Page 2588 - Business Finance
IL&FS Transportation Networks Ltd leads losers in 'A' group
IIFL Holdings Ltd, Century Plyboards (India) Ltd, Manappuram Finance Ltd and Torrent Power Ltd are among the other losers in the BSE's 'A' group today, 10 September 2018.
Railways to step up security, 100 more RPF barracks on the anvil
The Indian Railways has decided to build 100 additional barracks at key location for the Railway Protection Force in order to step up security for both passengers and rail property, an official letter has said. According to the letter issued on August 29 by the Railway Board to the zonal railways, Chairman Railway Board Ashwani Lohani said that in a meeting with the DGP Railway Protection Force (RPF) non-availability of barracks at key locations were highlighted. "In fact a need for 100 additional barracks for the RPF personnel was highlighted by the RPF DG. In phase 1, 10 locations have been short-listed for expeditious construction of the barracks," the letter stated. It also said as the requirement of the RPF was essential for the secure and safe operations of railways, the short-listed barracks be built on priority. There are 744 barracks in the country for residential facilities of RPF and RPSF personnel while 740 posts and 527 outposts of the RPF across the railway network. The .
EU 'shadow banking' sector unexpectedly shrank last year
FRANKFURT (Reuters) - Europe's 'shadow banking' sector shrunk last year, unexpectedly yielding market share to traditional lenders after more than a decade of often rapid growth, a report by the European Union's risk watchdog showed on Monday.
World shares face longest losing streak since January 2016
LONDON (Reuters) - World shares were flirting with their longest run of declines since early 2016 on Monday, hit by rising anxiety about the U.S.-China trade war and another interest rate increase by the Federal Reserve later this month.
RITES advances on new order win
RITES gained 2.28% to Rs 266.95 at 14:42 IST on BSE after the company secured an additional work of Rs 294.67 crore from ministry of railways for doubling of rail lines for South Western Railways.
IL&FS Investment Managers Ltd leads losers in 'B' group
Tinna Trade Ltd, Vivanta Industries Ltd, TCI Developers Ltd and Ravikumar Distilleries Ltd are among the other losers in the BSE's 'B' group today, 10 September 2018.
RBI approves Amitabh Chaudhry's appointment as Axis Bank CEO
The Reserve Bank of India (RBI) on Monday approved the appointment of Amitabh Chaudhry as the new Managing Director and CEO of Axis Bank for a period of three years, starting January next year."We wish to inform you that the Board of Directors (the Board) of the Bank at its meeting held today has taken on record the approval granted by the Reserve Bank of India (RBI) to the appointment of Shri Amitabh Chaudhry as the Managing Director and CEO of the Bank. for a period of 3 years. with effect from January 1, 2019, up to 31 December 2021 (both days inclusive) and the terms and conditions relating to the said appointment, including remuneration," an official release from the private lender noted.The bank further noted that a meeting of the Board would be convened in due course to inter alia approve Chaudhry's appointment in terms of the said RBI approval and subject to compliance with the prescribed formalities under the existing laws.Chaudhry, who will be a successor to incumbent CEO ...
Indian Real Estate Market Size Expected To Touch $180 Billion By 2020
The Indian real estate sector has witnessed transformative reforms in the last few years, the Union Minister of State (I/C) Housing and Urban Affairs, Hardeep Singh Puri said in a latest speech. According to CREDAI-JLL report, the contribution of housing sector to the Indian GDP is expected to be 11% by 2020, up from current 5 to 6% the Indian real estate market is expected to touch USD 180 billion by 2020 and USD 350 billion by 2027 - where the products will be more structured and pre-planned, he noted.
Volumes jump at Max Financial Services Ltd counter
Max Financial Services Ltd saw volume of 40.94 lakh shares by 14:14 IST on NSE, a 8.42 fold spurt over two-week average daily volume of 4.86 lakh shares
Gold glitters on jewellers' buying; weak rupee
Gold overcame a sluggish global trend by surging Rs 200 to trade at Rs 31,550 per 10 gram on Monday on increased buying by local jewellers. Furthermore, a depreciating rupee which plunged to a fresh record low of 72.67 against the dollar, making imports costlier, fuelled the upmove, traders said. Silver too advanced by Rs 175 to Rs 37,950 per kg, supported by increased demand from industrial units and coin makers. Increased buying by local jewellers to meet rising demand for ornaments drove gold prices, but a weak overseas trend kept the gains limited. Globally, gold softened 0.14 per cent to USD 1,194.50 an ounce in Singapore as the dollar strengthened against major currencies amid expectations of a US Federal Reserve interest rate hike this month, eroding demand for the precious metals as a safe haven. In the national capital, gold of 99.9 per cent and 99.5 per cent purity bounced Rs 200 each to Rs 31,550 and Rs 31,400 per 10 gram, respectively. The precious metal had lost Rs 160 ..
Allegations of jobless growth baseless: Finance Ministry adviser
Allegations of jobless growth are baseless and the country is witnessing large creation of jobs, a senior official has said. However, there is a serious lack of data on jobs in the informal sector, as also seasonality and migration, he said.
