Page 2560 - Business Finance
Tech stocks weigh on Wall Street, energy stocks help cut losses
(Reuters) - The benchmark S&P 500 and the Dow Jones Industrial Average were flat on Wednesday, as gains in energy companies helped offset a slide in technology stocks, which weighed on the Nasdaq.
Sebi imposes fine of Rs 10 lakh on an individual for disclosure lapse
Markets regulator Sebi Wednesday imposed a fine of Rs 10 lakh on an individual for disclosure lapses in the shares of Gujarat Arth. "There is no case for change in the penalty of Rs 10 lakh imposed earlier" through previous order, Sebi said in a fresh order. The Securities Appellate Tribunal (SAT) had set aside Sebi's earlier order of February 2015 and directed the regulator to pass a fresh order in the case related to one Shivram Motial Meena. The Securities and Exchange Board of India (Sebi) had conducted an investigation from October 2003 to January 2004 for alleged violation of Takeover and Insider Trading provisions. In a fresh ruling, Sebi said during January, 2004, Meena acquired 5 lakh shares of Gujarat Arth from another entity in off-market transaction after which his share holding increased to 9.91 per cent in the firm. Under Takeover and Insider Trading norms, Meena was required to the disclose his increased shareholding to the exchanges and the company as his stake crossed
Gold slips on reduced demand, silver extends losses
Gold prices slipped by Rs 165 to Rs 30,450 per 10 grams at the bullion market here today following reduced demand from stockists and retailers amid bearish global cues. Elsewhere, silver extended its losses by Rs 210 to Rs 36,590 per kg due to subdued demand from industrial units. Standard gold (99.5 per cent purity) fell by Rs 165 to end at Rs 30,450 per 10 grams from Tuesday's closing level of Rs 30,615. Pure gold (99.9 per cent purity) also moved down by a similar margin to close at Rs 30,600 per 10 gram as against Rs 30,765 previously. Silver (.999 fineness) declined by Rs 210 per kg to conclude at Rs 36,590 as compared to Rs 36,800 Tuesday. Globally, gold was steady early Wednesday, failing to break from a narrow trading range as investors remained concerned about a simmering trade war between the US and China. Spot gold was off just 0.07 per cent at USD 1,196.70 an ounce in early European trade, after hitting its lowest since August 24 at USD 1,187.21 Tuesday. US gold futures ...
Cabinet okays EXIM's blockchain research with BRICS banks
The Union Cabinet on Wednesday approved a joint research on the distributed ledger and blockchain technology by Export-Import Bank of India (Exim Bank) with member-banks of Brazil, Russia, India, China and South Africa (BRICS).
Naveen Patnaik invites investments in Odisha
Odisha Chief Minister Naveen Patnaik on Wednesday invited businesses from across the country to invest in the state.
Second India-Afghanistan trade show opens in Mumbai
The second annual India-Afghanistan International Trade and Investment Show opened in Mumbai on Wednesday under the aegis of the US Agency for International Development (USAID), India and Afghanistan governments.
Cabinet approves MoU on blockchain technology by Exim Bank
The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) on collaborative research on distributed ledger and blockchain technology in the context of development of digital economy by Export-Import Bank of India (Exim Bank) with the participating member banks, under the BRICS Interbank Cooperation Mechanism.Distributed ledger/blockchain technology holds potential for solutions to various challenges being faced in the financial sector space of the BRICS nations. The MoU intends to enhance understanding of distributed ledger/blockchain technology, through the joint research efforts to identify areas within respective business operations where it may have the potential for applications aimed at enhancing the operational efficiencies.The member banks are Banco Nacional de Desenvolvimento Economico e Social (BNDES, of Brazil), China Development Bank (CDB), State Corporation Bank for Development and Foreign ...
Tata Motors stock ends in red as JLR chief issues 'no-deal' Brexit warning
Shares of Tata Motors Wednesday ended in the negative territory after Jaguar Land Rover (JLR) issued a warning to the UK government of massive losses due to a "no-deal" Brexit. On the BSE, Tata Motors' shares ended at Rs 262.65, down 1.70 per cent from the previous close. The stock had opened at Rs 269.80, which was also its intraday high, and touched a low of Rs 259 during the day. The shares settled 0.53 per cent down at Rs 142.00 on the NSE. After opening at Rs 142.95, the stock had touched a high of Rs 143 and a low of Rs 139.40, intra-day. On the volume front, 13.66 lakh shares of the firm were traded on the BSE, while 15.20 lakh exchanged hands on the NSE. The company's market capitalisation declined by Rs 1,313.74 crore to Rs 75,836.21 crore on the BSE. JLR CEO Ralf Speth, who was speaking at the Zero Emission Vehicle Summit in Birmingham, said Tuesday that fears of a so-called "no-deal" Brexit and lack of clarity over Britain's post-Brexit plans threatens the UK-based luxury .
