Page 2101 - Business Finance
Consumer confidence rises to an 18-year high in October
WASHINGTON (Reuters) - U.S. consumer confidence rose to an 18-year high in October, driven largely a robust labor market, suggesting strong economic growth could persist in the near term.
ABB net up 30% in third quarter
Indian arm of power and automation major ABB on Tuesday reported Rs 108 crore net profit for the third quarter of calendar year 2018, registering 30 per cent annual growth from Rs 83 crore in the same period a year ago.
Wall Street drops on trade worries, S&P500 nears correction
(Reuters) - U.S. stocks fell in a volatile session on Monday, with the benchmark S&P 500 index ending close to confirming its second correction of 2018, hurt by fresh worries about U.S.-China trade policy tensions and a sharp drop in the big technology and internet shares.
India, Italy to set up institutional framework to enhance economic coop
India and Italy Tuesday agreed to set up an institutional framework for a sustained dialogue to enhance ease of doing business and promote bilateral economic cooperation. Prime Minister of Italy Giuseppe Conte is on official visit to India at the invitation of Prime Minister Narendra Modi. A high level business delegation accompanied the Italian prime minister. The two prime ministers held bilateral talks and delivered valedictory speeches in the final session of the 2018 edition of Tech Summit, which was co-hosted by the two countries. "Both sides agreed on the need for an institutional framework for a sustained dialogue to enhance the environment for ease of doing business in their respective countries and further facilitate and promote bilateral economic cooperation," said a India-Italy Joint Statement. To take this forward, the two prime ministers tasked the Joint Commission on Economic Cooperation (JCEC) to work towards constituting a CEO Forum and setting up a fast track ...
No liquidity crunch in NBFCs, inflation under control: RBI
The Reserve Bank of India (RBI) on Tuesday said there was no liquidity crisis in the non-banking financial companies, assuaging the government's concerns that a cash crunch in the shadow banking space could have a ripple effect through the wider economy.
EU probes Tata Steel, ThyssenKrupp planned joint venture
BRUSSELS (Reuters) - The European Commission said on Tuesday it was investigating whether a planned joint venture between Indian steelmaker Tata Steel and Germany's ThyssenKrupp could reduce competition in the high-end steel sector.
Oil prices fall more than 1 percent on rising supply, trade war
NEW YORK (Reuters) - Oil prices fell more than 1 percent in choppy trading on Tuesday on signs of rising supply and concern that global economic growth and fuel demand would be hit by a deepening of the U.S.-China trade dispute.
Bank of Baroda second-quarter profit jumps a fifth on lower bad loans
MUMBAI (Reuters) - India's Bank of Baroda Ltd posted a 19.7 percent rise in second-quarter net profit on Tuesday as the lender made lower provisions for bad loans amid strong growth in retail banking.
Global Markets: Stocks struggle after trade worries send yuan to 10-year low
LONDON (Reuters) - European shares laboured in the red and China's yuan hit a 10-year low on Tuesday as the prospect of an escalation in the U.S.-Sino trade war compounded the recent gloom in global markets.
Bank of Baroda posts 19.7 pc increase in Q2 profit at Rs 425.4 cr
State-owned Bank of Baroda Tuesday reported an increase of 19.7 per cent in September quarter profit at Rs 425.38 crore as it marginally improved the NPA position. The bank had posted a profit of Rs 355.36 crore in July-September quarter of 2017-18. "Net profit increased by 19.72 per cent to Rs 425 crore. Consolidated net profit increased by 39.71 per cent Y-o-Y at Rz 686 crore," the bank said in a regulatory filing. Bank of Baroda's total income during July-September 2018 quarter stood at Rs 13,429.95 crore, up from Rs 12,490.39 crore in the year ago period. The lender informed that fresh slippage (new NPA) was at Rs 2,281 crore, lowest in seven quarters. "Credit cost decreased to 1.31 per cent in September 2018 from 1.82 per cent last year. Provision for NPAs at Rs 1,467 crore was at a nine-quarter low," it said. Net Non-Performing Asset (NPA) ratio declined to 4.86 per cent as on September 30, 2018 from 5.40 per cent as on June 30, 2018 and 5.05 per cent in the year ago ...
PM asks US companies to invest in energy, digital tech in India
Prime Minister Narendra Modi Tuesday urged companies in the United States to avail business opportunities in India in new areas such as start-ups, energy, healthcare and digital technology. He made these remarks when board members of United States India Strategic Partnership Forum (USISPF) comprising senior industry and business captains of the US called on him here, a statement from the Prime Minister's Office said. They also briefed the prime minister on the outcomes of India Leadership Summit held earlier in the day. The business leaders appreciated the economic and regulatory reforms implemented by the government in the past four years and expressed their desire to further deepen their engagements with India to make use of the opportunities created by the rapidly growing Indian economy. "The prime minister stated that both countries have benefitted in an unprecedented manner through economic engagement. He encouraged US companies to fully avail of the business opportunities in ...
RBI to inject Rs 12,000 cr liquidity in system on Thursday
Ahead of Diwali festival, the Reserve Bank Tuesday announced it will inject Rs 12,000 crore into the system through purchase of government securities on November 1. Last week, the central bank said had announced to inject Rs 40,000 crore into the system in November through purchase of government securities as it looks to meet festive season demand for funds. "Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs going forward, the RBI has decided to conduct purchase of the following Government securities under Open Market Operations for an aggregate amount of Rs 120 billion on November 01, 2018 (Thursday)...," it said in a statement. The eligible participants should submit their offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on November 01. The result of the auction will be announced on the same day and payment to successful participants will be made the following day. The RBI had earlier ...
