Page 1724 - Business Finance

WPP combines famous JWT ad agency with digital arm Wunderman

LONDON (Reuters) - WPP is merging its famous JWT agency with its digital outfit Wunderman in the most high-profile move by the world's biggest advertising group to simplify its business.

Global cues, oil prices cheer investors; Sensex up 1% (Intro-roundup, correcting name in 14th para)

Firm global cues, a persistent decline in crude oil prices, and value buying lifted the Indian equities higher on Monday.

NMDC may start production at Nagarnar plant from July 2019

State-run miner NMDC Monday said it expects to start production at its Nagarnar steel plant by July 2019. The country's largest iron ore miner is setting up a three million tonne per annum (MTPA) integrated steel plant at Nagarnar in Bastar, Chhattisgarh. Currently, progress of civil work, structural and equipment erection of Nagarnar plant is in an advanced stage and progressing in full swing. "In a day of significant developments, Nagarnar steel plant Monday received the first rake of imported coking coal into the steel plant and also commissioned its wagon tippler at the raw material handling system (RMHS), thereby bringing the plant commissioning to its penultimate step... "With these two major developments, NMDC looks forward to starting production at Nagarnar steel plant by July next year after deploying the requisite manpower in various operational positions," NMDC said in a statement. In the statement, NMDC Chairman and Managing Director (CMD) Baijendra Kumar said: "Today, a ..

Oil breaks above $60, but growth doubts curb gains

LONDON (Reuters) - Oil rose above $60 a barrel on Monday, recovering some of the previous session's near-7 percent fall, although uncertainty over global economic growth limited the gains.

IndiaRF invests $156 mn in Archean Group's marine chemicals business

India Resurgence Fund (IndiaRF), a joint venture of Piramal Enterprises and Bain Capital Credit, on Monday said it has invested $156 million in Chennai-based Archean Group's marine chemicals business.

Cyber Monday deals to test limits of retailers' websites

(Reuters) - Cyber Monday online shopping frenzy kicked off with retailers offering a slew of discounts and free shipping, testing the limits of their e-commerce operations as they take millions of orders across the country.

India's GDP growth in Q2 likely to slow to 7.5-7.6%: SBI

Ahead of the official release of the second-quarter GDP figures, State Bank of India (SBI) on Monday estimated the country's economy to expand by 7.5-7.6 per cent, slower than the prior quarter, mainly on account of a slowdown in rural demand.

'Indian automotive aftermarket may touch Rs 75,000 cr by 2020'

The domestic automotive aftermarket, which has grown at a compounded annual growth rate (CAGR) of 14 per cent in the last five years, is expected to touch Rs 75,000 crore by 2020, a report said Monday. The country's car market also has the potential to grow up to over six millions units annually by 2020, up from 3.7 million in 2016, the report by industry body CII named 'Transformation Shifts in Mobility and Impact on Aftermarket in India' said. "Total aftermarket has grown at a CAGR of 14 per cent over the last five years. The vibrant automotive sector is driving the growth of the automotive aftermarket in India and is estimated to grow at Rs 75,000 crore by the fiscal year 2020," the CII said in its report. The states of Tamil Nadu, Andhra Pradesh, Karnataka and Kerala together contribute more than 75 per cent of the total aftermarket potential, it added. Noting that increasing vehicle ownership (new and used vehicles) in semi-urban and rural markets are driving demand

RINL keen to foray into flat steel in partnership with Hyundai

Rashtriya Ispat Nigam Ltd (RINL) is open to foray into flat steel if South Korean automotive manufacturer Hyundai Motor Company finalises Vizag as its site for manufacturing high-grade steel. RINL Chairman and Managing Director P K Rath, however, said talks between the state-owned company and Hyundai are at a preliminary stage. "Officials from Hyundai, the Korean Ambassador to India and a few officials had paid a visit to the RINL site in October. Now, they will give their feedback to the Indian government. There is no further development," Rath said on the sidelines of 'STEELIES India Award' 2018. RINL has about 3,000 acres of land at Vizag in Andhra Pradesh that can be utilised for the project, which will not be less than 3-million-tonne capacity, he said. The proposed project will enable RINL enter into the high-grade flat steel sector and long products for the automotive sector. Asked how the company will fund its stake in the enterprise if it materialises, Rath ...

Euro zone growth slowdown normal and in part temporary: Draghi

FRANKFURT (Reuters) - A gradual slowdown in euro zone growth is normal and may be in part temporary, European Central Bank President Mario Draghi said on Monday, arguing that his assessment for inflation has not changed even if growth is weaker than earlier thought.

Wall Street opens higher as retail, tech stocks gain

(Reuters) - U.S. stocks opened higher on Monday, as optimism of a robust holiday season powered gains in shares of retailers and technology stocks bounced back after a brutal sell-off last week.

