Page 2731 - Business Finance
"Mftg companies digitising operations to boost growth"
: Noted industrialist and Executive Chairman of diversified business conglomerate the Murugappa Group, M M Murugappan, today said manufacturing companies are digitising operations to achieve efficiency and boost growth. Delivering his address at the 12th edition of National Productivity Summit, organised by the Indian Machine Tool Manufacturers' Association here, he said India is poised to be one of the largest manufacturing economies in the world. "Across India, companies are in the process of digitising their day to day operational functions to achieve efficiency and boost revenue growth and the Industry 4.0 will usher in an era of transformative manufacturing", he said. Echoing similar views, UCAL Fuel Systems, independent director V Sumantran said "manufacturing units need to embrace modern technology including the Industry 4.0 to raise collective input". IMTMA President P Ramadas said it was imminent for companies to enhance competitiveness by reducing costs and ...
Forensic audit at cyberattack-hit Cosmos Bank nears completion
A forensics audit of dual cyberattacks against Cosmos Cooperative Bank Ltd here is in an advanced stage and the probe team is likely to complete its task soon, official sources said on Friday.
KWAN Entertainment, cricketer Dhawan ink pact
Celebrity management firm KWAN Entertainment today announced the addition of India batsman Shikhar Dhawan to its sports portfolio. As part of the three-year contract, KWAN will represent Dhawan in all of his off-field professional associations including endorsements, live appearances and digital activations, along with any other business opportunities, a media release issued here said. Left-handed batsman Dhawan is a regular in the India team and is presently in England for the Test rubber against the hosts. Speaking on the association,Indranil Das Blah, founding partner and co-CEO of KWAN Entertainment, said, "Shikhar is an established, bankable superstar who has several accomplishments at both club and country levels. We are delighted to have him on board as part of the KWAN family." Dhawan on his part said, "I am impressed by the teams dedication and expertise, and am confident that this partnership will be highly successful.
ED files chargesheet against Lalu, Rabri, Tejashwi in IRCTC case
The Enforcement Directorate (ED) on Friday filed chargesheet against former Railway Minister Lalu Prasad, his wife Rabri Devi, son Tejashwi Yadav and others in a money laundering case related to the 2006 IRCTC hotels maintenance contract.
Gold prices move down slightly; silver recovers
Gold prices turned soft today, down by Rs 40 to Rs 29,530 per 10 gram, owing to slack demand from local jewellers despite a positive global trend. Silver, however, recovered marginally by Rs 15 per kg on mild offtake from industrial units. Standard gold (99.5 per cent purity) declined by Rs 40 to close at Rs 29,530 per 10 gram from Thursday's closing level of Rs 29,570. Pure gold (99.9 per cent purity) also fell by the same amount to close at Rs 29,680 per 10 gram compared to Rs 29,720 earlier. However, silver (.999 fineness) gained Rs 15 per kg to conclude at Rs 36,715 from Rs 36,700, previously. Globally, gold prices rose as the dollar came under pressure ahead of a speech by the US Federal Reserve chairman, which could yield clues to the direction of the US monetary policy. Spot gold was up 0.6 per cent at USD 1,191.41 an ounce at early trade. Spot silver was up 1.1 per cent at USD 14.62 an ounce.
'Kerala floods: Tyre cos' margins may fall by 1.5-2%'
Margins of tyre companies are likely to fall by 1.5-2 per cent between the second and third quarters of FY19 on rise in imports due to lack of natural rubber supply following Kerala floods, according to a report. Domestic natural rubber production meets over 50 per cent of the requirements of tyre companies in the country and Kerala accounts for close to 90 per cent of the total domestic rubber production. "Floods in Kerala will disrupt domestic supply and hence tyre companies will resort to higher imports to meet the rising tyre demand," India Ratings said in its report. Natural rubber imports attract a duty of 25 per cent. "Additionally, with a depreciating rupee, imports are likely to be more expensive and will hurt margins of tyre companies amid a rise in rubber procurement costs," it said. The ratings agency expects the margins of the tyre industry to fall by 1.5-2 per cent between the second and third quarters of FY19, due to a higher cost of production. Input cost ..
Hexaware Tech tanks 14 pc; m-cap down by Rs 1,965 cr
Shares of Hexaware Technologies today plunged 14 per cent following reports that Baring PE Asia is selling stake worth around Rs 1,100 crore. According to the reports, Baring PE Asia through an entity called HT Global IT Solutions Holdings will sell stake worth around Rs 1,120 crore. Following this, shares of Hexaware Technologies opened on a weak note at Rs 453, then tumbled to a low of Rs 415.20, down 16.57 per cent from its previous closing price. The stock recovered some lost ground and finally ended at Rs 431.50, down 13.30 per cent on the BSE. Following the downtrend, the market capitalisation of the company eroded by Rs 1,964.71 crore to Rs 12,809.30 crore. Similar movement was seen on the NSE as well, where the stock opened at Rs 452, then fell to a low of Rs 401.10, down 19.24 per cent over its last close. The stock finally settled at Rs 425.40, down 14.35 per cent. HT Global is the investment vehicle through which Baring Asia holds a controlling stake in the company. As per .
