Page 2247 - Business Finance
Punjab govt to amend industrial policy, give sops on intrastate sales
The Punjab government Wednesday decided to amend the industrial policy to give investment incentives by way of Net SGST on intrastate sales to promote business enterprises in the state. The state cabinet meeting, chaired by Chief Minister Amarinder Singh, also approved global tendering for the upcoming hi-tech cycle valley on a 100-acre industrial park in Ludhiana, an official statement said here. The Cabinet noted that since the government could not give direct concessions to industry in matters of land acquisition, other incentives should be provided through amendment to the policy so that both the state and the industry get the best deal through measures such as global tendering. The Cabinet observed that for effective implementation of the policy there was need to explicitly define and explain the term 'Net SGST Incentive'. A series of meetings/consultations were held among departments of Excise and Taxation, Finance, Industries and Commerce and Investment Promotion, the statement
Infosys shares end over 1% higher post Q2 results
Shares of Infosys ended over 1 per cent higher Wednesday after the company posted a better-than-expected 10.3 per cent net profit growth for the second quarter. The stock trimmed most of its early gains and ended at Rs 704.50, up 1.16 per cent on BSE. Intra-day, it surged 3.53 per cent to Rs 721. At NSE, shares of the company went up 1.47 per cent to close at Rs 705.50. In terms of equity volume, 11.46 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day. Sanjeev Hota, AVP Research at Sharekhan by BNP Paribas, said Infosys had delivered "better than expected numbers on topline and bottomline front for second quarter, though margins performance missed the mark". India's second-largest software services exporter Tuesday posted 10.3 per cent net profit growth in the second quarter after margins were boosted by large deal wins and reiterated its revenue forecast for full year. Net profit in July-September rose to Rs 4,110 crore from Rs .
49 Pak govt vehicles up for sale at 2nd auction to raise funds
Cash-strapped Pakistan government Wednesday put on auction 49 more vehicles, including 19 bullet proof cars, as Prime Minister Imran Khan grappled with a major debt crisis. The government, which has approached the International Monetary Fund (IMF) for a financial bailout, sold 61 vehicles during the first auction held one month ago. It also auctioned eight buffaloes kept at the Prime Minister House and raised more than Rs 2.3 million. The buffaloes were kept by former prime minister Nawaz Sharif. The highest bid for a buffalo was Rs 385,000 and three of the cattle were bought by supporters of Sharif's Pakistan Muslim League-Nawaz party. Another 49 vehicles of Prime Minister's house will be auctioned on Wednesday as part of austerity drive, Radio Pakistan reported. The vehicles up for sale also include 19 bullet proof cars, it said.
China's premier says economy under increasing pressure amid external volatility
BEIJING (Reuters) - Premier Li Keqiang said the Chinese economy faced increasing downward pressure, and the government would take targeted measures to prevent large fluctuations in growth, state radio reported on Wednesday.
ACC Q2 profit misses expectations as expenses rise
(Reuters) - Cement maker ACC Ltd on Wednesday posted a 15.7 percent rise in quarterly profit, which fell short of market estimates as expenses rose.
Nifty October 2018 futures at discount
F&O segment turnover at 20.89 lakh crore
Japan Nikkei extends gain on softer yen, upbeat offshore lead
Shares of exporters were higher as the yen retreated from a five-week peak versus the dollar. Toyota Motor Corp climbed 1.3%, Honda Motor Co advanced 0.9% and Panasonic Corp 1.2%. Tokyo Electron rose 3%, Screen Holdings 5.4% and Advantest Corp 3.5%.
Quick Wrap: Nifty PSU Bank Index registers a drop of 3.41%, NIFTY Crashes 1.24%
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Mahindra Group and Ford sign agreement for powertrain sharing and connected car solutions
The two definitive agreements on powertrain sharing and connected car solutions reinforce the progress made in the strategic alliance between the two companies, first announced in September 2017 and followed up with five Memoranda of Understanding (MoU) in March 2018.
Responsive Industries standalone net profit rises 1168.97% in the September 2018 quarter
Sales rise 25.46% to Rs 224.70 crore
Ramsons Projects reports standalone nil net profit/loss in the September 2018 quarter
Sales decline 33.33% to Rs 0.04 crore
IT firm Scisys to create Irish holding company ahead of Brexit
(Reuters) - Britain's Scisys said it would create a holding company incorporated in Ireland as part of a plan to protect the IT services firm from "potential adverse consequences" when Britain leaves the European Union.
Netflix shares jump after record subscriber growth
(Reuters) - Shares of Netflix Inc soared 11 percent before the bell on Wednesday after the company put fears of a slowdown in growth to bed by racking up 7 million new subscribers between July and September.
VMware to invest $2 billion in India over next 5 years
Leading enterprise software provider VMware on Wednesday announced it will invest $2 billion in India over the next five years towards expanding its facilities, increase headcount and ramp up research and development activities.
RBI refuses more time to Rana Kapoor, tells Yes Bank to appoint new chief by Feb 1
The Reserve Bank has refused to give an extension to Yes Bank MD and CEO Rana Kapoor and asked the bank to appoint a new chief by February 1, 2019, the private lender said Wednesday. The Yes Bank board had sought at least a three-month extension for Kapoor from the RBI beyond January 31, 2019. "The Reserve Bank of India has reaffirmed that a successor to Shri Rana Kapoor, MD & CEO, YES Bank should be appointed by February 1, 2019," the lender said in a stock exchange filing. The RBI had earlier curtailed the three-year term that the board had sought for Kapoor, also one of the promoters of the bank, to January 31, 2019, and asked the bank to find a replacement. Yes Bank shares dropped 6.85 per cent to close at Rs 231.75 apiece on BSE.
Board of Responsive Industries approves change in directorate
At meeting held on 17 October 2018
Board of Responsive Industries approves buyback of shares
At meeting held on 17 October 2018
Sensex sheds 382 point over profit booking, crude oil prices
Profit booking, along with a slight rise in global crude oil prices and depreciation in the Indian rupee, pulled the key Indian equity indices lower on Wednesday after three consecutive days of gains.
Niti suggests PPP model infra for treatment of non-communicable diseases at district hospitals
Niti Aayog Wednesday suggested a public private partnership model for setting up additional infrastructure for treatment of non-communicable diseases (NCDs) at district hospitals at reasonable costs. Under the PPP model, the private sector would be provided space for setting up facilities for treatment of cardiac, oncological, and pulmonary diseases by the state governments within the premise of existing district hospitals. Releasing the guidelines for 'Public-Private Partnership for Non-Communicable Diseases', Niti Aayog member V K Paul said the cost of treatment under the PPP model would be the same as specified under the Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana (PMJAY). As per the guidelines, the private partner will invest in upgrading, building and deploying human resources. "It is expected that the NCD care facility co-located at the district hospital will contribute towards improving access to the above mentioned NCD services at the government hospitals at the district .
Nifty, Sensex fall more than 1 percent amid liquidity concerns
(Reuters) - Indian shares ended more than one percent lower on Wednesday, dragged by financial stocks such as Indiabulls Housing Finance Ltd and Yes Bank Ltd amid liquidity concerns.