Page 2707 - Business Finance
India partner country in Izmir Intl Trade Show in Istanbul: TPCI
India is a partner country in the Izmir International Trade Show to be held in Istanbul from September 7, Trade Promotion Council of India (TPCI) said today. TPCI and the Commerce Ministry are organising the India Pavilion at the five-day show. The council said that it is taking a 75-member business delegation for the show. TPCI Chairman Mohit Singla said 75 domestic food and beverage exporters are participating and showcasing their products at the fair. "This exhibition will serve as an ideal platform for exporters to explore opportunities, joint ventures, technology transfers and marketing tie-ups with their counterparts not only from Turkey but also from other neighbouring countries," he said in a statement.
Moglix forays into eastern India; announces massive expansion plans
Moglix, a Ratan Tata-backed leading B2B commerce company, has forayed into Eastern India, starting with the city of Kolkata in West Bengal.Currently, Moglix is present across six locations namely Delhi/NCR, Chennai, Mumbai, Pune, Ahmedabad and Kolkata. The company has also added two new centres in Aurangabad, Maharashtra and in Pant Nagar, Uttarakhand.They will feed into the Western and Northern centres of the company. With Moglix further stepping-up their presence catering to manufacturing sector of India, the company has ambitious plans to increase its hiring by 30 percent across functions in FY 19. At present, Moglix has a strong team of over 350 people spread across geographies in India.Kolkata houses many manufacturing units operated by large public and private-sector corporations; the city also has seamless access to North Eastern region and will aid the expansion of the company in the region.Today, Moglix's solutions cater to more than 220 K small and medium-sized enterprises ..
HDFC Life launches HDFC Life Classic One
HDFC Life Insurance Company, one of India's largest private life insurers, has announced the launch of HDFC Life Classic One, a single premium ULIP plan which offers the dual benefits of creating wealth through potentially high returns, along with financial protection in the form of life cover.Salaried, as well as self-employed individuals, sometimes come across a financial surplus. This could be in the form of a bonus, through maturity of a financial plan or a sudden wealth gain. Choosing the right financial instrument for investing a surplus of this kind can be difficult. There are very few instruments available today, which offer the flexibility to maximise gains from market movements, while also offering a life cover that is 10 times of the single premium paid.HDFC Life Classic One has been specially designed to address this need. This product offers individuals the opportunity to invest in a market-linked plan through a single-premium payment and stay invested for the long-term. .
Payworld providing digital, financial access to the unbanked
With the advent of new-age digitally viable technology, conventional banking has been undergoing a tremendous change. The integration of traditional financial services with the digital technology has created a platform which can expand across segments and provide seamless access to financial services for all consumers.Despite such advancement, there is still a huge untapped market waiting to be included in the mainstream, both digitally and financially.For most Indians living in this segment, digital transactions are challenging. The population is largely uneducated or are unaware of existence of digital facilities which can bring ease to their lives. Banks and other financial institutions continue to follow traditional methods of distribution and prefer large ticket avenues. The straitjacket approach on documentation and credit meant that unorganized segment never fitted the banker's requirements.With such a huge potential to be tapped, fintech companies like Payworld stepped up and .
Widening CAD to increase borrowing costs, dull Fx borrowings
The widening current account deficit (CAD), which is projected to cross 2.6 per cent of GDP this year, coupled with the rupee plunge, is likely to increase borrowing costs for corporates and bring down the overall volume of fresh forex loans, says a report. By losing over 9 per cent year-to-date, the rupee is the worst performing among major emerging markets currencies. The currency plumbed a new closing low yesterday at 70.15 against the American dollar. The rising CAD and crude prices and the falling rupee have spiked the June quarter CAD to 1.9 per cent against 0.9 per cent in the year-ago period, and the same is projected to scale 2.6 per cent by March. "A widening CAD, weakening rupee, coupled with rising interest rates, and forward premium can impinge on the ability of corporates to tap foreign markets to raise debt capital. For instance, annualised forward premium on the three-months rupee-dollar futures contract rose to 4.36 per cent on August 21 from 3.46 per ..
'Realme 2' budget smartphone with notched display in India
Online focused smartphone maker Realme on Tuesday launched its second budget handset "Realme 2" with notched full screen display in India for Rs 8,990 and Rs 10,990 for 32GB and 64GB memory variants, respectively.
Stocks settle at record high on upbeat global cues
Key benchmark indices logged modest gains led by index heavyweights Reliance Industries and HDFC. The barometer index, the S&P BSE Sensex, gained 202.52 points or 0.52% to settle at 38,896.63. The Nifty 50 index rose 46.55 points or 0.4% to settle at 11,738.50. Sentiment was boosted after the United States and Mexico agreed to overhaul the North American Free Trade Agreement.
