Page 1212 - Business Finance
Paisabazaar.com helps 8.3 lakh customers increase their Credit Score by over 100 points
Paisabazaar.com, India's largest marketplace for financial products, announced today that its credit awareness initiative has helped around 8.3 lakh customers improve their credit score by over 100 points within six months.Paisabazaar.com, which is the clear market leader for lending products, has been providing consumers with their free credit report with monthly updates since January 2017. It aims to ensure its customers are well-aware of their credit score and take adequate steps to build it over time, which would make them eligible for the best lending products available at lower cost."There are around 250 million people on the credit bureau in India, out of which only 40-45 million are prime customers with a strong credit score of 750 and above. Most banks and financial institutions prefer this segment to distribute their lending products. To increase the penetration of formal credit, Paisabazaar.com for the last 2+ years has been helping customers become aware of their credit ...
Cash-strapped Pakistan receives $1 bn each from Saudi Arabia, UAE
Battling a severe financial crunch, Pakistan received the third tranche of $1 billion from Saudi Arabia and a similar amount from the United Arab Emirates.On its Twitter account, the State Bank of Pakistan confirmed that it has received the amount.Under the financial package, Saudi Arabia had agreed to provide $3 billion to Pakistan as balance of payment support besides providing oil on deferred payment for three years, Radio Pakistan reported.The State Bank of Pakistan has also received $1 billion from the UAE which has committed to provide a financial support package of $3 billion to Pakistan.Pakistan has also approached China for funds to avoid its balance of payment crisis.Pakistan's current account deficit rose to $7.9 billion in the first half of the current fiscal and is likely to reach $16-18 billion by June 30.Finance Minister Asad Umar on Thursday said there was no panic in Pakistan over a bailout package from the International Monetary Fund (IMF) and the country would ...
Corporate profits-to-GDP ratio at 15 year low in 2018: Report
Weak corporate earnings pushed the corporate profits-to-GDP ratio among the Nifty 500 companies to a 15 year low of 2.8 per cent, a Motilal Oswal report said on Friday.
Larsen & Toubro third-quarter profit jumps 37 percent, beats estimates
(Reuters) - Industrial conglomerate Larsen & Toubro Ltd posted a 37 percent surge in third-quarter profit on Friday, beating analysts' expectations, due to strong execution in project and service businesses.
Tata Motors to launch new premium hatchback in Q2 FY'20
Tata Motors will launch a new premium hatchback based on the 45X concept in the second quarter of next fiscal, a senior company official said Friday. The 45X concept made debut at the Auto Expo last year, along with H5X, based on which the company has introduced the Harrier SUV. The upcoming hatchback, based on 45X, will rival Maruti Suzuki's Baleno. "We are going to launch it after six-seven months, in quarter second," Mayank Pareek, president of passenger vehicle business unit of Tata Motors told reporters when asked about the launch of 45X. Pareek, who was here for the launch of Harrier, said the company has registered a significant growth in the last three years after it introduced new vehicles with attractive designs and features and robust safety aspects. "Against the car industry growth of 4.4 per cent from April to December in the current fiscal, Tata Motor's growth was 21.4 per cent. In Rajasthan also, the company grew at 30 per cent against the industry growth of 6-7 per ...
Rupee settles 10 paise lower at 71.17 against US dollar
The rupee Friday weakened by 10 paise to close at 71.17 against the US dollar amid increasing demand for the greenback from exporters and heavy selling in domestic equities. On a weekly-basis, however, the Indian currency registered a marginal gain of 2 paise. The rupee had registered losses in the previous two successive weeks. Forex traders said concerns related to fiscal slippage weighed on the local unit. At the Interbank Foreign Exchange (forex) market, the rupee opened higher at 71.03, but during the day it came under selling pressure. It finally finished at 71.17 per dollar, down by 10 paise against its previous close. On Thursday, the rupee had gained 26 paise to end at 71.07 against the US dollar. "Most of the Asian currencies gained against the American dollar on back of foreign fund inflows, while Indian rupee bucked the trend today after rating agency Moody's flagged concerns related to fiscal slippage," said V K Sharma, Head PCG and Capital Market Strategy, HDFC ...
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Nasscom hails angel tax relief on investments in start-ups
Terming the recent notification on exempting investments in start-ups from angel tax as a step in the right direction, the Indian IT industry apex body Nasscom on Friday said the issue (angel tax) had been contentious as it was impacting the growth of the emerging ecosystem and in ease of doing business.
'Budget to reveal government's priority, farm distress or fiscal discipline'
The interim budget may be the last chance for the Modi government to "woo and win" a large section of society facing agri challenges but the actual package will reflect its commitment towards the farmers vis-a-vis fiscal consolidation, a report said.
Jio became overall India handset market leader in 2018: Counterpoint
Reliance Jio became the overall market leader across all handset types in 2018 with a market share of 21 per cent as feature phones grew faster than smartphones for the first time ever, Counterpoint Research said on Friday.
Domestic tractor sales to grow 12% in FY19: Report
Tractor sales in the country are likely to grow by 12 per cent in the ongoing fiscal, a Centrum Broking report said on Friday.
