Page 2690 - Business Finance

Trading volume of PSLCs up substantially: RBI

The Priority Sector Lending Certificates (PSLCs) scheme is gaining popularity as the total trading volume of the platform stood at Rs 1,843.3 billion at the end of last financial year, up from Rs 498 billion in the previous year, the Reserve Bank of India (RBI) said on Wednesday.

Karnataka to run electric-battery buses in Bengaluru

Karnataka would switch over to battery-driven electric buses in Bengaluru and phase out polluting diesel vehicles for public transport over the next five years, a senior Minister said on Wednesday.

Jet to introduce 28 new domestic flights

Jet Airways on Wednesday said that it will introduce 28 new flights in the coming month.

Global Markets: World stock index at 5-1/2-month high as tech rallies, trade fears wane

NEW YORK (Reuters) - A major global stock index jumped to 5-1/2-month highs on Wednesday as optimism on the potential for U.S. trade deals cleared the path for technology stocks to resume their leadership mantle.

AirAsia India to add two new routes; inducts 19th aircraft

Budget passenger carrier AirAsia India will commence two new routes from October 1.

Oil prices, interest rates to put pressure on India's fiscal deficit: Moody's

Global credit ratings, research and risk analysis firm Moody's Investors Service on Wednesday said higher oil prices and interest rates might put pressure on the India's fiscal and the current account deficit.

Sebi bars Vaidyalingam for 7 years from markets in MCX insider trading case

Sebi today barred former NSEL director Hariharan Vaidyalingam from securities market for seven years in the case of insider trading in the shares of Multi Commodity Exchange (MCX). Besides, the watchdog has directed that a copy of the ruling should be forwarded to the Monetary Authority of Singapore and the US Securities and Exchange Commission since Vaidyalingam is working in Singapore and currently residing there. In August 2017, Sebi passed an interim order against eight persons, including Vaidyalingam, and also directed impounding the losses averted by them in the trading of MCX shares. These persons were found to have traded in MCX shares with prior information about the National Spot Exchange Ltd (NSEL) case. The bourse, which was promoted by Financial Technologies India Ltd (FTIL), suspended its trading in July 2013 following a payment crisis. Both MCX and NSEL were part of the FTIL group. FTIL has changed its name to 63 Moons Technologies. In a 46-page order, Sebi today ...

Resurgent Power gets Letter of Intent to acquire 75% stake in PPGCL

PPGCL is a 3X660 MW coal-based power project in Uttar Pradesh

Peugeot warns of further production halts over gearbox shortage

PARIS (Reuters) - Production of PSA Group's Peugeot 308 compact car may suffer intermittent stoppages in coming weeks because of a shortage of gearboxes, the French carmaker said on Wednesday.

RInfra completes sale of Mumbai power business to Adani Group

Reliance Infrastructure (RInfra) on Wednesday said that it has completed the Rs 18,800-crore sale of its Mumbai integrated distribution business to Adani Transmission (ATL), which will help RInfra reduce its debt by nearly two-thirds to Rs 7,500 crore.

Nifty slips 46 points, ahead of F&O expiry

The NSE Nifty slipped by 46.60 points to 11,691.90 following hectic profit-booking in energy, media, infra and pharma sectors ahead of August F&O expiry due tomorrow. Rise in crude oil prices due to withholding of supply by Iran as well as a depreciating rupee too added to the negative sentiment. The Indian currency fell to a fresh record low of 70.65 per US dollar. After a volatile opening, Nifty were almost flat in morning trade following some range bound trading. It hit fresh intraday low in late trade as selling intensified. However, there was a strong upmove in the broader markets, with the Nifty Midcap index ending just around half a percent higher. The Nifty slipped 46.60 points or 0.40 per cent to end at 11,691.90. The Nifty rose 14.70 points at the day's high of 11,753.20 in early trade. The index fell 59.65 points, at the day's low of 11,678.85 in late trade. It saw an intra-day movement of about 74.35 points. On the sectoral front, Energy fell by 1.12 per cent followed .

Amazon, Alphabet lead Wall Street rally

(Reuters) - U.S. stocks rallied on Wednesday, with the S&P 500 and Nasdaq hitting all-time highs for the fourth session in a row, boosted by a jump in Amazon.com and Alphabet, and on optimism over trade talks between the United States and Canada.

EU ready for unprecedented deal with Britain, says Barnier

The EU is willing to strike an "ambitious" deal with post-Brexit Britain far beyond any agreements the bloc has made with other countries in the past, the European Union's top negotiator reiterated today. "We are ready... to propose a partnership like there has never been before with any other third country," Michel Barnier told a Berlin press conference alongside German Foreign Minister Heiko Maas. Such a deal could include "an ambitious free trade agreement" as well as cooperation in the areas of aviation, security and foreign policy. But he warned that any agreement had to respect "the four pillars" of the EU's cherished single market -- the free movement of people, goods, services and capital. "Single market means single market," Barnier said. With just seven months to go until Britain formally quits the EU, talks between Brussels and London on the exit terms have stalled. Last week, British finance minister Philip Hammond warned that a no-deal Brexit could have "large fiscal ...

