Page 2661 - Business Finance
Italy, after Fitch cuts outlook, vows to respect EU commitments
ROME (Reuters) - Italy will respect European Union budget commitments and address the concerns of credit ratings agencies like Fitch - which cut the outlook for Italian debt - with concrete policy choices in coming weeks, the economy minister said on Saturday.
Hotel Leelaventure gets shareholders nod to sell land in Pune for Rs 130 crore
Hotel Leelaventure on Saturday said its shareholders have given their consent to sell the company's land in Pune to Leela Lace Holdings Pvt Ltd for a consideration of Rs 130 crore. Consent of the members is hereby accorded to the board of directors of the company to sell 34,102 sq mtr of land owned by the company in Yerwada, Pune to Leela Lace Holdings Pvt Ltd, a related party, for a consideration of Rs 130 crore, Hotel Leelaventure said in a filing to the BSE. The sale is on as is where is basis and on such terms and conditions as may be agreed to by the Board and Leela Lace Holdings Pvt Ltd, it added. The resolution was passed with 88.34 per cent of votes favouring the resolution for sale while 11.66 per cent votes were against it.
Hyundai sales up 3.4% to 61,912 units in August
Hyundai Motor India Ltd (HMIL) Saturday reported a 3.4 per cent increase in total sales at 61,912 units in August. The company had sold 59,905 units in August 2017, HMIL said in a statement. HMIL National Sales Head Vikas Jain said, "Hyundai continues to register strong growth in export markets with 25.8 per cent and a total volume of 61,912 units and overall 3.4 per cent on the strong performance of GRAND i10, New ELITE i20 and New 2018 CRETA - Each continuing to cross over 10,000 sales mark consistently". Its domestic sales fell by 2.8 per cent at 45,801 units in August as against 47,103 in August 2017. HMIL's exports jumped 25.8 per cent to 16,111 units as against 12,802 units in August last year.
VECV sales up 32.7 pc in August
VE Commercial Vehicles, a joint venture between Volvo Group and Eicher Motors, Saturday reported 32.7 per cent rise in sales in August this year to 6,069 units. The company had posted sales of 4,571 units in August 2017, VE Commercial Vehicles (VCEV) said in a statement. The sales of 6,069 units includes 5,948 units of Eicher brand and 121 units of Volvo brand, it added. "Eicher branded trucks and buses have recorded sales of 5,948 units in August 2018 as compared to 4,521 units in August 2017, representing a growth of 31.6 per cent," VCEV said. Volvo Trucks recorded sales of 121 units in August 2018 as compared to 50 units in the year ago period, it added.
China Party journal warns of trade war's impact on financial stability
SHANGHAI (Reuters) - A Chinese Communist Party journal said on Saturday that the country may experience near-term pain from trade friction with the United States, including a negative impact on financial stability, but China's stable growth trend would not change.
R. Madhavan takes charge as new HAL chairman
R. Madhavan took charge as the new chairman and managing director of state-run Hindustan Aeronautics Limited (HAL) on Saturday, a statement said.
Netmeds secures USD 35 Mn in Series C funding
Netmeds, online pharmacy on Saturday announced securing funding worth USD 35 million from Daun Penh's investment holding and existing investors.Hailing the fresh funding, Pradeep Dadha, CEO and Founder Netmeds.com said the money would be used to ensure that the company "stayed the course" with regard to the extraordinary double-digit month-on-month growth it has enjoyed since inception."Daun Penh was joined in the round by the existing investors Sistema Asia Fund, and Tanncam Investment. MAPE, the Indian investment bank which has been involved with Netmeds since inception teamed with co-arranger Cambodian Investment Management for this Series C funding round," added Dadha."Netmeds team will use the new funds "to both increase awareness through marketing efforts as well as to enhance the customer experience, which means more stock, more FC's and expedited deliveries," he added.He iterated that the company fully expects, and are prepared to welcome millions of Indians as members of the
MOIL revises manganese ore rates
State-run MOIL has revised the rates of various grades of manganese ore and other products. The fixed/revised prices of different grades of manganese ore and other products are effective from September 1, 2018, the MOIL said in a statement. Providing the details, it said the prices of ferro grade has increased by 5 per cent. "The prices of SMGR, Chemical Grade and Fines have been continued as prevailing since August 1, 2018. However, a discount at the rate of 10 per cent will be offered on the prices effective from September 1, 2018 on specific grades of material (BGL523, DBL456 and& DBL457)," it added. MOIL said on sales of BGF534, existing discount of 5 per cent during August, 2018 is increased to 10 per cent for dispatches during September' 2018.
