Page 1302 - Business Finance
Cottonseed oil cake futures up on higher demand
Cottonseed oil cake prices rose by Rs 37 to Rs 1,984 per quintal in the futures trade Thursday after tracking an upbeat trend at the physical markets due to good demand. At the National Commodity and Derivatives Exchange, cottonseed oil cake to be delivered in February rose by Rs 37, or 1.9 per cent, to Rs 1,984 per quintal with an open interest of 64,840 lots. The rates for April were up by Rs 35.5, or 1.8 per cent, at Rs 2,007 per quintal.
BOJ warns Japan faces new risks as population shrinks
Japan faces unforeseen risks in guiding economic policy as its population of about 126 million ages and declines, the governor of its central bank said Thursday. Bank of Japan Gov Haruhiko Kuroda told fellow financial leaders Thursday that policies must be devised to prevent the shrinking population from hindering economic growth. Since taking his post in April 2013, Kuroda has flooded Japan's economy with cash through central bank asset purchases to help fight deflation and keep the economy growing. The BOJ also imposed a negative interest rate policy to keep lending costs ultralow in the longer term. Kuroda told a seminar that while the conventional strategy of controlling short-term interest rates is well understood, the unconventional methods the Bank of Japan has adopted can have unexpected consequences. Kuroda said one of the potential pitfalls could be if banks use cheap credit to seek higher yielding, high-risk investments harmful to financial stability. "Policy makers need to
GDP growth likely to be tad higher at 7.5 pc in FY20, says Ind-Ra
The country's economy is likely to grow a tad higher at 7.5 per cent in 2019-20 on account of steady improvement in major sectors -- industry and services, said India Ratings and Research (Ind-Ra) Thursday. According to the advance estimates of the Central Statistics Office (CSO), the economy may clock a growth rate of 7.2 per cent in the current financial year, up from 6.7 per cent in the previous year. Ind-Ra, a Fitch Group company, expects gross domestic product (GDP) growth to be a "tad higher" at 7.5 per cent in fiscal 2019-20. After demonetisation and the GST implementation, the agency had expected 2018-19 to be a year of quick recovery and, indeed, the recovery has been sharp with GDP growth coming in at 7.2 per cent, it said. It further said GDP growth would have been even better but for the global headwinds caused by an abrupt rise in crude oil prices and strengthening of the US dollar, among other factors. "However, GDP growth in 2019-20 will be more dispersed and evenly ...
HUL Q3 net profit rises 9% to Rs 1,444 crore
FMCG major Hindustan Unilever (HUL) Thursday reported a 9 per cent increase in its net profit to Rs 1,444 crore for the quarter ended December 2018 on account of strong volume growth. The company had posted a net profit of Rs 1,326 crore in the October-December quarter of the previous fiscal. Sales during the quarter under review stood at Rs 9,357 crore, up 12.42 per cent, as against Rs 8,323 crore in the corresponding period a year ago, HUL said in a regulatory filing. "Domestic consumer growth was 13 per cent with underlying volume growth at 10 per cent. EBITDA margin was up 170 basis points and profit after tax (before exceptional items) grew by 17 per cent," HUL said in a statement. Commenting on the results, HUL chairman and managing director Sanjiv Mehta said: "We have delivered another strong performance in the quarter, with double digit volume growth and improvement in margins." He further said: "Our focus on strengthening the core and leading market development by tapping ...
Modi arrives for Vibrant Gujarat Summit
Prime Minister Narendra Modi on Thursday arrived in Gujarat capital for a three-day visit to his home state to throw open his pet biennial Vibrant Gujarat Global Summit besides other events in the capital and Ahmedabad.
Coriander futures dip 1.18 pc on subdued demand
Coriander prices fell 1.18 per cent to Rs 6,512 per quintal in futures trade Thursday as participants cut down positions amid muted domestic and export demand. Besides, rising arrivals from major producing regions and profit-booking at higher levels also weighed on the sentiment. At the National Commodity and Derivatives Exchange, coriander price for delivery in April declined by Rs 78, or 1.18 per cent, to Rs 6,512 per quintal with an open interest of 28,610 lots. On similar lines, coriander for May too traded down by Rs 92, or 1.38 per cent, at Rs 6,595. The open interest of the contract stood at 2,200 lots.
