Page 1780 - Business Finance

Wall Street tumbles at open on retail gloom, tech concerns

(Reuters) - U.S. stocks opened sharply lower on Tuesday as poor forecasts from retailers for the holiday quarter fed into a market driven lower this week by concerns about demand for iPhones.

Rlys augments capacity on Delhi-Mumbai route to attract flyers after airfare soars

A closed runway at the Delhi airport has prompted the railways to increase coaches in its trains between Mumbai and Delhi to attract flyers as airfare skyrocketed by 86 per cent since the closure on November 15, senior officials said Tuesday. Runway 27/09 has been closed for "preventive repairs" for 13 days starting November 15 at the Indira Gandhi International Airport (IGIA), operated by DIAL which is the busiest aerodrome in the country and has three runways. "According to estimates we have received, around 100 flights are being cancelled per day. Even the flight tickets have surged. We are just giving passengers an alternative solution. The additional coaches will enable us to carry at least 500 passengers extra every day," a senior official of the railways told PTI. On Friday (November 16) evening, several travel portals showed a sharp rise in spot airfares. There was an increase in fares from Delhi to Mumbai, Bengaluru, Hyderabad, Kolkata, Chennai and other destinations. It has .

Fossil Group opens second store in Chennai

: Fossil Group opened its second retail store here Tuesday, making it the 18th one belonging to the group in the country. The new store would offer the entire range of Fossil merchandise including traditional smart watches, leather bags, wallets, sun glasses and jewellery. "Our strategy is to offer our customers a superlative experience everytime they visit a Fossil store. The store also offers our global collection of Fossil leather products, known for their quality and style quotient...", managing director of Fossil India Johnson Verghese said during the inaugural function. "With the launch of our second store in Chennai, we aim at bringing the brand closer to its potential buyers while highlighting the importance of South India," he said. Actress and Fossil brand ambassador Shruti Hassan opened the store. "I am glad that Fossil opened its second store here, and the latest collection hosts an exciting array of bags and watches,"she said.

U.S. housing starts rise on multi-family segment

WASHINGTON (Reuters) - U.S. homebuilding rose in October amid a rebound in multi-family housing projects, but construction of single-family homes fell for a second straight month, suggesting the housing market remained mired in weakness as mortgage rates march higher.

Suzlon completes sale subsidiaries to Canadian Solar for Rs 54.53 cr

Renewable Energy solution provider Suzlon Energy Tuesday said it has completed sale of its arm Amun and Avighna to Canadian Solar for a total consideration of Rs 54.53 crore. "The company has completed sale of Amun (Amun Solarfarms Ltd) and Avighna (Avighna Solarfarms Ltd) to canadian Solar and accordingly Amun and Avighna have ceased to be the subsidiaries of the company," a Suzlon Energy statement to the BSE said. According to the statement as first part of the transaction, Canadian Solar acquired 49 per cent stake in Amun and Avighna, respectively, for a combined cash consideration of Rs 26.42 crore. As second part of the transaction, Canadian Solar acquired balance 51 per cent stake for a combined cash consideration of Rs 28.11 crore. The turnover of Amun for financial year ended March 31 2018 was Rs 7.30 crore, while the net worth as on March 31, 2018 was negative Rs 2.78 crore. Avighna's turnover for the fiscal ended 31st March 2018 stood at Rs 6.50 crore, whereas the net worth .

Expert panel on RBI's capital framework to be set up soon, say sources

The RBI board will soon set up a high-level committee for examining the Economic Capital Framework (ECF) to determine the appropriate levels of reserve the central bank should hold, official sources said Tuesday. After a day-long meeting on Monday, the central board of the RBI decided to set up an expert committee to look into the ECF. It was also agreed that the membership and terms of reference of the panel will be jointly determined by the government and the Reserve Bank of India. Currently, the capital base of the RBI is Rs 9.69 lakh crore, and independent director and Swadeshi ideologue S Gurumurthy and the finance ministry have been wanting it to be lowered in line with global practices. The sources further said that guidelines for restructuring of loans for the medium, small and micro enterprises (MSME) will also be released shortly with a view to help the cash-starved sector. A decision in this regard too was taken at the Board meeting held in Mumbai yesterday. The central ...

Target third-quarter comparable sales, earnings miss estimates; shares drop

(Reuters) - Target Corp reported third-quarter earnings and comparable sales below estimates on Tuesday at a time when a strong economy has boosted consumer spending at rival retailers, sending its shares down 7 percent in premarket trade.

Gold firms as stocks slide, holds narrow range

BENGALURU (Reuters) - Gold firmed near a two-week peak on Tuesday, as a slide in stock markets offset an uptick in the dollar, with the metal holding a tight range in light trade ahead of the U.S. Thanksgiving holiday.

China property developers face new normal: double-digit bond yields

HONG KONG (Reuters) - Times China Holdings sold a three-year bond in January at a yield of 6.25 percent, now the Chinese property group is having to offer almost double that on a two-year deal, highlighting rising financing costs for Chinese developers.

Bharat Gas to invest Rs 4,000 cr in 2 Maharashtra projects

Bharat Gas Resources, a subsidiary of Bharat Petroleum Corporation (BPCL) plans to invest around Rs 4,000 crore for the two geographical areas (GAs) awarded to it in Maharashtra in the ninth round of bidding for city gas distribution projects. BGRL had won development rights for 11 GAs in the ninth round out of which two, including Ahmednagar-Aurangabad and Sangli-Satara, are in Maharashtra. "We will be investing around Rs 4,000 crore for the two projects in Maharashtra. We have committed to give piped natural gas (PNG) connections to 8.56 lakh households in these two projects and 170 CNG stations," BPCL executive director (Gas) Rajendra Natekar told reporters here Tuesday. He further said Unison Enviro and Maharashtra Natural Gas, who have also won GAs in Maharashtra, will be investing another Rs 4000 crore for setting up CNG stations and spreading PNG network in the state. As per the commitment made by the various entities in the GAs, over 20 lakh domestic connections .