Tata Motors domestic sales up 27 pc at 58,262 units in August
Tata Motors reported Saturday 27 per cent increase in domestic sales at 58,262 units in August as compared to 45,906 units in the same month last year. Domestic passenger vehicle (PV) sales were up 28 per cent to 18,420 units compared to 14,340 units last year, the company said in a statement. The company said its commercial vehicles (CV) sales in the domestic market stood at 39,859 units in August as against 31,566 units in Aug 2017, a growth of 26 per cent. Total exports (from CV and PV) during the month stood at 5,478 units compared to 3,082 units last year, a growth of 78 per cent.
'Interesting possibilities for new business ventures in China'
Shanghai, Sep 1 (IANS/AKI) Strong potential exists for Italian companies forging new business partnerships in China, Italy's Economy Minister Giovanni Tria has said during a six-day visit to boost bilateral financial and trade ties here.
Omkar Realtors sells nearly Rs 400 cr worth flats to NRIs in FY18, opens offices in Dubai, Singapore
Mumbai-based Omkar Realtors on Saturday said the company sold nearly Rs 400 crore worth properties last fiscal year to NRIs and it has opened own office in Dubai and Singapore to cater to demand rise. The company plans to open offices in the US and London property markets as well to achieve the targeted sales booking of Rs 450 crore this fiscal year. "Sales to NRIs (non-resident Indians) contribute about 20 per cent of our overall sales bookings," Omkar Realtors Senior Vice President Rahul Maroo told PTI. He said the NRIs from UAE and Gulf Cooperation Council (GCC) contributed to almost 60 per cent of overseas sales bookings while the balance 40 per cent were booked by NRIs from Singapore, the US, Hongkong and the UK. "We have opened our own offices in Dubai to cater to UAE and GCC NRIs and Singapore for NRIs in Hongkong and Jakarta," Maroo said. He said the company expects sales bookings of Rs 450 crore this fiscal from NRI community. "We will soon open our own offices in the US and .
Gold maintains upward trend on global cues, jeweller-buying
Gold prices edged up by Rs 10 to Rs 31,350 per 10 grams at the bullion market Saturday, extending its rising streak for the third straight day, tracking a firm trend overseas amid continued buying by local jewellers. Silver also hardened by Rs 50 to Rs 38,350 per kg backed on increased offtake by industrial units. Traders said apart from a firm trend overseas, steady inflow of buying by local jewellers to meet the ongoing festive season demand at the domestic spot market kept gold prices higher. Globally, gold rose 0.10 per cent to USD 1,200.80 an ounce in New York in yesterday's trade. In the national capital, gold of 99.9 per cent and 99.5 per cent purity edged up by Rs 10 each to Rs 31,350 and Rs 31,200 per 10 grams, respectively. The metal had gained Rs 260 in last two days. Sovereign gold, however, remained flat at Rs 24,500 per piece of eight grams. Silver ready rose by 50 to Rs 38,350 per kg and weekly-based delivery by Rs 160 to Rs 37,115 per kg. But, silver coins remained ...
Ford India sales jump 31.18% to 20,648 units in August
Ford India reported Saturday 31.18 per cent jump in total sales at 20,648 units in August this year. The company had sold 15,740 units in the same month last year, Ford India said in a statement. Domestic sales were 3.40 per cent to 8,042 units last month as against 7,777 in August last year, it said. Exports during the month jumped 58.30 per cent to 12,606 units compared to 7,963 in August 2016. Ford said its employees and dealership teams came together in support of Kerala and contributed close to Rs 1.6 crore for relief and rehabilitation efforts.
