Page 2698 - Business Finance
Israel's Supreme Court sentences tycoon to 3 years in prison
Israel's Supreme Court has sentenced one of the country's most prominent businessmen to three years in prison for securities fraud. The court ruled today that former IDB Holding Corp controlling shareholder Nochi Dankner will begin serving his prison term on October 2 for his role in carrying out millions of dollars' worth of fraudulent transactions in an attempt to influence the share price of the troubled company. IDB took on millions of dollars in debt following a series of bad business deals. The courts wrested control of IDB from Dankner as a result. Dankner, a favourite of Israel's business community, was often credited with helping rescue Israel's economy at the height of a Palestinian uprising. Under his leadership, IDB became Israel's largest holding company and Dankner became a celebrity.
Market hits intraday low
Stocks extended losses and hit fresh intraday low in afternoon trade. At 13:18 IST, the barometer index, the S&P BSE Sensex, was down 94.84 points or 0.24% at 38,801.79. The Nifty 50 index was down 31.25 points or 0.27% at 11,707.25. Traders booked profits after recent gains, which were backed by favourable global cues.
Bajaj Finserv Ltd down for fifth straight session
The stock is quoting at Rs 6925.3, down 0.66% on the day as on 13:19 IST on the NSE. Bajaj Finserv Ltd jumped 26.15% in last one year as compared to a 18.45% rally in NIFTY and a 17.16% spurt in the Nifty Financial Services index.
Oil slips on rising U.S. supply, Venezuela investment
LONDON (Reuters) - Oil prices slipped on Wednesday, pulled down by a rise in U.S. inventories and hopes that new investment could halt a plunge in Venezuela's output.
Rafale is G-to-G deal, offset not related to contract: Jaitley
New Delhi [India], Aug 29 (ANI): Coming out strongly to defend his government over charges of crony capitalism and favouring a private company in the Rafale aircraft deal, Finance Minister Arun Jaitley on Wednesday said that it was a government to government deal and no third party was involved.In an exclusive interview to ANI, Jaitley clarified that there was an offset clause attached with a foreign vendor and it is mandatory for them to partner with an Indian firm, adding that the government is not involved with who these foreign companies collaborate for offset purpose.On a question that Congress is levelling charges on the government for favouring Anil Ambani's Reliance Defence due to his closeness to the members of the Bharatiya Janata Party (BJP), Jaitley made it clear that governments only deal with governments and the offset has nothing to do with the contract."Let's be clear, this is a government to government arrangement. Offset has nothing to do with this contract. There ...
Sebi to auction properties of 4 cos in Sept, sets reserve price at Rs 9-cr
Markets regulator Sebi will auction as many as 16 properties of four companies including Golden Life Agro India and Sun Plant Agro next month at a reserve price totalling Rs 9 crore. Properties of Greenworld Agro Industries and Sun Plant Business will also go under the hammer. The move is part of an effort by Sebi to recover money that the companies had illegally mobilised from people. The auction of these land parcels spread across West Bengal will be conducted on September 28, Sebi said in a notice today. Out of the 19 properties being put on the block, eight belong to Sun Plant Agro, six of Golden Life Agro India and one each of Greenworld Agro Industries and Sun Plant Business. The reserve price of these properties amounts to Rs 8.86 crore. The regulator has engaged SBI Capital Markets to assist it for sale of these properties through e-auction platform. The interested candidates can inspect the properties on September 14, Sebi said, adding that bidders should make their own ...
Gold edges higher, but rate hike views weigh on market
BENGALURU (Reuters) - Gold prices inched up on Wednesday after a sharp fall in the previous session, but a firmer dollar on the back of expectations of higher U.S. interest rates and lingering Sino-U.S. trade tensions capped the precious metal's gain.
AirAsia India inducts 19th aircraft; adds 2 new routes
AirAsia India today announced the induction of 19th aircraft in its fleet and said it will add two new routes in its flight network from October. With the induction of the latest Airbus A320, the Tata Sons-AirAsia group joint venture airline is now just one plane short of the mandatory 20 aircraft for starting international operations by a domestic carrier. The 19th aircraft will be based at AirAsia's Kolkata hub and will be deployed for operating daily flights on Hyderabad-Kolkata and Hyderabad-Indore routes, which are being launched from October 1, the airline said in a statement. The bookings for new routes are open from today. "The airline is focused on expanding its presence in tierII/III cities, providing affordable airfares and improved services for flyers," the budget carrier said. The new aircraft will also help the airline enhance the frequency of flights between Hyderabad and Bengaluru, it said, adding in addition, guests can travel from Indore to Kolkata ...
Infibeam Avenues Ltd up for fifth straight session
The stock is quoting at Rs 235.05, up 0.13% on the day as on 12:44 IST on the NSE. Infibeam Avenues Ltd is up 59.87% in last one year as compared to a 18.58% spurt in NIFTY and a 47.99% spurt in the Nifty IT.
