Page 3055 - Business Finance
U.S. factory activity slows; private payrolls increase
WASHINGTON (Reuters) - U.S. manufacturing activity slowed in July amid signs that a robust economy and import tariffs were putting pressure on the supply chain, which could hurt production in the long term.
Govt extends scheme to support cos bidding for infra projects abroad
The government today extended the Concessional Financing Scheme (CFS) for five years till 2023 to support Indian entities bidding for strategically important infrastructure projects abroad. Also, the scheme will now cover all Indian entities, compared to the earlier stipulation of minimum 75 per cent Indian shareholding. The decision was taken at a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi, Finance Minister Piyush Goyal said. Under the scheme, the government provides counter guarantee and interest equalisation of 2 per cent to EXIM Bank to offer concessional finance to any foreign government or foreign government owned/controlled entity if any Indian entity succeeds in getting a contract for the execution of the project. Under the CFS, the government has been supporting Indian entities bidding for strategically important infrastructure projects abroad since 2015-16. Since the objectives of the scheme continue to be relevant, it has been for another five ...
Highly India plans to produce 3 million AC compressors by FY20
Air-conditioner compressor maker Highly Electrical Appliances India today said it is planning to increase its production capacity from two million compressors to three million by FY20. The company said it is yet to decide if the expansion will be in its current factory in the state or through a greenfield development. "From the investment point of view, we have doubled our production capacity from one million units to two million by FY17. We have an expansion plan to increase our production capacity from two million units to three million by FY20," said Li Haibin, chairman, Highly Electrical Appliances India. Sameer Bhargava, director and vice-president of the firm, said, "We are in the process of making a decision to expand a factory or build a new one. That will be depend on how the market grows and needs of our customers." The company, a joint venture between Japan-based Hitachi and Highly of China, had established its first facility in Sanand town of Ahmedabad ...
7 Indian firms in Fortune 500 list, IOC tops, RIL up 55 ranks (Lead, Correcting Headline, 4th para)
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.
Emami open for stakes in new age companies
FMCG major Emami Ltd, which sharpened its focus on modern trade and e-commerce channels, has also decided to go forward with prudent strategic stakes in new age companies dealing in online premium male grooming and professional salon products, an official said on Wednesday.
Barua takes charge as Sebi's whole-time member; regulator reallocates departments
Ananta Barua today took charge as whole time member of capital markets regulator Sebi and will handle key departments like regulation and supervision of market intermediaries, as also legal affairs. Pursuant to the appointment of Barua, Sebi has re-allocated departments among its whole time members, the regulator said in a statement. In his new role, he will also handle department enquiries and adjudication; debt and hybrid securities; along with RTI and board cells. Barua, who was the executive director in the market regulator, has been appointed to the post for three years or till he attains the age of 65 years, whichever is the earliest. He took charge as the executive director of Sebi in May 2010. Prior to this assignment, he was legal adviser in the legal affairs department of Sebi. Barua is a commerce graduate with LLB from the University of Delhi. He was on deputation to the Central Bank of Bahrain as legal adviser and has also worked with the Industrial Finance Corporation of .
Sebi grants recognition to MCX Clearing Corp for 1 yr
Markets regulator Sebi today said it has granted recognition to Multi Commodity Exchange Clearing Corporation, a wholly-owned subsidiary of MCX, for a period of one year. The period of recognition is from July 31, 2018 till July 30, 2019, according to the Securities and Exchange Board of India (Sebi). "Sebi has granted recognition to Multi Commodity Exchange Clearing Corporation Ltd (MCXCCL) for a period of one year commencing on the July 31, 2018 and ending on the July 30, 2019," the regulator said in a statement. Separately, leading exchange BSE said the India International Exchange (India INX) has been notified as a 'recognised stock exchange' by the central government. India INX is based in the International Financial Services Centre at Gujarat International Finance Tec-City.
BSE Investments acquires 24% stake in CDSL Commodity Repository
Leading stock exchange BSE today said its subsidiary BSE Investments has acquired 24 per cent stake in CDSL Commodity Repository Limited (CCRL), a move aimed at developing a robust framework for clearing and settlement of commodity trades. As per the rules, BSE cannot take direct stake in any unrelated business and hence the stake is being taken through its subsidiary. "BSE Investments Ltd, a 100 per cent subsidiary of BSE acquired 24 per cent stake in CDSL Commodity Repository Ltd," the exchange said in a statement. Asia's oldest stock bourse, which believes in creation of market infrastructure institutions for development of various markets, said that CCRL will help in transforming commodity markets by creating electronic negotiable warehouse receipts, with an aim to develop a robust. Besides, CCRL will enable electronic accounting of commodities, thereby ensuring ease of use, accuracy and lower costs for document transmission. The commodity repository will also provide the legal ...
US SEC charges Indian-origin scientist for insider trading
An Indian-origin scientist has agreed to settle charges that he engaged in insider trading after learning that his company was about to acquire a life sciences company. Anup Madan, 52, of Washington was a principal scientist with LabCorp's Covance Genomics Laboratory. The US Securities and Exchange Commission's complaint alleges that Madan learned of the pending acquisition by LabCorp of Sequenom, a Delaware corporation headquartered in San Diego that provides molecular diagnostic testing services, with an emphasis on noninvasive prenatal testing. Without admitting or denying the allegations, Madan agreed to the entry of a final judgment permanently enjoining him from future violations of the Securities Exchange Act rules. Madan will disgorge his ill-gotten gains and pay a penalty of USD 14,023, which is equal to the disgorgement amount. Madan learned of the acquisition when he conducted a due diligence related site visit to Sequenom's San Diego facilities. Over the next two trading ..