Adani fails to keep Sep 1 date with Vizhinjam port
Private multi-port operator Gautam Adani failed to keep his September 1 promise of berthing the first ship from the Vizhinjam Port, near here, on Saturday. A tremendous ammount of work still remains.
Gujarat connects 15 lakh households through PNG
Gujarat has connected close to 15 lakh households through a well-developed Piped Natural Gas Network (PNG) said Saurabh Patel, Minister (Energy), Gujarat, while adding that "those who are unable to digest the success of Gujarat State Petroleum Corporation Limited (GSPC) have been thoughtlessly opposing various activities of GSPC."In a press conference, Patel also stated that Gujarat is the only state in India which has developed a Natural Gas Based Economy owing to long-term vision of the State Government."GSPC is the second largest gas trading company in the country. Its subsidiary Gujarat State Petronet Ltd (GSPL) is the second largest gas transportation company in the country and another subsidiary Gujarat Gas Ltd. (GGL) is India's largest city gas distribution company," he added.He added that under the able leadership of the State Government, GSPC Group has been able to establish a robust natural gas infrastructure to ensure availability of piped natural gas and CNG to millions of
Rupee devaluation, international market responsible for fuel prices hike: Pradhan
Rise in crude oil price in the international market and devaluation of the Indian rupee against the US Dollar, are two factors responsible for hike in fuel prices in the country, claimed Union Minister for Petroleum and Natural Gas Dharmendra Pradhan on Saturday.Pradhan told ANI that the Centre is concerned about the escalating prices of petrol and diesel across the nation."Such situation has arisen due to the rise in crude oil price in the international market and devaluation of the Indian rupee against US Dollar. The Indian government is concerned about it," he said.Fuel prices continued to rise on Saturday, with petrol and diesel prices touching a new record high in several metropolitan cities, including Delhi and Mumbai.The price of petrol has been increased to Rs 78.68 per litre in Delhi, against Rs. 78.52 on Friday, while diesel is being retailed at Rs. 70.42 per litre. In Mumbai, petrol is being sold at Rs 86.09 per litre (increased by Rs 0.16 per litre), while diesel spurted ..
Escorts Agri Machinery sales up 4.9% in August
Indian farm equipment manufacturer Escorts Agri Machinery Saturday reported a 4.9 per cent rise in tractor sales at 4,812 units in August. It had sold 4,587 tractor units in August 2017. Escorts Agri Machinery sold 4,674 tractor units in the domestic market in August, up 6.3 per cent, as against 4,398 tractor units in August 2017. Exports for the month of August 2018, however, fell by 27 per cent, to 138 units as against 189 units in August 2017.
Texel Industries takes warehouse facility on rent
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Palmolein, soyabean oils up on retailers' demand
Prices of palmolein and soyabean oils rose by Rs 50 per quintal at the wholesale oils and oilseeds market today on scattered demand from retailers. Furthermore, castor oil in the non-edible section also recovered on increased offtake by consuming industries. Traders attributed the rise in palmolein and soyabean oil prices to mild demand from retailers against restricted arrivals from producing belts. In the national capital, palmolein (rbd) and palmolein (Kandla) oils hardened by Rs 50 each to Rs 6,750 and Rs 6,800 per quintal, respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also enquired higher by a similar margin to Rs 7,700 and Rs 7,300 per quintal, respectively. In the non-edible section, castor oil bounced back by Rs 100 to Rs 7,300-7,400 per quintal. Following are today's quotations (in Rs per quintal): Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900, Vanaspati Ghee (15-litre tin) Rs 800-1,000. Edible oils: Groundnut
R. Madhavan joins as new HAL CMD
R. Madhavan on Saturday took charge as the new Chairman and Managing Director of Hindustan Aeronautics Limited (HAL), the state-owned Indian aerospace and defence company headquartered in Bengaluru.