Page 2776 - Business Finance
Equity indices end at record closing levels; Nifty50 closes above 11,500 (Third Lead)
Positive global cues and recovery in the Indian rupee lifted the benchmark S&P BSE Sensex and NSE Nifty50 to provisionally end at record closing highs on Monday.
L&T shares rally 6%; m-cap up Rs 11,759.79 cr
Shares of Larsen & Toubro today settled with gains of over 6 per cent on bourses, following which the market capitalisation of the company improved by Rs 11,759.79 crore. During the day the stock of the company opened at Rs 1,300, then gained further ground and touched an intra-day high of Rs 1,331.00, up 7.31 per cent over its previous closing price on BSE. At the end of today's trading session, the stock was at Rs 1,323.95, up 6.74 per cent. Following the uptick in the counter, market capitalisation of the company improved by Rs 11,759.79 crore to Rs 1,85,616.07 crore at the end of today's trading on BSE. On the NSE, the stock opened at Rs 1,300, then jumped 7.39 per cent to touch an intra-day hight of Rs 1,331.90 and finally settled for the day at Rs 1,323.05, up 6.68 per cent. In a regulatory filing on August 18, the company had said that "the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on Thursday, August .
FPIs press heavy sales
Net outflow of Rs 1196.38 crore on 17 August 2018
Quick Wrap: Nifty Infrastructure Index rises 2.75%
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T-Mobile runs behind-the-scenes PR push to support Sprint deal
(Reuters) - T-Mobile US Inc is asking smaller wireless operators that piggyback off its network to issue public statements or even write newspaper editorials to help persuade antitrust regulators to approve its proposed $26 billion acquisition of Sprint Corp.
Coca-Cola India rejigs leadership structure
Beverage major Coca-Cola India today announced changes in its leadership structure with the appointment of Sundeep Bajoria as Vice-President -South West Asia Operations and Chandrasekar Radhakrishnan as Vice President - Strategy & Insights, Coca-Cola India & South West Asia. The company in a statement said the new structure is designed to enable the India and South West Asia business to be a growth engine for The Coca-Cola Company by capitalising on emerging opportunities while continuing to build on talent development. "We believe there are significant opportunities that lie ahead of us to grow our portfolio and meaningfully penetrate the market. These changes will address developing business needs and pave the way to develop a stronger portfolio for the future. It also reinforces our commitment towards investing in talent development," Coca-Cola India & South West Asia President T Krishnakumar said. Prior to this new role, Sundeep Bajoria was Vice President Strategy and .
Assocham opens representative office in US
Industry body Assocham today said it has opened a representative office in Austin, Texas with a view to strengthen India Inc's presence in the US. Chaired by Pavan Abraham, president, PeopleHive LLC, the US office forms part of the chamber's strategic plan to expand into promising markets and strengthen global competitiveness of the Indian businesses, a statement said. It will also work towards attracting foreign investment to India, it added. The office will actively promote, support and facilitate investors, entrepreneurs and other leaders across the region and further boost the immense potential for bilateral trade and commerce that exists between India and the US, especially in sectors like defence, natural gas, energy, education, space tech, health care and others, Assocham President Sandeep Jajodia said.
Warehouse space leasing up 45% in major cities: CBRE
Leasing of warehousing and industrial space rose by 45 per cent to nearly 10 million sq ft in the first half of this year in 8 cities on higher demand from e-commerce, retail, manufacturing and third-party logistic companies, property consultant CBRE said today. Leasing stood at 6.9 million sq ft during January-June period of 2017 as per the consultant's report 'India Industrial and Logistics Market View, H1 2018'. "Leasing activity was primarily driven by consolidation and expansion initiatives of firms belonging to sectors such as e-commerce, 3PL, retail, and engineering and manufacturing, which together accounted for more than 75 per cent of the leasing reported during the review period," CBRE said in a statement. The consultant attributed rise in leasing numbers to various reforms including the GST. The average size of leased space increased from about 75,000 sq ft during H1 2017 to close to 90,000 sq ft in the first half of this year. CBRE report found that the overall demand for
Exclusive: Germany to trump Japan again with world's largest current account surplus: Ifo
BERLIN (Reuters) - Germany's current account surplus is set to remain the world's largest this year despite increased trade tensions, the Ifo institute said on Monday, in an estimate likely to renew criticism of Chancellor Angela Merkel's fiscal policies.
Coca-Cola India rejigs leadership team
Coca-Cola India today said it has rejigged its leadership team to enable India and South West Asia business to be a growth engine for the Atlanta-based beverage giant. While Sundeep Bajoria, a 14-year veteran of the Coca-Cola system, has been promoted as vice-president South West Asia operations, from his earlier role of vice-president - strategy and insights; Chandrasekar Radhakrishnan has been appointed as the new vice-president - strategy and insights, Coca-Cola India and South West Asia, it said in a release. "The new structure is designed to enable the India and South West Asia business to be a growth engine for the Coca-Cola Company by capitalising on emerging opportunities while continuing to build on talent development," it added. Coca-Cola India and South West Asia president T Krishnakumar said there are significant opportunities that lie ahead to grow the company's portfolio and meaningfully penetrate the market. "These changes will address developing business
Nifty August futures at modest premium
Turnover on NSE's F&O segment falls
Germany to trump Japan again with world's largest current account surplus: Ifo
BERLIN (Reuters) - Germany's current account surplus is set to remain the world's largest this year despite increased trade tensions, the Ifo institute said on Monday, in an estimate likely to renew criticism of Chancellor Angela Merkel's fiscal policies.
