Page 2268 - Business Finance
Govt's response on fuel prices an electoral drama: Congress
Attacking the Modi government over rising petrol and diesel prices, the Congress on Monday alleged that its response on the issue was only a "drama" which it resorted to ahead of every election, while remaining indifferent to people's plight otherwise. Congress spokesperson R P N Singh alleged that Prime Minister Narendra Modi has not bothered about rising fuel prices for the past over a year and is now holding meetings with heads of oil companies when assembly elections to five states are nearing. The party also reiterated its demand of bringing petrol and diesel prices under the GST. He said while global crude oil prices dropped by USD five per barrel in the last nine days, the prices of petrol and diesel have been on the rise in the country and the benefit of Rs 1.50 per litre price reduction has come to a nought. "Whenever there are elections Prime Minister Narendra Modi starts expressing his concern over rising prices of petrol and diesel, for the rest of the time his ...
Exports enter negative zone, dips 2.1% in Sept
India's exports entered the negative zone after five months, contracting 2.15 per cent in September to USD 27.95 billion mainly due to the base impact even though trade deficit narrowed to a five-month low. According to the commerce ministry data, imports in September grew by 10.45 per cent to USD 41.9 billion as against USD 37.9 billion in September 2017. The trade deficit, or the gap between imports and exports, stood at USD 13.98 billion in the last month. During April-August 2018-19, exports recorded a growth of 12.54 per cent. Imports during the period rose by 16.16 per cent, leaving a trade deficit of USD 94.32 billion in the first half of the current fiscal. Exports were on the rise since April, after declining by 0.66 per cent in March 2018. Commenting on the data, Commerce Secretary Anup Wadhawan said that the decline is mainly on account of the base effect as exports showed an increase of 26 per cent in the year-ago month. "This is a temporary kind of phenomena. In October, .
About half of Indian firms lack system to detect travel, expense frauds: Survey
Around 48 per cent of companies in India lack a system to detect travel and expense management frauds as they do it manually while 55 per cent of the surveyed firms do not have means to retrieve past expense data, according to business expense management firm Happay report released Monday. "Expense fraud is one of the most overlooked types of fraud and entails a staggering cost for companies. Still, 48 per cent of companies do not have a system to detect frauds as travel and expense expenses are mapped manually," the survey report said. The survey was conducted in India between July and September 2018 and found that nearly 55 per cent of the companies stated their inability to retrieve past expense data as a key bottleneck in auditing and managing T&E expenses. Over 200 companies covered in the survey included 26 per cent with revenue of over Rs 5,000 crore, 17 per cent in the range of Rs 2,500-5,000, 25 per cent in range of Rs 1,000 to Rs 2,500, 31 per cent in range of Rs ...
Gold gains 1 pct as investors shelter from sliding equities
BENGALURU (Reuters) - Gold rose more than 1 percent on Monday to its highest in about 2-1/2 months as investors sought refuge in the metal after mounting tensions between Western powers and Saudi Arabia compounded jitters in global stock markets.
Delta Corp standalone net profit rises 112.05% in the September 2018 quarter
Sales rise 42.96% to Rs 120.03 crore
JK Agri Genetics reports standalone net loss of Rs 13.40 crore in the September 2018 quarter
Sales decline 67.02% to Rs 2.18 crore
Delta Corp consolidated net profit rises 11.19% in the September 2018 quarter
Sales rise 38.58% to Rs 201.35 crore
Wall St drops as Apple slips, Saudi issue flares up
(Reuters) - U.S. stocks fell on Monday as an increase in tensions between Western powers and Saudi Arabia added to worries over rising borrowing costs and the impact of tariffs, following the main three indexes' biggest weekly declines in over seven months.
Ryanair appoints additional managing director at Laudamotion
VIENNA (Reuters) - Ryanair has appointed a third managing director at Laudamotion, the Austrian carrier said on Monday, tightening its grip on the leisure airline at a time when the Irish company is dealing with unrest among its employees across Europe.
RIIL profit drops 22% to Rs 2.10 cr in Jul-Sep
Reliance Industrial Infrastructure Ltd (RIIL) Monday posted a 21.6 per cent decline in standalone profit at Rs 2.10 crore for the quarter ended September 30, 2018. The company had posted standalone profit of Rs 2.68 crore in the corresponding quarter of previous fiscal, RIIL said in a BSE filing. However, the company's total income during the July-September quarter increased to Rs 25.17 crore, over Rs 23.79 crore in the year-ago period. RIIL continues to provide infrastructure support services namely transportation of petroleum products and water through pipelines, construction machinery on hire, and other support services to Reliance Industries Group, with a substantial portion provided to Reliance Industries Limited. RIIL presently does not have any expansion plans on the anvil, the company said in a release.
