Page 1594 - Business Finance
Outward Foreign Direct Investment Falls In November
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Gold gains on weaker dollar, chance of slower U.S. rate hikes
BENGALURU (Reuters) - Gold firmed on Tuesday as expectations that the U.S. Federal Reserve may slow its interest rate hike trajectory next year weighed on the dollar and stoked interest in bullion, which as a non-yielding asset tends to suffer from rising rates.
SBI spurts 3 pc on fund raising plan
Shares of State Bank of India (SBI) rose nearly 3 per cent Tuesday after the lender announced its plan to raise up to USD 1.25 billion (around Rs 9,069 crore) through various modes. On BSE, the stock gained 2.85 per cent to close at Rs 281.2. It touched an intra-day high of Rs 283, up 3.51 per cent from the previous close. Similarly, on NSE the scrip climbed 2.75 per cent to end at Rs 281.75. During the trading session, shares advanced by 3.30 per cent to an intra-day high of Rs 283.25. On the equity volume front, more than 12 lakh shares were traded on BSE while over 3 crore scrips changed hands on NSE. In a regulatory filing Monday, SBI said its board will Thursday "examine the status and decide on long term fund raising in single/multiple tranches up to USD 1.25 billion through a public offer and/or private placement of senior unsecured notes in US dollar or any other convertible currency". The public sector lender said the fund is planned to be raised during January to March next .
Closing Bell: Sensex ends 190 pts higher, Nifty around 10,550
After witnessing volatility through the day, the Sensex on Tuesday closed after trading up 190.29 points at 35150.01, while the Nifty soared 60.70 points at 10549.20.After witnessing a sharp fall of 482.68 points in the opening trade, the Sensex gained positivity and advanced in total of 1623 shares, against a decline of 771 shares, while 139 shares were unchanged.Amongst sectors, pharmaceuticals, PSU banks, consumption, IT and automobiles, among others, were big gainers.On the other hand, shares such as Yes Bank and Sun Pharma were the top gainers, while HDFC Bank, Bharti Airtel, HPCL and IOC lost on charts.The plunge in the market comes on a day when the ruling BJP's performance in the Assembly elections painted a dismal picture for the party.Election trends during the market closing signaled chances of government formation for Congress in the three major states that went to polls- Madhya Pradesh, Rajasthan and Chhattisgarh.Earlier on Monday, RBI Governor Urjit Patel stepped down ...
German economic sentiment improves but Brexit, trade risks weigh
BERLIN (Reuters) - German economic sentiment picked up in December, the ZEW research institute said on Tuesday, but it warned that fourth quarter growth was set to be subdued and cautioned of the risks to exports from Brexit and the international trade dispute.
Crude oil futures soften 1.67% on global cues
Crude oil prices dipped 1.67 per cent to Rs 3,703 per barrel Tuesday amid weakness in global markets. Internationally, crude prices dropped by 3 per cent in the previous session amid ongoing weakness in global markets and concerns that slowing oil demand-growth could erode supply cuts announced last week by the Organisation of the Petroleum Exporting Countries (OPEC) and some non-OPEC producers including Russia. At the Multi Commodity Exchange, crude for delivery in December declined by Rs 63, or 1.67 per cent, to Rs 3,703 per barrel in a business turnover of 22,965 lots. Meanwhile, West Texas Intermediate (WTI) crude futures ended lower by 3.1 per cent at USD 51 per barrel, while Brent crude, the international benchmark, fell 2.7 per cent to USD 59.99 per barrel.
PeopleStrong Partners With Chola Finance for HR Tech and Enters the Murugappa Fold
/ -- Cholamandalam Investment and Finance Company Limited (Chola), the financial arm of the Murugappa Group, has decided to move its People data to cloud. Chola as a company has been forthcoming in embracing technology and providing speed and convenience to its customers through its digital properties, and now wants to delight its employees as well. Chola has partnered with PeopleStrong, the largest HR SaaS Company from India that currently serves over 200+ enterprises and over 600 thousand users. While all the major companies of the Murugappa Group intend to start the digital transformation of their people processes in the next 9-12 months, Chola has decided to lead the pack in the transformation journey with PeopleStrong Alt, a PeopleStrong product. With PeopleStrong Alt, Chola finance will be able to provide a unified experience from Recruitment to Retiral to all its users (Employees, Recruiters, Candidates and Business Users), and at the same time provide access to a single ...
India to see USD 300-bn investment in energy in coming decade: Pradhan
India will see an investment of about USD 300 billion over the next decade in setting up of refineries, oil and gas pipelines and expansion of city gas distribution network as it builds infrastructure to cope with the massive demand surge, Oil Minister Dharmendra Pradhan said Tuesday. Speaking at KPMG's ENRich 2018 energy conference here, he said India is the third largest energy consumer in the world after the US and China and its energy demand will grow three-fold by 2040. According to BP Energy Outlook, India will be the key driver of global energy demand in the next 25 years. To meet the massive demand, it is building world's largest oil refinery in Maharashtra at a cost of USD 40 billion, he said adding about USD 3 billion is being spent on laying gas pipelines to connect the eastern part of the country to the gas grid. Also, liquefied natural gas (LNG) receipt terminals at Ennore in Tamil Nadu and Dhamra in Odisha are being set up at a cost of Rs 10,000 crore for supplying ...
Sensex, Nifty register modest gains
Domestic stocks logged modest gains led by index pivotals ITC, State Bank of India and Axis Bank. Intraday volatility was high. The Sensex settled above the psychological 35,000 mark after sliding below that level in intraday trade. Pharma shares gained.
