Page 2753 - Business Finance
Trump, trade, Fed take sheen off S&P's longest bull run
(Reuters) - The S&P 500 marked its longest bull-market run with a dip on Wednesday as President Donald Trump's political position was threatened by the legal woes of two former advisers and ahead of trade talks and the Federal Reserve's minutes.
DIPP okays proposals to upgrade effluent treatment plants, FDDIs
The government has approved Rs 221.10 crore for upgrading five common effluent treatment plants for the leather industry in Tamil Nadu, according to the commerce ministry. The Department of Industrial Policy and Promotion, an arm of the Commerce Ministry, said it has also cleared up-gradation of seven Footwear Design and Development Institute (FDDI) centres into Centres for Excellence at a cost of Rs 129.62 crore. "@DIPPGOI approves Rs. 221.10 crores for upgrading 5 Common Effluent Treatment Plants (CETPs) for leather industry in Tamil Nadu under Indian Footwear Leather & Accessories Development Programme," the department tweeted. As part of the proposal to upgrade FDDI centres, the DIPP approved upgrading of FDDI Jodhpur campus into Centre for Excellence (COE) for high performance/specialized footwear products and start ups at the cost of Rs 14.82 crore. It also gave the nod to upgrading of FDDI Chennai and Hyderabad campus into Centre for Excellence for design development and ...
Target's second-quarter profit, sales top estimates, shares soar
(Reuters) - Target Corp reported quarterly sales and profit that beat estimates as a strong economy lifted customer visits to the most in a decade, sending its shares up more than 5 percent.
U.S. existing home sales fall for fourth straight month
WASHINGTON (Reuters) - U.S. home sales fell for a fourth straight month in July as a shortage of properties on the market pushed up house prices, likely sidelining some potential buyers.
INS Vikramaditya to be have marine hydraulic systems
INS Vikramaditya, Indias only aircraft carrier, is going to be fitted with marine hydraulic system for the first time as part of its upgrade that will give an edge to the air-capable wing of the ship.
Uttarakhand CM woos investors in Bengaluru
The Uttarakhand government held a roadshow in Bengaluru today to woo business leaders ahead of an investors summit to be held in Dehradun in October. Chief Minister Trivendra Singh Rawat projected the state as investor-friendly, promising to fulfil all their requirements. "We have created an investor-friendly bureaucracy in Uttarakhand. Whatever be the requirements of the investors we will attend to them," Rawat said at the roadshow. Offering all support to investors, he said, "Apart from air connectivity we will soon have a rail route which will take only 3.5 hours from Delhi to reach Dehradun". The key agenda of the roadshow was to share investment opportunities in the hilly state and to seek active participation from the investors in Karnataka in the forthcoming summit, an official release here said. 'Destination Uttarakhand: Investors Summit' scheduled to be held here between October 7 and 8 will be inaugurated by Prime Minister Narendra Modi. The chief minister highlighted 12 ...
Oil rises above $74 on report of U.S. inventory drop, Iran sanctions
LONDON (Reuters) - Oil hit a two-week high above $74 a barrel on Wednesday as an industry report showing a sharp drop in U.S. crude inventories and U.S. sanctions on OPEC producer Iran pointed to tighter supplies.
No major threats to sovereign credit from Re plunge: Fitch
The continuing rupee plunge, which touched 70.15 levels last week, does not pose much risks to the sovereign rating, as the fall is largely reflective of the shifts in market sentiment towards emerging markets after global monetary tightening, says a report. Last week the rupee had closed for the first time at 70.15 against the American dollar and many still believe the the rupee is still overvalued by at least Rs 2-3 more. "The impact of the rupee weakness on sovereign credit is limited with relatively strong external finances, especially the low level of external debt which is just 13 per cent of GDP. But this could add to existing pressures in corporate and banking sectors," global rating agency Fitch said in a report. According to the report, one of the key factors that will help the country tide over the rupee crisis is the relatively low foreign currency debt. "Only around 7 per cent of government debt is denominated in foreign currency (against BBB median of 38 ...
Wall Street opens slightly lower on Trump legal woes
(Reuters) - U.S. stocks opened lower on Wednesday after President Donald Trump's political position was threatened by the criminal convictions of two former advisers and on caution ahead of U.S.-China trade talks and the Federal Reserve's minutes.
