Page 3062 - Business Finance
Jupiter Xll enters orbit of Malaysia's Media, Entertainment Sector
SRAM & MRAM Technologies and Resources Limited a UK based tech giant, today launched Jupiter XII fund, a media intensive close ended fund to marks its entry into the tinsel town. With the world growing towards content aggregation and content management, SRAM's entry looks apt considering all the leading players are moving in the same direction.SRAM has plans to invest a total of USD 120 Mn primarily to create avenues in the high demand Video on demand, Content streaming, Hyper-targeted content and advertising verticals of the media and advertising industry. These are just a few of the developments that will transform the media and entertainment industry this year as per the observations of SRAM Group Chairman Dr. Sailesh Lachu Hiranandani.Dr. Hiranandani emphasized that the challenges ahead for the media and entertainment industry in 2018 will be to figure out how to create tailored customer experiences when there is mass customization of experience across all content, ...
RBI hikes key rate by 25 bps for second straight meet; 'neutral' stance kept
MUMBAI (Reuters) - The Reserve Bank of India raised interest rates for the second straight meeting on Wednesday, but retained its "neutral" stance as it aimed to contain inflation while not choking growth.
Markets trip on RBI rate hike; bank, auto stocks drag
Benchmark Sensex snapped its seven-session record setting spree today after the RBI hiked the policy rate on inflation concerns but maintained its 'neutral' stance. The 30-share BSE Sensex shed almost 85 points to finish at 37,521.62, while the broader NSE Nifty slipped 10.30 points to 11,346.20. Interest rate sensitive auto, finance and banking stocks finished with losses. The Reserve Bank's Monetary Policy Committee raised the benchmark lending rate by 0.25 per cent for the second time in two months. The repo rate, at which the central bank lends to other banks, now stands at 6.50 per cent. Profit booking at prevailing higher levels and lower manufacturing PMI for July added to the selling pressure, brokers said. The Sensex, which had rallied to a fresh lifetime high of 37,711.87 in early trade, dived after the RBI announced its policy decision. It staged a bounce-back in late afternoon session, but finally closed lower by 84.96 points, or 0.23 per cent, at 37,521.62 points. The ...
Retail inflation for industrial workers rose to 3.93pc in June
Retail inflation for industrial workers rose to 3.93 per cent in June from 1.08 per cent in the same month of last year due to increased rates of food items, petrol, power and medicines. Food inflation stood at 0.97 per cent against 1.66 per cent of the previous month (May) and (-) 1.28 per cent during the corresponding month of the previous year, the Labour Ministry said in a statement. "The year-on-year inflation based on CPI-IW (Consumer Price Index-Industrial Workers) stood at 3.93 per cent for June, 2018 as compared to 3.96 per cent for the previous month (May)," the statement said. The All-India CPI-IW for June, 2018 increased by 2 points and pegged at 291 (two hundred and ninety one). It said that the maximum upward pressure to the change in current index came from food group contributing (+) 1.86 percentage points to the total change. At centre level, Quilon reported the maximum increase of 10 points followed by Jharia (7 points) and Rourkela (6 points). Among others, five ...
GMR Aero Technic receives FAA approval
GMR Aero Technic Ltd, a 100 per cent subsidiary of GMR Hyderabad International Airport Ltd, has received the prestigious Federal Aviation Administration (FAA) approval on popular narrow body aircraft (B737 and A320).
Global Markets: Stocks slip, dollar rises as trade war fears hound markets
LONDON (Reuters) - World stocks fell and the dollar strengthened on Wednesday due to fears of an imminent escalation in the U.S.-China tariff war, although strong corporate earnings eased investor concerns about a recent sell-off in the tech sector.
London's historic India Club saved from demolition
The India Club in London, a hub for Indian nationalists in the UK during the Indian independence movement in the 1930s and 40s, has been saved from demolition after the city council panel refused to give permission to bring the historic building down to make way for a luxury hotel. Westminster City Council's planning committee has refused permission to Marston Properties, the building's freeholders, to demolish the Club housed within the Strand Continental Hotel, to build a new luxury hotel. In a unanimous decision at a planning meeting on Tuesday evening, the committee concluded: The application is considered unacceptable due to the loss of the India Club, an important cultural and night time entertainment use and is accordingly recommended for refusal. India Club, with its roots in the India League which campaigned for Indian independence in Britain, had attracted over 26,000 signatures for its online Save India Club petition over the last few months. The Committee members noted ...
RBI plans internal group to review timings of various market segments
The Reserve Bank today said it plans to set-up an internal group to comprehensively review timings of various market segments including currency futures and foreign exchange. The group will submit its report by end of October, Reserve Bank of India (RBI) said in its third bi-monthly policy review of the current fiscal. RBI has been receiving, from time to time, requests for extension of timings for certain market segments such as currency futures and over-the-counter (OTC) foreign exchange market. While the decision of market timings is best left to market participants and exchanges, RBI said it is necessary that timings across products and funding markets complement each other and avoid unanticipated frictions. "It is, therefore, proposed, to set up an internal group to comprehensively review timings of various markets and the necessary payment infrastructure for supporting the recommended revisions to market timings. The proposed group will submit the report by the end of October ...
