Page 2297 - Business Finance
Gold tops $1,205 mark as share sell-off sparks safe-haven buying
BENGALURU (Reuters) - Gold rose more than 1 percent to near three-week highs on Thursday, climbing above $1,200 per ounce as sliding global stock markets prompted risk-wary investors to seek out the metal, with a weaker dollar also supporting prices.
Gujarat panel report spells 'windfall' for private power players
A High-Power Committee of the Gujarat government has recommended "a complete pass-through of fuel costs" as well as "extension of Power Purchase Agreements", setting the stage for a significant escalation in tariffs for millions of consumers across Gujarat and four northern states and "windfall gains" for heavily loss-making private power producers, sources and market analysts said here on Thursday.
TCS net up 22.6% in second quarter
Global software major Tata Consultancy Services (TCS) posted Rs 7,901 crore consolidated net profit for the second quarter of fiscal 2018-19, registering a robust 22.6 per cent annual growth from Rs 6,446 crore in the same period year earlier.
Trump says Fed has "gone crazy" after Dow Industrial Average tumbles
In an unprecedented criticism by a serving US President, Donald Trump said the Federal Reserve has "gone crazy" after the Dow Jones Industrial Average tumbled by over 800 points, the biggest fall in more than seven months. In a brief interaction with reporters on Wednesday and later in comments to Fox News, Trump said the US central bank was "too aggressive" in raising interest rates. "I think they're making a big mistake," Trump said on Fox & Friends. While acknowledging that higher rates helped savers, he criticised the Federal Reserve's moves. "They're being too aggressive," Trump said. On Wednesday, when asked about the steep fall of the stock market, Trump said he was not worried about it. "I think the Fed is making a mistake. They're so tight. I think Fed has gone crazy," he said. "So, you can say that, 'well that's a lot of safety actually. And it is a lot of safety, and it gives you a lot of margin. But I think the Fed has gone crazy," he said. According to the Wall ...
Fitch affirms Lodha Developers' rating at 'B'; outlook stable
Fitch Ratings Thursday affirmed real estate firm Lodha Developers' long term issuer default rating at 'B', with a stable outlook. The rating agency has also affirmed the rating on the outstanding USD 325-million 12 per cent senior unsecured notes issued by Lodha Developers International and guaranteed by Lodha and certain subsidiaries at 'B', with a recovery rating of RR4. "Lodha's ratings are supported by its strong market positioning, with the highest volume market share in the Mumbai metropolitan region," it said in a statement. The ratings, Fitch said, are constrained by Lodha's high leverage, which it expects to remain elevated in FY19, before inching lower over FY20-FY21 as the firm completes the construction of its London projects and starts to access cash. "Lodha, which reported robust cash collection and property presales over the last few years, have helped its volume market share in the Mumbai Metropolitan Region rise to 13 per cent as of April-December of ...
India 'very promising market'; to deliver 1,000 engines in coming years: CFM International
Describing India as a "very promising market", aircraft engine maker CFM International Thursday said it plans to deliver 1,000 engines in the country in the coming years as airlines expand their fleet. The company, an equal joint venture between General Electric and Safran Aircraft Engines, would asses the needs and capacity addition, among other aspects, before deciding on whether to make engines in India, a senior official said. Currently, four domestic airlines operate planes with CFM's LEAP engines, including Air India's 21 A320 neo aircraft. These engines power nine A320 neos of Vistara. Jet Airways and SpiceJet operate five and one Boeing 737 MAX planes that run on LEAP engines. These figures are as on September 30, according to CFM International. LEAP started commercial operations with A320 neo aircraft in 2016. "It (India) is a very promising market," CFM International's Executive Vice President Sales and Marketing Philippe Couteaux said at a media briefing here. According to .
HMD eyes 3-fold jump in sales during festive season
HMD Global, which designs and sells phones under the Nokia brand, Thursday unveiled two new handsets in the sub Rs 12,000 category to cash in on the festive season as it expects to see a three-fold sales growth in the country. "The affordable handset market is a sizeable one and we are definitely focussed there. While we are a full range player, a bulk of our portfolio is focussed on this category," HMD Global VP India Ajey Mehta told PTI. He added that the company will also work on expanding its feature phone offerings as it has seen good growth in that segment. Talking about the festive season, Mehta said the company has bolstered its portfolio through the year and is in a stronger position as compared to the previous year. "We expect to see a 3X growth during this time compared to say, July or August. We have been strengthening our portfolio to offer a varied selection of devices to our customers," he said. According to industry watchers, festive sales are expected to generate ...
