Page 21 - Business Finance
Siemens Home Appliances sets up 21st exclusive brand store
: Siemens Home Appliances has set up its 21st retail exclusive outlet here under its move to expand presence in the region, the company said Friday. The 1,200-square-foot brand store is equipped with a live cooking facility allowing buyers to experience products, including live cooking on appliances like built-in steam oven, Microwave Combi oven among others. "We are extremely delighted to announce the launch of the 21st exclusive Siemens store in Chennai. Ever since our entry into India, Siemens has seen phenomenal growth in India especially in the southern market", BSH Household Appliances MD and CEO Gunjan Srivastava said in a statement. "With the store expansion, we reiterate our promise of increasing the accessibility to innovative and aesthetically appealing appliances in the city for our consumers", he said. The brand store "Iris Paradise" here is owned by Latha Ramanaa and BV Ramana. The Siemens range includes gas hobs, hoods, dishwashers, built-in coffee machine,
Philippine telco to roll out Huawei-backed 5G service
The Philippines' Globe Telecom said Friday it will launch Southeast Asia's first 5G broadband service next month using Huawei technology, despite US blacklisting of the Chinese giant over cybersecurity concerns. The system uses wireless radios instead of fibre optic cables to deliver service to thousands of customers in a nation that suffers from a lack of fast connections. US President Donald Trump put Huawei, the world's number two smartphone maker, on a blacklist over national security concerns just over a month ago. Manila is a historic Washington ally, but Philippine President Rodrigo Duterte has pulled away to attract Chinese business and investment. Huawei has emerged as a key bone of contention in the wider China-US trade war that has seen tit-for-tat tariffs imposed on hundreds of billions of dollars worth of goods. Last week its founder, Ren Zhengfei, announced the company would slash production over the next two years as it grapples with a US push to isolate the company ...
Sensex ends 407 points lower, Yes Bank and Maruti top losers
Equity benchmark indices on Friday failed to carry forward yesterday's momentum and extended losses in the last hour of the trading session amid profit booking.Investors took cues from weak Asian markets amid continued foreign fund outflow and a depreciating rupee. The BSE S & P Sensex closed 407 points or 1.03 per cent lower at 39,194 while the Nifty 50 was down 108 points at 11,724.At the National Stock Exchange (NSE), all sectoral indices except for PSU bank were in the red. Nifty pharma dipped 1.46 per cent, media by 1.41 per cent and auto by 1.22 per cent.Among stocks, Sobha Ltd plunged 7.4 per cent to Rs 520.30 after reports that more than four per cent total equity of the real estate developer changed hands via block deals in early morning trade.Shares of aviation companies traded under pressure after a crude price surge in global markets. SpiceJet closed 5.6 per cent lower at Rs 123.25 per scrip while InterGlobe Aviation slipped 1.3 per cent at Rs 1,562 apiece.Aurobindo ...
Quick Wrap: Nifty Pharma Index registers a drop of 1.46%
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Nifty closes above 11,800 mark
Key benchmark indices ended with robust gains on Thursday, supported by positive global stocks. Global shares jumped after a dovish US Federal Reserve opened the door to further rate cuts. Following the Fed meeting on Wednesday, the US central bank left interest rates unchanged but opened the door for a possible rate cut in the future.
