Page 2350 - Business Finance
Global Markets: Red October rumbles on ahead of U.S. jobs data
LONDON (Reuters) - World markets steadied ahead of U.S. jobs numbers on Friday, as a four-year high in oil prices and the biggest weekly jump in Treasury yields since February left investors wondering where to go next.
Centre should have created strategic petroleum reserves: Bengal Minister
Terming the Centre's decrease in fuel prices by Rs 2.50 per litre as "insignificant" compared with a steep hike witnessed earlier, West Bengal Finance Minister Amit Mitra on Friday said the Centre should have created strategic petroleum reserves when global crude oil prices were low.
RFID, India Potash, PhosAgro announce joint investments in mineral fertiliser production
The Russian Direct Investment Fund (RDIF), Indian Potash Ltd and producers of phosphate-containing fertilisers PhosAgro Friday announced joint investments in mineral fertiliser production in Russia and India. Under the agreement, PhosAgro will also supply mineral fertilisers to Indian partners on a long-term basis. PhosAgro will supply up to 2 million tonne (MT) during 2019-2021 and the potential value of this volume of fertilisers is around USD 1 billion, it said in release. "This cooperation agreement significantly contributes to the development of Russia's high-tech non-energy exports and gives an additional impetus to further investments into our mineral fertilisers sector, which in turn will bolster Russia's and India's food security and increase trade between our countries," PhosAgro CEO Andrey Guryev said. The parties to this agreement will consider the possibility of jointly implementing attractive investment projects in the area of mineral fertiliser production, including the
Gold steady as investors await U.S. non-farm payrolls data
BENGALURU (Reuters) - Gold prices held steady in a narrow range on Friday ahead of a monthly U.S. employment report that should yield further clues on the pace of monetary tightening.
HMSI extends partnership with Shriram Automall for 3 years
Honda Motorcycle & Scooter India (HMSI) Friday announced extension of its partnership with Shriram Automall India for the next three years to sell pre-owned two wheelers. Initiated in 2015, the partnership has resulted in transparent dealing and proper documentation of the pre-owned two wheelers, bridging the gap of unorganised structure in the pre-owned industry. "In this evolving business, we always look for those partners who can provide quality solutions to us and Shriram Automall India Ltd has worked phenomenally well. With this extension, we will be exploring more innovations providing best deals to our customers," HMSI Senior Vice President - Sales & Marketing Yadvinder Singh Guleria said in a statement. Within two and a half years, the company's pre-owned business has doubled from 75 cities to 174 cities, covering 24 states across India.
Maruti launches WagonR limited edition
Maruti Suzuki India (MSI) Friday said it has launched a limited edition of its compact hatchback WagonR, which comes with two optional accessories kits, priced at Rs 15,490 and Rs 25,490, respectively. WagonR Limited Edition comes with various added features including reverse parking sensors. "WagonR customers have always valued substance and style; with this limited edition we intend to make this festive season even more wonderful for them," MSI Senior Executive Director (M&S) RS Kalsi said. The company expects that this new limited edition will bring in freshness to the product and excite the customers across India, he added. WagonR continues to be among the country's top five selling cars. During April-September period of this fiscal, the company has sold over 85,000 units of the vehicle. Over 21.9 lakh WagonR units have been sold since its launch in 1999.
JSW Energy gets revision in credit ratings
From CARE Ratings
Akamai's second biggest facility opens in India
Cloud delivery network provider Akamai Technologies on Friday announced the opening of its new facility in Bengaluru that would house more than 2,000 employees over the next few years.
RBI holds repo rate, but changes stance to 'calibrated tightening'
Belying market expectations of a hike, the RBI on Friday held its key lending rate unchanged in the context of an uncertain global economic scenario but turned hawkish, moving to a "calibrated tightening" from the "neutral" stance it has maintained over its six previous policy reviews.
Closing Bell: Sensex tanks 792.17pts
Market indices continued to extend losses in closing trade on Friday, following the announcement of the Reserve Bank of India's (RBI) bi-monthly monetary policy.The BSE's Sensex plunged 792.17 points to trade at 34,376.99, while Nifty traded 282.80 points lower at 10,316.45.Large scale losses were incurred on Dalal street, as shares of Maruti Suzuki, Bajaj Finance, HDFC, and ICICI Bank crashed. Shares of oil marketing firms also continued to plunge by nearly 15 per cent.The Indian Rupee traded at Rs. 73.58 against one US dollar.The RBI's six-member monetary policy committee kept the repo rate and reverse repo rate unchanged at 6.5 per cent and 6.25 per cent, respectively, as against a 25 basis point hike forecasted by market experts and analysts.Meanwhile, the central bank fixed bank rate at 6.75 per cent.
UK productivity grows at fastest rate since late 2016
LONDON (Reuters) - British workers' productivity grew at the fastest pace since late 2016 in the three months to June and labour cost growth slowed, suggesting the home-grown inflation pressures that the Bank of England is watching closely remain muted.
