Page 3026 - Business Finance
LS members express concern over sugar import despite surplus
Members in the Rajya Sabha today expressed concern over continued import of sugar despite its surplus production in the country. During the Question Hour, Consumer Affairs minister Ram Vilas Paswan said 322 lakh tonne sugar had been produced in the country. Observing that the prime tool the government had was imposing import duty, he said the duty had been increased from 50 per cent to 100 per cent keeping in mind the surplus production of sugar. He said the export duty too was brought down to zero per cent from the 20 per cent earlier. Paswan also said that the government was sometimes forced to import when there was a shortage, keeping the interest of the consumers in mind. He said the government tried to ensure that the farmers also get timely payment through mills. In his written reply tabled in the House, the minister said in order to improve liquidity position of the sugar mills to enable them clear the dues of cane farmers and to offset the cost of sugarcane, the .
Ramkumar Ramamoorthy takes over as MCCI president
The Executive Director of IT major, Cognizant Technology Solutions India, Ramkumar Ramamoorthy has been elected president of Madras Chamber of Commerce and Industry (MCCI), one of the oldest trade bodies in the city. Ramamoorthy succeeds IP Rings Ltd., Managing Director, Ram Venkatramani as MCCI president, a release from the Chamber said here. Managing Director of TVS Group firm, Wheels India Ltd, Srivats Ram was elected vice-president of the chamber with immediate effect. Ramamoorthy and Srivats Ram were elected during the Chamber's 182nd Annual General Body meeting held yesterday. On taking over the president, Ramamoorthy said, "I am truly honoured to be elected as the President of MCCI, a position held by stalwarts from diverse industries over the Chamber's 182 year history". "with enviable growth rates and continued progress on human development indices, Tamil Nadu offers a great platform to accelerate inclusive growth. Leveraging this platform, MCCI will continue ..
Sensex closes 1 percent higher; weather forecast boosts
(Reuters) - Indian shares ended 1 percent higher on Friday, reversing two sessions of losses, on gains in financial and consumer stocks, buoyed by a favourable weather forecast for the remainder of the monsoon.
Gold demand gets mild boost from lower prices
MUMBAI/BENGALURU (Reuters) - Gold demand was modest this week at major buying centres in Asia as a drop in prices attracted some investors, but most buyers held back purchases in anticipation of a further dip.
Sensex surges 391 pts, Nifty hits new high
Benchmark Sensex rebounded by 391 points to close at 37,556.16 today, while the NSE Nifty finished at a fresh lifetime high as investors accumulated the recently-battered banking, auto and realty counters. The 30-share Sensex stayed in the green throughout the session and hit the day's high of 37,582.27 on a flurry of buying. It finally ended at 37,556.16, up 391 points, or 1.05 per cent. This is its biggest single-session gain since May 31, when it had surged 416.27 points. The gauge had lost 441.42 points in the previous two sessions after the RBI hiked the policy rate, making loans costlier for consumers, amid an escalation in the Sino-US trade conflict. The NSE Nifty spurted 116.10 points, or 1.03 per cent, to end at a new record of 11,360.80. It surpassed its previous closing high of 11,356.50 hit on July 31. Intra-day, it shuttled between 11,368.00 and 11,294.55. This is its biggest single-day jump since June 29, when it had surged 125.20 points. It was the second straight week .
India housing sales surge 25% in H1 2018: CREDAI-JLL report
Housing sales in India's top seven cities have revived post demonetisation to rise by 25 per cent in the first six months of this year, according to a joint report by realtors' body CREDAI and consultant JLL. The report was released at CREDAI's 18th annual international convention held here, being attended by over 1,000 developers from across India. "Sales have picked up by 25 per cent in first half of this year. All cities have shown positive growth," JLL India CEO and Country Head Ramesh Nair said. Housing sales stood at 64,080 units during January-June 2018 as against 51,452 units in the year-ago period. The seven cities tracked by CREDAI-JLL are NCR, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru and Pune. Nair said the fence sitters have now come back to the market with flats becoming affordable after price correction. "Sluggishness in housing sales, which continued for last 3-4 years, is now over," he added. While the CREDAI-JLL study has reported 25 per cent increase in housing
External economists left govt for personal reasons: Govt
The finance ministry said today that most of the external economists have left the government because of personal reasons. The ministry has stated this within days of Chief Economic Advisor Arvind Subramanian quitting ahead of his tenure citing pressing family commitments. The other important external economist to leave the government before the completion of his term was Arvind Panagariya -- the first vice chairman of the Niti Aayog. He had decided last year to return to academics in the US and is currently a professor of economics at Columbia University. "Most of the external economic experts in the Union Government have cited personal reasons for stepping down," Minister of State for Finance Pon Radhakrishnan said in a written reply in the Lok Sabha. Answering a question by two senior Congress MPs from Madhya Pradesh, Kamal Nath and Jyotiraditya Scindia, the minister also said there was no proposal to come out with a "white paper" on the economic situation of the country. To a ...
Indian Oil sells naphtha from Paradip refinery for first time in more than a year
SINGAPORE (Reuters) - Indian Oil Corp (IOC) sold a naphtha cargo from its Paradip refinery this week, four traders that participate in the market said on Friday, in what was likely the first sale since May 2017.