V-Mart to add 35 stores this fiscal, foray into northeast region
Multi-brand value retailer V-Mart Retail is expanding its sales network and plans to have around 205 stores by the end of this fiscal by adding 35 stores, said a top company official. V-Mart Retail, as part of its expansion plans, is now entering into the northeast region and will open four stores in Assam this month. It is aiming to have 20 stores in the region in next two years. Besides, the company which has presence in 14 states, will also open two stores in October in Arunachal Pradesh and Meghalaya. "Last fiscal, we had opened 31 stores and this year, we are targeting to open 35 stores and we would cross 200 mark," V-Mart Retail CMD Lalit Agarwal told PTI. The company is presently operating around 182 stores. "In this financial year, we have already opened 10 stores so far," he said adding "we would go up to 205 stores". In FY2017-18, V-Mart Retail had a revenue of Rs 1,222.37 crore. "We are growing between 20 t0 25 per cent every year and we would maintain that growth rate," ...
SBI expects Q1 GDP growth at 7.7 pc
The country's GDP is expected to grow by 7.7 per cent in the April-June quarter on the back of pick up in leading indicators like cement production, sale of vehicles and bank credit, a report by SBI said. SBI has based its assessment on its Composite Leading Indicator (CLI), which takes into account 18 major macro-economic indicators. "The CLI is signalling that the economic activity for Q1 FY19 has picked up substantially and the GVA (Gross Value Added) growth would be 7.6 per cent," it said in its research report 'Ecowrap'. However, the headline GVA is being possibly pulled down by a weak agriculture growth, it added. Major indicators that driving GVA in Q1 FY19 are cement production, passenger traffic, sale of both commercial vehicle and passenger vehicles, non-food credit growth and aircraft movement among others, the report said. "Finally, how much GDP will be higher than GVA at 7.6 per cent Q1FY19? We believe it could be 7.7 per cent, as a lot of subsidy has been frontloaded in .
Ujjivan SFB launches overdraft facility for small enterprises
Ujjivan Small Finance Bank today announced the launch of its overdraft facility for micro and small enterprises (MSE). The facility is an add-on product to the existing MSE term loans offered by the bank. The bank will offer this facility to all MSEs with a turnover of Rs 50 lakh or more, Ujjivan SFB said in a release. This interest rate on the overdraft is for one year with a credit limit between a minimum Rs 11 lakh to a maximum of Rs 50 lakh which can be renewed on an annual basis. "This offering is aimed at the MSEs who don't have easy access to formal credit given their turnover limitations. With this facility, we now offer a complete range of formal banking solutions to MSEs to meet all their business needs," said Samit Ghosh, Managing Director & CEO, Ujjivan Small Finance Bank. Ujjivan Small Finance Bank (Ujjivan SFB) started its banking operations in February 2017. It has over 300 branches with its presence across 24 states and union territories.
Alinz, Petrocard tie up to make portable petrol pumps in India
Alinz Portable Petrol Pumps said today that it has tied up with Czech firm Petrocard to set up four manufacturing units in India to make machines for such pumps at an investment of Rs 1,600 crore. The concept of portable petrol pumps is new to India, which has been approved by the Ministry of Petroleum and Natural Gas, Alinz Managing Director Inderjeet Pruthi told reporters here. The approval was given by the ministry on August 10, he added. "We would soon be able see an unmanned fuelling station where we, on our own can refuel our vehicle making digital payment," Pruthi said. "The market of portable pumps will grow here. We have joined hands with Czech firm Petrocard, our technology partner, and have plans and target to set up four facilities to manufacture portable petrol pump machines in India at investment amount of Rs 1,600 crore based on the market, states and oil marketing companies response and cooperation," he said. A portable petrol pump is an automatic self-service machine .
TVS Motor Company offers Service for All Flood-affected TVS Customers in Kerala
As part of the ongoing efforts to help relief efforts in flood-stricken Kerala, TVS Motor Company has announced focussed service camp for all TVS customers in the state from August 27 to September 3, 2018. This will be applicable across all TVS Motor dealers and authorised service centres in Kerala and customers can bring their two-wheeler or three-wheeler to avail this service camp.The service will include a detailed and comprehensive vehicle check-up to look for any flood-related damages and repair them immediately. TVS Motor Company will offer free engine oil replacement and zero labour cost for the flood-affected vehicles in Kerala.Commenting on the initiative, K N Radhakrishnan, President and CEO, TVS Motor Company said, "As a customer-centric organisation, TVS Motor has always been in the forefront of providing support to our customers in times of national tragedies. The damage and destruction caused by the distressing flood is huge and we want to help people get back to normal .
