Page 1715 - Business Finance

Moody's downgrades Yes Bank's ratings; changes outlook to negative

Downgrading the outlook from stable to negative, Moody's Investors Service on Tuesday positioned Yes Bank's foreign currency issuer rating to Ba1 from Baa3.Credit rating agency Moody's also downgraded the bank's foreign and local currency bank deposit ratings to Ba1/NP from Baa3/Prime-3, and foreign currency senior unsecured MTN program rating to (P)Ba1 from (P)Baa3.Downgrading Yes Bank's baseline credit assessment (BCA) and adjusted BCA to ba2 from ba1, Moody's also affirmed the bank's counterparty risk assessment (CR Assessment) of Baa3(cr)/P-3(cr) and domestic and foreign currency counterparty risk rating (CRR) of Baa3/P-3.As per Moody's, the action considers the resignation of various members of the bank's Board of Directors -- which, when seen in conjunction with the Reserve Bank of India's (RBI) directive in September 2018 to restrict the term of the bank's MD and CEO, Rana Kapoor, till 31 January, 2019 -- have raised Moody's concerns over corporate governance.In Moody's ...

HCL Infosystems update on sale of ownership and control held by Nurture Technologies FZE in its subsidiaries and step down subsidiary

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Turnover in the F&O segments jumps

Nifty November 2018 futures at premium

Moody's downgrades Yes Bank ratings; changes outlook to negative

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&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, these developments could constrain the bank's ability to raise new capital, Moody's said. Moody's has downgraded foreign currency issuer rating to 'Ba1' from 'Baa3', and also the bank's baseline credit assessment (BCA) and adjusted BCA to 'ba2' from 'ba1'. The rating implies that these instruments are ...

Japan's Line partners Mizuho, Tencent in fintech drive; shares jump

TOKYO (Reuters) - Japanese chat app operator Line Corp will set up a bank with Mizuho Financial Group Inc and also partner China's Tencent Holdings Ltd to offer mobile payment services - plans which saw its stock rise 13 percent on Tuesday.

NTT Data buys majority stake in Atom Technologies for $9.24 mn

Japanese technology firm NTT Data Tuesday announced acquisition of a controlling stake in 63 Moons-owned payments services provider Atom Technologies for USD 9.24 million, marking its entry into the country's growing payments market. It will be investing another USD 1.5 million as growth capital for the company, which was promoted by the scam-tainted Jignesh Shah's Financial Technologies, which was renamed as 63 Moons following the controversy. NTT will take a 55.35 per cent stake in Atom for USD 9.24 million and invest USD 1.5 million in primary equity to take its total holding in the company to 60 per cent, 63 Moons' managing director and chief executive, S Rajendran, told reporters here. He said the infusion of USD 1.5 million, along with debt support, will be sufficient for the growth requirements of the company for three years. NTT Data's senior vice-president, Isao Arima, said his company did not take a full ownership of Atom as it considers it better to have a ...

Ashok Leyland expands footprint in Bangladesh

: As part of its expansion drive, Hinduja Group flagship company Ashok Leyland Tuesday said it has set up a new 3S facility IFAD Autos in Dhaka, Bangladesh. The sales, service and spares facility, spread across 1.38 lakh square feet, is located at Madanpur, Narayanganj district on the Dhaka Chittagong highway, the city-based company said in a statement. The facility would cater the entire range of Ashok Leyland vehicles with 18 fully equipped service bays. "With the inauguration of this facility, we will have 22 touch points in the country and plan to rapidly expand it to over 36 in the near term. This is also in line with our strategy to strengthen our overseas presence", Ashok Leyland CEO and MD, Vinod K Dasari said. Ashok Leyland will retail the entire range of products, including Dost, Partner, Ecomet, 1613, 1616, 2518 trucks and various range of tippers and buses at the Dhaka facility. "We have been a witness to how the Ashok Leyland brand has continually grown over .

Vice President Calls For Modernization Of Textile Industry

The Vice President of India, M. Venkaiah Naidu has called for United Nations and other Multilateral Organisations to chalk out strategy to extradite economic fugitives. He was addressing the CITI Global Textiles Conclave 2018, organised to commemorate CITI Diamond Jubilee celebrations. The Vice President said that world leaders he had met during his visits to Europe, Latin America and Africa appreciated India's development story and said that it was marching forward with remarkable growth. There was a tremendous interest in India's growth story in the world community, he added.

Aurionpro opens a new Experience Centre in Navi Mumbai

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Thomas Cook shares plunge on hot summer hangover

LONDON (Reuters) - Thomas Cook lost a third of its value on Tuesday after the holiday operator cut its profit guidance for the second time in two months and suspended its dividend, burned by the effects of a hot British summer and one-off charges.