FDI of USD 8m from Bangladesh in IWAI NW-1
A private port operator from Bangladesh on Tuesday pledged to invest USD 8 million foreign direct investment in coastal inland waterways transport segment implemented by Inland Waterways Authority of India (IWAI) on National Waterways-I.
Trade unions oppose govt stake sale in Coal India beyond 75%
The trade unions have opposed the stake sale by the Centre in Coal India to any extent beyond the regulatory requirement of 25 per cent of floating stock for listing. The government will sell up to 3 per cent stake (18.62 crore shares) in Coal India on October 31 and November 1 via Offer for Sale (OFS) route at a floor price of Rs 266 per share. But, in case of oversubscription, an option of selling additional 37.24 crore (nearly six per cent stake) is there. This may pull down the government's holding in Coal India below 75 per cent. "We oppose divestment in principle. But, it must be up to 25 per cent which is the requirmeent of SEBI for listing. Anything beyond this is not accepted and we condemn this act," INTUC-backed Coal sector union leader SQ Zama said. The government holds 78.32 per cent stake in Coal India. LIC is the biggest public shareholder with 8.97 per cent stake in the state mining major. CITY-backed All India Coal workers Federation secretary D D ...
Sebi refuses stay on forensic audit of Venmax Drugs
Markets regulator Sebi has refused to grant a stay on forensic audit of Venmax Drugs and Pharmaceuticals, which figures in the list of suspected shell companies. In an interim order passed in December 2017, Sebi had directed the BSE to appoint an independent forensic auditor to verify any misrepresentation of financials and business of Venmax Drugs and Pharmaceuticals Ltd (VDPL) as well as any misuse of the funds or manipulation of books of accounts. Besides, shares held by VDPLs promoters and directors should not be allowed to be transferred for sale by depositories, the order had said. In a fresh order on Monday, the regulator said, it "confirms the directions issued against VDPL vide interim order" as the company failed to give sufficient explanations regarding the loans write-off and other financial transactions, which raised questions of genuineness. VDPL is among the firms against whom Sebi initiated action on August 7, 2017 by ordering trading restrictions after it received the
ABB India reports 30% rise in Q3 2018 net profit
Diversified industrial technology major ABB India on Tuesday reported a nearly 30 per cent rise in its net profit for the quarter ended September on a year-on-year basis.
Sebi fines Roofer Capital, directors Rs 21 lakh
Sebi Tuesday imposed a total fine of Rs 21 lakh on Roofers Capital as well as its directors and promoters for failing to provide information sought by the markets regulator regarding issuance of redeemable preference shares (RPS). Sebi observed that the company had made an offer of RPS in the financial years 2009-10 and 2010-11 raising an amount of Rs 1.15 lakh from 11,551 allottees. As the offer of RPS was "prima facie" in violations of relevant provisions of Sebi Act and Companies Act, the regulator had sent summons to the entities for providing information regarding audited accounts of the company and prospectus filed with RoC (Registrar of Companies) for issuance of shares, among others. However, the entities failed to furnish the requisite information despite the grant of series of extensions, the Securities and Exchange Board of India (Sebi) said. "Any delay or hurdle in investigation due to non cooperation by any entity is detrimental to the interest of investors in securities .
Manpasand Beverages Q2 net dips 5.9% to Rs 8.42 crore
Fruit drinks manufacturer Manpasand Beverages Tuesday reported 5.92 per cent decline in net profit at Rs 8.42 crore for the second quarter ended September 2018. The company had posted a net profit of Rs 8.95 crore in the July-September quarter a year ago. However, its total revenue was up 34.51 per cent Rs 177.91 crore, up 34.51 per cent, as against Rs 132.26 crore in the corresponding period of the previous fiscal, it said in a BSE filing. Manpasand Beverages total expenses stood at Rs 170.46 crore as against Rs 122.09 crore, up 39.61 per cent. Shares of Manpasand Beverages Ltd on Tuesday settled at Rs 91.60 on BSE, up 4.99 per cent from previous close.
India stages roadshow in UK to attract investors for oil, gas sector
India has reached out to UK-based investors to attract international public-private-partnerships (PPP) in the country's oil and gas sector with a roadshow in London. The Ministry of Petroleum and Natural Gas, along with the Directorate General of Hydrocarbon (DGH), held an interactive session on Monday which attracted around 125 participants. The session was aimed at sharing the new policy and regulatory regime in India and details of investment opportunities in the field of oil and natural gas exploration and production (E&P). "India is a bright spot in the world economic order, where demand for petroleum products is on the rise. The primary energy demand of the country will almost double in the next 12 years. This roadshow is a call to involve international partners in this journey, said HPS Ahuja, CEO and Managing Director of Indian Strategic Petroleum Reserves Limited (ISPR). Earlier this year, Petroleum and Natural Gas Minister Dharmendra Pradhan had launched Bid Round-II ...
Centre to sell 3% stake in Coal India on Wednesday
State-run Coal India on Tuesday said the Centre has proposed to sell 3 per cent of its stake in the company on Wednesday through an offer for sale (OFS) at a floor price of Rs 266 a share, which could fetch the exchequer about Rs 5,000 crore.