Page 2324 - Business Finance
Wall Street set for lower open on global growth worries
(Reuters) - U.S. stock index futures pointed to a lower opening on Tuesday, following European and Asian weakness, after the International Monetary Fund cut its global growth forecasts, squarely blaming the Sino-U.S. trade war.
India may achieve 300 MT steel output ahead of 2030-31: Steel Secy
The government on Tuesday expressed confidence that India would achieve 300 million tonnes (MT) of steel production target ahead of the year 2030-31. "It (National Steel Policy) is a very landmark policy which was brought in the year 2017. It envisions the steel capacity to be around 300 MT by 2030. Going by the present trend of growth both in terms of consumption, in terms of per capita growth...this could come even earlier," Steel Secretary Binoy Kumar said here. The Cabinet had last year approved the National Steel Policy 2017 that envisages Rs 10 lakh crore investment to take capacity to 300 million tonnes by 2030-31. "Now, for all this we require the mining sector to be aggravated. In this context I must say that NMDC must play its pivotal role," he said. Kumar further said that in a bid to give a boost to the steel sector, the steel ministry feels that there should a special policy with regard to iron ore. "In the steel ministry we do feel especially with regard to iron ore and .
India ranks bottom of Oxfam world inequality index
India has been ranked among the bottom 10 countries in a new worldwide index released on Tuesday on the commitment of different nations to reduce inequalities in their populations. UK-based charity Oxfam International's 'Commitment to Reducing Inequality (CRI) Index' ranks India 147th among 157 countries analysed, describing the country's commitment to reducing inequality as a "a very worrying situation" given that it is home to 1.3 billion people, many of whom live in extreme poverty. "Oxfam has calculated that if India were to reduce inequality by a third, more than 170 million people would no longer be poor," the index notes. "Government spending on health, education and social protection is woefully low and often subsidises the private sector. Civil society has consistently campaigned for increased spending," it adds. The second edition of the annual index finds that countries such as South Korea, Namibia and Uruguay are taking strong steps to reduce inequality. However, countries
Sebi allows foreign entities in commodity derivatives market
With an aim to deepen the commodity derivatives market, regulator Sebi Tuesday allowed trading in the segment by foreign entities with exposure to the Indian physical commodity market. Currently, foreign entities are not permitted to directly participate in the Indian commodity derivatives market, even if they import/export various commodities from/to India. As per the regulator, such entities by virtue of their actual exposure to the various commodities in Indian market are valuable stakeholders in the value chain of such commodities, and are also exposed to price uncertainty of Indian commodity markets. Therefore, these entities should be enabled to hedge their price risk in the country's commodity derivatives market. Accordingly, in a circular, Sebi said it has "decided to permit foreign entities having actual exposure to Indian commodity markets to participate in the commodity derivative segment of recognised stock exchanges for hedging their exposure". Such foreign entities will .
Maersk Line launches initiative to help supply chain startups
Maersk Line, which ferries the largest proportion of the country's container traffic, Tuesday announced the launch of a new digital initiative 'OceanPro' to support startups in supply chain solutions space. The India-focused OceanPro is an intensive 120-day accelerator programme offering startups the opportunity to partner with Maersk to bring innovative technology solutions to ease the global supply chain for customers, a release said. The company said it has already identified eight start-ups to collaborate with to develop solutions for customer engagement and operations management. The OceanPro team in Bangalore will also focus on building partnerships with other accelerators, universities, venture capital partners and the broader startup ecosystem, it added. ******************** Blaupunkt cuts prices of 5 Symphony series models by 15-50% * In-car infotainment supplier Blaupunkt has reduced prices of five models of its premium Symphony series between 15 per cent and .