Group constituted for ensuring inter-ministerial coordination on resolving e-commerce issues: Goyal
A group has been constituted under the secretary of the Department for Promotion of Industry and Internal Trade for ensuring inter-ministerial coordination on resolving issues related to e-commerce, Parliament was informed Friday. Commerce and Industry Minister Piyush Goyal said in a written reply to the Rajya Sabha that a draft national e-commerce policy has been drafted and placed in public domain. This policy addresses broad areas of the e-commerce ecosystem such as infrastructure development, market places, regulatory issues, stimulating domestic digital economy and export promotion through e-commerce, he said. "A standing group of secretaries has already been constituted under the chairmanship of the secretary, DPIIT, for ensuring inter-ministerial/inter-departmental coordination on resolving cross-cutting issues related to e-commerce," he said. In a separate reply on start-ups, he said as many as 31 start-ups have been given financial assistance under the Fund of Funds Scheme as
Aurobindo Pharma shares fall nearly 4 pc after warning letter from USFDA
Shares of Aurobindo Pharma fell by nearly 4 per cent Friday after the company received a warning letter from the US health regulator for one of its units in Srikakulam district in Andhra Pradesh. The scrip declined 3.92 per cent to close at Rs 602.35 on the BSE. During the day, it dropped 7.68 per cent to Rs 578.75. On NSE, shares of the company fell by 3.85 per cent to close at Rs 603. In terms of traded volume, 4.47 lakh shares of the company changed hands on the BSE and over 74 lakh shares were traded on the NSE during the day. The company has received a warning letter from the United States Food and Drug Administration (USFDA) relating to our unit XI, active pharmaceutical ingredient (API) manufacturing facility situated at Srikakulam District, Andhra Pradesh. This action follows the earlier inspection of the site by the USFDA in February 2019, Aurobindo Pharma said in a BSE filing. Aurobindo Pharma said it "believes the existing business from this facility will not be ...
FADA Highlights Undue Hardship Caused To Auto Dealers On Charge Of Interest on Gross Value Instead of Net of ITC Value
The Federation of Automobile Dealers Associations (FADA) has sent a representation to the GST Council on the undue hardship caused to Auto Dealers on charge of interest on Gross Value instead of Net of ITC value, while making the GST payment on monthly basis. Commenting on the issue, FADA President, Ashish Harsharaj Kale stated that many of FADA members are Small Family run businesses located in Tier 2&3 towns and face difficulties in GST Compliances or returns, many a times due to system mismatches not in their Control. However, because of the nature of The Auto Retail Trade, the business Turnover and Input Tax Credit Available is quite High.
A2Z Infra Engineering rises after one-time settlement with DBS
A2Z Infra Engineering rose 1.92% to Rs 13.30 at 15:12 IST on BSE after the company announced a full cash one-time settlement with DBS Bank.
Price of 1032 medicines capped by govt: Mandavia
The price of 1032 essential medicines have been capped by the government to help provide poor medicines at cheaper rates, the Rajya Sabha was informed Friday. Minister of State for Chemicals and Fertilisers Mansukhlal Mandavia said the government is attempting to provide 700 medicines in Jan Aushadi Stores and a total of 20 truck loads of medicines are being supplied to such stores per day for providing medicines at cheaper rates to the poor. He said Jan Aushadhi stores are opened with an aim of providing quality and affordable medicines to the poor. Mandavia, while replying to questions, said the government has fixed trade margins of 42 medicines relating to cancer and other diseases, which has helped bring down their price by 90 per cent. "A total of 526 formulations are now available at 90 per cent less rates than the market, after the government has taken this initiative of fixing trade margins," the minister said. Asked about any checks on pharma producers selling ..
No proposal to decrease subsidies on fertilizers and fixing a Nutrient-Based Subsidy rate (NBS) for Urea: D.V. Sadananda Gowda
Amount of fertilizer subsidy paid during the last two years is Rs 69197.96 crore for 2017-18 and Rs 73435.21 crore for 2018-19
Gold rises Rs 280 to Rs 34,300 on firm global cues
Continuing its rising streak for the fourth straight day, gold prices Friday surged Rs 280 to Rs 34,300 per 10 gram in the bullion market here on firm global trend and increased buying from jewellers, according to All India Sarafa Association. Silver too followed suit and advanced by Rs 40 to Rs 39,100 per kg on more offtake by industrial units and coin makers. The precious metal strengthened on the back of buying by local jewellers and strong trend overseas after gold surpassed USD 1,400 mark per ounce, analysts said. "The international spot gold prices rallied above USD 1,400 in the early trade as geopolitical tensions in Iran added risk premium in prices. The fall in dollar index and decline in US bond yields supported sharp buying in gold on war like situation. "The dovish stance from major central banks from the world has also supported prices to trade higher after central banks from US, Europe and Australia signalled easing monetary policies to support the lingering economic ...
