under-invoiced in order to evade ..
RBI cuts interest rates to 9-yr low, expects banks to quickly lower home, auto loan EMIs
In a move that may lead to lower home, auto and other loan EMIs, the RBI Thursday cut interest rates for the third time this year by 25 basis points to their lowest level in nine years and signalled more easing as it looked to support an economy growing at the slowest pace since the BJP first came to power in 2014. The Reserve Bank of India (RBI) cut the repo rate to 5.75 per cent and reverse repo rate to 5.50 per cent and expected banks to transmit these to home, auto and other loan borrowers faster. With all the six members of the Monetary Policy Committee (MPC) voting unanimously for a rate cut and switching of its stance to "accommodative" from neutral, RBI Governor Shaktikanta Das said the shift in the stance meant that an increase in interest rates is "off the table." He wanted banks to expedite the transmission of the current reduction in rates as well as similar ones that happened in February and April. In three back-to-back bi-monthly monetary policies, the RBI has lowered ...
Crude oil futures fall on low demand
Crude oil futures fell 0.19 per cent to Rs 3,601 per barrel Thursday after speculators booked profits at existing levels amid subdued spot demand. Crude oil for delivery in June contract was trading lower by Rs 7, or 0.19 per cent, to Rs 3,601 per barrel with a business volume of 3,601 lots on Multi Commodity Exchange (MCX). Analysts said fall in crude oil futures is mostly in tune with a weak trend in domestic markets where it slipped on profit-booking by speculators. Meanwhile, West Texas Intermediate was trading up 0.37 per cent at USD 51.87, while global benchmark Brent was down 0.35 per cent at USD 60.84 a barrel.
Ind, exporters should not depend on subsidies; work on improving competitiveness: Goyal
Commerce and Industry Minister Piyush Goyal Thursday said that industry and exporters should not depend on government subsidies and instead focus on becoming competitive. "I do not think that any programme or ambitious scheme can run only on subsidies and government help. We have to move out of this continuous effort and demand ... and make our industry truly competitive and self-reliant," he said here. He was addressing members of the Board of Trade and the Council of Trade Development and Promotion. "My own experience in the last five years is that wherever we have done away with subsidies, industry and business have progressed, grown and prosper,' Goyal said. The minister emphasised on the need to increase strengths of the industry as it would help in boosting manufacturing and exports. Accepting strengths would help in achieving the target of reaching USD 1 trillion exports in merchandise and USD 1 trillion in services in the next five years and also become an internationally ...
Rupee pares most early losses post RBI rate cut
The rupee pared most of its early morning losses and was trading marginally down by 5 paise at 69.31 against the American currency, after the Reserve Bank of India cut its repo rate by 0.25 per cent Thursday. The rupee had opened on a weak note at 69.41 at the interbank forex market and then fell further to 69.45 vs the USD. Following the RBI's Monetary Policy Committee (MPC) decision, the local currency recovered most of the lost ground. The domestic currency was trading at 69.31 at 1248 hrs, down 5 paise over its last close. The rupee had settled at 69.26 against the US dollar Tuesday. Indian bonds and Forex markets were closed Wednesday on account of Id-Ul-Fitr. Forex traders said, foreign fund outflows and rising crude oil prices also kept pressure on the Indian rupee. Moreover, heavy selling in domestic equities also weighed on the local unit. Brent crude futures, the global oil benchmark, rose 0.28 per cent to USD 60.80 per barrel. Foreign institutional investors (FIIs) remained
DHFL default: RBI to enusre financial stability
The central bank is closely monitoring the developments in the NBFC sector and housing finance companies and will ensure that financial stability is maintained, governor Shaktikanta Das said Thursday. The comments come following the bond defaults by mortgage lender DHFL on June 4, which led to a slew of rating downgrades of the company. The stock lost more than 20 percent Thursday. "We have been closely monitoring the performance and developments in the NBFC and HFC sectors," Das told reporters during the customary post-RBI policy conference. Stating that the central bank is committed to have a robust NBFC sector, Das said, "the RBI will not hesitate to take any measure to ensure financial stability in the sector." After DHFL's bond repayment default, rating agencies Crisil and Icra had on Wednesday downgraded rating on its Rs 850-crore commercial paper to 'default' from 'A4'. The rating revision factors in further deterioration in DHFL's liquidity profile and delays in ..
China grants 5G licenses for commercial use
China's Ministry of Industry and Information Technology (MIIT) on Thursday granted 5G licenses for commercial use, marking the beginning of a new era in the country's telecommunication industry.
