Page 1587 - Business Finance
ADB Retains India's Growth Estimate At 7.3% For Current Fiscal, Highlights Lower Rural Consumption
The Asian Development Bank (ADB) has kept India's growth forecast at 7.3% for the current fiscal and 7.6% in the next year. India is maintaining growth momentum on rebounding exports and higher industrial and agricultural output, ADB said today in its Asian Development Bank Outlook Supplement. India saw GDP growth moderate to 7.1% in Q2 of FY2018 (ending March 31, 2019) from 8.2% in Q1, ADB noted. The slowdown came mainly from food prices, lower rural consumption, rising oil prices delivering a negative shock in terms of trade, and rising costs for raw materials.
Dish TV India Ltd spurts 3.14%, gains for third straight session
Dish TV India Ltd is quoting at Rs 36.15, up 3.14% on the day as on 12:49 IST on the NSE. The stock is down 54.64% in last one year as compared to a 4.53% spurt in NIFTY and a 24.08% spurt in the Nifty Media index.
Nickel up on positive global cues
Nickel prices were up by 0.70 paise to Rs 777.80 per kg in futures market Wednesday after speculators enlarged positions, tracking a firm trend in spot markets on increased demand from alloy-makers. The rise in nickel prices at futures trade was mostly due to raising of bets by participants on strong demand in the spot markets amid positive global cues. At the Multi Commodity Exchange, nickel to be delivered in this month was trading higher by 0.70 paise , or 0.09 per cent, to Rs 777.80 per kg, with a business turnover of 687 lots. However, the nickel prices traded lower for January next year at 783.60, down 0.04 per cent, or 0.30 paise.
Gold futures slide on weak domestic demand
Gold prices fell 0.45 per cent to Rs 31,790 per 10 gram in futures trade Wednesday as speculators cut down their bets amid weak demand cues. At the Multi Commodity Exchange, gold prices for delivery in February next year fell sharply by Rs 145, or 0.45 per cent, to Rs 31,790 per 10 gram in a business turnover of 15,285 lots. The gold for delivery in far-month April, too, was quoting lower by Rs 119, or 0.37 per cent, at Rs 31,970 per 10 gram in 1,875 lots. Analysts attributed the fall in prices to trimming of positions by participants, tracking a weak trend in domestic market. However, internationally gold prices were steady early on Wednesday, supported by expectations of fewer rate hikes by the US Federal Reserve next year. The US gold futures rose 0.10 per cent at USD 1,243.28 an ounce. Meanwhile, gold rose 0.11 per cent at USD 1,243.09 an ounce in Singapore.
FICCI Welcomes Appointment Of Shaktikanta Das As RBI Governor
Industry body FICCI has welcomed the appointment of former Economic Affairs Secretary and current member of the Finance Commission, Shaktikanta Das, as RBI Governor. The government has done well by appointing an economic administrator and manager of his eminence, stature and wide-ranging capabilities to guide RBI and Indian economy at this crucial juncture. Das has a 360-degree understanding of the financial issues facing the Indian economy and he also understands global issues due to his involvement with G20, stated Rashesh Shah, President, FICCI.
"Sadak, bijli, paani": Basic, yet game-changing (Column: Behind Infra Lines)
Given the varied use of government spending, the question remains on how important it is to focus on the "basic" infrastructure services such as roads, electricity and water -- the classic troika of "sadak-bijli-paani".
Chana futures gain 1.49 pc on rising demand
Chana prices rose by 1.49 per cent to Rs 4,550 per quintal in futures trade as participants created fresh positions, driven by rising demand from dal mills at the spot markets. Besides, tight stocks positions following a drop in arrivals from producing regions also contributed to the rise in chana prices. At the National Commodity and Derivatives Exchange, chana for delivery in January was trading higher by Rs 67, or 1.49 per cent, to Rs 4,550 per quintal. Likewise, the commodity for delivery in far-month March gained Rs 61, or 1.34 per cent, to Rs 4,630 per quintal. Analysts attributed the rise in chana prices to surging demand in the spot markets against restricted supplies from the producing regions.
Investments in Digital Engineering to Account for 37% of the ER&D Market by 2023: Says Zinnov
/ -- - The Global Corporate Engineering and R&D spend is in excess of USD 1.2 Tn in 2018 - Z1000 organizations account for USD 812 Bn of the global R&D Spend - Digital Engineering spend is estimated at USD 293 Bn and accounts for 24% of overall Global Corporate Engineering Spend North America accounts for 58% of the Digital Engineering spend APAC accounts for 22% of the Digital Engineering spend. China accounts for one-third of the APAC Digital Engineering spend, driven by investments from BAT (Baidu, Alibaba, and Tencent) Zinnov, a leading management and strategy consulting firm, today released its global rankings of Services Providers in the ER&D segment for 2018. The study titled, 'Zinnov Zones 2018 - ER&D Services' is an analysis of the Global Engineering R&D landscape, emerging players and verticals, and assessment of Service Providers in this space. According to the study, the total corporate engineering and R&D spend by organizations worldwide is ...
