Page 1677 - Business Finance
Newgen Software Technologies wins 'SME Business Excellence Award 2018'
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Board of Monte Carlo Fashions approves buyback of shares
At meeting held on 30 November 2018
Borosil Glass Works makes additional investment of Rs 2.45 cr in Borosil Technologies
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Govt breaches full-year fiscal deficit target at Oct-end
The full-year fiscal deficit target of Rs 6.24 lakh crore was breached at October-end mainly on account of lower revenue collections, showed government data Friday, reflecting deterioration in public finances. The fiscal deficit or gap between expenditure and revenue was Rs 6.48 lakh crore or 103.9 per cent of Budget Estimate (BE) during April-October of the current financial year. At end of October 2017-18, the deficit was 96.1 per cent of the BE. The government has budgeted to cut fiscal deficit to 3.3 per cent of GDP in 2018-19 from 3.53 per cent in the previous financial year. According to the data released by the Controller General of Accounts (CGA), the revenue receipts of the government totalled Rs 7.88 lakh crore or 45.7 per cent of the BE for 2018-19 as compared to 48.1 per cent of BE last year. The government has budgeted to mop up Rs 17.25 lakh crore revenue during the current fiscal. Tax revenue was 44.7 per cent of BE compared to 51.6 per cent achieved in the comparable ..
GDP growth slow to 3-quarter low of 7.1 pc in Q2
India's economy grew at 7.1 per cent in July-September, lowest in three quarters, but still remained ahead of China to retain the tag of the world's fastest growing major economy. The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 6.3 per cent in July-September quarter of the last fiscal, according to government data released Friday. The size of the GDP in the second quarter of 2018-19 is estimated at Rs 33.98 lakh crore, as against Rs 31.72 lakh crore a year ago, showing a growth rate of 7.1 per cent, as per a statement of the Central Statistics Office (CSO). Indian economy grew at 8.2 per cent in April-June quarter of this fiscal. The GDP growth was 7.7 per per cent in January-March quarter while it was at 7 per cent in October-December. The Chinese economy had expanded at the rate of 6.5 per cent in the July-September period this year. India's GVA (gross value added) at Constant (2011-2012) Prices for second quarter this fiscal is estimated at Rs 31.40 lakh .
Nagaland signs MoU with Estonian academy on e-governance
The Nagaland government on Friday inked an MoU with Estonian academy to enlighten the state people on the e-governance models prevailing in the world. The main objective of the five-year agreement with the e-Governance Academy of Estonia is to work together to develop and expand scientific collaboration on setting up e-Governance Academy in Nagaland, officials said. The agreement was signed during the current edition of the e-Naga Summit, held with a vision to embark on a process to instill the spirit of innovation and use of technology for impacting positive change in the society, they said. Inaugurating the summit, Governor P B Acharya said the world today is depending on Information Technology for easier access to information and services. The e-Naga Summit can be the right platform in bringing together experts in the IT field from different countries, industries, central and state governments officials, he said. "We must invest in skill development of youths in order
India's fiscal deficit exceeds budgeted target for financial year 2018-19 in October
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GDP Growth Slows To 7.1%, Manufacturing And Farm Output Rises At Softer Pace
India's gross domestic product (GDP) rose 7.1% in July-September, down from 8.2% in the previous quarter though it still marked a comforting uptick compared to the previous year's 6.3% reading in the same quarter. The manufacturing sector expanded 7.4% following 13.5% surge in the previous quarter while the agriculture sector grew 3.8% from 5.3% in the previous quarter. Trade, Hotel, Transport, Communication &Services related to Broadcasting rose 6.80%, almost matching the growth in previous quarter. Financial, Real Estate & Professional Services expanded 6.30%, easing slightly from a 6.52% in previous quarter.
Ajay Bhushan Pandey takes over as Revenue Secretary
UIDAI CEO Ajay Bhushan Pandey took over as the Revenue Secretary in the Finance Ministry after Hasmukh Adhia retired on Friday.
Sebi increases trading hours in commodity derivatives segment
Markets regulator Sebi has decided to increase the trading time in the commodity segment by an hour to deepen the commodity derivatives market as well as enhance the participation of stakeholders, including farmer produce organisation and foreign entities. For non agricultural commodities, the revised timings will be from 9 am to 11.55 pm, while for agricultural and agri-processed commodities, the trading hours will be from 9 am to 9 pm. "It has been decided to extend the trade time within which recognised stock exchanges can set their trading hours for their commodity derivatives segment," the Securities and Exchange Board of India (Sebi) said. The move is in line with the recommendation of Commodity Derivatives Advisory Committee. Earlier, the Sebi had fixed the trading hours for non agriculture commodities from 10 am to 11.55 pm and for agricultural commodities, it was 10 am to 09:30 pm. However, "the extension of the trade timing is subject to the stock exchange and its Clearing ..
