Page 3063 - Business Finance
Modi to inaugurate 650 branches of Post bank soon: Sinha
Prime Minister Narendra Modi will soon inaugurate India Post Payments Bank operations with 650 branches across the country, Communications Minister Manoj Sinha said today. The India Post Payments Bank (IPPB) will have 1.55 lakh access points, of which 1.30 lakh will be in rural areas, and will work like a bank, he said in the Lok Sabha. "Prime Minister will launch the India Post Payments Bank. The date of launch would be decided in a day or two," Sinha said during Question Hour. Payments banks can accept deposits up to Rs 1 lakh per account from individuals and small businesses. Sinha also said the government has decided that every Lok Sabha constituency should have one Passport Seva Kendras. There are about 251 Passport Seva Kendras across the country and it has been decided that there should be at least one kendra within a 50 km radius, he added.
Finished steel imports up 3.5 per cent to 7.48 MT in FY'18
Imports of finished steel saw a rise of 3.5 per cent in 2017-18 to 7.48 million tonne (MT) and overall inbound shipment was stable, Rajya Sabha was informed today. India imported 7.23 MT of finished steel in 2016-17. "The imports of steel for the past two years -- 2016-17 and 2017-18 -- have been stable and there was a marginal increase of 3.5 per cent in finished steel imports in 2017-18 over 2016-17 levels," Minister of State for Steel Vishnu Deo Sai told the House in a written reply. He said the production of finished steel in the previous financial year stood at 92.35 MT as against 86.47 MT in 2016-17. Of the 7.48 MT of finished steel imported in 2017-18, 1.84 MT was alloy and stainless steel while 5.63 MT was non alloy, the minister added.
Eight core infra sector output growth accelerates to seven month high of 6.7% in June 2018
Cumulative eight core infra sector growth at 5.2% in April-June 2018
Greenlight's bet against Tesla crashes fund's second-quarter returns
BOSTON (Reuters) - Billionaire hedge fund manager David Einhorn told investors on Tuesday that a sharp rally in Tesla Inc shares, which he bet against, turned into heavy second-quarter losses at his Greenlight Capital fund, and stuck by his dim outlook for the electric carmaker.
Manufacturing sector output eases in July: PMI
A slower rise in new orders eased the pace of India's manufacturing sector output in July, key economic data showed on Wednesday.
RBI rate hike, PMI data subdue equity indices (Third Lead)
The domestic equity indices retreated from their record levels on Wednesday to settle in the red after the Reserve Bank of India increased its key lending rate.
Tata Motors shares erase early losses; end flat
Shares of Tata Motors today erased early losses to end flat a day after the company reported a consolidated net loss of Rs 1,862.57 crore for the first quarter ended June 30. The stock ended at Rs 264.95, up 0.30 per cent on BSE. Intra-day, it tanked 6.11 per cent to Rs 248. At NSE, shares of the company settled just 0.11 per cent higher at Rs 264.40. In terms of equity volume, 32.49 lakh shares of the company were traded on BSE and over 5.3 crore shares changed hands at NSE during the day. Tata Motors group yesterday reported a consolidated net loss of Rs 1,862.57 crore for the first quarter ended June 30, dragged down by multiple challenges that its British arm JLR faced in major markets, including China, UK, Europe and the US. The company had reported a net profit of Rs 3,199.93 crore in the April-June quarter of 2017-18. Total revenue from operations, however, rose to Rs 67,081.29 crore as compared with Rs 59,818.22 crore in the year-ago period, Tata Motors said in a regulatory ...
ELGi Equipments acquire Sydney-based Pulford Air & Gas
Air-compressor maker Elgi Equipments today announced that it has acquired 100 per cent shareholding of Sydney-headquartered F R Pulford and Son Pty Ltd for 11.04 million (Australian Dollars), about Rs 56 crore, in an all "cash deal." The acquisition was completed on yesterday, Coimbatore-based Elgi Equipments said in a company statement. F R Pulford and Son Pty Ltd and its subsidiary Advanced Air Compressors operating as 'Pulford Air and Gas' in Sydney is engaged in distribution of industrial compressors. The company registered an annual turnover of AUD 18 million in 2017-18. The strategic acquisition by ELGi is a step towards expanding its footprint in Australia. "The total acquisition cost is approximately Australian Dollars 11.04 million - upfront cash consideration", the statement said, adding ELGi would gain 100 per cent shareholding of Pulford following the deal. Commenting on the acquisition, ELGi Equipments, Managing Director, Jairam Varadaraj said, "Today is a ...
