Page 2977 - Business Finance
AU Bank Clocks 94% growth in disbursements
Bank's Gross Loan AUM reached INR 17,322 crore; clocking a growth of 61 per cent y-o-y. This was led by a strong all-round growth in disbursements which jumped nearly twofold at INR 2,885 Crores in Q1FY19 over the same quarter last year, despite Q1 generally being a seasonally leaner quarter.Retail Assets continue to dominate with approximately 82 per cent of the overall Gross Loan AUM. Vehicle Loan disbursements were up more than 100 per cent, likewise, MSME Loans grew approximately 71 per cent over Q1FY18. Moreover, Bank continued to gain strong traction in a new segment of Agri SME Loans, Gold Loans, 2 Wheeler Loans and Housing Loans. Collectively, this caused the Retail Assets of AUM to clock a growth of approximately 54 per cent y-o-y.Alike Retail Disbursements, Bank's SME & Mid Corporate Disbursements also grew approximately 90 per cent led by a strong 119 per cent disbursement growth in Business Banking Segment. Disbursements to NBFC segments grew by 91 per cent over ...
Crude palm oil futures slip 0.33 pc on profit-booking
Crude palm oil prices fell by 0.33 per cent to Rs 591.60 per 10 kg in futures trade today as speculators booked profits amid fall in demand at the spot market. Besides, sufficient stocks position following increased supplies from the producing regions fuelled the downtrend. At the Multi Commodity Exchange, crude palm oil for delivery in this month's contract eased by Rs 2, or 0.33 per cent, to Rs 591.60 per 10 kg in a business turnover of 52 lots. The oil for delivery in September traded lower by Rs 1.10, or 0.19 per cent, to Rs 590 per 10 kg in 22 lots. Analysts said profit-booking by speculators at prevailing levels and a fall in demand at the spot market weighed on crude palm oil prices.
Volumes soar at Vardhman Textiles Ltd counter
Vardhman Textiles Ltd clocked volume of 5027 shares by 10:47 IST on BSE, a 4.68 times surge over two-week average daily volume of 1075 shares
Focus: Old-line Kroger shows new moves in grocery delivery drive
CINCINNATI (Reuters) - Kroger Co, the nation's biggest supermarket chain, whose founder delivered groceries by horse and buggy, is using a different kind of horsepower in its race with online grocery sellers.
Prepared to defeat Google in China: Baidu CEO
As Google is trying to make a comeback in China with censored apps, its biggest rival in the country, Baidu, said it was prepared to take on the US tech giant and defeat it, the media reported.
Silver futures climb 0.41 pc on firm global cues
Silver prices rose by 0.41 per cent to Rs 38,039 per kg in futures trading today as participants widened their bets amid a firming trend in precious metals overseas. At the Multi Commodity Exchange, silver for delivery in September month gained Rs 156, or 0.41 per cent to Rs 38,039 per kg in business turnover of 858 lots. Likewise, the white metal for delivery in December contract was trading higher by Rs 142, or 0.37 per cent to Rs 38,880 per kg in 49 lots. Analysts said expanding of positions by participants in line with a firming global trend influenced silver prices at futures trade. Meanwhile, silver was up 0.39 per cent at USD 15.40 an ounce in Singapore.
Gold futures rise 0.25 pc on global cues
Gold prices went up by 0.25 per cent to Rs 29,670 per 10 grams in futures trading today as speculators raised bets amid a firm global trend. At the Multi Commodity Exchange, gold for delivery in October month moved up by Rs 73, or 0.25 per cent to Rs 29,670 per 10 grams in business turnover of 495 lots. On similar lines, the yellow metal for delivery in December contracts gained Rs 42, or 0.14 per cent to Rs 29,900 per 10 grams in just 1 lot. Market analysts attributed the rise in gold prices in futures trade to a firm trend overseas as the US dollar softened against China's yuan and the euro. Meanwhile, gold rose 0.32 per cent to USD 1214.40 an ounce in Singapore today.
Hindalco Industries rises after good Novelis results
Hindalco Industries rose 0.94% to Rs 221.10 at 10:38 IST on BSE after the company's US-based subsidiary, Novelis, reported good earnings in June quarter.
Aluminium futures up 0.21 pc
Tracking a firm trend overseas, aluminium prices edged higher by 0.21 per cent to Rs 140.40 per kg in futures market today as speculators raised their bets. At the Multi Commodity Exchange, aluminium for delivery in far-month September edged up by 30 paise, or 0.21 per cent to Rs 140.40 per kg in business turnover of 10 lots. On similar lines, the metal for delivery in August contract was up by 20 paise, or 0.14 per cent to Rs 139.65 per kg in 397 lots. Analysts said fresh positions created by participants, driven by a firm trend overseas along with rising demand from consuming industries in the physical market, led to the rise in aluminium prices at futures trade. Globally, aluminium for delivery in three months was up 0.2 per cent at USD 2,042.50 a tonne on the London Metal Exchange.
Firm demand lifts lead futures by 0.41 pc
Lead prices inched up by 0.41 per cent to Rs 147.65 per kg in futures market today as participants built up fresh positions following an uptick in demand at the spot market. At the Multi Commodity Exchange, lead for delivery in August month edged up by 60 paise, or 0.41 per cent to Rs 147.65 per kg in business turnover of 843 lots. Similarly, the metal for delivery in September contract was enquiring higher by 40 paise, or 0.27 per cent to Rs 148.40 per kg in 5 lots. Analysts said fresh positions created by participants due to improved demand from battery-makers in the physical market and a firm trend in other base metals in global markets influenced lead prices at futures trade.
