Page 1315 - Business Finance
Indian equities end flat on May's Brexit defeat
Broadly negative global cues, especially owing to the political uncertainty in the UK, subdued the Indian equity market on Wednesday. Both major indices -- Sensex and Nifty50 -- ended flat.
Cabinet approves Rs 6,000 recap of EXIM Bank
The Union Cabinet on Wednesday approved capital infusion of Rs 6,000 crore in Export-Import Bank of India (EXIM Bank) through recapitalisation bonds to boost the bank's capacity in export financing.
Sensex, Nifty close nearly flat; Jet Airways slumps
(Reuters) - Indian shares closed little changed on Wednesday as investors were cautious ahead of Reliance Industries Ltd's quarterly results.
Loan growth, higher margins boost Emirates NBD fourth quarter net profit
DUBAI (Reuters) - Emirates NBD, Dubai's largest bank, on Wednesday reported a 10 percent rise in fourth-quarter net profit as loan growth and improved margins offset lower income from investment securities and higher expenses.
Markets see lower no-deal Brexit risk - Bank of England's Carney
LONDON (Reuters) - Bank of England Governor Mark Carney said sterling's rise after Prime Minister Theresa May's Brexit plan was defeated in parliament suggested investors felt the risk of a no-deal Brexit had diminished, or that the process would be extended.
Instamojo raises Rs 50 cr from clutch of investors
Fintech startup Instamojo Wednesday said it has raised USD 7 million (about Rs 50 crore) in funding led by existing investors AnyPay, Kalaari, Beenext and angel investor Rashmi Kwatra. The series B round also saw Japan's Gunosy Capital come on board as a new investor. The company, in total, has raised over USD 10 million in funding till date. Instamojo CEO and co-founder Sampad Swain said the fresh funds will be used to expand the offerings of the company, strengthen its mobile platform and talent acquisition. "The series B funding comes as a boost to our business...We are extremely positive and excited about the opportunities that lie ahead and how our efforts can help revolutionise Indian micro, small and medium enterprises (MSME) sector," he told PTI. Swain added that with the recent introduction of lending and logistics services, the company expects to see three-five folds growth in revenues in the next fiscal. The company is also looking at doubling its headcount to about 250 ...
Instamojo closes Series B funding round at Rs. 50 crore
Bengaluru based Fintech company Instamojo has announced closing of its Series-B round of funding worth Rs. 50 crore, led by both existing and new investors.With existing investors including AnyPay, Kalaari, Beenext & Rashmi Kwatra, the company also received funding from time investor - Gunosy Capital.Focused on empowering the Indian MSME sector, Instamojo began its journey in the Fintech space with its flagship product - The online payment link, thereby solving the digital payments challenge for several entrepreneurs.However, with this new round of funding, Instamojo aims to transform itself into a full-stack Fintech service provider, enabling the MSMEs of the country to build, grow and sustain in a competitive environment."We are extremely positive and excited about the opportunities that lie ahead for us as an organization and how our efforts can help revolutionize the Indian MSME sector. With the introduction of our recent lending and logistics services, Instamojo is today on ..
Jet Airways says discussing SBI resolution plan with shareholders
(Reuters) - Beleaguered Indian carrier Jet Airways Ltd said on Wednesday it was discussing with shareholders about a resolution plan with State Bank of India.
India's Jet Airways says discussing SBI resolution plan with shareholders
(Reuters) - Beleaguered Indian carrier Jet Airways Ltd said on Wednesday it was discussing with shareholders about a resolution plan with State Bank of India.
Pearson sees cost cuts bearing fruit as digital push advances
(Reuters) - British education publisher Pearson said on Wednesday it expects higher savings from cost cuts as it goes through a major restructuring to focus on and ramp up digital content.
Govt to infuse Rs 6,000 cr in Exim Bank over two years
The government Wednesday decided to recapitalise state-owned Exim Bank to the tune of Rs 6,000 crore and double its authorised capital to Rs 20,000 crore. The equity will be infused in two tranches -- Rs 4,500 crore in 2018-19 and Rs 1,500 crore in 2019-20, Railway Minister Piyush Goyal told reporters after the Cabinet meeting here. "Cabinet approves recapitalisation of Export-Import Bank of India (Exim Bank) to the tune of Rs 6,000 crore and increase its authorised capital from Rs 10,000 crore to Rs 20,000 crore," he said. Established by the Government of India, Exim Bank commenced operations as a purveyor of export credit, mirroring global export credit agencies. It serves as a growth engine for industries and small and medium enterprises through a wide range of products and services. This includes import of technology and export product development, export production, export marketing, pre-shipment and post-shipment and overseas investment.
