Page 1220 - Business Finance
U.S. trying to contain rise of China: Alibaba executive
HONG KONG (Reuters) - The Sino-U.S. trade war has spurred anti-China sentiment, a senior Alibaba Group Holding Ltd executive said, adding that the United States was trying to contain the rise of China.
Maruti Suzuki Q3 net profit falls 17% at Rs 1,489 cr
The country's largest carmaker Maruti Suzuki India (MSI) Friday reported 17.21 per cent decline in net profit at Rs 1,489.3 crore for the third quarter ended December 31, 2018. The company had posted a net profit of Rs 1,799 crore in the same period of previous fiscal. Total income during the October-December quarter under review stood at Rs 20,585.6 crore as against Rs 19,528.1 crore in the year-ago period. The company sold a total of 4,28,643 vehicles during the quarter, a marginal decline of 0.6 per cent, over the same period the previous year, MSI said in a statement. Maruti Suzuki shares were trading 6.85 per cent down at Rs 6,555.40 on the BSE.
Board of Premier Explosives approves allotment of 1.15 lakh equity shares on conversion of warrants
At meeting held on 25 January 2019
Wedding season pushes gold prices by Rs 90 to Rs 33,300 per 10 gm
Gold prices edged up by Rs 90 to Rs 33,300 per 10 gram at the bullion market Friday on fresh buying by local jewellers to meet wedding season demand amid positive global cues. Silver prices also recovered by Rs 100 to Rs 40,050 per kg on increased offtake by industrial units and coin makers. Marketmen said, gold prices rose due to increased buying by jewellers to meet the ongoing wedding season demand at the domestic spot market. Moreover, a firm trend overseas supported the rise in yellow metal prices, they said. Bullion market will be closed on Saturday on account of Republic Day. Globally, gold rose 0.21 per cent to USD 1,284.30 an ounce and silver by 0.39 per cent to USD 15.41 an ounce in New York. In the national capital gold of 99.9 per cent and 99.5 per cent purity climbed Rs 90 each to Rs 33,300 and Rs 33,150 per 10 gram, respectively. It had held steady on Thursday. Sovereign gold, however, remained flat at Rs 25,500 per piece of 8 gram. Tracking gold, silver ready rose by Rs
Vodafone 'pauses' Huawei deployment in its core network
LONDON (Reuters) - Vodafone, the world's second largest mobile operator, said it was "pausing" the deployment of Huawei equipment in its core networks until Western governments resolve concerns about the Chinese company's activities.
Ocean Bunkering tops 2018 list of Singapore's largest marine fuel suppliers
SINGAPORE (Reuters) - Singapore-based Ocean Bunkering Services (OBS) Pte Ltd topped the 2018 list of largest marine fuel suppliers operating in the world's biggest ship refuelling hub, data released from the Maritime and Port Authority (MPA) of Singapore showed on Friday.
SIAM seeks increase in customs duty for commercial vehicle CBUs
Auto industry body SIAM Friday sought increase in customs duty for imported fully-built commercial vehicles to 40 per cent from the current 25 per cent as part of its wish list ahead of the Budget. Society of Indian Automobile Manufacturers (SIAM) has also suggested the government to not change customs duty on completely built units (CBU) of cars and two-wheelers. Customs duty on two-wheeler and cars currently ranges from 50-100 per cent. "With respect to customs duty, SIAM has suggested to the government that for CBU of cars and two-wheelers, rates should remain at the same level. But, for commercial vehicles CBUs, rates should be increased from 25 per cent to 40 per cent, which is the bound rate committed by India in WTO," SIAM Deputy Director General Sugato Sen said in a statement. However, 40 per cent rate should not be applicable to completely knocked down units (CKD) and semi-knocked down (SKD) units. Import duty on CKD units currently ranges between 15 per cent and 30 per cent,
Sensex, Nifty erase gains; Zee Entertainment slumps
Key equity indices reversed trend and slipped into negative terrain in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 118.25 points or 0.33% at 36,076.85. The Nifty 50 index was down 60.80 points or 0.56% at 10,789.
Steps to help MSMEs, ease farmers' distress increase risk of fiscal slippage: Moody's
Moody's Investors Service Friday said the steps announced by the government to aid MSMEs and the measures being planned to support farmers will increase the risk of fiscal slippage and push deficit to 3.4 per cent of GDP in the current financial year. The government had budgeted the fiscal deficit for the current financial year at 3.3 per cent of the gross domestic product (GDP). However, in the April-November period, the deficit touched 114.8 per cent of the budget estimates. Moody's said meeting the short-term fiscal objectives through one-off sources of revenue, such as special dividend from the Reserve Bank of India (RBI), and cuts in capital expenditure would denote low fiscal policy effectiveness. "Over the past month, India's government has announced a range of policies to support the incomes of small enterprises and low-income households. It is also considering additional steps to support farmers facing financial distress. In the absence of new revenue-boosting measures, the ..
