Page 2523 - Business Finance
Wall Street dragged by Apple, Amazon, fears of fresh tariffs
(Reuters) - U.S. stock markets were lower on Monday as technology names such as Apple and Amazon.com fell, bearing the brunt of expectations President Trump will make good on threats to set new tariffs on $200 billion of Chinese goods, and that Beijing will retaliate.
Global cues, weak rupee subdue equity indices over 1% (Roundup)
Amid negative global cues along with a depreciating rupee, the key equity indices closed over a per cent lower on Monday after two consecutive positive sessions.
High U.S. stock valuations hinge on inflation, interest rates
Investors are banking on tame inflation and interest rates to support U.S. stock prices and help counter any concerns over an anticipated slowdown in corporate earnings growth next year.
Centre proposes merger of Dena Bank, Vijaya Bank, Bank of Baroda
The government on Monday proposed the merger of three state-run banks - Dena Bank, Vijaya Bank and the Bank of Baroda - into an amalgamated entity and has directed their respective boards to consider the proposal, Finance Minister Arun Jaitley announced. This is the second such exercise in the last 18 months
MSEGCL, MSEDCL at loggerheads over Rs 10,000-cr dues
State-run power utilities Maharashtra State Electricity Generation Company (MSEGCL) and Maharashtra State Electricity Distribution Company (MSEDCL) are at loggerheads over delayed payment charges to the tune of over Rs 10,000 crore by the latter. MSEGCL chairman and managing director Bipin Shrimali while talking to reporters Monday alleged that while MSEDCL makes prompt payments to other private players as well as the NTPC, it has delayed the payments over so many years. "MSEDCL owes us over Rs 10,000 crore accumulated over the past 7-8 years. MSEDCL makes payments to other players but gives differential treatment us," he said. He further said in the last three years, the cost of generation of MSEGCL has not increased, but on the contrary, reduced to Rs 3.70 per unit. "There are several constraints while recovering from a state company and still continue to keep the generation cost lower. We have to make prompt payments for buying coal and also to railways for ...
Nifty slips 137 pts, settles below 11,400
The NSE benchmark Nifty Monday snapped its two-day winning streak and slipped by 137.45 points to 11,377.75, driven by weak global cues and ongoing rupee crisis. Sentiments remained subdued amid reports that the US could soon announce a new round of tariffs on Chinese imports. Moreover, continued sell-offs in global markets too spooked investors. Heavy losses were seen in financial stocks, FMCG, realty, banking, energy and pharma stocks. Over the weekend, the government had announced several steps to prop up capital inflows and curb non-essential imports, while sticking to its fiscal deficit targets. The rupee fell more than 1 per cent to 72.70 per dollar in intra-day trade. Overseas, European stocks were trading lower amid renewed fears over an escalating trade war between the world's two largest economies, the US and China. Global shares came under pressure on reports that the US could be imposing new tariffs on USD 200 billion of Chinese goods as early as this week. The Nifty 50 ...
SMEXINDIA to give nation's SMEs impetus for growth
The MSME Sector in India is set to take a huge leap with the proposed launch of SMEXINDIA, a division of SMEXASEAN, an online marketplace owned and operated by SRAM & MRAM Group, a leading international conglomerate with footprints across 5 continents and 12 countries from their headquarters in the United Kingdom.SMEXASEAN, is an online marketplace for SMEs in the ASEAN region. Close on the heels of SMEXASEAN, SMEXINDIA is tailor-made for the Indian SME Sector. Speaking at the launch of SMEXINDIA, Shri Indresh Kumar, National Executive Member of the Rashtriya Swayamsevak Sangh said he was pleased at the way SMEXASEAN was being organised and operated by SRAM & MRAM Group, with a focus on the Indian SME sector.Shri Kumar added that with the help of Dr. Sailesh Lachu Hiranandani, Chairman of SRAM & MRAM Group, he had made special efforts to initiate the process of bringing SMEXASEAN to India in its new avatar as SMEXINDIA. Shri Indresh Kumar and his team headed by Mr. ...
IRCTC scam: Delhi court summons Lalu, Rabri, Tejashwi
In a big blow to former Bihar chief minister and Rashtriya Janata Dal (RJD) chief Lalu Prasad, his wife Rabri Devi and son Tejashwi Yadav, a Delhi court on Monday summoned the trio in connection with the 2013 Indian Railway Catering and Tourism Corporation (IRCTC) scam.The development comes after the court reserved its summon orders for the party top brass earlier in the day. The court also took cognisance of the charge sheet filed by the Enforcement Directorate (ED) on the same.On August 31, the court had granted bail to Rabri Devi, Tejashwi and others in a money laundering case related to the scam. The RJD chief's bail was pending as he could not appear before the court on account of health-related issues.Lalu, who headed the Railway Ministry from 2004 to 2009, is accused of misusing his position in allotment of a contract to a private company for the maintenance of two IRCTC hotels located at Puri and Ranchi.The prosecution report had also stated that the two hotels of the Indian ..
Century Ply aims Rs 600cr revenue from laminates in FY19'
Century Plyboards (India) Ltd is aiming at a sharp revenue jump in its laminates business on the back of recent augmentation of the segment's capacity, Chairman Sajjan Bhajanka said. "At present, our revenue from laminates is Rs 400 crore but with the recent expansion, the capacity will be raised to 6.8 million sheets a year by January 2019 and revenue will jump to about Rs 600 crore," Bhajanka told PTI. In the first phase of expansion, laminates' capacity was ramped up by 30 per cent to 6.2 million sheets in January, and the augmentation would be complete in the next six months. The company had doubled its annual laminate production to 4.8 million sheets in 2013-14. The laminates segment accounts for about 20 per cent of the company's total revenue, but over the next one year, its share is likely to go up, he said. In 2017-18, Century Ply's net sales were nearly Rs 2,000 crore. The Kolkata-based company had last year announced a capex of Rs 282 crore over the next two ...
