Page 2591 - Business Finance
Richemont appoints Jerome Lambert as chief executive
GENEVA (Reuters) - Cartier maker Richemont on Monday named group veteran and Chief Operating Officer Jerome Lambert as chief executive officer, reintroducing a job role it scrapped a year and half ago.
Rupee weakens further, hits fresh low to 72.48 against USD
The rupee weakened further to hit a fresh low of 72.48 against the US currency, falling 75 paise in late morning deals Monday on rising crude oil prices, strengthening dollar and a widened current account deficit. Earlier the rupee resumed slightly lower at 72.18 against last Friday's closing level of 71.73 a dollar at the Interbank Foreign Exchange here. The domestic unit witnessed intense volatility and traded between 72.07 and hit all-time low of 72.48 during morning deals. India's current account deficit (CAD) widened to USD 15.8 billion in April-June in value terms this year as against USD 15 billion in the same quarter of 2017-18, mainly due to a higher trade deficit, according to RBI data released Friday. Domestic macro situation and dollar's strength amid fear of currency crisis continued to spook the rupee, a dealer said. Overseas, the US dollar edged higher against a basket of currencies in early Asian trade on strong US August jobs data and fears of an escalation in the ...
Aluminium futures up 0.10% on rising demand
Aluminium prices edged up by 0.10 per cent to Rs 147.35 per kg in futures trading Monday as speculators raised their bets, taking positive cues from spot market on strong demand. At the Multi Commodity Exchange, aluminium for delivery in September edged higher by 15 paise, or 0.10 per cent, to Rs 147.35 per kg in business turnover of 130 lots. Similarly, the metal for delivery in October contracts was trading higher by a similar margin to Rs 149 per kg in 13 lots. Analysts said widening of positions by participants due to pick up in demand from consuming industries in the physical market led to the rise in aluminium prices in futures trade.
Zinc futures harden by 0.49% pc on spot demand
Zinc prices went up by 0.49 per cent to Rs 174.70 per kg in futures market Monday as investors created fresh positions amid a firm trend at the spot market on rising demand from consuming industries. At the Multi Commodity Exchange, zinc for delivery in September rose by 85 paise, or 0.49 per cent, to Rs 174.70 per kg in a business turnover of 890 lots. Similarly, the metal for delivery in October contracts traded higher by 80 paise, or 0.46 per cent, to Rs 175.35 per kg in 10 lots. Analysts said fresh positions created by participants following surging demand from consuming industries in the physical market attributed to the rise in zinc prices in futures trade.
Lead futures gain 0.20% on positive spot cues
Lead prices rose 0.20 per cent to Rs 149.50 per kg in futures market Monday as participants created fresh positions, taking positive cues from spot market on uptick in demand. At the Multi Commodity Exchange, lead for delivery in October edged higher by 30 paise, or 0.20 per cent, to Rs 149.50 per kg in a business turnover of five lots. Likewise, the metal for delivery in September contracts was up by 20 paise, or 0.13 per cent, to Rs 148.45 per kg in 389 lots. Marketmen said building up of positions by traders backed by upsurge in demand from battery-makers at domestic spot market, supported the upside in lead prices in futures trade.
Volumes spurt at eClerx Services Ltd counter
eClerx Services Ltd notched up volume of 1.98 lakh shares by 10:47 IST on BSE, a 137.07 fold spurt over two-week average daily volume of 1441 shares
Indian bonds, rupee slump as emerging markets come under pressure
MUMBAI (Reuters) - Indian bonds and the rupee slumped on Monday as emerging market assets came under renewed pressure amid the spectre of a rising dollar, higher crude oil prices and escalating global trade tensions.
:The prices of all foodgrains
:The prices of all foodgrains ruled steady in the wholesale foodgrain market here today. Following are the wholesale rates of various agri-commodities (rates in rupees per quintal, unless stated otherwise): Thoor Dal Rs 6,800, Urad Dal Rs 7,000, Moong Dal Rs 7,000, Gram Dal Rs 5,500, Sugar Rs 3,500, Wheat Rs 3,000, Maida (90 kg) Rs 2,700 and Sooji (90 kg) Rs 3,000.
Silver rises in futures trade on weak global cues
Silver prices inched higher by Rs 33 to Rs 37,200 per kg in futures trade on Monday as speculators widened their bets ignoring a weak trend overseas. In futures trade at the Multi Commodity Exchange, silver for delivery in December contract rose by Rs 33, or 0.09 per cent, to Rs 37,200 per kg in a business turnover of 405 lots. The white metal for delivery in March next year was trading higher by Rs 27, or 0.15 per cent, to Rs 37,952 per kg in five lots. Market analysts said speculative position created by participants influenced silver futures prices but a weak trend in global market as the dollar firmed, reducing the appeal of the precious metals as a safe haven. Globally, silver fell 0.53 per cent to USD 14.09 an ounce in Singapore.