Italy may cut deficit target in bid to appease EU, markets

ROME (Reuters) - Italy's governing coalition may reduce next year's budget deficit target to as low as 2 percent of gross domestic product to avoid disciplinary action from Brussels, two government sources said on Monday.

Rlys asks passengers to 'check-in' to good-ol' trains

"Why pay a premium for web-checkins on flights...when you can just take a train?" the railways tweeted Monday, in an apparent dig at budget carrier IndiGo's decision to levy charges for web check-in for all seats. This is the second time in the past week the railways has cashed in on an opportunity to wrest passengers from the airlines. "No need to pay extra charges for Web-Checkins. No long queues for checking in your luggage. Avoid unreasonable tariff & reduce your carbon footprint by travelling on the good old Indian Railways at affordable rates," the tweet from the Ministry of Railways said. The post was also shared on the ministry's Facebook page. IndiGo, which has a domestic market share of nearly 43 per cent, has been levying charges for web check-in from November 14. Against the backdrop of questions being raised about the airline's move, especially on social media, the Ministry of Civil Aviation has said it would review the decision. In the July-September quarter, all the

Innovate for transformation of country, says NITI Ayog CEO

: NITI Ayog CEO Amitabh Kant has exhorted Indian corporates to find solutions to Indian problems. "Indian corporates should find solutions to Indian problems. We need to innovate for water purification, renewable energy and efficient engineering," he said while participating in a four-day Business Leadership Intensive organised by Isha Academy, near here, Sunday. Also, Kant spoke of some of the areas with unmet needs in the sub-continent, a press release from the academy said Monday. The programme 'Isha Insight' saw an interaction with Isha founder Sadhguru Jaggi Vasudev on innovation, disruption, structural and economic transformation of India, the release said. To explore new ways of business thinking and bringing in more consciousness into the status quo, over 200 corporate leaders, from 16 countries, including India, attended the leadership meet. Former chairman of Murugappa Group M V Subbiah, Future Group founder and CEO Kishore Biyani and co-founder of Ola Cabs ..

GM to cut car production in North America, halt some models: source

DETROIT/WASHINGTON (Reuters) - General Motors Co will significantly cut car production in North America and stop building some low-selling car models, and was expected to announce significant planned reductions to its North American salaried, executive workforce, sources said on Monday.

Global Markets: Europe rallies on Italy hopes, oil bounces after 'black' Friday

LONDON (Reuters) - Europe's markets rallied on Monday on signs that Italy was preparing to rework the spending plans that have fuelled tensions with the European Union, while Wall Street futures were looking for post-Black Friday pick-me-up.

Centre to inject Rs 42,000 crore in state-run banks by March

The government will pump Rs 42,000 crore into debt-laden public sector banks in the remainder of the current financial year to March to improve their financial health, a senior Finance Ministry official said on Monday.

Global cues, oil prices cheer investors; Sensex up 1% (Roundup)

Firm global cues, a persistent decline in crude oil prices, and value buying lifted the Indian equities higher on Monday.

Siemens focusing on digitalisation for customer solutions

Amid a slowdown in large orders from both the public and private sectors, Siemens is focusing on digitalisation and innovation to provide end-to-end solutions for its customers across business verticals. The company is also putting a thrust on localisation of portfolio and is moving from electrification to automation to digitalisation. "There has been a slowdown in large orders from both the private and public sectors. But sub-large orders are being tendered and their volumes are high, but in terms of ticket size they are still at the lower-end," Siemens India managing director and CEO Sunil Mathur told reporters here on Monday. He said there is lot of activity in sectors like the pharma, power transmission and distribution, automotive, food and beverages, among others where customers are looking for solutions to enhance efficiency. "Demand for power for captive use is increasing especially in the cement and fertiliser industries. Also there are 30-40 GW of capacities ..

Hyundai gets over 38,500 bookings for new Santro in a month

Hyundai Motor India Monday said it has received over 38,500 bookings for all new Santro in just over a month since its launch in the country. The automaker said AMT (automated manual transmission) and CNG versions accounted for 30 per cent and 18 per cent, respectively of the total bookings. "The all new Santro is a true expression of Hyundai brand in India...we are overwhelmed with the positive customer response and strong appreciation of the model," Hyundai Motor India Ltd MD and CEO Y K Koo said in a statement. The company had launched the model on October 23. Developed on a new K1 platform, the new Santro is bigger, wider and more spacious than the previous version. It comes with various new features including rear parking camera, voice recognition, rear AC vents and eco coating technology, among others. It also offers a touch screen audio video system, remote keyless entry and rear defogger, among others. The car also comes with various safety features including, airbags, ABS ...