Page 2619 - Business Finance
Bearish bets on Indian rupee, Indonesian rupiah at highest in years: Reuters poll
(Reuters) - Bearish bets that the Indian rupee will weaken rose to their highest level in five years over the past two weeks, a Reuters poll showed, as the unit hit fresh lows, while most emerging currencies reeled from dollar strength and trade tensions.
Smartworks looking to raise USD 20-30mn to open more co-working facilities
Co-working operator Smartworks plans to raise around USD 20-30 million to expand its business three times in the next two years to 60,000 seats, and tap the rising demand of shared office space, a top company official said. Founded in April 2016, Smartworks has 15 operational facilities across nine cities covering 16,000 seating capacity. It will soon add three more centres, taking the total number of centres to 18 with a capacity of 20,000 seats. "We have invested USD 20 million in the business to scale it up in the last two years to be among the largest players in the coworking space. Our rapidly expanding footprint is now at 15 operational centres covering 1.2 million plus sq ft. We are excited to seek the right funding partner to scale up the business to the next level," Smartworks founder Neetish Sarda told PTI. He said the company has chalked out plans to reach 40 centres by September 2020, comprising 60,000 seats spread over 3 million sq ft area. "For our expansion plan and ...
Hinduja Global Solutions opens its First Customer Service Center in Florida
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Rupee breaches 72/$ mark for first time
The Indian rupee breached the 72 per US dollar mark for the first time on Thursday.
HCL Technologies Ltd up for five straight sessions
The stock is quoting at Rs 1082.5, up 0.33% on the day as on 12:44 IST on the NSE. HCL Technologies Ltd is up 25.97% in last one year as compared to a 15.39% gain in NIFTY and a 53.18% gain in the Nifty IT.
ONGC finds oil, gas reserves in MP, WB; to open 2 new basins in India
State-owned Oil and Natural Gas Corp (ONGC) has made oil and gas discoveries in Madhya Pradesh and West Bengal that may potentially open up two new sedimentary basins in the country, the firm's director for exploration has said. ONGC had previously opened six out of India's seven producing basins for commercial production. It is in the process of adding the eighth by putting Kutch offshore on the oil and gas map of India. "The seventh basin was opened way back in 1985. We are looking at adding three more basins in next five years time," ONGC Director (Exploration) Ajay Kumar Dwivedi said. The firm has found gas deposits in a block in Vindhyan basin in Madhya Pradesh that is now being tested, he said adding that the find is at 3,000-plus meters. ONGC has drilled four wells after the discovery and will now hydro-frack it by the end of the year to test commerciality of the finds. Similarly, an oil and gas discovery has been made in a well in Ashok Nagar of 24 Parganas district in West ...
Rupee hits new low of 72.12, plunges 37 paise against US dollar
The Indian rupee Thursday crashed below the 72-level for the first time ever on persistent global headwinds and concerns on macroeconomic front. The domestic currency was quoted 37 paise lower at 72.12 against the US dollar in afternoon trade. Investors remained concerned over sustained foreign capital outflows and widening current account deficit in the wake of soaring crude oil prices. At the Interbank Foreign Exchange (Forex) market, the local currency opened higher at 71.67 a dollar against its previous record closing of 71.75, but failed to sustain initial strength and fell back to breach the 72-mark. The rupee's unabated fall continued for the sixth straight session Wednesday, hitting yet another closing low of 71.75, down 17 paise against the US currency. On Wednesday, the domestic unit plummeted to a historic low of 71.97 a dollar in intraday trade before finding some respite. Finance Minister Arun Jaitley Wednesday attributed the fall in rupee to global factors and stressed ..
Tripura bank felicitates 107-yr-old customer
The Tripura Gramin Bank (TGB), which had earlier secured the fifth position amongst India's 56 regional rural banks (RRBs) in terms of its business and growth, on Thursday felicitated its 107-year-old customer.
Jet Airways pilots warn of "non-cooperation" on salary payment
With Jet Airways delaying salaries of its pilots and engineers for the second consecutive month amid a severe financial crunch, its pilots have warned the management of "non-cooperation" over default on payments. The Naresh Goyal-promoted private airline, in which UAE national carrier Etihad holds 24 per cent stake, is facing acute cash crunch after posting two back-to back quarterly losses this year. While its losses stood at Rs 1,036 crore in the March quarter, the losses jumped to Rs 1,300 in the subsequent June quarter of the current fiscal. "Withholding salaries, that too without prior notice, is a serious matter and the management will bear sole responsibility for any repercussions," Jet Airways' pilots said in a communication to the management earlier this week. "We would like to advice that failure to address the above points and not paying the salaries on time would lead to non-cooperation by pilots," they warned. Response to a query sent to Jet Airways on this ..
