Page 3065 - Business Finance
RBI hikes repo rate by 25 basis points to 6.50%
The Reserve Bank of India (RBI) on Wednesday hiked the repo rate by 25 basis points to 6.50 percent while maintain neutral stance on the stability in the market.The six member Monetary Policy Committee (MPC) said that its decision 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 percent.The MPC added that the volatility in global financial markets continues to impart uncertainty to the inflation outlook.Highlighting the inflation, the MPC projected 4.6 percent in Q2FY19, 4.8 percent in H2 of FY19 and 5 percent in Q1FY20.The MPC also said that in case there is a fiscal slippage at the centre or state level, it could have adverse implications for market volatility, crowd out private investment and impact the outlook for inflation.In the last policy, the RBI has projected the real Gross Domestic Product (GDP) growth in FY19 is seen at 7.4 percent as against 6.6 ...
Tesla plans to invest $5 billion building factory in China - Bloomberg
(Reuters) - Tesla Inc is planning to invest $5 billion to build a factory in China, Bloomberg reported on Wednesday, citing a source.
'Game-changer' Kolhapur-Vaibhavwadi rail link work to start soon
The construction of the 103-km long Kolhapur-Vaibhavwadi link on Konkan Railway in Maharashtra, providing the first connection from the state's hinterland to the coastal regions, will start soon, an official said on Wednesday.
BSE launches 'chatbot' for faster access to stock mkt info
Leading stock exchange BSE today announced the launch of 'Ask Motabhai', an artificial intelligence (AI)-based 'chatbot', to provide on-demand data and information from its website. The chatbot has been built in partnership with Microsoft and Shephertz, the BSE said in a statement. The move is aimed at making it convenient and faster for investors, especially small and retail, to get stock and market information. In addition to stock prices and corporate news, the system is programmed to address market related queries on mutual funds, derivatives and initial public offerings (IPOs). The exchange has "introduced an AI-based chatbot Ask Motabhai which can have a text-based conversation with the user and mine the BSE website to give customised information". "BSE has always been at the forefront in adoption of technology based advancements, and launch of the chatbot marks yet another significant initiative in BSE's endeavour to add to seamless customer experience. With the chatbot in ...
C B Ananthakrishnan assumes charge as Director (Fin) of HAL
State-owned Hindustan Aeronautics Ltd today said C B Ananthakrishnan has assumed charge as Director (Finance) of the company. Prior to this, he was the Executive Director (Finance) at HAL Corporate Office, the company said in a statement. It said he joined HAL in March 2004 as Chief Manager (Finance) at Helicopter Division, Bengaluru. Pointing out that Ananthakrishnan was also HAL nominee Director in the Board of three joint ventures of HAL, the company said, he played an active role in HAL's Initial Public Offer (IPO) during March 2018. Having rich experience in pricing, he was instrumental in signing of major helicopter contracts of HAL including supply of 159 helicopters to the Armed Forces, it added.
Sugar surges on new fresh demand, tight supply
Sugar prices firmed up by up to Rs 75 per quintal at the wholesale market in the national capital today following frantic buying by stockists and bulk consumers to meet new demand. Marketmen said frantic buying by stockists and bulk consumers, such as soft-drink and ice-cream makers to meet the ongoing new month demand, powered by restricted supplies from mills due to blockage and diversion in routes in view of ongoing auspicious "Kanwar-Yatra", mainly brought the upsurge in sweetener prices. In the price section, sugar ready M-30 and S-30 prices enquired higher by Rs 60 each to finish the day at Rs 3,560-3,660 and Rs 3,540-3,650 per quintal. Likewise, mill delivery M-30 and S-30 prices quoted higher by similar margins of Rs 60 each to conclude the day at Rs 3,300-3,420 and Rs 3,290-3,410 per quintal. In the mill gate section, the biggest rise of Rs 75 each were seen in sugar Dhampur, Dhanora and Malakpur at Rs 3,300, Rs 3,385 and Rs 3,345, followed by Asmoli by Rs 70 to Rs 3,410 .
Slower improvement in business conditions during July: Nikkei India Manufacturing PMI
Nikkei India Manufacturing PMI posted 52.3 in July, down from 53.1 in June
RBI policy move subdues equity indices
The domestic equity indices traded in the red during the late-afternoon trade session soon after the Reserve Bank of India increased its key lending rates, which was widely expected.
Raymond Ltd leads losers in 'A' group
Reliance Infrastructure Ltd, Reliance Power Ltd, Castrol India Ltd and IFCI Ltd are among the other losers in the BSE's 'A' group today, 01 August 2018.
Freight rates rule flat on ample position of trucks
Freight rates for the nine-metric tonne pay load section were enquired flat at the local truck transport market in the national capital following easy positions of trucks in the market against cargo movements. Transporters said ample availability of trucks and sufficient cargo movements managed to hold freight rates at last levels.
RBI retains GDP growth forecast at 7.4 pc for FY'19
The Reserve Bank today retained the GDP forecast for the current fiscal at 7.4 per cent on robust corporate earnings and buoyant rural demand, though it flagged global trade tensions for Indian exports. In the third bi-monthly monetary policy statement for 2018-19, RBI said various indicators suggest that economic activity has continued to be strong. The statement issued after three-day meeting of the Monetary Policy Committee (MPC) noted that the progress of the monsoon so far and a sharper than the usual increase in MSPs of kharif crops are expected to boost rural demand by raising farmers' income. "Robust corporate earnings, especially of fast moving consumer goods (FMCG) companies, also reflect buoyant rural demand," the central bank said, adding that investment activity remains firm even as there has been some tightening of financing conditions in the recent period. Based on an overall assessment, the Reserve Bank of India said that the Gross Domestic Product (GDP) growth ...