Honda plans to drive in affordable hybrid model in India in the next 3 years
Japanese car major Honda plans to launch an affordable, mass market hybrid model in India in the next three years, a top company official said Tuesday. The company, which is present in the country through a wholly-owned subsidiary, Honda Cars India Ltd (HCIL), has already announced to introduce six models with conventional powertrains over the next three years. It has already launched all new Amaze and all fifth generation CR-V in the country and also plans to drive in new Civic later this financial year. "In three years we will launch ... a mass (market), affordable, electrified vehicle," HCIL President and CEO Gaku Nakanishi told reporters here. He said that the vehicle would not be in the category of Accord Hybrid but in the volume generating affordable segment. When asked if the model would be a fully electric vehicle, he said: "Not EV, hybrid." Terming hybrid technology as a practical bridge towards introducing EVs in the country, he added that the company completely agrees with .
S R K Industries reports standalone net loss of Rs 0.24 crore in the September 2018 quarter
Sales rise 40.30% to Rs 27.92 crore
Global Markets: Selloff sucks Europe back under after Asia sinks to 17-month low
LONDON (Reuters) - European stocks were sucked back into the red on Tuesday, as a four-day global selloff took Asia to a 17-month low and left Wall Street on course to equal its longest losing streak of the year.
Qualcomm adds two new members to its board
(Reuters) - Qualcomm Inc said on Tuesday it named Martin Anstice, chief executive officer of chip gear maker Lam Research Corp, and Irene Rosenfeld, former chairman and CEO of U.S. snack foods company Mondelez International Inc, to its board.
Banks should target agriculture, tourism: Himachal CM
Banks should target agriculture, tourism, horticulture and services sector for increasing the credit-deposit ratio and ensuring all-round development, Himachal Pradesh Chief Minister Jai Ram Thakur said on Tuesday.
Indiabulls Housing Finance ups home loan rates by 20 bps
Indiabulls Housing Finance Tuesday said it has raised interest rates on home loans by 20 basis points, owing to higher funding costs. The new rates on home loans for women applicants and co-applicants is 8.80 per cent for loans of up to Rs 35 lakh and 8.95 per cent onwards for loans above Rs 35 lakh, the mortgage lender said in a release. The interest rates would be five basis points higher for non-women applicants, it added. "The increase in the lending rates reflects the rise in cost of funds," the company said. Last week, HDFC and LIC Housing Finance (LICHFL) had raised their retail prime lending rate by 10 basis points. HDFC's new rates vary from 8.80 to 9.05 per cent on various slabs of loans. LICHFL is offering an interest rate of 8.85 per cent on home loan up to Rs 50 lakh for salaried and professionals. For salaried women borrowers, the new rate are 8.70 per cent for loan up to Rs 10 lakh.
Keventer Agro aims to double dairy revenue in 2 years
Keventer Agro Ltd has drawn up plans to double its dairy revenue to Rs 800 crore over the next two years, Chairman and Managing Director Mayank Jalan said Tuesday. The city-based food and beverages company is focusing on expanding market footprint and working on branding for the dairy business under 'Metro Dairy'. The vertical accounts for 40 per cent of its topline. "We have a strategy in place to double the dairy revenue (including ice-creams) to Rs 800 crore over the next two years," Jalan said. It is investing Rs 282 crore to augment capacity, which would be completed by December. "Most of the investment would be in dairy - be it fresh milk processing capacity or ice-creams," Jalan said. Keventer Agro is looking to raise milk storage capacity to 6 lakh litres per day from 4 lakh litres, and eventually take it to 1 million litres. Besides dairy, Jalan said he was bullish about organised banana retailing, which has potential be a major revenue churner. "We want to be ..
Board of NLC India approves buyback of shares up to Rs 1248.99 cr
At meeting held on 09 October 2018
BSE's comm segment posts record daily turnover of Rs 196 cr
BSE Tuesday said its commodities derivatives trading platform, which deals in gold and silver contracts at present, registered a record daily turnover of Rs 196 crore on October 8. While the gold contracts clocked a traded volume of 519 lots with a value of Rs 162.88 crore, the silver contracts recorded a traded volume of 289 lots with a value of Rs 33.65 crore, BSE said in a statement Tuesday. The exchange began trading in commodity derivatives on October 1, after gaining Sebi's approval to launch a delivery-based futures contract in gold (1 kg) and silver (30 kg). According to BSE, waiving transaction charges has attracted a lot of participants, including all types of brokers and traders, who are cost sensitive due to their nature of business. The bourse has plans to introduce base metal contracts and agri commodities in the near future for which it has collaborated with several associations. It had earlier entered into a licensing agreement with the London Metal ...
