Page 2226 - Business Finance
DoT asks MTNL to outline long-term roadmap as part of revival talks: CMD
As part of the ongoing revival talks, telecom department has asked the ailing MTNL to outline a long-term roadmap on how the PSU plans to compete with other players that have a pan-India footprint, the operator's chairman said. Mahanagar Telephone Nigam Ltd (MTNL) has been incurring losses for a number of years and was declared as incipient sick as per the Department of Public Enterprises guidelines. A revival plan of MTNL, prepared by its consultant, is currently under consideration in Department of Telecom (DoT). "An internal committee on revival, too, has listed out various options and the finance branch of DoT has raised specific queries including what should be the long-term roadmap for MTNL, given that all other players now have pan-India operation," MTNL Chief P K Purwar told PTI. MTNL has responded to the queries raised by the DoT, Purwar added. "DoT's finance branch has said it should not be a one-off transaction... that it should be a long-term view from the ministry to take
Drug packaging glass maker Schott Tubing investing 20 m euros
Indo-German joint ventureSchott Tubing India, which manufactures glasses and tubes for drug packaging,is investing 20 million euros (around Rs 180 crore) at its Jambusar facility in Gujarat to add capacity by 50 per cent. The German parent Schott is a global pioneer in manufacturing pharmaceutical glass and packaging and it entered the domestic market two decades ago. The company Friday announced a new glass tank facility at its Gujarat plant at an investment of around Rs 180 crore. Georg Sparschuh, managing director, Schott Glass Indiasaid the new facility will help it increase capacity by 50 per cent. Our investment in the new tankwill create 70 additional jobs, bringing the total count to 425. The German technology groupis further growing its production capacity through this new tank facilitywith a total investment of over 20 million euros, acompany statement said Friday. The expansion is in response to the increasing demand for high-quality pharmaceutical packaging .
China's regulators rush to rally market confidence, boosting shares
SHANGHAI (Reuters) - China's regulators lined up to rally market confidence on Friday with new rules, measures and words of comfort as shares brushed near four-year lows for the second straight day before surging.
China moves to lift confidence as economic growth hits weakest pace since 2009
BEIJING (Reuters) - China's economic growth cooled to its weakest quarterly pace since the global financial crisis, with regulators moving quickly to calm nervous investors as a years-long campaign to tackle debt risks and the trade war with the United States began to bite.
Cash crunch at NBFCs set to curb two-wheeler volumes: report
Non-banking financial companies (NBFCs) are likely to witness severe cash crunch due to the near-term maturity of commercial papers (CPs) subscribed by mutual funds, affecting sectors reliant on them for funding, especially the two-wheeler segment, warns a report. The two-wheeler financing has increased from 30 per cent in FY14 to 50 per cent in FY18, driven mainly by NBFCs. The share of NBFCs, including captives ones, in two-wheeler financing is now at around 60 per cent, according to a report by Credit Suisse. "For NBFCs, large upcoming maturities in the next two months is a challenge, given they have mutual funds constituting 25-40 per cent of their borrowings," says the report. The imminent slowdown in NBFCs' growth can further impact sectors reliant on them for funding in the near-term, the report warns. While other segments like passenger vehicles, commercial vehicles and tractors are relatively well penetrated in terms of financing, with a relatively stable mix .
Themis Medicare Ltd leads losers in 'B' group
Ultracab (India) Ltd, AGC Networks Ltd, GPT Infraprojects Ltd and GTPL Hathway Ltd are among the other losers in the BSE's 'B' group today, 19 October 2018.
Rubique eyes profit, 1 m customers by 2020
Kalaari Capital-backed online lending marketplace Rubique is looking at acquiring 1 million customers by 2020, by when it expects to login in profit, says a senior company executive. The company uses artificial intelligence and machine learning to provide individuals and small and medium businesses with easy access to finance through loans, credit cards and other products and has already signed up over 90 lenders on its platform. "We've 2.2 lakh customers on our platform now and aim to service 1 million customers by 2020," Manav Jeet, founder and chief executive of Rubique told PTI. He further said they expect to break even by FY20 on a revenue of Rs 150 crore. It expects to close the current fiscal year with a revenue of Rs 70 crore. "We continue to grow in double digits and the second half of the year is always better for business," he added. Rubiques primary products include retail loans, and credit cards and SME loans. About 60 per cent of the business come from SME .