Mastercard nudges Visa's offer to buy British payments firm Earthport
(Reuters) - Mastercard Inc made a 233 million pound ($305 million) bid to take over payments firm Earthport Plc on Friday, scuppering rival Visa Inc's attempts to buy the British company.
Hindustan Zinc Ltd drops for fifth straight session
Hindustan Zinc Ltd is quoting at Rs 254.3, down 1.42% on the day as on 13:19 IST on the NSE. The stock tumbled 16.39% in last one year as compared to a 2.13% slide in NIFTY and a 30.23% fall in the Nifty Metal index.
Mauritius PM inaugurates SBM Bank (India) Ltd in Mumbai
Mauritius Prime Minister P.K. Jugnauth inaugurated the SBM Bank (India) Ltd, which becomes the first foreign bank in India that was granted the Reserve Bank of India (RBI) licence to operate as a wholly owned subsidiary, an official said on Friday.
IndiGo to start Delhi-Istanbul flight
Budget passenger carrier IndiGo will operate daily non-stop flights between Delhi and Istanbul effective March 20, with Airbus A321 aircraft.
Sensex up 160 points, Nifty marginally short of 10,900
Positive global markets and a strengthening rupee, with its third straight session of gains, aided the key equity indices to trade on a firm note on Friday afternoon.
Yes Bank shares continue rising spree, surge nearly 14%
Shares of Yes Bank gained for the second straight session Friday, surging nearly 14 per cent, after the company named Deutsche Bank's India head Ravneet Singh Gill as the next managing director and chief executive. The stock soared 10.49 per cent to Rs 236.30 on BSE. On NSE, shares of the company jumped 13.74 per cent to Rs 245. The stock was the biggest gainer among the bluechips on both the key indices during morning trade. In terms of equity volume, 102.71 lakh shares of the company were traded on BSE, while over 13 crore shares changed hands on NSE during the morning session. Shares of Yes Bank Thursday also soared over 9 per cent following the announcement. Ending months of speculation over who will succeed Rana Kapoor, Yes Bank Thursday named Gill as the next managing director and chief executive. Incumbent Kapoor, who is also a co-promoter of the fifth largest private sector lender, was asked to step down by the Reserve Bank by January 31.
Natco Pharma to invest Rs 100 cr for setting up agrichemical facilities in Andhra
Natco Pharma Friday announced to set up greenfield agrichemical manufacturing facilities with an investment of Rs 100 crore in Andhra Pradesh. "Natco Pharma has initiated work on green-field manufacturing facilities for producing niche agrichemical products in Nellore district of Andhra Pradesh," the company said in a regulatory filing. The company expects the facilities to be commissioned by the end of 2019. It said the facilities would manufacture both agrichemical technical and formulation products. "Natco believes that its pharma strength in chemistry coupled with an acumen towards selection of niche molecules would differentiate itself in the agrichemical space as well," it added. During the day, the drug major's shares were trading 0.83 per cent lower at Rs 676 apiece on the BSE.
Benchmarks further pare gains
Key barometers further pared gains in afternoon trade. At 13:26 IST, the barometer index, the S&P BSE Sensex, was up 166.88 points or 0.46% at 36,361.98. The Nifty 50 index was up 42.90 points or 0.40% at 10,892.70. The Nifty was trading below 10,900 mark after briefly crossing that level in early trade.
Hyundai Motor to cut China jobs, review optimization plans after sales slump
SEOUL (Reuters) - Hyundai Motor said its Chinese joint venture is accepting voluntary retirements from employees and reviewing various "optimization plans" at its factories in the country, following a slump in car sales.
Increase custom duty on imported TV, AC, refrigerators and washing machines: CEAMA to govt
The Consumer Electronics and Appliances Manufacturers Association (CEAMA) Friday urged the government to raise customs duties on imported finished goods while lowering the same on components in order to promote domestic manufacturing. Ahead of the interim-Budget, CEAMA has suggested to increase the basic customs duty (BCD) on import of finished goods such as TV, AC, refrigerators and washing machines. CEAMA also called for a reduction in BCD on critical components such as compressors, open cell and display panel used by the industry to 5 per cent from the existing 10 per cent, to boost domestic manufacturing. "This would help local manufacturers produce goods at competitive prices and promote exports as well with tax benefits on exports of ACE goods," said CEAMA President Kamal Nandi. According to the industry body, contrary to the 'net zero import in electronics' objective of the government, finished goods are often imported at a lower duty than parts in the country, on account of ...
Goldman warns as UK lawmakers examine life after Brexit for banks
LONDON (Reuters) - British lawmakers launched an inquiry on Friday to plot the best way forward for finance after Brexit as Goldman Sachs warned it could cut jobs if the United Kingdom crashes out of the bloc without an agreement in two months' time.