Page 2774 - Business Finance
StanChart says approval for Frankfurt Brexit hub pushed to autumn
LONDON (Reuters) - Standard Chartered will likely have to wait until the autumn at the earliest for approval from German and European banking regulators to turn its Frankfurt branch into its European Union subsidiary, a spokeswoman for the bank said on Monday.
Bull market beliefs: Stock experts differ on market cycles
NEW YORK (Reuters) - As Wall Street prepares on Wednesday to celebrate the current U.S. bull stock market becoming the longest in history, some investors are keeping corks in their champagne bottles.
Analysis: With record in view, aging U.S. bull market may still be frisky
NEW YORK (Reuters) - Why settle for nine-and-a-half years when you can do an even 10 or better? That's the thinking of a lot of investors measuring whether a historically long run in U.S. stocks still has legs.
Gitanjali Gems, Amtek Auto hit lower circuit
Shares of Gitanjali Gems, Amtek Auto, Easun Reyrolle and Panoramic Universal today fell by nearly 5 per cent each to hit lower circuit limits after both the leading exchanges BSE and NSE decided to suspend trading in these counters. BSE and NSE will suspend trading in shares of as many as nine firms, including banking fraud accused Mehul Choksi's Gitanjali Gems, from September 10 for not complying with listing norms pertaining to submission of financial results. While both the exchanges will together suspend Gitanjali Gems, Amtek Auto, Easun Reyrolle and Panoramic Universal, the BSE will suspend Thambbi Modern Spinning Mills, Indo Pacific Projects, Haryana Financial Corporation, Noble Polymers and Samruddhi Realty as well. Trading in securities of the nine companies will be suspended from September 10, 2018, for non-compliance with Regulation 33 of LODR Regulations for two consecutive quarters -- December 2017 and March 2018, the BSE said in a notice. Regulation 33 pertains to ...
Magma Fincorp Q1 net profit jumps 75% to Rs 68 crore
Non-banking finance company (NBFC) Magma Fincorp today reported a 75 per cent rise in its consolidated net profit to Rs 68 crore for the first quarter ended June 30. The company had reported a net profit of Rs 39 crore in the April-June quarter of previous fiscal. Magma said its disbursements during the quarter grew 25 per cent to Rs 1,840 crore during June quarter of 2018-19, as against Rs 1,473 crore a year ago. The company continues to focus on its SME lending business resulting in 34 per cent increase in SME disbursals year-on-year, it said in a release. The NBFC also said there were impressive growth in disbursement, net interest margin (NIM) and PAT. NIM for quarter moved up 100 basis points (1 percentage) to 8.6 per cent, aided by lower cost of funds and higher earning assets. "We have successfully transitioned to IndAS accounting regime in this quarter and improved our provisioning coverage ratios as also created sufficient provisioning on standard assets. It will reduce the ..
Nissan to boost China production capacity by 40 percent, source says
BEIJING (Reuters) - Japan's Nissan Motor Co plans to invest about $900 million to boost vehicle-making capacity in China by 40 percent by 2021 - part of a 60 billion yuan ($8.73 billion) strategy to become a top three player in the world's largest auto market.
Wall Street set to open higher on U.S.-China trade talks
(Reuters) - U.S. stock index futures pointed to a higher open on Monday as reports of planned trade talks between the United States and China raised hopes of a potential resolution to their trade row.
Tesla shares head for 3-month low as deal doubts grow
(Reuters) - Tesla Inc shares fell 7 percent early on Monday as a $113 cut in JPMorgan Chase's price target for the electric carmaker added to growing doubts among market players about a plan to take the company private.
Swaran Singh appointed CEO, Srinivasan Services Trust
: Srinivasan Services Trust, the social arm of two and three wheeler manufacturer TVS Motor Company today announced the appointment of retired IAS officer Swaran Singh as its CEO with immediate effect. Singh has been associated with the Trust since 2007 in the capacity of Deputy Chairman, a press release said. The Chairman of the Trust, Ashoke Joshi would play the role of an Advisor. In his three decades of public service, Singh served the Corporation of Tiruchirapalli as the Commissioner, as Tuticorin district collector and Principal Secretary of the Industries and Commerce department, the release added.
Nissan Motor plans up to 40 percent production expansion in China: sources
BEIJING (Reuters) - Japan's Nissan Motor Co plans to invest about $900 million to boost vehicle-making capacity in China by 40 percent by 2021 - part of a 60-billion-yuan strategy to become a top three player in the world's largest auto market.
UK luxury retailer Farfetch aims for New York listing
(Reuters) - Online fashion retailer Farfetch plans to float on the New York Stock Exchange, the London-based firm said on Monday, seeking to capitalise on rapid growth in luxury sales on the web.
Greece ends bailout odyssey but Athens not in festive mood
ATHENS (Reuters) - Greece emerged from the biggest bailout in economic history on Monday after nine years of creditor-mandated austerity, with European institutions hailing the exit a success but jaded Greeks finding little reason to celebrate.
