Page 3054 - Business Finance
Tata Motors July domestic sales rise 21%
Automobile major Tata Motors on Wednesday reported a 21 per cent rise in domestic sales in July, on a year-on-year basis.
Cabinet approves restructuring of Agricultural Scientists' Recruitment Board
The Cabinet on Wednesday approved the restructuring of the Agricultural Scientists' Recruitment Board (ASRB) to ensure more transparency and efficiency in recruitment of meritorious scientists to various positions in ICAR.
Humana eyes stronger ties with Walmart despite Walgreens partnership
(Reuters) - Humana Inc said it was looking to expand its tie-up with Walmart, easing concerns that the insurer's agreement with drugstore chain Walgreens Boots Alliance would prevent it from broadening its partnership with the retailer.
Apple nears $1 trillion as bright forecast highlights future demand
(Reuters) - Shares of Apple Inc touched the $200 mark for the first time and neared a $1 trillion valuation on Wednesday, after the company forecast blowout current-quarter sales and analysts said a September launch of new iPhones set the stage for sustained growth.
7 Indian firms in Fortune 500 list, IOC tops, RIL up 55 ranks
Seven Indian companies feature in the US magazine Fortune 500 list of the world's largest firms, with state-run Indian Oil Corp (IOC) remaining the top-ranked Indian company in the 2018 rankings and Reliance Industries Ltd (RIL) improving its position substantially.
Gold closes in on one-year low on dollar strength
LONDON (Reuters) - Gold edged lower on Wednesday on a stronger dollar as the market waited for the result of a Federal Reserve meeting later in the day, expected to provide more signals on the direction of U.S. monetary policy.
Cabinet nod to LIC buying 51% stake in debt-ridden IDBI Bank
The Cabinet on Wednesday approved purchase of a controlling 51 per cent stake in IDBI by the state-run Life Insurance Corp (LIC) which would result in the government becoming a minority shareholder.
Oil falls 1 percent on rising supply, trade worries
NEW YORK (Reuters) - Oil prices fell about 1 percent on Wednesday as a surprise increase in U.S. crude stockpiles and growing OPEC production fed worries that global supplies could swell, while investors continued to worry that trade tensions could hit energy demand.
RBI hikes interest rate for 2nd time in two months on inflation concerns
For the second time in as many months, RBI today raised the key interest rate by 0.25 per cent to the highest level in two years as it battled inflation without looking to harm growth, but the move may result in costlier home, auto and other loans. With five out of the six members voting for the increase, the Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel increased repo rate, at which it lends to other banks, to 6.5 per cent from 6.25 per cent currently but kept its policy stance as "neutral". In June, the MPC had raised the key rate by a similar 25 basis points or 0.25 per cent. It was widely expected that Reserve Bank of India will wait for the full impact of increase in minimum support price (MSP) for kharif foodgrains, the monsoon progress and the US Fed outcome before hiking rates in October. However it chose to pre-empt inflation by hiking the rates by another 25 basis points ahead of the inflation risks actually manifesting itself. RBI expects the inflation .
Bajaj Auto's July sales up 30%
Two-and three-wheeler manufacturer Bajaj Auto on Wednesday reported a rise of 30 per cent in total sales, including exports, for July 2018.
Online hiring grows 5% in April-June quarter: Report
Online recruitment in India rose by five per cent during the quarter ended June on a year-on-year basis, a report said here on Wednesday.
Govt permits simultaneous exploitation of conventional, unconventional hydrocarbon
The government today permitted simultaneous exploitation of unconventional hydrocarbon resources like coal-bed methane (CBM) and shale and conventional oil and natural gas to boost domestic output and spur investments by firms like Essar and ONGC. This permission would, however, be subject to payment of an additional 10 per cent profit petroleum or production level payment. Currently, a permit for exploration and production of conventional crude oil and natural gas does not allow exploitation of shale oil and gas and CBM. The vice versa is also true. The Union Cabinet headed by Prime Minister Narendra Modi approved the policy to permit exploration and exploitation of unconventional hydrocarbons, Finance Minister Piyush Goyal told reporters here. "This policy will enable the realisation of prospective hydrocarbon reserves in the existing Contract Areas which otherwise would remain unexplored and unexploited," he said. With this policy dispensation, new investment in exploration and ...