As German economy powers on, finance ministry enjoys fiscal largesse
BERLIN/HAMBURG (Reuters) - All sectors of the German economy grew in the second quarter, data showed, with robust domestic activity helping to cushion against risks to exports from an uncertain global trade outlook.
RCOM's $300-mn Bondholders' approve 'Tender and Exchange' offer
Reliance Communications (RCOM) Bondholders have approved the "Tender and Exchange" offer of $300 million Bonds, the company said on Friday.
FPIs continue buying
Net inflow of Rs 516.68 crore on 23 August 2018
China resumes use of counter-cyclical factor in yuan midpoint-fixing mechanism: sources
BEIJING (Reuters) - China's central bank has resumed use of a counter-cyclical factor in the yuan midpoint-fixing mechanism, three sources told Reuters on Friday.
NCLAT directs Tata Sons not to force Mistry to sell stake after conversion into pvt co
The National Company Law Appellate Tribunal today restrained Tata Sons from forcing ousted chairman Cyrus Mistry's family out of the holding firm of the USD 100 billion Tata Group, but refused to stay its conversion to a private company. The tribunal, in an interim order on Mistry's plea for putting on hold the approval for conversion of Tata Sons' into a private company from a public limited company, admitted his petition against the move and posted the matter for hearing on September 24. The Mistry family has also challenged the order of the Mumbai-bench of National Company Law Tribunal that upheld ouster of Cyrus as Chairman of Tata Sons in a boardroom coup in 2016. Besides change to a private company, the Mistry family, which is the largest shareholder in Tata Sons, had in NCLAT challenged the move by the company to restrict shareholders from freely selling their stake and the Article 75 of the articles of association that can be used by the board to force a shareholder to sell ...
Dollar dips, global stocks inch up ahead of Powell speech
LONDON (Reuters) - The dollar dipped on Friday, set for its biggest weekly decline since March as markets braced for a speech by Federal Reserve chair Jerome Powell for hints on the direction of monetary policy, while a gauge of global stocks inched higher.
Global Markets: Dollar dips, global stocks inch up ahead of Powell speech
LONDON (Reuters) - The dollar dipped on Friday, set for its biggest weekly decline since March as markets braced for a speech by Federal Reserve chair Jerome Powell for hints on the direction of monetary policy, while a gauge of global stocks inched higher.
Malaysia's Axiata reports second quarter loss on technical impairment
KUALA LUMPUR (Reuters) - Malaysian telecoms firm Axiata Group Bhd swung to a second-quarter net loss of 3.36 billion ringgit ($818.5 million) after an impairment charge relating to the merger of an associate company.
RCom says holders of USD 300 mn bonds to be repaid via cash, bonds of Global Cloud Xchange
Reliance Communications today said it will repay holders of USD 300 million bonds through a combination of cash and bonds of its overseas firm. "Reliance Communications (RCOM) bondholders approved the tender and exchange offer of USD 300 million bonds with an overwhelming majority of over 83 per cent, at their meeting held today, 24 August 2018, in London," RCom said in a statement. Following the offer that has been approved, the bondholders will receive cash proceeds of up to USD 118 million. "The bondholders will also get USD 55 million bonds to be issued by Global Cloud Xchange Limited (holding Company of GCX), a foreign subsidiary of RCom," the statement added. The Global Cloud Xchange bonds will be unsecured and carry a coupon of 0.1 per cent with maturity of four years, it added. Anil Ambani-owned Reliance Communications had yesterday announced the completion of the planned sale of its media convergence nodes (MCNs) and related infrastructure assets, worth Rs 2,000 crore, to ...
Nifty August futures at small premium
Turnover on NSE's F&O segment drops
AMFI optimistic to retain double digit growth for MFs in FY19'
Mutual Funds industry body, Association of Mutual Funds of India (AMFI) today remained optimistic about the growth story of the industry and expected that the momentum would remain intact despite hardening of interest rates. The overall mutual fund industry grew by 17 per cent while retail industry jumped by 34 per cent in the last fiscal. Total assets under management by the MF industry as of now is about Rs 23 lakh crore. "Mutual Fund growth momentum will continue in the current fiscal," AMFI CEO N S Venkatesh said here today on the sidelines of MCCI Mutual Fund Forum 2018. Venkatesh was banking on economic policies that was leading to growth in the economy. The AMFI was also trying to go for greater penetration of its campaign and on-ground activities in smaller cities and towns for fresh investors. Venkatesh said they were aiming to have five lakh distributors of MFs in the country by 2025 against one lakh now. AMFI continues to campaign aggressively to bring new ...
German economy powers on, but state still slow to spend
BERLIN (Reuters) - All sectors of the German economy grew in the second quarter, data showed, with robust domestic activity helping to cushion against risks to exports from an uncertain global trade outlook.
Equity indices end in red on global cues, weak rupee
The key Indian equity indices closed in the negative territory on Friday, tracking broadly negative cues from the global markets. Weakness in the Indian rupee also dampened the sentiments in the domestic market, analysts said.