Page 3058 - Business Finance
Gold, silver weaken on subdued demand, global cues
Gold prices eased further by Rs 10 per 10 grams at the bullion market here today following subdued demand from stockists and retailers amid lower global cues. Elsewhere, silver dipped further by Rs 70 to close at Rs 37,870 per kg owing to reduced offtake from industrial units. Standard gold (99.5 per cent purity) edged down by Rs 10 to finish at Rs 29,665 per 10 grams from Tuesday's closing level of Rs 29,675. Pure gold (99.9 per cent purity) also eased by the same amount to close at Rs 29,815 per 10 grams as against Rs 29,825, previously. Silver (.999 fineness) fell by Rs 70 to conclude at Rs 37,870 per kg compared to Rs 37,940 earlier. Globally, gold was stable near one-year lows early today on a stronger dollar, as the market waited for signals on the direction of US monetary policy from a Federal Reserve meeting later in the day. Spot gold edged down to USD 1,223.08 per ounce in early European trade, close to a one-year low of USD 1,211.08 reached on July 19. US gold futures were .
GST mop-up rises to Rs 96,483 cr in July, compliance improves
GST collections rose to Rs 96,483 crore in July, from Rs 95,610 crore in the previous month, on improved compliance post implementation of the e-way bill. As many as 66 lakh businesses filed returns last month, making it the highest number of monthly GSTR-3B filed since the rollout of Goods and Services Tax (GST) in July last year. "The total gross GST revenue collected in July 2018 is Rs 96,483 crore... This is broadly on expected lines," a Finance Ministry statement said. In the current fiscal, the month-wise revenue mopped up from GST stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May and Rs 95,610 crore in June. As many as 60.47 lakh returns were filed in April, 62.47 lakh in May, 64.69 lakh in June. "GST revenue collections are improving after implementation of e-way bill which is a major tool under GST to curb tax evasion. "However the government is still short of average monthly target of revenue fixed in Budget of 2018-19," Taxmann DGM Vishal Raheja ...
Activists renew call for structural change as Thyssenkrupp lowers guidance
FRANKFURT (Reuters) - Activist investors Cevian and Elliott have renewed calls for structural changes at ThyssenKrupp after the German industrial conglomerate cut its earnings guidance late on Tuesday.
Samsung borrows from Chinese playbook in battle for India's smartphone market
MUMBAI(Reuters) - Sometimes keeping ahead of the game means learning some tricks from rivals - a strategy Samsung Electronics Co Ltd hasn't been too proud to adopt in India where Xiaomi Corp and other Chinese brands have made hefty inroads.
Gold pinned near one-year lows on dollar strength
LONDON (Reuters) - Gold was stable near one-year lows on Wednesday on a stronger dollar, as the market waited for signals on the direction of U.S. monetary policy from a Federal Reserve meeting later in the day.
India's cabinet approves uniform licensing policy for oil, gas exploration
NEW DELHI (Reuters) - India's cabinet on Wednesday allowed oil and gas producers to explore for shale oil and gas and coal bed methane under the existing contracts, a move aimed at unlocking the unconventional hydrocarbon potential of the world's third-biggest oil importer.
Kolkata bank fraud: 37 customers allege fraudulent withdrawals
Amid reports of fraudulent withdrawals from bank accounts in Kolkata, a Canara Bank official on Wednesday said they have identified 37 customers who are victims of such criminal acts.
Eicher Motors, Honda Cars log sales growth in July
Two-wheeler maker Eicher Motors Ltd and car company Honda Cars India Ltd on Wednesday said they have logged sales growth in July.