Gold drops to lowest since March 2017 on dollar, yuan moves
LONDON (Reuters) - A stronger dollar combined with a slump in the Chinese currency pushed gold down to the weakest in nearly 17 months on Friday and some analysts expect further downside.
Nestle India second-quarter profit tops estimates
(Reuters) - Nestle India Ltd on Friday posted better-than-expected second-quarter profit, as the maker of Maggi noodles and Kit-Kat chocolates saw higher margins on lower commodity prices.
Sugar prices slide on ample stocks, weak demand
Sugar prices declined by Rs 60 per quintal at the wholesale market in the national capital today following abound availability of stocks amid limited offtake. Marketmen said bumper stocks on regular supplies from mills, triggered by selective buying by stockist and bulk consumers, such as soft-drink and ice-cream makers mainly led to fall in sweetener prices. Sugar mill delivery M-30 and S-30 prices dipped by Rs 60 each to Rs 3,240-3,380 and Rs 3,230-3,370 per quintal. Sugar ready M-30 and S-30 prices also dropped by Rs 30 each to conclude at Rs 3,530-3,630 and Rs 3,520-3,620 per quintal. In mill gate section, sugar Malakpur lost Rs 60 to Rs 3,285, followed by Asmoli dropped by Rs 50 to Rs 3,360 per quintal. Sugar Kinnoni, Modinagar and Dhampur fell by Rs 40 each to Rs 3,380, Rs 3,305 and Rs 3,260, while Khatuli, Sakoti and Shamli slipped by Rs 30 each to Rs 3,370, Rs 3,280 and Rs 3,275 per quintal. Following are today's quotations (in Rs per quintal) Sugar retail markets - Rs ...
Select freight rates drop on ample position of trucks
Freight rates for the nine-metric tonne pay load section to Bengaluru and Hyderabad dropped by Rs 1,000 at the local truck transport market in the national capital today following large availability of trucks against tight cargo movements. Transporters said heavy positions of trucks along with insufficient cargo movements dragged the Bengaluru and Hyderabad freights down. Delhi to Hyderabad and Bengaluru freight rates went down by Rs 1000 each to Rs 58,000 and Rs 63,000. Elsewhere, rest other centers freight rates remained flat on some support.
ITC allots 47.87 lakh ordinary shares
Under ESOS
Actively considering FICCI's recommendation to reduce the 18% GST rate on private security industry, assures Govt
Mr. Shukla said that the government was fully conscious of the significant contribution of the private security industry in creating jobs for the poor, those that have migrated from the villages, and ex-servicemen. "We have received a FICCI representation on the issue and will do whatever is possible to reduce the 18% GST levied on the industry," he said and invited a FICCI delegation to North Block to discuss the matter.
Facing U.S. tariff threat, Toyota warns car costs could rise
TOKYO (Reuters) - Toyota Motor Corp on Friday said higher U.S. auto tariffs would ramp up the cost of vehicles produced locally along with those imported to the United States from Japan, which would have a "big impact" on its bottom line.
Eco Rent a Car expands its presence in tier 2 and tier 3 cities
Car rental platform Eco Rent A Car has announced foraying into the country's tier II and tier III cities to provide booking leisure, commercial and corporate ground transportation services.Facilitating high-comfort travel, Eco Rent A Car will now enable commuters from cities like Ahmedabad, Goa, Coimbatore, Jaipur, Kochi, Lucknow, Chandigarh and Vadodara to hire self-driven and chauffeur-driven transportation services.Eco Rent a Car is now making its way into these regions. The idea is to plug the gaps of both corporate ground transportation requirements through spot rentals & employee transportation services and leisure tourist travel across cities like Jaipur, Cochin, Goa, Coimbatore, Colombo etc."We are introducing our reliable mobility services in these non-metro cities to make intercity and intra-city commuting a breeze for the new and existing dwellers of these new hubs of commercial and tourism activity," said Jt. Managing Director, Eco Rent a Car, Aditya Loomba.All the ...
Ycombinator backs ZiffyHomes; aims to strengthen business model
Startup incubator YCombinator has announced investment of Rs. USD 120,000 in Gurgaon based home rental service startup ZiffyHomes to accelerate the effective vision of its business model."It's a moment of pride for us at ZiffyHomes, to get this global platform to showcase our proposition. This is a perfect opportunity for us that is helping us enhance our business model and providing an effective vision to think from the perspective of adding value to customer experience," said co-founder at ZiffyHomes, Sanchal Ranjan.Established in May 2015, in a short span of time, ZiffyHomes has acquired FellaHomes and Nivassa Rental to become one of the largest aggregator of exclusive rental properties in Delhi NCR.
China's Unipec suspends U.S. oil imports as trade spat intensifies
SINGAPORE/BEIJING (Reuters) - China's Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.
Board of Maral Overseas approves redemption of preference shares
At meeting held on 03 August 2018
For emerging market investors, US sanctions on Russia will not pack same punch
LONDON/NEW YORK (Reuters) - A threat to impose sanctions on Russian sovereign debt transactions is one of the biggest financial weapons that the U.S. can deploy against the Kremlin, but Moscow's slide down the investment league table in recent years means the move will not pack the punch it once would have.