Page 1626 - Business Finance
Outcome of board meeting of REC
At meeting held on 05 December 2018
Bombardier expects to deliver up to 155 business aircraft in 2019
(Reuters) - Bombardier Inc said on Thursday it expects to deliver 150 to 155 business aircraft in 2019, as the Canadian plane maker's Global 7500 jets go into service later this year.
India rice rates slip; tough Chinese rules dent Vietnam exports
BENGALURU (Reuters) - Rice export prices fell a the second consecutive week in India on a weakening rupee and slow demand, while strict inspections from top consumer China muted exports from Vietnam.
Guiltfree aims to break even by FY20, eyes Rs 10,000cr topline
RP Sanjiv Goenka Groups FMCG company Guiltfree Industries is aiming to break even in FY20 and clock revenues of Rs 10,000 crore over the next five years, a company official said Thursday. We have a very ambitious plans to reach Rs 10,000 crore turnover in 5 years. Work is on for different things. Turnover would come from a combination of organic and inorganic growth," RP Sanjiv Goenka group chairman Sanjiv Goenka said here. Currently, the monthly turnover of Guiltfree is around Rs 5O crore which owns snack brand 'TooYumm' as well as Apricot Foods, e-Vita brand taken together. Goenka claimed the company controls 3.5 per cent of western India's flavoured snacks market and expects to achieve Rs 1,000 crore turnover of Tooyum and e-Vita by June. It also expects to break even in 2019-20. Guiltfree is exporting its snacks to Dubai, Singapore, Oman and Qatar and there is a demand traction. We will look at the European Union, Malaysia etc. where a host of new launches are ...
Global Markets: Stocks slump on China executive arrest, oil spills into OPEC
LONDON (Reuters) - Global stock markets slumped for a third day running on Thursday as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States fed fears of fresh tensions between the two economic superpowers.
OPEC oil cuts at risk as Russia yet to commit
VIENNA (Reuters) - OPEC and its allies are working towards cutting oil output by up to 1.5 million barrels per day but could fail to reach a deal if no compromise is found with non-OPEC Russia, the Saudi energy minister said on Thursday.
Global Markets: Stocks slump on China exec arrest, oil spills into OPEC
LONDON (Reuters) - Global stock markets slumped for a third day running on Thursday as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States fed fears of fresh tensions between the two economic superpowers.
$100 bn investment in telecom to add $1.2 tn to India's GDP: Report
The investment of $100 billion in the Indian telecom industry as envisioned in the National Digital Communications Policy 2018 (NDCP) would result in an increase of $1.21 trillion in India's Gross Domestic Product (GDP) on a cumulative basis, a report said here on Thursday.
Raymond announces change in directorate
The Board also appointed Surya Kant Gupta (DIN: 00323759) as an Additional Director, subject to the approval of the Ministry of Civil Aviation. Gupta is a Textile Industry veteran and has been with the Company for over a decade. Gupta in his corporate career was also associated with conglomerates viz; Reliance, Grasim and Bombay Dyeing.
Omaxe director resigns
With effect from 06 December 2018
Maruti Suzuki dives over 4% on price hike announcement
Shares of Maruti Suzuki India Thursday tumbled over 4 per cent after the company announced price hike across various models. The scrip fell 4.63 per cent to close at Rs 7,209.7 on the BSE. Intra-day, it hit a low of Rs 7,178.3, a decline of 5.04 per cent. On the NSE, the stock plummeted 4.67 per cent to settle at Rs 7,201 apiece. The shares hit a low of Rs 7,180 and a high of Rs 7,486.30 in the intra-day trade. Among the Sensex constituents, Maruti Suzuki was the worst hit. The auto major's stock had slumped over 2 per cent on the bourses Wednesday. Maruti Suzuki had announced Wednesday it will increase prices of its vehicles across various models from next month to offset adverse impact of increase in commodity prices and foreign exchange rates. The company, however, did not specify the range by which the prices of its vehicles would be increase. Besides Maruti, other automobile firms showed a bearish trend Thursday. Tata Motors shed 4.02 per cent, followed by Bajaj Auto 1.55 per ...
More belt-tightening at VW to fund electric new start
German car giant Volkswagen said Thursday it is looking for three billion euros ($3.8 billion) in new savings to help fund its pivot towards electric vehicles, adding that it could not rule out job cuts. Without more savings, profitability at VW's historic own-brand cars division "will not be enough to be completely ready for the future," said Arno Antlitz, chief financial officer at the unit, adding "enormous investments" were needed. The belt-tightening drive comes on top of a programme launched in 2017 that has already found 2.2 billion euros of savings, the group said. Added together, the schemes should allow the unit to achieve a profit margin of "at least six percent" by 2022, three years earlier than planned and up from the four to five percent it aims for in 2020. After admitting in 2015 to manipulating millions of diesel vehicles worldwide to appear less polluting in regulatory tests, Volkswagen hopes to leave its "dieselgate" scandal behind with a massive electrification ...
