Page 2278 - Business Finance

Skyworth eyes 6 pc market share in LED TV segment, introduces Metz brand in India

China-based Skyworth Electronics is looking to garner around 6 per cent share of the fast growing LED TV market here by 2021 as it expands its network and product portfolio, top company officials said. Skyworth Electronics, which last week introduced its German TV brand Metz in India, expects it to be one of the leaders in the OLED TV segment. The company also plans to introduce its range of washing machines and cooling products such as refrigerators and air-conditioners in the Indian market by next Diwali. "For Skyworth, we are aiming to have around 6 per cent market share in the LED TV segment by 2021," Skyworth India Electronics CEO Amitabh Tiwari said. The company expects to have around 0.8 per cent market share in the LED TV segment this year and 2.5 per cent in 2019. The Indian TV market, which is estimated at around 10.2 milion units per year, is highly competitive with over 25 players. Presently, over 72 per cent of the LED TV market is controlled by three big manufacturers --

Philips Lighting to increase prices by 3-5 pc on select products

Philips Lighting is going to increase prices by 3-5 per cent on select products as the falling rupee has made imports costlier, a top company official said. Although the company manufactures around 98 per cent of its products locally, it is dependent on imports for components, especially electronics. The company is also facing rising input costs amid high crude oil prices, which have increased the transportation cost. "We are going to selectively increase the prices on our products to the tune of 3 to 5 per cent in October or November... We would have to pass some of the increase to the customers," Philips Lighting CEO South Asia Sumit Padmakar Joshi told PTI. He added that the company "tried to absorb cost as much as possible in the last 3 to 4 months" by adjusting the margins. According to him, this is the first price revision by the company after the rupee fell past the 74-mark against the US dollar. Joshi also did not rule out any further price hikes till the time there is ...

Fund raising via QIP drops 78 pc to Rs 7,000 cr in Apr-Aug FY19

Capital garnered by Indian companies through issuance of shares to institutional investors dived by 78 per cent to Rs 7,000 crore during the April-August period of the financial year 2018-19. The firms had raised Rs 31,153 crore during the corresponding period of the previous financial year. According to the data available with the Securities and Exchange Board of India (Sebi), the capital garnered by the listed companies through the qualified institutional placement (QIP) route stood at Rs 6,958 crore during the first five months of the current fiscal. This is 77.66 per cent less than the amount raised by the companies in April-August period of the last financial year. The funds were mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes. QIP is an alternative mode of resource raising available for listed companies to mobilise funds from the domestic market. Of the five months under consideration, the firms garnered Rs

Q2 results, fund flows to dictate equity market movements (Market Outlook)

The second-quarter earnings result season, along with the direction of foreign fund flows and macro-economic data points, are expected to determine the trajectory of key Indian equity indices next week.

US trade spat needs 'constructive solutions': China central bank

China's central bank governor Sunday sought to cool the temperature on a brewing trade-and-currency war with the United States, calling for "constructive solutions" as the spat threatens to knock the world economy. Speaking on the last day of the IMF-World Bank annual meetings in Bali, Yi Gang warned that the stakes could hardly be higher and cautioned that a clash between the world's two biggest economies was a "lose-lose" situation. "Trade tensions...cause negative expectations, negative uncertainties," he told a seminar with other top central bankers on the Indonesian holiday island. "There are tremendous uncertainties ahead of us. The whole world should work together to seek constructive solutions," he added. Yi said he had spoken to central bank governors and other top officials from a string of nations amid a tit-for-tat US-China tariff battle and Washington's accusations that China was unfairly pushing down the value of its yuan currency to boost exports. His comments come a ...

100% import duty hits walnut shipments from California

Even as the nutritional benefits of walnuts are boosting consumer demand, the 100 per cent import duty and currency weakness have affected the exports to India, said California Walnuts Commission (CWC). Walnut exports to India are likely to decline from California, which produces 99 per cent of the crop, due to 100 per cent import duty and weakness in the rupee, Senior Marketing Director, International, Pamela Graviet told PTI here. "We expect the exports to India to go down further as the Indian government has imposed 100 per cent import duty on walnuts in 2017-18 from the earlier 30.9 per cent. This has increased the prices of the nuts and impacted demand," CWC Senior Marketing Director, International, Pamela Graviet told PTI here. The walnut crop year is from September-August. India produces around 30,000-35,000 tonne walnuts in Jammu and Kashmir, according to govt data. The overall demand for walnuts in India is growing steadily and is around 45,000 tonne. The CWC began exporting

