Page 1564 - Business Finance

Rupee rises 14 paise to 71.82 against US dollar in early trade

The rupee Friday depreciated by 14 paise to 71.82 in early trade on the forex market as the American currency strengthened, while the domestic equity market opened on a weak note. Forex traders said strengthening of the US dollar against some currencies overseas and caution ahead of RBI central board meeting under new Governor Shaktikanta Das, weighed on the local unit. At the Interbank Foreign Exchange, the rupee opened on a weak note at 71.80 against the US dollar, then lost further ground and fell to 71.82 showing a decline of 14 paise over it's previous closing. On Thursday the rupee appreciated by 33 paise to 71.68 per US dollar. However, fresh foreign fund inflows capped the losses for the domestic unit. Foreign funds bought shares worth Rs 675.14 crore from the capital markets on a net basis Thursday, while domestic institutional investors sold shares worth Rs 51.86 crore, provisional data showed. The global benchmark, brent crude oil was trading at USD 61.16 per barrel, ...

Nissan board unlikely to select new chairman on Monday: source

TOKYO (Reuters) - Nissan Motor Co's board is unlikely to select a chairman to succeed Carlos Ghosn as had been expected on Dec. 17 after a panel tasked to choose a candidate did not agree on a nominee in a meeting held Thursday, a source said.

China November property investment rises but soft sales signal problems

BEIJING (Reuters) - Property investment in China picked up in November, in contrast to other key data where growth weakened sharply, though soft home sales and land purchases pointed to a dim outlook for the sector amid a slowing broader economy.

Sensex, Nifty turn cautious on mixed global cues

Benchmark equity indices Friday opened on a cautious note amid negative signals from other Asian markets, and mixed macro cues like weakening rupee and easing crude prices. Breaking its three-day winning streak, the 30-share index turned choppy and was trading 25.93 points, or 0.07 per cent, lower at 35,903.71. The NSE Nifty saw similar movement, shedding 5.55 points, 0.05 per cent, to 10,786.00. The Sensex Thursday climbed 150.57 points, or 0.42 per cent, to end at 35,929.64, while the broader NSE Nifty rose 53.95 points, or 0.50 per cent, to 10,791.55. Investors were also on edge ahead of RBI central board meeting under new Governor Shaktikanta Das, traders said. The meeting will review the progress with respect of some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of micro, small and medium enterprises (MSMEs), which is under stress due to demonetisation and implementation of the goods and services .

Buyback plan boosts Indian Energy Exchange

Indian Energy Exchange gained 3.73% to Rs 162.50 at 09:29 IST on BSE after the company scheduled a board meeting on 20 December 2018 to consider share buyback proposal.

V I P Industries Ltd Slips 0.99%

V I P Industries Ltd has added 18.82% over last one month compared to 5.7% gain in S&P BSE Consumer Durables index and 2.12% rise in the SENSEX

Bharti Airtel Ltd Surges 2.23%

Bharti Airtel Ltd has added 2.72% over last one month compared to 3.15% fall in S&P BSE Telecom index and 1.98% rise in the SENSEX

Japan should raise sales tax above 10 percent to fund welfare costs: Reuters poll

TOKYO (Reuters) - Japan should raise its sales tax above the planned 10 percent to cope with increased social welfare costs as the population ages and declines, most economists in a Reuters poll said, with some recommending it should be over 20 percent.

Oil prices fall as investors take profits amid China economy worries

SINGAPORE (Reuters) - Oil prices fell on Friday as investors cashed in gains of more than 2 percent made during the previous session on concerns demand may slump amid slowing economic growth, though there are still expectations for producer supply cuts to support prices.

TVS Motor launches three new products and a state-of-the-art showroom in Peru

TVS Motor Company in partnership with its local distributors; Indian Motos, also announced the opening of a state-of-the-art showroom in Lima. The new showroom located in the centre of Lima city, also boasts of 3S facility offering Sales, Service, Spares and host of other facilities. Indian Motos distributes TVS Motor Company products to over 170 sales points across Peru.