Rupee at 74 to a dollar is still better than its peers: Patel
On the day the rupee breached the 74-mark against the US dollar for the first time, RBI governor Urjit Patel Friday reiterated that the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it. After the Reserve Bank of India (RBI) in its fourth bi-monthly policy this fiscal left the policy rates unchanged and ruled out a rate cut in the rest of the fiscal, the rupee plummeted to 74.13 against the dollar, after opening higher then its previous close at 73.52. Admitting that the country has not been immune to global spillovers from external factors, Patel said, "The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers." Ruling out a target for the currency, he said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange .
Sensex, Nifty drop as pivotals slide
Key benchmark indices dropped sharply amid a broad-based sell-off in index pivotals. The barometer index, the S&P BSE Sensex, lost 792.17 points or 2.25% to settle at 34,376.99. The Nifty 50 index lost 282.80 points or 2.67% at 10,316.45. Today's slide on the bourses was led by index pivotals Reliance Industries, HDFC and ITC. Shares from oil & gas sectors dropped sharply. Sentiment was impacted after the Reserve Bank of India (RBI) changed its stance to calibrated tightening. Negative global stocks also weighed on the sentiment.
Quick Wrap: Nifty PSE Index declines 8.05%, NIFTY Tumbles 2.67%
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RBI keeps policy rate unchanged, rupee tumbles on surprise inaction
MUMBAI (Reuters) - The Reserve Bank of India (RBI) held interest rates unchanged at a policy meeting on Friday, sending the rupee tumbling to a record low and stunning analysts who had expected a rate increase to combat inflationary pressures arising from high oil prices.
'Around 80,000 linens get stolen every year from trains'
Thefts of linen and sanitary fittings are posing a big challenge before the Indian Railways.More than 80,000 linens provided to the passengers for use during the journey get stolen in both general and air-conditioned coaches, incurring a loss of Rs 1.5 crore to the public exchequer each year.Railway officials say that such losses are hampering the provision of a luxury experience to their guests.Speaking to ANI, Western Railway Chief PR Officer Ravindra Bhakar said, "It is very unfortunate that each year basic items such as linens and sanitary products are stolen by the passengers. We always strive to provide good traveling experience but such thefts pose a problem for us."Since coach attendants on trains have to pay from their own pockets if even one linen goes missing, the Railways is now appealing to the public to ensure that no such incident occurs, Bhakar informed.In case passengers happen to find any person breaching the laws and stealing railway properties they should ...
MPUVN rooftop solar gets lowest ever tariff of Rs 1.38 per unit
Madhya Pradesh Urja Vikas Nigam (MPUVN) Friday announced that it has achieved historic low tariff of Rs 1.38 per unit for central government buildings in its RESCO II rooftop solar tender, an official statement said. State government medical colleges, also a beneficiary in the tender, have got a rate of Rs 1.63 per unit for the first year. The rates would increase by 3 per cent annually and would roughly double at the end of 25 years, MPUVN said. "Madhya Pradesh has discovered the lowest rate of Rs 1.38 per unit for first year in central government buildings, which is one fourth of what the consumers are presently paying," it said in a statement. Renewable Energy Service Company (RESCO) sets up solar power projects and then monetises the energy produced. In comparison, a system integrator installs the project and is involved in the execution and implementation of the project for another RESCO. The RESCO - II tender issued by MPUVN attracted 9 international and domestic bidders, who ..
Sensex sinks 792 pts as RBI keeps rate unchanged, closes below 35k-mark
The BSE Sensex plunged 792 points Friday to end at a near six-month low of 34,376.99 after the RBI unexpectedly maintained status quo on the policy rate but changed its stance to "calibrated tightening" amid the rupee breaching the 74-mark. The central bank kept the interest rate unchanged at 6.5 per cent. Sentiments were also bearish largely in tandem with a sell-off in global markets as US Treasury yields surged to multi-year highs on robust economic data and comments from the Federal Reserve, sparking fears of accelerating inflation, brokers said. The Indian rupee Friday crashed below the 74-level against the US dollar for the first time ever after the Reserve Bank kept its key policy rate unchanged. The domestic currency was quoting 65 paise lower at 74.23 (intra-day) against the dollar soon after the RBI announced its monetary policy. The 30-share index remained in the negative zone through the session. Selling activity gathered momentum after the RBI kept rates unchanged but ...
Unilever backs down on Dutch HQ move after British investor revolt
LONDON (Reuters) - Unilever scrapped plans to move its headquarters to the Netherlands on Friday in the face of a shareholder revolt, keeping one of Britain's most valuable companies in London ahead of Brexit.
Audi warns of sales fluctuation after 56 percent fall in Europe
FRANKFURT (Reuters) - Volkswagen's premium brand Audi on Friday said it expected sales in Europe to fluctuate in the coming months after a 55.5 percent slump in September sales due to supply bottlenecks caused by stricter anti-pollution rules.