41 Odisha blocks record deficit rainfall last month: SRC
At least 41 blocks of the 314 blocks in Odisha have received deficit rainfall between 19 per cent and 39 per cent last month even as the state recorded a surplus rainfall of 28.9 per cent in July, the Special Relief Commissioner (SRC) said. Another 17 blocks in four districts experienced severe rainfall deficit ranging between minus 39 per cent to minus 59 per cent, the SRC said. The 17 blocks are located in Angul, Sundergarh, Bolangir and Nuapada districts, they said. On the block-wise rainfall received in June-July, the SRC said 103 blocks received surplus rainfall of more than 19 per cent from June 1 to August 1 while 153 blocks received normal rainfall (19 per cent to minus 19 per cent) during the same period. The SRC said, eight districts have received surplus rainfall of more than 19 per cent whereas another 18 districts have received normal rainfall (19 per cent to minus 19 per cent) from June 1 to August 1. Average rainfall of the remaining 4 districts -- Angul,
Online hiring activity sees 5 pc jump in Apr-Jun qtr: Report
Online recruitment activity in the April-June quarter registered a 5 per cent increase over the year ago-period, primarily driven by strong economic growth and policy reforms, says a report. According to the Monster Employment Index, during the April-June quarter the production and manufacturing sector exhibited 53 per cent growth vis-a-vis last year. "This trend can be attributed to positive impact of reforms such as the Goods and Services Tax (GST), as also portrayed in a 7.7 per cent GDP growth in the first quarter of 2018, solidifying our position as one of the fastest growing major economies," said Abhijeet Mukherjee, CEO, Monster.com - APAC & Gulf. The report further said though the telecom/ISP sector has recorded a growth of 22 per cent in the April-June quarter, on a month-on-month basis, it has eased from 28 per cent in April 2018 to 21 per cent in May and down to 17 per cent in June 2018. "Telecom sector is treading with caution as recent developments have resulted in ...
Nifty August futures at small premium
Turnover on NSE's F&O segment jumps
Huawei pips Apple to take 2nd spot in global smartphone tally, Samsung leads: Analysts
Chinese tech major Huawei has surpassed Apple to become the second largest smartphone player globally during the June 2018 quarter as the Cupertino giant registered slow sales in India and flat shipment in China, according to multiple industry reports. Samsung continued to enjoy its leadership position in the global smartphone market, even though its shipments declined in the April-June 2018 quarter over last year, reports by IDC, Counterpoint Research and Canalys pointed out. The reports said Huawei registered shipments of about 54 million units, giving it 15-16 per cent market share. Apple, on the other hand, shipped about 41.3 million units and had 11-12 per cent share. Samsung shipped over 71 million units to command over 20 per cent market share during the said quarter, the reports showed. Xiaomi and Oppo took the fourth and fifth spots in the global smartphone tally with 9 per cent and 8 per cent market share, respectively. According to Counterpoint Research Associate Director ..
Tata Motors becomes principal sponsor of Indian wrestling
In a first for Indian wrestling, Tata Motors today announced an all-encompassing three-year strategic partnership with the Wrestling Federation of India (WFI) as "Principal Sponsor" to encourage and promote the sport. The deal was announced at a media conference here today in the presence of Olympic medallists Sushil Kumar, Yogeshwar Dutt and Sakshi Malik. "This is one of the biggest non-cricket associations in the country," said Tata Motors' Commercial Vehicle Business Unit's President, Girish Wagh. Welcoming the partnership, WFI president Brijbhushan Sharan Singh said that it was the first time that the ancient sport was being propped up in this manner. "This the first time anyone is supporting wrestling as a body. Our relationship will last more than three years, I promise," he said. Also present at the function were three other Asian Games-bound wrestlers, Bajrang Punia, Sandeeo Tomar and Pooja Dhanda, along with London Olympian Geeta Phogat and Satyawart Kadian. As
Coolberg raises seed funding led by India Quotient Fund and IAN Fund
Mumbai based startup Coolberg Beverages on Wednesday announced securing an undisclosed amount as seed funding from India Quotient Fund and the Indian Angel Network's maiden Fund for further expansion.Known for its Non-Alcoholic Beer, Coolberg offers wide range of variants to suit the Indian customer's palette. Conceptualized by Pankaj Aswani and Yashika Keswani, the company aims to provide innovative product to enjoy during celebrations."Our aim is to provide our customers a drink that is different from what they've been consuming and stuck on for years. Indian customers are more open to new and quality products than ever before," said Pankaj Aswani."Non-alcoholic beer is relatively a white space in the beverage segment in India. While going to pubs and cafes for drinks is a fast catching trend for Indian millennials, the choices for beverage specially for people who do not want alcohol, is very limited. Coolberg has an opportunity to establish itself as the first choice beverage of ..
