Page 1808 - Business Finance
Crucial RBI board meet underway to discuss key issues
A crucial meet of the Reserve Banks central board is underway Monday amid a rift between the central bank and the government over future course of policies. Reserve Bank of India (RBI) Governor arrived at the central bank headquarters at the Mint Road early in the day and rest of the members arrived later. The RBI has an 18-member board, which also includes four deputy governors, government nominees department of economic affairs secretary S C Garg and financial services secretary Rajiv Kumar, besides non-official director including S Gurumurthy and Satish Marathe. The finance ministry nominees and some independent directors are expected to take on Patel and his team over issues ranging from MSME credit to the central bank's reserves, though both sides are in favour of reaching a common ground. The last meeting on October 23 had proved inconclusive on many fronts after eight hours of discussions, according to reports. While there have been reports and demands from some
Revenue dept plans linking e-way bill with FASTag, logistics data bank to check GST evasion
The revenue department is planning to integrate e-way bill with NHAI's FASTag mechanism and DMICDC's Logistics Data Bank (LDB) services, to facilitate faster movement of goods and check GST evasion. The proposal, according to officials, will improve operational efficiencies across the country's logistic landscape. Currently, lack of harmonisation under the 'track and trace' mechanism in terms of sharing information among different agencies is affecting the ease of doing business in the country. Besides, it is also impacting the logistic costs of the companies. The proposal, being worked out by the revenue department, will also help in preventing goods and services tax (GST) evasion by unscrupulous traders who take advantage of the loopholes in the supply chain, an official told PTI. Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the state movement was ...
Positive market breadth
Firmness prevailed on the bourses in mid-afternoon trade on sustained buying demand in index pivotals. At 14:22 IST, the barometer index, the S&P BSE Sensex, was up 241.60 points or 0.68% at 35,698.76. The Nifty 50 index was up 58.70 points or 0.55% at 10,740.90. Shares of index heavyweights Reliance Industries and ITC gained. Most FMCG stocks rose.
Volumes soar at General Insurance Corporation of India counter
General Insurance Corporation of India recorded volume of 7.35 lakh shares by 14:14 IST on NSE, a 17 times surge over two-week average daily volume of 43202 shares
Jet Airways falls as Tata Sons tamps down deal speculation
NEW DELHI (Reuters) - Shares in Jet Airways (India) Ltd. fell as much as 12.5 percent to 303.05 rupees on Monday, their biggest intraday percentage loss since Aug. 10, after Indian conglomerate Tata Sons ended speculation that a deal with the struggling carrier was imminent.
Nissan's Ghosn to be arrested in Japan for alleged financial violations: Asahi
TOKYO (Reuters) - Nissan Motor Co Ltd Chairman Carlos Ghosn is to be arrested by Tokyo prosecutors for alleged financial violations in Japan, the Asahi newspaper reported on Monday.
Sensex up 240 points over RBI Board meet
Key Indian indices advanced over 0.5 per cent on positive expectations from the RBI Board meeting currently underway on Monday, as the Sensex gained over 240 points and the Nifty50 traded above the 10,700-mark during the afternoon session of the trade.
BHP settles huge Australia tax bill
Mining giant BHP on Monday settled a long-running tax dispute with Australian authorities for USD 387 million, as the country pursues global firms shifting profits offshore to minimise liabilities. The Australian Taxation Office has been investigating multinationals for alleged avoidance, such as through transferring billions of dollars in profits offshore to countries like Singapore. The world's biggest miner said it had reached the settlement with the ATO "with no admission of tax avoidance". "This is an important agreement and we are pleased to resolve this longstanding matter," the Anglo-Australian firm's chief financial officer Peter Beaven said in a statement. The world's second-largest miner Rio Tinto is also facing a large bill from the ATO over its tax arrangements, and has said it would challenge the assessment. Canberra has sought to crack down on tax avoidance by multinationals by introducing new laws, including stronger protection for whistleblowers and harsher penalties .
Farmers protest in Bengaluru
Around 5,000 farmers from across Karnataka staged protests here on Monday seeking a loan waiver, higher price for sugarcane and relief aid for losses incurred due to drought in 17 districts across the state.