IL&FS loan account remains standard, says Bank of Baroda
Bank of Baroda Tuesday said it's loan account to debt-laden Infrastructure Leasing and Financing Services (IL&FS) continues to remain standard at present. The state-run lender said it continues to lend to non-banking financial companies (NBFCs) and housing finance companies (HFCs). "We do have exposure to IL&FS. As of now, these accounts that we have with IL&FS and all other NBFCs are fully performing. Tomorrow what it will be, we will have to talk tomorrow," the bank's managing director and chief executive officer, PS Jayakumar, told reporters here. He said the bank's exposure are balanced and it has enough amount of capital to take care of any stress scenario. Cash strapped IL&FS is facing serious liquidity issues and it, along with its subsidiaries, has defaulted on various debt repayments. On October 8, IL&FS defaulted on Rs 20.18 crore of inter corporate deposit due that day. There are reports that banks have stopped lending to NBFCs and HFCs on
RBI norms on cash logistics firms to enhance security, create more jobs: CLA
New RBI guidelines for cash logistics companies will help improve security and create more jobs in the sector that handles about Rs 15,000 crore cash of banking system on daily basis, say industry players. The guidelines have bring the companies at par with global standard and practices, and help greatly improve security of the public money, the Cash Logistics Association said. The industry, however, outlined that operations cost may increase in the short-term but would improve efficiency and reduce fraud in the long term. The Reserve Bank of India (RBI) issued guidelines in April asking heads of all banks including cooperative banks to follow standards such as net worth of the outsourced service provider and their sub-contractors in cash management logistics should not be less than Rs 100 crore. Besides, guidelines prescribed that such cash logistic companies should have a minimum fleet size of 300 specifically fabricated cash vans with armed guards. Banks have been directed to ...
IMF says Pakistan has not approached fund for deal
The International Monetary Fund said Tuesday Pakistan has not approached the body to begin negotiations for a possible bailout to stem a balance of payments crisis, hours after Islamabad announced it will enter talks. Former cricketer Imran Khan's new administration took office in August vowing to weigh up whether to seek an IMF bailout to stabilise its economy as it sought other avenues of financing, as analysts warned the looming crisis was becoming more urgent. "We have not been formally approached yet," said Maurice Obstfeld, the IMF's top economist, during the fund's annual meeting in Bali. The IMF's comments added to the appearance of confusion around the abruptly announced decision. Pakistan's finance minister told the daily Dawn newspaper on Saturday that the government had not yet decided whether it would go to the IMF, and had not sketched out a formal proposal to the fund ahead of the Bali summit. "We will be listening very, very attentively when and if they come to us," ..
Pak to seek USD 6-7 billion IMF bailout: FM
Pakistan has said it would approach the IMF for a bailout package of USD 6 to 7 billion to address the mounting balance of payments crisis faced by the cash-strapped country. Finance Minister Asad Umar on Monday said Prime Minister Imran Khan has endorsed the decision to seek assistance from the International Monetary Fund (IMF). "After taking into account the current situation and consultation with leading economists, the government has decided to approach the IMF for a bailout programme," Umar said in a recorded video message. Pakistan is likely to request the IMF to provide it USD 6 to 7 billion, Geo News reported. The government took the decision after friendly countries did not bail it out even though Khan himself went to Saudi Arabia with a "begging bowl", the Express Tribune reported. Adviser to the Prime Minister on Commerce Razak Dawood, who accompanied the premier, said "it was awful to beg from Saudi Arabia". Umar said talks with the IMF will start immediately as Khan ...
Bajaj Finance October 2018 futures at discount
F&O segment turnover at Rs 7.12 lakh crore