Page 2564 - Business Finance
CIL aims aspirational production of 652 million tonne for FY19
Coal India Ltd is optimistic about an aspirational production target of 652 million tonne for the fiscal year 2018-19, the mining major's Chairman A K Jha said on Wednesday. The state-run company is also planning to rationalise costs by closing down 53 underground mines this fiscal, Jha said the sidelines of the company's 44th AGM here. Supply to the power sector is estimated at 525 million tonne for the fiscal, as against 454 million tonne in 2017-18, Marketing Director S N Prasad said.
Balmer Lawrie plans Rs 125 cr capex this fiscal
Diversified PSU Balmer Lawrie & Co, under the ministry of petroleum and natural gas, is planning to make a capital expenditure of Rs 125 crore in the current financial year, an official said. The money would be mainly spent to strengthen the company's logistics, grease and lubricants, and industrial packaging verticals, its chairman and managing director Prabal Basu said Wednesday. Basu, who was talking to reporters after the company's AGM here, said the logistics division was mainly dealing with exim cargo. "Presently, 60 per cent of the cargo was being sent by air. We want to send more freight through ocean from the present levels of 20 per cent". Ideally the ratio between air and ocean cargo should be 50:50, he said. The company has also got land in Bhubaneswar for setting up a temperature controlled warehouse. He said that the upcoming Vadodara plant in Gujarat would be commissioned by the month-end which would manufacture steel drums with an annual capacity of ..
Delhi HC turns down PIL seeking check on fuel prices
The Delhi High Court on Wednesday refused to issue an order to Prime Minister Narendra Modi-led central government on a Public Interest Litigation (PIL) seeking the judicature's intervention in fixing a fair price for petrol and diesel.The court refused to hear the petition saying that it cannot interfere in a policy matter involving larger economic issues.The complainant mentioned in the PIL that the impugned action of fixation of fuel prices by Oil Manufacturing Companies (OMCs) is totally unlawful, unwarranted and there is no justification on the part of the Respondent Ministry to delegate such kind of powers to Public Sector Companies / OMCs to fix the daily price of petrol and diesel.On Wednesday, fuel prices remained static at Tuesday's rate. However, on Monday, price of petrol in Delhi was Rs 80.73 per litre while diesel was sold for 72.83 per litre.On Monday, the commuters in the capital paid Rs 80.73 to get a litre of petrol and for diesel Rs 72.83. On Sunday, Delhites were .
Board of Music Broadcast approves change in CEO
At meeting held on 12 September 2018
India Ratings maintains stable outlook on textiles sector
India Ratings and Research Wednesday maintained a stable outlook on the cotton and synthetic textiles sector for the remaining period of this financial year. It expects the domestic demand for textiles to remain robust from end-users, supported by a strong rise in private consumption during the rest of FY19. The agency also expects textile exports to rise, which will result in apparel exporters benefitting due to the depreciation of rupee against the US dollar. The rupee has depreciated at a higher rate against the US dollar during the April to August period than the currencies of key apparel-exporting nations, according to India Ratings. The sector profitability is likely to improve gradually with players passing on increased raw material prices to end-users following healthy demand, a depreciating rupee and waning impact of the structural issues, it said in a report. However, the positive impact of improved demand and profitability will, according to the agency, be ...
HDFC Life elevates Vibha Padalkar as MD & CEO
HDFC Standard Life Insurance has elevated its executive director and chief financial officer, Vibha Padalkar, to the post of managing director and chief executive officer for a period of three years, effective Wednesday. Her appointment came after the current MD and CEO, Amitabh Chaudhry, resigned on September 8 to join Axis Bank as MD and CEO for a period of three years, effective January 1, 2019. "It will be my constant endeavour to continue expanding the reach of life insurance and deepen the trust bestowed upon us by customers, partners, shareholders and other stakeholders," Padalkar was quoted as saying in a release Wednesday. She joined HDFC Life in August 2008 and has been leading the finance, investor relations, legal, secretarial and compliance, internal audit and risk functions. The company's scrip is trading at Rs 433.90, down 2.69 per cent on the BSE, against 0.76 per cent rise in the benchmark.
