Page 2603 - Business Finance
Bilateral trade with India can grow manifold: Mexican envoy
Mexico on Friday said bilateral trade with India is expected to grow at least 30 per cent in 2018 to about USD 11 billion. Trade with India has grown "immensely" in the last few years, from about USD 6.39 billion in 2013 to USD 8.37 billion in 2017, Melba Pria, Ambassador of Mexico in India said at an interactive session here organised by Bengal Chamber. "We are only scratching the surface in terms of trade with India. There is potential to grow our bilateral trade manifold ... We expect bilateral trade to rise by at least 30 per cent this year (2018), mainly on the back of rising oil prices ... and hope to double it in times to come," she said. In 2017, Indian exports to Mexico stood at USD 5.02 billion and imports from the country was at USD 3.35 billion. Pria said the potential areas for bilateral trade include auto parts, software and IT, pharmaceuticals, chemicals, engineering goods and minerals. In terms of foreign direct investments, the envoy said total FDI inflow
Auto stocks surge up to 5.3 pc ; Hero, Bajaj Auto top gainers
Auto stocks surged up to 5.3 per cent following the government's decision to exempt electric vehicles and automobiles run on alternative fuels from permit requirements. Shares of Hero MotoCorp soared 5.27 per cent, Bajaj Auto 5.06 per cent, Motherson Sumi Systems 4.15 per cent, Mahindra & Mahindra 4.12 per cent. Besides, TVS Motor Company stock rose 3.68 per cent, Bharat Forge 2.87 per cent, Tata Motors 2.80 per cent and Ashok Leyland 1.54 per cent on BSE. Led by gains in these stocks, the BSE auto index went up 2.07 per cent to end at 24,704.04. Hero MotoCorp and Bajaj Auto were the top gainers in the Sensex pack. In the broader market, the BSE Sensex spurted 147 points to end at 38,389.82.
AR, VR adoption to pick up in 3 years: Report
The implementation of immersive technologies such as augmented reality (AR) and virtual reality (VR) is set to become mainstream in business operations in the next three years, according to a report from the Capgemini Research Institute on Friday.
India invites Czech defence companies to set-up joint ventures
President Ram Nath Kovind on Friday invited Czech defence companies to take advantage of the opening of defence manufacturing sector in India and set-up joint ventures to produce for the country and for rest of the world. President Kovind after holding talks with his Czech counterpart Milos Zeman said there is immense potential for India-Czech defence collaboration to meet the growing requirements of the Indian defence industry. During the meeting, they took stock of the ongoing defence co-operation, the External Affairs Ministry said in a statement. The two countries signed five MoUs including between the Council of Scientific and Industrial Research, India and the Czech Academy of Sciences; on work plan for support of Indo-Czech projects in diverse areas of science and technology; on visa waiver agreement for diplomatic passport holders and between ELI Beamlines and Tata Institute of Fundamental Research in the field of Laser Technology. President Kovind, who arrived here Thursday ..
Govt to divest 10% in Ircon International to raise Rs 467 cr
The government is set to divest around 10 per cent in its railway subsidiary Ircon International, to raise around Rs 467 crore. The company has fixed the price band between Rs 470 to Rs 475 per equity share for its proposed initial public offer (IPO). The IPO is comprising an offer for sale of 9,905,157 equity shares by government, and the issue proposes to open on September 17 and close on September 19. The equity shares will be listed on BSE and NSE. In June this year, railway consultancy firm RITES made successful IPO. In the first three months of the current fiscal, the government has raised about Rs 9,000 crore via Bharat-22 ETF and RITES stake sale. The government has targeted to raise Rs 80,000 crore from PSU disinvestment in current fiscal, lower than over Rs 1.03 lakh crore last fiscal. Ircon International is an integrated Indian engineering and construction company, specialising in major infrastructure projects, including, railways, highways, bridges, ...
Jaguar Land Rover sales drop 4.9% in August
Retail sales were up in the UK (64.9%), Overseas markets (20.2%) and North America (2.5%), with Europe slightly below last year (3.1%), waiting for last WLTP certifications. The China market remains unsettled following tariff changes and trade tensions (down 38.1%), although the reduction in duty from 25% to 15% is expected to be beneficial over the full year. UK sales were boosted by a catch up in WLTP certification of vehicles with only 2 derivatives remaining to be certified in September.
