Page 2955 - Business Finance
Government E-Marketplace Completes 2 Years; Grosses Over Rs 10,000 crore in GMV
Government e-Marketplace (GeM), the National Public Procurement Portal, has turned 2 years old today. It was launched on 9th August 2016, with the objective of creating an open, transparent and efficient procurement platform for government. Over its short journey, GeM has achieved many significant milestones. Some of these are:
Walmart may approach I-T dept to determine tax liability in Flipkart deal
US-retail major Walmart may approach Indian authorities seeking withholding tax certificates for determining the tax liability in the USD 16 billion Flipkart buyout deal. Following CCI's nod to the Walmart-Flipkart deal, the I-T department expects Walmart to approach it under Section 197 of the Income Tax Act within a fortnight. We were told that the deal would be closed within a week of the Competition Commission of India (CCI ) approval. So we expect them to file with the I-T authorities seeking withholding tax certificate under Section 197 within a fortnight," an I-T official said. Under Section 197, any NRI selling shares can give reasons to Indian authorities as to why they should be taxed at a lower or nil rate in India. Walmart last month assured the I-T department that it will fulfil all tax obligations. Bengaluru-based e-commerce major Flipkart had in May shared share purchase agreement with tax authorities, and I-T department is currently calculating the tax rate that would .
Jindal Steel & Power Ltd spurts 1.01%, gains for fifth straight session
The stock is quoting at Rs 219.3, up 1.01% on the day as on 12:44 IST on the NSE. Jindal Steel & Power Ltd is up 77.86% in last one year as compared to a 16.82% jump in NIFTY and a 4.21% jump in the Nifty Metal.
Hindalco Industries Ltd spurts 1.25%, gains for fifth straight session
The stock is quoting at Rs 223.35, up 1.25% on the day as on 12:44 IST on the NSE. Hindalco Industries Ltd is down 6.16% in last one year as compared to a 16.82% jump in NIFTY and a 4.21% jump in the Nifty Metal.
PVR Ltd spurts 0.88%, rises for fifth straight session
The stock is quoting at Rs 1257.75, up 0.88% on the day as on 12:44 IST on the NSE. PVR Ltd is down 5.62% in last one year as compared to a 16.82% spurt in NIFTY and a 0.01% spurt in the Nifty Media.
Board of H T Media approves draft composite scheme of arrangement and amalgamation
At meeting held on 08 August 2018
HPCL digs in heels, says acting as per statute in not recognising ONGC as promoter
Virtually rejecting ONGC's demand, Hindustan Petroleum Corp Ltd (HPCL) has said it is acting as per its understanding of the statute in not recognising the new majority shareholder as its promoter. "Whatever we are doing, whatever we have done and whatever we will be doing will be as per our understanding of the statute and the guidelines and Companies Act and the SEBI guidelines... "Beyond that who is interpreting whatever, it is his understanding of the situation. We need not subscribe to that," HPCL Chairman and Managing Director Mukesh Kumar Surana told reporters here. He was asked about ONGC seeking recognition as the promoter of the company post-acquisition of majority stake in HPCL. Oil and Natural Gas Corp (ONGC) had in January this year bought the government's entire 51.11 per cent stake in HPCL for Rs 36,915 crore. Post that, HPCL had become a subsidiary of ONGC. But HPCL in its regulatory filing to the stock exchanges, the latest being on July 12, still lists 'President of .
Paytm buys savings management start-up Balance Tech
Digital payments major Paytm on Thursday announced the acquisition of Bengaluru-based smart-savings management start-up Balance Tech for an undisclosed amount.
IMF forecasts India's GDP to grow at 7.5 per cent in 2019/20 fiscal year
India's GDP is poised to grow by 7.3 per cent in the 2018-19 fiscal and 7.5 per cent in 2019-2020 on strengthening of investment and robust private consumption, the IMF said in its latest projection. The International Monetary Fund (IMF), in the report published on Tuesday, said the near-term macroeconomic outlook for India is "broadly favourable." Growth is forecast to rise to 7.3 per cent in fiscal year 2018/19 and 7.5 per cent in 2019/20 on strengthening investment and robust private consumption, the report said. Headline inflation is projected to rise to 5.2 per cent in fiscal year 2018/19, as demand conditions tighten, along with the recent depreciation of the rupee and higher oil prices, housing rent allowances and agricultural minimum support prices, it said. The current account deficit is projected to widen further to 2.6 per cent of the GDP on rising oil prices and strong demand for imports, offset by a slight increase in remittances, the report said. It said that financial ..
PayPal, HDFC Bank partner to offer seamless payment experiences to consumers
PayPal, a global technology platform and digital payments leader, has announced its strategic partnership with and HDFC Bank to offer safer, faster and convenient payment experiences for the bank's card holders.To initiate incremental digital spend, the HDFC cards will be presented as a payment option during enrollment and subsequent payments, with the ability for consumers to easily open PayPal accounts and set it as their preferred payment method.The partnership will create a number of joint growth opportunities that will advance PayPal and HDFC Bank's shared vision of offering consumers greater choice and flexibility in managing their money.This agreement will take effect immediately, with new experiences available to customers that are designed to drive incremental digital spend."Through this partnership, we're enabling HDFC Bank to provide its customers with the ability to shop how, where and when they choose, by leveraging the power, safety and convenience of PayPal," said MD, .