India is becoming "laboratory" for American companies, says US expert
India is becoming a "laboratory" for US companies, not only to explain their presence there but also to reinvent themselves in sustainability and disruptive-technology, an expert has said as panellists at a conference here discussed ways to boost the bilateral trade investment. At the third edition of the ICCR-Houston India conference, various other panellists also emphasised that possibilities of economic ties between India and the US are limitless and investment in various emerging industries such as digital payments, e-commerce and startups can further boost business on both sides. Held under the theme of "Make in India-The Inside Story" on last week, the business event was attended by several senior officials from India and Texas state of the US. "India is becoming a laboratory for US companies, not only to explain their presence there but also to reinvent themselves in sustainability and disruptive-technology," Djordjija Petkosk, lecturer and senior fellow at Wharton Legal ...
J&K to raise Rs 8,000 cr loans for funding infra projects
In a major step towards raising loans forfunding infrastructure projects, Jammu & KashmirInfrastructure Development Finance Corporation Limited(JKIDFC) has sought expression of interest (EoI) from banking andfinanancial institutions for advancing loans worth Rs 8,000 crore. "Sealed EoI is being invitedfrom reputed RBI regulated banking and financial institutionsin the country to submit written proposals for advancing loansupto Rs 8,000 crore," JKIDFC Director Finance Showkat HussainMir said Thursday. JKIDFC, a registered corporation under theCompanies Act, is mandated to raise loans for fundinginfrastructure development projects in Jammu and Kashmir. The loans to be raised by the corporation shall beguaranteed by the state government, officials said. The loans will be advanced within the next two-threeyears, Mir said, adding that Rs 500 crore is intended to be made availableduring the remaining months of the current financial year, while Rs3,000 crore during 2019-20. Mir said ...
Sensex, Nifty end nearly flat in subdued trade
(Reuters) - Indian shares ended the session nearly unchanged on Thursday, as gains in IT and financials stocks were offset by losses in healthcare and consumer stocks, while investors marked time ahead of corporate earnings.
Hindustan Unilever third-quarter profit rises about 9 percent
(Reuters) - Consumer goods maker Hindustan Unilever Ltd posted an 8.9 percent rise in quarterly profit on Thursday, in line with street estimates, driven by higher revenue from its beauty and personal care segment.
Chinese Vice Premier to visit US on Jan 30-31 for talks to end trade war
China's Vice Premier and top trade negotiator Liu He will travel to the US on January 30-31 to hold crucial high-level talks as the world's two largest economies are holding negotiations to resolve their bitter trade dispute ahead of a March 2 deadline. Liu's scheduled visit follows lower-level negotiations held in Beijing last week aimed at resolving the trade war that last year saw the two sides imposing tariffs on more than USD 300 billion in total two-way trade. China's Commerce Ministry said on Thursday that Vice Premier Liu will travel to the US on January 30-31. He will hold talks with US trade representative Robert Lighthizer and review the recent official level talks on a host of issues to work out an agreement to end the trade war. Both sides had expressed optimism after three-day talks held here in the second week this month. The two-day talks prolonged by a day raising hopes of a deal. US President Donald Trump has been pressing China to bring down the USD 375 billion ...
Outcome of board meeting of SRG Housing Finance
Held on 17 January 2019
BYJU'S acquires US-based Osmo for USD 120 million
Online education start-up BYJU'S Thursday said it has acquired US-based Osmo for USD 120 million (nearly Rs 850 crore). Osmo provides a playful learning system, bringing physical toys into the digital world through augmented reality and its proprietary reflective artificial intelligence. Osmo will continue as a standalone brand since BYJU'S taps the company's physical-to-digital technology and content to expand and enhance its current offering, BYJU'S said in a statement. "This new acquisition will bolster team BYJU'S' international plans...With the integration of Osmo, BYJU'S will also look to offer a unique, customised, engaging and fun learning solution for younger kids," it added. Osmo Chief Executive Officer (CEO) and co-founder Pramod Sharma and his core team will continue to remain at Osmo's helm. "We were captivated by Osmo's physical-to-digital approach to learning and fun from our first introduction," Byju Raveendran, founder and CEO of BYJU'S, said. He added that the ...
