Page 1584 - Business Finance
Credit Suisse ends restructuring with plan for up to $3 billion share buyback
ZURICH (Reuters) - Credit Suisse plans to buy back 2 to 3 billion Swiss francs ($2-3 billion) of shares over the next two years and raise its dividend, voicing confidence that its strategy is working after a painful three-year restructuring.
Ashok Leyland ties up with Israeli defence co Elbit Systems
Commercial vehicles major Ashok Leyland Ltd on Wednesday said it has signed a Memorandum of Understanding (MoU) with defence systems company Elbit Systems in Israel.
Route Mobile collaborates with Oracle Marketing Cloud
Route Mobile Limited (Route Mobile), a cloud-communication platform service provider and a member of Oracle Partner Network (OPN) on Wednesday announced collaboration with Oracle Marketing Cloud, part of Oracle Customer Experience (CX) Cloud Suite, which empowers organisations to take a smarter approach to customer experience management and business transformation initiatives.In today's world, enterprises across the globe are looking for cloud-based solutions to engage deeply with their consumers in an efficient and cost-effective way. Oracle Marketing Cloud is one of the industry providers offering mobile consumer engagement with SMS messaging as a preferred channel for reaching consumers."Being a technology-driven cloud communications platform provider means staying ahead of the innovation curve with innovative products and strategic partnerships. We intend to continue to ensure seamless delivery of SMS messages to companies so that they can have deeper mobile customer engagement ...
New duty drawback rates will boost cotton Textiles exports
Welcoming the announcement of the new Duty Drawback rates, Chairman of The Cotton Textiles Export Promotion Council (TEXPROCIL), Dr K. V. Srinivasan, said that the revised rates will lead to increase in the exports of Cotton textiles.The All Industry Rates of Duty Drawback re-imburses the incidence of duties of Customs on inputs and remnant Central Excise Duty on specified petroleum products used for generation of captive power for manufacture or processing of export goods. The Drawback rates for cotton textiles products such as Yarn, Fabrics, and Made-ups have been increased."There is a significant increase in the Drawback rates for cotton Made ups which will encourage export of value-added products like home textiles. Further, the removal of Drawback Caps in the case of those export products where the Drawback rates are less than 2 percent will benefit the Cotton textiles exporters," explained Srinivasan.The Chairman, TEXPROCIL extended his thanks to Smriti Zubin Irani, Union ...
New RBI chief promises consultation, hints at more dovish stance
MUMBAI (Reuters) - New Reserve Bank of India (RBI) Governor Shaktikanta Das said on Wednesday he would adopt a consultative approach and move quickly to meet bank chiefs and other parties to tackle issues facing the sector.
Tata Motors to support Indian wrestlers' quest for Olympic glory
Tata Motors is launching an initiative to support top Indian wrestlers to help them bring more laurels for the country in mega sporting events like Olympics, a top company official Wednesday said. Tata Motors Elite Wrestlers Development Programme, supported by the company's commercial vehicle business unit, will support established wrestlers with training and coaching facilities, enabled by renowned foreign coaches, support staff and international exposure to prepare them for the 2020 Tokyo Games. The programme will also identify and nurture young wrestling talent in the country which could be groomed for the 2024 Paris Olympics. The initiative comes after Tata Motors Commercial Vehicle Business Unit (CVBU) in August signed a three-year contract with the Wrestling Federation of India (WFI) to promote wrestling in the country. Through this association, Tata Motors will support top-50 performing wrestlers (both men and women) across categories. "We spoke to wrestlers and tried to know ..
Washington takes center stage in bank branch battles
WASHINGTON (Reuters) - JPMorgan Chase & Co has made a splash this year in Washington, D.C. opening branches for the first time in the nation's capital.
