Page 2730 - Business Finance
Thyssenkrupp makes headway in chairman search: sources
FRANKFURT/DUESSELDORF (Reuters) - The nomination committee of Thyssenkrupp's supervisory board is moving closer to proposing a candidate for the conglomerate's vacant chairman position, three people familiar with the matter told Reuters on Friday.
India's forex reserves slip by $33 mn
India's foreign exchange (Forex) reserves slipped by $33.2 million during the week ended August 17, official data showed on Friday.
Noida Authority seals eight houses, seven shops for illegal construction
Eight houses and seven shops were sealed today by the Noida Authority as it continued with its anti-encroachment drive in the city, officials said. The drive against illegal constructions was conducted in Garhi Chuakhandi village and in sectors 57 and 58 of the city, they said. Action was taken against illegal and unauthorised construction on land acquired by the authority in Garhi Chakhandi village where eight houses and seven shops were sealed for violations, an official of the authority said. He said the drive was conducted in the presence of authority officials and the police. In sectors 57 and 58, food joints, street-side vendors and outlets which were operating on encroached land were removed. The encroachment was removed and some of their material seized. They have been warned against encroaching the land again with harsher punishment, the official said. The Noida Authority's action comes a day after it razed the illegal construction at the the house of an additional district ..
Wall Street adds to gains after Powell comments
(Reuters) - U.S. stocks added to their gains slightly on Friday after Federal Reserve Chair Jerome Powell said further interest rate hikes were the best way to protect the U.S. economic recovery.
RIL raises stake in Genesis Colors to 49.46 pc
Richest Indian Mukesh Ambani-led Reliance Industries has raised stake in Genesis Colors Ltd by just over 3 per cent to 49.46 per cent for Rs 8.32 crore. The firm's subsidiary, Reliance Brands Ltd "purchased an additional 3.07 per cent equity holding in Genesis Colors Ltd (GCL) for about Rs 8.32 crore, taking its total stake in GCL to 49.46 per cent," RIL said in a regulatory filing. GCL was incorporated in November, 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/joint ventures. GCL belongs to a similar industry as Reliance Brands Ltd. "This acquisition will add to the existing portfolio of branded fashion retail outlets," it said. GCL's annual turnover in 2017-18 was Rs 86.02 crore. "No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction and none of RIL's promoter / promoter group / group companies ...
India, Singapore ink protocol to amend CECA; to boost bilateral trade
India and Singapore today signed the Second Protocol amending the Comprehensive Economic Cooperation Agreement (CECA), which will boost bilateral trade, with both sides agreeing to expand the coverage of tariff concessions. The provisions of the Second Protocol will come into effect from September 14, 2018. "The two countries are exploring the possibility of launching the 3rd Review of India-Singapore CECA in September, 2018," an official statement said here. The conclusion of the Second Review of CECA was announced during the state visit of Prime Minister Narendra Modi to Singapore on June 1, 2018. Singapore is the second largest trading partner of India within ASEAN, while India is the largest trading partner of Singapore in South Asia, with a bilateral trade of USD 17.7 billion in 2017-18. Singapore's trade with India constitutes about 21.8 per cent of India's total trade with ASEAN and 2.3 per cent of its global trade. India had a trade surplus of USD 2.73 billion with Singapore ..
Uttarakhand seeks investment from Gujarat, holds roadshow
To attract investment in the northern state of Uttarakhand, its government today held a road show in the city and expressed confidence that a good number of entrepreneurs from Gujarat would invest in their state. The roadshow was organised here today in the run up to Uttarakhand's first ever investor summit - Destination Uttarakhand:Investors Summit 2018 - to be held on October 7 and 8 at Dehradun and will be inaugurated by prime minister Narendra Modi. According to Uttarakhand chief minister, Trivendra Singh Rawat, the roadshow received a good response from Gujarat. "We have received good response from Gujarat. Investors have shown their keen interest in starting their business in our state in various sectors, such as food processing, aromatics, dairy, e-vehicles and solar energy," Rawat told reporters ahead of his meeting with prospective investors from Gujarat. He added that this upcoming mega event in Dehradun is the first investor summit since the state came into .
Fed will do 'whatever it takes' for US economy: Chairman Powell
The US central bank will do "whatever it takes" for the economy, to head off inflation or to react to any new crisis, Federal Reserve Chairman Jerome Powell said today. In a highly-anticipated speech, Powell did not directly address President Donald Trump's renewed criticism of Powell for raising interest rates, which Trump says undermines his efforts to boost the economy. In the speech to the annual gathering of central bankers and economists in Jackson Hole, Wyoming, Powell said there were few signs the US economy was "overheating," which means the Fed can continue its course of gradual rate increases.
Sundaram Finance clocks 25.9% rise in standalone Q1 net
: Non-Banking Finance Company Sundaram Finance has recorded a 25.9 per cent rise in its standalone net profits for the quarter ending June. The city-based company clocked net profits at Rs 140.72 crore for the quarter under review as against Rs 111.74 crore registered in the corresponding period of last year. The standalone total revenue for April-June 30, 2018 grew to Rs 767.03 crore from Rs 620.27 crore registered year ago. The disbursements for the June quarter grew by 19 per cent to Rs 4,062 crore from Rs 3,420 crore registered during the same period of last fiscal. The Assets Under Management (AUM) as on June 30, 2018 rose to Rs 25,740 crore from Rs 21,360 crore clocked during the year ago period. Recently, Sundaram Finance had increased the interest rates on fixed deposits by 50 basis points. The company has a deposit base of over Rs 2,500 crore. Following the deluge in neighbouring Kerala, the Sundaram Finance Group contributed Rs one crore to the Chief Minister's .