Majestic Auto hits the roof
Majestic Auto was locked in 20% upper circuit filter at Rs 146.15 at 15:21 IST on BSE, with the stock extending recent gains after turnaround Q3 result.
Gold extends gains for 4th day, up by Rs 110 at Rs 33,300/10g
Gold prices on Thursday rose by Rs 110 per grams to advance the gaining streak for the fourth straight day at the bullion market here on increased demand from local jewellers, according to the All India Sarafa Association. Silver, however, declined by Rs 300 to Rs 40,200 per kg on subdued demand from industrial units and coin makers. Gold of 99.9 per cent and 99.5 per cent purities advanced by Rs 110 each to Rs 33,300 per 10 grams and Rs 33,150 per 10 grams, respectively. Sovereign gold too rose by Rs 100 to Rs 25,500 per piece of eight grams. Traders said gold prices firmed up in line with positive global cues. Gold traded higher at USD 1,292.55 an ounce while silver stood at USD 15.57 an ounce in New York. The precious metal firmed up by 0.44 per cent to SGD 1,754 per ounce. In the previous three days, gold prices went up by Rs 315. Silver ready declined by Rs 300 to Rs 40,200 per kg, while weekly-based delivery dropped Rs 143 to Rs 39,690 per kg. Silver coins, however, held flat at
TSMC offers gloomy revenue forecast, slams chipmaker shares
TAIPEI (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (TSMC) cut full-year investment and forecast its sharpest quarterly revenue fall in a decade, joining a string of tech companies warning of a slowdown in global smartphone demand.
Euro zone December inflation slowdown confirmed, monthly rate flat
BRUSSELS (Reuters) - Euro zone inflation slowed in December to 1.6 percent on the year while core indicators remained stable at low levels, the European Union's statistics office said on Thursday confirming its preliminary estimates released earlier in January.
Siemens rules out further concessions to get Alstom deal approval: sources
MUNICH (Reuters) - Siemens will not make further concessions to save a rail merger deal with France's Alstom even after European competition authorities demanded further concessions, sources familiar with the matter said.
Chana futures climb 0.94% on strong spot demand
Chana prices shot up by 0.94 per cent to Rs 4,290 per quintal in futures trade Thursday as speculators built up fresh positions, supported by uptick in demand from dal mills at spot markets. At the National Commodity and Derivatives Exchange, chana for delivery in March was trading higher by Rs 40, or 0.94 per cent, at Rs 4,290 per quintal with an open interest of 41,430 lots. Chana to be delivered in April, too, was trading higher by Rs 39, or 0.91 per cent, at Rs 4,325 per quintal in 51,560 lots. The rise in chana prices at futures trade could be mostly attributed to speculative positions created by participants, triggered by a firm trend at the spot markets on the back of strong demand from dal mills, analysts said.
"NMDC Ltd to completedue diligence next month for stake in
Mishra Dhatu Nigam Ltd(Midhani Ltd), a special grade metal making Defence PSU Thursday said its partner NMDC Ltd is expected to complete the due diligence for pickingup minority stake in a tungsten mine located in Vietnam. NMDC and Midhani signedanMOU in October2016to explore suitable Tungsten assets in India and abroad for investment as well as development of technologies for converting tungsten ore to Ammonium Para Tungstate. NMDC is currently in discussions with Vietnam-based Masan Resources to acquire considerable stake inNui Phao polymetallic mine with rich tungsten mineral, located in Thai Nguyen province in Northern Vietnam. "They (NMDC) have already found a mine in Vietnam. Now they are doing the due diligence. In February it is expected to complete and maybe in the beginning of the next financial year, we will complete the task of how much to acquire in the mine," Chairman and Managing Director of Midhani, Dinesh Kumar Likhi told PTI. The official further said ..