Will try to uphold RBI's autonomy, credibility, integrity: Das
RBI Governor Shaktikanta Das Wednesday said he will try to uphold the autonomy, credibility and the integrity of the "great institution" and take every stakeholder, including the government, along in a consultative manner. The former bureaucrat, who took over the reins of the Reserve Bank earlier in the day following the resignation of Urjit Patel, said he will take measures which the economy requires in a timely manner and as the first step, will meet the heads of public sector banks. Addressing media hours after taking over as the 25th Governor of RBI, the former Union finance secretary who was the pointsman for the government during the demonetisation in November 2016, describing the bank as a "great institution". "I will uphold the autonomy, integrity and credibility of RBI as an institution. I will ensure that it is intact," he said. "The RBI is a great institution, has a long and rich legacy," he added.
Quick Wrap: Nifty Realty Index rises 4.36%, NIFTY jumps 1.79%
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Analysis: China's flawed futures contract pushes oil trade to record high in 2018
SINGAPORE (Reuters) - Shanghai's new yuan-denominated derivatives contract is set to propel global crude oil futures trading volumes to a record high in 2018, eating into the market share of the two most active crude contracts, Brent and WTI.
3 industry bodies moot rollout of 1 mn Wi-Fi hotspots by Sept 2019: Sinha
Three leading industry bodies have submitted a joint proposal to the government for provisioning of interoperable internet and broadband services through a common platform, entailing roll out of a million Wi-Fi hotspots by September 2019, the Lok Sabha was informed Wednesday. "Cellular Operators Association of India (COAI), Internet Service Providers Association of India (ISPAI) and Virtual Network Operators Association of India (VNOAI) have submitted a joint proposal to Department of Telecommunications for providing seamless and interoperable Internet and Broadband Services through Public Wi-Fi Hotspots," Communications Minister Manoj Sinha said in a written reply to the Lok Sabha. These services are proposed to be provided through a common platform to be owned and operated by them. "They have envisaged roll out of one million Wi-Fi Hotspots by September 2019 under this platform," Sinha added. To another question, the minister said about 1,570 complaints relating to call drop and ...
Mutual funds log Rs 1.4 lakh crore inflows in Nov
Investors pumped in over Rs 1.4 lakh crore into various mutual fund schemes in November, with liquid schemes accounting for most of the inflows. With the latest inflow, the total infusion in mutual fund (MF) schemes reached about Rs 2.23 crore in the first eight months (April-November) of the current fiscal, latest data with the Association of Mutual Funds in India (Amfi) showed. "We appreciate the maturity shown by retail investors in staying invested in the markets, in spite of the volatility over the last few months," Amfi Chief Executive N S Venkatesh said. "Overall, both inflows and AUM have shown an upward trend. The industry added over 1.5 lakh unique investors last month," he added. According to the data, investors poured in a net Rs 1,42,359 crore in MF schemes last month, compared to an investment of Rs 35,529 crore in October. However, they had pulled out Rs 2.3 lakh crore in September, which market participants attributed to nervousness among corporate investors following .
Zydus Wellness gains over 4 pc as CCI clears deal with Heinz India
Shares of Zydus Wellness Wednesday soared over 4 per cent following the CCI's approval to Zydus Cadila's acquisition of Heinz India's consumer wellness business. The stock surged 4.52 per cent to close at Rs 1,362.90 on the BSE. During the day, it went up by 5.18 per cent to Rs 1,371.5. On the NSE, shares of the company zoomed 4.32 per cent to settle at Rs 1,362.05. It had hit the intra-day high of Rs 1,370, a gain of 4.92 per cent compared with the previous close. The company's market valuation stood at Rs 5,325.14 crore on the BSE. In terms of equity volume, a combined of more than 45,000 shares of the company were traded on the BSE and NSE. Zydus Wellness jointly with Cadila Healthcare signed definitive pacts to acquire Heinz India for Rs 4,595 crore that includes net working capital of Rs 40 crore, cash worth Rs 15 crore and assumes no debt. The Competition Commission of India (CCI) in a tweet Tuesday said it "approves acquisition of businesses of Heinz related to four brands ...
Samsung to shut mobile phone plant in China's Tianjin
SEOUL (Reuters) - Samsung Electronics will cease operations at one of its mobile phone manufacturing plants in China, the company said, as its sales in the world's biggest smartphone market slumps amid rising competition from lower-cost local rivals.
