Page 2033 - Business Finance
S&P, Dow set for higher open on trade optimism
(Reuters) - U.S. stock index futures were higher on Friday on hopes the United States and China would begin efforts to resolve their trade dispute, but gains were capped by a strong monthly jobs data that raised concerns of faster interest rate hikes.
Bumper U.S. wage data cheers dollar, world shares roar on trade hopes
LONDON (Reuters) - World shares rallied on Friday on hopes that the United States and China were starting to repair their badly damaged trade relations, while bumper U.S. wage data helped the dollar regain some strength.
Modi announces quick, cheaper credit for MSMEs
In a major boost for micro, small and medium enterprises (MSME), the Centre on Friday announced measures for easier access to credit and at cheaper rates for the sector.
Magma Fincorp Q2 net rises 5.4 per cent at Rs 77 cr
Net profit of Magma Fincorp, an asset financing NBFC, increased 5.4 per cent in the second quarter of current fiscal at Rs 77 crore as compared to Rs 73 crore in the similar previous period. Revenue of the company increased 4.75 per cent during the quarter at Rs 639.3 crore as against Rs 610 crore in the corresponding period last fiscal, a company statement said. Disbursals during the period increased by 34 per cent and assets under management (AUM) stood at Rs 16,623 crore. Net interest margin (NIM) of the company increased 0.7 per cent during the quarter. Net NPA of Magma decreased to 4.4 per cent from 6.8 per cent in the same period last fiscal, while provision coverage ratio (PCR) stood at 56.5 per cent, the statement added.
Apple loses $1 trillion status after soft holiday forecast
(Reuters) - Shares in Apple Inc fell 6 percent on Friday, cutting its market value back to less than $1 trillion after it forecast softer-than-expected sales for the holiday quarter and fueled nerves over iPhone sales by saying it would no longer release the figures.
Forex reserves down by USD 1.444 bn to USD 392.078 bn
Continuing its decline, the country's foreign exchange reserves slumped by USD 1.444 billion to USD 392.078 billion in the week to October 26 due to a fall in foreign currency assets, according to RBI data. In the previous week, the reserves had declined by USD 942 million to USD 393.523 billion. In the reporting week, foreign currency assets, a major component of overall reserves, fell by USD 1.426 billion to USD 367.350 billion, as per the RBI data. Expressed in US dollars, foreign currency assets include the effect of appreciation or depreciation of non-US currencies such as the euro, the pound and the yen held in the reserves. Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Since then, the forex kitty has been on a slide and is now down by over USD 31 billion. Gold reserves remained unchanged for the second consecutive week at USD 20.522 billion, the data showed. The special drawing rights with the International Monetary Fund (IMF) ...
Futures pare gains after strong jobs data
(Reuters) - U.S. stock index futures dipped lower on Friday, after a Labor Department report showed U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in nine-and-a-half years.
Oil steadies before U.S. sanctions on Iran
LONDON (Reuters) - Oil prices steadied on Friday after a week of heavy falls as markets braced for the imposition next week of U.S. sanctions on Iran, which Washington hopes will halt exports of Iranian oil.
Hindalco arm Novelis Q2 net income at USD 116 mn, down 62 pc
Novelis Inc, a wholly-owned subsidiary of Hindalco Industries, Friday posted 62 per cent decline in net income at USD 116 million in the September quarter. The US-based company, which deals in aluminium rolled products, had reported a net income of USD 307 million in the same period last year, the company said in a statement. "Novelis...net income attributable to its common shareholder of USD 116 million for the second quarter of fiscal year 2019, compared to USD 307 million in the prior year period," the statement said. Net sales of Novelis during the September quarter increased 12.2 per cent to USD 3,136 million, driven by higher average aluminum prices, higher total shipments and a more favourable product mix. Shipments of flat rolled products increased one per cent to a record high 807 kilo tonne, it said. Novelis said that on Thursday it secured financing for the pending Aleris acquisition by entering into commitment letters with a group of banks to provide up to USD 775 million .
LIC Housing Finance to realise Rs 100 cr from old loan account
Home mortgage lender LIC Housing Finance Limited is hoping to realise about Rs 100 crore out of a project loan that turned a non-performing asset (NPA), a top company official said here on Friday.
