Page 2526 - Business Finance
Sensex falls over 1 percent as rupee woes continue
(Reuters) - Indian shares fell over 1 percent on Monday after two straight sessions of gains, as measures outlined by the government on Friday to stem the rupee's steep decline failed to boost investor sentiment, while weak Asian shares also weighed on the market.
Russia says OPEC, non-OPEC to discuss output scenarios in Algeria
MOSCOW (Reuters) - Russian Energy Minister Alexander Novak said on Monday that all possible scenarios for oil output could be discussed at a meeting of OPEC and non-OPEC states in Algeria this month.
Sensex plunge over 500 points on weak global cues
The key Indian equity indices provisionally closed deep in the red on Monday, as the S&P BSE Sensex lost more than 500 points and the NSE Nifty50 slipped by around 140 points amidst negative global cues on concerns over the US-China trade war escalating.
Deep bidding from Greater China at Christie's Asian Art Week
Greater China, which is used to refer to mainland China, Hong Kong, Macau, and Taiwan, emerged as the leading market for artworks at Christies Asian Art Week sales that realised $34,720,750 (Rs 2.5 billion) with bidders from 37 countries.
Plasser India Rs 400-cr Vadodara unit to start operations by Mar-end
Railway machinery maker Plasser India is setting up its second manufacturing facility at Vadodara in Gujarat at an investment of Rs 400 crore, a top company official said Monday. The new unit will be spread over an area of 25 acres and would commence operations by the end of March 2019, the company's Managing Director (MD), Siegfried Fink, who was here to meet Railways Minister Piyush Goyal, told PTI. The company has a unit at Faridabad (Haryana) where it makes machines used for railway track maintenance, laying down of tracks, their alignment etc, he said. When asked about the agenda of meeting with the minister, Fink said it was to apprise him about the "dumping of machinery from China". If cheap imports take place, Indian machine makers would find it difficult to survive in the market, Plasser India Director Vikas Vig said. "China does not allows any foreign company to participate in public procurement. It says if any company wants to sell its products in China, that company must ..
Pitstop launches operations in Maharashtra
India's first independent doorstep car service and repairs provider, Pitstop, has launched its operations in Mumbai and Pune."We believe that we are solving a crucial problem today. Due to their hectic schedules, most car owners are hassled by the idea of taking their car to the service centre and stand by for hours for repairs and servicing," said CEO and founder, Pitstop, Mihir Mohan.He added that the focus has been scaling up not just our services, but also our presence across geographies."We are growing at a rapid pace and have been keen to expand to western India after covering Delhi, Gurgaon, Bangalore and Hyderabad," added Mohan.Over the last six months, Pitstop has serviced close to 35,000+ cars, of which 3,600+ have been serviced at the doorstep. With offerings such as real time updation of servicing status, pick and drop for all cars, and prior approval before action, Pitstop is rapidly moving towards capturing a large share of the after sales car servicing pie.Since its ...
Sebi board to discuss fiduciaries framework, settlement mechanism tomorrow
Sebi board is likely to discuss tomorrow a stricter framework for fiduciaries in the securities market, including auditors and valuers, along with a proposal requiring large corporates to raise 25 per cent borrowings through this route from next fiscal, officials said. Besides, a proposal to allow trading in commodity derivative segment by foreign entities, with exposure to the Indian physical commodity market, and issue of introducing a common application form for FPIs to enter into the domestic market are also on the agenda. The board is scheduled to meet tomorrow to discuss a proposal by a high level committee, which suggested that the regulator should seek powers from the government to intercept calls and electronic communications of those suspected of serious economic offences like insider trading. The committee, headed by former law secretary and Lok Sabha's ex-secretary general T K Viswanathan, also suggested mandatory whistle-blower policy at listed companies and a series of ..
