Page 2217 - Business Finance

Fiat Chrysler agrees to sell Magneti Marelli to Calsonic Kansei - sources

MILAN/LONDON (Reuters) - Fiat Chrysler (FCA) has agreed to sell its Magneti Marelli unit to KKR's Calsonic Kansei, two sources familiar with the matter said on Sunday, adding the deal would be announced on Monday.

Rupee gains 8 paise to 73.24 against US dollar in early trade

The rupee strengthened by 8 paise to 73.24 against the dollar in early trade Monday on increased selling of the US currency by exporters and banks amid easing crude prices. Forex dealers said weakness in the dollar against a few currencies overseas and early gains in domestic equities gave some support to the rupee. At the Interbank Foreign Exchange, the rupee opened lower at 73.36 and dipped further to 73.38 but soon recovered the lost ground and rose to 73.24 on increased selling of the American currency by exporters and banks. On Friday, the rupee had settled 29 paise higher at 73.32 against the US dollar, amid a weakening greenback. Globally, Brent crude, the international benchmark was trading 0.44 per cent down at USD 79.65 per barrel. Meanwhile, the benchmark BSE Sensex rose 321.41 points, to 34,637.04 in opening trade.

Air cargo industry must grow 12.9% annually to achieve national aviation policy target: Study

There is an urgent need to uplift Indian cargo market to achieve the overall vision of the aviation ministry, suggested the knowledge report on Civil Aviation and Cargo, conducted by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) jointly with consultancy firm Auctus Advisors.

RBI opens banking tap to ease liquidity crunch at NBFCs: ASSOCHAM

The whole issue of Asset liability mismatch is more relevant in case of long term lending companies like the Housing Finance companies and Infra Financing NBFCs.

HDFC Bank rises after good Q2 results

HDFC Bank rose 2.15% to Rs 2008.05 at 9:17 IST on BSE after net profit rose 20.59% to Rs 5005.73 crore on 21.2% rise in total income to Rs 28215.15 crore in Q2 September 2018 over Q2 September 2017.

Oil edges up on looming Iran sanctions, but U.S.-China trade war caps gains

SINGAPORE (Reuters) - Oil prices edged up on Monday, as markets were expected to tighten once U.S. sanctions against Iran's crude exports are implemented next month.

Gold inches higher as Asian stocks slip

BENGALURU (Reuters) - Gold prices edged higher early Monday, moving closer to a 2-1/2-month peak hit last week, as Asian shares fell amid rising political tensions and worries over slowing global economic growth.

Tejas Networks bags order for Rs 111 cr for Indian Navy's Communication network

As a part of this order, Tejas Networks will supply its state-of-the-art terabit capacity DWDM systems and high-performance Layer-3 Multi Gigabit Ethernet switches, for this pan-India network.

A firm opening on the cards

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 67 points at the opening bell.

NELCO consolidated net profit rises 254.04% in the September 2018 quarter

Sales rise 25.11% to Rs 45.19 crore

NELCO standalone net profit rises 285.94% in the September 2018 quarter

Sales rise 2.74% to Rs 8.24 crore

Smruthi Organics standalone net profit rises 267.86% in the September 2018 quarter

Sales rise 5.77% to Rs 28.39 crore

Bhageria Industries standalone net profit rises 164.88% in the September 2018 quarter

Sales rise 35.42% to Rs 121.61 crore

S P Capital Financing reports standalone net profit of Rs 0.05 crore in the September 2018 quarter

Sales rise 10.26% to Rs 0.86 crore

Global Markets: Asia shares pare losses as China rallies on stimulus hope

SYDNEY (Reuters) - Asian share markets pared early losses on Monday as Chinese stocks swung higher for a second session and helped offset geopolitical concerns over Saudi Arabia, Italy and Brexit.

IMF sees downside risk for global economy

Bali [Indonesia],October 22 (ANI): The International Monetary Fund (IMF) and World Bank ended its annual conference in the Indonesian resort island of Bali last week.The annual meeting of global finance ministers and central bank governors took place between October 12th to the 14th. Early arrivals were given a scare by a 6.0 magnitude earthquake on October 10th, which caused alarm but no serious damage in the conference area at Nusa Dua.During the event, discussions covered the challenges facing the global economy, including international trade frictions, future fiscal and monetary policy, development and the need for greater collaboration amongst countries to boost global trade. Developing countries whose economies are engulfed in the "emerging market meltdown" led the call for the leading economies to curb rising trade tensions to stem volatility caused by protectionist policies as well as moderating the pace of monetary policy "normalisation" which is affecting them adversely.Also

Fuel prices witness dip on Monday

In what could bring respite to citizens, fuel prices witnessed deduction on Monday.In Delhi, petrol price was slashed by 30 paise to retail at Rs. 81.34 per litre, while diesel is being sold 27 paise lower at Rs. 74.92 per litre on Monday.Price of petrol has been reduced by 30 paise to retail at Rs 86.91 per litre, while diesel is being sold at Rs 78.54 per litre after a 28 paise cut in Mumbai.Meanwhile, in the national capital, all 400 petrol pumps along with linked CNG dispensing units will remain shut from 6 am on Monday till 5 am on Tuesday in protest against Aam Aadmi Party-led Delhi government's refusal to reduce Value Added Tax (VAT) on diesel and petrol.In a bid to ease the crunch caused by soaring fuel prices, Finance Minister Arun Jaitley had, on October 4, announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre. He had also directed all state governments to slash rates.

Petrol pumps in Delhi to remain shut on Monday

In what could cause inconvenience to the commuters in Delhi, all 400 petrol pumps along with linked CNG dispensing units will remain shut from 6 am on Monday till 5 am on Tuesday in protest against Aam Aadmi Party-led Delhi government's refusal to reduce Value Added Tax (VAT) on diesel and petrol in the national capital.Delhi Petrol Dealers Association (DPDA), in a statement, said, "The central government had slashed the rate of petrol and diesel by Rs 2.50 per litre each on September 4. This was followed by a reduction of VAT by various states including neighbouring Haryana and Uttar Pradesh bringing relief to their residents. But Delhi government refused to reduce VAT on fuel both petrol and diesel resulting in fuel becoming more expensive than bordering Haryana and Uttar Pradesh."The statement further read that the state government's refusal to reduce the price has led to a sharp decline in the sale of diesel and petrol in the national capital in this quarter."Due to the difference

Punjab govt dismisses allegations of lapses in procurement of crop residue mgmt equipment

The Punjab government Sunday rejected as "baseless and unfounded" allegations of mismanagement in the purchase of machinery for in situ management of crop residue and said the whole process was being carried out under the supervision of the central government's task force headed by Secretary Agriculture Government of India. The government's statement has come after SAD had demanded a CBI probe into the purchase of machinery by the state government for managing paddy straw, alleging that the farm equipment had been purchased at nearly "double" the market rate. Elaborating on the equipment procurement process, a spokesperson of the agriculture department said the quality standards and prices of agro-machines for managing paddy straw in the states of Punjab, Haryana, UP and Delhi have been fixed by a task force at the Government of India level. The top functionaries of Indian Council of Agriculture Research (ICAR) and NITI Aayog besides representatives of all four states, are the members

Delhi petrol pumps to shut for 24 hours starting Monday

Fuel pumps in the national capital will remain shut for 24 hours starting Monday 6 a.m. to press the Delhi government to lower value-added tax (VAT) on the key transport fuels.