Page 2766 - Business Finance
Market trading near flat line
Stocks hovered in a small range near the flat line in afternoon trade. At 13:28 IST, the barometer index, the S&P BSE Sensex, was up 26.98 points or 0.07% at 38,305.73. The Nifty 50 index was up 12.15 points or 0.11% at 11,563.90.
Malaysian PM to scrap China-backed $22 bn projects
Malaysian Prime Minister Mahathir Mohamad confirmed during a visit to Beijing today that three China-backed projects totalling USD 22 billion will be cancelled until his country can find a way to pay its debts. The projects include a railway connecting Malaysia's east coast to southern Thailand and Kuala Lumpur, and two gas pipelines. "I explained to (the Chinese leaders) why we can't have the ECRL (East Coast Rail Link)," Mahathir told Malaysian reporters at the end of his five-day visit. "It's about borrowing too much money, which we cannot afford, we cannot repay, and also because we don't need those projects for Malaysia at this moment... our problem now is how to solve our financial deficit." Mahathir is trying to reduce Malaysia's national debt, which has ballooned to some USD 250 billion. After meeting Premier Li Keqiang yesterday, Mahathir said he believed China would help Malaysia resolve its fiscal problems. The Malaysian leader also warned against "a new version of ...
Lenovo India appoints Shailendra Katyal in top role
Global technology brand Lenovo India on Tuesday announced the appointment of Shailendra Katyal as Executive Director and India PC and Smart Devices Business Group (PCSD) Consumer Leader.
Market breadth turns negative
Key benchmark indices were trading a tad below the flat line in early afternoon trade. At 12:15 IST, the barometer index, the S&P BSE Sensex, was down 10.95 points or 0.03% at 38,267.80. The Nifty 50 index was off 1.85 points or 0.02% at 11,549.90. Cement stocks gained. Shares of index heavyweights Hindustan Unilever and ICICI Bank declined.
Swaran Singh becomes Chief Executive Officer of Srinivasan Services Trust
Srinivasan Services Trust (SST) - the social arm of TVS Motor Company and Sundaram-Clayton Limited has appointed Mr. Swaran Singh, IAS (R), as the Chief Executive Officer of the Trust effective August 1, 2018.Ashoke Joshi, IAS (R), who was the Chairman of SST for the last 14 years will now play the role of advisor to the Trust. Under his able leadership, the Trust has uplifted and empowered millions of people through its philosophy of integrated rural development. From just 66 villages in 2004, Mr. Ashoke Joshi expanded SST's work to as many as 5000 villages in India across five states touching more than 3 million lives.He has created self-reliant empowered communities in the states of Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra and Himachal Pradesh. He played a pivotal role in the transformation of villages through women's empowerment which has created a holistic impact on economic development, health, education and environment of these villages. The bulk of the transformation
Cashfree launches 'Payouts' to make bulk payments easier
Bangalore based payment gateway company Cashfree, on Tuesday announced the launch of Payouts, a simple and automated way to send money in bulk to any account in India, instantly.Payouts, which will enable businesses to send money to any account in India, including UPI-BHIM IDs, Cards or mobile wallets, will enable businesses to integrate Cashfree in their own system via an API or use a simple 3 column excel sheet to trigger transactions in bulk.The product is live with popular startups like Rentomojo, Club Factory, Rummy Circle, Ketto and Early Salary to name a few. Hyperlocal delivery companies, like Dunzo are using it for wage payments and gaming companies, Rummy Circle are using it for instant cashouts for users."Payouts are revolutionary product for companies handling large number of daily transactions. The current systems offered by banks are outdated and are prone to errors," said co-founder and CEO of Cashfree, Akash Sinha."Payouts are taken care of all that and works even when
Equity indices trade flat after fresh highs; global cues subdue sentiments
The key Indian equity indices - S&P BSE Sensex and the NSE Nifty50 - traded on a flat-to-positive note during the mid-afternoon session on Tuesday.
Jeera futures rise 0.53% on pick-up in demand
Jeera prices went up by 0.53 per cent to Rs 20,500 per quintal in futures trade today as speculators created fresh positions, driven by pick-up in demand from stockists and overseas enquiries. Besides, tight stock positions following restricted arrivals from the growing regions,too, fuelled the uptrend. At the National Commodity and Derivatives Exchange, jeera for delivery in September rose by Rs 110, or 0.53 per cent, to Rs 20,500 per quintal, with an open interest of 7,773 lots. Likewise, delivery for October was trading higher by Rs 75, or 0.36 per cent, to Rs 20,750 per quintal as the open interest of contract stood at 1,792 lots. Traders said speculative positions built up by participants amid rising domestic as well as export demand led to the rise in jeera prices.
