Page 2704 - Business Finance
NSE Indices includes JSW Steel in Nifty50; excludes Lupin
Stock exchange services provider NSE Indices on Tuesday included JSW Steel in its benchmark Nifty50 index.
Tata Motors to showcase 5 new buses at Bengaluru expo
Leading passenger-cum-freight transport vehicle maker Tata Motors would showcase five new maxi and mini buses at the "BusWorld India 2018" expo here from Wednesday, said a top official on Tuesday.
India to be one of world's blockchain leaders by 2023: Survey
With the right amount of industry and government participation, India could be in leadership ranks in adoption of blockchain technology in the next five years, says a survey by global consultancy firm PwC. A blockchain is a distributed ledger technology that stores information across multiple systems securely to enable peer-to-peer transactions by creating a trustworthy source. Banks and other financial institutions are increasingly investing in blockchain technology as it cuts down their costs and makes their operations faster and more transparent. PwC said that a quarter of executives surveyed mention about a blockchain implementation pilot in progress (10 per cent) or fully live (15 per cent). Almost a third (32 per cent) have projects in development and a fifth (20 per cent) are in research mode. The US (29 per cent), China (18 per cent), Australia (7 per cent) are perceived as the most advanced currently in developing blockchain projects. The study surveyed 600 executives in 15 ..
LIC begins acquisition process of IDBI Bank; to raise stake by 7%
IDBI Bank today said Life Insurance Corporation (LIC) will buy additional 7 per cent stake in the bank, a move that will eventually lead to acquisition of 51 per cent shareholding in the lender. The first round of stake sale will help the debt-ridden lender to meet immediate capital requirement, sources said. In August, the Union Cabinet had approved LIC's proposed acquisition of up to 51 per cent stake in debt-ridden IDBI Bank. At present, insurance behemoth LIC holds 7.98 per cent stake in the debt-ridden public sector bank. "The Bank has received a letter dated August 28, 2018 from LIC giving their in principle approval for subscription of the equity shares on preferential basis subject to their total exposure not exceeding 14.90 per cent of post issue capital of IDBI Bank at any point of time," IDBI Bank said in a regulatory filing. The board at its meeting, to be held on August 31, will consider the proposal for seeking shareholders' approval through postal ballot for ...
LIC to buy 7 pc stake in IDBI Bank
IDBI Bank today said Life Insurance Corporation (LIC) will buy 7 per cent equity stake in the bank, a move that would eventually lead to acquisition of the majority stake in the state-owned lender. In August, the Union Cabinet had approved LIC's proposed acquisition of up to 51 per cent stake in debt-ridden IDBI Bank. LIC holds 7.98 per cent stake in the debt-ridden public sector bank, at present. "The Bank has received a letter dated August 28, 2018 from LIC giving their in principle approval for subscription of the equity shares on preferential basis subject to their total exposure not exceeding 14.90 per cent of post issue capital of IDBI Bank at any point of time," IDBI Bank said in a regulatory filing. The board of bank at its meeting to be held on August 31 will consider the proposal for seeking shareholders' approval through postal ballot for preferential issue of capital to LIC, aggregating up to 14.90 per cent of the bank's post issue paid up capital, it added. Meanwhile, ...
Thomson Reuters launches $9 billion share buyback
(Reuters) - Thomson Reuters will buy back $9 billion worth of its common stock using the proceeds of the sale of the majority of its Financial and Risk business to Blackstone Group LP, the news and data firm said in a statement on Tuesday.
India, World Bank ink loan agreement on energy efficiency
India on Tuesday signed a $220-million loan agreement with the World Bank to scale up energy saving steps in residential and public sectors.
Jet Airways seeks to reassure investors with cost-cutting plan
NEW DELHI (Reuters) - India's Jet Airways Ltd on Tuesday set out to reassure investors it was taking measures to cut costs and boost revenue, a day after the beleaguered airline reported its second consecutive quarterly loss.
Amazon Pay to acquire Tapzo
Amazon Pay, the payments arm of Amazon India, will acquire Sequoia-backed Tapzo as the e-commerce giant looks to strengthen its play in the country's growing digital payments space. According to sources close to the development, the deal values Tapzo at about USD 35-40 million. They did not wish to be identified as the matters are private. When contacted, an Amazon spokesperson did not comment on the deal but said: "Our commitment to the vision of a less-cash India remains the same. Our goal is to make it easier than ever before for customers to make digital payments by improving the customer experience, affordability and daily routines". Response could not be elicited from the Tapzo team. Tapzo has undergone multiple name changes since its launch in 2010 -- from Akosha to Helpchat and then finally Tapzo in 2016. The Bengaluru-headquartered startup had raised Rs 100 crore in funding from Sequoia India and Ru-Net in May 2015, followed by another round of an undisclosed amount led by ...
Gold tops Rs 30,000-mark on global cues, silver gains
Gold advanced by Rs 195 to Rs 30,080 per 10 grams at the bullion market here today, extending gains for the second straight day on persistent buying by local jewellers amid a firm trend overseas. Silver, too, surged Rs 340 per kg backed by increased offtake by industrial units. Standard gold (99.5 purity) rose by Rs 195 to close at Rs 30,080 per 10 grams from yesterday's closing level of Rs 29,885. Pure gold (99.9 purity) also moved up by a similar margin to settle at Rs 30,230 per 10 grams as compared to Rs 30,035. Silver (.999 fineness) surged by Rs 340 to finish at Rs 37,445 per kg against Rs 37,105 yesterday. Globally, gold edged higher, helped by weakness in the dollar after a trade deal was struck between the United States and Mexico but analysts said ongoing US-China tensions would continue to weigh. Spot gold rose 0.2 per cent to USD 1,213.11 an ounce at early trade. Spot silver was up 0.6 per cent at USD 14.94.