Energy, materials pull Wall Street higher ahead of Powell speech
(Reuters) - U.S. stocks rose on Friday as a rise in oil and metals prices lifted energy and materials shares, while the dollar slipped ahead of a speech from Federal Reserve Chair Jerome Powell.
Trade-war fears halt equity indices' record run; banking stocks fall (Roundup)
Trade-war concerns and the resultant weak global sentiments subdued the key Indian equity indices on Friday, halting the recent record run.
Sundaram Finance Q1 net profit surges 26% to Rs 141 cr
Non-banking finance company Sundaram Finance today reported 26 per cent rise in its net profit to Rs 140.72 crore in the first quarter ended June 30. The company had reported a net profit of Rs 111.74 crore in the same quarter of 2017-18. The results are as per new Indian Accounting Standards, it said in a release. Disbursements in June quarter this fiscal grew by 19 per cent to Rs 4,062 crore from Rs 3,420 crore in year-ago period. The company's assets under management (AUM) were up by 21 per cent to Rs 25,740 crore compared to Rs 21,360 crore as on June 30, 2017. Shares of the company closed 1.34 per cent down at Rs 1,476.20 apiece on BSE.
Mutual fund industry expects growth in current fiscal
Mutual Funds industry, which is looking at a greater penetration in smaller cities to bring new investors, is expected to continue with the growth momentum despite hardening of interest rates, an official said here on Friday.
Dewan Housing plans to raise Rs 2,000 cr by NCDs
Dewan Housing Finance Corporation today said it plans to raise up to Rs 2,000 crore by issuing bonds on a private placement basis. The company proposes to issue secured redeemable non-convertible debentures amounting to Rs 1,000 crore plus a greenshoe option of up to Rs 1,000 crore on private placement basis, the company said in a regulatory filing. The issue will open and close on August 30. The tenure of the bonds is four years. Dewan Housing said it will list the bonds on BSE. The bonds are rated AAA by Care Rating. Shares of the company closed 0.27 per cent down at Rs 657.70 per unit on BSE.
Nifty trips below 11,550, down 25 points
Snapping a four-session winning streak, NSE benchmark Nifty dropped 25 points to end at 11,557.10 today on profit-booking in banking, auto, FMCG, IT and realty stocks amid mixed overseas cues. Metal, energy and media counters witnessed buying. The Indian rupee along with other Asian currencies weakened against the US dollar. Meanwhile, FIIs purchased shares worth Rs 433.21 crore on a net basis yesterday while DIIs bought shares worth Rs 142 crore. Asian stocks ended mixed on little sign of progress in US-China trade negotiations. European stocks edged higher. The Nifty 50 index fell 25.65 points or 0.22 per cent to end at 11,557.10. It saw an intra-day movement of about 72.60 points. On the sectoral front, private bank fell by 0.74 per cent followed by PSU bank 0.73 per cent, bank 0.69 per cent, FMCG 0.66 per cent, auto 0.52 per cent, IT 0.40 per cent, finance service 0.29 per cent, infra 0.20 percent, realty 0.18 per cent and pharma 0.16 per cent. However, metal rose by 1.88 per ...
China cenbank adjusts yuan fix factors to keep FX market stable
BEIJING/SHANGHAI (Reuters) - China's central bank said on Friday that it was adjusting its methodology for fixing the yuan's daily midpoint in order to keep the currency market stable, amid broad dollar strength and ongoing trade tensions between Washington and Beijing.
Wall Street opens higher, Powell speech awaited
(Reuters) - U.S. stock indexes opened higher on Friday, as investors awaited a speech from Federal Reserve Chair Jerome Powell for clues on the direction of monetary policy.
Tata Sons cannot forcibly buy Cyrus Mistry's shares for now: NCLAT
In a temporary relief to Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) on Friday stated that Tata Sons cannot force him to sell his shares till the disposal of his appeal.
Asia gold: Floods hit festival buying in India
MUMBAI/BENGALURU (Reuters) - Demand for physical gold was modest in India this week as the top bullion consuming state of Kerala coped with floods, while interest for the metal remained lacklustre elsewhere in Asia as buyers awaited a dip in prices.
India's textile, apparel sector on cusp of turnaround: CITI
India's textile and apparel sector is on the verge of a turnaround, with apparel exports estimated to grow 7 per cent in the current financial year, the Confederation of Indian Textile Industries said today. As per the data by the DGCI&S, exports of textiles and apparel increased by 11 per cent in July 2018 to Rs 19,636 crore over the same month last year, said Sanjay Jain, Chairman, Confederation of Indian Textile Industries (CITI). The Directorate General of Commercial Intelligence & Statistics (DGCI&S) under the commerce ministry is responsible for collection, compilation and dissemination of the country's trade statistics and commercial information. The overall growth in exports during Apr-July 2018 has been 3 per cent vis-a-vis same period last year. Further, the man-made fibre segment, which is expected to be the growth driver of the industry in the coming years has seen rise in production. Imports growth in the sector has come down significantly, according to ...