Junior docs on hunger strike seeking recruitment of asst profs
Junior doctors here held a one-day hunger strike Friday, demanding immediate recruitment of assistant professors by the Telangana government. The strike was held at state-run Gandhi and Osmania hospitals, chairman of Telangana Junior Doctors Association P S Vijayender said. The junior doctors have been boycotting elective services since the last two days. The association demands that the government abolish recruitment of doctors on contract basis, Vijayender said. "We demand immediate recruitment of assistant professors. We also demand complete abolition of contract recruitment of doctors," he said. The association sought appointment of a committee, also comprising its members, to study the government's move to increase the retirement age of teaching faculty in government medical colleges from 58 to 65. The association submitted a memorandum addressed to Governor ESL Narasimhan at the Raj Bhavan on Thursday, urging him not to promulgate an ordinance on increasing the ...
Goa CM seeks central package for crisis-hit mining industry
Goa Chief Minister Pramod Sawant Friday sought a package from the Centre for the state's mining industry, which has not been functioning since March last year. He made the demand during the pre-budget consultation meeting held in New Delhi. Sawant, who also the Finance portfolio, represented the state during the meeting hosted by Union Finance Minister Nirmala Sitharaman. "Attended Pre-budget consultation meeting chaired by the Union Minister of Finance Smt @nsitharaman. Sought mining package, support for hinterland tourism, land acquisition package for expressway from NH66 to Mopa Airport, exemption of export duty for high grade ore and also share of VAT in GAIL piped gas," Sawant said in a tweet. The five-decade-old mining industry in the coastal state came to a standstill in March 2018, after the Supreme Court quashed the second renewal of 88 iron ore mining leases. As per the estimates, around two lakh people are directly or indirectly dependent on this industry.
Maruti Suzuki partners Bank of Baroda for vehicle finance
Maruti Suzuki India Friday said it has joined hands with Bank of Baroda to support dealer inventory financing and customer auto loans. The company has signed a memorandum of understanding with Bank of Baroda, under which the bank will become a preferred financier, Maruti Suzuki India (MSI) said in a statement. The partnership with Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers, it added. The dealer inventory financing will be done as per Bank of Baroda's existing product program of supply chain finance, the statement said. "We are confident that this collaboration with one of India's largest public sector bank will offer new-age banking and finance solutions for our customers and dealer partners," MSI Executive Director, Marketing and Sales Shashank Srivastava said. Bank of Baroda MD & CEO P S Jayakumar said, "Given the huge potential available in the auto loan/commercial finance segment, we are ...
M&A deal activity records 87 pc plunge in value in May: Report
The merger and acquisition activity recorded an 87 per cent fall in terms of value and a 27 per cent drop in volume last month, due to weakness in the rupee, spike in crude oil prices and indecisiveness among investors until results of the general elections, according to a report. "While the nation was warily polling and awaiting for the election results, the month witnessed 33 M&A (merger and acquisition) transactions aggregating to USD 3.4 billion translating into a decreased deal activity compared to May 2018 with 27 per cent fall in volume and 87 per cent drop in value," according to monthly M&A Dealtracker report by Grant Thornton. The assurance, tax and advisory firm said it was also impacted by the month witnessing deals falling apart in the absence of regulatory approvals. However, compared to April 2019, May saw a significant increase in deal value despite fall in volume, it noted. "M&A transactions witnessed low traction across domestic consolidations and ...
Revival of 5 fertilizer units would increase urea production by 63.5 LMTPA: D.V. Sadananda Gowda
Minister says excess demand over indigenous production would be met through imports
Currency In Circulation Grows At Slower Pace Of 3.9% In Current Fiscal
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Sobha Ltd leads losers in 'A' group
Emami Ltd, Graphite India Ltd, eClerx Services Ltd and Orient Cement Ltd are among the other losers in the BSE's 'A' group today, 21 June 2019.
Selling pressure intensifies
Key equity benchmarks witnessed steep decline in mid-afternoon trade. The Nifty slipped below 11,750 mark. At 14:20 IST, the barometer index, the S&P BSE Sensex, was down 333.47 points or 0.84% at 39,268.16. The Nifty 50 index was down 98.15 points or 0.83% at 11,733.60.