Centre weighs options for relief to power sector on NPAs: Official
The government is considering its options in the wake of the Allahabad High Court's refusal to entertain the power producers' petition challenging the RBI deadline for starting bankruptcy proceedings against banks' NPAs, or bad loan accounts, a senior official said on Tuesday.
Nifty scales new peak, advances 46 pts on upbeat global cues
The broader NSE Nifty today rose by 46.55 points to close at a new all-time high of 11,738.50 led by sustained buying in metal, energy, auto and finance services buoyed by positive cues from global markets. The 50-share Nifty opened higher on firm Asian markets, though the trading momentum witnessed bouts of shortcovering as well as profit-booking in view of August F&O expiry due this week. Banking, realty, pharma, FMCG and media stocks fell, capping the gains. Overseas, European shares rose after the US and Mexico reached a trade agreement to overhaul the North American Free Trade Agreement. Shares in Asia advanced on hopes global tariff tensions were abating. The Nifty rose 46.55 points or 0.40 per cent to end at 11,738.50, a fresh record closing high. The index hit high of 11,760.20 and low of 11,710.50 in intraday trade. It saw an intra-day movement of about 49.70 points. On the sectoral front, Metal climbed by 1.82 per cent followed by Energy 0.99 per cent, Auto 1.67 per ...
Global Markets: Stocks climb as markets celebrate trade deal
NEW YORK (Reuters) - A global stocks index advanced to more than five-month highs on Tuesday, lifted by investor optimism that a U.S.-Mexico deal will help avert a global trade war.
Need to work together to better manage challenges like data privacy, security issues: Prasad
Electronics and IT Minister Ravi Shankar Prasad met with senior executives from leading organisations of California, US and discussed the need to work together to better manage technology challenges like data privacy and security issues. Prasad was part of in-depth discussions and meetings with the CEOs and senior executives from some of California's most prominent businesses, including venture capitalists focused on the Indian market, a statement said today. He also met business leaders of Indian technology companies that are operating in the US market and making investments as well as generating jobs locally. "The meetings discussed the need to work collectively to better manage technology challenges like data privacy and security issues, especially in the context of next-generation technologies i e artificial intelligence, Internet of Things, big data in priority sectors that have huge social impact including healthcare, fin-tech and social inclusion," the statement said. The ...
PepsiCo India Beverages head resigns
PepsiCo today said its head of beverages Vipul Prakash has quit the company to pursue an entrepreneurial opportunity outside the company. The company announced appointment of another PepsiCo stalwart Vishal Kaul, who recently re-joined the India team, to replace Prakash. "Vipul Prakash, Senior Vice President, Beverages Category, India Region has decided to pursue an entrepreneurial opportunity outside PepsiCo. He will be completing 20 years of his career journey with us and leaves a strong legacy," the company said in a statement. Kaul "will take over the leadership of the Beverage Category, in addition to leading the transformation agenda for India, with immediate effect," it said. PepsiCo expressed confidence that Kaul will bring his creative and commercial expertise to take the beverage category to the next level. Vipul joined PepsiCo in November 1998 in India, where he held positions in marketing and franchise. Since then, he has had stints at the sector, global and India region .
German, U.S. companies concerned despite EU trade truce with Trump - survey
BERLIN (Reuters) - Nearly three out of four companies doing business in Germany and the United States doubt that a U.S.-European trade truce reached last month will be followed by a lasting agreement on large-scale tariff cuts, a survey showed on Tuesday.
Best Buy second-quarter online sales growth slows, shares drop
(Reuters) - Best Buy Co Inc on Tuesday reported a drop in online sales growth for the second quarter and offered a profit forecast for the third quarter that fell short of analyst estimates, sending its shares down more than 7 percent in early trading.
Gold gains as dollar dips after U.S.-Mexico trade deal
LONDON (Reuters) - Gold edged higher on Tuesday, helped by weakness in the dollar after a trade deal was struck between the United States and Mexico but analysts said ongoing U.S.-China tensions would continue to weigh.
Oil buoyed to seven-week high by evidence of lower supply
LONDON (Reuters) - Brent crude oil rose towards its highest price since early July on Tuesday, thanks to evidence of still-modest increases in output from OPEC and stronger Chinese refinery demand.
World Bank to provide USD 250 mn loan to Rajasthan to improve power distribution
The World Bank will provide a USD 250 million loan facility to Rajasthan for improving the performance of its electricity distribution sector, the Union Finance Ministry said today. An agreement was signed here among the Government of India, the Government of Rajasthan and the World Bank. The Second Programmatic Electricity Distribution Reform Development Policy Loan for Rajasthan is the second in the series of two operations planned for a comprehensive turnaround of Rajasthan's electricity distribution sector, the ministry said. The first loan closed in March 2017. Electricity distribution utilities (DISCOMs) in Rajasthan provide electricity to about 9.5 million customers. The key areas that the programme will support include, strengthening governance in the distribution sector by establishing annual performance MoUs between the DISCOMs and the State Government. "This operation will deepen the institutional and operational reforms that were launched in late 2015 centered around the ..