Quick Wrap: Nifty Metal Index records a surge of 1.82%
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'Stock mkts in overvalued territory; 5 macro risks escalating'
Even as equity market is scaling new heights, domestic brokerage Ambit Capital has a word of caution as it thinks that the stock market is in "overvalued" territory. According to the brokerage, there are five macro risks that could affect investor appetite for Indian stocks. The risks include rising twin deficits, declining household savings to GDP ratio, the upcoming general elections and possibility of Indo-Pakistan hostilities over the next few years. "Even as the Sensex's valuations clearly seem to be benefitting from record investor optimism, it is worth noting that with the exception of India's GDP growth, several macro variables are precariously poised," Ambit Capital said in a research note. The report noted that GDP growth in this financial year will be a non-issue and is likely to surprise on the upside as an election-focused government pulls out all stops to gratify the voter and stimulate consumption growth. Ambit estimates GDP growth at 7 per cent for 2018-19 as against ..
'Coal imports may rise to 62 mt in FY19 to meet power demand'
Higher demand for thermal power and lower-than-required growth in domestic coal output may push up coal imports to 62 million tonne this fiscal, says India Ratings. According to the ratings agency, imported coal requirement is likely to increase to 62 million tonne this fiscal from 56 million tonne in FY2018 to meet the incremental power generation. "With the demand for power likely to remain healthy in the rest of FY19 and thermal capacity contributing to the required growth, coal availability becomes a key determinant. Considering the historical growth rate of domestic non-coking coal production and offtake, imported coal requirement will increase, as against FY18 when imported coal usage declined," Ind-Ra said in a statement issued here. According to Ind-Ra, in a scenario of lower-than-required growth in domestic coal output, short-term power prices would remain firm and are likely to be determined by the marginal cost of energy production undertaken using imported .
myGate eyes to secure 50,000 homes in Chennai by year end
Mobile-based security solutions provider myGate today announced launch of its operations in the city, aiming to secure over 50,000 homes before the end of the year. The Bengaluru-based startup, which began operations in 2016, said it had chalked out plans to secure over two million residences in seven cities over the next two years. In the first 50 days of its operations in Chennai, the company has secured more than 5,000 homes across various residential communities, a statement said. Over the next six months, the company was looking to secure more than 50,000 homes in the city. Currently, it offers service in Bengaluru, Hyderabad and Pune and provides services to over two lakh homes. "We started operations in Chennai in response to a huge inbound demand. We are focused on enabling technology that is wholly and solely dedicated towards enhancing the existing security system of a gated premise", myGate, CEO and Co-Founder, Vijay Arisetty said in a statement here. "As per ..
FPIs resume buying
Net inflow of Rs 435.84 crore on 27 August 2018
Iran oil exports set to drop in August ahead of U.S. sanctions - data
SINGAPORE (Reuters) - Iran's crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, well ahead of the Nov. 4 start date for a second round of U.S. economic sanctions.
Dredging Corp declares 20% dividend for FY18
The Dredging Corporation of India (DCIL) has declared a 20 per cent dividend for the fiscal 2017-18, the government said today. At its 42nd annual general meeting held earlier this month, DCI declared a dividend of Rs two per equity share of Rs 10 each, amounting to Rs 5.6 crore for the year 2017-18. The DCI has declared the dividend on the paid up capital of Rs 28 core, the shipping ministry said in a statement. "A cheque of Rs 4,11,44,026 was handed over to Nitin Gadkari, Minister of Shipping, Road Transport & Highways, Water Resources, River Development & Ganga Rejuvenation by Rajesh Tripathi, CMD, DCI in the presence of senior officials of the Ministry of Shipping in New Delhi today," the statement added. Centre holds 73.47 per cent of the share capital in the company, it said, adding that the "amount of Rs 4.11 crore is the dividend pertaining to this share.
Equity indices close at record levels; Sensex inches closer to 39,000 points
Continuing their bull run, key Indian equity indices set fresh benchmarks on Tuesday, with the S&P BSE Sensex inching closer to the landmark level of 39,000 points.
India needs to rethink its currency management (Column: Active Voice)
The economy is a fickle beast. Exactly a year ago, the rupee, having experienced a prolonged appreciating spree, had reached as high as 63.5 to a dollar. At the time, quite a few commentators wondered aloud if the Indian currency was overvalued and whether was a moderation was necessary.
Select copper and tin gain on good demand
Select copper and tin prices gained at the non-ferrous metals market here today on stockists' buying amid good demand from industrial users. While, nickel, zinc and lead declined due to sluggish demand from alloy industries. Tin recovered by Rs 10 per kg to Rs 1,395 from Monday's closing level of Rs 1,385. Copper cable scrap, copper scrap heavy, copper utensils and copper billets inched up per kg each to Rs 455, Rs 450, Rs 421 and Rs 483. However, nickel slipped by Rs 10 per kg to Rs 975 from Monday's closing level of Rs 985. Zinc moved down by Rs 3 per kg to Rs 213 as against Rs 216 yesterday and lead edged down by Rs 2 per kg to Rs 156 from Rs 158.
FPIs turn net sellers
Net outflow of Rs 44.88 crore on 24 August 2018
Nifty August 2018 futures at premium
Turnover on NSE's F&O segment rises
UK denies report it wants Carney to stay on longer at BoE
LONDON (Reuters) - Britain's finance ministry denied a newspaper report on Tuesday that the government had asked Bank of England Governor Mark Carney to stay on for an extra year beyond his scheduled departure in June 2019.