SpiceJet to launch 6 new flights from October
Budget passenger carrier SpiceJet on Wednesday said it will launch six new daily direct flights on both domestic and international routes from October.
Haier to set up Rs 3k cr manufacturing units at Greater Noida
Haier Appliances will invest Rs 3,069 crore to establish manufacturing units at an industrial township in Greater Noida, UP, DMICDC said today. The consumer electronics company expects to generate direct employment for 3,950 people with this project, Delhi Mumbai Industrial Corridor Development Corporation (DMICDC) said in a statement. It has been allotted 123.7 acre of land in the DMIC Integrated Industrial Township Greater Noida (IITGN) project for setting up manufacturing units, it said. Besides, Chinese Mobile maker Forme's Indian subsidiary Forme Trading has been allotted 3.5 acre land in IITGN for the same purpose. "Forme Trading plans to invest Rs 100 crore in its new mobile phone manufacturing unit at IITGN which is likely to create 600 direct and 1,000 indirect jobs," it added. Satkriti Infotainment, a sister concern of leading audio manufacturer Fenda Audio India, is another company to have been allotted land in the township project. "Combined investment of the three ...
Singareni workers to get 27 pc profit share for 2017-18
The Telangana government today announced a 27 per cent share in the profit of Singareni Collieries Company Limited (SCCL) to its employees for 2017-18. Chief Minister K Chandrasekhar Rao instructed the Chairman and Managing Director of the company, owned by the Telangana government and the Centre on a 51:49 equity basis, to increase the profit share from 25 per cent in the previous to 27 per cent. Rao also said the Performance Related Pay (PRP) which has been due for the last eight years to the officers of the company be paid immediately, a release from the Chief Minister's Office said. Leaders of employees unions and representatives of officers association met the Chief Minister today. The company which has a workforce of over 56,000 had clocked a net profit of Rs 1,212 crore in 2017-18. The chief minister assured the officers that the government would allot them land in Hyderabad for constructing houses. Besides, Rs. 10 lakhs interest free loan facility would be ...
India shouldn't get too worried over Re depreciation: Sanyal
Principal Economic Adviser to the Finance Ministry Sanjeev Sanyal today sought to allay concerns over the falling Rupee against the US Dollar, saying India should not get too swayed by a single bilateral exchange rate. "If you take any broad based basket, you will see that the Rupee is not especially weak. We cannot get too swayed by a single bilateral exchange rate," Sanyal told PTI. He was responding to a question over the hue and cry raised over the Rupee recently breaching the historic low of 70-mark against the US Dollar. The falling Rupee value should be seen as strengthening of the US Dollarrather than weakness of the Rupee because the Rupee hasbeen stable over the last five years against most global currencies, Sanyal said. "The Rupee has been very stable over the last five years against most global currencies, except the US Dollar. Hence, weshould see this as US dollar strengthening rather than rupeeweakness," he said. Congress President Rahul Gandhi, on the eve ..
Xiaomi revenue soars 68% in Q2 2018
Driven by strong smartphones sales in pirce-sensitive markets such as India, Chinese handset maker Xiaomi Corp. on Wednesday reported a revenue of approximately $6.6 billion, representing an increase of 68.3 per cent year-on-year.
Gross premium collection of non-life insurers grows 20pc in July
Non-life insurance firms registered a 20 per cent growth in their gross direct premium at Rs 11,714.87 crore in July 2018, according to the data by Insurance Regulatory and Development Authority of India (Irdai). The 33 non-life insurance companies had underwritten a gross premium of Rs 9,790.07 crore in the same month last year. Of these, 25 general insurers witnessed a rise of 23 per cent in premium collection at Rs 10,782.37 crore during the month as against Rs 8,800.85 crore in the same period year ago, according to Irdai. Premium collection of six stand-alone private health insurers soared by 41 per cent to Rs 776.80 crore in July 2018 from Rs 551.82 crore in July 2017. The rest of the two specialised PSU insurers had a combined gross premium of Rs 155.70 crore during the month, down 64.4 per cent from Rs 437.40 crore year ago. The gross premium collection of all the 33 non-life insurers rose by 14 per cent to Rs 49,067.47 crore in April-June 2018-19 compared to Rs 43,076.26 ...