Sebi sells Pancard Clubs' properties in Kerala, Goa
Sebi Thursday said it has sold two properties belonging to Pancard Clubs for a collective amount of nearly Rs 5 crore, as part of markets regulator's efforts to recover investors' money. While the land parcel located in Kerala has been sold for Rs 4.4 crore, the one in Goa has been disposed of for Rs 54 lakh, the Securities and Exchange Board of India (Sebi) said in separate communications. The regulator said it has received Rs 4.4 crore from ARV Ventures for land parcel in Kerala and Rs 54 lakh jointly from Ramniwas L Agarwal, Vijay J Shewakramani and Manohar Jathar for the property of Goa, after which it has confirmed the sale of these properties. These entities paid the money after emerging as the highest bidder for these properties in an e-auction conducted on August 21. Earlier in April, Sebi had sold two properties for nearly Rs 8 crore in the Pancard Clubs case. The regulator has been auctioning the assets of Pancard Clubs, which had mobilised Rs 7,035 crore from 51,55,516 ...
RBI remains net seller of US dollar in Aug; sells USD 2.323 bn
The Reserve Bank of India (RBI) remained net seller of the US dollar in August, as it sold USD 2.323 billion of the greenback in the spot market, RBI data showed. In the reporting month, the central bank purchased USD 3.680 billion, while sold USD 6.003 billion in the spot market, according to the data. In July, June, May and April, the RBI had net sold USD 1.87 billion, USD 6.184 billion, USD 5.767 billion and USD 2.483 billion of US dollar, respectively. In August 2017, the apex bank was net buyer of US currency, after it had bought USD 4.556 billion, while sold USD 1.330 billion in the spot market. RBI maintains that its intervention in the foreign exchange market is to curb volatility in the rupee and not to target a level of the domestic currency. In FY18, the apex bank had net purchased USD 33.689 billion of US dollars from the spot market. It had bought USD 52.068 billion from the spot market, while selling USD 18.379 billion. In FY17, the RBI had bought USD ...
Coordination among technologies leading to 4th Industrial revolution: PM
Coordination among diverse technologies is leading to Fourth Industrial Revolution, Prime Minister Narendra Modi said on Wednesday.Speaking of the opportunities that will be made available with the launch of this Centre, he said, "Under such conditions, launch of this centre in India after San Francisco, Tokyo and Beijing opens door to infinite possibilities for future."The Prime Minister also said that technological advent can take development in India to new heights, he said, "Artificial intelligence, machine learning, blockchain, big Data and several other new technologies have the capacity to take development in India to new heights, generate new employment opportunities and enhance life of every Indian."The Fourth Industrial Revolution (4IR) is the fourth major industrial era after the initial Industrial Revolution of the 18th century. It is characterised by a fusion of technologies that is blurring the lines between the physical, digital and biological spheres.
Wall Street opens slightly lower after CPI data
(Reuters) - Wall Street opened lower on Thursday, but not as much as stock futures had indicated, after data showed consumer prices rose less than expected in September, indicating inflation pressures were easing.
Vashi APMC official caught taking Rs 25,000 bribe
An official of Agriculture Produce Market Committee (APMC) at Vashi in neighbouring Navi Mumbai was Thursday caught accepting a bribe of Rs 25,000, police said. Namdev Gopichand Jadhav (52), deputy secretary of vegetable market in APMC, had demanded the bribe in lieu of not levying additional market tax on the transport vehicles of the 47-year-old complainant and his associates, the official said. The complainant approached the Anti Corruption Bureau (ABC), which laid a trap at Jadhav's office in APMC Thursday evening, he said. "Jadhav had demanded Rs 50,000 bribe for not levying additional market tax on the incoming vegetable transport vehicles of the complainant and his associates," the official said adding that an investigation into the case was on.
IT dept conducts surveys against 2 firms in terror-hit areas of Kashmir valley
The Income Tax Department Thursday carried out surveys against two business houses in the militancy-hit areas of the Kashmir Valley for alleged tax evasion running into crores of rupees, officials said. They said tax sleuths from income tax offices in Chandigarh and Rajasthan were flown in here for carrying out the surprise checks, an exercise undertaken in the militancy-infested Valley first time in 16 years. About eight premises, including godowns, of the two companies were searched at Pampore and Pulwama in south Kashmir and in the state capital here. "The surveys are being conducted on charges of tax evasion and the business premises of the assesses are being visited," a senior official said. The income tax teams were assisted by the CRPF for ensuring the security of the team. The first company that was surveyed has been is Kings Industries Private Limited that manufactures electric poles and iron structures, and is being investigated for alleged "round tripping of funds" to the ..
Panasonic India mulls hiking prices of mobiles, consumer appliances on rupee woes
Following a continuous fall in the rupee's value against the US dollar, Panasonic India Thursday said it is mulling raising prices of mobile phones and consumer appliances in the range of 5-7 per cent post festive season. "Post Diwali, if the situation of exchange rate continues where it is or beyond 72 (against USD) then there will be a price increase to the extent of 5-7 per cent which will happen in the market. That's inevitable," Panasonic India and South Asia President and CEO Manish Sharma told PTI. The rupee on Thursday hit a record low of 74.50 against the dollar in early deals. Sharma, who is also the president of industry body Consumer Electronics and Appliances Manufacturers Association (CEAMA), said there is significant impact of rupee depreciation. "Fundamentally, our objective, especially when we look at first week of November, (is) to ensure that festive season goes with vibrancy... so (currently), we are not making any price (hike), not only in mobile phones but also ..