Granules India Ltd leads losers in 'A' group
Reliance Capital Ltd, Orient Cement Ltd, Repco Home Finance Ltd and Reliance Naval & Engineering Ltd are among the other losers in the BSE's 'A' group today, 12 September 2018.
Board of KIOCL to consider buyback of shares
At meeting held on 18 September 2018
Trade war takes a heavy toll on Chinese stocks, and investors
SHANGHAI (Reuters) - It's barely six months into a broadening Sino-U.S. trade war, and the fallout has already driven China's stock markets into the same league as debilitated emerging markets such as Turkey, Argentina and Venezuela.
GRAPHIC: Chinese stock markets battered by trade war fears
(Reuters) - Chinese stocks have lost more than a fifth of their value in dollar terms this year on concerns that rising U.S. tariffs on Chinese imports would hurt corporate earnings.
HDFC Life appoints Vibha Padalkar as new MD & CEO
HDFC Life, largest private life insurers, has announced the appointment of Vibha Padalkar as its new Managing Director and CEO for a period of three years effective from today.After a successful listing on the bourses in November 2017, HDFC Life is one of the most valuable private life insurers with industry-leading profitability, delivering superior returns to investors."I am delighted with the opportunity given to me to lead the HDFC Life team. I thank the Board of Directors for having placed their trust in me. It will be my constant endeavor to continue expanding the reach of life insurance and deepen the trust bestowed upon us by customers, partners, shareholders and other stakeholders," said Vibha Padalkar on her appointment."We have a strong team in place that has delivered over the years to make HDFC Life an industry leader and we hope to continue with this track record, delivering more value as we go along," she added.Vibha Padalkar joined HDFC Life in August 2008. She is ...
GTN Industries Ltd leads losers in 'B' group
Astec Lifesciences Ltd, Intrasoft Technologies Ltd, Amin Tannery Ltd and Beardsell Ltd are among the other losers in the BSE's 'B' group today, 12 September 2018.
Groundnut oil eases on muted demand
Groundnut oil prices fell by Rs 100 per quintal at the wholesale oils and oilseeds market Wednesday owing to slackened demand. Linseed oil in the non-edible section, also eased on reduced offtake by consuming industries. Traders said subdued demand from retailers against ample stocks position mainly led to decline in groundnut oil prices. In the national capital, groundnut mill delivery (Gujarat) oil declined by Rs 100 to Rs 8,900 per quintal. In the non-edible section, linseed oil also traded lower by Rs 100 to Rs 9,500 per quintal. Following are today's quotations (in Rs per quintal): Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900, Vanaspati Ghee (15-litre tin) Rs 1,160--1,360. Edible oils: Groundnut mill delivery (Gujarat) Rs 8,900, Groundnut Solvent Refined (per tin) Rs 1,750-1,850, Mustard expeller (Dadri) Rs 8,400, Mustard Pakki Ghani (per tin) Rs 1,305-1,350, Mustard Kachi Ghani (per tin) Rs 1,355-1,455, Sesame mill delivery Rs 10,500, Soybean ...
