Page 2303 - Business Finance
China Market falls to four-year low
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.
Market pares intraday losses
Key equity indices pared losses in early afternoon trade. At 12:25 IST, the barometer index, the S&P BSE Sensex, was down 622.41 points or 1.79% at 34138.48. The Nifty 50 index was down 188.25 points or 1.80% at 10,271.85. Sentiment continued to be fragile amid dismal global cues.
Sensex, Nifty hover near day's low
Key benchmarks turned range bound near day's low in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 843.75 points or 2.43% at 33,917.14. The Nifty 50 index was down 260.80 points or 2.49% at 10,199.30. Selling was triggered by dismal global cues.
NBFCs shares tumble
Key indices continued to trade near day's low in morning trade. At 10:33 IST, the barometer index, the S&P BSE Sensex, was down 819.72 points or 2.36% at 33,941.17. The Nifty 50 index was down 268.05 points or 2.56% at 10,192.05. Selling was triggered by dismal global cues.
Amal standalone net profit declines 19.87% in the September 2018 quarter
Sales rise 15.16% to Rs 9.19 crore
I-T carries out 'surveys' at Raghav Bahl's home, office for alleged tax evasion
Sleuths of the Income Tax department on Thursday carried out "surveys" at the residence and office premises of Raghav Bahl, head of news portal, The Quint in connection with a case of alleged tax evasion, officials said.
Innov8 Co-working raises USD 4 mn to double its seats to 8,000
Innov8 Co-working Thursday said it has raised USD 4 million fund (around Rs 30 crore) to expand its business and double its seating capacity to 8,000 by March next year. Started in 2015, Innov8, which was also part of Silicon Valley incubator Y Combinator, has around 4,000 seats across 13 centres in Mumbai, Bengaluru, Delhi/NCR and Chandigarh. It is backed by many big investors including Paytm founder Vijay Shekhar Sharma and Google India's Rajan Anandan, among others. Gurugram-based Innov8 said in a statement that it "has raised USD 4 million in a pre-series A financing round, led by Credence Family Office." The investment would help the company bolster its geographical reach by opening up more centres and double up its seat count to 8,000 in the next six months, the statement added. When contacted, company's founder and CEO Ritesh Malik said it has raised USD 6.5 million including this round of funding. Innov8 has more than 190 companies as its members, which include large ...
MobiKwik forays into wealth management; acquires Clearfunds
Fintech platform MobiKwik Thursday announced its entry into the wealth management business with the acquisition of Clearfunds, an online wealth management platform, for an undisclosed amount. The firm said it will invest USD 15 million over the next one year to scale up its wealth management business. This is the first acquisition by MobiKwik and will help the brand to further strengthen its foothold in the digital financial services industry, a release said. Post the acquisition, the founder and chief executive officer of Clearfunds, Kunal Bajaj, will lead MobiKwik's wealth management business, it added. Upasana Taku, co-founder and director, MobiKwik, said, "This acquisition will help us get a head start in the wealth management domain. MobiKwik users will now be able to start their investing journey with as little as Rs 100." "We will continue to look at strategic investments or acquisitions that can add value to our business," she added. MobiKwik said its over 107 ...
GMR Infrastruture subsidiary signs MoU with APGDC
To get access to piped domestic natural for upcoming SEZ in Kakinada
Goreen E-Mobility launches powered electric scooters 'Gemopai' in India
Gemopai electric scooters, a joint venture between Goreen E-Mobility, an accredited Delhi-based electric mobility company founded in 2016, and Opai Electric, one of the largest manufacturers of electric two wheelers in the world, this week released their first removable lithium ion battery powered Electric Scooter Gemopai Ryder for the Indian market.Committed to being a leading provider for electric mobility throughout India today, Gemopai is drawing on the 15+ years of experience through its joint partners, who have sold more than 15 million electric 2-wheelers worldwide. Additionally, Goreen E-Mobility and Opai have signed MOU for joint venture technology transfer and cooperation agreements for further developing electric two wheeler models for the Indian market. All the models of Gemopai electric scooters will be manufactured in India at there new manufacturing facility in Greater Noida.Gemopai is also in talks with top technical institutes in India to conduct R&D for BMS &
Weak market breadth
Stocks extended recovery in afternoon trade after an intraday sell-off in initial trade. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 503.48 points or 1.45% at 34,257.41. The Nifty 50 index was down 139.60 points or 1.33% at 10,320.50. Sentiment continued to be fragile amid dismal global cues.
Pakistan to seek largest loan package from IMF
Pakistan is seeking its largest loan package of up to $8 billion from the International Monetary Fund (IMF) to bail itself out from a severe crisis that threatens to cripple its economy, according to diplomatic sources.
Mumbai Metro, PayPal partner for online recharge payments
Reliance Infrastructure Pvt. Ltd's Mumbai Metro One has partnered with global digital payments leader PayPal for online recharge payments, marking the latter's foray into mass transit, an official said here on Thursday.
Zee Entertainment Enterprises Ltd soars 2.19%
The stock is quoting at Rs 469.85, up 2.19% on the day as on 12:49 IST on the NSE. Zee Entertainment Enterprises Ltd is down 9.22% in last one year as compared to a 2.03% spurt in NIFTY and a 15.39% spurt in the Nifty Media index.
Zee Media Corporation Ltd gains for third consecutive session
The stock is quoting at Rs 24.6, up 3.8% on the day as on 12:49 IST on the NSE. Zee Media Corporation Ltd is down 37.32% in last one year as compared to a 2.03% drop in NIFTY and a 15.39% drop in the Nifty Media index.
Colgate-Palmolive (India) Ltd soars 3.51%, up for third straight session
The stock is quoting at Rs 1089.65, up 3.51% on the day as on 12:49 IST on the NSE. Colgate-Palmolive (India) Ltd is down 1.73% in last one year as compared to a 2.03% gain in NIFTY and a 7.66% gain in the Nifty FMCG index.
Den Networks Ltd soars 2.04%, rises for fifth straight session
The stock is quoting at Rs 69.95, up 2.04% on the day as on 12:43 IST on the NSE. Den Networks Ltd is down 18.8% in last one year as compared to a 1.77% drop in NIFTY and a 15.61% drop in the Nifty Media.
Strengthen prudential, provisioning norms of banks, says Bimal Jalan
India should continue with the process of strengthening prudential, provisioning and capitalisation norms and bringing them in line with the best international standards to reduce the possibilities of future financial crises, says Bimal Jalan, a former RBI Governor, in his new book set against the turmoil in the financial sector over companies like IL&FS going into deep trouble.
Indian equities sink in line with global peers as growth concerns bite
Indian equities joined a global sell-off, as investors fretted trade tension between the United States and China will subdue economic growth around the world.
European shares plunge to 20-month lows as Wall Street rout sparks sell-off
MILAN (Reuters) - European shares fell to their lowest level in more than 20 months on Thursday following a rout on Wall Street as jitters over rising U.S. Treasury yields sparked a broad selloff of risky assets.