Tata Motors domestic sales up 21 pc at 51,896 units in July
Tata Motors today reported 21.3 per cent increase in domestic sales at 51,896 units in July as compared to 42,775 units in the same month last year. Domestic passenger vehicle sales were up 14.37 per cent at 17,079 units last month as compared to 14,933 units in July 2017, the company said in a statement. Commenting on the passenger vehicle sales performance in July, Tata Motors President Passenger Vehicles Business Mayank Pareek said the growth was on the back of the strong demand of the company's new generation vehicles Tiago, Tigor, Hexa and the Nexon. "The recently launched Nexon AMT has been received well in the market. We will continue to strive towards driving volumes and increasing our market share as part of our on-going turnaround journey," he added. Tata Motors said the auto industry faced challenges with the new axle load limits regulation, followed by transporters strike which continued for eight days in July. The company said its commercial vehicles sales in the ...
Restaurant Brands misses estimates on weak Burger King sales
(Reuters) - Fast-food chain Restaurant Brands International Inc missed analyst estimates for total revenue on Wednesday, as weak sales at its Burger King chain overshadowed improvements at Tim Hortons.
Board of Pranavaditya Spinning Mills appoints director
At meeting held on 01 August 2018
Tata Motors records 21% growth in July sales
Sells 51,896 units
RBI rate hike to avoid drifting away from inflation mandate, says Patel
RBI Governor Urjit Patel today said the second 25 bps rate hike in as many months is to ensure that the Reserve Bank doesn't drift away from its 4-per cent inflation mandate and keeps moving towards the target on sustainable basis. Listing out a rash of headwinds -- higher risks to inflation driven by domestic and external factors, trade wars which are slipping into a "currency war now", uneven global growth and spiralling crude prices -- RBI hiked the short-term policy rates or repo rate by a quarter of a percentage point to 6.5 per cent. RBI bit the bullet for the first time since January 28, 2014 -- when rates were hiked to 8 per cent -- during the June 6 policy this year by hiking rate to 6.25 per cent from 6. In the subsequent years, it had cut the rates on six occasions. In its last revision, on August 2, 2017, rates were cut by 25 basis points to 6 per cent. Following the second hike today, the BSE Sensex slipped from record high to ends 84.96 points lower at 37,521.62. ...
Apple's strong earnings lift Wall Street, ease trade worries
(Reuters) - U.S. stocks rose on Wednesday as Apple's robust earnings report boosted shares of technology companies and eased worries over an escalating trade war between the United States and China.
U.S. construction spending posts biggest drop in more than a year
U.S. construction spending recorded its biggest drop in more than a year in June as investment in both private and public projects fell, but spending for the prior months was revised sharply higher.
Apple shares hit record as bright forecast highlights future demand
(Reuters) - Shares of Apple Inc hit a record high on Wednesday and neared a $1 trillion valuation, after the company forecast blowout current-quarter sales and analysts said a September launch of new iPhones set the stage for sustained growth.
Realtors' unhappy over RBI's rate hike, see adverse impact on housing sale
Housing sales are likely to be affected post RBI's decision to hike key policy rates as this could lead to increase in interest rate on home loans, according to property developers and consultants. The Reserve Bank for the second time in two months has raised its benchmark interest rate by 25 basis points on inflationary concerns. "From a real estate perspective, this hike will negatively impact buyer sentiment with the logical result on quantum of sales," realtors' body NAREDCO President Niranjan Hiranandani said. Realtors' body CREDAI National President Jaxay Shah said: "Two consecutive hikes in the repo rate partially undo the policies for promoting affordable housing. We urge the government to expedite lowering effective GST on all housing to 8 per cent so as to preserve the growth impulses in real estate." Realty major DLF's CEO Rajeev Talwar said: "This second consecutive repo hike will push overall interest rates in the economy, which may impact the real estate and consumer ...
Tata Global Beverages Q1 net down 6.5% at Rs 133.60 cr
Tata Global Beverages, which sells tea brands like Tata Tea and Tetley, today posted 6.55 per cent decline in consolidated net profit at Rs 133.60 crore in the June quarter, on the back of certain exceptional items including some restructuring cost. The company had reported a net profit of Rs 142.97 crore in the year-ago period, it said in a release. "Profit after tax is lower because of exceptional items. In the previous we had profit from our exit in the China venture. In the current year we have restructuring and redundancy cost," Tata Global Beverages chief financial officer L Krishnakumar told PTI. "We have changed the organisation structure and moved more activities to India, in terms of back office and technology related work. It is a one-time cost which would spread over the next one year; so that is creating an adverse impact on PAT line," he added. The company has shown a loss of Rs 18.18 crore in exceptional items during the reporting quarter. Its total income
Bengaluru airport wants tariff unchanged for nearly 3 years
The Bengaluru International Airport Limited has asked the Airport Economic Regulatory Authority to maintain its existing tariff for the next 2.5 years as part of efforts to implement the expansion plan of the city airport. Managing director and chief executive officer of the airport Hari Marar told reporters here that the proposal has been made to also prevent the customers from the 'tariff shock'. "We are in the midst of a Rs 12,000-crore expansion plan along with which is our determination of tariff," he said, adding that this was a crucial phase of the expansion plan since the opening of the international airport. The airport managers have debt and equity as two options to generate funds for expansion which wouldrequire at least Rs 3,000 crore to show its share ofinvestment to the bankers to get a maximum of 75 per cent of loan. Fairfax, Siemens, government of India and government of Karnataka were the stakeholders who have invested funds, but the government entities