Page 2681 - Business Finance
MCXCCL to begin operations from Sep 3
Multi-Commodity Exchange Clearing Corporation (MCXCCL), a wholly owned subsidiary of MCX, will commence operations from September 3, thus becoming the first clearing corporation in the commodity derivatives market in the country. MCXCCL will provide secure counterparty risk management and post-trade services that would help mitigate risks. It will be the central counterparty for all trades executed on the MCX platform, the exchange said today. ***************** Max Life-Axis bancassurance partnership crosses Rs 10k-cr biz * Max Life Insurance has said its new policy sales through the bancassurance partnership with Axis Bank has grossed over Rs 10,000 crore in new premium since inception of the partnership in 2010 by adding over 15 lakh customers. The total individual sum assured stands at over Rs 88,960 crore, while it has collected a total premium of over Rs 24,000 crore since inception, the insurer said in a statement today. ***************** M&M rolls out 1 lakh
Board of Suncare Traders approves bonus issue
At meeting held on 30 August 2018
Wall Street opens lower as China trade worries linger
(Reuters) - U.S. stocks opened lower on Thursday, halting a four-day record run for the S&P 500 and the Nasdaq indexes, as optimism over U.S.-Canada trade talks was overshadowed by concerns over Washington's tariff dispute with China.
DeMo reduced cash transactions, says Niti Aayog VC
Demonetisation of high value currency in November 2016 helped reduce cash transaction and encouraged digital payments, Niti Aayog Vice-Chairman Rajiv Kumar said today. As per the RBI Annual Report released yesterday, 99.3 per cent of the demonetised Rs 500 and Rs 1,000 notes were returned to the banking system. At the time of demonetisation, which among other things aimed at checking black money, about 86-87 per cent of the total currency in circulation was in the form of Rs 500 and Rs 1,000 notes. "Who said the aim of demonetisation was to get back less money? Demonetisation has impacted the markets and market psychology. How much transaction used to take place in cash (before the note ban), and what is the position now?", Kumar said replying to media queries on the sidelines of an event. To another question, he said the government was committed to fiscal discipline and pointed out that the Prime Minister resisted the pressure to cut down excise duty on fuel while the oil prices were
Money "hidden in bathrooms" have returned to banking system:VP
Money hidden in "bathrooms and bedrooms" have made their way back into the banking system due to the demonetisation exercise, Vice-President M Venkaiah Naidu said today, acknowledging the role of Jan Dhan accounts. Referring to the RBI report that said 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, Naidu said he wondered why people were worried over it. He said he was really happy that almost the entire money has come back into the banking system. "The money which was there in 'bathrooms and bedrooms' has come back to banks.My simple point is money has come back. How much out of it is black or white, it is the duty of RBI and Income Tax and they will verify," Naidu said. "If people want to convert black into white...that also is allowed by Parliament..pay the tax..add to the revenue so that the money can be spent for the people," he said. Some people had criticised the Jan Dhan scheme, questioning its need when people have no ...
AP to give 5L smartphones to 'Saadhikara Mitras'
The Andhra Pradesh government is in the process of buying 5 lakh smart phones that will be used by 'Saadhikara Mitras' to create public awareness about its various welfare schemes, officials said today. 'Saadhikara Mitras' are women from self-help groups and each is in charge of 35 households. Their responsibility is to act as a bridge between families under their charge and the government. Going by the features specified for the mobile handset, the government will spend somewhere between Rs 250 crore and Rs 500 crore for purchasing these phones and the money will be paid in 12 equated monthly instalments to the successful bidder, a top official said. Besides, the government will also pay at least Rs 30 crore annually towards monthly usage charge of Rs 50 for each connection. Andhra Pradesh Technology Services (APTS), which functions under the Information Technology Department, has been appointed the bid management agency for procurement and the tender was floated on ...
