Page 2669 - Business Finance
Rajnath to inaugurate first homeland security and defence expo
Union Home Minister Rajnath Singh will inaugurate here a 3-day defence and homeland security expo on September 6. This is the first time such an event being organised.Pertinent issues related to homeland security and defence modernisation with exclusive partnership from the micro, small and medium exterprises (MSME) segment would be discussed and deliberated upon at great length with micro and macro detailing.Minister of State (MoS) Defence Subhash Ramrao Bhamre, MoS PMO Jitendra Singh and MoS Micro, Small and Medium Exterprises Giriraj Singh will also grace the occasion, presiding over different sessions on September 7.The expo is being organised for the first time under aegis of PHD Chamber of Commerce and Industry (PHDCCI) with collective partnership from the ministries of Defence, Home Affairs and MSMEs. By holding the expo, the attempt is to make leading policy makers and luminaries from diverse defence segments take part with special focus on MSMEs in defence production and ...
Eight core sectors grow by 6.6% in July
Eight core sectors grew by 6.6 per cent in July pushed by healthy output in coal, refinery products, cement and fertiliser. The eight core sector -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had registered a growth of 2.9 per cent in July last year. The output of coal, refinery products, fertiliser and cement grew by 9.7 per cent, 12.3 per cent, 1.3 per cent and 10.8 per cent respectively in July 2018. However, growth rate in production of crude oil and natural gas recorded negative growth in the month of July. On the other hand, steel sector expansion came down to 6 per cent, as against 9.4 per cent in July 2017. During the April-July period of the current fiscal, these 8 sectors grew by 5.8 per cent as against 2.6 per cent in the year-ago period. In June, they grew by 7.6 per cent.
Equities see muted trend for 3rd day; benchmark indices log 5th straight month gains
Indian equity benchmarks ended subdued for the third straight session today due to weakening global sentiment but registered gains for fifth straight month, the longest monthly rally since August 2016. On a weekly basis, both key indices Sensex and Nifty recorded their sixth straight week of gains by rising 393.27 points or 1.02 per cent, and 123.40 points or 1.07 per cent, respectively. The 30-share Sensex fell over 45 points today, extending third session of loss, as the September series derivatives contracts started on a somewhat weak note amid the rupee hitting the 71-mark for the first time ever. The NSE Nifty, however, edged slightly higher by 3.70 points. Muted global trend after a report that US President Donald Trump was preparing to impose more tariffs on China hurt trading sentiments here. The rupee crashed to a record low of 71 per dollar intra-day, tracking weakness in almost all other Asian peers following the latest round of US-China trade tensions and robust month-end .
Global funds raise stock allocations to four-month high
LONDON (Reuters) - Global investors raised their equity holdings to four-month highs in August, favouring Japan, a Reuters poll showed on Friday, with two-thirds also saying it was time to go back into emerging markets after another sell-off there.
India's April-July fiscal deficit at 86.5% of annual target
India's budgetary fiscal deficit for April-July in the current fiscal at Rs 5.40 lakh crore touched 86.5 per cent of the full year's target of Rs 6.24 lakh crore, official data showed on Friday.
'60% Indian, global investors to allocate $100m+ for
With several stressed assets up for grabs in recent times, nearly 60 per cent of investors in India and abroad plans to allocate over USD 100 million to distressed deals, according to CII-PwC report. PwC conducted a detailed survey among private equity funds, asset reconstruction companies and strategic investors, both in India and abroad-to collate investor perspectives. Around 60 per cent of respondents said that they are likely to allocate more than USD 100 million to distressed deals-which is significantly above the average M&A deal size over the last decade. India has seen M&A activity in excess of USD 120, 180 and 345 billion over the last three, five and ten years respectively, representing a CAGR of 13.2, 13.7 and 4 per cent for the respective periods. At the same time, inbound M&A accounted for 25, 23 and 29 per cent of the overall foreign direct investments into the country in the same period. M&A in FY18 alone accounted for 6 per cent of the ...
Exclusive: Third Point seeks to tap Campbell Soup board challengers - sources
(Reuters) - Activist investor Daniel Loeb's hedge fund Third Point LLC is speaking to consumer industry executives as it seeks to fill a slate of nominees to challenge Campbell Soup Co's board of directors, according to people familiar with the matter.
L&T to seek shareholders' nod to buyback shares worth up to Rs 9K cr
Larsen & Toubro (L&T) today said that it will seek the approval of shareholders to buy back shares worth up to Rs 9,000 crore. "Notice is hereby given...to seek approval of the shareholders for buyback of equity shares, proposed to be passed as a special resolution by the members of Larsen & Toubro Ltd by way of postal ballot," the company said in a notice to shareholders. "The total number of equity shares to be bought back would hence be 6,00,00,000 equity shares..," it said. On the objective behind the buyback, the company said that L&T is currently following an asset-light business model, hence any significant investments which may utilise the cash is not envisaged. The board of directors of the company at its meeting held on August 23, "approved buyback of fully paid-up equity Shares of face value of Rs 2...at a price not exceeding Rs 1500 per equity share payable (final price to be decided by the Buyback Committee) in cash for an aggregate consideration not ...
Shanghai exchange welcomes firms listed in London to issue CDR in China
BEIJING (Reuters) - The Shanghai Stock Exchange said on Friday it welcomes firms listed on the London Stock Exchange issuing Chinese Depository Receipts (CDRs) in China.
We are bullish on evolving Indian market: Prysm CEO
As Indian users seek immersive viewing experiences, US-based display and visual collaboration solutions provider Prysm Inc is witnessing a lot of excitement among its partners and customers in the country, the company's CEO said on Friday.