Foreign money flows into Asian equities not likely to be sustained - analysts
(Reuters) - Overseas buying of Asian equities in August was the highest in seven months, but analysts doubt such inflows could be sustained if the Sino-U.S. trade dispute were to escalate, notwithstanding contagion from Argentina and other volatile emerging markets.
Rapid Urbanisation Expected To Offer Significant Opportunities For Domestic Real Estate
FICCI and JLL have released a report titled 'Future of India Real Estate: Deciphering the Mid-term Perspective' at the 12th edition of FICCI Real Estate Summit. The report analyses the drivers and challenges facing the sector in the next 2 to 3 years. The rapid urbanisation is expected to offer significant opportunities for real estate and infrastructure development in Indian cities. This sector has witnessed high growth in recent times with the rise in demand for office as well as residential spaces. It is also important to note that the real estate developers have been instrumental in changing the face of India through building state-of-the-art infrastructure, buildings, townships, shopping malls spread all over the country.
Indices trim gains
Stocks trimmed gains in early afternoon trade. At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 55.07 points or 0.14% at 38,073.38. The Nifty 50 index was up 6.65 points or 0.06% at 11,483.60. Metal and mining stocks declined.
Gold climbs higher as U.S. dollar eases
NEW YORK/LONDON (Reuters) - Gold prices rose on Wednesday from an 11-day low as the U.S. dollar eased from its recent rally.
Oil dips on emerging market turbulence, but looming Iran sanctions support
SINGAPORE (Reuters) - Oil prices dipped on Thursday as emerging market turbulence weighed on sentiment, while a deadline neared for a potential new round of U.S. tariffs on another $200 billion of Chinese goods.
Ravikumar Distilleries Ltd leads gainers in 'B' group
Electrotherm (India) Ltd, Nandan Denim Ltd, Texmo Pipes & Products Ltd and BSL Ltd are among the other gainers in the BSE's 'B' group today, 06 September 2018.
Castor seed futures move up by Rs 15 per quintal
Castor seed prices marked higher by Rs 15 to Rs 4,682 per quintal in futures trade today after participants expanded bets, driven by a firm trend at the physical markets. Marketmen attributed the upside in castor seed futures to building up of positions by traders, backed by rising prices at the spot markets following tight supplies against rising demand from consuming industries such as paint and soap units. At the National Commodity and Derivatives Exchange, castor seed to be delivered this month gained Rs 15 or 0.32 per cent to Rs 4,682 per quintal, with an open interest of 37,3980 lots. Castor seed delivery for October too advanced by Rs 13 or 0.27 per cent to Rs 4,758 per quintal, in an open interest of 1,25,680 lots.
Global Markets: Asian shares a sea of red on trade, emerging market anxieties
SYDNEY (Reuters) - Asian shares skidded for a sixth straight session on Thursday, oil slipped and safe-haven gold gained with investor confidence shaken by turmoil in emerging markets and jitters over a potentially severe escalation in the U.S.-China trade war.
SIAM seeks long-term govt policy on electric mobility, lower taxation
Auto industry body SIAM Thursday asked the government for long-term policy for promoting electric mobility in the country, saying absence of such guidelines is not helpful to the industry to plan future investments. The auto industry body also sought lower taxation for the vertical in order to help it realise its true potential. Speaking at the annual convention of Society of Indian Automobile Manufacturers (SIAM), outgoing president of the body Abhay Firodia regretted the government's decision to stay away from framing an electric vehicle (EV) policy. "After the earlier significant announcement favouring large-scale electrification of vehicles in the country, in an unexpected way, the government came out and stated that it will not be issuing a formal policy promoting EVs, but rather rake specific actions to enable proliferation if EVs in the country," Firodia said. At the request of the government, SIAM had proposed policy measures for 40 per cent electrification by 2030 and 100 per
Adani Enterprises Ltd leads gainers in 'A' group
Housing & Urban Development Corporation Ltd, Aurobindo Pharma Ltd, Granules India Ltd and Kirloskar Oil Engines Ltd are among the other gainers in the BSE's 'A' group today, 06 September 2018.
Maxim Integrated Products partners with TCS on CRM sales transformation
In order to create a sustainable competitive edge in the dynamic and complex semiconductor ecosystem, Maxim needed a streamlined and agile digital sales process to maximize its sales velocity. Maxim partnered with TCS to design a cloud-based, collaborative, intelligent and automated platform on the Microsoft Dynamics 365 CE to achieve this sales transformation.