Bank, auto stocks fall post RBI policy
Interest rate-sensitive auto and bank stocks ended with losses today after the Reserve Bank raised its benchmark interest rate by 25 basis points on inflationary concerns. From the auto pack, Exide Industries slipped 3.27 per cent, Motherson Sumi Systems 2.11 per cent, Eicher Motors 1.87 per cent, Maruti Suzuki India 1.75 per cent, TVS Motor Company 0.91 per cent, Hero MotoCorp 0.66 per cent, Mahindra & Mahindra 0.66 per cent and Bajaj Auto 0.56 per cent on the BSE. The BSE auto index fell by 0.77 per cent to end at 24,307.50. Among bank stocks, Bank of Baroda went down by 1.82 per cent, Federal Bank 1.79 per cent, ICICI Bank 1.61 per cent, HDFC Bank 1.09 per cent, Axis Bank 0.95 per cent and Yes Bank 0.52 per cent. The BSE bank index lost 0.55 per cent to settle at 30,834.87. Some of the realty stocks also witnessed selling, with DLF falling 1.58 per cent, Oberoi Realty 1.48 per cent, Mahindra Lifespace Developers 1.14 per cent and HDIL 1.04 per cent. "RBI's decision to hike ...
Alchemist Group chairman trying to siphon off money to tax havens: Sebi to HC
Seeking directions for a thorough probe, capital market regulator Sebi has told the Calcutta High Court that Alchemist Group's chairman K D Singh was allegedly trying to siphon off around USD 100 million from the money deposited by gullible investors to tax havens, including for buying strip clubs and vacation homes abroad. The Securities and Exchange Board of India (Sebi) today approached a division bench of justices Aniruddha Bose and Joymalyo Bagchi with a plea that it was not legally competent to conduct such a probe and the court should direct competed agencies to investigate the matter. The regulator alleged that Singh was trying to siphon off investors' deposits worth hundreds of crores of rupees from Alchemist group, which has been under Sebi's scanner for garnering funds from public investors in violation of rules. In its application, Sebi said that "K D Singh is in the process of siphoning off around USD 100 million, earned by way of duping the innocent public in the guise ..
RBI rate hike reflects uptick in credit demand: Industry
The rate hike by RBI reflects an uptick in credit demand, the industry said today, even as it urged the central bank not to take growth for granted. The Reserve Bank's Monetary Policy Committee raised the benchmark interest rate by 25 basis points for the second time in two months on inflationary concerns. The repo rate, at which the central bank lends to other banks, now stands at 6.50 per cent. "What needs to be ensured is that the private sector should not be crowded out for raising resources from the market," Assocham President Sandeep Jajodia said. Mahindra Mutual Fund MD and CEO Ashutosh Bishnoi said the RBI's action reflects an uptick in credit demand and the underlying economic growth that is driving it. "With the rate cycle on the upswing, investment opportunities are coming up in the form of new debt funds. "In this rate regime, any new investments made in the debt markets are likely to perform well over the next couple of years," Bishnoi said. Jajodia observed that the ...
Indian cabinet approves planned takeover of IDBI Bank by LIC
NEW DELHI (Reuters) - India's cabinet on Wednesday approved a planned takeover of state-run IDBI Bank by state-run Life Insurance Corp through sale of new shares in the lender, Finance Minister Piyush Goyal said.
Hind Copper to issue 15% fresh equity, to raise Rs 901 cr
The Cabinet today approved a fresh equity issue of 15 per cent by Hindustan Copper which will help the state-run company raise Rs 900.6 crore. Hindustan Copper (HCL) will issue 13.87 crore fresh equity shares, to the extent of 15 per cent, which will bring down government stake in the PSU to 66.13 per cent, an official statement said. The government holds 76.05 per cent stake in the PSU, at present. At the current market price, issuance of 15 per cent fresh equity would garner Rs 900.6 crore to the company. "HCL will use the proceeds of Qualified Institutional Placement (QIP) to meet its expansion/capex plan which would create employment opportunities for 9,300 persons approximately," the statement said. Expansion projects of HCL are located in the states of Madhya Pradesh, Rajasthan and Jharkhand. The Cabinet Committee on Economic Affairs (CCEA) today approved the proposal of HCL to issue fresh equity of 15 per cent. The paid-up share capital of HCL will increase to Rs 532 crore, ...