Zydus Wellness rises over 4% as CCI clears deal with Heinz India
Shares of Zydus Wellness surged over 4 per cent Wednesday as the CCI approved Zydus Cadila's deal to acquire Heinz India's consumer wellness business. The stock gained 4.36 per cent in early trade to Rs 1,360.9. At noon, the scrip was trading at Rs 1,359, up 4.22 per cent from the previous close. On NSE, the stock increased 4.45 per cent to touch a high of Rs 1,363.9. 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 namely Glucon-D, Nycil, Sampriti Ghee and Complan by Zydus/Cadila". Heinz India is a subsidiary of the US-based Kraft Heinz. Cadila Healthcare holds majority stake in Zydus Wellness.
SPJIMR Hosts the First India Chapter on Principles for Responsible Management Education
/ -- S.P. Jain Institute of Management and Research (SPJIMR) is all set to host the first India chapter conference on Principles for Responsible Management Education (PRME) on 13th and 14th December 2018. The conference brings together management and leadership from universities, management schools, corporates and civil society across the Asia-pacific region. The Forum is open to academic, corporate and the social sector audiences, and is not limited to members of the PRME Chapter in the region or signatories of the UN-supported PRME. (Logo: https://mma.prnewswire.com/media/688342/SPJIMR_Logo.jpg ) (Photo: https://mma.prnewswire.com/media/797274/PRME_Conference.jpg ) The conference discussions will be centred around why and how 21st century corporations can provide principled leadership, meaningful jobs and a sustainable, inclusive agenda in a changing world. Over the last nine months, SPJIMR has led meetings in different regions of India to promote conversations and partnerships ...
Indices hold firm at higher levels
The market was hovering in a narrow range near day's high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 381.91 points or 1.09% at 35,531.92. The Nifty 50 index was up 114.20 points or 1.08% at 10,663.35.
Godawari Power & Ispat Ltd leads gainers in 'B' group
Bhushan Steel Ltd, Loyal Equipments Ltd, Orissa Minerals Development Company Ltd and ISMT Ltd are among the other gainers in the BSE's 'B' group today, 12 December 2018.
LTI appoints Nachiket Deshpande as COO
Larsen & Toubro Infotech (LTI), IT services arm of engineering and construction conglomerate Larsen & Toubro (L&T) Ltd., on Wednesday said it has appointed Nachiket Deshpande as its Chief Operating Officer.
Housing Development & Infrastructure Ltd leads gainers in 'A' group
Indiabulls Real Estate Ltd, Aditya Birla Fashion & Retail Ltd, Jai Corp Ltd and Can Fin Homes Ltd are among the other gainers in the BSE's 'A' group today, 12 December 2018.
Credit Suisse announces 1-1.5 billion share buyback
ZURICH (Reuters) - Credit Suisse on Wednesday announced a share buyback of up to 1.5 billion Swiss francs ($1.51 billion) in 2019 and plans to increase its dividend by at least 5 percent from 2019 onward, confirming its strategy as it wraps up a three-year revamp under Chief Executive Tidjane Thiam.
NBCC bags Rs 172 cr order for construction of office building in Delhi
State-owned construction firm NBCC Wednesday said it has bagged a Rs 172 crore order from the Ministry of Skill Development and Entrepreneurship for construction of office building in the national capital. "NBCC (India) Ltd has received a letter of award (LoA) of work from Government of India for construction of office building i.e. Kaushal Bhawan at New Delhi. The estimated cost of project is Rs 172 crore (approx)," NBCC said in a BSE filing. NBCC (India) is a Navratna Enterprise under the Ministry of Urban Development, with consolidated revenue of Rs 7,096 crores. Shares of NBCC were trading 4.59 per cent higher at Rs 52.45 apiece on BSE.
Strong market breadth
Key benchmark indices were trading near day's high in mid-morning trade. At 11:20 IST, the barometer index, the S&P BSE Sensex, was up 385.24 points or 1.10% at 35,535.25. The Nifty 50 index was up 117.25 points or 1.11% at 10,666.40. Auto and realty shares advanced.
US stocks end mostly lower
Nasdaq manages to eke out small gains
Ashok Leyland inks agreement with Israel's Elbit Systems
Hinduja Group flagship firm Ashok Leyland Wednesday said it has inked a pact with Israel's Elbit Systems. As part of this agreement, Ashok Leyland will provide high mobility vehicles (HMV) for mounting Elbit Systems' artillery guns and systems. The integrated systems are targeted for worldwide export markets, Ashok Leyland said in a statement. The Chennai-based firm has expertise in design, manufacturing of logistic vehicles, combat support HMV and armoured vehicles for the defence forces. "We are certain this partnership will expand our reach globally. It underlines our capabilities of making and designing in India, for the world," Ashok Leyland MD Vinod K Dasari said. This step is also in line with the company's strategy of increasing contribution from defence business, which will help it de-risk its overall business, he added. Elbit Systems is engaged globally in a range of defence areas, including land systems, artillery systems and platforms, howitzers, mortars and ...