Nifty ends below 11,700-mark
The NSE Nifty declined by another 15 points to 11,676.80 as gains in FMCG, pharma and metal were offset by losses mainly in financial service, energy and auto sectors in a volatile trade due to expiry of derivatives contracts at the end of the session. Month-end dollar demand from importers and a slide in other currencies weighed on the rupee which hit fresh record low at 70.90 early today against US dollar, pressured by rising crude oil prices. Trading was volatile as traders rolled over positions in the F&O segment from the August 2018 series to September 2018. The August 2018 F&O contracts expired today. Broader market settled with decent gains. Overseas, European stocks were lower as investors continued to monitor global trade talks and corporate earnings. Asian stocks gave up earlier gains and fell as concerns persist over the development of the Sino-US trade spat. The Nifty eased 15.10 points, or 0.13 per cent, to end at 11,676.80. The index hit a high of 11,698.80 and ..
Gold dips on firmer dollar, palladium hits 10-week peak
LONDON (Reuters) - A slightly firmer dollar weighed on gold on Thursday, but prices were expected to continue to rebound in coming weeks from steep losses earlier this month.
GST will benefit economy, honest tax-payers: Prez
Expressing satisfaction over the successful implementation of the GST, President Ram Nath Kovind said today the new tax regime will benefit the economy and honest tax payers. Addressing a group of probationers of the Indian Revenue Service (Customs and Central Excise), he said a nation's tax structure should be just, efficient, honest and equitable. Kovind said the government last year introduced the Goods and Services Tax, the most comprehensive tax reform ever seen by the nation. He said it was the Indian Revenue Service that had the responsibility of making sure that this mega reform was implemented across the nation and the tax assessees were properly educated about the new system. "It is a matter of satisfaction that the GST regime has been implemented with success, ushering in a progressive tax structure that will benefit the economy and the honest tax-payers. You must build on this good start by working with all stakeholders for ensuring an efficient tax regime," the president .
Green certificate sales on IEX, PXIL down 49.34 pc at 8.19 lakh in August
Sales of renewable energy certificates (RECs) declined by 49.34 per cent to 8.19 lakh units on the Indian Energy Exchange (IEX) and Power Exchange of India (PXIL) in August, compared to 16.18 lakh in July this year. The Renewable Purchase Obligation (RPO) is mandated by central/state regulatory commission and is applicable to power distribution companies, open access consumer and captive consumers. They are under obligation to buy RECs from renewable energy producers to meet this norm. The auction of RECs is conducted once by the two exchanges on the last Wednesday of every month. IEX and PXIL sold 3,11,797 and 5,07,811 RECs, respectively, totalling 8,19,608 RECs for the month of August in the auction conducted yesterday, as per the official data released by the exchanges. In July this year, the PXIL and IEX sold 6,17,757 and 10,00,312 RECs respectively, totalling 16,18,069 RECs, as per data available on both the exchanges. "The PXIL successfully conducted REC trading for the month of
Consumer spending rises strongly; inflation firming
WASHINGTON (Reuters) - U.S. consumer spending increased solidly in July, pointing to strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve's 2 percent target for the third time this year.
China's ZTE sees third-quarter profit after first-half loss on U.S. supplier ban
HONG KONG (Reuters) - China's ZTE Corp said it expects to make a profit in the third quarter after recording its worst-ever first-half net loss on Thursday, the result of a U.S. supplier ban that forced the telecoms gear maker to halt operations for three months.
NBFC-MFIs post over 50 pc YoY growth in Q1 FY19
NBFC microfinance institutions posted more than 50 per cent growth in gross loan portfolio at Rs 51,878 crore in April-June compared to the same period of last year, industry body Microfinance Institutions Network (MFIN) said today. The Gross Loan Portfolio (GLP) Non-Banking Finance Company-Microfinance Institutions (NBFC-MFIs), excluding Business Correspondent portfolio stood at Rs 47,650 crore, the MFIN, which is the self-regulatory organisation (SRO) for the microfinance industry, said in a release. During the first quarter of the fiscal, NBFC-MFIs disbursed 76 lakh loans worth Rs 17,836 crore witnessing a growth of 36 per cent in number of loans disbursed and 52 per cent in loan amount disbursed. Overall microfinance industry has grown by 39 per cent year-on-year in April-June quarter of the fiscal and total size of the microfinance industry stands at Rs 1,48,097 crore, the MFIN said. "Microfinance industry has gained pace, showcasing promising growth in the past quarters. As we ..