Toy major Funskool to focus on exports, capacity ramp-up
Tyre major MRF-owned toy manufacturer Funskool is tapping export markets to drive its sales and is also expanding its capacity, a top company official has said. The Chennai-based company that operates two factoriesin Goa and at Ranipet in Tamil Nadu--is commissioning a third plant at Ranipet in February, at an investment of Rs 25 crore. "The first phase will be commissioned by February. We should have one more factory by 2020. We are not taking orders for exports now because we have capacity constraints in both these units," Funskool chief executive K John Baby told PTI here. The toy maker clocked a revenue of Rs 235 crore last year and it expects this to touch Rs 250 crore this year. "Last year our growth was in single-digit and it may remain so this year as well, between 7 and 9 per cent. But from next year, it should be double digits as we add capacity. That is why we are pushing exports in a big way and exports will be leading the growth," he said. Already the ...
Sensex, Nifty hit fresh intraday low
Key equity indices extended losses and hit fresh intraday low in mid-afternoon trade as bluechips like Reliance Industries, HDFC and Infosys came under selling pressure. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 545.02 points or 1.57% at 34,234.56. The Nifty 50 index was down 178.90 points or 1.71% at 10,274.15.
Most sectoral indices on BSE slide
The S&P BSE IT index, the S&P BSE TECK index and the S&P BSE Auto index were the major losers among the sectoral indices.
Volumes spurt at Blue Dart Express Ltd counter
Blue Dart Express Ltd registered volume of 47130 shares by 14:14 IST on NSE, a 17.43 fold spurt over two-week average daily volume of 2703 shares
Reliance shares slide on debt, delay in key project
MUMBAI (Reuters) - Shares in Reliance Industries dropped as much as 7 percent on Friday, the first trading session after it reported record second-quarter results, weighed down by the company's heavy debt and a delay in a key refining project.
Global Markets: Euro, Italian bonds sold as EU warns on Italy budget
LONDON (Reuters) - Investors sold Italian bonds and the euro on Friday, with Italy's bond yield hitting four-year highs as the European Union called its draft budget an "unprecedented" breach of EU fiscal rules.
Market rout continues; Sensex slips 637 pts as selling pressure mount
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 ...
Corrected: Gold rises as stocks dip, sound technicals bolster appeal (Oct 18)
(Corrects company name and designation of analyst in 12th paragraph in Oct. 18 story)
RBI eases liquidity norms for banks
The Reserve Bank of India (RBI) on Friday increased lenders' single borrower exposure limit for Non-Banking Financial Companies (NBFCs) which do not finance infrastructure, to 15 per cent of capital funds.The single borrower exposure limit has been increased from 10 per cent of capital funds and is effective up to December 31, 2018.The RBI has also relaxed liquidity norms. With immediate effect, banks will be permitted to also reckon Government securities held by them up to an amount equal to their incremental outstanding credit to NBFCs and Housing Finance Companies (HFCs), over and above the amount of credit to NBFCs and HFCs outstanding in their books as on October 19, 2018.Liquidity coverage ratio refers to highly liquid assets that financial institutions need to hold in order to meet short-term obligations.
China's regulators rush to rally market confidence, lifting shares
SHANGHAI (Reuters) - China's regulators lined up to rally market confidence on Friday with new rules, measures and words of comfort as shares brushed near four-year lows for the second day in a row.
Volvo optimistic on truck demand after profit surge
STOCKHOLM (Reuters) - Swedish company Volvo has raised forecasts for truck demand in Europe for the current year after producing strong third-quarter earnings that exceeded expectations.
LSE misses on Q3 revenue, to boost stake in clearing arm LCH
(Reuters) - London Stock Exchange Group posted third-quarter revenue on Friday that fell short of analysts' expectations, hurt by an accounting change and lower-than-expected revenue at its capital markets unit and information services business.
Gold heads for third straight weekly gain
BENGALURU (Reuters) - Gold prices held steady on Friday as renewed political and economic concerns including China's weak growth weighed on Asian stocks, with the metal on track for a third straight weekly gain.