Pakistan receives USD 2 bn from UAE, Saudi Arabia
Cash-strapped Pakistan has received USD 1 billion each from Saudi Arabia and the United Arab Emirates (UAE), as part of the bailout package by the two Gulf nations to help shore up Islamabad's dwindling foreign currency reserves. The country's central bank, the State Bank of Pakistan (SBP), on Friday confirmed that Pakistan has received the third tranche of USD 1 billion as part of balance-of-payments support from close ally Saudi Arabia. On Thursday, the SBP tweeted that USD 1 billion has been received from the UAE. The assistance was the first part of the USD 3 billion assistance announced by the Gulf nation. The amount was received under an agreement, signed on Tuesday, by SBP Governor Tariq Bajwa and Abu Dhabi Fund for Development Director General Saif Al Suwaidi, the SBP said. Saudi Arabia's assistance was part of the USD 6 billion bailout package - USD 3 billion balance-of-payments support and another USD 3 billion in deferred payments on oil imports - which Riyadh had agreed in
SC dismisses plea seeking immediate refund after failed transaction
The Supreme Court Friday refused to entertain a plea seeking forthwith refund of money into the account of a person after a failed financial or banking transaction. A bench comprising Chief Justice Ranjan Gogoi and Justice Sanjiv Khanna, however, asked lawyer G S Mani, who had filed the PIL in his personal capacity, to give a representation to the Reserve Bank of India (RBI). The lawyer said that if a person, by using the debit or credit card, enters into a failed financial transaction, then it takes a lot of time in getting the refund or reimbursement. He said that a direction be issued to the RBI to ensure that banking customers get immediate refund after failed transactions. "Heard the petitioner who is appearing in-person and perused the relevant material. The Article 32 petition is not entertained for the present and is, accordingly, dismissed. "However, the petitioner has option of filing a representation before the Central Bank that is Reserve Bank of India and if measures' ...
DHFL Q3 net profit falls 36.7 pc to Rs 314 cr
Housing finance company DHFL Friday reported a 36.7 per cent decline in its net profit to Rs 313.60 crore for the third quarter ended December 2018. The Mumbai-based company had posted a net profit of Rs 495.44 crore in the third quarter of last fiscal. However, total income rose to Rs 3,255.9 crore during the quarter, compared with Rs 2,896.66 crore in the corresponding quarter a year ago, DHFL said in a statement. On the asset side, the firm's gross non-performing assets (NPA) rose to 1.12 per cent, compared with 0.96 per cent in the year-ago quarter. Net interest margin stood at 2.91 per cent at the end of December 2018. Loan book outstanding grew 15.2 per cent to Rs 96,839 crore during the quarter ended December 31, 2018, against Rs 84,028 crore in the corresponding quarter of the previous year. Following a series of payment defaults by group companies of IL&FS towards the end of August, concerns were raised about over leveraging and liquidity crunch to meet payment obligation
Wall Street Week Ahead: U.S. fund managers play defense during shutdown
NEW YORK (Reuters) - U.S. fund managers are retreating from consumer-related stocks and increasing exposure to loan-focused companies as investors worry the U.S. government shutdown - now the longest in U.S. history - may leave some deep scars on the economy.
Asia Gold: India buyers cash in on dips; Lunar New Year boosts China demand
MUMBAI/BENGALURU (Reuters) - Demand for physical gold in India improved slightly this week as local prices eased from their highest level in over five years, while buying gathered steam in China ahead of the Lunar New Year festival.
Sebi grants central counterparty status to clearing corps operating in GIFT IFSC
Markets regulator Sebi Friday said it has granted qualifying central counterparty (QCCP) status to two clearing corporations operating in Gujarat International Finance Tec-City, an International Financial Services Centre (GIFT IFSC). The two entities are India International Clearing Corporation (IFSC) Ltd and NSE IFSC Clearing Corporation Ltd. They carry out the functions of clearing, settlement, collateral management and risk management for various segments of the exchanges. A QCCP member is subjected to lower capital requirements under the Basel-III framework introduced by the Basel Committee on Banking Supervision. "India International Clearing Corporation (IFSC) and NSE IFSC Clearing Corporation are granted the status of QCCP," the Securities and Exchange Board of India (Sebi) said in a statement. Clearing corporations is regulated by the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India, for select products. Further, it is also subjected, on an on-going .
Deutsche Bank board members not pushing for Commerzbank tie-up: union
BERLIN (Reuters) - There is no desire among Deutsche Bank's supervisory board members for a merger with rival Commerzbank in the near-term, a Deutsche board member said.
Nearly half WTO members agree to talks on new e-commerce rules
DAVOS, Switzerland (Reuters) - Impatient with a lack of World Trade Organization rules to cover the explosive growth of e-commerce, 76 countries and regions including the United States, the EU and Japan agreed on Friday to start negotiating a set of open and predictable regulations.
Ltt Liv Held its First Ever Franchise Partner Meet as it Enters the Indian Market
/ -- Ltt Liv, a one-of-its-kind international lifestyle chain store, is making headway in India with its Scandinavian-minimalist design approach and affordable range of products. Ltt Liv's first ever and much-awaited franchise partner meet took place on 12th January 2019, at the Leela Kempinski Hotel, Gurugram, and was attended by some of the biggest names in the industry and some of the most popular lifestyle bloggers of the country. (Photo: https://mma.prnewswire.com/media/813567/Latt_Liv_store.jpg ) Ltt Liv as a brand cherishes simple, easy Scandinavian lifestyle and this philosophy is reflected in its diverse, elegant, yet practical lifestyle products. Ltt Liv boasts an impressive roster of products that range from minimally designed and beautifully crafted bags to stationery products, from beauty products to fashion accessories. The key product categories of Ltt Liv are gifts & dcor, digital, stationery, household, seasonal, bags, beauty & body and fashion ...