Page 1816 - Business Finance

Fuel prices continue to slide as global crude rates ease

State-run oil-marketing companies continued to cut the prices of key transport fuels -- petrol and diesel -- well into the fifth week on Sunday on lower global crude oil prices.

Oil prices, Re to set tone for markets this week: Experts

With no immediate major trigger in sight, stock markets are expected to remain volatile and would be guided by trends in oil prices, the rupee movement this week, say experts. Besides, the ongoing elections in some of the key states would also be watched by marketmen for further cues, they said. "Market has largely factored in a gradual downgrade in earnings in the second half of FY19. While investors are looking for major triggers for a decisive up move above 10,700 level, stability in INR and oil prices will provide direction to the market despite election led uncertainty," said Vinod Nair, Head of Research, Geojit Financial Services. "Markets are expected to be directionless but volatile which is a difficult scenario for traders to make profits. Hence, traders must be cautious as the indecisiveness of market can result in whipsaw losses," said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote. Last week, the BSE key index gained 298.61 points to end at 35,457.16.

Nearly half of German firms expect growing trade strains with U.S. - survey

BERLIN (Reuters) - Forty-four percent of German firms expect a further escalation of trade tensions between Europe and the United States, which is likely to continue to dampen new investments, the RND newspaper chain reported, citing a survey by the IW economic institute.

Himachal CM invites industry to explore investment opportunities in state

Himachal Chief Minister Jai Ram Thakur Sunday invited the industry to explore investment opportunities in the state. The chief minister during a meeting with Indian Industries Association (IIA) at Muzaffarnagar in Uttar Pradesh highlighted industry-friendly environment and various incentives being offered to investors, an official release said. Thakur held discussions with the officer bearers of the association regarding inviting industrial investment in Himachal Pradesh, it added.

Amid tiff with Centre, RBI board likely to debate liquidity crisis

The RBI's crucial board meeting on Monday is expected to take up the liquidity crisis that initially triggered a tiff between the government and the central bank, according to sources.

Exclusive: U.S. shale firms offer $100 million to aid Texas, New Mexico

HOUSTON (Reuters) - More than a dozen top U.S. energy companies have pledged $100 million toward easing stresses on health care, education and civic infrastructure from the shale oil and gas boom in West Texas and New Mexico, the group said on Sunday.

Siemens 2017-18 revenue up 15%, announces dividend of Rs 7/share

German conglomerate Siemens' India arm on Sunday reported a 14.6 per cent increase in revenue for the financial year ending in September as per the accounting standard adopted, at Rs 12,293 crore, as compared to the revenue of Rs 10,727 crore earned during the previous fiscal.

Pak PM visits UAE to seek financial assistance

Prime Minister Imran Khan arrived in the UAE on Sunday on a day-long visit to the Gulf country, where he is likely to seek financial assistance to minimise the cash-strapped Pakistan's dependence on an IMF bailout package. Khan, who is visiting the UAE for the second time in the last two months, met Sheikh Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE's Armed Forces, at the Presidential Palace in Abu Dhabi. He is accompanied by Foreign Minister Shah Mehmood Qureshi and Finance Minister Asad Umar among other officials, the Express Tribune reported. "The purpose of the visit is to seek billions of dollars in aid as the International Monetary Fund (IMF) becomes unusually tough on Pakistan on the fiscal and monetary fronts, which is hindering early conclusion of talks," the paper said. Pakistan wants USD 6 billion financial assistance from the UAE in the shape of cash deposits and oil on deferred payments, it added. The two sides may sign a ...

Air purifier makers report high double digit growth in Diwali season

With rising air pollution in India, particularly in the Delhi NCR around Diwali, the air purification industry has grown more than seven times in last three years to around 3.5 lakh units and is expanding to tier-II cities now. During the month of October and in the first week of November, air purifiers markers such as Eureka Forbes, Honeywell, Blueair, Panasonic, Xiaomi and Samsung witnessed high double-digit growth corresponding to the Diwali period of the last year lead by a rise in pollution level due to stubble burning. Moreover, the producers have received a high increase in the number of inquiries on their customer care support either for seeking more information or demonstration of air purifier. The high response has come even as health experts have expressed doubts over air purifiers providing full-time protection from pollution as these are effective when a person remains indoors and not even a single window is remained opened. "Presently, the air purifiers business in India

Auto LPG body wants LPG included in city gas projects

Ahead of Prime Minister Narendra Modi launching CNG projects in 65 cities and initiating 10th city gas licensing round, the apex body of auto LPG suppliers has urged the government to give them a level-playing field as LPG is as effective as CNG in curbing vehicular pollution. "Why include only CNG in #CityGasBidding rounds? #AutoLPG is much more feasible and low hanging fruit! Can impact air quality almost immediately. It needs to be part of the next bid round," Indian Auto LPG Coalition director general Suyash Gupta tweeted. City gas distribution (CGD) bid rounds, the like the one recently concluded and the one Modi will launch on November 22, only provide for giving licences on companies setting up CNG dispensing stations to fuel automobiles. Both compressed natural gas (CNG) and auto LPG are alternatives to polluting diesel and petrol. CNG is the compressed form of natural gas, which is nothing but greenhouse gas, methane. LPG on the other hand is a derivative of hydrocarbons and .

Singapore eyes 14% growth in tourist arrivals from India in

Singapore is expecting 14 per cent growth in tourist footfalls from India this year compared to 2017, and plans to to tap the growing young travellers segment. "Last year (2017) was a record year where we received 1.27 million Indians travellers. This year, from January till September we have already received 1.08 million Indians. So looking at this growing trend we are hoping 14 per cent growth over last year," Singapore Tourism Board (STB) regional director, South Asia, Middle East and Africa, GB Srithar told PTI here. With the record arrivals in 2017, India has become the third highest contributor of visitor arrivals to Singapore, he said. China and Indonesia are top two source markets for Singapore, while Malaysia is at number four followed by Australia and Japan. In terms of spending, he said, India continued to retain the number three position. He said, for Indian travellers Singapore has always been a popular destination for families, cruise and meetings, ...

