Page 13 - Business Finance
India's crude steel output grows 5 pc in May: worldsteel
India's crude steel output rose 5.1 per cent to 9.196 million tonnes (MT) during May 2019, according to a World Steel Association report. The country had produced 8.753 MT of crude steel during the same month in 2018, the global body said in its latest report. Global crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 162.744 MT in May 2019, a rise of 5.4 per cent, compared to 154.460 MT in May 2018, it said. "India produced 9.196 MT of crude steel in May 2019, up 5.1 per cent over 8.753 MT in May 2018," the report said. China has registered a 10 per cent rise in its output of crude steel at 89.091 MT as against 81.018 MT during same month last year. Japan, from whom India bagged the tag of world's second largest producer of crude steel, has reported a fall of 4.6 per cent in its output at 8.676 MT as compared to 9.096 MT in May 2018. The US produced 7.653 MT of crude steel in May 2019, a 5.4 per cent increase as against 7.263 MT in ...
Shares of automakers slide on proposal over electric vehicles transition
Shares of automakers fell by up to 3 per cent Monday after Niti Aayog asked industry body SIAM along with conventional two and three-wheeler makers to suggest within two weeks, concrete steps towards transition to electric mobility. The scrip of Eicher Motors fell 3.05 per cent, Bajaj Auto declined 1.97 per cent, Hero MotoCorp 1.28 per cent and TVS Motor 0.62 per cent on the BSE. "With declining auto sales, lack of supply chain for electric vehicles, no charging infrastructure, transition to BSVI efficient standards, auto companies are facing a tough time juggling between weak revenues, dented margins and re-investment required to build 2 and 3 wheelers to match with the latest norms. "The pressure to switch when they are already facing a tough time will impact their margins further," said Umesh Mehta, Head of Research, Samco Securities. Changing from conventional two-wheelers to 100 per cent electric is "not like Aadhaar, not a software and print cards" and such transition is ...
Economists raise concern over infrastructure gaps in Karnataka
Leading economists of Karnataka on Monday raised concerns over large infrastructure gaps and widening democratic deficit during a meeting with members and senior officials of the 15th Finance Commission.In the area of democratic decentralisation in which Karnataka is a pioneer, various recent studies and trends related to the third tier of the government were discussed with the commission headed by its Chairman N K Singh.With regards to urban local bodies, attention was drawn towards increasing fiscal needs due to rapid urbanisation. Karnataka has a total of 280 urban local bodies of which 115 are town municipal councils, 92 are town panchayats, 58 are city municipal councils, 11 are municipal corporations and 4 notified area councils.The Commission said that there have been no releases of performance grants to urban local bodies in 2017-18 and 2018-19. Revenue from advertisement tax for urban local bodies was estimated to be Rs 200 crore in 2018-19. However, the Goods and Services ...
IIFT's Centre for trade facilitation and logistics working to boost performance of 9 key trade sectors on global level
The Centre for Trade Facilitation and Logistics (CTFL), under the aegis of the Indian Institute of Foreign Trade (IIFT), recently organised a round table meet at the IIFT, New Delhi campus.The meet was attended by heads and representatives from various key sectors along with academicians and logistics experts. The round table meet was chaired by N. Sivasailam, Special Secretary, Logistics Division, Ministry of Commerce and Industry and Prof Manoj Pant, Head CTFL and Director IIFT.The CTFL is an institution that was set up at the IIFT Campus in 2018 by the Logistics Division, Ministry of Commerce and Industry, Government of India. CTFL aims at helping India's Trade and Logistics expertise by acting as a forum for collaborations on domestic and international fronts to gain competitiveness at a global level.CTFL is working towards the development of a sector specific Logistics Performance Index (LPI-S). There is no such index at present; the purpose of this index is to serve as a common .
Ailing Pakistan gets USD 3 billion bailout from Qatar
Cash-strapped Pakistan on Monday secured a bailout package of USD 3 billion from oil-rich Qatar, a day after Emir Sheikh Tamim bin Hamad concluded his visit to Islamabad and agreed to cooperate in the fields of trade, anti-money laundering and curbing terror financing. The Gulf state is the fourth nation that has come forward to rescue Pakistan from default during past 11 months as the government of Prime Minister Imran Khan tries to overcome a ballooning balance-of-payments crisis. Earlier, China gave USD 4.6 billion in shape of deposits and commercial loans and Saudi Arabia provided USD 3 billion cash deposit and USD 3.2 billion oil facility on deferred payments. The United Arab Emirates also provided USD 2 billion cash deposit. Qatar's financial assistance was announced by its foreign minister Sheikh Mohammed bin Abdulrahman Al Thani. "Upon the directives of HH the Amir, the Deputy Prime Minister and Minister of Foreign Affairs announces of new investments in the form of deposits ..