Ramco Systems bags order from ADAIR for US fighter jets
: Ramco Systems, a software products and services provider, said Wednesday that it has bagged an order from an adversary air service provider (ADAIR) to the United States defence forces to manage its fighter aircraft used for complex training and defence contract requirements. According to the deal, Ramco Systems would implement its full aviation suite V5.8 covering modules of engineering and maintenance, supply chain management, safety and quality, flight operations, among others, a press statement from the company said here. The aviation suite would allow paperless operations across remote locations, aiding the client's expansion plan, the statement said. "After successfully addressing the heli, airline and MRO (maintenance, repair and overhaul) segment, we have entered the growing defence industry with our comprehensive suite of offerings", the release quoted chief executive officer of the company Virender Aggarwal as saying. "There has been a quest for technological
Refined soya oil futures slide 0.12 pc on adequate stocks
Refined soya oil prices eased by 0.12 per cent to Rs 743.5 per 10 kg in futures trade Wednesday as speculators trimmed bets, triggered by adequate stocks at spot market. At the National Commodity and Derivatives Exchange, refined soya oil for January declined by 0.9 paise, or 0.12 per cent, to Rs 743.5 per 10 kg with an open interest of 34, 270 lots. Likewise, the oil for February fell by Rs 1, or 0.14 per cent, to Rs 739 per 10 kg in 11,440 lots. Market analysts said, cutting down of positions by participants due to decline in demand against ample stocks mainly influenced the prices.
LambdaTest Receives $1M Funding From Leo Capital in Pre-Series A Round
/ -- Leo Capitals also picks up significant minority stake LambdaTest, a cloud-based testing platform, has announced it has received a Pre-Series A funding of $1 million from Leo Capital, a venture capital firm. Early this year, the company raised angel investment of 400K USD from investors like Ramakant Sharma (Co-founder LivSpace), Lovleen Bhatia (Co-founder Edureka), Kapil Tyagi (Co-founder Edureka), and few angels from United States. LambdaTest was started about a year ago by Asad Khan along with co-founders & core team members, Harish Sharma (Head of Technology), Jay Singh (Head of Sales and Marketing) and Shayan, (Head of Customer Success). With this round of funding, Leo Capital becomes a significant minority stakeholder in LambdaTest. Speaking about the funding, Asad Khan said, "We're glad with our partnership with Leo Capital and our other investors. This round of funding showcases the confidence that the industry has in us and this will support us to improve our ...
Exclusive: Don't contact our board members, Renault tells Nissan - sources
TOKYO/PARIS (Reuters) - Renault told alliance partner Nissan to stop contacting the French company's directors ahead of a Thursday board meeting as the Japanese automaker tried to share evidence of wrongdoing by its ousted chairman Carlos Ghosn, two sources said.
Prime Venture Partners invests Rs 6 cr in FoodyBuddy
Prime Venture Partners Wednesday said it has invested Rs 6 crore in FoodyBuddy, a platform that enables consumers to sell home-cooked food. FoodyBuddy plans to use the proceeds from the pre-series A round to expand into new geographies, and build the network in Bengaluru, a statement said. The company is currently operational in Bengaluru with plans to expand to five other cities in the next 12 months. The platform brings together home chefs and consumers in the same neighbourhood. Residents of over 100 apartment communities in Bengaluru are using the platform that has sold more than 2,50,000 meals. Founded by Akil Sethuraman, Rachna Rao and Anup Gopinath in June 2015, FoodyBuddy has been piloting the service since early 2017. "Today, close to 20,000 households use FoodyBuddy and more than 1,000 people are selling. We believe that food brings people closer and encourages a friendly, healthy and interactive community," FoodyBuddy co-founder Akil Sethuraman said. The aim is to foster ...
Nifty, Sensex end higher after swift change of guard at RBI
(Reuters) - Indian shares marked a one-week closing high on Wednesday, driven by financials and automakers after the government appointed a new central bank governor quickly, amid state election results raising hopes of increased rural spending.