PrimeOS raises undisclosed seed funding from Venture Catalysts
Venture Catalysts on Wednesday announced making a seed investment in the cutting-edge Android-based laptop OS, PrimeOS.Venture Catalysts investors participating in the round are Kundan Deotale, Vikas Kapoor, Yogesh Choudhary, Arun Tyagi and many more. PrimeOS is backed by a prominent leadership team and its products are poised to change the way digital education is consumed with a vision of enhancing the learning outcome of students via millions of Android applications.The key verticals that PrimeOS is targetting include ed-tech and consumer electronics. Besides brining about a paradigm shift in the productivity of students using digital education tools, its business model is built on licensing PrimeOS to laptop manufacturers.We were highly impressed at the level of innovation at PrimeOS, the passion of its founding team as well as its sound business model and are convinced of its ability to emerge as one of the foremost players in its category," said co-founder and president - ...
Highlights of RBI comments after rate-hike decision
MUMBAI (Reuters) - The Reserve Bank of India on Wednesday raised interest rates for the second straight meeting, but retained its "neutral" stance as it aimed to contain inflation while not choking growth.
Apollo Tyres Q1 net surges nearly 3-fold to Rs 252 cr
Apollo Tyres today posted nearly three-fold rise in consolidated net profit at Rs 251.84 crore for the June quarter, driven by robust sales across various markets including India and Europe. The company had reported a net profit of Rs 88.3 crore during the same period of 2017-18. Net sales stood at Rs 4,249.39 crore during the April-June period as compared with Rs 3,512.98 crore in the same period of 2017-18, Apollo Tyres said in a statement. "All our operations have done well in the past quarter, and have reported a good set of numbers. This is a result of planning and investments in capacities, both in India and Europe, in addition to the increasing demand for our products with the OEMs, as well as, in the replacement market," Apollo Tyres Chairman Onkar S Kanwar said. Going forward, the company's growth momentum will continue despite the challenges posed by the raw material cost push, transporters strike and the new loading norms for commercial vehicles in India, he added. The ...
Britain looks to growing Asian markets for post-Brexit era
Britain wants to align itself more closely with Asia's growing economies as it prepares to leave the European Union, Trade Secretary Liam Fox said today. The United Kingdom seeks to strike new trade pacts with countries that are becoming a larger part of its export market, he said, while also maintaining as much of its European trade as it can. "This is where we're likely to see a lot of global growth coming over the next 10, 15 years," he told The Associated Press during an interview in Tokyo. Fox was wrapping up a trip to the United States and Japan as Britain tries to launch negotiations on trade agreements with the United States, Australia, New Zealand and Asia for the post-Brexit era. He appeared pleased with the strong backing he received from Japan's Prime Minister Shinzo Abe and key trade negotiator Toshimitsu Motegi for Britain's aspirations to join an 11-country Pacific trade deal. "It is as much support as we could have hoped to get at this point," he said. President Donald
GST collection rises to Rs 96,483 cr
Revenue collection under the Goods and Services Tax (GST) crossed the Rs 95,000 crore mark in July for the second month in a row and stood at Rs 96,483 crore, the government said on Wednesday.
ANAROCK appoints Mayank Saksena as MD-Land after he quits JLL India
Property consultant ANAROCK today announced the appointment of Mayank Saksena as managing director of its land division and head of South India's residential services after he quit JLL India. Saksena has joined ANAROCK as Managing Director - Land and Head-South India Residential Services, the consultant said in a statement. Prior to this appointment, Saksena was MD of Land Services at JLL India. During his tenure of over a decade there, he closed several high-ticket land deals and acquisition mandates, it added. Santhosh Kumar, Vice Chairman, ANAROCK, said, "This is a critical appointment and the next step in ANAROCK'S evolution as India's foremost full-deck real estate services provider." Saksena will also play a leading role in building our residential vertical in South India, Kumar added. ANAROCK was formed last year by Anuj Puri, former chairman and country head of JLL India. Puri quit JLL in February 2017 after serving 10 years in the company and then later acquired the ...