Hotels offer discount to encourage customers shun plastic bags
To encourage customers do away with plastic bags for carrying food parcels, hotels in Tamil Nadu have announced discounts to those who bring their utensils. The move by the hospitality industry comes in the backdrop of the state government's decision to ban plastic items from January 1, 2019. "The plan is to make them bring utensils and vessels to carry the food. A resolution was passed recently, offering five per cent discount on the bill if customers bring the utensils," President of Chennai Hotels Association M Ravi said. "The practice of serving food in utensils brought by customers is being implemented across districts..," he said. To a query whether the services offered by some food delivery firms would get affected, Ravi said talks were on with such service providers on how food could be delivered. "Aluminium foils are used during packing instead of plastic bags; banana leaves also come in handy. The discount offer is to make customers bring their own containers,"
MoonX ties up with aSSIST in South Korea to enhance its disruptive technologies
In pursuit of its goal of technological dominance in the field of Digital Assets, MoonX has initiated a strategic tie-up with aSSIST (The Seoul School of Integrated Science and Technology) in South Korea.The technologies and innovations being deployed by MoonX are firing a trend towards (Initial Coin Offerings) ICOs which experts predict will upend and may eventually even replace the IPO. This as startup interest continues to grow in reverse ICO listing.MoonX is racing ahead of the game in Crypto Exchanges with its commitment to technology and decentralization. Its servers are now placed in cryogenic bunkers. This is the 'first truly decentralized ownership exchange ecosystem'.MoonX is also leveraging its nanosecond response time. This is light years ahead of traditional exchanges like Nasdaq, ICE, LSE. A clear indication that the future lies with truly decentralized exchanges."Our brand is about creating a decentralized economy by not charging fees but providing members with Moon ...
Elara Technologies secures USD35 Mn from Citi Singapore
Elara Technologies Pte. Ltd., a Singapore-based digital real estate marketing and transactions services company and owner of Housing.com, PropTiger.com, and Makaan.com, on Monday announced receiving of credit facility worth USD35 million from Citi Singapore.Elara, which is currently growing at a rate of more than 50% y-o-y, will use the fresh capital to accelerate business growth by investing in brand building, product and technology, sales force and geographic expansion.With the infusion of additional capital, Elara Technologies is well positioned to take the lead in the next cycle of growth in the digital real estate sector in India."Our consistent high double-digit growth momentum and mode of financing reflect the strong fundamentals of our company. We expect this funding to catalyse our next phase of growth and build our leadership in the rapidly expanding digital real estate space in India," said Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com, and Makaan.com."India's real .
Hilton India appoints Mallika Rao Bedi as Regional Director, HR
Hospitality firm Hilton India today said it has appointed Mallika Rao Bedi as Regional Director, Human Resources, to strengthen its senior leadership team. Bedi brings with her a vast experience of over 22 years in area of hotel operations, Hilton India said in a statement. "At Hilton, her key areas of focus will be to work with the India team to drive best practices as well as reinforce Hilton as amongst the best places to work," it added. Prior to joining Hilton, Bedi was with the Oberoi and Trident in Gurgaon, the statement said. She has been extensively involved in hotel operations and has experience in recruiting, selection, talent management, employee on boarding, training and development, employee relations and process improvement in line with business requirements resulting in minimum attrition rate, it added.
Mobiistar appoints Hardeep Singh Johar as VP, Sales
International smartphone brand Mobiistar on Monday announced appointment of Hardeep Singh Johar as the Vice President for Sales, North and East region.Hardeep will be focusing on strategic business expansion and customer and distributor relationship management.His expertise also includes, achieving business targets, executing and implementing company promotional schemes and activities to strengthen the brand Mobiistar.His current role also involves driving business through effectively managing retail and distribution networks for the brand. He is an ideal formulator of strategies for the region with respect to ATL and BTL initiatives."We are excited to have Hardeep onboard. With his vast experience and hardworking nature, we are curious to witness the heights to which he takes Mobiistar. With our offline expansion and strong focus on the North and East, we required an able person like him," said CEO and co-founder Mobiistar India and Global, Carl Ngo."Mobiistar aims to help its ...
IBHFL postpones rate hike for Kerala customers by 2 months
Indiabulls Housing Finance (IBHFL) today said it has decided to postpone the interest rate hike for its Kerala-based customers by two months and also waive penalty for delay in payment of August and September EMIs for its home loan customers. As part of its "relief measure, the housing finance company has also decided to waive the processing fee for home improvement loans to customers whose homes have been affected. "The interest rate hike, which is applicable for all customers post the increase in repo rate, has been deferred by two months specifically for Kerala based customers. The new increased interest rates will now be applicable from October 2018," the company said in a statement. Earlier this month, the Reserve Bank had hiked the key policy rate (repo) by 25 basis points to 6.5 per cent citing inflationary concerns. The company also said that a special team to fast track loan sanction and disbursal for all customers whose properties have been impacted by the flood/heavy ...
Nifty, Sensex post record close; L&T top gainer
(Reuters) - Indian shares rose on Monday to record closing levels, driven by Larsen & Toubro on a buyback proposal, while Infosys Ltd declined following the resignation of its chief financial officer.
Market spurts on upbeat global cues
Domestic stocks logged strong gains on steady buying demand in index heavyweights Larsen & Toubro, Reliance Industries and HDFC. The barometer index, the S&P BSE Sensex, gained 330.87 points or 0.87% at 38,278.75, as per the provisional closing data. The Nifty 50 index gained 81 points or 0.71% at 11,551.75, as per the provisional closing data. Positive global stocks boosted sentiment on the domestic bourses.