Page 3064 - Business Finance
RBI retains GDP growth at 7.4% in FY19
The Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday said that Monetary Policy committee (MPC) has projected the GDP growth at 7.4% for this fiscal year as in the June statement."The MPC is projecting 7.5-7.6% in the first half of 2018-19 and 7.3-7.4% with risks evenly balanced. In the assessment of the committee uncertainty around inflation needs to be monitored in the coming months," said Urjit Patel while commenting on the global growth which has sustained pace but became uneven since the June policy.The governor said that the increased FDI flows in recent months have continued buoyant domestic capital market conditions well for investment activity.Adding to this he said that the MPC expects a gradual recovery of south-west monsoon but near sown area of kharif crops.Earlier, the Reserve Bank of India (RBI) hiked the repo rate by 25 basis points to 6.50 per cent while maintaining neutral stance on the stability in the market.The six member Monetary Policy Committee ...
Sensex, Nifty end lower after RBI raises key rates
(Reuters) - Indian shares shed early gains to end lower on Wednesday, pulled down by financial and auto stocks, after the Reserve Bank of India raised interest rates for the second straight meeting.
EIH to focus more on managed properties
Hospitality major EIH Ltd, which is intending to be "asset light", will focus on managed properties more rather than owning them, an official said here on Wednesday.
RBI hikes repo twice in succession to bring it to 6.5%
Continuing with the reversal of accomodation begun in June, the RBI on Wednesday again hiked its key lending rate by 25 basis points to bring the repo to 6.50 per cent citing upside risks to inflation.
Sensex slips from record after RBI hikes rate; bank, auto stocks drag
Benchmark Sensex snapped its seven-session record setting spree to end 85 points lower today after the RBI hiked the policy rate on inflation concerns. 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 6.5 per cent. The 30-share BSE 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 gauge had gained 1,110.21 points in the previous seven record-setting sessions. The broader 50-issue NSE Nifty too slipped from its record high, shedding 10.30 points or 0.09 per cent to end at 11,346.20. Intra-day, it shuttled between 11,390.55 and 11,313.55. Interest rate sensitive auto, finance and banking stocks finished with ...
Considerable uncertainty around impact of MSP schemes, says RBI
The Reserve Bank of India (RBI) Deputy Governor Viral Acharya on Wednesday said that the impact of MSP hike on projections is a challenging task."Such an increase operates through multiple channels as there is a direct impact on the targeted food items. There could be impact on rural wages and then there could be generalization of all this through inflation expectations.He added that the MPC's rate hikes in June and August will only play out in due course in their projections."It is 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," added Acharya.The MPC which will hold its next meeting during the festive season from October 3 to 5, 2018, is likely to not see a rate increase.The Reserve Bank of India (RBI) on Wednesday raised its repo rate by 25 basis points to 6.5 percent, keeping its focus firmly on taming inflation.The six member Monetary ...
RBI raises interest rate by 0.25% on inflationary concerns
The Reserve Bank for the second time in two months today raised its benchmark interest rate by 25 basis points on inflationary concerns, a move that will make home, auto and other loans expensive. With five of its members voting for the increase, the 6-member 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 but kept its policy stance as "neutral". The reverse repo rate, at which it borrows from banks, was also raised by similar proportion to 6.25 per cent. The marginal standing facility (MSF) rate and the Bank Rate were also raised to 6.75 per cent. Following the rate hike, the BSE index Sensex slipped from record high to ends 84.96 points lower at 37,521.62. Anticipating firming of interest rate, country's largest lender SBI has raised fixed deposit rate by up to 0.1 per cent. Other banks are also likely to firm up lending rates making loans costlier for borrowers. RBI had last raised the repo .
PC Jeweller unveils augmented reality experience in Delhi-NCR
PC Jeweller today rolled out an augmented reality (AR) technology platform, which allows customers to virtually try on jewellery, in 11 showrooms in Delhi-NCR. The digital platform with 'MirrAR' App, developed by StyleDotMe, will be loaded on iPads that would be like a smart digital mirrors in these showrooms so that customers can have a unique shopping experience. "We have introduced the 'AR experience' in 11 showrooms in Delhi and National Capital Region (NCR). We plan to cover 90 per cent of our showrooms before Diwali," PC Jeweller President Nikhilesh Govil told PTI. Customers will have to look into the smart mirror and the digital store comes becomes live. They can virtually try on jewellery without wearing it and select designs from the company's 95 showrooms in 75 cities and place an order, he said. In the first phase, the AR experience will showcase the complete earrings catalogue across 11 showrooms in Delhi-NCR. In the coming months, the company plans to expand locations as .
Grab to raise about $2 billion in fundraising - WSJ
(Reuters) - Ride hailing company Grab Inc is set to raise about $2 billion in its latest round of fundraising, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Mahindra tractors sales up 20% at 22,679 units in July
Mahindra & Mahindra (M&M) today reported 20 per cent increase in tractor sales at 22,679 units in July as against 18,957 units in the same month last year. In the domestic market, tractor sales stood at 21,574 units as compared to 17,804 units in the same month a year ago, the company said in a statement. Exports were however down 4 per cent at 1,105 units as against 1,153 units in the corresponding month last year, it added. "With the normal monsoon leading to healthy reservoir water storage levels, we expect the positive sentiment to continue during this festive season and boost tractor demand," M&M President - Farm Equipment Sector Rajesh Jejurikar said.