VW faces first big German court date over 'dieselgate'
The first major German court case against Volkswagen over the "dieselgate" scandal that has shaken up the car industry gets under way Monday, as investors pursue the world's largest automaker for billions in compensation. From 10 am (0800 GMT) the regional court in Brunswick will examine whether the auto giant should have informed investors sooner about so-called "defeat devices" it built into 11 million cars worldwide to fool regulatory emissions tests. On the first day, "we are hoping for first indications from the judges about their view of the facts and the legal position," said Andreas Tilp, a lawyer representing investment fund Deka. The shareholder's "model case" against VW is supposed to clear up more than 200 questions common to some 3,650 claims totalling around 9.0 billion euros ($10.5 billion), with judges expected Monday to highlight timelines and priority issues in the massive case. At issue is a 40-percent plunge in Volkswagen stock over two days in September 2015, ...
For big budget assets, first invest rather than pay EMIs later (Personal Finance Tips)
In this age of instant gratification -- especially among the young and salaried (Gen Y) individuals -- buying a big budget item is almost hassle-free. They can easily be bought with little to no down payment and banks and other financial firms line up with attractive offers and EMIs that are sometimes too hard to ignore.
Gold rises marginally as participants raise bets
Gold prices rose by Rs 44 to Rs 30,750 per 10 grams in futures trade Monday as speculators raised their bets even as the precious metals weakened overseas. At the Multi Commodity Exchange, gold for delivery in December was trading higher by Rs 44, or 0.14 per cent, to Rs 30,750 per 10 grams in a business turnover of four lots. The October contract of gold was also up by Rs 26, or 0.09 per cent, to Rs 30,520 per ten grams in a business volume of 207 lots. Market analysts attributed rise in gold futures to widening of positions by participants but a weak trend overseas, capped the gains. Gold fell by 0.30 per cent to USD 1,192.60 an ounce in Singapore as the dollar firmed, eroding demand for the precious metal as a safe haven amid expectations of a US Federal Reserve interest rate hike in September and fears of escalating trade tensions between the US and China.
Rupee falls further, now hits 72.35 per dollar
Continuing its slide, the Indian rupee touched another fresh low of 72.35 on Monday, weakening by 62 paise from its previous close of 71.73 per US dollar.
Capex drives Japan's fastest expansion since 2016, seen backing growth
TOKYO (Reuters) - Heavy capital spending in the second quarter drove Japan's economy to its fastest growth since 2016, underscoring the view that capex continues to back the economy even as trade tensions and a string of natural disasters pose risks to the outlook.
Crude oil futures rise 1% on global cues
Crude oil futures spurted by Rs 53 to Rs 4,939 per barrel Monday after participants widened their bets, tracking a firming trend overseas. At the Multi Commodity Exchange, crude oil for delivery in October contracts was trading higher by Rs 53, or 1.08 per cent, at Rs 4,939 per barrel with a business turnover of 134 lots. The crude for September delivery also moved up Rs 51, or 1.04 per cent, to Rs 4,934 per barrel with a business volume of 2,423 lots. Marketmen attributed the rise in crude oil futures to a firming trend overseas as US drilling for new production stalled and as the market eyed tighter conditions once Washington's sanctions against Iran's crude exports kick in from November. Meanwhile, West Texas Intermediate crude prices rose 41 cents, or 0.61 per cent to trade at USD 68.16 a barrel while Brent crude was up 44 cents, or 0.57 per cent, at USD 77.27 on the New York Mercantile Exchange.
Reliance Capital advances after receiving Certificate of Registration
Reliance Capital gained 2.65% to Rs 469.90 at 10:31 IST on BSE after the company received Certificate of Registration from the Reserve Bank of India as Core Investment Company.
Oriental Bank of Commerce seeks initiation of CIRP of Simbhaoli Sugars
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Market breadth turns negative
Key benchmark indices extended early losses and hit fresh intraday low in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex, was down 229.13 points or 0.60% at 38,160.69. The Nifty 50 index was down 82.45 points or 0.71% at 11,506.65. Negative cues from the global market put pressure on domestic stocks.
Sony Corporation to source 100% renewable power
In the first in a series of corporate announcements ahead of the Global Climate Action Summit here, one of the world's largest electronics and entertainment companies Sony Corporation on Monday announced to join RE100.
Rupee weakening credit negative for cos, but effects limited: Moody's
Sustained weakening of the rupee is credit negative for Indian companies which generate revenue in rupees but rely on US dollar debt to fund their operations, Moody's Investors Service said Monday. The Indian rupee has depreciated 13 per cent so far in 2018 and has touched a historic low of Rs 72.32 to a dollar. "Nevertheless, most rated India-based corporates have protections in place -- including natural hedges, some US dollar revenues and financial hedges -- to limit the negative credit implications of a potential further 10 per cent weakening of the rupee to the US dollar from Thursday's (September 6) rate (of 72.11 a dollar), Moody's VP and Senior credit officer Annalisa DiChiara said. Of the 24 Moody's-rated India-based corporates across the high-yield and investment grade categories, 12 generate most of their revenue in US dollars or have contracts priced in US dollars, providing a natural hedge, and thus limiting the effect a weakening in the rupee could have on their cash ...