Govt asks ONGC to list OVL on bourses
The government has asked ONGC to list its overseas investment arm, ONGC Videsh Ltd on stock exchanges and transfer proceeds to it in the form of a special dividend, helping meet its disinvestment target, according to a letter written by DIPAM. According to a letter the Department of Investment and Public Asset Management (DIPAM) wrote to ONGC management last week, the listing of ONGC Videsh Ltd (OVL) would help unlock value by improving its corporate governance and efficiency. ONGC had helped the government meet its disinvestment target last fiscal when it bought a 51.11 per cent stake in state-owned Hindustan Petroleum Corp Ltd (HPCL) for Rs 36,915 crore. After failing to find a buyer for Air India, DIPAM is again looking at ONGC to meet the Rs 80,000 crore revenue mobilisation target set out for it in the Budget for 2018-19 from the sale of government stake in PSUs. As on July 5, 2018, the government has realised Rs 9,219.91 crore as disinvestment proceeds against the budgetary ...
Syndicate Bank spurts 1.91%
The stock is quoting at Rs 39.95, up 1.91% on the day as on 12:49 IST on the NSE. Syndicate Bank is down 36.33% in last one year as compared to a 18.45% spurt in NIFTY and a 0.97% spurt in the Nifty PSU Bank index.
Glenmark Pharmaceuticals Ltd rises for third consecutive session
The stock is quoting at Rs 621.5, up 2.19% on the day as on 12:49 IST on the NSE. Glenmark Pharmaceuticals Ltd is up 3.41% in last one year as compared to a 18.45% spurt in NIFTY and a 14.83% spurt in the Nifty Pharma index.
Jindal Steel & Power Ltd gains for third straight session
The stock is quoting at Rs 207.45, up 1.05% on the day as on 12:49 IST on the NSE. Jindal Steel & Power Ltd is up 60.81% in last one year as compared to a 18.45% jump in NIFTY and a 4.35% jump in the Nifty Metal index.
Hindustan Zinc Ltd rises for third straight session
The stock is quoting at Rs 283.6, up 1.2% on the day as on 12:49 IST on the NSE. Hindustan Zinc Ltd is down 1.2% in last one year as compared to a 18.45% jump in NIFTY and a 4.35% jump in the Nifty Metal index.
National Aluminium Company Ltd soars 2.17%, rises for third straight session
The stock is quoting at Rs 73.1, up 2.17% on the day as on 12:49 IST on the NSE. National Aluminium Company Ltd is up 4.95% in last one year as compared to a 18.45% gain in NIFTY and a 4.35% gain in the Nifty Metal index.
Hathway Cable & Datacom Ltd spurts 1.05%, rises for third straight session
The stock is quoting at Rs 19.25, up 1.05% on the day as on 12:49 IST on the NSE. Hathway Cable & Datacom Ltd is down 40.12% in last one year as compared to a 18.45% fall in NIFTY and a 1.27% fall in the Nifty Media index.
Zee Entertainment Enterprises Ltd gains for third straight session
The stock is quoting at Rs 512, up 1.16% on the day as on 12:49 IST on the NSE. Zee Entertainment Enterprises Ltd is down 0.86% in last one year as compared to a 18.45% jump in NIFTY and a 1.27% jump in the Nifty Media index.
TV18 Broadcast Ltd spurts 1.24%
The stock is quoting at Rs 49.05, up 1.24% on the day as on 12:49 IST on the NSE. TV18 Broadcast Ltd is up 38.17% in last one year as compared to a 18.45% spurt in NIFTY and a 1.27% spurt in the Nifty Media index.
Network 18 Media & Investments Ltd soars 1.4%, rises for third straight session
The stock is quoting at Rs 43.4, up 1.4% on the day as on 12:49 IST on the NSE. Network 18 Media & Investments Ltd is down 11.52% in last one year as compared to a 18.45% fall in NIFTY and a 1.27% fall in the Nifty Media index.
Wipro Ltd soars 2.28%, up for third straight session
The stock is quoting at Rs 291.55, up 2.28% on the day as on 12:49 IST on the NSE. Wipro Ltd is up 0.45% in last one year as compared to a 18.45% gain in NIFTY and a 44.71% gain in the Nifty IT index.
Tech Mahindra Ltd rises for third straight session
The stock is quoting at Rs 707.25, up 2.81% on the day as on 12:49 IST on the NSE. Tech Mahindra Ltd is up 60.98% in last one year as compared to a 18.45% jump in NIFTY and a 44.71% jump in the Nifty IT index.