Rupee recovery, value buying buoy equity indices (Roundup)
A recovery in the rupee value after the government said it will take steps to support the currency along with value buying buoyed the key Indian equity indices on Wednesday.
Mastercard launches digital platform for Andhra farmers
The Andhra Pradesh government and Mastercard on Wednesday introduced e-Rythu, a mobile platform that provides farmers an easy and secure way to buy, sell and receive payments for agricultural products via their feature phones.
Dilip Buildcon consortium executes pact for development of a Rs 32,156 cr coal proj
Infrastructure firm Dilip Buildcon said Wednesday its consortium has executed a pact for development of a Rs 32,156 crore coal mine project of Punjab State Power Corporation. The company has executed coal mining agreement for execution of mine developer cum operator (MDO) contract of Pachhwara central coal block located in Jharkhand's Pakur district, Dilip Buildcon (DBL) said in a BSE filing. "DBL in consortium with VPR Mining Infrastructure Pvt Ltd has been awarded the contract of mine developer cum operator (MDO) for the development and operation of Pachhwara central coal Block located at Raimahal coalfield, District pakur, Jharkhand by PSPCL," the filing said. "The project is valued at Rs 32,156.04 crore," the company said. The mine has reserves of 383 MT with a life of 55 years. DBL has a shareholding of 74 per cent and VPR 26 per cent in the SPV set up for the execution of the project, it added. Shares of DBL declined by 3.46 per cent to end at Rs 749.60 on BSE.
Life insurers' premium from new polices up by 6 pc to Rs 18,639 cr in Aug
New premium collection of life insurers grew by 6.43 per cent to Rs 18,639.29 crore in August compared to the year-ago month, according to the figures released Wednesday by insurance regulator IRDAI. Life insurance companies had collected a total premium of Rs 17,513.59 crore in August 2017. Of all the 24 life insurance companies, state-owned LIC of India witnessed a decline of 1.94 per cent in its new business premium to Rs 13,122.12 crore during the month. The rest of the 23 private sector insurers registered a rise of 33.55 per cent in their collective gross premium to Rs 5,517.17 crore during the month as against Rs 4,131.29 crore in August 2017. SBI Life's premium collection rose by 38.45 per cent to Rs 1,135.71 crore, HDFC Standard Life's by 37.75 per cent to Rs 1,034.44 crore, and ICICI Prudential Life by 19.63 per cent to Rs 918.99 crore. New business premium of Aditya Birla Sun Life Insurance increased by 104 per cent to Rs 282.40 crore in August this year, Bajaj Allianz Life
Wall Street opens flat as energy gains offset tech losses
(Reuters) - The Dow Industrials and the S&P 500 opened flat on Wednesday as a rise in shares of energy companies helped offset losses in technology stocks, which weighed on the Nasdaq.
Shri Bajrang Power and Ispat files Rs 500-cr IPO paper with Sebi
Shri Bajrang Power and Ispat Wednesday filed draft papers with capital markets regulator Sebi to raise Rs 500 crore through an initial share-sale. The company is an integrated manufacturer of long steel products in the country. "The initial public offer (IPO) comprises of equity shares of face value of Rs 10 each of Shri Bajrang Power and Ispat aggregating up to Rs 500 crore," according to the draft red herring prospectus (DRHP) filed with Sebi. Proceeds from the issue will be utilised towards repayment of certain borrowings availed by the company and for other general corporate purposes. IDBI Capital Markets & Securities, Equirus Capital and SBI Capital Markets will manage the company's IPO. The equity shares will be listed on BSE and NSE.