Rupee gains 11p to close at 68.43 against US dollar
The rupee today gained 11 paise to close at more than one-month high of 68.43/44 against the US dollar today. The pound sterling finished lower at Rs 89.86/88 against last close of 90.21 at the close of the Interbank Foreign Exchange (forex) market here today. Following are the Interbank forex and FBIL rates : (In Rs per unit) Unit Interbank FBIL Reference US Dollar 68.43/44 US Dollar 68.6058 Pound Sterling 89.86/88 Euro 79.95/97 EURO 80.1151 Japanese yen (100) 61.
Apple shares set to move higher as glossy forecast highlights future demand
(Reuters) - Shares of Apple Inc are inching closer to a $1 trillion valuation, after the company forecast blowout current-quarter sales and analysts on Wednesday said a September launch of new iPhones set the stage for sustained growth.
S&P futures little changed as trade woes offset Apple's boost
(Reuters) - S&P futures were little changed on Wednesday as Apple's stellar results helped stem concerns over the future growth of the tech sector, but fears of an escalating tariff war between the United States and China capped gains.
eMudhra partners with Ghana-based SIBL
Bangalore-based eMudhra today said it has partnered with Ghana based Safety Insurance Brokers (SIBL) to offer integrated insurance to enterprises in Africa. Under this partnership, eMudhra will help companies in Africa achieve secure digital transformation, a release said. eMudhra's integrated insurance service is based on emSigner that enables insurance companies to go paperless. ******************* Cleartrip ties up with Haryana Tourism as booking partner * Travel and leisure platform Cleartrip today said it has tied up with Haryana Tourism as its exclusive online booking partner for tours and activities in the state. Cleartrip will now enable its users to book a variety of experiences, including visits to museums, amusement parks and kids gaming zones, recreational activities like boating trips, day outings to Haryana Tourism's resorts among others, a release said. ******************* Future Generali India launches new consumer app * Future Generali India Insurance ...
RBI to further strengthen office of Internal Ombudsman (IO) of banks
RBI has decided to strengthen grievance redressal mechanism of banks by giving more autonomy to Internal Ombudsman (IO), appointed by banks to resolve customer complaints. "Revised instructions in this regard will be issued by the end of September 2018," RBI said in a its statement on developmental and regulatory policies. With a view to strengthening the internal grievance redressal mechanism at banks, select banks were advised in May 2015 to appoint IO as the apex authority for redressal of customer complaints, it said. "Based on a review, it has been decided to enhance the independence of the IO while simultaneously strengthening the monitoring system over functioning of the IO mechanism," it said. To provide the much-needed competitive edge for credit to the priority sector, it has been decided that all scheduled commercial banks (excluding Regional Rural Banks and Small Finance Banks) may co-originate loans with Non-Banking Financial Companies - Non-Deposit taking- Systemically ..
Develop border belts as industrial hubs to counter China: Amarinder tells Centre
Punjab Chief Minister Amarinder Singh today urged the Centre to evolve a comprehensive policy to develop border belts into industrial hubs to counter the economic threat posed by China. Speaking at an interactive session for industrialists, organised by CII and Punjab Bureau of Investment Promotion, he also reiterated his demand for a special package for the border states of Punjab and Rajasthan. Singh said he had raised the issue of setting up industrial corridors in border areas, especially from Pathankot to Pakistan border, with Prime Minister Narendra Modi last month and was hopeful of a positive response. The chief minister assured the industrialists that their investments will be safe in Punjab and his government will extend all possible support to them. Singh said investment worth more than Rs 10,000 crore had already come into the state and that his government was targeting to triple the amount annually. His government, Singh said, was there to facilitate industry, whose ...
7 Indian firms in Fortune 500 list, IOC tops, RIL up 53 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 (RIL) improving its position substantially.