Page 1606 - Business Finance
Crude oil prices bounce globally; rates soften in domestic market
Crude oil prices bounced globally post leads from the OPEC meeting last weekend where the major oil cartel and the non-OPEC countries decided to cut output starting January. In the domestic market, however, the prices took a beating on sufficient supply. At the Multi Commodity Exchange, the oil prices for December dipped 2.44 per cent or Rs 94 to Rs 3,755 per barrel Monday. Analysts attributed the plummeting of crude oil prices to oversupply. OPEC and non-OPEC countries were producing more in recent months in anticipation of lower Iranian oil exports post-US sanctions. The possible jitters around the supply crunch seemed to have settled after the US granted India and several other nations to keep buying Iranian oil, say reports. Meanwhile, West Texas Intermediate lost 0.13 per cent, to USD 52.54, while Brent crude, the international benchmark, recovered 0.6 per cent to USD 62.02 per barrel.
SoftBank's blockbuster IPO reaches $23.5 billion after extra share sale
TOKYO (Reuters) - SoftBank Corp priced its initial public offering (IPO) at 1,500 yen per share and will sell an extra 160 million shares to meet solid demand, a regulatory filing showed, raising 2.65 trillion yen ($23.5 billion) in Japan's biggest-ever IPO.
Jet Airways falls 6 pc after ICRA downgrades rating
Shares of Jet Airways Monday dropped nearly 6 per cent after the credit rating agency Icra downgraded the airline's long-term ratings. After a negative opening on BSE, the scrip further declined 6.04 per cent to hit an intra-day low of Rs 259.50. The stock was trading at Rs 260.55 apiece, down 5.67 per cent from the previous close. Similarly, on NSE, the airline's stock tumbled 5.88 per cent to an intra-day low of Rs 260. Later, at 1259 hrs, the stock was trading 5.50 per cent lower at Rs 261.05. Jet Airways, in a regulatory filing Friday, said that credit rating agency Icra had downgraded the cash strapped air-carrier's long-term ratings from 'B' to 'C'. This has been the second such action by the agency since October. Instruments with 'C' rating are considered to have very high risk of default regarding timely servicing of financial obligations, as per the agency. The rating downgrade considers delays in the implementation of the proposed liquidity initiatives by the management, ...
Gold steadies near five-month peak on subdued dollar
BENGALURU (Reuters) - Gold prices were steady on Monday, having touched a fresh five-month peak early in the session, as the dollar weakened after a soft U.S. jobs report fuelled speculation that the Federal Reserve may stop raising interest rates sooner than expected.
India's Petronet looking for long-term deal to buy U.S. LNG
NEW DELHI (Reuters) - Top Indian gas importer Petronet LNG is looking to sign a deal in a year's time to buy at least 1 million tonnes of U.S. natural gas annually for a period of up to 10 years, as it pushes to diversify its supply sources beyond the Middle East.
Southeast Asia's leading ride-hailing firm grabs a stake in OYO: Is India next?
Singapore, Dec 10 (ANI): Towards the end of last week, Singapore-based ride-hailing firm GrabTaxi Holdings Pte. Ltd. (or simply Grab) confirmed rumours swirling around the tech community the whole week that it had taken a significant stake in India's largest hospitality company, OYO Rooms. Grab is the leading ride-hailing company in Southeast Asia with presence in 8 countries and 3.5 million daily users of its platform.The Gurugram-headquartered OYO was founded 5 years ago by a then 19-year-old Ritesh Agarwal in Rayagada in the eastern state of Odisha. It started as a website that facilitated the listing and booking of budget accommodation and has since morphed to a network of some 10,000 franchised or leased hotels spanning 350 cities across six countries. The hotels, mainly in the budget segment, are mostly in its home market India, and China. The other countries it has ventured into arethe UAE, Nepal, Malaysia and Indonesia.In its last funding round in September 2018, it raised ...
Direct Tax collections soar 15.7% higher for FY 2018-19
The provisional figures of Direct Tax collections up to November, 2018 show that gross collections are at Rs. 6.75 lakh crore which is 15.7 percent higher than the gross collections for the corresponding period of last year.Refunds amounting to Rs.1.23 lakh crore have been issued during April, 2018 to November, 2018, which is 20.8 percent higher than refunds issued during the same period in the preceding year.Net collections (after adjusting for refunds) have increased by 14.7 percent to Rs. 5.51 lakh crore during April - November, 2018. The net Direct Tax collections represent 48 percent of the total budget estimates of Direct Taxes for F.Y. 2018-19 (Rs. 11.50 lakh crore).So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) is concerned, the growth rate of gross collections for CIT is 17.7 percent while that for PIT (including STT) is 18.3 percent.After adjustment of refunds, the net growth in CIT collections is 18.4 percent and that in PIT ...
