Page 2656 - Business Finance
Equity indices open in green; IT stocks rise
The key Indian equity indices opened on a positive note on Monday with healthy buying in consumer durables, capital goods and IT stocks.
Market drifts higher in early trade
Trading for the week began on a positive note as the key benchmark indices edged higher in early trade. At 9:30 IST, the barometer index, the S&P BSE Sensex, was up 48.94 points or 0.13% at 38,694.01. The Nifty 50 index was up 6.55 points or 0.06% at 11,687.05.
Global Markets: Asian stocks dip on trade, emerging market woes
TOKYO (Reuters) - Asian stocks dropped for the third consecutive session on Monday, hit by worries over further escalation of the U.S-China trade war and unstable emerging market currencies.
Wary Australian consumers dampen July retail sales, point to cautious Q3
SYDNEY (Reuters) - Australian retail sales fizzled out in July while nationwide home prices fell again in August and a measure of job advertisement eased, suggesting a further dent in consumer confidence and spending.
Rupee recovers from record low, up 23 paise against US dollar
The rupee recovered from all-time low of 71 and strengthened by 23 paise to 70.77 against the US dollar in early trade at the interbank foreign exchange market Monday amid robust growth data for the April-June quarter of current fiscal. Official data released after market hours on Friday showed India's economy grew at a two-year high of 8.2 per cent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors, increasing its lead over China to remain the world's fastest growing major economy. Forex dealers said besides fresh selling of the American currency by exporters as well as banks, a higher opening in the domestic equity market supported the rupee. However, the a positive dollar against other currencies overseas, on escalating global trade tensions, capped the gains. On Friday, the rupee had plunged by 26 pise, or 0.37 per cent, to a record low of 71 against the US currency due to worsening macroeconomic factors and heavy month-end dollar ..
Graphite India signs deal to invest up to USD 18.6 mn in General Graphene
Through its Netherland based subsidiary - Graphite International BV
Wipro jumps after bagging deal from Alight Solutions
Wipro rose 6.41% to Rs 321 at 9:19 IST on BSE after the company said it has won a 10-year engagement to provide a comprehensive suite of solutions and services to Illinois-based Alight Solutions LLC.
Q1 GDP growth data shows clear signs of revival in domestic demand and investments: FICCI
"While the latest growth numbers are quite robust, the volatility in oil prices and Rupee value is exerting some pressure on industry members. These two factors have emerged as the key macro-economic concerns on the horizon. Even as companies are looking at ways to mitigate the impact of the same, these factors can weigh heavy on our growth performance besides having clear implications on the current account and fiscal deficit. The evolving situation requires constant review and swift policy action and support both by the Central Bank and the Government of India. Further, as the global trade environment remains tricky, India should continue to undertake measures to support its exports", added Mr. Shah.
Employment-intensive manufacturing, construction leading GDP growth is best part of data: ASSOCHAM President
There has been an uptick in the Gross Fixed Capital Formation, which means the investment revival is very much visible. Against 31.0 per cent in the first quarter of the previous fiscal, the GFCF at constant prices is 31.6 per cent. The first quarter GDP numbers augur very well for the entire fiscal 2017-18. While it is early days, the Indian economy seems back to a solid trajectory for further gains in the next few quarters, the chamber said.
Japan's second-quarter capex leaps, raises hopes for business-led recovery
TOKYO (Reuters) - Japanese corporate capital expenditure jumped in April-June by its most since 2006, raising hopes for sustainable economic recovery led by the private sector, although global trade tensions cloud the outlook for an export-reliant economy.
Is loss-making Fortis on the mend?
Singapore, Sep 03 (ANI): KPMG Corporate Finance, the Independent Financial Adviser (IFA) to the independent directors of RHT Health Trust (RHT, SGX:RF1U), recently made a recommendation to unitholders to vote in favour of the proposed takeover of entire asset portfolio of RHT by Fortis Healthcare Ltd (Fortis).RHT was established and listed on the Singapore Exchange in 2012 when Fortis listed 15 clinical establishments (out of which 4 are new and 'greenfield') and 2 hospitals, in a business trust, RHT Health Trust on the Singapore Exchange raising S$510 million (USD 372 million). The re-purchase of RHT assets proposed in November 2017 will cost Fortis S$900 million (USD 655 million). During this period, only one clinical asset was added to the portfolio.In Singapore, regulations allow business trusts to manage the company and to own the assets.At the same time, they are not required to make a minimum level of payout to unit holders unlike REITs (Real Estate Investment Trusts) which are
Market may open higher
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 18 points at the opening bell. Auto stocks will be in focus after declaring sales volume data for August 2018.