Oil drops as supply concerns resurface

LONDON (Reuters) - Oil prices dropped sharply on Tuesday, snapping a four-day winning streak amid concerns about rising global supplies as OPEC weighs a possible cut in production.

Jet Airways 'in active discussions with various investors':CEO

Jet Airways Tuesday said it was in active discussion with various investors to secure sustainable financing. "We are in active discussions with various investors to secure sustainable financing to navigate through the current headwinds and create long-term growth. There is interest in our strong brand and confidence in our business turnaround efforts," Jet Airways CEO Vinay Dube said in a letter to its passengers. There had been round of buzz that Tata Sons, the holding company of Tata Group was carrying out a due-diligence on Jet Airways. Tata Sons in its reaction has said, "We would like to clarify that any such discussions have been preliminary and no proposal has been made." Jet in the Q2FY19' has posted a net loss of Rs 1,261 crore owing as the tough operating environment for the aviation industry continues to impact. He, however, told its customers that the airline will navigate through these challenging times and work towards our long term growth and ...

J-K records 71 per cent voting in 2nd phase of panchayat elections

An estimated 71.1 per cent of voters exercised their franchise Tuesday in the second phase of panchayat elections in Jammu and Kashmir which concluded peacefully amid tight security arrangements, officials said. "In the Phase-II of Panchayat polls held today, overall 71.1 per cent polling was witnessed across the state. An overwhelming 80.4 per cent polling was witnessed in Jammu division and 52.2 per cent in Kashmir division," state Chief Electoral Officer Shaleen Kabra said. Polling in the districts falling in the winter zone, including the cold desert of Ladakh, where the minimum temperature has dropped to minus 8.8 degrees celsius in Kargil, started on a dull note but picked up pace as the day advanced and the warmth of winter sun spread. However, the situation was altogether different in the warmer Jammu region, where brisk polling was witnessed from 8 am. The polling concluded peacefully across 14 districts, seven each in Kashmir and Jammu divisions, at 2 pm, Kabra ...

Pakistan, IMF extend bailout talks after failing to reach agreement

ISLAMABAD (Reuters) - Pakistan has extended talks with the International Monetary Fund (IMF) after the two sides failed to agree on the terms of a bailout package, a finance ministry official said on Tuesday, with a final deal now expected by mid-January.

Kohl's raised profit view misses estimates, shares slip

(Reuters) - Department store operator Kohl's Corp forecast full-year earnings largely below estimates, a dire signal ahead of the all-important holiday shopping season, sending its shares down 8 percent on Tuesday.

Best Buy holiday profit forecast fails to impress

(Reuters) - Best Buy Co Inc predicted tepid holiday-quarter earnings on Tuesday, raising fears that weak demand for Apple Inc's newest iPhones are already starting to show up in the results of major consumer electronics retailers.

After state govt's levy, NMDC suspends iron ore-mining in Karnataka

NMDC would be losing Rs 1,348 per tonne and may result in a loss of Rs 9.44 billion per annum as it mines about seven million tonnes of iron ore per annum from Donimalai

Tips for founders to maintain control over start-ups, pvt cos

: Former chief financial officer of Infosys andmultiple-investor Mohandas Pai Tuesday pitched for enablingfounders of start-ups and companies to maintain control over them while diluting capital by separatingownership and control over them, which can be done by bringingin change to the existing laws. "The ownership and control of start-ups and private companies as of now should be legally separated," he told PTI. "This can bedone by changing the outdated laws. Once that is done, the founders of the start-ups and companies will be able to maintain control over them even as they dilute capital," he said. Pai, however, said he was not blaming the government on the issue. He said countries across the globe, especially in America and China, enable their fledgling companies to pick upbillions of dollars on their stock exchanges to create theirassets, which assure them to retain control through designed financial instruments, structures, incentives and rights. "Jack Ma and ...

Gulf Oil may begin battery production in the country

Lubricant producer Gulf Oil, Tuesday said that it can start battery production in the country if they can cross the threshold sale of about 15 lakh batteries per annum. The company launched its new range of two-wheeler batteries in the country, Gulf Pride, in the presence of cricketer Hardik Pandya who has been appointed as the brand ambassador of the business. "We are systematically increasing our presence in the two-wheeler battery market. Our share has gone up to 1.5 per cent last fiscal in Rs 4,000 crore replacement market. We sell around 50,000 batteries per month," managing director of Gulf Oil, Ravi Chawla told reporters here. "The growing two wheeler population in India combined with the large gap between demand and supply for quality batteries is what led us to launch two-wheeler batteries," he said. "We are at present importing these batteries mainly from Singapore. But if we reach a threshold level of sale of say 15 lakh batteries per annum we will take a ...

Jet Airways tweaks network, adds 20 flights

Cash-starved Jet Airways Tuesday announced introduction of 20 additional services across its domestic and international network starting December 1. These additional services are part of the comprehensive network review by the airline, with the objective of strengthening its network at its hubs at Mumbai and Delhi, aimed at deploying assets on more productive and economically-efficient routes instead of uneconomic ones, Jet Airways said in a release. These flights will be added from the airline's Mumbai and Delhi hubs, it said. The new flights, on the international network, include a new non-stop service between Pune and Singapore, besides introduction of second daily services connecting Mumbai and Delhi with Doha as well as addition of a seventh daily frequency between Mumbai and Dubai, it said. Also, Jet Airways will soon start a third daily frequency to Bangkok and Singapore each from Delhi and a third daily service to Singapore from Mumbai as well a fourth daily ...