Gold prices steady at Rs 31,850 per 10 gram

Gold prices Tuesday ended steady at Rs 31,850 per 10 gram in the bullion market here. However, silver rates fell by Rs 150 to Rs 37,300 per kg owing to lower demand from industrial units. Globally, gold traded lower by 0.01 per cent at USD 1,222.50 an ounce, while silver was up by 0.04 per cent at USD 14.30 an ounce in the London market. In the national capital, gold of 99.9 per cent and 99.5 per cent purity remained unchanged at Rs 31,850 and Rs 31,700 per 10 gram, respectively. Sovereign gold too remained steady at Rs 24,800 per piece of 8 gram. On the other hand, silver ready went down by Rs 150 to Rs 37,300 per kg and its weekly-based delivery fell by Rs 274 to Rs 36,035 per kg. Silver coins continued to be traded at the previous level of Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.

Sensex ends up 160 points, financial stocks flat

The key equity indices advanced for a second straight session on Tuesday, as a precipitous fall in global crude oil price has boosted the domestic currency, luring foreign investors back.

Detel aims Rs 100 cr revenue this fiscal; launches LCD TV at Rs 3,999

Detel Mobile and Accessories, which claims to be the world's most economical feature phone brand, Tuesday launched its cheapest LCD TV priced at Rs 3,999 and said it is eying Rs 100 crore revenue this fiscal on the back of growing TV sales. "After launching most economical feature phone priced at Rs 299 in August last year..we want to make smart TVs affordable and available across the country. There is a huge vacuum in the market for affordable TVs...we are all set to fill this gap," Yogesh Bhatia, Managing Director, S G Corporate Mobility (the parent firm of Detel) told PTI. It claims its 19-inch D1 LCD TV priced at Rs 3,999 is the world's most economical TV. "We have always created products to be present (in categories) where no other brand is present. We aim to reach to the remotest parts of the country. We are looking at Rs 100 crore revenue this fiscal and TV will play an important role," he added. The company had reported revenue of Rs 50 crore in the previous fiscal. Detel at ..

Mitsubishi Motors exec says Nissan-Renault alliance can survive turmoil

OKAZAKI, Japan (Reuters) - A senior executive at Mitsubishi Motors Corp said on Tuesday its alliance with Nissan Motor and Renault SA can survive management upheaval, a day after it fired Carlos Ghosn as chairman citing financial misconduct.

Casino operator shares soar in Hong Kong as missing boss returns

Shares in an Asian casino operator initially soared more than 40 per cent in Hong Kong on Tuesday after it said its tycoon head, who suddenly went missing in August, had "resumed his duties". Landing International Development said in a filing to the Hong Kong stock exchange late Monday that Yang Zhihui has returned to his roles as chairman and executive director. At the time of his disappearance, mainland news site Caixin reported that Yang was being investigated by Chinese authorities over his ties with the head of state-controlled Huarong Asset Management and had been detained in Cambodia. China's anti-corruption agency announced in April that Huarong chairman, Lai Xiaomin, was under investigation for suspected graft. "Mr Yang explained that he has been assisting the relevant department of the People's Republic of China with its investigation during the period of his absence," the statement from Landing on Monday said. Landing's shares jumped as much as 45 percent Tuesday morning ...

Neev Fund invests in Blue Planet to advance sustainable development in Asia

Blue Planet Environmental Solutions, an end to end waste management solutions company has announced that State Bank of India (SBI) backed Neev Fund has made a strategic investment in the company.SBI is the largest commercial bank in India with a market share of 20 per cent of the country's total deposits, advances, customers and branches while DFID works towards building a safer, healthier, more prosperous world for people in developing countries by providing developmental capital.The investment was made by Neev Fund, an infrastructure-focused private equity fund that was created as a partnership between SBI and the UK Government's Department for International Development (DFID).The investment was made to further the mandate of the fund, which aims to provide capital to portfolio entities to achieve long-term capital appreciation while promoting sustainable development.The fund is managed by SBICAP Ventures, an alternative asset manager and a wholly owned subsidiary of SBI Capital ...

Market ends with modest gains

The market ended with modest gains backed by firmness in IT pivotals and index heavyweight Reliance Industries. The barometer index, the S&P BSE Sensex, rose 159.06 points or 0.45% to 35,513.14, as per the provisional closing data. The Nifty 50 index rose 57.80 points or 0.54% to 10,686.40, as per the provisional closing data. Pharmaceutical shares witnessed selling pressure.

National Stock Exchange Of India consolidated net profit rises 48.45% in the September 2018 quarter

Sales rise 21.39% to Rs 752.59 crore

Galaxy Agrico Exports consolidated net profit declines 45.45% in the September 2018 quarter

Sales rise 15.56% to Rs 1.56 crore

Aqua Pumps Infra Ventures consolidated net profit declines 32.69% in the September 2018 quarter

Sales decline 81.25% to Rs 1.68 crore