Page 2968 - Business Finance
IndiGo announces 24 new flights from Sept
Budget carrier IndiGo announced today the launch of 24 new flights on its network including services on four new routes, the operations on which would start from September. The announcement was made even as the airline has grounded six of its A320 neo aircraft since July due to Pratt & Whitney engine issues. The planes are expected to be back in operation in the second half of August. The new routes on which the airline would start operation are between Ahmedabad and Bhubaneswar, Ahmedabad and Varanasi, Hyderabad and Patna and Kolkata and Surat. The airline will provide a second flight between Agartala and Guwahati, Hyderabad and Guwahati, and Kolkata and Nagpur, an airline statement said. The carrier will run a fourth flight between Hyderabad and Bhubaneswar and a fifth flight between Ahmedabad and Hyderabad. The airline has a fleet of 160 Airbus A320 and nine ATR aircraft as of June 30 and offers 1,157 daily flights connecting 44 domestic destinations and eight international ...
SC warns Amrapali group not to play smart with court
Don't play smart or we will render you homeless, the Supreme Court today plainly warned the real estate major Amrapali Group, accused of delaying its projects to the detriment of homebuyers' interest. The court would sell "each and every property" of the firm to recover the cost of construction of the pending real estate projects, a bench of Justices Arun Mishra and U U Lalit also threatened. "The real problem is that you have delayed giving possession of homes. Don't try to play smart or we will sell each and every property of yours and render you homeless," the bench said. The bench asked the group to submit within 15 days a valuation report of movable and immovable properties of its Managing Director and Directors. It also sought the details of companies that were looking after the maintenance of Amrapali projects and the funds they have collected and disbursed so far. The apex court enquired about the details of its serving directors and those who have left the Amrapali group ...
China interested in joining TAPI pipeline project: Pakistan official
ISLAMABAD (Reuters) - China is exploring building a spur from Pakistan's territory once the multi-country TAPI natural gas pipeline project begins operating, a Pakistani official said, with the financial close of the project's first phase expected next month.
Global Markets: Bumper U.S. earnings, China stimulus hopes keep world shares at one-week high
LONDON (Reuters) - World shares held near one-week highs on Wednesday, supported by robust U.S. earnings and expectations of additional stimulus from Beijing that could temper the impact of China's simmering trade dispute with the United States.
Hopes for more shareholder rewards lift ABN Amro
AMSTERDAM (Reuters) - Shares in ABN Amro registered their biggest gain in eight months on Wednesday as the Dutch bank hinted at more rewards for shareholders and announced plans to shrink its international corporate banking activities.
Working on a structure to address SGX issue: NSE chief
Locked in arbitration proceedings with SGX, the National Stock Exchange today said it is working on a "structure" to address the issues and more clarity is likely to emerge in the next two-three weeks. The matter relates to a tussle between the NSE and Singapore Exchange (SGX) over launch of some products. The two exchanges last month resumed discussions on a potential collaboration in Gujarat's international financial services centre, while the arbitration proceedings were deferred pending outcome of the talks. The move will help in transition of liquidity from the offshore market to the GIFT City. "We are in the process of figuring out a structure, which may require regulatory inputs too. We need 2-3 weeks before we get a clarity on the issue. If we are able to come out with a structure then arbitration proceedings will not be required," NSE MD and CEO Vikram Limaye told reporters at the exchange's silver jubilee celebrations function here. According to Limaye, the two exchanges are
FPIs extend buying
Net inflow of Rs 119.74 crore on 7 August 2018
Nifty August futures at modest premium
Turnover spurts
Cipla first-quarter profit trumps estimates
(Reuters) - Cipla Ltd, India's third-largest drugmaker by market capitalisation, posted on Wednesday a more than 10 percent rise in its first-quarter profit, well above analysts' expectations.
HC refuses interim relief to Rahul Gandhi in tax case
The Delhi High Court on Wednesday refused to grant any interim relief to Congress President Rahul Gandhi in Income Tax reassessment notice related to the National Herald case.
NSE looks to enhance focus on equity, debt; lower cost of raising funds
The National Stock Exchange (NSE) plans to focus on equity, debt and interest rate futures segments for business expansion as well as on reducing the cost of raising funds for companies, a senior official said today. Equity market penetration has the potential to grow and the bourse intends to concentrate on segments like debt, interest rate futures and commodity market for expanding its business, NSE chairman Ashok Chawla told reporters here at the exchange's silver jubilee celebrations. On the occasion, NSE Managing Director and Chief Executive Vikram Limaye said there is a need to broaden the base of retail investors and enhance the participation of institutional investors. On the priorities, Chawla said the exchange will focus on reducing the fund raising costs for companies and also looks at organic and inorganic growth opportunities. Stating that the focus is not on equity alone, Limaye said, "Be it debt or equity, credit risk or commodity risk, we will focus on all." "We are ...
