Page 1706 - Business Finance
Government to run power play at next RBI board meeting: sources
MUMBAI/NEW DELHI (Reuters) - For all the cordiality on show at the end of Reserve Bank of India's last board meeting, tensions could re-surface when it next gathers on Dec. 14 as the government aims to ramp up pressure for changes in the way the central bank operates.
Bitcoin gains 6 percent as it heads for best day since July
LONDON (Reuters) - Bitcoin bounced more than 6 percent on Wednesday, climbing above $4,000 and heading for its biggest daily jump since July as it clawed back ground after recent heavy selling.
Guar seed futures rise Rs 76 per quintal
Guar seed prices rose by Rs 76 to Rs 4,435 per quintal in futures trade Wednesday as traders widened their bets. According to marketmen, raising of bets by speculators tracking a firm trend at spot markets on thin supplies from growing belts amid sturdy demand, led to the rise in prices. At the National Commodity and Derivatives Exchange, guar seed for January spurted by Rs 76, or 1.74, to Rs 4,435 per quintal, with an open interest of 54,890 lots. Likewise, the delivery for December hardened by Rs 66, or 1.53 per cent, to Rs 4,378 per quintal in an open interest of 1,03,320 lots.
Gold futures slip 0.34% on weak global cues
Gold prices drifted lower by 0.34 per cent to Rs 30,517 per ten grams in futures trade Wednesday as speculators off-loading of positions in line with a weak trend overseas. At the Multi Commodity Exchange, gold for delivery in February fell by Rs 103, or 0.34 per cent to Rs 30,517 per ten grams in business volume of 366 lots. Similarly, the precious metal for delivery in December declined by Rs 89, or 0.29 per cent to Rs 30,313 per ten grams in 1,750 lots. Market analysts said cutting down of positions by participants in tandem with a weak trend overseas, mainly weighed on gold prices at futures trade. Globally, gold fell 0.07 per cent to USD 1,213.80 an ounce in Singapore.
Muted demand drags down mentha oil futures by 1.05 pc
Mentha oil prices fell 1.05 per cent to Rs 1,680.20 per kg in futures trade Wednesday as speculators trimmed positions, triggered by muted demand from consuming industries at the spot market. Marketmen said adequate stocks on higher supplies from major producing region of Chandausi in Uttar Pradesh also put pressure on prices. At the Multi Commodity Exchange, mentha oil for delivery in December declined by Rs 18, or 1.05 per cent, to Rs 1,680.20 per kg, in a business turnover of 429 lots. On similar lines, the oil for delivery this month traded lower by Rs 16.40, or 0.97 per cent, to Rs 1,662.50 per kg in 62 lots.
Nifty, Sensex rise; Infosys top gainer
(Reuters) - Indian shares rose on Wednesday, boosted by IT stocks such as Infosys Ltd, while broader Asian markets were lacklustre amid conflicting signals on prospects for de-escalating the Sino-U.S. trade dispute.
Bosch to invest 100 million euros in next 3-4 yrs in India
German company Bosch Home Appliances Wednesday said it would invest 100 million euros (around Rs 800 crore) over the next 3-4 years in the Indian market. The company said it is expanding its product portfolio in India by providing localised offerings to tap the fast growing home appliances market in the country. "Bosch Home Appliances will invest 100 million euros over the next 3-4 years towards personalising solutions, brand building, strengthening its technology centre, and setting up a robust refrigerator factory to bring its best-in-class German technology in India and magnifying India's role globally," the company said in a statement. According to Bosch, India's household appliances market is expected to grow 14.5 per cent annually from 2018-2022, resulting in a market volume of USD 2,028 million. "In the coming years, Bosch will take its offerings from conventional to digital and transform businesses beyond mobility, by focusing on connectivity and new digital business models ...
IKEA Group full-year profit falls 26 percent as investments weigh
STOCKHOLM (Reuters) - IKEA Group on Wednesday reported a 26 percent drop in operating profit for its fiscal year through August and said increased investments to meet rapidly changing shopping habits weighed on results.
Small, Mid-Cap indices underperform Sensex
Stocks trimmed some gains in afternoon trade after hitting intraday high in early afternoon trade. At 13:21 IST, the barometer index, the S&P BSE Sensex, was up 240.22 points or 0.68% at 35,753.36. The Nifty 50 index was up 57.50 points or 0.54% at 10,743.10. Positive cues from Asian shares boosted investors sentiment.