Govt finances show improvement in July
Government's finances have shown improvement in July with fiscal deficit at 86.5 per cent of the Budget Estimate (BE), mainly on account of higher revenue collection, as per an official data. The deficit was at 92.4 per cent of BE at July-end of the last financial year. In actual terms, the fiscal deficit or gap between the total expenditure and receipts was Rs 5.4 lakh crore in the first four months of 2018-19 financial year. The government has budgeted to cut fiscal deficit to 3.3 per cent of GDP in 2018-19 from 3.53 per cent in the previous year. The fiscal deficit target for 2018-19 is Rs 6.24 lakh crore. As per the data released by the Controller General of Accounts (CGA), the tax collection (net) at end-July was Rs 2.92 lakh crore or 19.8 per cent of BE. The total receipts of the government during April-July 2018 were Rs 3.49 lakh crore or 19.2 per cent of BE. In the similar period of 2017-18, the collection was 19 per cent of BE. The CGA data showed that total expenditure ...
NSIC Integrated Marketing Development Centre for MSMEs inaugurated in Bhubaneshwar
Dharmendra Pradhan, Minister of Petroleum and Natural Gas and Skill Development and Entrepreneurship; Jual Oram, Minister of Tribal Affairs; Giriraj Singh, MoS (IC) for Ministry of MSME, in the presence of Ravindra Nath, CMD, National Small Industries Corporation (NSIC) and Dr. A. K. Panda, Secretary, MSME inaugurate NSIC - Integrated Marketing Development Centre named as "Dharampad Bhawan".The Dharampad is the NSIC's largest office building in eastern India, Dharampad Bhawan, which is an Integrated Marketing Development Centre (IMDC). It is a 3-star GRIHA rated green building, having a built-up area of approx. 1,10,000 sq. ft. and is located in Mancheswar Industrial Area, Bhubaneswar.The new building will be having offices of various agencies like National Skill Development Corporation (NSDC), National Skill Training Institute (NSTI), etc. which will be working with NSIC for providing integrated support to various MSMEs including SC/ST MSMEs. It will also have NSIC's National SC-ST ..
Extended IT returns filing deadline ends
Over five crore income-tax returns have been filed ahead of the extended August 31 deadline this year, officials said on Friday.
Yes Bank shares continue to fall; drop over 5%
Shares of Yes Bank continued to fall for the fourth straight session and ended with over 5 per cent loss, a day after the company said it has received RBI's approval for continuance of Rana Kapoor as MD and CEO of the company till further notice from the central bank. The stock dropped 5.11 per cent to end at Rs 343.40 on BSE. During the day, it cracked 6.6 per cent to Rs 338. On NSE, shares of the company tumbled 5.18 per cent to close at Rs 343. In terms of equity volume, 49.74 lakh shares of the company were traded on BSE and over 8 crore shares changed hands on NSE during the day. In four trading sessions, the stock slumped 10.36 per cent, wiping out Rs 9,069.93 crore from its market valuation to Rs 79,261.07 crore on BSE. In June this year, Yes Bank's shareholders had approved the re-appointment of Kapoor as CEO and MD for three years, subject to final approval from the Reserve Bank. "We wish to inform you that the bank has received RBI's approval that Rana Kapoor may continue as
Ramky Infrastructure enters deal to sell its entire stake in NAM Expressway
For consideration of Rs 140 crore
Cong blames Centre's 'failed' policies for depreciation of rupee
The Congress today blamed the "failed" economic policies of the Narendra Modi government for the depreciation of Indian rupee to a record low of Rs 71 against the dollar, adding that the country's economy was sinking under the current dispensation. Congress chief spokesperson Randeep Surjewala said the failed "Modinomics" has dealt a body blow to the economy. "The truth is that the Modi government has systematically weakened our economy and deliberate accidents like the 'Disaster of Demonetisation', implementation of a 'flawed' Goods and Services Tax (GST), weakening the banking sector and 'tax terrorism' are squarely responsible for this," he said. "The rupee is in ICU. the Modi government is in the last lap. All the tall promises made by Narendra Modi during the 2014 Lok Sabha elections have disappeared from the Bhartiya Janata Party's (BJP) narrative," Surjewala said. "What the Congress could not achieve in 60 years, Modi and his flawed economic policies have achieved in just 60 ...
Jindal Stainless looks at 15-20% revenue growth in 2018-19
Jindal Stainless Group, which is planning to ramp up its capacity, is looking at a 15-20 per cent growth in revenue in the current financial year, an official said on Friday.
Nifty, Sensex end steady on tepid global sentiment
(Reuters) - Indian shares ended little changed on Friday, as global sentiment remained muted after U.S. President Donald Trump made fresh trade threats against China, while gains in tech and healthcare were offset by losses in energy and financial stocks.
Sensex extends losses as new F&O series opens subdued, rupee worries continue
The BSE Sensex fell over 45 points today, extending third session of losses, as the September series derivatives contracts started on a somewhat weak note amid the rupee hitting the 71-mark for the first time ever. However, the NSE Nifty edged slightly higher by 3.70 points. Muted global sentiment after a report that US President Donald Trump was preparing to impose more tariffs on China mainly hurt trading activities here. The rupee crashed to a record low of 71 per dollar intra-day, tracking weakness in almost all other Asian peers following the latest round of US-China trade tensions and robust month-end demand for the American currency from oil importers. A general caution prevailed in the market today with all eyes on GDP data for the June quarter as the Sensex closed in the negative terrain for the third straight day. The quarterly GDP growth numbers will be released after market hours today. On a weekly basis, both key indices Sensex and Nifty recorded their sixth straight week
Weak rupee depress equity indices
The key Indian equity indices closed in the red on Friday owing to a weak rupee along with a declining trend in global indices.