U.S. retail sales rise modestly; consumer spending strong
WASHINGTON (Reuters) - U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years.
Bankbazaar appoints ex-RBI deputy gov SS Mundra as advisor
Financial products distributor Bankbazaar Monday said it has appointed former Reserve Bank Deputy Governor S S Mundra as an advisor. Mundra, a commercial banker-turned-central banker who served as the DG till July last year, will drive paperless products distribution at the company, an official statement said. ********* Satin Creditcare partners with IndusInd Bank * Microfinance company, Satin Creditcare Network (SCNL), Monday said it has entered into a business correspondent (BC) partnership with private lender IndusInd Bank. "Our business strategy is to strike the right balance between secured and unsecured lending and enhance the quality of our portfolio," the company's chairman and managing director, HP Singh, said in a release. SCNL has also diversified into housing finance and BC partnerships with other banks/NBFC through its subsidiaries Satin Housing Finance and Taraashna Services, respectively. ************* CEAT launches new range of Gripp X3 tyres for bikes
India's IL&FS secures moratorium against all creditor actions
MUMBAI (Reuters) - India's Infrastructure Leasing & Financial Services Ltd (IL&FS) said the country's appellate company law tribunal has passed an interim order granting a moratorium on all creditor actions against the company and its units, providing some relief to the debt-laden firm.
U.S. retail sales rise slightly; consumer spending strong
WASHINGTON (Reuters) - U.S. retail sales barely rose in September as a rebound in motor vehicle purchases was offset by the biggest drop in spending at restaurants and bars in nearly two years.
Pak's FIA discovers Rs 460 crore transactions in dead man's accounts
A whopping Rs 460 crore worth of transactions were made through three bank accounts of a man who died months before these fake accounts were mysteriously opened under his name, a media report said Monday. Iqbal Aaraiyn, a resident of Karachi who passed away on May 9, 2014, had three bank accounts mysteriously opened under his name after his death, Geo TV reported. Citing its sources, the channel said that a total of Rs 460 crores worth of transactions were conducted through these accounts. The incident is the latest in a series of mysterious deposits in bank accounts of several individuals that have surfaced in recent days across the country, amid an investigation by the Federal Investigation Agency into several individual accounts, which have been used for money laundering by some influential businessmen and politicians. The agency recently found that Rs 300 crore worth of transactions were made to the bank account of an auto rickshaw driver in the city. The driver, identified as ...
TN official assures roadmap for plantation sector
Steps would be taken to address the demands of the plantation sector in Tamil Nadu such as permission for use of plantation land for cultivation of medicinal plants, state Principal Labour and Employment Secretary Sunil Paliwal assured Monday. Addressing the 65th annual conference of the Planters Association of Tamil Nadu here, Paliwal said he would work on evolving a roadmap to address various issues faced by them. The official said he would consider the demand for allowing the use a portion of their plantation land for cultivation of vanilla and medicinal crops. He said the state should have a law like Kerala had to utilise about five per cent of the plantation land for non-plantation activities. Also, he promised to consider other demands, including those related to professional tax and property tax. He assured to take up with Chief Secretary Girija Vaidyanathan the request for activating the co-ordinating committee comprising secretaries of Labour, Forest and Revenue
Sensex rises over 130 points, Nifty regains 10,500-mark (Roundup)
Key equity indices rose on Monday, wiping off initial losses, as wholesale inflation grew at a slower pace and amid bets of robust corporate earnings in the second quarter ended September 30.
BP says price controls "not good", days after India cuts cost of fuel
NEW DELHI (Reuters) - Global oil major BP said on Monday fuel price controls are "not good", days after India asked state-run fuel retailers to shield customers from record-high costs by cutting margins.
Oil steady as Saudi tensions balance demand outlook
LONDON (Reuters) - Oil prices steadied on Monday as tension over the disappearance of a prominent Saudi journalist stoked supply worries, balancing concerns over the long-term demand outlook.
PM seeks cooperation of oil producing nations
Prime Minister Narendra Modi on Monday met Chief Executive Officers (CEOs) and experts from the Oil and Gas sector from both India and abroad, and sought cooperation of oil producing countries in bridging the gap with the consuming countries over the rising crude oil prices and many economic challenges.Besides Prime Minister Modi, Finance Minister Arun Jaitley, Petroleum and Natural Gas Minister Dharmendra Pradhan and NITI Aayog Vice Chairman Rajiv Kumar were also present at the interaction.The Prime Minister drew attention of the experts on certain key policy issues relevant to India. He highlighted that the consuming countries, due to rising crude oil prices, face many other economic challenges including serious resource crunch. He said that the cooperation of the oil producing countries would be very critical to bridge the gap. He further appealed to the oil producing countries to channel their investible surplus to pursue commercial exploitation in oil sector in the developing ...