Page 2628 - Business Finance
After 10 days, people get respite from fuel price hike
After recording an increase for 10 consecutive days, fuel prices across the four metros were steady on Wednesday.
Odisha Assembly passes Rs 12,790 crore supplementary budget
Odisha Finance Minister SB Behera Wednesday presented the first supplementary budget of Rs 12,790 crore for 2018-19 fiscal in the state Assembly here. With Rs 12,790 crore provision for supplementary statement of expenditure, the total budget amount for the 2018-19 fiscal in Odisha has increased to Rs 1,32,818 crore. Earlier in February, Behera had presented Rs 1,20,028 crore as the budget for the current fiscal. When Behera presented the supplementary budget, the opposition BJP members were in well of the House drawing the government's attention to the agitating teachers sitting on dharna in the state capital The Supplementary Budget was passed in the House amid the din. The Speaker P K Amat later adjourned the House till 10.30 am on Thursday. Out of the total Rs 12,790 crore, provision of Rs 1800 crore has been made towards administrative expenditure, Rs 9,611 crore for programme expenditure, Rs 1,364 crore towards disaster response funds and Rs 15 crore for transfers .
Sensex, Nifty dip in afternoon trade
Market indices ended lower on Wednesday, owing to a fresh fall in the value of the rupee against the US dollar.The BSE's Sensex ended 139.61 points lower at 38,018.31, while Nifty slipped to 11,476.95.Among the top gainers were National Aluminium Company (Nalco), Hindalco Industries, JSW Steel and Vedanta Ltd, while Bharat Electronics Ltd, Vivanta Industries Ltd and HDFC Bank incurred losses.The Indian Rupee continued to decline further against the US dollar to reach a fresh low of Rs.71.75 against one US dollar.Earlier on Tuesday, the Rupee plunged 37 paise to close at Rs. 71.58 against one US dollar.
Mobiles to pilot airline tickets, hotel bookings in India by 2022: Facebook-KPMG
With more and more Indians using phones for shopping experiences, nearly 9 in 10 airline ticket purchases and hotel bookings will be mobile influenced in the country by 2022 -- creating a $19 billion and $12 billion sales opportunity for airline and hotel brands respectively, a Facebook-KPMG report revealed on Wednesday.
CAI, BSE ink pact to develop cotton futures trading platform
The Cotton Association of India (CAI) and the Bombay Stock Exchange (BSE) Wednesday signed an agreement to develop the futures trading platform for cotton. Under the memorandum of understanding (MoU), CAI and BSE will jointly develop a user-friendly cotton exchange to cater to the hedging needs of the entire cotton value chain in the country, which will be effective for the next five years, an official release said. The Securities and Exchange Board of India (Sebi) had in December last year announced that from coming October, the country would have a unified exchange regime wherein stock exchanges would be allowed to offer trading in commodities derivatives. BSE is planning to soon launch cotton futures contract, which will benefit the entire cotton sector in the country. CAI president Atul Ganatra said the futures contract will not only help cotton growers get best price for their produce but also benefit exporters as well as the spinning mills by providing them a ...
Sebi orders recovery proceedings against Cell Industries, 2 directors
Sebi Wednesday ordered recovery proceedings against Cell Industries and its two directors for failing to repay the amount along with interest to the investors as directed earlier by the regulator. "In the interest of investors... direct that recovery proceedings be immediately initiated against CIL (Cell Industries Ltd) and its directors," said the Securities and Exchange Board of India (Sebi) in an order. The regulator in an earlier order had said that the company and its directors had issued redeemable preference shares (RPS) and non convertible debentures (NCD) in contravention of Sebi norms during 2016. It had directed the firm and its directors to refund the amount to the investors along with the interest and after completing the repayments, the company shall file a certificate of such completion with Sebi within a period of three months and get it reviewed by two independent Chartered Accountants (CAs). However, the entities failed to provide the certificates as required, said .
Hong Kong Market falls on China economy concerns, trade war worries
The services sector in China expanded at a slower pace in August. Caixin services sector growth score came in at 51.5, its 10-month low figure and down from 52.8 in July. The composite index fell to a five-month low of 52.0 in August from 52.3 in July.
PSA's Opel to shift 2,000 R&D jobs in Germany to French engineer Segula
FRANKFURT (Reuters) - PSA Group's Opel unit said it is working on plans to protect 2,000 research jobs in Ruesselsheim, Germany by transfering them to a new company run by French firm Segula Technologies.
Looking to have 150 hotels in India in next 3 years: IHG
Global hospitality major InterContinental Hotels Group (IHG) is looking to have 150 hotels in India, including those in pipeline, in next three years, a senior official has said. The hospitality chain currently has 31 hotels operational and 46 in pipeline in India under its four brands. "We expect to get 150 hotels in India, that is opened hotels and and hotels in pipeline in next two to three years from the 77 today," IHG Europe, Middle East, Asia and Africa CEO Kenneth Macpherson told PTI. At present the company has four brands in India -- Intercontinental Hotels, Crowne Plaza, Holiday Inn and Holiday Inn Express, he added. "The upcoming hotels will be under the brands we have in the country and on the strength of Holiday Inn in the Indian market, it is going to be a key part in the growth," Macpherson said. Equally when the company has the right partners in the right locations with the right assets, it could consider introducing more brands here, he added. "Whenever we bring a ...
