Page 1572 - Business Finance
Ericsson opens global facility in Bengaluru for research in AI
Swedish networking and telecom major Ericsson on Thursday said it had opened a global Artificial Intelligence (AI) accelerator in this tech hub for research and development (R&D) in AI and Automation.
Refined soya oil futures slide 0.2% on adequate stocks
Refined soya oil prices dipped 0.2 per cent to Rs 741.3 per 10 kg in futures trade Thursday as speculators trimmed their bets, triggered by adequate supply at spot market. At the National Commodity and Derivatives Exchange, refined soya oil for February declined by Rs 1.45, or 0.2 per cent, to Rs 741.3 per 10 kg with an open interest of 34,730 lots. Likewise, the oil for March fell by Rs 3.9, or 0.53 per cent, to Rs 736.25 per 10 kg in 11,910 lots. Market analysts said, cutting down of positions by participants against ample stocks mainly influenced the prices.
Manpasand Beverages Ltd leads losers in 'A' group
Reliance Infrastructure Ltd, Adani Power Ltd, Dilip Buildcon Ltd and Orient Cement Ltd are among the other losers in the BSE's 'A' group today, 13 December 2018.
IEA sees global oil supply tightening more quickly in 2019
LONDON (Reuters) - The global oil market could move into deficit sooner than expected thanks to OPEC's output agreement with Russia and to Canada's decision to cut supply, the International Energy Agency said on Thursday.
US to oppose IMF bailout to Pakistan to repay Chinese debt: top official
The US is making all efforts to ensure that any IMF bailout to Pakistan is not used to repay its Chinese debts, a senior Trump administration official has told lawmakers. Cash-strapped Pakistan is seeking USD 8 billion from the International Monetary Fund (IMF) to bail itself out from a severe balance-of-payments crisis that threatens to cripple the country's economy. A recent meeting between the IMF and Pakistan ended in a stalemate. The US feels that the huge Chinese debt was responsible for the economic challenges in Pakistan. "We are working and making clear within the IMF that if it were going to supply any funding to Pakistan that it would not be used to repay Chinese loans," David Malpass, Under Secretary of Treasury for International Affairs, told lawmakers during a Congressional hearing on Wednesday. There are concerns among American lawmakers that the IMF money could be used to repay Chinese debt. Malpass said that the US is also trying to make sure that Pakistan changes its
Vivo announces Rs 4,000 crore investment for new UP plant
Chinese smartphone maker Vivo on Thursday announced an additional investment of Rs 4,000 crore over a period of four years for opening a new manufacturing plant on the Yamuna Expressway in Uttar Pradesh that will generate 5,000 jobs in its first phase of expansion.
New York Life picks up around 2% stake in Max Financial Services
US-based New York Life has picked up around 2 per cent stake in Max Financial Services (MFS) through bulk deals and open market purchases for over Rs 215 crore, signalling its renewed interest in the life insurance business of its former partner in India. According to market sources, New York Life acquired 49,99,130 shares of MFS from Max Ventures Investment Holdings, a promoter group holding company, at Rs 429.50 per share in a bulk deal on Thursday. After the transaction, the promoter holding in MFS has come down to 28.42 per cent from 30.29 per cent earlier. Max Financial Services is the holding company of Max Life, a non-bank, private life insurance firm. Over the past couple of days, New York Life had also acquired shares of MFS from the open market. "With today's bulk deal, New York Life's stake in Max Financial Services is around 2 per cent," said a source. The development comes six years after New York Life exited from Max New York Life, a joint venture it had formed in 2001 ..
Lower oil prices help grease economic activity: IEA
The threat of an all-out trade war has dampened the outlook for the global economy, but the recent drop in oil prices should support demand, the International Energy Agency said Thursday. There has been intense concern about a slowdown in China, which has been the motor for growth in the global economy in recent times, but the IEA said in a report that demand for oil there remains robust. The IEA last month lowered its forecast for growth of global oil demand for 2018 and 2019, citing high prices, trade tensions and a less favourable economic outlook. But oil prices, which struck USD 86 per barrel in October, then tumbled to USD 58 last month, prompting the OPEC oil cartel and Russia to agree on new production cuts to stabilise prices. The IEA declined to speculate on the longer-term impact of the deal, but noted that price expectations by the market have shifted lower. Lower oil prices tend to support demand for oil and economic activity. The drop in oil prices "should help support ..
Crude oil futures fall on sluggish demand
Crude oil futures on Thursday eased by Rs 75 to Rs 3,706 per barrel as speculators were engaged in reducing their exposure amid a muted domestic demand. At the Multi Commodity Exchange, crude for delivery in January was trading lower by Rs 75, or 1.98 per cent, to Rs 3,706 a barrel in a business turnover of 3,634 lots. The oil for delivery in March also fell by Rs 87, or 2.26 per cent, to Rs 3,759 a barrel in 118 lots. Internationally, the oil prices rose Thursday, buoyed by a draw down in the US crude stockpiles and indications that China is taking concrete steps to put a trade war truce with Washington into action, say reports. The West Texas Intermediate (WTI) crude ended at USD 51.35 per barrel, up by 0.4 per cent, while Brent crude futures closed at USD 60.47 per barrel, up 0.5 per cent.