IOC books Iranian oil imports for Oct; uncertain about future
Amid uncertainty over impending US sanctions against Tehran, Indian Oil Corp (IOC) has booked for import of usual monthly quantity of 0.75-0.8 million tonnes of crude oil from Iran in October but is unsure if the trade would continue thereafter, a senior official said. While India wants to continue importing Iranian oil, albeit a reduced volume, US Secretary of State Mike Pompeo last week stated that Washington would consider waivers on the embargo but made clear that these would be time-limited, if granted. State refiners, however, have no advice from the government on Iranian imports yet, the official said. IOC, he said, had planned to import of 9 million tonnes of Iranian oil in the 2018-19 fiscal (April 2018 to March 2019). "This comes to a monthly volume of 0.75 million tonnes and we have been doing similar kind of import till now, including in September. We have booked a similar volume of 0.75-0.8 million tonnes in October". US sanctions against Iran kick in from November, which
Iran looks wearily to China for help as US sanctions resume
It's hard not to see China wherever you look in Iran. From Chinese goods flooding markets to its business people eager for deals as Western business interests flee, Iran likely will further embrace Beijing as an alternative market for its crude oil and financial transactions amid uncertainty over the nuclear deal. That doesn't mean China offers a safe haven to Iran without conditions. Beijing will try to extract the maximum benefit, analysts say, and there is growing concern that China may take advantage of Iran. Trade and ties between China and Iran date back over 2,000 years to the ancient Silk Road caravan routes that brought the textile to Europe. Modern relations began under then-ruler Mohammad Reza Shah in 1971 after the Americans acknowledged Beijing's Communist government. The 1979 Islamic Revolution that overthrew the shah caused ties to cool until the mid-1980s.
Volumes spurt at Blue Star Ltd counter
Blue Star Ltd notched up volume of 4.91 lakh shares by 14:14 IST on NSE, a 10.26 fold spurt over two-week average daily volume of 47835 shares
Benchmarks hit fresh intraday high
The Sensex and the Nifty advanced and hit fresh intraday high in mid-afternoon trade. At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 284.14 points or 0.76% at 37,697.27. The Nifty 50 index was up 79.95 points or 0.71% at 11,367.45.
Gold prices rise as jewellers shrug off weak global trend
Gold prices bounced back by Rs 175 at Rs 31,625 per 10 gram at the bullion market Wednesday on buying by local jewellers, shrugging-off a weak trend overseas. However, silver slipped by Rs 40 to Rs 37,910 per kg owing to reduced offtake by industrial units and coin makers. Traders said increased buying by local jewellers led to the recovery in gold prices, but a weak trend overseas with investors staying away from bullion on fears the US-China trade war could escalate, capped the gain. Globally, gold fell 0.21 per cent to USD 1,195.60 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity surged by Rs 175 each to Rs 31,625 and Rs 31,475 per 10 gram, respectively. The precious metal had lost Rs 100 yesterday. Sovereign gold, however, remained unaltered at Rs 24,500 per piece of eight gram. On the other hand, silver ready declined by Rs 40 to Rs 37,910 per kg, while weekly-based delivery held steady at Rs 37,405 per kg. Silver coins too remained ..
Former Himachal minister lambasts Centre over 'rising fuel prises'
Former Himachal Pradesh transport minister G S Bali has strongly criticised the central government for rise in fuel prices in the country, saying the budget of ordinary family's have been hit massively. Bali said, "The rise in petrol and diesel prices have directly affected the public. The cost of building material is also very high. Bali said the financial health of Himachal Road Transport Corporation is also deteriorating. Speaking to PTI Wednesday, the former state minister said, Distributing free LPG connections to the poor is of no help. The government must ensure there is a low rate for refuelling cylinders. Bali said the centre and the state governments have failed on all fronts. The Jai Ram government in HP should wake up and help the public by reducing oil prices, added Bali. He said the loss in taxes could be met by increasing taxes on the extremely rich and prosperous industrial units.
Gur closes quiet on thin demand
In a lacklustre trade due to lean season, the wholesale gur (jaggery) market depicted a steady trend Wednesday in the national capital with prices after moving in a tight range closed at last levels. Muzaffarnagar and Muradnagar gur markets also ended on a steady note amid muted demand. According to the marketmen, gur prices continued to rule steady as demand remained negligible due to off-season. Following are today's rates (in Rs per quintal): Gur chakku Rs 3,300-3,400, pedi Rs 3,600-3,700, dhayya Rs 3,700-3,800 and shakkar Rs 3,800-3,900. Muzaffarnagar: Rasket Rs 2,800-2,850, chakku Rs 2,900-3,000, khurpa NA and Ladoo NA. Muradnagar: Pedi Rs 3,300-3,350 and dhayya NA.