Route Mobile gets Sebi nod for Rs 600 cr IPO
Route Mobile has received markets regulator Sebi's approval to raise an estimated Rs 600 crore through an initial share-sale. Incorporated in 2004, Route is among the leading cloud- communication platform service providers to enterprises, over-the-top players and mobile network operators. The company had filed draft papers with Sebi in January, seeking its clearance to float an initial public offer (IPO) and received its "observations" on August 16, as per the latest update with the markets regulator. Sebi's "observations" are necessary for any company to launch a public issue like IPO, follow-on public offer (FPO) and rights issue. The IPO comprises fresh issue of shares worth Rs 350 crore and an offer for sale of up to 65 lakh shares by founders Sandipkumar Gupta and Rajdipkumar Gupta, draft papers filed with Sebi showed. Funds raised through the public issue will be used towards investment in Route Mobile (UK) Ltd for payment of the loan availed from Deutsche Bank AG as well as for
Finzy closes $2.3 mn funding round
Finzy, a peer-to-peer lending platform, today said it has raised USD 2.3 million from various senior professionals in the banking and financial services industry and entrepreneurs. The pre-series A round, which also includes USD 1.3 million raised in the first tranche in March 2018, will be used to fund the company's geographical expansion, technology investment and stronger distribution networks, it said in a statement. "This round will help us scale our business closer towards break even. Currently, Finzy is a team of 60 passionate colleagues working towards providing a hassle free experience to our borrowers...We do not have even a single NPA till date," Finzy founder and CEO Amit More said. Finzy said its monthly loan disbursements have grown more than 2X in the last six months and is expected to grow by an additional 3X from here on by March 2019. The company plans to raise additional funds under series A early next year.
PNB scam: Ex-MD of Allahabad Bank granted bail
A special Central Bureau of Investigation (CBI) court here on Monday granted anticipatory bail to former Managing Director (MD) and Chief Executive Officer (CEO) of the Allahabad Bank, Usha Ananthasubramanian, on a surety bond of Rs 1 lakh in multi-crore Punjab National Bank (PNB) scam.Ananthasubramanian was the MD of PNB between August 2015 and May 2017, and also served its executive director.On August 13, she was removed as MD and CEO of the Allahabad Bank. Last week the Centre gave sanction to CBI for her prosecution.Her name appeared in CBI's first charge sheet in May 2018, citing irregularities during her tenure at the PNB bank.The scam pertains to the fraudulent use of Letter of Understanding by diamantaire Nirav Modi and his uncle Mehul Choksi to dupe the PNB of nearly USD 2 billion, with the purported involvement of a few employees of the bank.
Ola enters UK, rides in South Wales
Indian ride-sharing major Ola on Monday forayed into the UK market by launching its services in South Wales, the company said in a statement.
OnePlus sets up experience store in city
Chinese smartphone-maker OnePlus today said it has set up its first "Experience Store" in the city as part of its retail expansion drive across India. The state-of-the-art store equipped with an exclusive service centre is located in the popular shopping hub - Thiyagaraya Nagar. The Chennai store is the second such facility after one was set up in Bengaluru last year. The decision to open the store is part of the company's plan to set up over 10 new offline touchpoints in key markets, a company statement said. "India is our largest market and the community here is one of the most engaged and vocal user-base at OnePlus. Following the positive response to existing experience and authorised stores, we have decided to increase the offline touchpoints in the country...", OnePlus India, General Manager, Vikas Agarwal said.
Japan Nikkei falls on caution ahead of US-China trade talks
Stocks moved in a narrow range in the afternoon as many market participants are awaiting developments in the US-China trade conflict after the two countries said on Thursday, 16 August 2018, that they would hold lower-level trade talks next week. As per reports, the talks in Washington would take place on August 21 and 22, just before $16 billion in new US tariffs on Chinese goods take effect, along with an equal amount of retaliatory tariffs from Beijing. The US Trade Representative's office said on Friday it doubled the length of tariff hearings on the next $200 billion worth of Chinese goods to six days from the previously planned three due to overwhelming demand from companies to testify. The hearings will be held Aug. 20-24 and on Aug. 27.
Infosys stock settles down 3% on CFO Ranganath's exit; M-cap erodes 10,080 cr
Shares of Infosys today defied the broader market sentiment and settled down 3 per cent on the bourses, eroding Rs 10,079.73 crore from the company's market capitalisation. On August 18, Ranganath, fondly known as Ranga, who has been working with Infosys for close to two decades, resigned in a surprise move that raises questions about stability at the country's second largest IT services firm. During the day, Infosys after opening on a weak note at Rs 1,388.70, and later tanked 4.03 per cent to touch an intra-day low of Rs 1,373.55. At close, the stock was quoted at Rs 1,385.20, down 3.22 per cent on BSE. The market capitalisation of the company eroded by Rs 10,079.73 crore to Rs 3,02,545.31 crore at close. Similar movement was seen on NSE as well, where the stock opened at Rs 1,388.00, then fell 3.97 per cent to a low of Rs 1,373.50 and finally settled at Rs 1,388.20, down 2.95 per cent. Market benchmarks Sensex and Nifty hit new closing highs of 38,278 and 11,552, respectively, on ..
Nickel, copper utensils gain on rising demand
Nickel and copper utensils gained further at the non-ferrous metals market here today on stockists buying and rising demand from alloy industries. Copper recovered marginally owing to renewed demand from industrial users. While, tin, lead and brass utensils scrap declined due to sluggish demand from alloy industries. Nickel rose by Rs 10 per kg to Rs 995 from last Saturday's closing level of Rs 985. Copper cable scrap, copper scrap heavy, copper utensils and copper billets moved up by Rs 3 per kg each to Rs 454, Rs 449, Rs 421 and Rs 482 as against Rs 451, Rs 446, Rs 418 and Rs 479, respectively. Copper armature and copper sheet cuttings edged up by Rs 2 per kg each to Rs 445 and Rs 442 as compared to Rs 443 and Rs 440, previously, respectively. However, tin slipped by Rs 5 per kg to Rs 1,375 as against previous closing level of Rs 1,380. Brass utensils scrap, aluminium ingots and lead softened by Rs 2 per kg each to Rs 338, Rs 160 and Rs 158 from Rs 340, Rs 162 and Rs 160, ...