Mutual funds collection via SIP up 40% to Rs 7,727cr in Sept amid volatile mkts

Mutual fund industry managed to garner Rs 7,727 crore through systematic investment plans (SIPs) in September, a surge of 40 per cent from the year-ago period, despite corrections in equity market. With this, total SIP contribution in the first half of the current fiscal rose to Rs 44,487 crore, compared to Rs 29,266 crore in April-September 2017, as per the Association of Mutual Funds in India (AMFI). SIP continued to be the preferred route for retail investors to invest in mutual fund as it helps them reduce market timing risk, the industry body noted. As per the latest data, the SIP contribution in September stood at Rs 7,727 crore, which was 40 per cent higher than Rs 5,516 crore clocked in the same month last year. In August, the industry collected Rs 7,658 crore and Rs 7,554 crore each in June and July. The pace of growth in fresh SIPs has slowed over the last three months as the SIP book grew by a little over 2 per cent in this period. A sharp plunge of more than six per cent ..

China central bank chief says plenty of room for monetary adjustments amid trade row

NUSA DUA, Indonesia (Reuters) - China central bank governor Yi Gang said on Sunday he still sees plenty of room for adjustment in interest rates and the reserve requirement ratio (RRR), as downside risks from trade tensions with the United States remain significant.

U.S. to seek currency chapters in trade talks with Japan, others: Mnuchin

NUSA DUA, Indonesia (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Saturday that Washington wants to include a provision to deter currency manipulation in future trade deals, including with Japan, based on the currency chapter in the new deal to revamp NAFTA.

Exploring ways to establish presence in China as part of APAC region push: Lupin

Drug major Lupin is looking to establish presence in China as part of its strategy to strengthen its markets in the Asia Pacific region, a senior company official said. The Mumbai-based firm expects to generate revenues of over USD 100 million from the region, excluding the Japanese market, over the next few years. Lupin recognises the importance of emerging markets in APAC to drive its future growth, particularly in Southeast Asia where the pharmaceutical market and demand are growing significantly, Lupin President - APAC and Japan Fabrice Egros told PTI. With that in mind, the company plans to further strengthen its presence in the Philippines, Vietnam and Myanmar where it has already started some sales via distributors and continue to register new products. In Malaysia and Thailand, Lupin products have been submitted for approval to regulatory agencies. We are also exploring ways in which we might establish a presence in China, Egros said. When asked if the company has set any ...

Multimodal logistics park policy on the anvil

The government is formulating a policy for the integrated development of multimodal logistics parks with a view to promoting movement of goods for domestic as well as global trade, an official said. Currently, there is no specific definition, specification and standardisation of multimodal logistics parks. Due to this, different ministries including railways, shipping and the department of industrial policy and promotion are developing these parks. "There are cases where two different departments are developing these parks at the same location. So duplication is happening on account of lack of a comprehensive policy. So, there is a need to have a common policy on this subject," the official said. As many as 35 such parks have been proposed by different ministries including railways. A 50-acre park requires Rs 200-300 crore for development. The policy would help set up one authority for the approval of these parks, setting up common standards, fixing time frames, and areas where they ..

More urban Indians want to escape pollution during festivals

Eco-tourism is gaining popularity with a 25 per cent year-on-year growth as people look to escape to offbeat locations in search of fresh air, especially during festivals, says a study. Owing to the increasing pollution levels in metro cities, during the festive season, more and more people are planning 'green getaways', according to online travel platform Ixigo's study. Ixigo data reveals that queries for ecotourism are on the rise, witnessing y-o-y spike of 25 per cent. The data for this study was taken from bookings and searches for travel during the festival season beginning October 1 till November 7, on ixigo platform. The data also showed that 38 per cent people are travelling alone, while 32 per cent are travelling with family to escape the festive season pollution. There has also been a growing demand in queries for eco-lodges, jungle lodges, natural habitats, eco-friendly accommodation as well as offbeat destinations, it said. Destinations such as Himachal ...