Imran Khan govt auctions fleet of luxury cars as part of austerity drive
The cash-strapped Pakistan government on Monday sold 34 cars as part of an auction of 102 luxury vehicles, including some bullet-proof ones, as part of Prime Minister Imran Khan's austerity drive. Apart from luxury cars, the government, facing huge debts and liabilities, plans to auction eight buffaloes kept by deposed and jailed former prime minister Nawaz Sharif at the PM House for his "gastronomic requirements", a senior aide to Khan said last week. It will also sell the four surplus helicopters lying unused with the Cabinet Division, Naeem-ul-Haq, the Prime Minister's Special Assistant for Political Affairs, said . Thirty-four non-imported cars have been sold so far during the action, Geo News reported. In the second phase of the auction, 41 imported cars will be sold, it said. The cars that are being auctioned include four recent models of Mercedes Benz, eight bullet-proof BMWs, three 5000cc SUVs and two 3000cc SUVs of 2016 model. Twenty-four 24 Mercedes Benz of 2016 model are ..
Sensex crashes 505 pts on rupee woes, global worries
After rallying for two sessions, the BSE benchmark Sensex Monday tumbled over 505 points to slip below the 38,000-level as worries about global trade war and prevailing rupee crisis dampened investors mood despite the government announcing steps to stem a steep fall in the Indian currency. The broader Nifty too nosedived over 137 points to end below the 11,400-mark. Subdued Asian and European markets due to escalating trade war between the US and China mainly led to a caution on domestic bourses, brokers said. The government Friday announced an array of steps, including removal of withholding tax on Masala bonds, relaxation for FPIs and curbs on non-essential imports to contain the widening CAD and check the rupee fall. The Indian currency once again breached the 72-mark to hit a low of 72.69 (intra-day) against the US dollar. The BSE 30-share barometer, after a lower start at 38,027.81, quickly cracked the 38,000-mark to hit a low of 37,548.93 on across-the-board selling in recent ...
Gold takes support from softer dollar, but more weakness seen
LONDON (Reuters) - A softer dollar lifted gold on Monday after two sessions of declines, but investors prepared for more weakness as simmering U.S.-China trade tensions suggested the currency would stay supported and the world's largest economy remained robust.
ECB should clarify pace of rate hikes when time comes: Coeure
BERLIN (Reuters) - The European Central Bank should clarify the pace at which it intends to raise interest rates when the time for further policy tightening comes, ECB board member Benoit Coeure said on Monday.
SBI appoints Prashant Kumar as CFO
The State Bank of India (SBI) has announced Prashant Kumar as the Chief Financial Officer (CFO).A Science graduate and a Law graduate from Delhi University, Kumar joined the bank in the year 1983, as Probationary Officer and since then he has held various important portfolios in Bank.As DMD (HR) & CDO he was spearheading the largest Human Resources Department of the Banking Industry consisting of a workforce of more than two lakh seventy thousand employees and the largest training infrastructure in the country in the Banking system.In his long service in the Bank, he has had opportunity to work in various areas of banking such as Retail Operations, Human Resources and Strategic Training.He also worked as Chief General Manager, Kolkata circle and General Manager in Mumbai Circle.
Market tumbles on weak global cues
The market plunged on Monday, tracking weak global cues amid reports US could soon announce a new round of tariffs on Chinese imports, setting the stage for possible reprisals by Beijing. Measures announced by the government this past weekend, which are aimed at stemming rupee's fall and narrowing the current account deficit, failed to cheer investors. The Sensex ended below the psychologically important 38,000 mark.
Board of Oriental Veneer Products approves sub-division of shares
At meeting held on 17 September 2018
Sugar prices zooms over Rs 300 per quintal
Sugar prices rose up to Rs 320 per quintal at the wholesale market in the national capital Monday on aggressive offtake by stockists as well as bulk consumers after the government approved a hike over 25 per cent in ethanol prices. Furthermore, pause in supplies from mills in anticipation of a further rise in the sweetener prices too bolstered sentiments. Marketmen said frantic buying by bulk consumers such as soft-drink, ice-cream and confectioners coupled with thin supplies lifted sweetener prices notably higher. Sentiments got a boost after the government last week approved an over 25 per cent hike in the price of ethanol produced directly from sugarcane juice for blending in petrol in a bid to cut surplus sugar production and reduce oil imports. In the price section, sugar mill delivery M-30 and S-30 prices shot up by Rs 270 each to end the day at Rs 3,310-3,600 and Rs 3,300-3,590 per quintal, respectively. Likewise, sugar ready M-30 and S-30 went up by a whopping Rs 200 each to ..
