Page 2129 - Business Finance
Petrol, diesel prices cut for 12th straight day
The downward slide in petrol and diesel prices continued on Monday after rates were cut by 30-20 paise a litre on softening international oil prices. Petrol price was cut by 30 paise a litre and now costs Rs 79.75 a litre in Delhi, according to a price notification issued by state-owned oil firms. Diesel rates were reduced by 20 paise to Rs 73.85 a litre. This is the 12th straight daily reduction in rates. In all petrol price has been cut by Rs 3.08 per litre and diesel by Rs 1.84 a litre. The rates are off their record high of Rs 84 per litre for petrol and Rs 75.45 a litre for diesel touched on October 4. On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins. Subsequent to this, the petrol price came down to Rs 81.50 per litre and diesel at Rs 72.95 a litre on October 5. However, as the international oil prices continued to rise, the ...
Oil prices fall as investors wary of trade slowdown
SINGAPORE (Reuters) - Oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia's emerging economies.
Hitachi Chemical in second falsification scandal this year, shares tumble
TOKYO (Reuters) - Hitachi Chemical Co said it failed to properly test parts used to encapsulate semiconductors, the firm's second compliance failing this year and the latest in a run of such scandals at Japanese manufacturers.
Market extends intraday gains
Key equity indices extended initial gains and hit fresh intraday high in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was up 267.66 points or 0.80% at 33,616.97. The Nifty 50 index was up 89.20 points or 0.89% at 10,119.20.
Sensex, Nifty hit fresh intraday high
The market firmed up further and hit fresh intraday high in mid-morning trade. At 11:19 IST, the barometer index, the S&P BSE Sensex, was up 170.84 points or 0.51% at 33,520.15. The Nifty 50 index was up 49 points or 0.49% at 10,079.
Market firms up; breadth strong
Key indices firmed up in morning trade, backed by firmness in pharmaceuticals and auto shares. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 120.50 points or 0.36% at 33,469.81. The Nifty 50 index was up 34.35 points or 0.34% at 10,064.35.
Market may open higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 53 points at the opening bell.
Vedanta wins 10-yr extension for Rajasthan oil block
Vedanta Ltd has won a 10-year extension of its contract for the prolific Rajasthan oil block, but on condition that it pays a higher share of profit to the government, the company said Monday. The 25-year contract for exploration and production of oil and gas from Barmer block RJ-ON-90/1 of Vedanta, formerly Cairn India, is due for renewal on May 14, 2020. "The Government of India, acting through the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas has granted its approval for a ten-year extension of the Production Sharing Contract (PSC) for the Rajasthan Block, RJ-ON-90/1," the company said in a regulatory filing. The tenure of the RJ Block PSC has been extended for an additional period of 10 years with effect from May 15, 2020. "Such extension has been granted by the Government of India, pursuant to its policy dated April 7, 2017, for extension of pre-New Exploration Licensing Policy (pre-NELP) exploration blocks PSCs subject to certain conditions," it ...
Medikabazaar raises USD 5 mn in Series A funding
Online aggregator for medical supplies Medikabazaar Monday said it has raised USD 5 million (over Rs 36.5 crore) in Series A round of funding led by healthcare venture capital fund HealthQuad. Other investors in the round include Elan Corporation, Sasaki Foods, CBCCo Ltd, Kois Invest, Mitsui Sumitomo Insurance Venture Capital and existing investors Sunil Kalra, Arun Venkatachalam and Rebright Partners II Investment Partnership, Medikabazaar said in a statement. "We have strategically partnered with HealthQuad to strengthen our foothold in the healthcare industry," Medikabazaar Founder and CEO Vivek Tiwari said. The company plans to use this funding to strengthen technology and increase its team size including senior leadership, Medikabazaar said. The fund will also be used to streamline supply chain and logistics capability to reach 50,000 hospitals and clinics by the end of next fiscal, it added. "Medikabazaar has disrupted the entire supply chain model, to directly reach hospitals ..