Turmeric ends on mixed note
Turmeric prices rose by 0.17 per cent to Rs 6,040 per quintal in futures trade Thursday as participants raised their positions, driven by pick-up in demand at the spot market. At the National Commodity and Derivatives Exchange, turmeric for December moved up by Rs 10, or 0.17 per cent, to Rs 6,040 per quintal with an open interest of 275 lots. However, the prices for far-month April drifted lower by Rs 26, or 0.4 per cent, to Rs 6,530 per quintal in futures trade as operators off-loaded bets, tracking a weak trend at the physical markets due to muted demand.
90 percent MLAs in Mizoram are 'Crorepatis'
Thirtysix of the 40 newly elected legislators in Mizoram are "crorepatis," according to a survey by the Association for Democratic Reforms (ADR).
Market comes off day's high
The market pared gains after hitting fresh intraday high in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 132.04 points or 0.37% at 35,911.11. The Nifty 50 index was up 42.90 points or 0.40% at 10,780.50.
Responsive Industries Ltd leads losers in 'B' group
Karma Energy Ltd, Orient Press Ltd, Bhagyanagar Properties Ltd and Nagarjuna Oil Refinery Ltd are among the other losers in the BSE's 'B' group today, 13 December 2018.
Volumes spurt at Timken India Ltd counter
Timken India Ltd registered volume of 1.09 lakh shares by 14:14 IST on NSE, a 6.36 fold spurt over two-week average daily volume of 17077 shares
Asirvad Microfinance crosses Rs 3,000 crore AUM
: Asirvad Microfinance Ltd, a subsidiary of Manappuram Finance, Thursday announced that it has reached a milestone of managing Rs 3,000 crore micro finance assets. "Asirvad has been achieving an incremental Rs 100 crore assets under management for past five months and is poised to reach Rs 3,500 crore AUM by this financial year-end", managing director of the company Raja Vaidyanathan said in a statement here. Also, the company received a capital of Rs 150 crore from Manappuram Finance, the release said. Asirvad Microfinance Ltd currently has 1.6 million women members through a 930 branch network across the country, the release added.
19 iron ore mines auctioned as on date: Govt
The government Thursday said 19 iron ore mines having reserves worth 581.5 million tonnes (MT) have been auctioned as on date. In a written reply to Lok Sabha, Minister of State for Mines Haribhai Parthibhai Chaudhary said: "As on date, 19 blocks of iron ore have been successfully auctioned with a reserve of 581.577 million tonnes." Additionally, he said, two iron ore mines having a reserves of 93.87 MT have also been put for bidding in Odisha and is at present in the tendering stage. "To ensure supply of raw material by timely auction of leases expiring in 2020....the central government has amended the Mineral Conservation and Development Rules, 2017...making it mandatory for the lease holders to carry out G2 level exploration over the entire mineralised area by April 1, 2019," the minister said. In case the lease holder fails to perform the duties, the state government may take action for enforcing compliance under the statute, he said.
Oil prices steady as Sino-U.S. trade tensions ease
LONDON (Reuters) - Oil prices steadied on Thursday, under pressure from high inventories but buoyed by a drawdown in U.S. crude stockpiles and indications that the trade war between the United States and China may be easing.
Industrybuying grows 8X in 3 FYs, turns profitable based on SME ecommerce strategy
Industrybuying has turned its SME ecommerce business profitable after changing its strategy to focus on Private Brands in the industrial and business Ecommerce space.The company is doubling in revenue every year, and has grown 8X over 3 years to 240 cr. It has limited competition in the space, with other competitors either being focused on large enterprises, or not being unit economics positive."Our focus is very profitably oriented, and consequently we target doubling every year, and at least 2% improvement in EBITDA per month. We wanted to first build a profitable SME ecommerce model and then hyper grow it, instead of the other way around. We have largely succeeded, and expect to be EBITDA profitable in the next quarter" said Swati Gupta, co-founder."Our large catalog of over 700,000 industrial and business products is unique. 80% of our sales come from products that are not available anywhere else online. Now with private brands, the catalog and price points become even ...
Asian markets build on trade optimism, pound faces pressure
Asian markets enjoyed more gains Thursday as investors are cheered by the more conciliatory noises from China and the US on trade, while uncertainty over Brexit continued to weigh on the pound. While the tariffs row between Beijing and Washington is far from being resolved, there is a lot more optimism on trading floors this week that the world's top two economies can make headway in talks over the next three months. The latest buying queues came from a report that Beijing is considering replacing its "Made in China 2025" programme that aims to boost its technology sector, a key point in anger for Washington. The Wall Street Journal said authorities were looking at putting back the scheme's timetable by a decade to concentrate on improving standards. That followed news China had agreed to resume importing soybeans -- a major boost for US farmers -- as well as remove a levy on US autos imposed earlier this year in response to Donald Trump's initial tariffs. China's technology ...
Sensex up 300 points as RBI Governor meets banks
The key Indian equity indices traded higher on Thursday with the Sensex gaining over 300 points and Nifty50 trading over the 10,800 points mark.