Page 2696 - Business Finance
Cong demands PM apology after RBI says 99.3 pc junked notes returned to system
The Congress today demanded an apology from Prime Minister Narendra Modi for allegedly lying to the country, after the RBI said 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system. Hitting out at the Centre, the opposition party said India had to pay a "huge price" for demonetising a bulk of currency, announced suddenly by Modi on November 8, 2016. Former finance minister P Chidambaram said more than 100 lives were lost and lakhs of jobs were destroyed due to closure of businesses after demonetisation. The Indian economy lost 1.5 per cent of GDP growth that accounted for a loss of Rs 2.25 lakh crore a year, he said. Congress chief spokesperson Randeep Surjewala said the prime minister in his 2017 Independence Day speech had claimed that more than Rs 3 lakh crore unaccounted money will come back to the system. "Modiji, will you apologise for that lie now?" Surjewala asked. "(The) RBI report again proves that demonetisation was 'Modi-made disaster' .
Pernod Ricard profit growth outlook lags expectations
PARIS (Reuters) - French spirits maker Pernod Ricard has predicted lower than expected profit growth in the current financial year, briefly knocking its shares to a four-month low.
Hyundai to ship China-made cars to Southeast Asia amid erratic sales recovery
SEOUL/BEIJING (Reuters) - Hyundai Motor Co plans to ship China-made cars to Southeast Asia, its China joint venture and two people familiar with the matter told Reuters, as a plunge in Chinese sales has left much of its massive local manufacturing capacity idled.
Exclusive: Five companies to deliver oil through Shanghai crude futures contract for September - sources
BEIJING/SINGAPORE (Reuters) - Five companies will deliver crude next month to buyers through the Shanghai International Energy Exchange's (INE) oil futures, the first physical settlement of the contract that China hopes will compete with global benchmarks.
Sensex ends lower as energy stocks drag
(Reuters) - Indian shares ended lower on Wednesday, following two successive record closing highs, dragged by energy giants such as Reliance Industries Ltd and Coal India Ltd.
Onion, potato & tomato output drops slightly in 2017-18
Production of onion, potato and tomato has fallen marginally in the 2017-18 crop year ended June 30, agriculture ministry said today. As per the ministry's third advance estimate, onion output is likely to be around 22 million tonnes (MT) during the reported period, lower than 22.4 MT in 2016-17. Similarly, potato production is estimated to remain flat at 48.5 MT as against 48.6 MT in 2016-17, while tomato output is projected at 19.4 MT as against 20.7 MT earlier. However, the overall production of vegetables is estimated to be higher by one per cent to 179.7 MT over the previous year, the data showed. In case of fruits, the output is projected at 97 MT, higher by 4.5 per cent from the previous year. Total horticulture production is estimated at 306.8 MT, up 2.05 per cent from 2016-17. The third advance estimate for horticulture crops have been prepared on the basis of information received from state departments and agencies like Directorate of Areca nut and Spices Development (DASD),
Sensex drops 173 points after scaling new high; Re hit record low
Market benchmark BSE Sensex retreated from record high levels to settle down by 173 points today due to profit booking in Reliance Industries, HDFC and Infosys after recent gains. The 30-share index hit an all-time intra-day high of 38,989.65 at the outset but the market lost steam as investors prefered to book profits after three straight days of gains. The BSE barometer dropped to a low of 38,679.57 points towards the fag-end before settling at 38,722.93 points, down by 173.70 points, or 0.45 per cent over the last close. Also, the NSE Nifty index in choppy movements finished lower by 46.60 points, or 0.40 per cent, at 11,691.90. Intra-day, it hit a high of 11,753.20 and a low of 11,678.85. The Nifty had risen by 181.40 points or 1.54 per cent in the past two days of gain and scale a lifetime high (intra-day) of 11,760.20 and closed at the record at 11,738.50 yesterday. The rupee plunged to a record low of 70.57 (intra-day) to the dollar, largely on strong month-end demand from ...
Indian Economy Witnessing Acceleration, Corporate Sales Growth Robust Says RBI
In an unsettled international environment, incoming data configure favourable conditions for an acceleration of activity in the Indian economy, the Reserve Bank Of India (RBI) noted in its latest Annual Report released today. The initial lull in the progress of the southwest monsoon got reversed, including in the spatial dispersion, and in response, cropping gaps are closing. Overall, agricultural production is likely to remain strong for the third consecutive year. Meanwhile, growth impulses in industry are strengthening, propelled by a sustained pick-up in manufacturing and mining activity, especially coal. Corporates are reporting robust sales growth and improvement in profitability as pricing power returns. Services sector activity is also set to gather pace, as high frequency indicators suggest. Revenue-earning freight traffic of railways has picked up, driven by stepped-up movement in coal, fertiliser and cement.