Emami promoters further divests stake to pare debt
The promoters of Emami Group have further undertaken a stake sale of 10 per cent in Emami Limited for raising approximately Rs 1,230 crore. This amount is intended to be used primarily for further reducing debt at the promoter level. The stake sale occurred on the floor of the stock exchange to marquee institutional investors, a company statement said on Monday. This is for the second time that the company promoters were divesting their stakes. In February, the company promoters sold a similar quantum of stake to raise Rs 1,600 crore. The total promoter stake in Emami Limited subsequent to the stake sale, stands at a controlling majority of 52.74 per cent. The promoters intend to maintain this controlling majority stake in Emami Limited without further diluting it, the statement added. "The promoters of Emami Group have more than adequate pool of diverse assets of value. With a view to further reduce the debt and reap the benefits of such investments for the benefit of .
Stocks end lower in volatile trade, metal and realty scrips drag
Equity benchmark indices closed with marginal cuts on Monday, dragged down by metal, realty and auto stocks.A delay in monsoon, weak global cues, and rise in oil prices dampened the market sentiment further.The BSE S & P Sensex closed 72 points lower at 39,123 while the Nifty 50 was down 24 points at 11,700. At the National Stock Exchange (NSE), most sectoral indices were in the negative zone. Nifty metal was down 1.3 per cent, realty by 0.9 per cent and auto by 0.46 per cent.Among stocks, JSW Steel slipped 3.4 per cent while Tata Steel was down 2.36 per cent. Eicher Motors showed a loss of 3.27 per cent while Bajaj Auto was dipped 2.14 per cent. ONGC also suffered a loss of over 3 per cent.Two- and three-wheeler manufacturers are resisting the government's plan to ban internal combustion engine -powered vehicles of less than 150 cc by 2023 and 2025 respectively and replace them with electric vehicles.The other losers were mining major Vedanta, Tech Mahindra, Britannia, and Dr ...
Culprit of massive Tokyo rail power outage is a slug!
A slug has been held responsible for bringing Japan's high-speed rail network to a halt last month.Presence of the mollusc in the rail network's electrical equipment box caused the outage on May 30.The power cut on the railway line, overseen by the JR Kitakyushu rail company, left 12,000 passengers stranded and helpless.A spokesman of the company informed that the slug squirmed its way through a gap in the power box."We have not heard of power outages caused by slugs in recent years. If we find such a gap when inspecting equipment (in the future), we will fix them," he said, as cited by CNN.The power outage occurred during the rush hours at around 9:40 am which subsequently led the rail company to cancel 26 trains in total.Upon inspection by the engineers, it was found that the rail networks electrical equipment housed a dead charred slug measuring two to three centimetres.A company spokesman suggested that the slug was burned to death after coming in contact with an electrical cable .
NTPC to form JV company with Power Grid Corporation of India
The aforesaid JVC shall be incorporated only after obtaining necessary approvals of the Government.
Britain's Lloyds bank freezes 8,000 offshore accounts
Britain's Lloyds Banking Group has frozen 8,000 customer accounts under a wider crackdown on money-laundering, the lender announced Monday. LBG took action late last year after a change to money-laundering rules in Jersey, home to the lender's international division, the Financial Times had reported. Lloyds froze the accounts after failing to obtain details regarding customer identities despite multiple requests, a company spokesman told AFP. "In January 2016, we began to contact certain expatriate banking customers to ensure we were provided with up-to-date information for our records, where customer information was missing," the spokesman said. "This was required to meet international regulatory standards... Unfortunately, where a customer has not provided us with this necessary information we have had to freeze their account until we get the information." The news comes amid international moves towards greater tax transparency, including in UK crown dependencies Jersey, Guernsey ...
Ramco Systems wins contract from European rail and multimodal freight transport provider Forwardis
This win, marks Ramco's entry into the European Logistics industry. In line with Forwardis' vision to become the gateway offering the best sustainable and green logistics, the company has embarked on IT modernization program with Ramco.
DCB Bank allots 23,900 equity shares
Under ESOP
Outlook moderates for manufacturing in quarter 1 of 2019-20: FICCI Survey
High input cost continues to impact growth & competitiveness: FICCI Survey
Nifty slips below 11,700; two-wheeler stocks skid
Selling picked up pace in mid-afternoon trade, with the Nifty slipping below 11,700-mark. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 75.15 points or 0.19% to 39,119.34. The Nifty 50 index was down 22.05 points or 0.19% to 11,697.90.