Silver futures up 0.46% on global cues
Silver futures traded 0.46 per cent higher to Rs 37,011 per kg Thursday after participants widened their bets amid a firming trend overseas. On the Multi Commodity Exchange, silver for delivery in July contracts was trading higher by Rs 170, or 0.46 per cent, to Rs 37,011 per kg in a business turnover of 24,580 lots. Similarly, the September contracts of silver gained Rs 180, or 0.48 per cent, to trade at Rs 37,460 per kg in 4,599 lots. Marketmen attributed the rise in silver prices to participants raising bets in sync with a firm trend in global market. In the international market, silver was up 0.43 per cent at USD 14.86 an ounce in New York.
Zinc futures rise 1.39 pc on spot demand
Zinc prices rose by 1.39 per cent to Rs 204.45 per kg in futures trade Thursday, tracking a firm trend at the spot market on the back of pick-up in demand. On the Multi Commodity Exchange, zinc for June contracts was trading higher by Rs 2.80, or 1.39 per cent, to Rs 204.45 per kg with a business turnover of 4,508 lots. Marketmen said widening of positions by participants following pick-up in demand from consuming industries kept zinc prices higher.
Grandeur Products reports consolidated net profit of Rs 3.02 crore in the March 2019 quarter
Sales rise 327.70% to Rs 23.78 crore
RBI cuts repo rate by 25 basis points to 5.75 pc, shifts policy stance to accommodative
The Reserve Bank of India (RBI) on Thursday cut repo rate for the third consecutive time this year to 5.75 per cent from the current 6 per cent amid falling economic growth and uncertain global scenario.The six-member monetary policy committee (MPC) headed by Governor Shaktikanta Das kept cash reserve ratio (CRR) unchanged at 4 per cent in its second meeting for the fiscal year 2019-20."Growth impulses have weakened significantly as reflected in a further widening of the output gap compared to the April 2019 policy. A sharp slowdown in investment activity along with a continuing moderation in private consumption growth is a matter of concern," said Das after the meeting."The headline inflation trajectory remains below the target mandated to the MPC even after taking into account the expected transmission of the past two policy rate cuts," he said."Hence, there is scope for the MPC to accommodate growth concerns by supporting efforts to boost aggregate demand, and in particular, ...
RBI to push banks for passing on rate cut benefits to consumers
Amid reluctance by banks to pass on the benefits of lower lending rate, RBI Governor Shaktikanta Das on Thursday said that the central bank would make sure that transmission of reduced repo rate would be faster and higher.
RBI cuts lending rate by 0.25% to push growth
To give a boost to the sagging economy, the Reserve Bank of India 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. The third reduction in the benchmark lending rate or repo rate in the last five months is expected to bring down the EMIs on home and auto loans, and reduce the debt repayment burden on corporates. In all, the central bank has reduced the benchmark lending rate by 0.75 percentage point since February this year. With the 0.25 percentage point cut Thursday, the repo rate, at which the central bank lends to the system, comes down to 5.75 per cent, as was widely expected. Earlier, the repo rate was at 5.75 per cent in July 2010. Consequently, the reverse repo rate under the LAF stands adjusted to 5.50 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 6.0 per cent. The six-member Monetary Policy Committee (MPC) also ...
Market extends slide after RBI policy outcome
Stocks extended slide in early afternoon trade after the Reserve Bank of India (RBI) slashed repo rate by 25 basis points. At 12:27 IST, the barometer index, the S&P BSE Sensex, was down 279.02 points or 0.7% at 39,804.52. The Nifty 50 index was down 98.95 points or 0.82% at 11,922.70. Bank stocks declined after the RBI policy.
RBI removes charges on RTGS/NEFT transactions; asks banks to pass on benefits
The Reserve Bank of India Thursday said it has done away with charges on fund transfers through RTGS and NEFT routes to boost digital transactions and asked banks to pass on the benefits to customers. The Real Time Gross Settlement System (RTGS) is meant for large-value instantaneous fund transfers while the National Electronic Funds Transfer (NEFT) System is used for fund transfers up to Rs 2 lakh. Country's largest bank SBI charges between Re 1 and Rs 5 for transactions through NEFT and between Rs 5 and Rs 50 for RTGS route. In its statement on developmental and regulatory policies after the Monetary Policy Committee's meeting, the RBI said it levies minimum charges on banks for transactions routed through RTGS and NEFT system for other fund transfers. Banks, in turn, levy charges on their customers. In order to provide an impetus to digital funds movement, it has been decided to do away with the charges levied by the RBI for transactions processed in the RTGS and NEFT systems, it ..