NSE, NSE IFSC sign licensing agreement with LME
Leading bourse NSE and NSE IFSC Ltd, the international bourse at GIFT City in Gujarat, have entered into a licensing agreement with the London Metal Exchange (LME) to source its base metal prices for settlement of futures contracts. This comes a day before NSE is set to launch trading in commodity derivatives. The licensing agreement would permit NSE and NSE IFSC to use the LME prices for settling various commodity futures contracts subject to receiving regulatory approvals, the National Stock Exchange (NSE) said in a statement Thursday. LME is the world centre for the trading of industrial metals -- the majority of all non-ferrous metal futures business is transacted on LME platforms. "The licensing agreement with LME affirms NSE's commitment to deepen the Indian commodity markets by providing convenient and cost-efficient onshore hedging mechanism for domestic as well as global participants. We look forward to working together for identifying innovative and far reaching products ...
Soha Ali Khan felicitates achievers at India Leadership Awards
India Leadership Awards, 2018 was organized by Blindwink.in on October 7th at Taj Hotels in Bangalore.The awardees include Gurleen Kaur Kohli - Best Bridal Makeover Artist In Aurangabad, Shahnaz Hussain Herbal Salon & Spa - Best Salon In Gorakhpur, Prapti Roy Bhagat - Influential Makeup Artist Social Media, Melita Suiam- Best Makeup Artist In J & K 2018, Neetu Habib - Best Bridal Makeup Artist In Hubli, KA-Salon Spa & Academy - Best Exotic Spa & Salon In Goa, Siddhi International Academy, Karanjad - Best Promising School In Maharashtra, S.K.S Hansraj Public School - Best English Medium K12 School In Jalandhar.Adding to this, the winners were International Institute Of Aviation Pvt. Ltd. - Best Aviation & Hospitality Training Academy, Major Pravin Singh (Veteran) SRK Academy / Confluence Military Academy - Pioneers In Private Military Pattern School Education, Tender Petals - The Best Preschool Chain Of North East India, Lakshya Gurukul India Pvt. Ltd - Best Soft ..
Nepal imports vehicles worth over Rs 8 billion, mainly from India
Vehicles worth Rs 8.28 billion were imported to Nepal from India and other third countries till the first two and a half months of the current fiscal year.Out of total revenue collected from the Birgunj Customs Office, 40 per cent revenue was collected from the vehicles, Customs Officer Santosh Yadav said.A total of 51,680 vehicles were imported till October 1 in the current fiscal year, the officials said.Motorcycles, auto rickshaw, ambulances, tractors, jeeps, cars, vans, electric vehicles, buses, mini-buses and micro-buses were imported. Of them, 90 per cent of the vehicles were imported from India while 10 per cent others were from the third countries.Customs Officer Yadav said that increment in revenue is the result of vehicles' price hike, widened ambit of tax and more number of vehicles' import. Vehicles worth Rs 6.86 billion were imported during the same period of the previous fiscal year from Birgunj Customs Point.
OPEC cuts 2018 world oil demand growth forecast over Turkey, Brazil, Argentina concern
The Organization of the Petroleum Exporting Countries (OPEC) downgraded its global oil demand estimate due to changes in economy forecasts for Turkey, Brazil, Argentina, a report by the OPEC showed Thursday. The OPEC, however, has forecasted non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018."In 2018, world oil demand growth is estimated at 1.54 mb/d, following a downward revision of around 80 tb/d from the previous month's assessment, mainly to reflect the most up-to-date data in OECD Europe and the Middle East, as well as the latest developments in the economies of in Latin America. Total oil demand for the year is now pegged at 98.79 mb/d. In 2019, world oil demand growth is forecast at 1.36 mb/d, down by around 50 tb/d from last month's projections, mainly reflecting adjustments in the economic projections for Turkey, Brazil and Argentina," the report read.The demand for the oil produced by the OPEC will decrease by 0.8 million barrels per day in 2018, ...
Pakistan approaches IMF for financial assistance
International Monetary Fund (IMF) Managing Director Christine Lagarde on Thursday confirmed that Pakistan has formally approached the IMF seeking financial assistance to address its economic challenges.Lagarde met Pakistan's Minister of Finance, Revenue and Economic Affairs, Asad Umar, Governor of the State Bank of Pakistan Tariq Bajwa and members of their economic team."Today, I met with Pakistan's Minister of Finance, Revenue and Economic Affairs Asad Umar, Governor of the State Bank of Pakistan Tariq Bajwa and members of their economic team. During the meeting, they requested financial assistance from the IMF to help address Pakistan's economic challenges," Lagarde revealed in a statement.She further said that an IMF team will visit Islamabad in the coming week to initiate discussions for a possible economic programme. "An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic programme. We look forward to our continuing ...
Revenue bound to grow with increasing tax payer base: Jaitley
With a 15-20 per cent average increase in direct tax collections in recent years, government revenues are certain to grow, even as the economy becomes more formalised with Indians adopting technology in greater numbers, Finance Minister Arun Jaitley said on Thursday.