Page 2925 - Business Finance
Turkey turmoil spills over to Wall Street, shaves 200 points off Dow
(Reuters) - The Dow Jones Industrial Average fell more than 200 points on Friday amid a widespread selloff in global stocks as the Turkish lira tumbled due to concerns over the country's economy and a deepening rift with the United States.
Greece to lose access to cheapest ECB cash
FRANKFURT (Reuters) - The European Central Bank will restrict Greek banks' access to its cheapest funding operations from Aug 21, it said on Friday, a move that could increase costs for lenders but may still help shore up confidence in Europe's weakest economy.
Industrial production growth accelerates to 7% in June 2018
Industrial production rises 5.2% in April-June FY2019
Oil up as Iran sanctions balance impact of trade war
LONDON (Reuters) - Oil prices rose on Friday as U.S. sanctions against Iran looked set to tighten supply, outweighing concerns that global trade disputes will slow economic growth and demand for fuel.
Dish Network CFO to step down, join Brookdale Senior Living
(Reuters) - Dish Network Corp's chief financial officer, Steven Swain, is leaving the U.S. satellite TV provider to become the finance chief at Brookdale Senior Living.
Ready-to-assemble homes provider wins Samsung start-up award
Jaipur-based Hexpressions, which offers affordable, ready-to- assemble homes made out of composite paper honeycomb panels was the winner of the Samsung Global Startup Acceleration Program award and was given a prize of Rs 200,000, the South Korean tech giant said on Friday.
Bosch net up 42% in Q1
Indian arm of German automotive major Bosch Ltd on Friday reported Rs 431 crore standalone net profit for the first quarter (Q1) of fiscal 2018-19, registering 42 per cent annual growth from Rs 303 crore in the same period year ago.
Redwood Investment sells stake worth Rs 1,531 cr in AU Small Fin Bank
Global investor Redwood Investment today sold over 8 per cent stake in AU Small Finance Bank for Rs 1,531 crore, through open market transactions. The block deal data available with the BSE showed that Redwood disposed of 2.40 crore shares, or 8.27 per cent stake in the bank. The shares were disposed of at an average price of Rs 638, valuing the transactions at Rs 1,531.20 crore. Also, Ourea Holdings sold 28.79 lakh shares, amounting to 0.99 per cent stake in the bank. The shares were offloaded at a price of Rs 638 apiece by Ourea, translating into a transaction worth Rs 183.70 crore. Among the buyers of the shares were AU Small Finance Bank's promoter Sanjay Agarwal, SBI Mutual Fund, Nomura India Investment Fund Mother Fund, Reliance Mutual Fund and Sundaram Mutual Fund. AU Small Finance Bank settled for the day on the BSE at Rs 694.60, up 7.92 per cent from the previous close.
Treasury loss, wage revision spook SBI; June qtr net loss at Rs 4,876 cr
The nation's largest lender State Bank today reported a net loss of Rs 4,876 crore for the June quarter due to higher provisions on account of wage revisions, treasury losses along with enhanced gratuity ceilings, even as the bank reported improvement in overall asset quality. The bank that controls over two-fifths of the system had reported a net profit of Rs 2,006 crore in the same quarter last year and the management, however, exuded confidence to return to profit in the December quarter. The bank attributed the hefty loss to lower trading income and significant mark-to-market losses due to hardening of bond yields, and also not availing of the benefit of the RBI dispensation with regard to amortisation of MTM loss. Staff expenses rose 25.68 per cent during the quarter mainly on account of provision for wage revisions and enhancement in gratuity ceiling, excluding which the increase is only 1.1 per cent. Gross NPAs stood at 10.69 per cent as against 9.97 per cent, while net NPA ...
Nihilent files IPO papers with Sebi
IT solutions firm Nihilent has filed its draft papers with market regulator Sebi to raise funds through an initial share sale. The initial public offer (IPO) comprises fresh issuance of shares worth up to Rs 250 crore, besides an offer of sale OF around 21,25,599 equity stocks by promoter group entity Vastu IT Private Limited, according to the draft red herring prospectus (DRHP) filed with Sebi. The funds garnered through the issue would be utilised for replacement and upgradation activities to fund inorganic growth and for setting up of a user experience laboratory as well as a media laboratory among others. Motilal Oswal Investment Advisors will manage the the company's IPO. The equity shares will be listed on BSE and the National Stock Exchange (NSE). Nihilent is a Pune-based consulting and information technology (IT) solutions integration firm.
Sebi asks share transfer agents to put in place risk management policy
Markets regulator Sebi today asked registrars and share transfer agents to comply with enhanced monitoring requirements, through implementation of internal policy framework and periodic reporting on key risk areas, data security measures and governance structures. Apart from data security measures and governance structures, periodic reporting should also be done in areas like business continuity, measures taken for enhanced investor services, grievance redressal and insurance against risks. In a circular, Sebi has asked qualified registrars to an issue and share transfer agent (QRTAs) to formulate and implement a comprehensive policy framework approved by the board of directors. The comprehensive view of risks to the QRTAs include those emanating from vendors, third parties to whom activities are outsourced and clients. They need to identify all relevant risks, including operational, fraud risk, technology, cyber security general business risk including credit, market, legal and ...