Gross Direct Tax Collections Up Nearly 16% In April-November 2018
The Provisional Figures of Direct Tax Collections up to November, 2018 show that gross collections are at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year. Refunds amounting to Rs.1.23 lakh crore have been issued during April, 2018 to November, 2018, which is 20.8% higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 14.7% to Rs. 5.51 lakh crore during April - November, 2018. The Net Direct Tax collections represent 48% of the total Budget Estimates of Direct Taxes for F.Y. 2018-19 (Rs. 11.50 lakh crore).
Gilead Sciences snares Roche executive O'Day as CEO
(Reuters) - Drugmaker Gilead Sciences Inc on Monday named Roche Holding AG executive Daniel O'Day as its new chief executive, tapping an industry veteran to fill a management vacuum.
India's April-November net direct tax mop up rises 14.7 percent to $77.8 billion
NEW DELHI (Reuters) - India's direct tax collection grew 14.7 percent from a year earlier to 5.51 trillion rupees ($77.77 billion) during April to November, the finance ministry said in a statement on Monday.
Direct tax collections at Rs 6.75 lakh cr till November
Showing an increase of 15.7 per cent over the last year, the gross direct tax collections till November stood at Rs 6.75 lakh crore, according to provisional figures released on Monday.
Barometers trim losses; FMCG shares decline
Key equity indices trimmed some losses in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 539.89 points or 1.51% at 35,133.36. The Nifty 50 index was down 162.55 points or 1.52% at 10,531.15.
Domestic passenger vehicle sales down 3.43% in November: SIAM
The sale of passenger vehicles in the domestic market declined by 3.43 per cent on a year-on-year basis in November to 266,000 units, according to the Society of Indian Automobile Manufacturers (SIAM) data on Monday.
Japan's top 3 telcos to exclude Huawei, ZTE network equipment: Kyodo
TOKYO (Reuters) - Japan's big three telecoms operators plan to exclude network equipment from China's Huawei Technologies Co Ltd and ZTE Corp, Kyodo News reported on Monday.
Coriander futures rise 1.97% on spot demand
Coriander prices rose sharply by 1.97 per cent to Rs 6,667 per quintal in futures trade Monday as speculators raised bets on the back of rising demand at the spot market. Besides, tight stocks on account of restricted arrivals from major growing belts weighed on coriander futures. At the National Commodity and Derivatives Exchange, coriander for January was trading higher by Rs 129, or 1.97 per cent, to Rs 6,667 per quintal, with an open interest of 22,070 lots. Similarly, the delivery for far-month April, too, maintained the upward streak advancing by Rs 126, or 1.25 per cent, to Rs 6,866 per quintal with an open interest of 7,340 lots. Market analysts attributed the rise in coriander futures to the rise in demand in the physical market against tight stocks on fall in supplies from producing regions.
Ambition Mica Ltd leads gainers in 'B' group
Mangalam Drugs and Organics Ltd, Landmark Property Development Company Ltd, CIL Nova Petrochemicals Ltd and Yash Chemex Ltd are among the other gainers in the BSE's 'B' group today, 10 December 2018.
Global stocks extend slump as growth worries mount
TOKYO (Reuters) - Losses in global stock markets snowballed on Monday, with U.S. equity futures and Asian shares sliding on worries over slowing growth and fears that a rise in tensions between Washington and Beijing could torpedo chances of a trade deal.
Ashoka Buildcon spurts after new order win
Ashoka Buildcon advanced 7.2% to Rs 128.85 at 11:51 IST on BSE after the company announced receipt of a letter of acceptance for railway project from Rail Vikas Nigam.
Texmaco Rail & Engineering Ltd leads gainers in 'A' group
Ashoka Buildcon Ltd, Himachal Futuristic Communications Ltd, Indian Oil Corporation Ltd and D B Corp Ltd are among the other gainers in the BSE's 'A' group today, 10 December 2018.
Chana futures remain flat sluggish demand
Chana prices remained flat at Rs 4,605 per quintal in futures trade Monday after participants reduced their positions amid fall in demand at spot markets against sufficient stocks position. Marketmen said offloading of bets by traders due to fall in demand in the physical market against adequate stocks position on increased arrivals from producing belts, mainly pulled down chana prices at futures trade. At the National Commodity and Derivatives Exchange, chana for delivery in February was trading higher by Rs 8, or 0.17 per cent at Rs 4,660 per quintal with an open interest of 9,470 lots.