Page 2302 - Business Finance

Future Group partners with Vardhman to co-develop products for apparel biz

Future Group has partnered with fabric brand Vardhman to co-develop products for its apparel business and plans to launch 6-7 products every year. Future Group will use Vardhman's fabric for products being sold across its formats such as FBB, Central and Brand Factory. "Apparel is a very important business for us and it is growing rapidly. We have signed a memorandum of understanding (MoU) with the Vardhman Group to co-develop products for our apparel business. This strategic partnership will enable us to make quality fashion more affordable," Future Retail Joint Managing Director Rakesh Biyani told PTI. "We plan to launch 7-6 products every year. Initially, the products will be for our value fashion format FBB. Later, we will launch these co-developed apparels at other Future Group apparel formats," he added. Biyani, however, did not disclose the financial details of the agreement. Earlier, FBB had said it plans to invest Rs 350 crore to open about 140 exclusive outlets as it aims to

Infibeam Avenues Ltd leads losers in 'A' group

IIFL Holdings Ltd, NIIT Technologies Ltd, Mahindra & Mahindra Financial Services Ltd and Indiabulls Housing Finance Ltd are among the other losers in the BSE's 'A' group today, 11 October 2018.

Pyramid Saimira case:Sebi bans Nirmal Kotecha from mkt for 1-yr

Regulator Sebi has barred Pyramid Saimira Theatre Ltd (PSTL) director Nirmal Kotecha from the capital markets for one year and the firm's chief financial officer Shivgurunathan for three years for indulging in unfair trade practices. The regulator, in an order passed on Wednesday, said Shivgurunathan was vice president, finance and CFO of PSTL and Nirmal Kotecha was director of the company at the relevant time. Sebi had issued show cause notices in January 2010 to these two persons among others alleging that PSTL inflated its revenues and profits by fictitious entries in its accounts, disclosed the same in quarterly and annual accounts for the financial year 2007-08 and thereby misled the public in their investment decisions. According to Sebi, Kotecha, who was a major shareholder of the firm and had sufficient stake to direct the management, failed in his duty as a director. The firm's net sales quadrupled in FY08, net profit rose by 600 per cent during March 2007 to December 2008 ...

Mkt, Re slump due to external factors; govt to take action at appropriate time: Official

Attributing the slump in stock and currency markets to external factors, a finance ministry official Wednesday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate. While the stock market benchmark Sensex in the early trade Thursday crashed over 1,000 points, the rupee fell to a record low of 74.45 to a dollar. "What happened in US yesterday had a ripple effect here today. The IMF has downgraded global growth rate, US growth rate for next year, both these had impact on markets," the official told reporters. The government will take action at an appropriate time to check widening CAD and going forward there are indications that oil prices will fall, which will have positive implications on the rupee. "Rupee, Balance of Payments, CAD are the main worries, we have strategy in place to tackle situation. We will take action at opportune time on these issues," the official said. He said Indian market is still relatively stable ...

Olectra-BYD to invest Rs 700 cr for electric buses in Uttarakhand

Electric vehicle manufacturer Olectra-BYD Thursday said it has signed an agreement with Uttarakhand government to deploy 500 AC Electric Buses in the state with an investment of Rs 700 crore. As per the pact, Hyderabad based Olectra Greentech in a strategic tie-up with China's BYD Auto Industry will deploy the Made in India' eBuzz K7 (9 meter) and eBuzz K9 (12 meter) electric buses in the state. Olectra-BYD has started trial run for one month between Dehradun to Mussoorie and the charging infrastructure has been installed at Dehradun, the company said in a statement. The bus offers state-of-the-art technologies like CCTV camera, GPS navigation, panic button and many more to ensure the safety of passengers, it said. The impetus given to electric vehicles manufacturing and tax benefits to the manufacturers as well as buyers in the EV Policy, showcase the state government's vision and commitment to conserve the environment, Olectra Greentech Executive Director Naga Satyam N said. The ...

OPEC's Barkindo worried about spare oil capacity as investment falls

LONDON (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Thursday that oil producers are very concerned about spare output capacity amid a reduction in energy-industry investment, with crude prices rising recently on fears of a drop in Iranian supply.

Capital Trust Ltd leads losers in 'B' group

Tainwala Chemicals & Plastics (India) Ltd, Punjab Communications Ltd, Veto Switchgears & Cables Ltd and Celestial Biolabs Ltd are among the other losers in the BSE's 'B' group today, 11 October 2018.

Global Markets: Stocks sell-off slams back into Europe

LONDON (Reuters) - European stocks slumped to a more than an 18-month low on Thursday after Wall Street's worst losses in eight months triggered a surge of global selling that knocked over Asia too.

BMW to gain control of China venture in 'new era' for foreign carmakers

SHENYANG, China (Reuters) - Germany's BMW said it will take control of its main China joint venture for 3.6 billion euros ($4.2 billion), the first such move by a global carmaker as Beijing starts to relax ownership rules for the world's biggest auto market.

Sensex plummets 800 points, Nifty below 10,300 as volatility rules (Third lead)

India's key equity indices plummeted in afternoon session on Thursday after a feeble recovery early on, as concerns about global growth and expectations of ever-tighter interest rates in the United States roiled markets across the world.

Volumes jump at ERIS Lifesciences Ltd counter

ERIS Lifesciences Ltd saw volume of 2.15 lakh shares by 14:14 IST on NSE, a 4.37 fold spurt over two-week average daily volume of 49041 shares

OPEC's Barkindo says very concerned about spare oil capacity

LONDON (Reuters) - OPEC Secretary-General Mohammad Barkindo said on Thursday that oil producers are very concerned about spare output capacity amid a reduction in energy-industry investment.