Cement, telecom stocks gain
Stocks hovered with small gains in morning trade. At 10:25 IST, the barometer index, the S&P BSE Sensex, was up 52.09 points or 0.14% at 37,717.89. The Nifty 50 index was up 15.30 points or 0.13% at 11,404.75. Telecom stocks gained. Cement stocks rose. Positive Asian stocks boosted sentiment on the domestic bourses.
Zinc futures harden by 0.36 pc
Zinc prices traded higher by 0.36 per cent to Rs 181.20 per kg in futures trading today as participants built up fresh positions, taking positive cues from the global markets amid a pick up in spot demand. At the Multi Commodity Exchange, zinc for delivery in August month moved up by 65 paise, or 0.36 per cent to Rs 181.20 per kg in business turnover of 1,258 lots. In similar fashion, the metal for delivery in September contracts gained 60 paise, or 0.33 per cent to Rs 181 per kg in 83 lots. Analysts said fresh positions created by traders in tandem with a firm global trend amid uptick in demand from consuming industries in the physical markets mainly supported the upmove in zinc futures. Globally, zinc for delivery in three months gained 0.6 per cent to USD 2,615.50 a tonne on the London Metal Exchange.
Nickel futures gain 0.58 pc on spot demand, global cues
Nickel prices advanced by 0.58 per cent to Rs 956.40 per kg in futures trading today as speculators built up fresh positions amid increasing spot demand and a firm trend overseas. At the Multi Commodity Exchange, nickel for delivery in August month rose by Rs 5.50, or 0.58 per cent to Rs 956.40 per kg in business turnover of 828 lots. The metal for delivery in September contract was trading higher by a similar margin to Rs 960.50 per kg in 7 lots. Analysts said widening of positions by participants on the back of rising demand from alloy-makers in the physical markets and a firm trend overseas mainly led to the rise in nickel prices at futures trade. Meanwhile, nickel for delivery in three months was trading at USD 13,935 a tonne, a one-week high, on the London Metal Exchange.
Elon Musk's Tesla buyout would reengineer take-private deals
(Reuters) - Billionaire investor Elon Musk has always done things his own way, from designing space rockets to manufacturing electric cars. Now the Tesla Inc CEO is looking to reengineer how a company can be taken private.
Undeterred by taxes, IKEA puts together cheap India pricing
HYDERABAD (Reuters) - IKEA will do things differently in India after it opens its first store in the nation on Thursday, as it deals with higher taxes on imported goods and looks to woo cost-conscious shoppers unaccustomed to the company's DIY furniture assembly style.
Toshiba posts record quarterly profit on chip sale, outlook unclear
TOKYO (Reuters) - Japan's Toshiba Corp reported a record quarterly net profit on Wednesday, thanks to the $18 billion sale of its flash memory chip business earlier this year to a consortium led by U.S. private equity firm Bain Capital.
Copper futures up 0.62 pc on global cues, spot demand
Copper prices went up by 0.62 per cent to Rs 420.70 per kg in futures market today as speculators built up fresh positions, taking positive cues from the overseas market. Uptick in demand from consuming industries at the domestic spot market too fulled the uptrend. At the Multi Commodity Exchange, copper for delivery in August month rose by Rs 2.60, or 0.62 per cent to Rs 420.70 per kg in business turnover of 1046 lots. In similar fashion, the metal for delivery in November contract was trading higher by Rs 2.60, or 0.61 per cent to Rs 427.85 per kg in 29 lots. Market analysts said sentiment was bolstered after London copper ticked higher today as the dollar weakened against a basket of major currencies. Meanwhile, three-month copper was up 0.2 percent at USD 6,190 a tonne on the London Metal Exchange. Also the most-traded October copper contract on the Shanghai Futures Exchange rose 0.3 per cent to 49,550 yuan (USD 7,286) a tonne.
GAIL (India) gains after Gujarat HC decision
GAIL (India) rose 0.87% to Rs 377.40 at 10:08 IST on BSE after the company announced decision of Gujarat High Court on levy of sales tax on inter state sale of natural gas.
China trade surplus with US down on-month in July
China's trade surplus with the United States eased in July after President Donald Trump imposed tariffs on Chinese goods in a showdown between the world's two biggest economies, official data showed. The Asian giant posted a USD 28.1 billion surplus last month after reporting a record USD 28.9 billion in June according to Chinese customs data.
RERA provisions would apply to long-term lease agreements: HC
The Bombay High Court has ruled that provisions of the Maharashtra Real Estate Regulatory Authority would apply in cases of long-term lease agreements and that compensation complaints can be heard by it. A single bench of Justice Shalini Phansalkar Joshi passed the ruling yesterday while hearing appeals filed by the Lavasa Corporation, which is developing a township project near Pune, registered under the Maharashtra Real Estate Regulatory Authority (RERA). The judge held that RERA had the jurisdiction to hear and decide complaints of people seeking compensation for delay in possession of three flats in the Lavasa township. The court said provisions of the state real estate regulatory law were applicable to the three apartments, booked on a 999-year agreement of lease at Lavasa and for which 80 per cent of the purchase price was paid. The appeals were filed by the Lavasa Corporation, challenging orders passed by the Maharashtra RERA's appellate tribunal in March this year, holding ...