Indices hover near day's low
Key indices were hovering near the day's low in mid-afternoon trade. At 14:16 IST, the barometer index, the S&P BSE Sensex, was down 391.99 points or 1.02% at 37,997.83. The Nifty 50 index was down 118.40 points or 1.02% at 11,470.70. Concerns over heightened US-China trade tensions weighed on investors sentiment. The Sensex moved above and below the psychologically important 38,000 mark.
India's Oilmeal Exports Jump 21% In Last Five Months
The Solvent Extractors' Association of India (SEA) has compiled the export data for export of oilmeals for the month of August 2018. The export of oilmeals during August 2018, provisionally reported at 227,939 tons compared to 261,356 tons in August 2017. The overall export during April to August 2018 is reported at 1,192,095 tons compared to 986,606 tons during the same period of last year i.e. up by 21%. The export of rapeseed meal is sharply increased to nearly 490,232 tons (107%), in first five months, mainly exported to South Korea, Vietnam and Thailand.
Aadhar Housing Finance to raise up to Rs 1,400 cr via NCDs
Aadhar Housing Finance (AHFL) Monday said it is planning to raise up to Rs 1,400 crore through non-convertible debentures (NCDs), maturing in three, five and 10 years. The base size of the issue is Rs 500 crore, with an option to retain over subscription up to Rs 900 crore. The company is offering an annual coupon of 9.60 per cent, 9.65 per cent and 9.75 per cent on the three, five and 10-year bonds, respectively. The issue will open on September 14 and close on September 28. "At least 75 per cent of the proceeds of the issue will be used for lending, financing and repayment of interest and principal of existing borrowings of the company. The balance will be used for general corporate purposes," said Deo Shankar Tripathi, managing director and chief executive officer, AHFL. The deposit taking housing finance company has an approval to raise up to Rs 3,000 crore through bonds, and this is the first tranche. Out of the company's total borrowing portfolio, 68 per cent is ..
Jack Ma's mantra to staff: Balance among system, people, culture
Chinese e-tailer Alibaba's charismatic Executive Chairman Jack Ma, who steps down in September 2019, has exhorted his 80,000-odd employees to have the right balance among system, people and culture to sustain the company's growth.
Problems because of rising fuel prices momentary, caused by global factors: BJP
The BJP Monday said the problem being faced by the people because of rising fuel prices were momentary and caused by global factors. Union minister Ravi Shankar Prasad also hit out at the Congress and its allies, alleging that they resorted to violence during the Bharat Bandh due to lack of support from the masses. He told the media here that the hike in oil prices was caused by limited supply. "We are standing with the people in their concern, but this is a problem whose solution is not in our hands," he said. The Modi government has worked a lot to bring down inflation and has achieved success as well, Prasad said, adding that inflation was 10.4 per cent between 2009-14 of UPA rule and is now 4.7 per cent.
Group of secretaries on e-comm to meet on Sep 13
A group of secretaries constituted to look into the e-commerce issues will hold its first meeting on September 13 to deliberate on the proposals of the draft policy. A section of the industry has raised concerns regarding the draft e-commerce policy. "The group, which will be chaired by the secretary in the department of industrial policy and promotion (DIPP), will meet on September 13," an official said. The other members of the group include secretaries of the ministry of electronics and information technology and department of commerce. Representatives of Niti Aayog and department of economic affairs are also members of the group. The initial draft e-commerce policy has suggested several steps to promote the growth of the fast growing sector. It stated that online retail firms may have to store user data exclusively in India in view of security and privacy concerns. It also said that any group company of an online retailer or marketplace may not be allowed to directly or indirectly
SpiceJet to launch air cargo services from September 18
(Reuters) - India's SpiceJet Ltd said on Monday it would launch dedicated air cargo services from September 18 as the low-cost airline looks to boost revenue and expand its footprint beyond commercial passenger operations.
Satya MicroCapital raises Rs. 34Cr from BlueOrchard
Micro-financing group, Satya MicroCapital has announced raising of funds worth Rs. 34 crore from leading Swiss impact investment manager BlueOrchard Finance Ltd. for on-lending to the Indian micro, small, and medium business sector.The funding comes equally from two BlueOrchard managed funds, the Microfinance Initiative for Asia (MIFA), which is the first microfinance initiative of its size to exclusively target Asian microfinance institutions, and the Japan ASEAN Women Empowerment Fund (JAWEF), which is the first fund investing with female micro-entrepreneurs in the Southeast Asian frontier and emerging markets."Having grown at a considerable rate and expanded our presence across multiple regions in India, we are well on our way to becoming one of the leading microfinance institution in the country. Having partnership with developed focused like minded institution like BlueOrchard Finance Ltd is a strong testament to the market disruption that we are creating through large-scale ...
Equity indices plunge as rupee falls further; Sensex down nearly 400 points
The key Indian equity indices traded on a negative note on Monday afternoon owing to weak rupee and negative global cues, with the benchmark Sensex losing nearly 400 point so far.