Interview: IMF's Furusawa sees BOJ taking back seat in next Japan recession

NUSA DUA, Indonesia (Reuters) - Fiscal policy will likely play a bigger role in spurring growth when Japan is hit by a next recession, as the Bank of Japan's ultra-easy policy is already in full swing, International Monetary Fund Deputy Managing Director Mitsuhiro Furusawa said.

Pakistan may have to disclose its China debts: IMF

International Monetary Fund (IMF) Managing Director Christine Lagarde on Thursday said that a bailout deal with Pakistan would require "absolute transparency" of its debts, many of which come from China's landmark Belt and Road Initiative.

Mahindra launches upgraded Bolero Pik-Up priced at Rs 6.7 lakh

Utility vehicle major Mahindra & Mahindra (M&M) Thursday launched an upgraded version of its Bolero Pik-up with price starting at Rs 6.7 lakh (ex-showroom Delhi). The new version of the commercial vehicle comes with an extra long cargo deck with a payload capacity of 1,700 kg, new interiors and better seating comfort. The model comes with different body styles, cargo box lengths and varying payload capacities of 1,300 kg, 1,500 kg and 1,700 kg, suitable for various customer segments and their needs. "This Maha Bolero Pik-up will further enhance the core values of Mahindra's tough and rugged DNA, enabling higher earning potential with lower maintenance costs, and take the brand to the next level," M&M Chief - Sales and Marketing, Automotive Division Veejay Nakra said in a statement. M&M has a market share of 62 per cent in the pick-up segment. It has sold over 10 lakh Bolero Pik-up vehicles in the country so far. The upgraded version comes with various features ...

Housing sales rise 6 pc in Jul-Sep in 9 big cities: PropEquity

Housing sales rose by 6 per cent during July-September in nine major cities at 51,142 units on demand recovery post demonetisation, new real estate law and GST impact on the real estate market, according to PropEquity data. Nine cities tracked by real estate data, research and analytics firm PropEquity include Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai. Launches of new homes grew by 12 per cent to 32,870 units during the third quarter of 2018 calendar year. "In the last one year, prices have corrected and the realty market has started to somewhat revive. With festive season coming up, developers will dole out discounts, finance schemes and freebies to push housing demand further," said Samir Jasuja, founder and managing director of PropEquity. "We continue to see strong traction for ready to move in and nearing completion projects to attract demand," he added. The market has been continuously recovering over the past few quarters as substantial ...

Hong Kong Market tanks 3.5%

Wall Street tumbled on Wednesday, with the S&P 500 and the Dow marking their biggest daily declines since Feb. 8 as markets were spooked by the prospect of rising interest rates. The fall was driven by a rise in U.S. long-dated Treasury yields, which reinforced expectations of several interest rate hikes over the next 12 months and prompted investors to reassess equity valuations. Over the past few months, an intensifying trade war between the United States and China has also hit risk assets on worries about global growth.

JLL India Strengthens its Capital Markets Business, Appoints Industry Leader Chirag Agrawal as Head of Investment Banking

/ -- Reinforces the Firm's Unique Value Proposition at the Top end of Real Estate Investment Banking services JLL, India's leading real estate professional services firm, today announced the appointment of Chirag Agrawal as the Managing Director & Head of Investment Banking in its Capital Markets team. Based in Mumbai, Chirag will be responsible for the Firm's Central Capital Markets Businesses, grouped under its Investment Banking Core such as Cross Border Capital, Equity & Debt Advisory, Mid-markets, Alternatives, Retail Capital Markets and Industrial Capital Markets. (Logo: https://mma.prnewswire.com/media/678101/JLL_Logo.jpg ) Chirag will report to Ramesh Nair, CEO & Country Head, JLL India, and his appointment is effective 10 Oct 2018. He will also be part of JLL's India Leadership Council (ILC) and the India Capital Markets Board. Chirag's appointment demonstrates the Firm's focus on getting on board senior industry talent in order to offer integrated real estate ...

Procter & Gamble India sets up innovation sourcing fund

: Procter & Gamble (P&G) IndiaThursday announced that it has set-up a multi-million dollar innovation sourcing fund to collaborate with externalpartners on 'disruptive and innovative' business solutions for the company. With this announcement, P&G launched 'vGROW', its first programme in the country, to identify and collaborate with start-ups, small businesses,individuals or large organisations offering innovativeindustry-leading solutions, a press release said. "We are confident of our initiative 'vGROW' and our innovation sourcing fund identifying and implementing cutting-edge solutions that are astrategic fit for us on our journey to grow," the release quoted managing director and chief executive officer of P&GIndia sub-continent Madhusudan Gopalan said. The company would come up with innovative solutions through external business partnerships and also launch itsonline platform 'P&G Hackathon', the release said. The hackathon would connectexternal

Losses on Wall Street rip through Asian financial markets

A stock market rout that started on Wall Street rolled through Asia, driving China's benchmark to a four-year low on Thursday and knocking down indexes in Japan, Korea and Australia. The Shanghai Composite index plunged 5.2 per cent to its lowest level since November 2014 and Japan's Nikkei 225 fell by an unusually wide margin of almost 4 per cent. Markets across Southeast Asia recorded similar declines. "Equity markets were pulverized today," with investors in "full out retreat," Stephen Innes of OANDA said in a commentary. The "latest sneeze" from Wall Street "could morph into a global markets pandemic," he added. Investors are wary of possible further U.S. interest rate hikes, which will raise the cost of corporate borrowing and weigh on economic growth. On Wednesday, President Donald Trump said the Federal Reserve "is making a mistake" with its campaign of rate increases. "I think the Fed has gone crazy," he charged. "Equity investors are surprised by the pace at which rates have .