Page 2762 - Business Finance
Maruti Suzuki, employees pledge Rs 3.5 cr for Kerala flood relief
Maruti Suzuki India said today that the company along with its employees will donate Rs 3.5 crore as Kerala flood relief effort. It has donated Rs 2 crore towards the Prime Minister's National Relief Fund to strengthen relief, rebuilding and rehabilitation efforts of the government, Maruti Suzuki India said in a statement. In addition, employees of the company will make a contribution amounting to Rs 1.5 crore, it added. Earlier in the day, Bajaj Auto also announced contribution of Rs 2 crore in aid of flood-hit Kerala. While Rs 1 crore is being contributed directly to the Chief Minister's Relief Fund, the balance Rs 1 crore will be deployed by Jankidevi Bajaj Gram Vikas Sanstha (JBGVS), for distribution of survival kits, Bajaj Auto said in a statement. Hyundai Motor India Ltd. (HMIL) and TVS Motor Company too have announced contribution of Rs 1 crore each to the state Chief Minister relief fund. Other companies such as Tata Motors, Nissan India and BWM have announced service support .
IKEA looking at West Bengal as a sourcing hub: Mitra
Swedish furniture retail company IKEA has evinced interest in sourcing products from West Bengal, state Finance Minister Amit Mitra today said. The multinational retail chain recently opened its first store in India at Hyderabad. Mitra, addressing the concluding session of a two-day MSME conclave, said IKEA has decided to source Rs 2,000-crore worth bamboo and natural fibre from India. "West Bengal is a big producer of bamboo. People from IKEA came to meet me and had detailed discussions on their interest in the state," he said, without divulging details. The minister said the state government has set a target for creating one lakh entrepreneurs in the next two years. Talking of bank finance to MSMEs, Mitra said the aim is to provide loans worth Rs 80,000 crore to the segment in the next two years, adding, the government would explore the possibility of roping in state cooperative banks for this purpose. The target set for the current fiscal is Rs 50,000 crore, he ...
Exclusive: Britain extends lead as king of currencies despite Brexit vote
LONDON (Reuters) - Britain has extended its lead in the global currency trading business in the two years since it voted to leave the European Union, in another sign London is likely to continue to be one of the world's top two financial centres even after Brexit.
2-day banking conclave kicks off on Thursday
Union Ministers Arun Jaitley, Piyush Goyal and Suresh Prabhu will attend the two-day banking conclave beginning Thursday to dwell on issues including bad loans, plaguing the Indian banks. Government think-tank Niti Aayog and the Centre for Economic Policy Research are the host of India Banking Conclave 2018 in which almost all public sector as well as private banks will participate. The programme will see panel discussions on NPAs, development of banks with changing times, privatisation versus merger and the future of banking, among other issues. ICICI Bank Chairman Girish Chandra Chaturvedi will take part in the first panel discussion of the conference on 'Indian Debt, Indian problem, Indian Solution'. Niti Aayog Vice-Chairman Rajiv Kumar; former SBI Chairperson Arundhati Bhattacharya; IDBI Bank CEO B Sriram; SBI MD Arijit Basu; Yes Bank Group President Nikhil Sahani, will also grace the conclave.
Gold glitters on global cues, silver tops Rs 37,000-mark
Gold prices strengthened at the domestic bullion market here today on sustained buying from stockists and retailers amid higher global cues. Silver prices surpassed the Rs 37,000 level by gaining Rs 100 due to increased offtake by industrials units. Standard gold (99.5 per cent purity) jumped by Rs 125 to close at Rs 29,540 per 10 gram from Monday's closing level of Rs 29,415. Pure gold (99.9 per cent purity) also gained by a similar margin to close at Rs 29,690 per 10 gram against Rs 29,565. Silver (.999 fineness) rose by Rs 100 per kg to close at Rs 37,010 from Rs 36,910 previously. Globally, gold rose to a one-week high as the dollar weakened after the US President Donald Trump criticised the federal reserve for raising interest rates. A weaker dollar generally boosts the price of dollar-denominated gold. Spot gold was 0.3 per cent higher at USD 1,193.51 an ounce in an early trade. Elsewhere, spot silver climbed 0.6 per cent to USD 14.79 an ounce.
Airline stocks see volatility, settle in red zone
Airline stocks witnessed volatility today and settled in the negative territory even as official data showed that domestic passenger traffic grew 21 per cent in July, year-on-year. During the day the stocks had surged as much as 3 per cent but pared gains and settled the day in the negative territory. According to the data, domestic airlines carried 115.57 lakh passengers in July this year. Separately, amid Jet Airways facing turbulent times, Civil Aviation Minister Suresh Prabhu made it clear that private airlines have to deal with issues facing them on their own and the government's role can only be at the policy level. The minister's comments have come at a time when the airline industry is grappling with tough times as high oil prices and stiff competition are crimping the profitability of carriers. Shares of InterGlobe Aviation opened at Rs 1,075, then gained further ground and touched a high of Rs 1,106, up 1.86 per cent over the previous close. The stock finally settled at Rs ..