Modi announces quick loans, relaxation in labour laws for MSMEs
Prime Minister Narendra Modi Friday announced 59-minute loan sanctions, relaxation in labour laws, easier compliance with environmental rules and changes in company laws for small and medium enterprises to give a boost to the nation's second-biggest employing sector. Announcing a slew of measures for the sector, he said GST-registered micro, small and medium enterprises (MSMEs) will be sanctioned a loan of Rs 1 crore in just 59 minutes through a new portal. Also, GST-registered MSMEs will get 2 per cent subvention or rebate on incremental new loans of up to Rs 1 crore, he said, adding interest subvention on pre- and post-shipment credit for exports by MSMEs has been increased from 3 per cent to 5 per cent. To rid the sector of inspector raj, Modi announced that inspections of factories in the sector will be sanctioned only through a computerised random allotment and inspectors will have to upload reports on portal within 48 hours. "No inspector can now go anywhere. He will be asked ...
India's festival week fails to spark gold demand
MUMBAI/BENGALURU (Reuters) - Physical gold demand in India was lacklustre this week, with dealers offering discounts for the metal ahead of a traditionally busy festival week for the first time in at least three years, as high prices kept consumers away.
U.S. job growth surges; annual wage gain biggest since 2009
WASHINGTON (Reuters) - U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.
World shares roar higher on U.S.-China trade deal hopes
LONDON (Reuters) - World share markets soared on Friday as hopes built that the United States and China were starting to repair their badly damaged trade relations.
Indian Oil says country might get Iran sanctions waiver
NEW DELHI (Reuters) - India's top refiner Indian Oil Corp Ltd said on Friday the United States might allow the country to keep buying oil from sanctions-hit Iran as removing Iranian supplies from the market would impact global crude prices.
Gold rises as trade hopes dent dollar; eyes on U.S. jobs data
BENGALURU (Reuters) - Gold prices rose slightly on Friday, setting the market on course for a fifth week of gains, as the dollar retreated amid expectations of a thaw in U.S.-China trade tensions.
Zydus Wellness Q2 profit up 14 pc to Rs 41 cr
Zydus Wellness Friday reported 14.32 per cent rise in consolidated net profit to Rs 41.41 crore for the quarter ended September 30, 2018 mainly on account of robust sales. The company had posted a net profit of Rs 36.22 crore in the year-ago period, Zydus Wellness said in a BSE filing. Consolidated revenue from operations stood at Rs 138.21 crore for the reported quarter as against Rs 123.54 crore for the same period a year ago. Shares of Zydus Wellness Friday closed at Rs 1,183.85 on the BSE, down 1.78 per cent from the previous close.
INOX Leisure Limited to Issue Equity Shares on Preferential Basis to Gujarat Fluorochemicals Limited (the Promoter)
/ -- The Board of Directors of INOX Leisure Limited ('the Company') today approved preferential issue of maximum 64,00,000 Equity shares to Gujarat Fluorochemicals Limited, Promoter of the Company, at a price not less than the floor price (Rs. 241.71) determined as per the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009 and Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018, as applicable. The above preferential issue is subject to Shareholders approval to be obtained through Extra-ordinary General Meeting scheduled to be held on Thursday, 29th November 2018. The funds raised through the preferential issue will be used for the purpose of strengthening the Balance Sheet of the Company by reducing debt, improving leverage, enhancing borrowing power for future growth opportunities and increasing profitability. INOX currently operates 132 multiplexes and 536 screens in 66 cities and .
Malaysia's new government sets bigger budget, higher fiscal deficit
KUALA LUMPUR (Reuters) - Malaysia unveiled an expanded budget on Friday, and set a higher fiscal deficit target for 2019, as the new Mahathir Mohamad-led government faced up to challenges boosting revenue in a slowing economy, while saddled with large debts left by its predecessor.
Chola MS renews agreement with IndusInd Bank
: City-based Chola MS General Insurance on Friday renewed the partnership with private sector IndusInd Bank for the third consecutive time after garnering around Rs 3,700 crore in the last five years. "IndusInd Bank is a valued partner and we are happy to renew our multi-year partnership for the third consecutive time. Chola MS has embarked on digital initiatives to help IndusInd Bank offer more products and service", managing director of Chola MS SS Gopalarathnam said in a press release. Chola MS offers a range of insurance products across motor and non-motor policies through the branches of IndusInd Bank. It has set a target to double the premium in next five years, the release said. "During the next few months, the partnership is geared up to roll out more digital innovative insurance solutions especially in claims servicing that will ensure adoption of more products per customer", Gopalarathnam said in the release. "Our partnership with Chola MS has helped the bank .