Hero MotoCorp's July sales up 9%
Two-wheeler major Hero MotoCorp on Wednesday reported a nine per cent rise in its sales for July 2018.
Effect of crop MSP hike on inflation will play out gradually, says Garg on RBI concern
The impact of hike in minimum support price (MSP) for kharif crop on inflation will gradually taper, the finance ministry said today notwithstanding the concerns raised by RBI in its third bi-monthly monetary policy review. For the second time in two months, Reserve Bank of India earlier in the day raised benchmark repo rate to 6.5 per cent on inflationary concerns and cited hike in MSP for foodgrain as one of the reasons. "The effect of hike in MSP will play out gradually over a period of time. So it appears to us that this is not a serious risk to inflation," Economic Affairs Secretary S C Garg told reporters here. The Fiscal impact would come towards the end of this fiscal, he added. As per the RBI's policy document, the increase in MSPs for kharif crops, which is much larger than the average increase seen in the past few years, will have a direct impact on food inflation and second round effects on headline inflation. The central government has decided to fix the MSP of at least ..
Tesla plans to raise funds for its China factory: Bloomberg
(Reuters) - Tesla Inc is looking to raise a portion of the $5 billion it needs to build its factory in Shanghai from local Chinese partners, Bloomberg reported https://www.bloomberg.com/news/articles/2018-08-01/tesla-is-said-to-plan-5-billion-investment-in-chinese-factory on Wednesday, citing a source familiar with the matter.
SC orders attachment of all bank accounts of 40 firms of Amrapali group
The Supreme Court on Wednesday ordered attachment of all bank accounts and movable properties of 40 firms of the real estate major Amrapali Group.
Concessional finance extended for strategic projects abroad
The Cabinet on Wednesday extended the Concessional Financing Scheme (CFS) to support Indian entities bidding for strategically important infrastructure projects abroad for five years till 2023.
CBDT signs 9 more unilateral APAs with taxpayers in July
The Central Board of Direct Taxes (CBDT) has signed nine more unilateral advance pricing agreements (APAs) with Indian taxpayers in July as it looks to reduce litigation by providing certainty in transfer pricing. The nine APAs signed in the past one month pertain to sectors like telecom, healthcare, manufacturing, engineering, media and irrigation. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 232, which includes 20 Bilateral Advance Pricing Agreements (BAPAs), the finance ministry said in a statement. "Complex issues like capacity utilisation adjustment; treatment of AMP expenses etc. have been carefully examined and resolved in some of these agreements," the ministry added.
Rate hike shows RBI committed to bring inflation to 4%:Bankers
Bankers today said the Reserve Bank of India's decision to hike repo rate by 25 basis points shows the apex bank's commitment to bring retail inflation to 4 per cent. Lenders believe that the neutral stance adopted by the RBI shows it's willingness to be accommodative with uncertainty over global growth. "The decision to keep the stance in neutral mode indicates RBI's willingness to be flexible and accommodative with global growth continuing to be uncertain," said Rajnish Kumar, chairman, State Bank of India. After increasing the repo rate by 25 bps in its June policy review, the RBI today again hiked the key policy rate by 25 basis points to 6.5 per cent. Its decision to raise repo rate by 25 bps for the second time in succession is a clear desire to frontload the rate hike cycle, said Kumar. Standard Chartered Bank chief executive officer (India) Zarin Daruwala said, "The 25 basis points hike reaffirms RBI's commitment to bringing CPI inflation to 4 per cent on a ...
CCEA clears interest-free loans for fertiliser revival projects
The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved interest-free loans of over Rs 1,200 crore to Hindustan Urvarak and Rasayan Limited (HURL) for construction of fertiliser revival projects at Sindri, Gorakhpur and Barauni.