Key benchmarks correct after RBI raises repo rate
Key equity indices snapped recent rally after the Reserve Bank of India's monetary policy committee raised repo rate by 25 basis points to a two-year high of 6.5%. The barometer index, the S&P BSE Sensex, fell 84.96 points or 0.23% to 37,521.62, as per the provisional closing data. The Nifty 50 index fell 10.30 points or 0.09% to 11,346.20, as per the provisional closing data. Also, weighing on sentiment were a private survey showing factory growth eased last month and conflicting signs over the state of US-China trade relations.
RBI Hikes Rates, Notes Strength In Economic Activity
On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) of the Reserve Bank Of India (RBI) decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 6.5%. Consequently, the reverse repo rate under the LAF stands adjusted to 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate to 6.75%. The decision of the MPC is consistent with the neutral stance of monetary policy in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4% within a band of +/- 2%, while supporting growth.
GMR's MRO gets Federal Aviation Administration approval
: GMR Aero Technic Ltd., a wholly owned subsidiary of GMR Hyderabad International Airport Ltd., today said it has received Federal Aviation Administration approval for MRO services on narrow body aircraft such as B737 and A320. The approval makes GATL an authorised Maintenance, Repair and Overhaul (MRO) services provider for all 'C' checks for FAA registered B737/A320 aircraft and for NDT (Non Destructive Testing) inspections, a press release from GMR said. Currently, GATL holds the largest share of the market for outsourced airframe Base Maintenance MRO business in India, backed by approvals and certifications from across the globe, including India (DGCA), Europe (EASA), Malaysia (DCA), UAE (GCAA), Oman (PACA), Bahrain (DCA), Nepal (CAAN), Bangladesh (CAAB), Myanmar (DAC) and Cayman Islands, it said. S G K Kishore,CEO of GHIAL said GATL has been consistently expanding its horizons in the domain of MRO business by offering best-in-class services to its clients in the ...
RBI raise repo rate by 25 bps to 6.5%
CPI inflation projected at 4.8% for H2 of 2018-19, GDP growth forecast retained at 7.4% for 2018-19
IOC tops 7 Indian firms on Fortune 500 list, RIL jumps 53 places
Seven Indian companies have made it to the latest Fortune 500 list of the world's biggest corporations in terms of revenue, with state-owned IOC continuing to be the highest ranked Indian firm and Reliance Industries (RIL) jumping 53 places. In the list topped by retail giant Walmart, Indian Oil Corp (IOC) with 23 per cent rise in revenues at USD 65.9 billion was ranked 137th, up from the 168th position in 2017, Fortune said. Richest Indian Mukesh Ambani-led RIL was the top private sector company from the country as it jumped from 203rd rank last year to 148th. It had a revenue of USD 62.3 billion in 2017-18. With USD 47.5 billion revenue, Oil and Natural Gas Corp (ONGC) made a come back into the list with a ranking of 197th. It did not feature in the 2017 ranking. State Bank of India (SBI) with USD 47.5 billion revenue was given 216th rank, a shade higher than 217th last year. Tata Motors improved its ranking from 247th last year to 232nd. So did state-owned Bharat Petroleum Corp Ltd
Oil falls below $74 on U.S. inventories, OPEC supply
LONDON (Reuters) - Oil slipped below $74 a barrel on Wednesday, pressured by an industry report that U.S. stockpiles of crude rose unexpectedly and by higher OPEC production, adding to indications of more ample supply.
Expert Views: RBI raises key rate to 6.5 percent, retains 'neutral' stance
BENGALURU (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.
Sebi initiates process to recruit new executive director
Capital markets watchdog Sebi has begun the process of recruiting an executive director for faster and more effective execution of regulatory work. The appointment of executive director will either be on deputation or contractual basis, for an initial period of three years, the regulator said in a public notice. For this, the Securities and Exchange Board of India (Sebi) has invited applications. The last date for receiving the applications is August 6. The candidate should have at least 20 years of experience in dealing with problems related to securities market or special knowledge or experience of law, investigation, finance, economics and accountancy, among others. Earlier in June, the regulator had invited application for the post of the ED but later deferred the process of recruitment "to a future date". Currently, Sebi has seven executive directors -- P K Nagpal, Nagendraa Parakh, Amarjeet Singh, Sujit Prasad, Anand R Baiwar, S Ravindran and S V Murali Dhar Rao.
Auto stocks drop as RBI hikes repo rate
Seven auto shares fell 0.24% to 2.29% at 15:16 IST on BSE after the Reserve Bank of India hiked the policy repo rate by 25 basis points to 6.5%.
Vivimed's Uquifa expects Euro 200 mn revenues in 4 yrs
: Uquifa, the Active Pharma Ingredients (API) business division of Vivimed Labs Limited, expects to garner 200 million Euros revenue in the next four years by banking on the expansion of existing facilities in Spain and Mexico, a senior official of Uquifa said here today. Uquifa, which currently has four manufacturing facilities- two in Spain and one each in Mexico and Hungary - did business of about 110 million Euros last year and expects it to go up to 135 million to 140 million Euros this fiscal, said Saurabh Gurnurkar, Executive Director of Uquifa. "Uquifa contributes about 60 per cent to the top line of Vivimed. Last year Uquifa did about 110 million Euros. We expect it to go up to 200 million Euros in the next four years. We are also investing 6-7 million Euros on capacity expansion this year. The investment on capex will go on," Gurnurkar said. He said most pharma companies in developed countries are now looking to source raw material from Europe as many units in