Market may correct on negative Asian cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 71.50 points at the opening bell amid negative cues from Asian market.

Indian Oil Corporation in focus after buyback, interim dividend

Indian Oil Corporation's board approved buyback of equity shares of the company not exceeding 29.76 crore equity shares being approximately 3.06% of the total paid up equity share capital of the company at Rs 149 per share for an aggregate consideration not exceeding Rs 4435 crore on a proportionate basis through the tender offer route. The board of directors also declared an interim dividend of Rs 6.75 per share for the financial year 2018-19. The company has fixed 25 December 2018 as the record date for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend as well as for buyback of equity shares. The announcement was made after market hours yesterday, 13 December 2018.

China's consumers, factory output take a beating as economic gloom deepens

BEIJING (Reuters) - China's November retail sales grew at their weakest pace since 2003 and industrial output rose the least in nearly three years as domestic demand softened further, underlining rising risks to the economy as China works to defuse a trade dispute with the United States.

Global Markets: Asian shares jolted by weak Chinese data, growth risks

TOKYO (Reuters) - Asian shares tumbled on Friday after China reported a set of weak data, fanning fresh worries of a sharp slowdown in the world's second-biggest economy and leaving investors fretting over the wider impact of a yet unresolved Sino-U.S. trade dispute.

China says on track to hit 2018 GDP growth target, faces more uncertainties next year

BEIJING (Reuters) - China is on track to hit its 2018 GDP growth target of around 6.5 percent, but the economy faces more external uncertainties next year, a spokesman of China's statistics bureau said on Friday.

China's November retail sales, industrial output growth weakens sharply

BEIJING (Reuters) - China's November retail sales grew at the weakest pace since 2003 and industrial output rose the least in nearly three years as domestic demand softened further, underlining rising risks to the economy as China works to defuse a trade dispute with the United States.

Asian markets sink as profit-takers move in, pound resilient

Asian markets fell on Friday, putting the region on course to end a broadly positive week on a sour note, as traders took a step back and their profits off the table. There was also some unease after the head of the European Central Bank raised concerns about the growth outlook for the eurozone owing to issues within and outside the bloc. The pound showed some resilience, even as European leaders refused pleas for help from Prime Minister Theresa May to push their Brexit deal through a fractured British parliament. Signs of easing tensions in the China-US trade row helped propel equities this week, with both sides seeming to give key concessions, fuelling hopes they can eventually resolve their differences. But observers noted that dealers will remain on alert for any negative news, including further developments in China's detention of two Canadians on suspicion of threats to national security. That move came after a top executive at Chinese telecoms giant Huawei was arrested in ...

Operational independence of central banks important for carrying out their responsibilities: IMF

The International Monetary Fund (IMF) on Thursday said "operational independence" of central banks like the Reserve Bank of India (RBI) was important for carrying out their responsibilities. Gerry Rice, IMF Director, Communication, said this in response to a question on the recent developments at the RBI. He, however, added that his views were in the context of international experiences. "International experience shows that operational independence is important for a central bank to carry out its responsibilities," Rice said in response to a question. The RBI played a vital role in ensuring economic and financial stability, and was an important counterpart and partner for the IMF, he said. Rice added that the IMF had "taken note of" Urjit Patel as the governor of the RBI and the appointment of Shaktikanta Das as his replacement. "We believe Patel was instrumental in formulating the Reserve Bank of India's inflation-targeting framework as a deputy governor and in successfully ...

Liquidity challenges faced by NBFIs to weigh on India's prospects: Moody's

Moody's conclusions are contained in its just-released report titled 'Cross-Sector-- India: Slowdown in non-bank credit growth to weigh on economy'

Global Markets: Asian shares wobbly, euro steady after ECB ends QE

TOKYO (Reuters) - Asian shares were on the defensive on Friday as investors kept a wary eye on economic tensions between Washington and Beijing while the euro was steady after the European Central Bank halted new bond purchases as expected.