Oil jumps more than 1 percent on outage in North Sea, expected OPEC supply cuts
SINGAPORE (Reuters) - Oil prices rose by more than 1 percent on Wednesday, pushed up by a North Sea production outage and expectations in the market that OPEC will next week decide to implement some form of supply cut to counter an emerging glut.
New Zealand rejects Huawei's first 5G bid citing national security risk
WELLINGTON (Reuters) - New Zealand's intelligence agency has rejected the telecom industry's first request in the country to use 5G equipment provided by China's Huawei Technologies Co Ltd, citing concerns about national security.
UiPath Signs on Ingram Micro as Distribution Partner for RPA in India
/ -- - Drive RPA market growth in India through Ingram Micro's reseller network covering 250+ cities/ towns in India - Provide enterprises in India an accelerated and easy path to procuring RPA and AI solutions - Enable operational benefits to UiPath channel partners and customers: uniformity and predictability in commercial fulfilment and transaction management, credit evaluation, local currency pricing, uniform incentives, large deal structuring, and easier legal and trade compliance amongst others UiPath, the leading provider of Enterprise Robotics Process Automation (RPA), announced the appointment of Ingram Micro, leading global tech distributor, as its Distribution Partner for RPA in India. Under the tie-up, Ingram Micro would set up a dedicated business team focused on complete engagement with its reseller network to support UiPath business. Ingram Micro's engagement with its reseller network would cover key areas such as partner enablement, demand generation, sales, ...
Yes Bank shares drop nearly 8% on ratings downgrade
Shares of Yes Bank slumped nearly 8 per cent Wednesday after Moody's Investors Service downgraded the company's ratings to non-investment grade and changed outlook to negative from stable. The scrip plunged 7.88 per cent to Rs 168.70 on BSE. On NSE, shares of the company dropped 7.69 per cent to Rs 168.60. Moody's Investors Service Tuesday downgraded Yes Bank's ratings to non-investment grade and changed outlook to negative from stable on the back of various resignations from the board. The resignations, when seen in conjunction with RBI's September directive to restrict the term of the bank's MD and CEO Rana Kapoor, till January 31, 2019, have raised concerns over corporate governance, it said. "Although the bank's reported credit fundamentals remain stable, the developments surrounding the transition in leadership as well as the governance issues are credit negative because they complicate management's effective implementation of the bank's long-term strategy," it said. Furthermore,
Sensex gains close to 300 points, Nifty at 10,752
The benchmark S&P BSE Sensex advanced close to 300 points during the afternoon trade session on Wednesday, extending its third straight session of gains led by strong gains in the IT stocks.
Godrej Consumer Products Ltd rises for fifth straight session
The stock is quoting at Rs 750.05, up 0.23% on the day as on 12:44 IST on the NSE. Godrej Consumer Products Ltd is up 15.23% in last one year as compared to a 3.79% jump in NIFTY and a 14.67% jump in the Nifty FMCG.
Exide Industries Ltd gains for five straight sessions
The stock is quoting at Rs 260.55, up 0.58% on the day as on 12:44 IST on the NSE. Exide Industries Ltd is up 26.14% in last one year as compared to a 3.79% gain in NIFTY and a 19.84% gain in the Nifty Auto.
Petrol pumps bonanza: Angry dealers to move court
Barely 72 hours after the Centre announced it was allotting a whopping 55,649 new petrol pumps in the country, the apex body of petrol-diesel retailers plan to challenge the decision in court, a senior office-bearer said on Wednesday.
UK government, Bank of England to spell out no-deal Brexit risks for economy
LONDON (Reuters) - The British government and the Bank of England are set to step up their warnings on Wednesday of a big hit to the economy from a no-deal Brexit, potentially helping Prime Minister Theresa May tackle deep opposition to her plan.
HCL Technologies Ltd spurts 1.42%, up for third straight session
The stock is quoting at Rs 1037.65, up 1.42% on the day as on 12:49 IST on the NSE. HCL Technologies Ltd is up 21.63% in last one year as compared to a 3.78% gain in NIFTY and a 29.98% gain in the Nifty IT index.
NIIT Technologies Ltd soars 2.86%
The stock is quoting at Rs 1127.5, up 2.86% on the day as on 12:49 IST on the NSE. NIIT Technologies Ltd is up 78.23% in last one year as compared to a 3.78% spurt in NIFTY and a 29.98% spurt in the Nifty IT index.