Reliance to expand operations in U'khand

Reliance Industries CMD Mukesh Ambani today expressed keenness to invest in telecom, organic farming and hospitality sectors in Uttarakhand, an official release said. Discussing the possibilities of investment in Uttarakhand with Chief Minister Trivendra Singh Rawat at a roadshow in Mumbai, Ambani said he was keento provide internet connectivity instate schools and health centres besides expressing his willingness to offer support in creatingstorage facility for organic products. The operations of the Reliance Foundation will be expanded in the state, an official release quoting Ambani here said. There is great potential for organic vegetables and herbal products in Uttarakhand and we are willing to offer support in developing a back end chain for this, he said. On the request of the Chief Minister he spoke of extending support in the development of Badrinath on the lines of Kedarnath. Ambani also expressed his desire to invest in the field of tourism and hospitality, the release ...

Electrosteel reports net profit of Rs 927.96 crore for Apr-Jun qtr

Electrosteel Steels today reported a net profit of Rs 927.96 crore for the first quarter ended June 30. The company had posted a loss of Rs 242.19 crore in the year-ago period, Electrosteel Steels said in a BSE filing. The total income of the company increased to Rs 1,046.15 crore in April-June quarter over Rs 814.94 crore in the year-ago period, it said. Total expenses of the company during April-June quarter declined to Rs 974.46 crore, compared to Rs 1,134.63 crore. During the quarter, it said, that corporate insolvency resolution process initiated in July last year has been completed and "order to the effect approving the resolution plan submitted by Vedanta Ltd, one of the applicants, has been passed on April 17, 2018." The board of the company has been reconstituted on June 4 with nominees of Vedanta being inducted as member of the board.

Detection of counterfeit notes was 31% lower than previous year: RBI

The number of fake currency notes detected dropped by 31.4 per cent in 2017-18 compared to the previous year due to introduction of high security feature notes making counterfeit difficult, the RBI's annual report said. However, in case of Rs 100 denomination note, there was an increase of 35 per cent in counterfeit notes detected and a significant 154.3 per cent rise in counterfeit notes detected in the denomination of Rs 50, the annual report said. "In the Mahatma Gandhi (New) Series of banknotes in the denominations of Rs 500 and Rs 2000, counterfeit notes detected during 2017-18 were 9,892 and 17,929 as against 199 and 638, respectively during the previous year," the report said. "Counterfeit notes detected in specified bank notes decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1,000, respectively, as the same comprised only the residual part of SBN deposits processed during the year 2017-18," it added. Commenting on this, Economic Affairs Secretary S C .

Amtek Auto narrows net loss to Rs 80.2 cr in Oct-Dec 2017 qtr

Auto components maker Amtek Auto today reported a lower standalone net loss of Rs 80.21 crore for the quarter ended December 31, 2017. The company had posted a net loss of Rs 241.56 crore during the same period of previous fiscal. Its total revenue, however, declined to Rs 316.18 crore in the December 2017 quarter from Rs 458.6 crore in the year-ago period, Amtek said in a BSE filing. In July last year, NCLT had admitted insolvency proceedings initiated by a consortium of banks led by Corporation Bank. Under the resolution plan, UK-based Liberty House will acquire control in the company in accordance with the applicable laws. The resolution plan was voted upon (in April this year) and approved by the Committee of Creditors (CoC), which was further approved by National Company Law Tribunal (NCLT) in July, 2018. Accordingly, the financial results for the quarter and nine months ended December 31, 2017 have been continued to be prepared on a going concern basis, the filing said. It was ..

U.S. second-quarter GDP growth raised to 4.2 percent

WASHINGTON (Reuters) - U.S. economic growth was a bit stronger than initially thought in the second quarter, notching its best performance in nearly four years and putting the economy on track to hit the Trump administration's goal of 3 percent annual growth.

Jack Daniel's maker Brown-Forman lowers profit forecast as tariffs bite

(Reuters) - Brown-Forman Corp on Wednesday said tariffs would take a 6 cent bite out of its full-year profits and the Jack Daniel's maker does not expect raising prices to immediately offset the dent.

WB govt effects minor reshuffle of IAS officers

The West Bengal government today effected a minor reshuffle of four IAS officers, an official said. As per the notification Naveen Prakash, who had been discharging responsibilities as the Additional Chief Secretary - Irrigation and Waterways - has now been given the additional charge of Agriculture department, the official said. Nandini Chakraborty, who was secretary in the Agriculture department with additional charge of Food Processing Industry and Horticulture department, will now be the secretary, Food Processing Industries and Horticulture. Avanindra Singh the CEO of Kolkata Metropolitan Development Authority (KMDA) with additional charge of Programme Director, State NGRBA Programme Management Group (SPMG) and Chief Executive Officer (CEO), Sector VI, ITA will now be in charge of Directorate of Land Records and Surveys (DLRS) and District Election Officer, Kolkata South, the sources said. Sanjay Bansal, who was in charge of DLRS, has now been made the CEO KMDA ...