Fuel prices hike again, petrol at Rs 82.72 in Delhi

Fuel prices continue to burn holes in the pocket of common people, showing no sign of relief in the coming days.Fuel prices continued its upward trend on Sunday, with petrol being retailed at Rs 82.72 per litre and diesel at Rs 75.38 in the national capital.In Mumbai, the price of petrol has touched Rs 88.18 per litre and diesel costs Rs 79.02 per litreSimilar trends were witnessed in Chennai, where the prices of petrol and diesel were hiked by Rs 85. 99 per litre and Rs 79. 71 per litre respectively.In Kolkata, petrol is being sold at Rs 84. 54 per litre, while diesel has reached Rs 77.23-mark.A steep hike has been witnessed in the fuel prices since the past few months.The Opposition has repeatedly blamed the Union Government for not doing enough to keep a check on prices, while the latter has maintained that global crude oil prices and other international factors are causing a hike in prices of petroleum products.

ECB should keep policy options open regardless of Fed

NUSA DUA, Indonesia (Reuters) - The European Central Bank should keep its policy options open and not let itself be influenced by the Federal Reserve, ECB policymaker Francois Villeroy de Galhau said on Sunday.

China c.bank chief says plenty of room for monetary adjustments amid trade row

NUSA DUA, Indonesia (Reuters) - China central bank governor Yi Gang said on Sunday he still sees plenty of room for adjustment in interest rates and the reserve requirement ratio (RRR), as downside risks from trade tensions with the United States remain significant.

Mnuchin says U.S. will seek currency provision in trade deal with Japan, others

NUSA DUA, Indonesia (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Saturday Washington would like to include a provision to deter currency manipulation in future trade deals, including with Japan.

BOJ's Kuroda warns of darkening global prospects as trade tensions weigh

NUSA DUA, Indonesia (Reuters) - Escalating trade tension, emerging market turbulence and huge debt piling up in some countries pose risks to the world economy, Bank of Japan Governor Haruhiko Kuroda said on Sunday, his strongest warning to date over a darkening global outlook.

Envoy calls for bigger Indian investment in B'desh

Bangladesh High Commissioner to India, Syed Muazzem Ali, has called on the Indian business people to boost their investment in Bangladesh to reap the benefits of the country's rapid economic growth and business-friendly environment.While speaking at the Pondicherry Global Economic Summit and the Fifth World Tamils Economic Conference in Pondicherry on Saturday, Ali suggested the establishment of a series of "buy-back" projects, where Indian investors will set up industries in Bangladesh and re-export to India and in some other neighbouring countries."Similar equation exists between US-Canada and US-Mexico. Through these buy-back projects, within a very short time, Canada and Mexico have emerged as the largest trading partners of the US. If they can do it, we can do it as well," the envoy said.He further urged the Indian investors to take advantage of Bangladesh's competent labour costs and close proximity to North-East markets.Ali mentioned that several Indian mega companies like ...

Avenue Supermarts Q2 net jumps 18% to Rs 225 cr

Avenue Supermarts, which runs the D-Mart supermarkets chain, today posted 18.1 per cent jump in its net profit to Rs 225.7 crore for the quarter ended September 30. The company had reported a net profit of Rs 191.04 crore in the corresponding quarter a year ago. Its revenue from operations in the quarter under review stood at Rs 4,872.5 crore, up 38.9 per cent, as against Rs 3,506.9 crore in the year-ago period, Avenue Supermarts said in a BSE filing. Basic earnings per share (EPS) for the reported quarter was at Rs 3.62 as compared to Rs 3.06 in the year-ago period. Avenue Supermarts CEO and Managing Director Neville Noronha said during the quarter, the company continued to bring down prices for customers across categories. "Our revenue growth in Q2 is a reflection of these price cuts," he added. As on September 30, 2018, the company had 160 stores in Maharashtra, Gujarat, Daman, Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Madhya Pradesh, Rajasthan, NCR, Chhattisgarh and

Centre wants proposal from Meghalaya for Cocoon bank: Tamta

Union Minister Ajay Tamta Saturday said the Centre is seeking proposal from the Meghalaya government to establish a cocoon bank in the state with an aim to make raw materials available throughout the year. The Union Minister of State for Textiles said this after inspecting the oldest sericulture unit her. "Adequate funds will be allotted for the Cocoon bank but the proposal has to come from the state government as they has to felicitate the infrastructure and the land for the same," Tamta said. The Ministry of textiles is making a huge lot investment in silk firming and preservation of various silk products, he said "This will help the reelers and the reeling units of the states and make available the raw material throughout the year," he said. Established in 1925, the sericulture unit at Lawsohtun area here has been providing sericulture seeds to the farmers and promoting it. The Minister of State for Textiles also interacted with various farmers from across the ...