Power Grid inks pact with SMBC for Rs 1,397 cr loan
State-owned Power Grid Tuesday said it has inked a loan pact with Sumitomo Mitsui Banking Corporation (SMBC) for 22 billion Japanese yen (Rs 1,397 crore), which will be used as capital expenditure. "Power Grid has entered into a term loan facility agreement for 22 billion Japanese yen with SMBC on December 10, 2018, towards part financing of its capex for ongoing and new projects and renovation and modernisation of its sub-stations," a BSE filing said. The loan facility has door-to-door maturity of 12 years and is on floating rate interest basis linked to JPYLIBOR, it added. Power Grid stock closed at Rs 180.40, up 0.42 per cent on BSE.
Quick Wrap: Nifty PSU Bank Index gains 2.65%
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Hyundai Motor's two R&D vice chairmen offer to resign - sources
SEOUL (Reuters) - Hyundai Motor Group's two vice chairmen in charge of research and development (R&D) have offered to resign, three people familiar with the matter told Reuters on Tuesday.
Oil drops 3 percent, pares OPEC gains on stock market weakness
NEW YORK (Reuters) - Oil fell nearly 3 percent on Monday, echoing the weakness in global stock markets as the focus returned to concerns about growth in demand and crude prices erased some of the gains made last week on an OPEC-led decision to cut output.
Sensex, Nifty end higher ahead of state election results
(Reuters) - Indian shares closed higher on the back of IT and financial stocks on Tuesday, recovering from sharp early losses triggered by the abrupt exit of the central bank governor and ahead of key state election results.
IOC, HP invite applications for retail dealership in JK
Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) have invited applications for retail outlet dealership in Jammu and Kashmir. IOCL has invited applications for eight locations pertaining to Poonch district. As per an official handout, interested persons can submit their application before December 24. The applicants can find the details containing location, district, category and the brochure containingapplication form and other relevant details are also hosted onthe website, the handoutstated. Meanwhile, HPCL has also invited application for Retail outlet dealership in Jammu and Kashmir wherein 6 numbers of locations pertaining to Poonchdistrict are also included. The advertisement giving details of the locations, etc for which candidates can submit application before the last date December 24, it said.
WPP to splash out to reboot world's biggest ad group
LONDON (Reuters) - WPP will invest to hire new creative staff and reduce costs by cutting offices and jobs under a plan by new boss Mark Read to steer the world's biggest advertising group back to growth.
Cholamandalam Investment ties up with PeopleStrong
: Cholamandalam Investment and Finance Company, the financial arm of the diversified conglomerate Murugappa Group, said Tuesday that it has partnered with human resource (HR) solutions and technology company PeopleStrong. Under the tie-up, PeopleStrong would provide a unified experience to Cholamandalam Investment and Finance 'from recruitment to retirement to all its employees, recruiters, candidates and business users,' a press release said here. PeopleStrong currently serves over 200 enterprises and six lakh users, the release said. The agreement would also provide access to single-window of right decision-making to Cholamandalam Investment and Finance. With the mobile application and Jinie chatbot, employees would experience the next level of connect and collaboration, it said. Commenting on the partnership, executive director of Cholamandalam Investment Arun Alagappan said, "I am pleased that as an organisation we have taken a decision to move our people data to ...
Sensex ends 190 points up amid volatility (Sixth Lead)
Short-covering, along with supportive global cues and chances of Bharatiya Janata Party (BJP) retaining power in Madhya Pradesh buoyed the Indian stock exchanges on Tuesday after a volatile trade session, with the S&P BSE Sensex closing 190 points higher.
Gold up by Rs 155 on jewellers' demand
Gold prices Tuesday rose by Rs 155 to close at Rs 32,650 per 10 gram at the bullion market here due to increase in demand from local jewellers. Similarly, silver prices surged by Rs 425 to Rs 38,575 per kg on strong demand from industrial units and coin makers. Traders said gold saw on uptrend on rising demand from local jewellers. Besides, a weakening rupee against the US dollar and positive global cues aided the gain in the prices. In the national capital, gold of 99.9 per cent and 99.5 per cent purities surged Rs 155 each to close at Rs 32,650 and Rs 32,500 per 10 gram, respectively. On Monday, the yellow metal rose by Rs 145 to close at Rs 32,495 per 10 gram. Sovereign gold however held steady at Rs 25,000 per piece of 8 gram. Globally, gold stood at USD 1,246.17 an ounce in New York and silver held steady at USD 14.59 an ounce. Silver ready rose by Rs 425 to Rs 38,575 per kg, while weekly-based delivery gained Rs 269 to Rs 38,159 per kg. Silver coins however held steady at Rs ...
Jana Small Finance Bank Launches Jana Bankable Debit Card
/ -- Offers welcome benefits worth INR. 15,000 on top brands Open Fixed Deposit, get 9% interest rate and waiver on issuance fee of the debit card Recently, in association with the Board of Control for Cricket in India (BCCI), Jana Small Finance Bank launched the offer-loaded, Jana Bankable Debit Card. Jana Small Finance Bank is the official sponsor of BCCI for all the cricket matches that are played in India. (Photo: https://mma.prnewswire.com/media/796640/Jana_Bank_Debit_Card.jpg ) This card is designed for cricket fans who like deals and offers on online shopping, gym membership, health & wellness products, food delivery, music and travel. With plethora of benefits and Indian cricketers' images on the card, this Debit Card is the first-of-its-kind debit card from Jana Small Finance Bank. The customer can avail offers on top brands like Snap Fitness, Snapdeal, Gaana.com, IXIGO, Myntra, Crocs, Puma and GrowFit. Some of the welcome benefits on Jana Bankable Debit Card ...