Wall Street slips at open on Turkey turmoil
(Reuters) - U.S. stocks opened lower on Friday as a plunging Turkish lira rattled global markets due to concerns over the country's economy and a deepening rift with the United States.
SBI Q1 loss at Rs 4,876 cr on higher provisioning for NPAs
State-run State Bank of India (SBI) on Friday reported a major loss of Rs 4,876 crore for the first quarter ending June, caused by higher provisioning on account of its accumulated non-performing assets (NPAs), or bad loans.
Free-trade pacts hamper India's efforts to curb China textile imports
MUMBAI/NEW DELHI (Reuters) - China is exporting textiles to India through Bangladesh to get around a tax increase on imports, undermining New Delhi's efforts to support local manufacturers, industry sources said.
U.S. inflation pressures modestly rise in July; Fed on track to raise rates
WASHINGTON (Reuters) - U.S. consumer prices rose in July and the underlying trend continued to strengthen, pointing to a steady increase in inflation pressures that keeps the Federal Reserve on track to gradually raise interest rates.
Rupee falls 15 paise against US dollar amid global currency turmoil
Caught in a fresh wave of global currency turbulence, the rupee fell sharply by 15 paise to end at 68.83 against the resurgent dollar amid fears of escalation in trade tensions worldwide. The Indian currency hit a fresh 3-week low in early trade before regaining some lost ground. Forex market sentiment wobbled once again in line with sell-off in other emerging market currencies hit by the sudden wave of risk-off on mounting fears over a political crisis in Turkey. The Turkish lira plunged nearly 14 per cent after Turkish President Recep Tayyip Erdogan asked citizens to convert their dollars and other foreign currencies as well as gold holdings to local lira. US President Donald Trump also announced doubling steel and aluminum tariffs on Turkey, adding to pressure on that country's troubled economy amid a diplomatic row. The Reserve Bank of India is suspected to have intervened heavily to curb the rupee's sharp slide on a day when overseas investors sold local securities leading
Nifty snaps five-day winning streak, down 41 points
The NSE benchmark Nifty snapped five-day record-setting rally, down 41 points following selling pressure mainly in bank, metal, pharma and energy sectors amid lacklustre global cues. However, gains in IT, FMCG and auto sectors capped losses to some extent. Overseas, European shares were trading lower as investors reacted to corporate earnings, fresh turmoil for Turkey and continued fears of a trade war between the US and China. Most Asian stock markets dropped as trade and broader geopolitical concerns continue to weigh over investor sentiment. The NSE Nifty lost 41.20 points, or 0.36 per cent, to finish at 11,429.50. It had ended at a record high of 11,470.70 yesterday. The Nifty had gained by 226.00 points or 1.99 per cent in its previous five days. It saw an intra-day movement of about 59.10 points. On the sectoral front, PSU bank stocks fell by 3.80 per cent followed by metal 1.91 per cent, pharma 1.21 per cent, energy 0.75 per cent, bank 0.69 per cent, media 0.67 per cent and ...
Urban co-op lender SVC Bank partners with DHFL Pramerica Life, Aditya Birla Health
Insurers DHFL Pramerica Life Insurance and Aditya Birla Health Insurance Co today announced their partnership with old generation urban co-operative lender SVC Bank to sell their policies through the bank. DHFL Pramerica Life Insurance recently entered a Bancassurance partnership with SVC Co-operative Bank Limited for the distribution of specialised products to its customers, the company said in a statement. The objective of this partnership is to offer easy access to simple life insurance products, thereby improving the insurance protection gap and strengthening the distribution network of DHFL Pramerica Life Insurance. Through this partnership, Aditya Birla Health Insurance will market its retail and group products with innovative features to suit the needs of SVC Bank customers from all socio-economic segments across the country, Aditya Birla Health Insurance Co (ABHICL) said in a separate statement. ABHICL said it would also be leveraging SVC Bank's presence and reach to create ...
Union Bank of India Q1 net up 12% at Rs 130cr
State-owned Union Bank of India today reported a net profit of Rs 130 crore in the first quarter of 2018-19, up 12 per cent from the year-ago period. The bank had reported a net profit of Rs 116.58 crore in the same quarter of 2017-18. Total income during the June quarter increased to Rs 9,908.76 crore as against Rs 9,567.69 crore in the same period a year ago, it said in a regulatory filing. The interest income rose to Rs 8,700.81 crore from Rs 8,112.10 crore. "The interest income for the quarter includes an amount of Rs 274.43 crore towards recovery of NPA in accordance with resolution plan approved by National Company Law Tribunal," it said. On asset front there was a further dent with gross non-performing assets (NPAs) rising to 16 per cent of gross advances by June 30, 2018, as against 12.63 per cent at end-June 2017. In value terms, gross NPAs or bad loans were Rs 50,972.64 crore by end of June this year as against Rs 37,286.33 crore year earlier. Net NPAs were at 8.70 per cent .
Gold in India shifts to discount, while China buying picks up
MUMBAI/BENGALURU (Reuters) - Gold was sold at a discount in India for the first time in six weeks on subdued demand as buyers bet that prices could fall still further after hitting near seven-month lows last week.