Ford to launch new basic SUV as part of China revival effort
BEIJING (Reuters) - Ford Motor said on Wednesday it will launch in China early next year a new "entry-level" sport utility vehicle developed jointly with a local partner, as the U.S. automaker attempts to revive its slumping business in the world's biggest auto market.
Fox's formal bid opens final chapter of Sky battle with Comcast
(Reuters) - Twenty-First Century Fox Inc has triggered a 46 day deadline to raise its bid for Sky in a battle with Comcast for control of the British pay-TV group.
Sensex rises to record close; Reliance Industries leads
(Reuters) - Indian shares rose to a record close on Wednesday, helped by energy stocks including Reliance Industries Ltd and financials.
Oil steady as concerns over Iran sanctions offset weak Chinese imports
SINGAPORE/LONDON (Reuters) - Oil prices steadied on Wednesday despite relatively weak Chinese import data as the market remained supported by falling U.S. crude inventories and the introduction of sanctions against Iran.
Average per capita income in last 4 yrs higher at nearly Rs 80K cr: Govt
India's average per capita income in the last four financial years was higher at Rs 79,882 as compared to the preceding four fiscals, Parliament was informed. In contrast, from 2011-12 to 2014-15 it was Rs 67,594. "The average Per Capita NNI (net national income) in the country during 2011-12 to 2014-15 is estimated at Rs 67,594 whereas average Per Capita NNI in the country during 2014-15 to 2017-18 is estimated at Rs 79,882," Minister of State for Statistics Vijay Goel said in a written reply to Lok Sabha. The minister was replying to a question on whether India's average per capita income during the last four years has been much higher than the average per capita income of previous four years. According to statement, the per capita income grew by 4.6 per cent in 2013-14 to Rs 68,572; 6.2 per cent to Rs 72,805 in 2014-15; 6.9 per cent to Rs 77,826 in 2015-16 and by 5.7 per cent to Rs 82,229 in 2016-17.
RBI needs to gradually tighten monetary policy: IMF
The Reserve Bank of India needs to gradually tighten monetary policy in view of inflationary pressure due to higher oil prices, increase in Khariff MSP and possible fiscal slippages, the International Monetary Fund (IMF) said today. The report comes within days of the RBI raising benchmark short term lending rate (repo) by 25 basis points to 6.5 per cent citing inflationary concerns. It was the second such hike in a row. The IMF said the monetary policy tightening in early June was appropriate and further gradual tightening will be needed. "The RBI will need to gradually tighten policy further, in response to inflation pressures, which will help to build monetary policy credibility," the report said. It noted that headline and core inflation are rising and forecast to be above the mid-point of the headline inflation target band in the near and medium term, raising the probability that adverse shocks could push headline inflation above the RBI's target range (4 per cent, +, - 2 per ...
Market logs modest gains as pivotals advance
Key benchmarks logged modest gains on steady buying demand with the Sensex and the Nifty, both, scaling record highs. The barometer index, the S&P BSE Sensex, gained 221.76 points or 0.59% at 37,887.56, as per the provisional closing data. The Nifty 50 index gained 60.55 points or 0.53% at 11,450, as per the provisional closing data. Today's gains were led by index pivotals Reliance Industries, ICICI Bank and State Bank of India.
SBI plans to increase Yono user base to 250 mn in 2 yrs
Country's largest lender State Bank of India (SBI) is planning to expand its Yono (you only need one) customer base to 250 million in the next two years, a top bank official said. At present 2.5 million users are registered under Yono, the digital platform which offers all financial services and lifestyle products and services of the lender. "We have big plans to push Yono and our target is very ambitious for the next two years. We are looking to increase the user base to 250 million," SBI chairman Rajnish Kumar told reporters after the launch of the new digital initiative. Through Yono, customers can open an SBI bank account digitally, transfer funds, avail of pre-approved personal loan sans any paperwork and get overdraft facility against fixed deposits. Kumar said Yono currently is a separate platform but will soon be integrated to the bank's mobile wallet, Buddy. Recently, SBI entered into a digital partnership with Reliance Jio to increase it's digital customer ...
IKEA eyes quicker expansion in India as it readies for 1st store launch
With its first store in India set to open tomorrow, Swedish home furnishings major IKEA today said it is looking to expand here at a faster pace as compared to elsewhere. The company which is looking to set up 25 stores in India by 2025 will also enter e-commerce segment by next year, besides exploring small format stores as part of expansion plans in the country. "We want to be accessible and from tomorrow we will be accessible in Hyderabad. Now we will try our best to speed up our expansion to move quicker than normally we do in IKEA," IKEA Group CEO Jesper Brodin said here. After Hyderabad, IKEA's second store would be in Mumbai next year followed by Bengaluru and Delhi-NCR. The company's first store in India comes more than five years after it received the government's nod for its Rs 10,500 crore investment in the country in single brand retail. IKEA had originally planned to open the first store in 2017. However, it was delayed and was scheduled for July 19 this year. The company