PACL case: Australian courts accept Sebi claim seeking repatriation of funds on investors' behalf
Markets regulator Sebi said Monday that an Australian court has accepted its claim seeking repatriation of the funds on behalf of PACL investors. The money mobilised by PACL Ltd from investors was utilised for acquiring certain assets in Australia, the Securities and Exchange Board of India (Sebi) said in a statement. PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected funds worth crore of rupees through illegal collective investment schemes over a period of 18 years. The regulator has already appointed a panel, chaired by former Chief Justice of India R M Lodha, to oversee the process of disposing of assets in order refund money to investors after verifying their genuineness. On observing that the money mobilised by PACL from investors was utilised for acquiring certain assets in Australia, as directed by Lodha Committee, Sebi has filed a "claim petition in the Federal Court of Australia seeking ...
Exclusive: Bayer puts stake in chemical park operator up for sale-sources
FRANKFURT (Reuters) - Bayer is inviting financial investors to bid for its 60 percent stake in chemical park operator Currenta after initially failing to agree a sale to its former chemicals subsidiary Covestro, three people familiar with the matter told Reuters.
IMF says 'important progress' in talks on new Argentina deal
BUENOS AIRES (Reuters) - The International Monetary Fund has held productive meetings with Argentina aimed at revamping the country's standby loan agreement, the IMF said on Monday, while the government prepares to send its 2019 budget bill to Congress.
Coke eyeing cannabis-infused drink market
(Reuters) - Coca Cola Co said on Monday it was closely watching the growing marijuana-infused drinks market, responding to a media report that the world's largest beverage maker was in talks with Canada's Aurora Cannabis Inc.
Around half of Sony India sales to come from premium segment in 2 yrs: MD
Consumer electronics major Sony expects its premium offerings to account for around half of its sales in the country in the next couple of years, a top company official said. Sony will continue to enhance its premium line-up in its Bravia TV range, which are 55-inch and above screen sizes, to cater the niche customers and chase more value and strong foothold, Sony India Managing Director Sunil Nayyar said. Besides, Sony would also continue to have its affordable range to cater the entry-level customers in 32-inch and 40-inch screen size as per its "twin strategy" in the segment. Sony, which is strengthening its premium image here, would also enhance the domestic manufacturing of the TV units through its local partner. "Our contribution of the premium sales is increasing rapidly. Last year we were around 20 to 25 per cent and this year my wish to grow almost double in the next couple of years," Nayyar said. Presently, Sony India has a market share of around 40 per cent in the premium ..
Karna announces cuts fuel prices by Rs 2 per litre
Karnataka Chief Minister H DKumaraswamy Monday announced the Congress-JDS coalition government's decision to cut petrol and diesel prices by Rs 2 per litre. The reduction would be effective from tomorrow following a cut in the state cess, the chief minister's office said in a tweet after Kumaraswamy announced the decision at an event in Kalaburagi in north Karnataka. "Today, this coalition government has decided to reduce both petrol and diesel prices by Rs 2 per litre," Kumaraswamy, who heads a JD(S)-Congress government, said at the event. The sales tax on petrol and diesel has been reduced by 3.25 per cent and 3.27 per cent, respectively, the CMO said, adding that presently it is 32 per cent and 21 per cent. According to the Indian Oil Corporation, the petrol and diesel price is Rs 84.74 and Rs 76.16 per litre, respectively, in Bengaluru. However, the average price of petrol and diesel in Karnataka is Rs 84.80 and Rs 76.21 per litre, respectively. The announcement ...
Rupee tumbles 67 paise as govt moves disappoint
Breaking a strong two-day relief rally, the rupee plunged 67 paise to end at 72.51 against the US dollar after the government's confidence building measures to curb the currency volatility fell short of expectations. It had closed at a one-week high of 71.84 in the last trading session. The government Friday announced a slew of measures including a five-point plan to enhance foreign portfolio inflows and reduce imports with an aim to improve sentiments in the forex market. But, it fell short of many investors' expectations, causing heavy sell-off and the local stocks to take a massive plunge. Reversing a brief recovery trend, the rupee opened with a sharp 66 paise fall to 72.50 against the US dollar at the inter-bank foreign exchange (forex) market. It quickly extended losses to hit a session low of 72.70, forcing RBI intervention in the currency market. After scaling back to day's high of 72.30, the local unit finally ended at 72.51, revealing a steep loss of 67 paise, or 0.93 per ...
Ugandan unit of Indian drugs firm Cipla raises $41 million in IPO: broker
KAMPALA (Reuters) - The Ugandan unit of India's pharmaceutical giant Cipla raised 155 billion Ugandan shillings ($41 million) from its initial public offering (IPO) that was oversubscribed, a brokerage that helped advise on the transaction said on Monday.
India to merge three state-owned banks to tackle sour debt
NEW DELHI (Reuters) - India plans to merge three state-run banks, Bank of Baroda, Dena Bank and Vijaya Bank, the financial services secretary said on Monday, as part of efforts to clean up the country's banking system.
Citigroup hires three software investment bankers
(Reuters) - Citigroup Inc has hired three investment bankers for its technology investment banking group focused on software in the United States and in Europe, according to a memo published internally at the bank and confirmed by a spokeswoman on Monday.
S&P, Dow open flat, Nasdaq drops
(Reuters) - The S&P 500 and the Dow Jones Industrial Average opened flat on Monday, while the Nasdaq dipped as shares of Apple and chipmakers fell on fears that President Trump will make good on threats to set new tariffs on Chinese goods.