Wipro in spotlight after bagging deal from Alight Solutions
Wipro announced that it has won a 10-year engagement to provide a comprehensive suite of solutions and services to Lincolnshire, Illinois-based Alight Solutions LLC, a leader in technology-enabled health, wealth, HR and finance solutions. This deal will result in revenues of $1.5 to $1.6 billion for Wipro over the tenure. This is Wipro's largest win to date. This engagement will enable the digital transformation of Alight's offerings across health, wealth, HR and finance solutions, and enhance the employee experience of Alight's clients by leveraging Wipro's industry-leading strengths in digital technologies, cognitive automation and data analytics. The announcement was made on Sunday, 2 September 2018.
JD.com's billionaire CEO released after U.S. arrest
BEIJING (Reuters) - The billionaire founder and chief executive of Chinese e-commerce firm JD.com Inc, Richard Liu, was arrested in the U.S. state of Minnesota on suspicion of criminal sexual conduct and later released after what the company said was a false accusation.
Asian stocks dip on trade, emerging market woes
TOKYO (Reuters) - Asian stocks dipped on Monday on worries about further escalation of the U.S-China trade war and unstable emerging market currencies.
Argentina IMF deal could mean reversal of Macri's grain tax cuts
BUENOS AIRES (Reuters) - As Argentina drafts plans to cut its budget deficit to convince nervous investors it can pay its debts, President Mauricio Macri is under increasing pressure to reverse one of his signature policies, cutting farm export taxes.
RBS says 'planning for worst' in Brexit
The Royal Bank of Scotland warned Sunday that it is planning "for the worst" amid increased talk of no deal over Brexit. Chief executive Ross McEwan said RBS is setting up a new European subsidiary in Amsterdam to serve customers on the continent, but is awaiting for approval of its licences. With Britain and the European Union yet to agree on what their future relationship should look like, McEwan told the BBC that RBS may lose business without a deal. "If we don't get the right licences, and we don't get them in time, that could create major problems for our customers and for the bank," McEwan said. "We are planning, unfortunately, for the worst." McEwan said RBS had already deployed 150 staff to Amsterdam, and if regulators failed to approve trading licences for the operations, it would stop offering services to some of its European customers. "In the next couple of months, we're going to have to make some decisions... we're going to have to think about which European customers we .
External factors behind fuel price rise: Pradhan
Union Petroleum and Natural Gas Minister Dharmendra Pradhan Sunday blamed "external factors" for the rise in domestic prices of petrol and diesel, but said the increase is temporary. Talking to reporters on the sidelines of a conclave organised in Surat, Pradhan said the factors responsible for drop in production of crude oil have caused a spike in fuel prices in India. "I would like to mention two points, and both these subjects are external. OPEC (Organisation of the Petroleum Exporting Countries) had promised that it will raise production by one million barrels per day, which was not raised. "Apart from that, crises in countries like Venezuela and Iran are increasing. There is a pressure on oil prices due to decrease in production. Secondly, global currencies have weakened against the US dollar," he said. Pradhan was in Surat to inaugurate a textile and plastic investors conclave, where he addressed entrepreneurs, industry stake-holders and professionals from the plastic and ...
Chamber craves for one nationalised bank head office in Bihar
Bihar Chamber of Commerce and Industries (BCCI) has urged the Centre to set up at least one nationalised bank head office in the economically backward state of Bihar. The chamber also requested the Centre to consider appointing a representative director from Bihar in any of the 21 nationalised banks in the country. "Overall development of India is only possible when economically backward state like Bihar is developed at par with the economically advanced states, where banking sector also plays a major role," Chamber president P K Agrawal said in a release issued yesterday. Urging Prime Minister Narendra Modi and Finance Minister Arun Jaitley, Agrawal said that "for the benefit of the people of Bihar and all round development of the industries, business and economic activities of the state, there is a need to establish a nationalised bank head office and a representative director of the nationalised banks from the state." Agrawal said that currently there are 21 ...
India Inc's foreign borrowing rises 74pc to USD 2.18 bn in July
India Inc raised USD 2.18 billion from overseas markets in July through external commercial borrowing, up 74 per cent from a year ago, RBI data showed. In July 2017, the companies raised USD 1.89 billion by tapping foreign markets. Of the total borrowings (ECB), USD 1.75 billion was raised through automatic route and rest from approval route of the ECB. Reliance Jio Infocom was the only company to have raised over USD 1 billion via the approval route. Among the major borrowers in the automatic route included JSW Steel USD 165 million for modernisation project, Dewan Housing Finance Corporation USD 240 million for refinancing of earlier ECB and GE Diesel Locomotive USD 121 million for refinancing of rupee loan. Prodair Air Products India Ltd USD 72.28 million for new project and BMW India Financial Services USD 48.68 million for the purpose of on lending. No money was raised through the way of Rupee denominated bonds (RDB) during the month, showed the data.