Denim brand Mufti eyes Rs 1,000 cr sales in 3 yrs on expansion
Denim brand Mufti on Thursday said it is eyeing a revenue of Rs 1000 crore in the next three years, backed by its expansion in the footwear segment. It is also looking at ramping up its distributional network for its footwear to 500 stores, including multi brand outlets, its stand-alone stores and its existing network of retailers in the coming year, from 100 stores at present, the brand said in a statement. "With the current estimated size of Rs 34,400 crore, the footwear segment is expected to grow over Rs 55,400 crore in the coming five years. The expansion into the footwear segment is a part of the company's vision of becoming a Rs 1000 crore brand in the coming three years," Mufti founder and managing director Kamal Khushlani said adding that it will begin to expand into newer categories. ****************** MCX Clearing Corp joins Asian securities depository assn ACG * Multi Commodity Exchange Clearing Corporation (MCXCCL), a wholly owned subsidiary of Multi ...
CREDAI wants loan restructuring, lower GST, dedicated fund for stalled housing projects
Faced with liquidity crunch, realtors' apex body CREDAI Thursday sought one-time restructuring of loans provided to the sector as well as a dedicated fund for the completion of stalled housing projects. It also demanded reduction in the GST rate for under-construction homes at 8 per cent from the current 12 per cent, besides single-window clearance for projects. These demands were made by the association at it's second edition of the New India Summit in Mysore, Karnataka. Over 1000-member developers and experts from the real estate sector from across the country attended the event. The summit was inaugurated by Union Minister of Skill Development and Entrepreneurship Ananth Kumar Hegde. "In view of real estate being subject to both GST and stamp duties, there is a case that the rate of GST on real estate, which stands at 12 per cent, needs to be reduced to 8 per cent across all segments and not just for houses of up to 60 square metres," CREDAI said in a statement. The current land ...
Kia Motors to begin production in Andhra Pradesh mid-2019
: Korean carmaker Kia Motors Thursday said production of its made-in-India cars would begin in the second half of 2019. Once the construction of its unit in Penukonda in Anantapuramu district of Andhra Pradesh is over, the company would produce approximately three lakh cars annually, said a press statement. The company handed over its best-selling electric cars Niro Hybrid, Niro Plug-in Hybrid and Niro EV to the Andhra Pradesh government, the statement said. Chief Minister of the state N Chandrababu Naidu received the cars from managing director and chief executive officer of Kia Motors India Kookhyun Shim, it said. Kia Motors signed a memorandum of understanding with the state government to collaborate on 'Partnership for Future Eco-Mobility, the statement said. Under the pact, it said, Kia would partner with the government to develop local electric vehicle (EV) infrastructure, including vehicle-charging stations. One such station was opened on the premises of the ...
Rupee drops 44 paise to 70.90 against USD amid sharp sell-off in equities
The rupee depreciated by 44 paise to close at 70.90 against the US dollar Thursday amid a strengthening greenback and sharp decline in equity markets. The dollar and yen rose on safe-haven buying after the arrest of a top executive of Chinese telecom giant Huawei in Canada for suspected Iran sanctions violations renewed concerns over US-China relations. Brent crude, the international benchmark, dropped 2.76 per cent to trade at USD 59.86 per barrel amid a crucial meeting of Opec members. Meanwhile, Saudi Arabia's Oil Minister Khalid al Falih said Opec is looking for a "sufficient" cut in oil production to prop up plunging crude prices. Forex traders said increasing demand for the greenback weighed on the domestic unit, which slipped below the 71 mark during the day. After opening lower at 70.82, the rupee plunged to the day's low of 71.14 and finally settled for the day at 70.90, down 44 paise over its previous closing price. On Wednesday, the rupee ticked higher by 3 paise to 70.46 ..
Alstom to ramp up coach production at Sri City facility
: France-based Alstom, a company operating in rail transport, Thursday announced a plan to increase production in its facility at Sri City, about 100 km from here. On the capacity of the unit, managing director of Alstom (India and South Asia) Alain Spohr said, "Today, we have the capacity to produce 20 cars per month. We will add four more cars to make it 24." "We are going to set up a new line for 20 cars to take the capacity to 44 cars. This will happen in 2019-end," he told PTI. He declined to reveal the proposed investments to expand the facility. However, he said the employees at the facility would increase to 1,000 from the existing 450 following the increase in production. Spohr said Alstom won an order to make 248 metro cars for Mumbai Metro Rail the production of which would begin in November 2019 and delivery in 2021-22. He said the company had won the Rs 2,500-crore order in June 2018 for 31 trains with eight cars. Earlier, Alstom flagged off the last set of .
German industry orders rise despite global trade friction
BERLIN (Reuters) - Strong demand from abroad drove an unexpected rise in German industrial orders in October, suggesting that exports may still support Europe's largest economy despite broader global trade friction.
Fed up with Facebook, U.S. fund managers look for alternatives
NEW YORK (Reuters) - Facebook Inc's losses are becoming other companies' gains.
Emails, SMS & phone calls: aggressive Spanish lending rings alarm bells
MADRID (Reuters) - Pensioner Willy Clement complains that BBVA, his local bank in Spain, is pestering him with commercial offers for consumer loans.