Page 1327 - Business Finance
Stop merger of public sector banks: CPI-M
The CPI-M on Tuesday urged the government to stop the merger of three nationalized banks, saying it will weaken all three post unification.
Saboo Sodium Chloro forays into hospitality industry with Samskara Resort in Jaipur
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Sensex rallies 465 pts; IT stocks shine
The BSE Sensex soared over 450 points Tuesday after lower retail inflation numbers for December raised RBI rate cut hopes, leading to intense buying in rate-sensitive stocks, supported by strong global cues. The Sensex rally was led by Yes Bank, Infosys, Reliance Industries and TCS, surging up to 3.86 per cent. The 30-share index settled 464.77 points, or 1.30 per cent, higher at 36,318.33, while the broader NSE Nifty rallied 149.20 points, or 1.39 per cent, to finish at 10,886.80. Market sentiment remained upbeat over retail inflation dropping to an 18-month low of 2.19 per cent in December, creating headroom for the Reserve Bank to ease monetary policy next month. Another set of official data showed that the wholesale inflation too eased to an eight-month low of 3.80 per cent in December. In the Sensex pack, other gainers were Vedanta, Bajaj Finance, Bharti Airtel, Tata Motors, Hero MotoCorp, HUL, Asian Paints, HDFC duo and ONGC -- gaining as much as 2.87 per cent. Bucking the ...
Global smartphone market to shrink in 2019
The global smartphone market is expected to shrink further in 2019 due to weaker demand and other unfavourable factors, a report said on Tuesday.
Copper futures gain 0.69% on positive global cues
Tracking positive global cues, copper prices edged higher by 0.69 per cent to Rs 417.05 per kg in futures trade Tuesday as participants raised bets. At the Multi Commodity Exchange, copper for delivery in February was up by Rs 2.85, or 0.69 per cent, to Rs 417.05 per kg in business turnover of 18,235 lots. Likewise, the metal for delivery in April traded higher by Rs 2.35, or 0.50 per cent, to Rs 462.10 per kg in 102 lots. Analysts said firm trend overseas and pick up in demand in the spot market mainly led to the rise in copper prices in futures trade.
Sasken Technologies launches Automotive Center of Excellence in Detroit
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IT industry seeks clarity on tax provisions for BPO/KPO services, quashing of angel tax
IT industry body Nasscom has urged the government to clarify tax provisions that treat BPO-KPO services as intermediaries under GST rules, and scrap angel tax levied on investments in startups. Expressing concerns over rising instances of revenue authorities treating IT-enabled services, including BPOs and KPOs, as 'intermediary services', Nasscom Senior Director and Public Policy Head Ashish Aggarwal said there is an urgent need to address the outstanding issue. "These companies are in no way engaged in any facilitation/ arranging of supply of goods/services at a pre-supply stage... There is a need for clarification that BPOs and KPOs will not qualify as intermediary service...," he said, outlining the industry's Budget wishlist to the government. Aggarwal pointed out that during the last year, the GST Council had provided several clarifications on many aspects that have helped the industry. However, there are "continued ambiguities and concerns" pertaining to determination of place .
LIC trims stake in Colgate-Palmolive by 2%
State-owned Life Insurance Corporation (LIC) has reduced its stake in FMCG firm Colgate-Palmolive (India) Ltd by over 2 per cent by selling 55.18 lakh shares in the open market. As per a regulatory filing, LIC, which had 7.03 per cent stake in Colgate-Palmolive earlier, brought down its shareholding in the company to 5 per cent by selling shares between November 1, 2017, and January 14, 2019. Shares of Colgate-Palmolive ended at Rs 1,323.80 apiece, up 1.43 per cent on the BSE.
Indices rally on upbeat global stocks
Key indices logged strong gains in a steady session of trade led by gains in index heavyweights Reliance Industries, Infosys and TCS. The barometer index, the S&P BSE Sensex, gained 464.77 points or 1.3% at 36,318.33, as per the provisional closing data. The Nifty 50 index was up 149.20 points or 1.39% at 10,886.80, as per the provisional closing data. Gains were triggered on hopes of interest rate cut by RBI after latest data revealed that retail inflation as dropped sharply in December. Positive global stocks also boosted sentiment.
Govt going ahead with merger of nationalised banks despite opposition from industry: CPI(M)
The CPI(M) on Tuesday said the government was going ahead with the merger process of three nationalised banks in haste, ignoring opposition from the entire industry. The Communist Party of India (Marxist) politburo, in a statement, said it was concerned over the "haste" in which it was being done. "The politburo is deeply concerned at the unseemly haste with which the government of India has been going ahead with the merger/amalgamation process of three nationalised banks viz. the Vijaya Bank, the Bank of Baroda and the Dena Bank, ignoring the collective opposition of the employees and officers of the entire industry," it said. The Left party claimed that while the merger of these banks was being justified by the government on the ground of strengthening and consolidating them, in reality, they will further be weakened. "The problems of public sector banks emanate from the deliberate default in loan-repayment by big corporate houses. The solution lies in stern action by the government
Tokyo court denies Nissan Ghosn's latest bail request
TOKYO (Reuters) - The Tokyo District Court on Tuesday denied former Nissan Motor Co Ltd Chairman Carlos Ghosn's request for release on bail after his indictment last week on two new charges, making it likely the once-feted executive remains jailed for months.
