Page 2325 - Business Finance
Rupee slumps 33 paise to close at record low of 74.39
The rupee slumped by 33 paise to finish at a fresh lifetime low of 74.39 against the US dollar Tuesday on high crude oil prices, strengthening of the greenback and unabated foreign fund outflows. At the Interbank Foreign Exchange (Forex), the rupee made a cautious recovery of 18 paise to 73.88 against the US dollar in early trade on fresh selling of the American currency by banks and exporters. However, the domestic currency failed to sustain the momentum after Brent crude breached the USD 84 per barrel-mark again and the US dollar strengthened overseas. It finally closed at 74.39 against the US dollar, down by 33 paise, marking its sixth straight session of decline. On Monday, the domestic unit plummeted by 30 paise to close at record low of 74.06.
Neo Lights Holdings, Inc. Enters Negotiations To Bring Manufacturing to India
/ -- Neo Lights Holdings, Inc (http://neolightsholdings.com/), a pioneer in the development and manufacturing of light emitting diode (LED) technologies, which include innovative LED sensors, networking systems and smart integration with applications including renewable/green technologies, off-grid networks, and on-grid emergency management solutions, is looking to expand its IOT/Cloud technology manufacturing globally. They serve international and domestic clientele, offering a variety of solutions ranging from networked LED products to traditional lighting products. Beginning in North America as an engineering and research firm focused primarily on the then emerging solar energy and LED technologies, Neo Lights Holdings quickly made a name for itself by finding green and renewable energy solutions on critical infrastructure projects. Their core teams of engineers, PhD's and manufacturing specialists have been an integral part of various projects such as government, municipal, and ...
Investors rush to mutual funds, over 65 lakh folios added in H1 FY'19
Growing investor interest in mutual funds has led to an addition of over 65 lakh new folios in the first six months of the current fiscal, taking the total to an all-time high of 7.78 crore at the end of September. This follows an addition of 1.6 crore investor accounts in 2017-18 fiscal, over 67 lakh folios in 2016-17 and 59 lakh in 2015-16 financial year. Folios are numbers designated to individual investor accounts, though an investor can have multiple accounts. According to the data from Association of Mutual Funds in India (AMFI) on total investor accounts with 41 fund active players, the number of folios rose to a record 7,78,86,596 at the end of September this year, up from 7,13,47,301 at the end March 2018, registering a gain of 65.39 lakh. Over the last few years, investor accounts have increased following robust contribution from retail investors, especially from smaller towns and huge inflows in equity schemes. Folios in equity and equity-linked saving schemes (ELSS) grew ..
Standard Chartered CEO criticises media coverage of bank's Iran sanctions controls: memo
LONDON (Reuters) - Standard Chartered Chief Executive Bill Winters hit back at critical media coverage of the bank's attempts to improve its financial crime controls, in a memo sent to hundreds of senior managers at the bank on Tuesday.
Tata Motors shares tank over 13%, m-cap drops by Rs 8,229 cr
Shares of Tata Motors fell sharply by over 13 per cent Tuesday after the company-owned Jaguar Land Rover (JLR) reported 12.3 per cent decline in global sales in September. The stock cracked 13.40 per cent to end at Rs 184.25 on the BSE. During the day, it slumped 19.78 per cent to Rs 170.65, its multi-year low level. On NSE, the scrip dropped 13 per cent to close at Rs 184.55. The stock was the worst hit among the blue chips on both the key indices during the day. Led by the sharp fall in the stock, the company's market valuation tumbled Rs 8,228.6 crore to Rs 53,199.40 crore on the BSE. In terms of the equity volume, 132.54 lakh shares of the company were traded on the BSE and over 14 crore shares changed hands on NSE during the day. Steep drop in the scrip was also instrumental in dragging the BSE benchmark index lower by 174.91 points to end at 34,299.47. JLR Monday reported 12.3 per cent decline in global sales at 57,114 units in September, hit by lower demand in China, the auto ..
Kerala Ayurveda signs JV pact with Sanghvi Brands
Ayurvedic firm Kerala Ayurveda Tuseday said it has entered into a joint venture pact with Sanghvi Brands to develop Ayurvedagram wellness resorts and Ayurvedic spas. "The company and Sanghvi Brands Ltd each shall hold 50 per cent of the paid-up share capital of the JV company," Kerala Ayurveda said in a BSE filing. The joint venture (JV) will develop and operate Ayurvedagram Wellness resorts varying in size from 30 keys to 100 keys, it added. The joint venture will also develop Ayurvedic Wellness spas inspired by Ayurvedagram, which would be made part of the spas across luxury hotels, globally, the company said. The companies are currently in a discussion with prospective property owners in Europe, South East Asia, Middle East, USA and India to launch the wellness resorts through the joint venture, it added. Shares of Kerala Ayurveda were trading at Rs 57.05 per scrip on the BSE, up 0.88 per cent from their previous close.
