Page 2519 - Business Finance
SBI to sell 8 NPAs to recover dues worth over Rs 3,900 cr
The country's largest lender State Bank of India will sell eight non-performing assets to recover dues worth over Rs 3,900 crore and has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs). "In terms of the bank's revised policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated," the bank said in the bid document on its website. Of the eight accounts on the block, Kolkata-based Rohit Ferro Tech has the highest loan outstanding against it at Rs 1,320.37 crore, followed by Indian Steel Corporation Ltd at Rs 928.97 crore; Jai Balaji Industries at Rs 859.33 crore and Mahalaxmi TMT Pvt Ltd at Rs 409.78 crore. The remaining accounts belong to Impex Ferro Tech (Rs 200.67 crore), Kohinoor Steel Pvt Ltd (Rs 110.17 crore), Modern India Concast (Rs 71.16 crore) and Ballarpur Industries (Rs 47.17 crore). SBI has asked the interested ARCs/FIs to ...
Market trades with small gains
Key benchmark indices were trading with small gains in early trade. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 32.43 points or 0.09% at 37,617.94. The Nifty 50 index was up 12.05 points or 0.11% at 11,389.80. Sentiment was fragile as US-China trade tensions took a renewed toll on investor appetite for risky assets.
Japan calls for early solution to U.S.-China trade war
TOKYO (Reuters) - Japanese policymakers on Tuesday called for an early solution to the escalating U.S.-China trade war and warned of the potential damage to global growth in the wake of President Donald Trump's decision to slap new tariffs on China.
Ola raises $50 mln from Sailing Capital, China-Eurasian Economic Cooperation Fund
Ola has raised USD 50 million from Hong Kong-based Sailing Capital and the China-Eurasian Economic Cooperation Fund (CEECF), as the SoftBank-backed cab-hailing major bolsters its war chest for its battle against Uber in markets like India, the UK and others. Ola, in an extraordinary general meeting held on August 31, 2018, approved the proposal to raise this amount through the issuance of 2,50,000 fully and compulsorily convertible preference shares, according to regulatory documents filed by Ola with the ministry of corporate affairs. Sailing and CEECF (state-backed investment fund of China) will together hold more than one per cent stake in Ola (run by ANI Technologies), it added. The latest fund infusion is believed to peg the valuation of the company between USD 3.7 billion and USD 4 billion. The latest round of funding comes at a time when Ola is aggressively expanding its presence in overseas markets, with New Zealand being its latest destination. In a statement Tuesday, the ...
German insurers Allianz sign up as Olympic sponsor
German insurance giant Allianz on Tuesday became the latest Olympic Games sponsorship partner, signing a 10-year deal with the International Olympic Committee. The Munich-based financial services group will have rights to the Olympic logo from the 2022 Winter Games in Beijing, followed by the 2024 Summer Olympics in Paris, according to a report in German financial newspaper Handelsbatt and confirmed to AFP by a company official. Unconfirmed estimates by Olympic marketing insiders suggest the deal is costing the company 50 million euros a year. They are already a Paralympic sponsor and since 2017 has backed the Formula E championship after 17 years in Formula One. They become the 14th top-tier sponsor of the Olympic Games. Their name is carried by Bayern Munich's ground the Allianz Arena and Ligue 1 Nice's venue the Allianz Riviera. "Allianz is right to want to put its name out there as much as possible to hold on to its market share at a time when arguments on price and quality of ...
Fuel prices hike again, petrol threatens to touch Rs 90 mark in Mumbai
Fuel prices yet again witnessed a fresh hike on Tuesday morning, with petrol and diesel being sold at Rs 82.16 and Rs 73.87 per litre respectively in the national capital.The surge in fuel prices has affected people in Mumbai the most, with petrol retailing at Rs 89.54 per litre and diesel at Rs 78.42 per litre.While a litre of petrol is being sold for Rs 83.91 and diesel for Rs 75.53 in Kolkata, the petrol and diesel prices in Chennai rose to Rs 85.31 and Rs 78, respectively.The constant rise in fuel prices is strengthening citizens' demand for government's intervention in the matter.The continuous hike in the fuel price is being witnessed from the past few days, causing much trouble for the common people.The Union Government has also been facing flak in the past few weeks for not implementing stringent measures to curb prices.The Centre has maintained that external factors, including a rise in international crude oil prices, are influencing domestic fuel prices.