Nullifying non-deposited currency was not the only aim: Jaitley on demonetisation
A day after the RBI revealed that 99.3 per cent of the demonetised currency was returned to the banks, Finance Minister Arun Jaitley on Thursday said the invalidation of the non-deposited currency was not the only objective of the noteban.
Ola announces think tank for mobility research
Ride-sharing provider Ola on Thursday announced a policy research and social innovation unit called "Ola Mobility Institute".
PM to inaugurate Uttarakhand's maiden investors summit on Oct 7
Prime Minister Narendra Modi will inaugurate on October 7 the Uttarakand's maiden investors summit in Dehradun where the state will showcase various investment opportunities in the existing as well as newer sectors such as wellness and medical. The 'Destination Uttarakhand: Investors Summit' will be held on October 7-8. A five-day roadshow covering five metro cities culminated here today in Delhi with Chief Minister Trivendra Singh Rawat assuring investors of providing an enabling environment to do business in the state. Earlier, the state organised similar roadshows in Bengaluru, Hyderabad, Ahmedabad and Mumbai, from August 22-29. The state's first ever investor summit will be organised at Dehradun and will be inaugurated by Prime Minister Narendra Modi, according to an official release. Rawat invited suggestions and inputs from various stakeholders, including the industry, on how to improve the business environment in the state and what more can be done to boost investments. "We are
Greaves Cotton shares jump nearly 8 pc on Ampere deal
Shares of powertrains and genset maker Greaves Cotton today surged nearly 8 per cent as the company signed an agreement to acquire a majority stake in electric vehicle maker Ampere Vehicles which boasts of Ratan Tata as an investor. The stock soared 7.81 per cent to end at Rs 158.10 on the BSE. During the day, it jumped 12.20 per cent to Rs 164.55 -- its 52-week high. On the NSE, shares of the company climbed 7.57 per cent to end at Rs 158.30. In terms of the equity volume, 9 lakh shares of the company were traded on the BSE and over 85 lakh shares changed hands on the NSE during the day. Though the company did not disclose the value of the deal, sources told PTI that Greaves Cotton will pay Rs 77 crore for a 67 per cent stake in the Coimbatore-based firm which was set up a decade ago.
'Enterprise information security spends to hit $1.9 bn in '19'
Spending on information security products and services by companies in the country is expected to touch USD 1.9 billion in 2019 as they focus on building detection and response capabilities, a report said today. It is on pace to reach USD 1.7 billion in 2018, an increase of 12.5 per cent over 2017, according to the latest forecast from Gartner. "Continued focus on building detection and response capabilities are bolstering security spending in India," said Siddharth Deshpande, research director, Gartner. Highly publicised and high-impact security incidents like the recent cyber theft at Pune-based Cosmos Bank, reinforce the need for organisations to treat security and risk management as a top business priority. Existing global data privacy regulations like the general data protection regulation (GDPR), as well as upcoming national-level regulations like the country's proposed personal data protection bill, are also raising awareness of security and risk management ...
IDFC IPO matter: Sebi imposes Rs 5 lakh fine on individual
Sebi today slapped Rs 5 lakh fine on an individual for failing to comply with its direction to disgorge unlawful gains made during the initial public offer of IDFC. The regulator had passed an order in December 2008 pertaining to the dealings by one Deepakkumar Shantilal Jain in the IPO of IDFC Ltd and directed him to disgorge the unlawful gain of Rs 54.77 lakh within 45 days, along with an annual interest of 10 per cent from the date of listing (August 12, 2005) of the firm till the date of payment. In a fresh ruling, Sebi said Jain "has not paid the disgorgement amount" along with interest thereon at the rate of 10 per cent per annum from August 12, 2005, till the date of payment and "failed to comply" with the directions issued by it through December 2008 order. However, the regulator noted that Jain has paid Rs 35.40 lakh towards the disgorgement amount and the balance amount of Rs 19.37 lakh along with the interest of 10 per cent is yet to be paid by him. Taking a "lenient view" .
U.S. consumer spending increases strongly; inflation rising
U.S. consumer spending increased solidly in July, pointing to strong economic growth early in the third quarter, while a measure of underlying inflation hit the Federal Reserve's 2 percent target for the third time this year.