HDFC buys over 25% stake in Good Host for Rs 70 cr
Mortgage lender HDFC Ltd today said it has acquired over 25 per cent stake in Good Host, a company engaged in the business of managing student housing facilities, for Rs 69.5 crore. HDFC is acquiring 30,52,469 equity shares of Good Host for a consideration of Rs 69,50,00,000 representing 25.01 per cent of its share capital from Manipal Integrated Services Pvt Ltd, HDFC said in a regulatory filing. The acquisition, on a cash consideration basis, is expected to be completed by September, it added. Good Host operates and manages hostel facilities for educational/training institutions in Jaipur and Udupi. The company reported a turnover of Rs 53.1 crore for 2017-18. In 2016-17, the turnover stood at Rs 8.6 crore and that in 2015-16 it was Rs 6.5 crore. Shares of HDFC closed at Rs 0.38 per cent down at Rs 1,912.70 on BSE.
Oil edges higher as Iran sanctions outweigh trade concerns
LONDON (Reuters) - Oil rose on Tuesday, buoyed by the prospect of price support from U.S. sanctions on Iran, although with concern brewing about the outlook for demand, particularly in light of the trade dispute between Washington and Beijing, gains were limited.
FDC stock down 4% post USFDA observations
Shares of drug firm FDC Ltd settled with losses of nearly 4 per cent today following USFDA's inspection at the company's manufacturing facility in Aurangabad. FDC had said in a regulatory filing yesterday that its sterile ophthalmic facility located MIDC Industrial Area in Waluj, Aurangabad, Maharashtra, had recently undergone inspections. "However, the company continues to export its Ophthalmic products to USA market," it said. The FDC stock opened at Rs 242, then lost further ground and fell to a low of Rs 232.30, down 7.74 per cent over its previous closing price. At close, the stock was quoted at Rs 241.70, down 4.01 per cent. On NSE, the stock opened at Rs 238, then fell to a low of Rs 232 and finally settled for the day at Rs 242.80, down 3.86 per cent. The USFDA inspection was carried out in relation to the Ophthalmic products being exported to USA market. The USFDA has made 8 observations (483's) for which appropriate response will be submitted by the company, the FDC filing ..
RUJ Group plans Rs 700-cr investment on biz expansion in Jaipur
RUJ Group plans to invest Rs 700 crore for expansion of its business activities in the capital city of Rajasthan. "Rs 700 crore will be invested for setting up a dairy plant, furniture plant and a hospital in Jaipur in coming two years and job opportunities for 1,000 persons will be created through these projects by the year 2020," a company release said today. Indian Origin Swiss scientist Rajendra Kumar Joshi, founder of the Jaipur-headquartered group, said the group has already invested Rs 800 crore in setting up of both Bhartiya Skill Development University and RS India (Swiss precision and assembly plant) in Mahindra world city here. "The Bhartiya Skill Development University is enhancing the scope of skill development by not only providing skilling programmes but also enterprise development by courses like B.Voc. in Entrepreneurship, which are in-trend and industry-synced courses," he said.
Morgan Stanley stops research coverage of Tesla
(Reuters) - Brokerage Morgan Stanley has halted equity coverage on Tesla Inc, potentially a sign the U.S. bank may be doing business directly with the electric carmaker as it explores options to go private.
Toll Brothers lifts revenue forecast on robust demand for luxury homes
(Reuters) - Toll Brothers Inc raised its forecasts for revenue and home sales on Tuesday after reporting better-than-expected quarterly results on strong demand for its luxury homes, sending its shares up 12 percent.
Market ructions to delay Greece's post-bailout bond sale
LONDON (Reuters) - Greece celebrated the end of eight years of bailouts on Monday, but expectations that it will mark its new-found fiscal independence with a much-anticipated bond sale next month may be dashed as wider tensions play out.
India directs WhatsApp CEO to comply with law of the land
Sending a stern message to WhatsApp over unabated mob lynchings linked to the spread of misinformation on its platform, Union IT Minister Ravi Shankar Prasad on Tuesday instructed visiting CEO Chris Daniels to comply with the law of the land and take "suitable" steps to prevent misuse of the instant messaging platform.
Maruti Suzuki announces 24x7 customer assistance in flood-hit Kerala
Maruti Suzuki India has actioned a series of voluntary measures for customer care. Maruti Suzuki has set up exclusive teams to coordinate, monitor and provide 24x7 support to customers at over 180 dealer workshops in Kerala.
Yes Bank allots 17.86 lakh equity shares
Under ESOP
Board of Navneet Education approves buyback of shares up to Rs 75 cr
At meeting held on 20 August 2018
US envoy meets Andhra CM, lauds his leadership
US Ambassador to India Kenneth Juster met Andhra Pradesh Chief Minister N Chandrababu Naidu on Tuesday here, and discussed various issues including e-Pragati, usage of technology in services and the vision to make the state as number one in the country in Ease of Doing Business.During the meeting, Naidu explained to the US envoy about Real Time Governance (RTG), services integration, improving liveable standards, infrastructure development including development of solar power, etc. .Juster appreciated the quality of leadership in Andhra Pradesh and said, "the economic growth has led to lot of employment generation in the state. With the prevailing good environment, US companies are looking forward and interested on this state.""Naidu's performance was very good as he has created a good eco-system in the state. The Chief Minister has created a multi player effect providing good aspirations among people of Andhra in employment opportunities," Juster said.US Ambassador further suggested .
HDFC acquires 25.01% stake in Good Host
For consideration of Rs 69.50 crore
Lebanese chafe as economic blues begin to bite
BEIRUT (Reuters) - For Mazen Rahhal, a shopowner in a bustling district of Beirut, Lebanon's economy has seldom felt more precarious. In one store, he sells clothes at a fraction of their previous price. Another, which he rented to a rival business, now lies empty.