Rupee recovers 10 paise against USD in early trade
After a weak start, the rupee Tuesday recovered 10 paise to 72.41 against the US dollar amid volatility in early trade on fresh selling of the US currency by exporters and banks. The rupee, after opening lower at 72.65 against the US dollar, quickly recovered to trade 10 paise higher at 72.41 at the Interbank Foreign Exchange. Besides, dollar-selling by exporters and banks, fall in crude prices in the global market and weakness in the dollar against some currencies overseas amid US-China trade conflict, helped the domestic currency rebound, forex dealers said. They said a higher opening in the equity market also supported the recovery in the rupee. The BSE benchmark Sensex recovered by 74.68 points, or 0.19 per cent, to 37,660.19 in opening trade.
Rupee, bonds rise drawing comfort from stable global markets
MUMBAI (Reuters) - The Indian rupee and bonds were higher on Tuesday tracking stable global markets even as the United States imposed new tariffs on Chinese goods.
Global Markets: U.S. stock futures, Asian shares slip as Trump puts new tariffs on China
TOKYO/SYDNEY (Reuters) - Asian shares fell and copper prices eased on Tuesday after Washington announced new tariffs on Chinese imports, inflaming trade tensions between the world's two biggest economies.
IMF estimates 'real' depreciation of Indian rupee at six to seven per cent
The real effective depreciation of the Indian rupee this year as compared to December 2017 is between six and seven per cent, according to the IMF which warned that it would jack up the prices of imported goods such as oil and petroleum products, potentially putting an upward pressure on inflation. Since the beginning of the year, the Indian rupee "has lost about 11 per cent of its value in nominal terms vis a vis the US dollar", the International Monetary Fund (IMF) spokesperson, Gerry Rice said. He was responding to a question on the fall of the Indian currency in the last few months. He, however, said the currencies of many of India's trading partners, including those in the emerging markets, too have depreciated against the dollar. "As a result, so far this year the real effective depreciation of the Indian rupee compared to December 2017, by our estimates, is between six and seven per cent," Rice said. Observing that India is a relatively closed economy, he said the contribution .
Aurionpro Solutions in focus after Bank of Khartoum Group implements iCashpro+
Aurionpro Solutions announced that Bank of Khartoum Group (BOK), the largest and oldest bank in Sudan, has selected iCashpro+ cutting edge cash management platform with the corporate front‐end and payments to empower their UAE and Bahrain international branches' operations. The solution will enable BOK to effectively manage and facilitate its cash management services to its corporate and SME customers in UAE and Bahrain. The announcement was made after market hours yesterday, 17 September 2018.
Market may extend losses
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 4 points at the opening bell.
Global Markets: U.S. stock futures, Asian shares drop as Trump slaps new tariffs on China
TOKYO (Reuters) - U.S. stock futures and Asian shares fell on Tuesday after U.S. President Donald Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, in a sharp escalation of the trade conflict between the world's two biggest economies.
Trump administration cuts refugee admissions to 30,000 for 2019
US President Donald Trump's administration announced that it has cut the number of refugees allowed into the country to 30,000 for the fiscal year 2019 starting from October 1, driving down American refugee admissions to one of its lowest levels.
China's yuan down as US fires fresh trade salvo; stocks steady
SHANGHAI (Reuters) - China's yuan currency pulled back against the dollar in early trading on Tuesday after U.S. President Donald Trump said Washington will impose tariffs on an extra $200 billion worth of Chinese imports.
Trump slaps tariffs on $200 billion in Chinese goods, spares some consumer tech
WASHINGTON (Reuters) - U.S. President Donald Trump escalated his trade war with China on Monday, imposing 10 percent tariffs on about $200 billion worth of Chinese imports, but sparing smart watches from Apple and Fitbit and other consumer products such as bicycle helmets and baby car seats.
U.S. stock futures, Asian shares drop as Trump slaps new tariffs on China
TOKYO (Reuters) - U.S. stock futures and Asian shares fell on Tuesday after U.S. President Donald Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, in a sharp escalation of the trade conflict between the world's two biggest economies.
Oil prices drop as escalating trade war clouds demand outlook
BEIJING (Reuters) - Oil markets dropped on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support.
U.S. stock futures drop after Trump slaps new tariffs on China
TOKYO (Reuters) - U.S. stock futures dropped and Asian shares are expected to come under renewed pressure on Tuesday after U.S. President Donald Trump said he will impose 10 percent U.S. tariffs on about $200 billion worth of Chinese imports.
U.S. stock futures fall after Trump announces new round of tariffs
NEW YORK (Reuters) - U.S. stock index futures extended losses in post-market trading late Monday after President Trump announced a new round of tariffs on about $200 billion worth of Chinese imports.