Jamna Auto lines up Rs 600 cr capex; inks pact with UK firm
Auto component maker Jamna Auto Industries Monday said it has earmarked a capex of Rs 600 crore over the next 3-4 years to enhance production capacity for various products, including parabolic springs and axles. The company, which Monday inked a pact with UK-based Tinsley Bridge Limited (TBL) for technology transfer, also plans to introduce two new products -- stabilizer bars and U-bolts as part of the product expansion plan. The capex will be funded through internal accruals, Jamna Auto said in a statement. The company has nine manufacturing plants across the country located near major commercial vehicle hubs and has also announced setting up of two new facilities in Indore (Madhya Pradesh) and Adityapur (near Jamshedpur). TBL will transfer its Extralite Spring and Special Steel Technologies to Jamna Auto as part of the agreement. "Technology is going to be the key differentiator and will allow us to maintain our leadership position in the market. These technology products would ...
Financial services garners USD 4.2 bn PE/VC investment in 1st half of 2018: Report
The financial services sector has emerged as a key segment of interest for private equity and venture capital (PE/VC) investments as deals worth USD 4.2 billion were announced in the first half of this year, says a report. According to the EY-IVCA latest report, the first half of this year has seen the highest ever half-yearly PE/VC investment in the financial services sector with USD 4.2 billion invested across 74 deals. Investors are betting on this segment as a significant section of the Indian population is still unpenetrated by financial services and there is a huge growth potential for the financial services industry as the Indian economy continues to grow at a healthy rate of more than 7 per cent, the report said. "This confidence of PE/VC investors in the Indian financial services story could in our view, be further bolstered by Berkshire Hathway's first investment in India, in Paytm, a PE/VC backed financial services company," said Vivek Soni, Partner and National Leader for .
Saudi sovereign fund secures $11bn loan
Saudi Arabia's sovereign wealth fund said Monday it had secured its first ever international loan, boosting the kingdom's diversification drive after its flotation of state oil giant Aramco stalled. The Public Investment Fund said in a statement that it had obtained an $11 billion (9.4 billion euro) loan as "the first step in its strategic, medium-term debt funding programme". "We are pleased to have completed this international syndicated loan", the fund's managing director Yasir al-Rumayyan said. The PIF had previously sought to raise billions of dollars through an initial public offering of shares in Aramco to fund projects that seek to reduce the kingdom's dependence on oil. Diversification is a key focus of Crown Prince Mohammed bin Salman's Vision 2030 plan, which aims to transform the Saudi economy through a slew of projects from hi-tech start-ups to a new mega city. But the Aramco IPO -- once touted by Saudi officials as aiming to raise $100 billion -- has hit the buffers, ...
Dr. Raghupati Singhania conferred with civilian honour of Mexico
Chairman and MD, JK Tyre & Industries Ltd., Dr. Raghupati Singhania has been conferred with 'Mexican Order of the Aztec Eagle', the highest honour accorded to non-nationals by the Government of Mexico.Melba Pría, Ambassador of Mexico to India presented the award to Dr. Singhania on behalf of the President of Mexico on the eve of 128th National Day of Mexico.The top honor is in recognition of Dr. Singhania's exemplary leadership, his noteworthy services towards humanity and his efforts to strengthen bilateral ties between India and Mexico."I am honored with the recognition that Her Excellency Melba Pría has conferred upon me. It has been a privilege to have played a role in creating interest among Indian businesses in investing in Mexico. I have fond memories of my first conversation about Tornel with then President of Mexico, Mr. Felipe Calderon, and the rest, as they say, is history. The Government of Mexico has indeed given boost to business by welcoming foreign investment with .
BHEL flags off its first 6000HP electric locomotive
Expanding its footprints in the transportation sector, state-run engineering major BHEL Monday flagged off its first 6,000HP electric locomotive from its Jhansi plant. "As part of its diversification initiatives, Bharat Heavy Electricals Ltd (BHEL) has flagged off of its first 6,000HP electric locomotive (Type WAG-9H)," a company statement said. The 6,000 HP locomotive has been manufactured against an order from the Railway Board for 30 locomotives. BHEL has created a dedicated centre for research and development in transportation technology and manufacturing facilities at Bhopal, Jhansi and Bengaluru plants. The PSU has a share of over 50 per cent of railways requirement for electric propulsion equipment for rolling stock.