Gold prices fall by Rs 100 on easing demand
Gold prices declined by Rs 100 to Rs 34,270 per 10 gram in the bullion market here on Monday due to easing demand from jewellers despite a positive overseas trend, according to the All India Sarafa Association. Silver, however advanced by Rs 90 to Rs 39,090 per kg on increased offtake by industrial units and coin makers. According to traders, decline in demand from local jewellers at the domestic spot market led to the dip in gold prices, though a firm global trend capped the fall. Globally, spot gold was trading higher at USD 1,404.92 an ounce, while silver was up at USD 15.36 an ounce in New York. "Spot gold prices are hovering near six-year highs on growing tensions in the Middle East and dovish comments from the major central banks that boosted the yellow metal's safe haven appeal," said Hareesh V, Head-Commodity Research, Geojit Financial Services. "A weak dollar, which plummeted to a three-month low on expectations of an imminent interest rate cut by the US Federal Reserve, also
Embassy Group's NRI Perception ranks first in the Industry
Embassy Group, India's leading real estate developer, has been ranked first in NRI Perception in the Annual Brand Perception Audit Report by Track2Realty, an independent research venture recently.Embassy Group has been accredited as the brand performer of the year with its second position on the brand leadership index; it has made a giant leap as the 2nd best brand in the super luxury residential sector.Embassy Commercial improved its brand score to an all-time high backed by the recent successful REIT listing, and retains the top position in the Hospitality segment, according to the comprehensive survey conducted on the real estate sector."Recognition from the Industry is a testament to our hard work and foresight in building our diversified portfolio encompassing all businesses of real estate - commercial, residential, industrial and hospitality. We are very happy to see Embassy as a key contributor to the Real Estate Industry in India, having strengthened consumer confidence from ..
Bank of Mongolia to drive digital transformation with Intellect Design Arena
Financial technologies major Intellect Design Arena on Monday announced an engagement with the Bank of Mongolia to implement its award-winning Quantum central banking solution.The product will accelerate Mongolia's central bank's digital transformation initiatives under the payment system modernisation project funded by the Asian Development Bank (ADB).According to ADB's Asian Development Outlook Report, Mongolia's economic growth is expected to remain solid in the next two years. The Bank of Mongolia's digital transformation agenda is expected to create a stable financial system and further strengthening the country's economic performance.Intellect's central banking solution is a comprehensive robust solution which comprises integrated functional modules such as enterprise general ledger, banking services, government services, monetary policies, credits and collateral management, currency life cycle management, trade finance, banking services portal, bullion management, treasury, ...
Cox & Kings Ltd leads losers in 'A' group
Reliance Power Ltd, Emami Ltd, Glenmark Pharmaceuticals Ltd and Jaiprakash Associates Ltd are among the other losers in the BSE's 'A' group today, 24 June 2019.
Omkar Speciality Chemicals forays into CRAMS business
In order to capitalise on the recent revision of the Market Access Initiative by the Ministry of Commerce and Industry, OSCL foresees a strong growth opportunity in CRAMS business, and showcase our manufacturing capabilities in various specialty therapy areas such as anti-diabetology, anti-cardiovascular and oncology, which is skewed towards high-end research and complex technology services, at low cost, said Rishikesh P. Herlekar, Whole-Time Director, Omkar Speciality Chemicals.
15th Fifteenth Finance Commission meets representatives of Karnataka ULBs
The 15th Finance Commission headed by NK Singh along with its members and senior officials on Monday met with the representatives of the Urban Local Bodies (ULBs) of Karnataka.According to an official statement, all 17 functions of the 18 as envisaged in the 12th schedule of the Constitution have been devolved to ULBs in Karnataka. One remaining function of fire services was devolved only to the Bruhat Bengaluru Mahangara Palike (BBMP).The State has been releasing funds currently as per the recommendations of the 4th State Finance Commission ( 2018-19 to 2022-23).Karnataka has a total of 280 ULBs, of which 115 are Town Municipal Councils, 92 are Town Panchayats, 58 are City Municipal Councils, 11 are Municipal Corporations, and four Notified Area Councils.According to the official statement, 48 per cent of the non-loan net own revenue (NLNORR) of the state is to be allocated to local bodies. One per cent of the NLNORR may be earmarked to the Brihat Bengaluru Municipal Corporation.The .