Rites secures additional work worth Rs 294.67 cr from Railways
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Consumer, SME lending thrust areas for Tata Capital Fin
Consumer and SME lending will be thrust areas for Tata Capital Financial Services Ltd due to high growth registered by these segments, a top official of the company said Friday. "Consumer finance sector is growing at 20 per cent, followed by SME lending which is showing expansion of around 15 per cent. We will definitely focus in these sectors," Kusal Roy, Managing Director of the company said. He was in the city to participate in a roadshow for the company's maiden non-convertible debenture (NCD) sale from September 10. The Tata Capitals flagship lending arm also said it can raise up to Rs 7,500 crore including over-subscriptions of Rs 5,500 crore from the NCD issue. The company has consumer finance assets worth Rs 16,080 crore and SME assets of about Rs 14,146 crore as on March 2018, accounting for 43 per cent and 38 per cent, respectively, of the total assets under management. The company is keen on even higher share of its assets from the consumer finance segment in .
Telcos to submit new public wifi model by Monday: DoT Secy
Telecom operators will submit a new model by Monday for the rollout of 10 lakh public wifi hotspots after they rejected the plan suggested by Trai, a top official said Friday. The Department of Telecom is discussing a middle path with the operators for rolling out public wifi services after they opposed the model recommended by the regulator Trai, saying it will adversely impact the debt-ridden industry and compromise national security. "Today telecom operators have given a presentation on technical architecture for public wifi model. They will submit the rollout model for 1 million wifi hotspots by Monday. They will roll out pilots after DoT accepts it," Telecom Secretary Aruna Sundararajan told PTI. Sundararajan said that the DoT will examine the model, security requirements etc before approving the operators' version. A senior representative of a telecom operator, who did not wish to be identified, said that if DoT approves their model then 10 lakh wifi hotspots can be rolled out ..
Sun Pharma shares drop nearly 2 pc on observations by USFDA
Shares of Sun Pharmaceutical Industries Friday fell by nearly 2 per cent after the US health regulator issued Form 483 with observations after an inspection of its Halol facility in Gujarat. The scrip declined 1.84 per cent to end at Rs 664.20 on the BSE. Intra-day, it lost 5.27 per cent to Rs 640.95. On the NSE, shares of the company dropped by 1.86 per cent to close at Rs 664.80. In terms of the equity volume, 12.61 lakh shares of the company were traded on the BSE, and over 2 crore shares changed hands on the NSE during the day. The United States Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAI) of the company's Halol facility from August 27 to August 31, 2018, Sun Pharmaceutical Industries said in a BSE filing. "At the conclusion of the inspection, the agency issued a Form 483, with six observations," it added. The company, however, did not provide details about the observations issued. As per the US health regulator, FDA form 483 notifies the ...
Nifty September 2018 futures at steep premium
Turnover on NSE's F&O segment drops
FPIs extend selling
Net outflow of Rs 459.80 crore on 6 September 2018
Indiabulls Commercial Credit to raise Rs 2,000 crore via bonds
Indiabulls Commercial Credit Limited (ICCL) Friday said it will raise up to Rs 2,000 crore by issuing non-convertible debentures. ICCL, a 100 per cent subsidiary of Indiabulls Housing Finance Limited (IBHFL), will open the issue on September 11, it said in a release. The company will issue secured non-convertible debentures (NCDs) with a base issue size of Rs 1,000 crore and an option to retain oversubscription of another of Rs 1,000 crore. Allotment in the issue is on a first come first serve basis, ICCL said. The NCDs proposed to be issued carry a dual AAA rating from CRISIL and CARE, which are considered to have the highest degree of safety regarding timely servicing of financial obligations. The NCD issue will have options of 2, 3, 5 and 10 year maturities with an attractive interest rate of up to 9.20 per cent. "In 2016, IBHFL did a successful public issue of NCDs aggregating to Rs 7,000 crore... This issue is also attractively priced, offering up to 9.20 per cent to retail and ..