74% appear in first set of rail exam
A record 74 per cent candidates were present in the first shift of the railways' mega online exam for more than 60,000 jobs that began today, the national transporter said. Around 1,19,110 candidates out of 1,61,332 gave the exam at 416 centres across 160 cities of the country. The attendance is a record for all Railway Recruitment Board (RRB) exams since 2015 -- both for offline as well as online tests, it said. Nearly 48 lakh candidates will be taking the exam for 66,502 vacancies of assistant loco-pilots (ALP) and technicians. The exams will be conducted in a phased manner till August 31. The next set of exams is tomorrow, followed by August 13, 14, 17, 20, 21, 29, 30 and 31.
Mustard seed futures advance on spot leads
Mustard seed prices enquired higher by Rs 10 to Rs 4,144 per quintal in futures trade today as operators enlarged bets in tune with positive physical markets sentiments. Marketmen said the rise in demand for oil mills amid tight stocks position in the spot markets mainly influenced mustard seed futures prices to northward. At the National Commodity and Derivatives Exchange platform, mustard seed delivery for September moved up by Rs 10 or 0.24 per cent to Rs 4,144 per quintal, in an open interest of 1,10,470 lots. Also, the delivery for August edged up by Rs 7 or 0.17 per cent to Rs 4,096 per quintal, showing an open interest of 45,140 lots.
CIL Nova Petrochemicals Ltd leads gainers in 'B' group
Hisar Metal Industries Ltd, Kokuyo Camlin Ltd, TTK Healthcare Ltd and HB Stockholdings Ltd are among the other gainers in the BSE's 'B' group today, 09 August 2018.
CFO optimism in Jul-Sep rises; monsoon, raw material costs key going forward
Optimism level among India's chief financial officers for the July-September period has improved as compared to the previous quarter and going forward distribution of rainfall, raw material costs and revival in demand will be the key deciding factors, says a report. The Dun & Bradstreet Composite CFO Optimism Index for the third quarter of this year remained unchanged on a year-on-year basis but increased by 9.6 per cent on a quarter-on-quarter basis. "It appears the risks from the stressed assets in the banking system and the fluctuations in currency have been outweighed by positive performance in some indicators such as increase in bank credit, sales growth in automobile sector, increase in air passenger traffic, improvement in construction activity and buoyant capital markets," said Manish Sinha, Managing Director India, Dun & Bradstreet. The survey reveals how optimistic the CFOs are with respect to the overall financial health of their respective companies, the business .
Mazda, Suzuki, Yamaha Motor cheated on fuel economy, emissions testing: Japan government
TOKYO (Reuters) - Mazda Motor Corp, Suzuki Motor Corp and Yamaha Motor Co improperly tested vehicles for fuel economy and emissions, the Japanese government said on Thursday, in the latest cases of data falsifications by the nation's manufacturers.
Chana futures up 0.73% on spot demand
Chana prices rose by 0.73 per cent to Rs 4,225 per quintal in futures trade today as traders enlarged their holdings on account of the rising demand in the spot market. Besides, the restricted arrivals of the commodity in the physical market also influenced the chana prices. At the National Commodity and Derivatives Exchange, chana for delivery in September was trading higher by Rs 31, or 0.73 per cent, to Rs 4,225 per quintal with an open interest of 82,090 lots. Likewise, the commodity for delivery this month gained Rs 26, or 0.62 per cent, to Rs 4,180 per quintal in 24,340 lots. Traders said speculators increasing their holdings on hopes of a rise in spot market demand, mainly pushed up chana prices. They said enquiries by millers at lower levels against fall in supply from the producing regions of Rajasthan and Madhya Pradesh further supported the uptrend.
Wheat futures weaken by 0.10% on higher supply
Wheat prices softened by 0.10 per cent to Rs 1,988 per quintal in futures market today as speculators cut down holdings, triggered by higher supplies in the spot market against muted demand. At the National Commodity and Derivatives Exchange, wheat for delivery in September declined by Rs 2, or 0.10 per cent to Rs 1,988 per quintal with an open interest of 3,480 lots. However, the wheat for delivery in August held steady at Rs 1,982 per quintal in 3,670 lots. Market analysts said off-loading of positions by traders on the back of sufficient stocks position on increased supplies from producing belts in the physical markets against low demand, weighed on wheat prices in futures trade.
Hindustan Construction Company Ltd leads gainers in 'A' group
Reliance Communications Ltd, Hathway Cable & Datacom Ltd, National Aluminium Company Ltd and Indian Overseas Bank are among the other gainers in the BSE's 'A' group today, 09 August 2018.
Global Markets: China stock rally steadies nerves, Russian rouble hammered
SYDNEY (Reuters) - Asian share markets found support on Thursday as a rally in Chinese stocks helped offset the latest escalation in the Sino-U.S. trade war, while Russia's rouble tumbled as the United States slapped fresh sanctions on the country.
Indian shares rise, Sensex breaches 38,000
(Reuters) - Indian shares rose to fresh highs on Thursday, with the benchmark BSE index crossing the 38,000 level for the first time, driven by financial stocks such as ICICI Bank Ltd and State Bank of India.