Cabinet okays MoU between India, US insurance regulators
The Union cabinet on Wednesday approved an agreement between the insurance regulators of India and the US for information exchange, research assistance and international standard-setting activities.
Market corrects on profit booking
Key equity indices settled lower as traders booked profits after recent gains. The barometer index, the S&P BSE Sensex, fell 173.70 points or 0.45% to 38,722.93, as per the provisional closing data. The Nifty 50 index fell 46.60 points or 0.40% to 11,691.90, as per the provisional closing data.
Zoomcar to spend USD 20 mn to promote subscription model ZAP Subscribe
Self-drive rental platform Zoomcar today said it will spend USD 20 million to promote its car subscription model ZAP Subscribe. Zoomcar said it will launch a mega campaign for ZAP Subscribe with the objective to market the model, which allows to subscribe a car monthly and technically have the flexibility of having new car whenever he/she wants marketplace growth and category creation. "At Zoomcar, we're creating a new category in personal mobility with our ZAP Subscribe program. The opportunity to subscribe to a car and then share and save when not in use is a first of its kind innovation for the Indian ecosystem. "We're committed to investing significant marketing monies to ensure strong category creation in the months ahead," Zoomcar CEO & Co-founder Greg Moran said. Present across more than 35 cities, Zoomcar envisions Rs 120 crore budget as the minimum threshold, rather than the maximum value allocation, and plans to raise the industry standards of marketing expenditure ...
Global cues, weak rupee subdue equity indices
Broadly negative global cues along with a weak rupee subdued the Indian equity market during the late-afternoon trade session on Wednesday.
Sugar up on increased demand, tight supply
Sugar prices improved by up to Rs 30 per quintal at the wholesale market in the national capital today following tight supplies from mills amid a boost in demand from stockists and bulk consumers. Marketmen said besides tight supplies from mills, pick up in demand from stockists and bulk consumers such as soft-drink and ice-cream makers, who accumulated stocks at current levels ahead of the new month, mainly pushed up sweetener prices. Sugar ready M-30 and S-30 prices were higher by Rs 20 each to end the day at Rs 3,440-3,540 and Rs 3,430-3,530 as compared to Rs 3,420-3,540 and Rs 3,410-3,530 per quintal previously. Mill delivery M-30 and S-30 prices also recorded an uptick of Rs 15 each at Rs 3,160-3,325 and Rs 3,150-3,315 per quintal. In the mill gate section, sugar Mawana and Dorala rose by Rs 30 each to both settle at Rs 3,250 each per quintal. Sugar Budhana and Thanabhavan gained Rs 25 each to Rs 3,240 and Rs 3,230, while, Shamli went up by Rs 20 to Rs 3,200 per quintal. Kinnoni
IEA sees oil markets tightening towards end of 2018: Birol
NEW DELHI (Reuters) - Global oil markets could tighten towards the end of this year due to strong demand and uncertainty of production in some oil producing nations, the head of the International Energy Agency said.
Kwality Ltd leads losers in 'A' group
Interglobe Aviation Ltd, Indo Count Industries Ltd, PTC India Ltd and Idea Cellular Ltd are among the other losers in the BSE's 'A' group today, 29 August 2018.
Sun Pharma gains after launching Volini Maxx
Sun Pharmaceutical Industries rose 0.6% to Rs 624.90 at 14:34 IST on BSE after the company announced the launch of Volini Maxx, a pain relief spray.
Camlin Fine Sciences Ltd leads losers in 'B' group
Sundaram Multi Pap Ltd, Diligent Media Corporation Ltd, Ortin Laboratories Ltd and Eastern Silk Industries Ltd are among the other losers in the BSE's 'B' group today, 29 August 2018.
Over 99% of demonetised notes back with RBI
Over 99 per cent of the Rs 15.3 lakh crore taken out of circulation through demonetisation in November 2016 has returned to the Reserve Bank of India (RBI), the central bank announced on Wednesday.
European shares flat as optimism from U.S.-Mexico trade deal wanes
LONDON (Reuters) - European shares were little changed on Wednesday as optimism triggered by a U.S. trade deal with Mexico ebbed, and uncertainty grew about a similar agreement with Canada and a solution to Washington's spat with Beijing.