Developers still reluctant to bid for solar power assets

Developers continue to show reluctance to bid for solar power assets, putting question marks over future growth in this industry, once considered as a sunrise sector. Recent tenders of Solar Energy Corporation of India (SECI) for 1,200 megawatt (MW) of wind-solar hybrid scheme and 10,000 MW solar tender linked to manufacturing units suffered major setback as the bidders shunned the auction for these projects. "SECI manufacturing-linked bids could not attract the interest of the developers for the obvious reason that they are not interested to undertake the risk of manufacturing and at the same time existing domestic manufacturers are still struggling for their survival," Vikram Solar's director-legal and corporate affairs, Amit Gupta, told PTI. He further said that in the absence of any visibility for offtake of manufactured products, it is tough for anyone to commit such a huge investment in a new facility. After a number of failed attempts to woo bidders for the ...

JSW Steel to invest over Rs 50 bn for boosting downstream manufacturing

The company expects special steel products to contribute 40 per cent of its future volumes while customisation products will add the rest 60%

Gaurs sells housing units worth Rs 400 cr during Navratra-Diwali

Realty firm Gaurs Group Sunday said it has sold 1,012 housing units worth about Rs 400 crore during the Navratra and Diwali festival season. Housing sales generally improve during the festive season. Ghaziabad-based Gaurs achieved sales bookings of 1,012 units worth Rs 411 crore during the festive season starting October 10 and ending November 7, the company said in a statement. The company had already sold more than 5,000 units in the first six months of this fiscal year and the momentum continued during the festive season, its MD Manoj Gaur said. The average selling price was about Rs 40 lakh per unit. The sales were primarily in its two big townships at Noida Extension and Yamuna Expressway as well as a housing project at Siddharth Vihar in Ghaziabad, he added. "Timely delivery and a strong after sales service helped us achieve such good numbers. In today's time, a good brand with deliveries in past would only sell. Home buyers can no more be lured with mere schemes. Today, a buyer

Wheelstreet looks to raise USD 3 mn in 2 yrs to fund expansion

Urban two-wheeler mobility solutions provider Wheelstreet is looking to raise around USD 3 million in the next two years to fund its expansion in India and overseas, according to a top company official. The startup will raise USD 2 million soon as it aims to list over one lakh bikes on its platform by 2021, up from around 17,000 at present. Wheelstreet serves as a marketplace where two-wheeler renting vendors list their vehicles -- from gearless scooters to Harley Davidsons -- and customers can book their rides through the platform. Apart from India, the startup has set footprints in Iceland, Italy, Spain, Argentina, Mauritius, Sri Lanka, Singapore, Cambodia, Thailand, Vietnam, the Philippines, Indonesia and New Zealand. "We plan to raise USD 3 million in the next two years, this will take us to 3.5 lakh bookings with USD 6 million in monthly booking value," WheelStreet Co-Founder and CEO Pranay Shrivastava told PTI. The company has so far clocked over 50,000 bookings with an average .

DLF-GIC JV eyes Rs 350 cr annual rent income from new commercial project at Gurugram

DLF Cyber City Developers Ltd, a joint venture between DLF and GIC, expects about Rs 350 crore annual rental income from its upcoming commercial project at Gurugram which will get completed by March next year, sources said. Out of the 2.5 million sq ft leasable area in the new project 'Cyber Park', DLF Cyber City Developers Ltd (DCCDL) has already leased 1.8 million sq ft to big clients such as Bank of America, Gartner and co-working player WeWork, the sources said. The remaining area would be leased in the next few months, they added. This 12-acre green commercial project is being developed at a cost of about Rs 1,500 crore, they said, adding the annual rental income would be around Rs 350 crore with three towers in this complex currently commanding around Rs 120 per sq ft rent a month. In 2016, DLF had given a contract to L&T to construct this project, being developed as per LEED platinum green certification norms. A DLF spokesperson declined to comment on the matter. DLF, the ..

Fuel prices continue downward trend on Sunday

Fuel prices once again witnessed a decline on Sunday in New Delhi and Mumbai owing to a reduction in the rates of crude oil.In New Delhi, petrol is being sold at Rs 76.71 per litre after a decrease of 20 paise, and diesel at Rs 71.56 per litre after a decrease of 18 paise.Meanwhile, in Mumbai petrol is retailing 20 paise lower at Rs 82.23 per litre and diesel at Rs 74.97 after a decrease of 19 paise.The rates of fuel across India are witnessing a continuous decline due to a fall in the prices of crude oil.The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

German minister looks to tax cuts as economy contracts

BERLIN (Reuters) - Germany needs a package of tax cuts and other measures to shore up economic growth in the long term, Economy Minister Peter Altmaier said in an interview published on Sunday, days after the country posted its first economic contraction since 2015.

Ajay Bhushan Pandey to replace Hasmukh Adhia as Revenue Secretary

UIDAI CEO Ajay Bhushan Pandey will be the new Finance Secretary, replacing Hasmukh Adhia -- the Gujarat-cadre IAS officer who is set to retire on November 30.

Bondholders buy British newspaper publisher Johnston Press

LONDON (Reuters) - Financially struggling British newspaper group Johnston Press, publisher of The Scotsman and The Yorkshire Post, has been bought by its bondholders after filing for bankruptcy protection.