Page 2225 - Business Finance
Ford CEO seeks to rally dealers as shares sink to new low
LAS VEGAS (Reuters) - With Ford Motor Co's stock at nearly a nine-year low and the company squeezed by tariffs and trade tensions, Chief Executive Jim Hackett sought to restore confidence among dealers gathered in Las Vegas this week, days ahead of third-quarter results.
Housing sales in Delhi-NCR up 7%; new supply dips 6% during Jan-Sep: Anarock
Housing sales in the Delhi-NCR market increased by 7 per cent while new supply declined by 6 per cent in the January-September period of this calendar year as developers focus on clearing unsold inventories, according to property consultant Anarock. The Delhi-NCR, a major property market in the country, saw sales of 31,550 units during January-September 2018 as against 29,400 units in the corresponding period of the previous year. However, new launches fell by 6 per cent to 17,225 units from 18,400 units during the period under review, showed data compiled by Anarock. Anuj Puri, founder and chairman of Anarock, said the launches might increase during the current quarter to meet higher demand during the ongoing festival season. In seven big cities, the consultant said that housing sales rose by 8 per cent to 1,78,400 units during January-September 2018. The new supply also rose by 18 per cent to 1,39,700 units till September 2018 as property markets of three key cities in South India ..
Nifty, Sensex drop over 1 percent as Reliance sinks
(Reuters) - Indian shares fell over 1 percent for the second consecutive session on Friday, dragged by Reliance Industries Ltd after its second-quarter performance failed to please investors, while non-banking finance companies continued to face selling pressure.
Sensex, Nifty50 slide on Asian cues, oil prices
Broadly negative Asian markets, along with a marginal rise in global crude oil prices, dragged the key domestic equity indices into the red on Friday.
Sensex plummets 464 pts on liquidity concerns; RIL, NBFCs drag
Market benchmark BSE Sensex plunged by 464 points or 1.33 per cent to close at 34,315.63 points due to losses in index major Reliance Industries, HDFC and Infosys. The broader NSE Nifty too fell over 150 points to crack below the 10,400-mark as financials, IT and energy stocks declined. Sentiments also took a hit on sell-off in NBFCs, led by Indiabulls Housing Finance, Dewan Housing Finance, IL&FS Engineering and Construction which dropped up to 16.55 per cent on prevailing liquidity concerns, brokers said. Reliance Industries dropped up to 7 per cent in day trade before settling nearly 5 per cent down on BSE despite record financial results for the second quarter. Meanwhile, the Reserve Bank Friday announced more steps to increase liquidity flows to the non-banking financial companies. The RBI permitted banks to use government securities equal to their incremental outstanding credit to NBFCs, over and above their outstanding credit to them as on October 19, to be used to meet ...
Govt likely to appoint new CEA in next 1-2 months
The government is likely to appoint a new chief economic advisor (CEA) in the next one or two months, sources said. A search committee appointed by the finance ministry is expected to finalise the list of suitable candidates soon and appointment is likely in 1-2 months, they said further. The government on June 30 invited applications for the appointment of CEA on deputation basis after Arvind Subramanian quit the office ahead of completion of his term. The finance ministry has appointed a search committee headed by former Reserve Bank of India governor Bimal Jalan to shortlist candidates for the post. Other members of the panel are economic affairs secretary and department of personnel training secretary. Subramanian was appointed as CEA on October 16, 2014, for a 3-year term and was given an extension last year. His official contract was till May 2019. Subramanian is currently a visiting lecturer of public policy at Harvard University's Kennedy School of Government and a senior ...
UltraTech Cement standalone net profit declines 9.38% in the September 2018 quarter
Sales rise 20.93% to Rs 7771.27 crore
UltraTech Cement consolidated net profit declines 11.33% in the September 2018 quarter
Sales rise 20.03% to Rs 8151.46 crore
Market drops for 2nd straight session
The domestic market dropped for a second straight session on Friday, dragged by selling in index heavyweight Reliance Industries, HDFC and Infosys. The barometer index, the S&P BSE Sensex, fell 463.95 points or 1.33% to 34,315.63, as per the provisional closing data. The Nifty 50 index fell 149.50 points or 1.43% to 10,303.55, as per the provisional closing data.
Onion Supplies Set To Improve In Coming Days Says Department Of Consumer Affairs
Department of Consumer Affairs (DoCA) has reviewed the price and availability situation of Onion with all the concerned stakeholders in a High Level meeting chaired by the Secretary, Department of Consumer Affairs, ShriAvinash K. Srivastava. It was indicated by Horticulture Commissioner (DAC&FW) that sown area under the Kharif Onion Crop is higher than last year and its arrival has commenced from Karnataka. Arrivals of Kharif crop is expected to increase significantly within a week. This would improve availability in consuming areas, thereby, helping moderate prices.