Markets build on gains for second day; post first weekly loss in seven
Equity benchmarks were on the mend for the second straight session Friday, riding on a rally in auto counters amid a modest recovery in the rupee. The BSE Sensex spurted 147.01 points to finish at 38,389.82, while the broader NSE Nifty climbed 52.20 points to 11,589.10. On a weekly basis, both the Sensex and Nifty halted their six-week winning streak by falling 255.25 points or 0.66 per cent, and 91.40 points or 0.78 per cent, respectively. Auto stocks zoomed following the government's decision to exempt electric vehicles (EVs) and automobiles run on alternative fuels from permit requirements. Hero Motocorp and Bajaj Auto were the top two gainers in the Sensex pack. The rupee was trading higher by 29 paise at 71.70 (intra-day) against the dollar. The domestic unit had hit a fresh life-time low of 72.11 before settling at 71.99 Thursday. After a sharp fall of some 880 points over the last few sessions on depreciating rupee and surging crude oil prices, the Sensex has rebounded in the .
IOB raises MCLR by 0.05 per cent on various maturities
Indian Overseas Bank (IOB) has raised its marginal cost of funds based lending rate (MCLR) by 0.05 per cent for various maturities with effect from Monday. "Our bank has increased the MCLR by 0.05 per cent across all tenors except overnight tenor with effect from September 10, 2018," it said in a regulatory filing Friday. The one-year MCLR, the rate on which most of retail loans are benchmarked, has been increased to 8.70 per cent, as against 8.65 per cent currently. Two year and three year MCLRs are raised by 0.05 per cent each at 8.80 per cent and 8.90 per cent, respectively. For one-three-six month tenors, the new rates will be up by 0.05 per cent each at 8.20 per cent, 8.40 per cent and 8.50 per cent. The overnight MCLR is kept unchanged at 8.05 per cent. The hike in MCLR rate follows industry leader SBI that has raised one-year rate by 0.20 per cent to 8.45 per cent last week. ICICI Bank, Bank of Baroda and Vijaya Bank too have announced the rate hike. Shares of Indian Overseas ..
Dassault Systemes opens first India 3D experience lab in Pune
With the aim of boosting the start-up ecosystem in India, Paris-headquartered Dassault Systemes on Friday launched its first 3D experience lab in its research and development premises in Pune.
Poor integration of different systems of DMRC makes commuters pay lot: CSE
The environment think tank CSE clarified Friday its recent study on falling ridership of the Delhi Metro was not only about the trip cost but the total journey cost incurred by commuters, who because of poor integration of different systems end up paying a lot. The Centre for Science and Environment (CSE) in a recent study claimed after the fare hike last year, the Delhi Metro has become the second-most unaffordable service in the world among the cities that charge less than a US dollar for a trip. The report drew criticism by the DMRC and Union Minister Hardeep Singh Puri, who termed it as "misleading and falsifying facts". The CSE clarified that while the Delhi Metro continues to play an important role in meeting commuting demand, the targeted improvement in share of public transport ridership will not happen on its own. Well thought-out fiscal and other policies for all systems will be needed. "The CSE study is not only about trip cost of the Delhi Metro, but about the total ...
British Airways travellers' credit card details hacked
Hackers obtained the credit card details of some 380,000 British Airways travellers during a two-week data breach this summer that leaves the customers vulnerable to financial fraud, the airline says. BA's CEO, Alex Cruz, said Friday that enough data was stolen to allow criminals to use credit card information for illicit purposes, and that police are investigating. "We know that the information that has been stolen is name, address, email address, credit card information; that would be credit card number, expiration date and the three-letter code in the back of the credit card," he told the BBC. He added that no passport data had been obtained in what he called a "very sophisticated, malicious criminal attack," but that British Airways is "100 per cent committed" to compensating customers. Consumer advice website MoneySavingExpert says customers who were swept up in the data breach should first seek advice from their bank, then monitor bank and credit card statements closely for ...
Sensex, Nifty log modest gains
Key benchmark indices logged modest gains on last trading day of the week led by index pivotals Reliance Industries, Mahindra & Mahindra and ICICI Bank. The barometer index, the S&P BSE Sensex, gained 147.01 points or 0.38% to settle at 38,389.82. The Nifty 50 index rose 52.20 points or 0.45% to settle at 11,589.10.
Quick Wrap: Nifty Auto Index gains 2.20%
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