Surya Roshni gains after bagging order
Surya Roshni rose 2.49% to Rs 222.05 at 14:21 IST on BSE after the company said it has bagged an order worth Rs 59 crore from Government of Odisha.
Nissan's Carlos Ghosn to be arrested by Japan authorities for alleged financial violations: Asahi
TOKYO (Reuters) - Nissan Motor Co Ltd Chairman Carlos Ghosn is to be arrested by Tokyo prosecutors for alleged violation of Japan's financial instruments and exchange act, the Asahi newspaper reported on Monday on its website.
Holidaying at home more popular in India than foreign trips
More than 40 per cent Indians value "holidaying at home" the most than buying luxury items or going to wellness and spa trips abroad, a survey has revealed.
Govt to raise up to Rs 14k cr through 4th tranche of CPSE ETF; issue to open next week
The government will next week launch the fourth tranche of CPSE Exchange Traded Fund to garner up to Rs 14,000 crore, investment banking sources said. The government has already raised Rs 11,500 crore in the earlier three tranches of the ETF, which functions like a mutual fund scheme. The issue will open early next week and investors would get 3.5-4 per cent discount over the issue price, the sources said. The government is aiming to mop up Rs 8,000 crore, with a green-shoe option to retain either Rs 4,000 crore or Rs 6,000 crore from the fourth tranche of CPSE ETF, they added. The number of scrips in the CPSE ETF has been increased to 11 state-owned companies, as against 10 earlier, with the entry of four new firms namely NTPC, SJVN, NLC and NBCC. Three existing companies, GAIL, Engineers India Ltd (EIL) and Container Corporation of India, have been removed from the index as the government holding in these companies has fallen below 55 per cent. Since the weightage and scrip value of
Indonesia keen to buy sugar from India; seeks duty cut
Indonesia is interested in buying sugar from India but wants latter to cut import duty on refined palm oil and the sweetener substantially to 45 per cent and 5 per cent, respectively, according to sources. An Indian delegation is scheduled to visit Indonesia this week to negotiate trade between the two nations for these two commodities. While India is the world's largest sugar producer with huge quantity of exportable surplus, Indonesia is a major producer of edible oils, particularly palm. According to sources, India is in talks with various countries including China and Indonesia to export surplus sugar and help mills clear cane arrears to farmers. The Indonesian government is believed to have communicated that it was "not averse" to a bilateral arrangement with India on palm oil and sugar but it would take a long time to bring changes to the existing law for facilitating trade, the sources said. Instead, Indonesia has suggested a trading arrangement under the India-ASEAN free trade
Jindal Stainless (Hisar) Ltd eases for fifth straight session
The stock is quoting at Rs 97.1, down 1.32% on the day as on 13:19 IST on the NSE. Jindal Stainless (Hisar) Ltd jumped 75.73% in last one year as compared to a 4.03% rally in NIFTY and a 11.08% spurt in the Nifty Metal index.
NIIT Technologies Ltd slips for fifth straight session
The stock is quoting at Rs 1128, down 0.02% on the day as on 13:19 IST on the NSE. NIIT Technologies Ltd jumped 75.73% in last one year as compared to a 4.03% rally in NIFTY and a 30.2% spurt in the Nifty IT index.
Indiabulls Housing Finance Ltd drops for fifth straight session
The stock is quoting at Rs 744.1, down 2.88% on the day as on 13:19 IST on the NSE. Indiabulls Housing Finance Ltd tumbled 37.97% in last one year as compared to a 4.03% rally in NIFTY and a 6.22% spurt in the Nifty Financial Services index.
Kushal consolidated net profit declines 94.20% in the September 2018 quarter
Sales decline 74.40% to Rs 168.36 crore
Pro Fin Capital Services consolidated net profit declines 18.80% in the September 2018 quarter
Sales rise 1746.38% to Rs 12.74 crore
Kavit Industries consolidated net profit rises 158.33% in the September 2018 quarter
Sales decline 10.98% to Rs 8.92 crore