EIH to focus more on management contracts of hotels: Oberoi
The EIH Limited, which runs the Oberoi and Trident hospitality brands in the country and abroad, will now focus more on management contracts of other property rather than owning them, its Executive Chairman PRS Oberoi said today. Presently, the proportion between owned, substantially owned and managed property is 70:30. "We'll try to reverse that ratio", Oberoi told reporters after the company's AGM here. He said that it was not that the company would not build any hotel in future. "We want to be asset light. We have too much of real estate. No other hospitality chain has so much property. We have property in Bangalore, Goa and extra land in Agra," he said. Oberoi said the debt of the EIH was very low at Rs 500 crore. "We want to be very conservative. Our borrowings should be low", he said. To a query, he said the company would like to build city hotels, besides resorts abroad. "We are going to manage a resort property at Masai Mara in Kenya. We have city hotels in ...
IWAI turns aggregator for cargo owners and shippers; launches dedicated portal
The Inland Waterways Authority of India (IWAI) has launched a dedicated portal to connect cargo owners and shippers with real time data on availability of vessels, the government today said. It has been designed and developed by the in-house IT Department and the traffic wing of IWAI as part of its preparedness for optimal use of its ongoing capacity development on various National Waterways. "The landmark e-connect measure will enable direct interaction among the vessel operators, shippers and cargo owners as currently, there is no platform to know the availability of vessels in the market," Ministry of Shipping said in a a statement. IWAI chairperson Nutan Guha Biswas said the step is in line with the IWAI's commitment to promote Inland Water Transport (IWT) in India by way of critical interventions, both physical and in the form of creating intellectual property. The portal has been named as the Forum of Cargo Owners and Logistics Operators (FOCAL) and it will facilitate responses .
US mulls 25% tariff on Chinese goods worth $200bn
The Trump administration plans to raise pending tariffs on $200 billion in Chinese goods to 25 per cent, much higher than the 10 per cent it previously indicated it might impose, the media reported.
Cabinet clears LIC-IDBI deal
The Cabinet today cleared the purchase of 51 per cent controlling stake in IDBI Bank by state-run insurer Life Insurance Corporation (LIC), sources said. As per the proposal, the debt-laden bank will issue preferential shares to Life Insurance Corporation (LIC) to raise capital. The LIC-IDBI deal has been approved, a source said after the meeting of Union Cabinet, chaired by Prime Minister Narendra Modi. LIC already has 7-7.5 per cent stake in the bank and will acquire the remaining for majority holding. Although, the proposed acquisition by LIC would not bring any money to the government, the bank would get capital support between Rs 10,000 crore and Rs 13,000 crore, depending on the share price of the bank.
RBI raises key rate by 25 bps to 6.50 percent, keeps 'neutral' stance
MUMBAI (Reuters) - The Reserve Bank of India on Wednesday raised interest rates for the second straight meeting, but retained its "neutral" stance as it aimed to contain inflation while not choking growth.
India's Digital Payments Market Expected To Grow To US$ 1 Trillion By 2023
The digital payments market In India is expected to grow to US$ 1 trillion by 2023 led by growth in mobile payments, presenting huge business opportunities for players in the digital space. Mobile payments are slated to rise from $ 10 billion in 2017-18 to $ 190 billion by 2023. These estimates are based on a study of Credit Suisse and have been mentioned in a booklet titled 'Digital Payment: Trends, Issues and Opportunities', launched by Ratan Watal, Principal Advisor, NITI Aayog and Member Secretary, EACPM, at a conference organised by FICCI and NITI Aayog. This is the 2nd annual edition of the booklet on Digital Payments which was published in July 2017.
Domestic Factory PMI Records 12th Consecutive Month Of Expansion
Domestic factory production slowed down as the Nikkei India Manufacturing Purchasing Managers' Index (PMI) came in at 52.3 in July, down from 53.1 in June. However, the index still recorded its 12th consecutive month of expansion. Output and new orders rise at slower, but marked rates while the input cost inflation eased from June's near four-year high.
Hyundai sales up 7.7 pc in July at 59,590 units
Hyundai Motor India Ltd (HMIL) today reported 7.7 per cent increase in total sales at 59,590 units in July. The company had sold 55,315 units in July last year, HMIL said in a statement. Domestic sales rose 1.1 per cent to 43,481 units last month as compared with 43,997 units in July 2017. Exports grew 31 per cent in July to 16,109 units as against 12,308 units in the year-ago month. "A positive growth trend is visible with the stabilisation of macro economic factors, good monsoon along with increase in customer confidence and sentiment towards vehicle purchase," Hyundai MD and CEO Y K Koo said in a statement.
RIL launches fixed-line broadband services Jio GigaFiber
Reliance Industries Chairman Mukesh Ambani on Thursday announced the launch of fixed-line broadband services Jio GigaFiber."We will extend fiber connectivity to homes, merchants, small and medium enterprises and large enterprises simultaneously across 1,100 cities to offer the most advanced fiber-based broadband connectivity solutions," said Mukesh Ambani while addressing the shareholders at the Reliance Industries' 41st Annual General Meeting.While explaining the broadband for large enterprises, Ambani said that fixed-line broadband will mean having the ability to compete in the global marketplace, using digital tools and techniques that are powering the fourth industrial revolution."Jio GigaFiber will provide ultra high-definition entertainment on large screen TVs, multi-party video conferencing from a living room, voice-activated virtual assistance, virtual reality gaming, digital shopping and immersive experiences," added Mukesh Ambani.He added that the for merchants and small ...