Network18 reports Q3 net profit of Rs 77.16 cr
Network18 Media & Investments Tuesday reported a consolidated net profit of Rs 77.16 crore in the third quarter ended December 31, 2018. The company had posted a consolidated net profit of Rs 3.19 crore in the year-ago period. The figures for the current quarter are not comparable with those of the corresponding period following Viacom18 Media Pvt Ltd and IndiaCast Media Distribution Pvt Ltd becoming subsidiaries with effect from March 1, 2018 and TV18 Home Shopping Network Ltd and NW18 HSN Holdings Pic ceasing to be subsidiaries and becoming associates with effect from February 15, 2018. Total income during the quarter under review stood at Rs 1,538.04 crore. It was Rs 439.23 crore in the same quarter previous year, it added. Commenting on the results, Network18 Chairman Adil Zainulbhai said: "Regional content consumption continues to see robust growth across all parts of the media industry that we play in, whether broadcasting or digital; and straddling (between) news, ...
Saudi minister 'very optimistic' about oil market
Saudi Energy Minister Khalid al-Falih said on Tuesday he was "very optimistic" about the outlook for the oil market after producers cut output to support flagging prices. Members of the OPEC cartel and allies including Russia decided last month to reduce output by 1.2 million barrels per day (bpd) after prices fell by more than 40 percent in just a few weeks in late 2018. The price of benchmark Brent crude, which briefly dipped below $50 a barrel in November, rebounded partially to above $60 a barrel following the production cuts which took effect on January 1. The market has remained volatile with prices fluctuating sharply even after OPEC kingpin Saudi Arabia announced last week it will gradually cut output by 800,000 bpd in January and a further 100,000 bpd next month. "I am confident that the impact of the decision we took to cut output by 1.2 million bpd ... will be very strong," Falih told reporters on the sidelines of the Abu Dhabi Sustainability Week conference. "But there is .
ICICI Securities tumbles after weak Q3 results
ICICI Securities fell 5.05% to Rs 262.10 at 15:08 IST on BSE after consolidated net profit fell 34.28% to Rs 101.17 crore on 18.04% decline in total income to Rs 404.75 crore in Q3 December 2018 over Q3 December 2017.
Slightly lower interest rate regime could be beneficial: Ex-CEA
Reiterating that the independence of the Reserve Bank of India (RBI) was extremely important, Kaushik Basu, the former Chief Economic Adviser to the Union Finance Ministry, said that a slightly lower interest rate regime could be beneficial to boost investment and growth.
Gold rises for second day, silver gains
Extending its gain for the second straight day, gold prices on Tuesday gained marginally by Rs 25 to Rs 33,125 per 10 gram at the bullion market in the national capital on firm trend overseas, according to the All India Sarafa Association. Silver, similarly, advanced by Rs 100 to Rs 40,200 per kg on increased demand from industrial units and coin makers. Traders said besides firm trend overseas, increase in demand from jewellers due to a weaker rupee against the dollar aided the surge in the prices of the precious metal. Earlier in the day, the rupee had breached the Rs 71-mark against the dollar. On Monday, gold had surged by Rs 225. In the national capital, gold of 99.9 per cent and 99.5 per cent purities advanced by Rs 25 each to Rs 33,125 and Rs 32,975 per 10 gram, respectively. However, sovereign gold held steady at Rs 25,400 per piece of eight grams. Silver ready gained by Rs 100 to Rs 40,200 per kg, while weekly-based delivery rose by Rs 304 to Rs 39,921 per kg. Silver coins, ..
WayCool Foods raises Rs120 cr funding; now handling over 150 tons of food produce daily
Chennai based Agri-tech start-up WayCool has raised Rs.120 cr, as a combination of equity and debt from LGT Impact, prominent angels, and institutional lenders, including Northern Arc Capital and Caspian.WayCool Foods, founded in July 2015 by Karthik Jayaraman and Sanjay Dasari, is India's fastest growing food distribution platform leveraging innovative technology to scale-up and operate a complex supply chain. The company operates a full-stack, broad-line product range across multiple channels and categories like fresh produce, staples and dairy serving over 4,000 clients.WayCool Foods aims to use the funds to further scale-up operations across Southern and Western India, bolster its technology platform and reinforce its supply chain by building or acquiring assets and capabilities in sourcing, value added products, and automation of distribution lines.Veda Corporate Advisors acted as the exclusive financial advisor to WayCool for the fundraise.Commenting on the fundraise, Sanjay ...
German economy carries modest growth momentum into 2019
BERLIN (Reuters) - The German economy had a slightly positive statistical overhang at the end of 2018, meaning that it is carrying modest growth momentum into 2019, the statistics office said on Tuesday.
Dish TV India Ltd leads losers in 'A' group
Navkar Corporation Ltd, Quess Corp Ltd, Glaxosmithkline Pharmaceuticals Ltd and KRBL Ltd are among the other losers in the BSE's 'A' group today, 15 January 2019.
Hong Kong Stocks gain 2% on China stimulus boosts
Risk appetite buying in the City market today bolstered after senior economic leaders, briefing reporters Tuesday on the outcome of an annual policy-setting meeting last month, pledged to keep the monetary policy of the world's No. 2 economy flexible but stable and to support growth with improved access to financing for private and smaller enterprises. The assurances came as China weathers its worst slowdown since the global financial crisis amid a punishing tariffs dispute with the U.S.