Milkbasket plans to hire 2,500 people in 2 years; launches operations in Bengaluru
Milk delivery startup Milkbasket Wednesday said it plans to hire 2,500 people over the next two years and announced the launch of its services in Bengaluru. The company said it will hire people to support the operations and growth in Bengaluru. "Within next two years, we hope to have the largest operations in Bengaluru and will be creating employment for over 2,500 people in the process," Milkbasket co-founder and CEO Anant Goel said. Hiring will be made for ground operations as well as the corporate office, the company said. The startup has 1,500 employees in Delhi-NCR and Bengaluru. It has raised close to USD 16 million from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures.
Cabinet approves Rs 22,594-cr Numaligarh Refinery capacity expansion project
The government Wednesday approved a capacity expansion plan for Numaligarh Refinery in Assam from the existing 3 million metric tonne per annum (MMTPA) to 9 MMTPA at an estimated cost of Rs 22,594 crore. The project is to be completed within a period of 48 months after the approval and receipt of statutory clearances, Union minister Piyush Goyal told reporters while briefing reporters here. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, gave its approval to the project for expansion of Numligarh Refinery Assam with capacity to be expanded from 3 MMTPA to 9 MMTPA. The expansion project involves setting up crude oil pipeline from Paradip to Numaligarh and product pipeline from Numaligarh to Siliguri at a cost of Rs 22,594 crore, he said.
Gold rises for 3rd day, surges to Rs 33,190 per 10g
Extending its upward trend for third straight day, gold prices Wednesday gained Rs 65 to Rs 33,190 per 10 gram at the bullion market here due to increased demand from jewellers, according to the All India Sarafa Association. Silver too followed the trend and surged by Rs 300 to Rs 40,500 per kg driven by significant increase in demand from industrial units and coin makers. Traders said, gold prices witnessed an uptick, as investors bet on this asset class as a safe haven, owing to depreciation in the rupee vis-a-vis the US dollar. Besides, a firm trend overseas supported the gain in the prices of yellow metal, they added. In the last two days, gold prices went up by Rs 250. Globally, gold traded higher at USD 1,292.03 an ounce and silver stood at USD 15.60 an ounce in New York. In the national capital, gold of 99.9 per cent and 99.5 per cent purities advanced by Rs 65 each to Rs 33,190 and Rs 33,040 per 10 gram, respectively. However, sovereign gold held steady at Rs 25,400 per piece .
Danish freight firm DSV makes $4 billion play for Panalpina
ZURICH/COPENHAGEN (Reuters) - Denmark's DSV has made a $4.1 billion takeover approach to Swiss rival Panalpina to try to close the gap on the world's top three freight transport companies.
Marketing spending growth hits wall at UK companies on Brexit fears - survey
(Reuters) - A six-year run of marketing spending growth at British companies ended in the final quarter of 2018 as uncertainty over Britain's impending exit from the European Union led companies to clamp down on costs, a survey showed on Wednesday.
Ardian puts Smurf maker Schleich up for sale - sources
MADRID/FRANKFURT (Reuters) - Private equity group Ardian is seeking to sell Schleich, the German maker of Smurf figurines as well as plastic animals, dinosaurs, knights and elves, two sources familiar with the deal said on Wednesday.
UK retailer Headlam shares drop on lower 2019 pretax profit view
(Reuters) - British floor coverings distributor Headlam Group warned on Wednesday that its underlying pretax profit in 2019 would decline because of a weaker residential market and higher costs, sending its shares down as much as 10 percent.
DCB Q3 profit surges 51 pc to Rs 86 cr
Private sector lender DCB Bank Wednesday posted 50.8 per cent increase in net profit at Rs 86.10 crore for the third quarter ended December 31, 2018. The bank had recorded a net profit of Rs 57.01 crore in the corresponding quarter of the previous fiscal. Total income of the lender also increased to Rs 871.78 crore during the third quarter as against Rs 685.72 crore, DCB Bank said in a regulatory filing. The gross non-performing assets (NPAs) rose to 1.92 per cent of the total advances during the reported quarter as against 1.89 per cent at the end of the third quarter of 2017-18. However, net NPAs of the bank declined to 0.71 per cent from 0.89 per cent of the total assets.
Japan sees record 31 million tourists in 2018
Japan welcomed a record 31 million foreign visitors in 2018, official data showed Wednesday, as the country gears up to host the Rugby World Cup this year and the 2020 Tokyo Olympics. The world's third largest economy, also known for its ancient temples and vibrant pop culture, welcomed 31.2 million visitors in 2018, up 8.7 per cent from the previous year, according to the Japan National Tourism Organisation. Fellow Asian countries dominated the inbound tourist figures, with more than eight million Chinese tourists (up 13.9 per cent) and 7.5 million South Koreans (up 5.6 per cent) visiting Japan. Taiwanese tourists were next, accounting for 4.8 million people. Collectively the visitors, which include business people with limited-term stays, spent a record 4.5 trillion yen ($41.5 billion) in Japan, according to the Japan Tourism Agency. Chinese visitors were the biggest spenders, spending a whopping 1.54 trillion yen -- or just more than one third of total tourism outlay. Japan is ...