Government puts restrictions on export of bio-fuels
The government today imposed restrictions on export of bio-fuels within days of putting similar conditions for its imports. A licence is required for both exports and imports of bio-fuels. Bio-fuels include ethyl alcohol, petroleum oil and oils obtained from bituminous minerals, bio-diesel and mixtures. Earlier exports of these items were allowed without any restrictions. "Export policy of bio-fuels is revised from free to restricted as per the national policy on biofuels 2018," the Directorate General of Foreign Trade (DGFT) said in a notification. India exported ethyl alcohol worth USD 276.35 million in 2017-18 as against USD 224 million in the previous fiscal. Similarly, exports of petroleum oil and oils obtained from bituminous minerals increased to USD 8 million in 2017-18 from USD 0.54 million in the previous fiscal. Biodiesel and mixtures shipments rose to USD 5.36 million in the last financial years from USD 2.73 million in 2016-17. The directorate had last week imposed ...
China's AgBank needs to make provisions to prepare for trade friction - exec
BEIJING (Reuters) - The Agricultural Bank of China needs to make provisions to prepare for trade friction and zombie firm failures, the president of the lender said at a press conference in Beijing on Wednesday.
Steel Authority of India Ltd rises for third consecutive session
The stock is quoting at Rs 79.55, up 2.12% on the day as on 12:49 IST on the NSE. Steel Authority of India Ltd is up 28.72% in last one year as compared to a 18.52% spurt in NIFTY and a 4.58% spurt in the Nifty Metal index.
Mahindra & Mahindra Financial Services Ltd spurts 2.32%, up for third straight session
The stock is quoting at Rs 487.45, up 2.32% on the day as on 12:49 IST on the NSE. Mahindra & Mahindra Financial Services Ltd is up 14.6% in last one year as compared to a 18.52% gain in NIFTY and a 17.16% gain in the Nifty Financial Services index.
Reliance Infrastructure Ltd soars 1.85%, up for third straight session
The stock is quoting at Rs 431.75, up 1.85% on the day as on 12:49 IST on the NSE. Reliance Infrastructure Ltd is down 14.84% in last one year as compared to a 18.52% gain in NIFTY and a 24.41% gain in the Nifty Energy index.
Bharat Forge Ltd spurts 3.25%, up for third straight session
The stock is quoting at Rs 675.75, up 3.25% on the day as on 12:49 IST on the NSE. Bharat Forge Ltd is up 18.15% in last one year as compared to a 18.52% gain in NIFTY and a 4.87% gain in the Nifty Auto index.
IDFC Bank Ltd spurts 2.11%, gains for third straight session
The stock is quoting at Rs 48.45, up 2.11% on the day as on 12:49 IST on the NSE. IDFC Bank Ltd is down 12.78% in last one year as compared to a 18.52% spurt in NIFTY and a 16.31% spurt in the Nifty Bank index.
Mahindra & Mahindra Ltd spurts 1.07%, rises for fifth straight session
The stock is quoting at Rs 991, up 1.07% on the day as on 12:44 IST on the NSE. Mahindra & Mahindra Ltd is up 45.93% in last one year as compared to a 18.58% jump in NIFTY and a 4.91% jump in the Nifty Auto.
99.3% of junked Rs 500, Rs 1,000 notes returned to banks: RBI
As much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, the RBI said today, indicating that just a miniscule percentage of currency was left out of the system after the government's unprecedented note ban aimed at curbing black money and corruption. The Reserve Bank of India (RBI), which has taken an awfully long time to count the currency that was returned in the limited period window provided by the government to exchange or deposit the demonetised currency, said in its Annual Report for 2017-18 that the exercise is finally over. Of the Rs 15.41 lakh crore worth Rs 500 and Rs 1,000 notes in circulation on November 8, 2016, when the note ban was announced, notes worth Rs 15.31 lakh crore have been returned. This meant just Rs 10,720 crore of the junked currency did not return to the banking system. After the note ban, old junked notes, called specified bank notes (SBNs), were allowed to be deposited in banks with unusual deposits coming ..
Refined soya oil futures shed 0.10% on weak spot cues
Refined soya oil prices softened by 0.10 per cent to Rs 730 per 10 kg in futures trading today as speculators reduced exposure amid easing demand in the spot market. At the National Commodity and Derivatives Exchange, refined soya oil for delivery in September shed 70 paise, or 0.10 per cent to Rs 730 per 10 kg with an open interest of 38,390 lots. Traders said off-loading of positions by participants due to subdued demand in the physical markets against sufficient stocks position on increased arrivals from producing regions, mainly influenced refined soya oil prices at futures trade.
Wheat futures inch up 0.15% on speculative buying
Wheat prices edged higher by 0.15 per cent to Rs 1,992 per quintal in futures trade today as speculators built up fresh positions. At the National Commodity and Derivatives Exchange, wheat for delivery in September was trading higher by Rs 3, or 0.15 per cent to Rs 1,992 per quintal with an open interest of 3,300 lots. Analysts said fresh positions created by traders, driven by improved demand in the physical market and a pause in arrivals from producing belts, mainly attributed the rise in wheat prices in futures trade.