After years of global success, Reliance Industries faces oil shock at home
SINGAPORE/NEW DELHI (Reuters) - Reliance Industries, currently India's second most valuable listed company, got rich by trading fuel across Asia, Africa and Europe while effectively ignoring its home market.
SBI sets up JV SBI Payment Services with Hitachi
The country's largest lender State Bank of India Monday formed a joint venture with Hitachi to create a digital payment network. It is planned that Hitachi Payments will invest 26 per cent in SBI Payment Services Pvt Ltd, a wholly-owned subsidiary of SBI, and both parties will proceed to apply for regulatory approvals, a joint statement said. Hitachi Payments, a wholly-owned subsidiary of Hitachi, and SBI have signed a definitive agreement to enter into a joint venture for the establishment of a card acceptance and future ready digital payments platform for India, it said. "Financial services market in India is making remarkable progress led by economic growth, financial inclusion policy and Digital India initiatives. Bank account holders have increased substantially in the past few years and as a result, banking transactions on ATMs and digital transactions have correspondingly increased dramatically," it said. The SBI with more than 6,00,000 POS terminals is the largest merchant ...
Divis Laboratories Ltd up for third straight session
The stock is quoting at Rs 1432.3, up 14.05% on the day as on 12:49 IST on the NSE. Divis Laboratories Ltd is up 64.09% in last one year as compared to a 2.1% drop in NIFTY and a 2.4% drop in the Nifty Pharma index.
Financial markets rise on liquidity plan, shake off row between RBI, government
MUMBAI (Reuters) - India's financial markets rose on Monday, shrugging off concerns about a growing spat between the central bank and the government and preferring to take solace from plans for a big liquidity injection by the bank.
HSBC sees limited impact on Saudi Arabia investment following journalist death: CEO
LONDON (Reuters) - Saudi Arabia is unlikely likely to see significant impact on its trade and investment flows following the killing of journalist Jamal Khashoggi, the chief executive of Europe's biggest bank HSBC said on Monday.
Hester Biosciences standalone net profit rises 12.08% in the September 2018 quarter
Sales rise 8.66% to Rs 41.41 crore
Power Finance Corporation Ltd up for fifth session
The stock is quoting at Rs 90.3, up 7.18% on the day as on 12:44 IST on the NSE. Power Finance Corporation Ltd is down 37.51% in last one year as compared to a 2.24% fall in NIFTY and a 1.29% fall in the Nifty Financial Services.
Vijaya Bank Q2 profit falls 24 % to Rs 140 crore
State-owned Vijaya Bank Monday reported 24.54 per cent fall in net profit at Rs 139.94 crore for the quarter ended September 30, 2018. The bank had registered a net profit of Rs 185.46 crore in the corresponding quarter last year. Total income of the bank stood at Rs 3,931.36 crore for the reported quarter, up 12.28 per cent from Rs 3,501.31 crore in the year-ago period, Vijaya Bank said in a BSE filing. The bank's gross non performing assets (NPA) ratio as on September 30, 2018 improved to 5.86 per cent against 7.06 per cent during the corresponding period last year. Net NPA stood at 3.81 per cent as against 4.86 per cent last year. Shares of Vijaya Bank were trading 5.91 per cent higher at Rs 43 apiece on BSE.
Gold to stage modest recovery from 19-month lows: Reuters poll
LONDON (Reuters) - Banks and brokerages have cut their average gold price forecasts for this year and 2019 after the metal slumped to 19-month lows in August, but they still expect prices to stage a modest recovery, a Reuters poll showed on Monday.
Automotive Stampings & Assemblies Ltd leads gainers in 'B' group
Digjam Ltd, Seshasayee Paper & Boards Ltd, Renaissance Jewellery Ltd and Marathon Nextgen Realty Ltd are among the other gainers in the BSE's 'B' group today, 29 October 2018.
Global Markets: China's growth woes weigh on Asian shares, U.S. equity futures turn red
SYDNEY (Reuters) - Worries about China's slowing economy spread across Asian markets on Monday with U.S. stock futures turning down and Chinese shares in the red as concerns about U.S. corporate earnings and global growth continued to hit sentiment.