Centre, industry want petro products in GST ambit: Pradhan
The Centre and the industry favour inclusion of petroleum products in the Goods and Services Tax (GST) but the GST Council will take a final call on it, Oil Minister Dharmendra Pradhan said today. Whatever the GST Council decides on including petroleum products within GST ambit, "we would stand by that," Pradhan said in reply to a question in the Rajya Sabha. Five petroleum products-- petrol, diesel, natural gas, crude oil and ATF -- are still out of the ambit of GST. He informed the House that "in principle, the Government of India and the Petroleum Ministry are of the view that petroleum products should come under the GST regime." "The GST Council will take an appropriate action and at an appropriate time with due deliberation," he said. "When the GST Council framework was set up, at that time notionally all petroleum products were kept under the tax regime. But all states were of the view that their (tax) slabs and (implementation) dates would be decided by them," he ...
Royal Enfield sales up 7 pc at 69,063 units in July
Royal Enfield, the two-wheeler division of Eicher Motors, today reported a 7 per cent growth in total sales at 69,063 units in July. The company had sold 64,459 units in July last year, Royal Enfield said in a statement. Domestic sales stood at 67,001 units last month as compared with 63,157 units in the same period of last year, a growth of 6 per cent. Exports rose 58 per cent to 2,062 units as against 1,302 units in the same month previous year, it said.
Changing norms for pvt participation in station modernisation:
The government is changing the norms for private sector participation in the modernisation of railway stations, Railways Minister Piyush Goyal said today. These include increasing the lease period and allowing sub-lease facility. Goyal told the Lok Sabha that a proposal would be put before the Union Cabinet in this regard on the revised strategy for the station redevelopment programme. "We are going to change norms for modernisation of stations. This would include increase in period of lease, allowing sub-lease and mortage, so that the private sector can participate," Goyal said during Question Hour. He said developers, investors and stakeholders had raised issues like longer lease period for commercially developed assets, multiple sub-leasing, no restrictions on usage and simplified bid procedures. "A roadmap to further strengthen and empower Indian Railway Stations Development Corporation (IRSDC) as nodal agency to undertake redevelopment of more stations through ...
Southeast Asia's Grab to announce fresh $1 billion funding: source
(Reuters) - Southeast Asian ride-hailing company Grab is set to announce that it has secured new investment of $1 billion that will help it grow its payments business, a source familiar with the matter said.
Government eludes question on oil prices in RS
The government on Wednesday eluded a question in the Rajya Sabha that sought the price difference between the crude and retail oil during the UPA and current NDA regime, and whether the government was mulling any tax cuts to relieve the consumers.
FPIs resume buying
Net inflow of Rs 924.35 crore on 31 July 2018
GST Revenue collections rise to Rs 96483cr for July 2018
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Market slips as RBI hikes repo rate
Stocks drifted lower in volatile trade after the Reserve Bank of India's monetary policy committee raised repo rate by 25 basis points. The barometer index, the S&P BSE Sensex, fell 84.96 points or 0.23% to settle at 37,521.62. The Nifty 50 index fell 10.30 points or 0.09% to settle at 11,346.20.
China to probe e-commerce firm Pinduoduo over reports of fake goods
BEIJING (Reuters) - Chinese regulators are investigating Pinduoduo Inc after media reports of third-party vendors selling counterfeit goods on its group-discounting marketplace, a move analysts said is likely to further batter the firm's newly listed shares.
Wells Fargo finds efficiency target elusive as revenue slips
(Reuters) - With Wells Fargo & Co's revenue slumping and no clear end in sight for sales scandal-related costs, analysts have pushed back predictions for when the bank's closely watched efficiency ratio will return to pre-scandal levels.
Maruti Suzuki's July sales slips by 0.6%
Automobile major Maruti Suzuki India on Wednesday reported a marginal decline of 0.6 per cent in its overall sales including exports in July 2018.
Honda Cars sales rise 17% to 19,970 units in July
Honda Cars India today reported a 17 per cent increase in its domestic sales to 19,970 units in July, riding on the back of strong sales of new Amaze. The company had sold 17,085 units in the domestic market in July 2017, HCIL said in a statement. Last month, Honda Cars India Ltd (HCIL) sold 10,180 units of Amaze, setting a new record for the highest ever monthly sales for a single model in the company's history. "We have recorded our best ever July sales, thanks to the overwhelming response to the all new Amaze and sustained momentum for City and WR-V," HCIL Senior Vice President and Director, Sales and Marketing Rajesh Goel said in a statement. The company has been maximising the supply of new model Amaze in the market to reduce its waiting time, he added. "The onset of festive season in many regions from August will give another boost to our sales and ensure sustained good performance in future months," Goel said. The company also exported 638 units last month. In the current ...