Pizza Hut plans to open over 200 outlets in India by 2022
Yum Brands-owned pizza chain Pizza Hut India plans to open over 200 more outlets in India by 2022 to expand its retail footprint, a top company official said Friday. The company opened its 500th store in the Indian subcontinent in Delhi on Friday. It operates 422 stores in the country. "We will continue to expand our footprint in the coming year and aim to open over 200 more outlets in India by 2022...Along with store expansion, we are also focusing on our products, innovation and ensuring that we deliver the best pizza experience to our consumers across geographies. "We expanded our fast-casual delco (FCD) concept and now we have over 58 FCDs till date across India including this store. We see this as a multi-year transformation and aim to sustain it with thrilling plans in the next year," said Unnat Varma, MD, Pizza Hut (India sub-continent). The pizza chain runs a franchise model in the country, where investments for opening new outlets mainly comes from franchise partner.
Indian economy grows 7.1 percent in September quarter
NEW DELHI (Reuters) - India's economy grew a lower-than-expected 7.1 percent in the July-September quarter from a more than two-year high of 8.2 percent in the previous quarter, government data showed on Friday.
Govt mops up Rs 17,000 cr from CPSE-ETF follow-on offer
The government mopped up around Rs 17,000 crore through the CPSE Exchange Traded Fund (ETF) follow-on offer which closed on Friday.
India's April-October fiscal deficit crosses full year target
NEW DELHI (Reuters) - India's April-October fiscal deficit stood at 6.49 trillion rupees ($93.23 billion), or 103.9 percent of the budgeted target for current fiscal year, government data showed on Friday.
Global wearable device sales to reach 225 mn in 2019: Gartner
Global shipments of wearable devices will reach 225 million in 2019 -- an increase of 25.8 per cent from 2018, market research firm Gartner said on Friday.
Forex reserves down by USD 795 mn to USD 392.78 bn
The country's foreign exchange reserves dropped by USD 795 million to USD 392.785 billion in the week to November 23 due to a decline in foreign currency assets, according to RBI data. In the previous week, the reserves had increased by USD 568.9 million to USD 393.580 billion. In the reporting week, foreign currency assets, a major component of the overall reserves, fell by USD 841 million to USD 367.699 billion, as per the RBI data. Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves. Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over USD 31 billion. Gold reserves rose by USD 36.6 million to USD 20.998 billion, the data showed. The special drawing rights with the International Monetary Fund (IMF) increased by USD 3.5 million to USD 1.457 ...
Infra growth slows down to 4.8pc in Oct; fertiliser, crude oil decline
The growth rate of eight infrastructure sectors slowed down to 4.8 per cent in October due to contraction in the production of crude oil, natural gas and fertiliser. Eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had grown by 5 per cent in October 2017. Fertiliser production dropped sharply by 11.5 per cent, crude oil by 5 per cent and natural gas by 0.9 per cent in October over the year-ago month, according to the data released by the commerce and industry ministry on Friday. The production of coal, cement and electricity, on the other hand, expanded in the month under review. During April-October 2018-19, the eight sectors recorded a growth rate of 5.4 per cent against 3.5 per cent in the same period last year.
Zomato to expand food delivery business to 100 cities
Online restaurant guide and food ordering firm Zomato Friday said it is expanding food delivery services to 100 cities over the next week. The company's food delivery services are currently present across 93 cities and lists over 75,000 restaurants on the platform, Zomato said in a statement. "... the food delivery business is ramping up really well with the growth in main markets, as well as the reception in tier II tier III cities," Zomato founder and CEO Deepinder Goyal said. Founded by Goyal and Pankaj Chaddah in 2008, Zomato is a restaurant search and discovery platform providing in-depth information for over 1.4 million restaurants across 24 countries and serves more than 50 million users every month.
Pakistani rupee tumbles in chaotic trading as IMF bailout looms
KARACHI/ISLAMABAD (Reuters) - The Pakistani rupee swang wildly during chaotic trading on Friday, plunging more than 6 percent in the morning in an apparent central bank devaluation before paring most of the losses in the afternoon.
SEBI extends trading hours for commodity markets
MUMBAI (Reuters) - The Securities and Exchange Board of India (SEBI) allowed exchanges to start commodity trading an hour earlier to increase participation of different stakeholders, the market regulator said in a statement on Friday.