Rupee rebounds from historic low after govt pep talk; closes up 51p at 72.18
The rupee Wednesday rebounded from the historic low of 72.91 to end higher by 51 paise at 72.18 against the dollar after the finance ministry assured of steps to avert its fall to "unreasonable levels". The rupee had crashed to an all-time low of 72.91 in morning trade tracking higher crude oil prices that increased concerns of widening trade deficit at home. The forex sentiment bolstered after the government said all steps will be taken to ensure the domestic currency does not depreciate to "unreasonable levels", amid reports that Prime Minister Narendra Modi will take stock of the economic situation over the weekend. "Government and RBI will do everything to ensure that rupee does not slide to unreasonable levels. Today's correction seems to reflect that realisation," Economic Affairs Secretary Subhash Chandra Garg tweeted. Adding to the bullish mode, the country's trade deficit for August softened to USD 17.4 billion against near five-year high of USD 18.02 billion. The rupee
Retail inflation cools to 10-month low of 3.69 pc in Aug
Retail inflation cooled to a 10-month low of 3.69 per cent in August -- below RBI's target of 4 per cent -- on the back of easing prices of fruits, vegetables and other food items, official data showed Wednesday. The lower retail inflation print comes amid a spike in petrol and diesel prices that have been on the rise since August 16. Also, the rupee has weakened in the recent weeks, making imports costlier. The Consumer Price Index (CPI) based inflation was at 4.17 per cent in July and 3.28 per cent in August 2017. The previous low for CPI inflation was in October 2017, when it stood at 3.58 per cent. Inflation remained above RBI's targeted rate of 4 per cent since then. The Central Statistics Office (CSO) data showed that inflation in the food basket fell significantly to 0.29 per cent in August 2018 as against 1.37 per cent in the previous month. Vegetable prices declined by 7 per cent in the month under review. The rate of price rise in fruits stood at 3.57 per cent, compared to ..
I met FM before I left India: Mallya
Fugitive business tycoon Vijay Mallya, wanted in India for his alleged role in a multi-crore bank loan fraud case, claimed on Wednesday that he met Finance Minister Arun Jaitley before leaving India in 2016.
SC appoints NBCC to construct stalled projects of Amrapali Group, DRT to sell its properties
The Supreme Court Wednesday appointed state-run NBCC to develop the stalled projects of the Amrapali Group and directed the Debts Recovery Tribunal to sell the unencumbered commercial properties of the real estate firm. The top court directed the opening of an escrow account in the apex court in which the amount received after the sale of properties would be deposited and later disbursed to the National Buildings Construction Corporation Ltd (NBCC) to start construction of the pending projects in Group A and B Categories. It also directed that the documents and details including bank accounts, balance sheets of all 46 companies including Jotindra Steel since 2008 should be given to the forensic auditors. "NBCC is appointed to develop the projects and preparation of Detail Projects Report (DPR). It can also find out the consortium of banks ready to finance the projects," the bench said and cautioned the NBCC, saying "once we put the projects in your basket, you can't shrug of the ...
Centre approves PM-AASHA for farmers' welfare
With an aim to boost the pro-farmer initiatives of the government, the Centre on Wednesday approved a new Umbrella Scheme "Pradhan Mantri Annadata Aay SanraksHan Abhiyan' (PM-AASHA). The scheme is aimed at ensuring remunerative prices to the farmers for their produce as announced in the Union Budget for 2018.The government has already increased the Minimum Support Price (MSP) of Kharif crops by following the principle of 1.5 times the cost of production. It is expected that the increase in MSP will be translated to farmers' income by way of robust procurement mechanism in coordination with the State Governments. The cabinet has decided to give additional government guarantee of Rs.16,550 crore making it Rs. 45,550 crore in total.In addition to this, budget provision for procurement operations has also been increased and Rs. 15,053 crore is sanctioned for PM-AASHA implementation.The government is eyeing on enhancing productivity, reducing the cost of cultivation and strengthening ...
Retail inflation cools to 3.69% in August
India's retail inflation, measured by Consumer Price Index (CPI), slipped to a ten-month low of 3.69 per cent in the month of August.As per data released by the Ministry of Statistics and Programme Implementation, August's inflation rate stood at 3.69 per cent, down from 4.17 per cent last month and up from 3.28 per cent in the same period last year.While food inflation for the month of August slipped to 0.29 per cent, vegetables registered -7 per cent inflation compared to the previous month.Meanwhile, the Index of Industrial Production (IIP) for the month of July 2018 stood at 125.8, which is 6.6 per cent higher as compared to July 2017 figures.The IIP for the mining, manufacturing and electricity sectors for the month of July 2018 stood at 95.8, 127.6 and 162.1, respectively, with corresponding growth rates of 3.7 per cent, 7 per cent and 6.7 per cent, respectively.As per the data, 22 out of the 23 industry groups in the manufacturing sector have shown positive growth during the ...