Muthoot Finance shares jump 10.5% as Q1 net rises
Shares of Muthoot Finance (MFIN) Wednesday surged 10.5 per cent after the company registered a rise of 43 per cent in consolidated net profit for April-June, 2018-19. The stock surged 9.41 per cent to end at Rs 437.10 on BSE. During the day, it jumped 10.66 per cent to Rs 442.10. At NSE, shares of the company climbed 10.50 per cent to close at Rs 441.85. In terms of equity volume, 6.28 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day. Muthoot Finance Wednesday registered a rise of 43 per cent in consolidated net profit at Rs 492 crore in the June quarter. The company had recorded a net profit of Rs 345 crore in the same quarter of 2017-18. Total income increased 19 per cent at Rs 1,633 crore in April-June, 2018-19 as against Rs 1,377 crore in the year-ago June quarter.
China Market falls 1.7% amid Sino-US trade friction
China's CSI300 index financial sector sub-index was lower by 1.45%, the consumer staples sector down 0.84%, the real estate index down 2.49% and the healthcare sub-index down 0.41%.
FPIs turn net buyers
Net inflow of Rs 1652.19 crore on 4 September 2018
Nifty September 2018 futures at modest premium
Turnover on NSE's F&O segment rises
Will evaluate impact of rupee depreciation to take decision on price revision: Xiaomi
Chinese phone maker Xiaomi Wednesday said it will take a decision on price hikes for its smartphones after evaluating the impact of rupee's slide against the dollar. Xiaomi, which is a leading player in India with about 30 per cent share of the country's smartphone shipment, has launched three new models of its Redmi devices that take into account the recent fall of the rupee against the greenback. "The prices (of phones launched) do take into account the impact...the rupee is at about 71, it takes into account that. This is an introductory price with Diwali coming up. Post that (Diwali), we will evaluate," Xiaomi India Head (Category and online sales) Raghu Reddy told PTI. He explained that manufacturing locally in India helps in this situation as supply chain efficiencies allow passing on the benefit to consumers. However, a large part of the components are paid for in dollars as they are bought from suppliers from locations like Japan, Taiwan and the US among others. "As the USD ...
Japan Nikkei falls on typhoon concerns, trade tensions
Typhoon Jebi, the most powerful storm to hit Japan in 25 years, rammed through western Japan, killing at least nine people and briefly submerging a large part of Kansai Airport, which is built on a man-made island near Osaka.
Quick Wrap: Nifty Realty Index registers a drop of 1.12%
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Muthoot Finance Q1 net rises 43% to Rs 492 cr
Muthoot Finance (MFIN) Wednesday registered a rise of 43 per cent in its consolidated net profit at Rs 492 crore in first quarter ended June of the current fiscal. The company had recorded a net profit of Rs 345 crore in the same quarter of 2017-18. Total income increased by 19 per cent at Rs 1,633 crore in April-June 2018-19 as against Rs 1,377 crore in the year ago June quarter. Loan assets stood at Rs 30,997 crore as at June 30, 2018, against Rs 27,857 crore as at end-June 2017, an increase of 11 per cent year-on-year, the company said in a release. The company has three subsidiaries -- Muthoot Homefin, Belstar Investment and Finance and Muthoot Insurance Brokers. The Sri Lankan subsidiary Asia Asset Finance Plc, where it holds 60 per cent, increased its loan portfolio to Rs 462 crore against Rs 383 crore, up 21 per cent. Chairman, M G George Muthoot said the company witnessed a strong growth by the group with consolidated loan assets. Stock of the company closed 9.41 per cent up ..
Indian shares fall; Sensex down for sixth session
(Reuters) - Indian shares finished lower on Wednesday, with the BSE Sensex posting its sixth straight session of losses, as the rupee fell to a new low.
SEG Automotive introduces stop/start motor for compact cars
Auto component maker SEG Automotive Wednesday unveiled a stop/start motor for both petrol and diesel compact cars, offering fuel savings of up to 8 per cent for owners of such vehicles, a top company official said. The Bengaluru-based firm, a leading supplier of various auto components like starter motors, had first introduced the start/stop technology in 2008 for bigger cars. "Start/stop is an important technology to make cars more environmentally friendly, offering immediate fuel efficiency increases of up to 8 per cent," SEG Automotive India Managing Director Anil Kumar M R told reporters here. The new SC60 start/stop starter motor is developed specifically with the Indian market in mind for smaller combustion engines, he added. "The SC60 is an efficient answer to reduce pollution by decreasing fuel consumption and help OEMs reach the new, more stringent CAFC goals defined by the Indian government," Kumar M R said. The company now aims to cater to developing markets like India and .
Bharat Electronics Ltd leads losers in 'A' group
Shankara Building Products Ltd, Engineers India Ltd, V I P Industries Ltd and SpiceJet Ltd are among the other losers in the BSE's 'A' group today, 05 September 2018.