Germany's Software AG to consider M&A after strategy review
FRANKFURT (Reuters) - Software AG's new chief executive plans to launch a strategy review and look at possible acquisitions in data integration, he said on Friday after the company posted slightly better than expected quarterly results.
UltraTech Q2 profit down 11.3% to Rs 375.74 cr
Aditya Birla Group firm UltraTech Cement Friday reported a 11.33 per cent decline in consolidated net profit to Rs 375.74 crore for the July-September quarter on account of increased energy and logistics costs. The company had posted a net profit of Rs 423.76 crore in the July-September quarter a year ago, UltraTech Cement said in a BSE filing. UltraTech's total income was Rs 8,371.69 crore during the quarter under review, up 19.52 per cent against Rs 7,003.85 crore in the corresponding period of the previous fiscal. Its total expenses during the quarter were at Rs 7,814.81 crore. "Domestic sales volume jumped 21 per cent over Q2FY18. However, the rising energy and logistics cost coupled with rupee depreciation resulted in costs increasing by 14 per cent as compared to Q2FY18 bringing down profits as compared to previous year," UltraTech Cement said in a statement. The company informed that its six months results were not comparable as these include results of assets acquired from ...
Yes Bank falls after RBI again says no to CEO's term extension
(Reuters) - Shares in Yes Bank Ltd tanked more than 8 percent on Friday after the Reserve Bank of India (RBI) denied its request for a second time on Wednesday to extend Chief Executive Rana Kapoor's term.
Intellect Design Arena partners with PPI AG
To provide integrated solutions for transaction banking for European banks
Himachal to float tender for 220 electric buses within fortnight
The Himachal Pradesh government plans to float a tender for purchasing 220 electric buses within a fortnight for Shimla and Dharamsala, a senior official said Friday. "We are planning to float tender for 220 electric buses within fortnight for Shimla and Dharamsala smartcity," Himachal Road Transport Corporation Chief General Manager H K Gupta told PTI. The state has been actively working to reduce pollution and started procuring electric buses to cut down vehicular emission, Gupta noted. Himachal Road Transport Corporation (HRTC) last week awarded a contract worth Rs 23 crore to Foton-PMI for procuring 30 electric buses that will ply in Shimla for public transport. "Seven bidders participated in the pre-bid process out of which four were shortlisted including Foton PMI, Ashok Leyland and Olectra Greentech. Foton PMI emerged as the lowest bidder. As per the tender condition they have to supply buses to us in 4-6 months. People in Shimla will have access to these pollution free buses ..
Market rout continues; Sensex slips 637 pts as selling pressure mounts
The BSE benchmark Sensex tumbled 637 points and the broader Nifty slipped below the 10,300-mark in late afternoon trade Friday following heavy selling in blue chip Reliance Industries as well as financial stocks. The 30-share Sensex, opened Friday distinctly weak at 34,563.29 and continued to slide to touch a low of 34,140.32 points (intra-day). The index was trading down 636.83 points, or 1.82 per cent at 34,142.75 at 1400 hrs. The gauge had lost 382.90 points Wednesday. The 50-share NSE Nifty plunged 196.40 points, or 1.88 per cent, to 10,256.65. Index heavyweight Reliance Industries dropped 5 per cent to Rs 1,091.50 despite better-than-expected earnings posted by the company on Wednesday. RIL reported its highest ever quarterly net profit of Rs 9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period. Traders said Reliance Industries' pre-tax earnings from the business declined for the second quarter in a row and this triggered the heavy selling in the ...
FinMin banking on CPSE acquisitions, buybacks to meet FY19 disinvestment target
The Finance Ministry is banking on merger and acquisitions among CPSEs and share buybacks by state-run companies to meet the Rs 80,000-crore disinvestment target for the current fiscal. The government has raised more than Rs 9,600 crore through IPOs of three CPSEs and a tranche of Bharat-22 ETF in the first six months of the fiscal so far. A Finance Ministry official said there are liquidity constraints in the market for the past 3-4 months and such conditions would persist till there are uncertainties in global markets and crude prices remain volatile. "We will meet the disinvestment target. We are looking at acquisition of some state-run companies with similarly placed CPSEs, like PFC and REC," the official said. To kickstart the merger and acquisition process, the Department of Investment and Public Asset Management (DIPAM) will soon invite bids from merchant bankers and legal firms to handle consolidation, starting with two such deals. The government is looking to sell its 65.61 ..
PNB Housing Finance Ltd leads losers in 'A' group
Indiabulls Housing Finance Ltd, Mindtree Ltd, SREI Infrastructure Finance Ltd and Dewan Housing Finance Corporation Ltd are among the other losers in the BSE's 'A' group today, 19 October 2018.
New LSE boss in $500 million move to tighten hold on clearing business
(Reuters) - The London Stock Exchange tightened its grip on derivatives clearing on Friday in a sign of growing confidence that the threat of losing chunks of business to European Union rivals after Brexit was receding.