Dividend cut from oil cos unlikely; disinvestment target to be met: FinMin
The finance ministry Tuesday said it does not expect a cut in dividend from oil marketing companies despite these retailers absorbing Re 1 per litre from last week. Economic Affairs Secretary in a tweet said there is no plan for reduction in subsidy and disinvestment target will also be met. He was reacting to reports of reduction of dividend from oil marketing companies, subsidies cut, lesser disinvestment revenue etc during this fiscal from the Budget estimates. "...This is completely fabricated. Nothing of this is true at all," he tweeted. As far as disinvestment is concerned, the has set an ambitious target of Rs 80,000 crore for the current financial year. In the Budget for 2018-19, Finance Minister Arun Jaitley said the Department of Investment and Public Asset Management (DIPAM) will move forward to bring in more exchange traded fund (ETF), including launching a debt fund. Also three insurance companies National Insurance, United Assurance and Oriental Insurance will be merged .
Shares slide amid volatility on rupee woes, rising crude prices
Key equity indices ended with modest losses, dragged by weakness in Reliance Industries, Tata Motors and ITC, as investors remained on the sidelines ahead of corporate results and weakening global cues. Falling rupee and boiling crude oil prices also put pressure on bourses. Trading was volatile throughout the session as indices swung between gains and losses in the intraday.
Quick Wrap: Nifty Auto Index registers a drop of 2.63%
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Britain's Aviva splits with CEO Wilson over share price lag
LONDON (Reuters) - Aviva is replacing its chief executive Mark Wilson after his sweeping transformation of the British insurer did not deliver the returns shareholders were looking for.
SBI raises target for purchase of loan portfolio
(Reuters) - Top lender State Bank of India said on Tuesday it is stepping up its target to buy "good quality" portfolio of assets from non-banking financial companies.
India To Soon Become Second Largest Steel Producer
Union Minister of Steel, Chaudhary Birender Singh, has urged international investors and technology giants to invest in the minerals and metals sector in India. Speaking at the International Conference, on Minerals and Metals - Outlook 2030, being held in New Delhi, he said India's mining sector offers tremendous potential and presents a vast opportunity for investors to mine unexplored regions. India is well endowed with minerals and produces 95 minerals, including fuel, atomic, metallic & non-metallic and minor minerals.
World leaders must tackle subsidy-driven trade biases - Germany
BERLIN (Reuters) - The head of Germany's Bundesbank said global financial leaders needed to reform the world trade order to better protect intellectual property and tackle subsidy-driven distortions.
China's HNA lists property assets worth $11 bln for sale - documents
HONG KONG (Reuters) - Chinese conglomerate HNA Group has put up for sale property assets worth at least $11 billion, according to documents seen by Reuters, accelerating a push to cut its large debt and restructure.
Sensex reverses gains to end 170 points lower on weak rupee
India's key equity indices reversed the day's gains to end lower, as the domestic currency touched a new low against the US dollar.
Malaysia plans new taxes to help pay off snowballing debt
Malaysian Finance Minister Lim Guan Eng said Tuesday the government plans to new tax measures to help raise funds to pay off national debts that have snowballed due to corruption under the previous government. Lim said it will take the government three years to resolve its fiscal woes due to more than 1 trillion ringgit (USD 240.5 billion) in debt and another 35 billion ringgit (USD 8.4 billion) in newly discovered unpaid tax refunds that were not disclosed by the previous government. "Fiscal consolidation will not be achieved easily, and we must be willing to expect some pain and even offer some sacrifice. We would need 3 years to resolve the fiscal issues," Lim told an economic forum. He didn't give details of the tax measures but said these will be announced in the 2019 federal budget that will be unveiled November 2. Prime Minister Mahathir Mohamad told the forum the fiscal problems have turned Malaysia from an Asian tiger into a "small kitten." "It is going to be tough for the ...
Video ad business booming in US: market tracker
The video ad business is booming the US, with spending expected to grow 30 per cent this year to $27.82 billion, an eMarketer forecast released Tuesday showed. Video ads will account for a quarter of overall digital ad spending this year, the market tracker predicted. Facebook, including its Instagram messaging service, was expected to rake in nearly a quarter of all money spent on video ads with the amount tallying about $6.8 billion. "In-feed video has been a successful ad format for both Facebook and Instagram," eMarketer principal analyst Debra Aho Williamson said in a statement. "A newer video ad format, in-stream advertising in Facebook Watch shows, is still relatively new, but we think advertisers will increase their usage of it because it is similar to linear TV advertising." Video ads will account for more than half the revenue at Twitter and Snapchat this year, according to eMarketer. The market tracker said paid video ads appearing in feeds, games and apps on social ...
Pakistan rupee plunges in de facto devaluation as IMF talks loom
ISLAMABAD (Reuters) - The Pakistani rupee plunged about 7 percent on Tuesday in an apparent central bank devaluation, while the stock market snapped a six-day skid after the government said it plans to seek a bailout from the International Monetary Fund (IMF).
Nifty, Sensex mark lowest close since April
(Reuters) - Indian shares ended lower on Tuesday at their lowest closing level since April, with market heavyweight Tata Motors Ltd dragging down the indexes amid weak global cues.
Market ends with modest losses
Key equity indices ended with modest losses, dragged by weakness in Reliance Industries, Tata Motors and ITC, as investors remained on the sidelines ahead of corporate results and weakening global cues. The barometer index, the S&P BSE Sensex, fell 174.91 points or 0.51% to 34,299.47, as per the provisional closing data. The Nifty 50 index fell 47 points or 0.45% to 10,301.05, as per the provisional closing data.