Page 3066 - Business Finance
Global stocks slip, dollar rallies as trade war fears return
LONDON (Reuters) - World stocks fell and the dollar strengthened on Wednesday on 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.
Sri Lanka central bank seen holding rates to spur growth: Reuters poll
COLOMBO (Reuters) - Sri Lanka's central bank is expected to keep key interest rates steady at its policy review on Friday as it looks to spur faltering economic growth amid heavy downward pressure on the nation's currency, a Reuters poll showed.
RBI hikes key lending rate by 25 basis points to 6.5%
The Reserve Bank of India (RBI) on Wednesday raised its key benchmark lending rate by 25 basis point to 6.5 per cent in its third monetary policy review of 2018-19.
RBI hikes interest rate by 0.25% on inflationary concerns
Reserve Bank of India for the second time in two-month raised interest rate by 0.25 per cent on inflationary concerns. The central bank in its third bi-monthly policy of the current fiscal raised benchmark repo, or the short term rate at which it lends to other banks, by 0.25 per cent to 6.5 per cent. The 6-member Monetary Policy Committee (MPC) headed by RBI Governor Urjit Patel kept its stance at neutral. For July-September, it pegged CPI-based retail inflation at 4.2 per cent which it saw firming up to 4.8 per cent in the second half of the current fiscal. The projected inflation rate is above its targeted comfort level of 4 per cent. RBI kept the GDP forecast for the current fiscal unchanged at 7.4 per cent and saw it at 7.5-7.6 per cent in the second half of the current fiscal.
TVS Motor Company July sales up 18% at 3,21,179 units
TVS Motor Company today reported 18 per cent increase in total sales at 3,21,179 units in July. The company had sold a total of 2,71,171 units in the same month of the previous year, it said in a statement. Total two-wheeler sales were at 3,07,856 units last month as against 2,63,336 units in July 2017, a growth of 17 per cent. During the month, domestic two-wheeler sales increased 13 per cent to 2,47,382 units as against 2,19,396 units in the year-ago month. Exports grew by 42 per cent to 72,242 units last month as compared with 50,957 units in the same month of last year.
Jio's fibre broadband to come with set top box for TV
Reliance Jio will offer a Set Top Box for TV when it launches ultra-high speed fibre-based broadband services -- an offering that is expected to compete with DTH operators like Tata Sky. Market watchers have said this would pose as a "serious competition" to TV distributors on both the DTH and cable side, putting further pressure on falling average revenue per user. Earlier today while announcing its fibre-based broadband plans, Jio unveiled the 'Jio Giga router', that will power ultra-fast internet connection and offer wall to wall high-speed wifi coverage. The second device 'Jio GigaTV' set-top box, when connected to large screen TV, will enable subscribers to watch over 600 TV channels, thousands of movies and millions of songs and other content, at any time. "You can now enjoy all your entertainment content at ultra high definition...This is like having a theatre in your home...," Akash Ambani, Director of Reliance Jio said. In its latest note, Credit Suisse pointed out that .
Airtel globally launches 'Bandwith on Demand' for business
Telecom major Bharti Airtel on Wednesday launched its "Bandwith on Demand" platform globally to enable businesses manage bandwidth requirements on a real-time basis.
Toyota domestic sales dip 23% to 13,677 units in July
Toyota Kirloskar Motor (TKM) today reported a 22.94 per cent dip in domestic sales at 13,677 units in July. The company had sold 17,750 units in the same month last year in the domestic market, TKM said in a statement. It exported 747 units of the Etios series last month, compared with 1,723 units in the same period a year ago, a decline of 56.64 per cent. "We have achieved a growth of 36 per cent in the combined sales of June-July as compared to the same period last year," TKM Deputy Managing Director N Raja said in a statement. June-July 2017 was a unique case owing to last year's GST scenario, wherein the company supplied as per the market demand which was impacted due to impending GST implementation, he added.
3P Land Holdings Ltd leads losers in 'B' group
N K Industries Ltd, Zicom Electronic Security Systems Ltd, Orient Electric Ltd and MT Educare Ltd are among the other losers in the BSE's 'B' group today, 01 August 2018.
Ashok Leyland in top gear after strong monthly sales
Ashok Leyland rose 4.61% to Rs 118 at 14:23 IST on BSE after total sales rose 27% to 15,199 units in July 2018 over July 2017.
Volumes soar at Aditya Birla Fashion & Retail Ltd counter
Aditya Birla Fashion & Retail Ltd recorded volume of 48.35 lakh shares by 14:14 IST on NSE, a 18.37 times surge over two-week average daily volume of 2.63 lakh shares
Jio's broadband service to impact MSOs, DTH players: Report
Reliance Jio's recently announced broadband offering will impact multiple system operators (MSOs) and direct to home (DTH) players, but will benefit content providers, a report said today. "Jiogigafiber, a fibre-based broadband service for homes and businesses, by Reliance Industries has the potential to disrupt the retail broadband segment and open up new digital avenues for the enterprise broadband segment," India Ratings said in a report. It said the level of impact on the MSOs and DTH players will depend on their geographical diversity with regard to subscribers, the relative attractiveness of the market, and current tariffs and service offerings. The impact will be visible only in fiscal year 2019-2020 even though the service rollout is slated to happen from August 15 this year. Aggressive posturing by Jio for market penetration will be "credit negative" for existing players, it said. RIL announced Jiogigafibre, the broadband offering, at its shareholder meeting
RBI raises key rate 25 bps to 6.50 percent, holds stance at neutral
MUMBAI (Reuters) - The Reserve Bank of India on Wednesday raised its policy repo rate as expected for the second straight meeting, citing inflation concerns but retained its "neutral" stance.
TVS Motor logs 18 per cent sales growth in July
Two-and three-wheeler maker TVS Motor Company on Wednesday said it closed July selling at 321,179 units.
Gold recovers on jewellers' buying, silver weakens
Gold bounced back by Rs 150 Rs 30,800 per ten grams at the bullion market today due to pick up in buying by local jewellers even as the precious metal weakened overseas. However, silver drifted lower by Rs 150 to Rs 39,050 per kg due to reduced offtake by industrial units and coin makers. Traders said fresh buying by local jewellers at domestic spot market mainly attributed the recovery in gold prices, but a weak trend overseas, pressured by a stronger US dollar ahead of the outcome of a Federal Reserve monetary policy meeting later in the day, capped the rise. Globally, gold fell 0.22 per cent to USD 1,220.70 an ounce and silver by 0.32 per cent to USD 15.44 an ounce in Singapore. In the national capital, gold of 99.9 per cent and 99.5 per cent purity rebounded by Rs 150 each to Rs 30,800 and Rs 30,650 per ten grams, respectively. It had lost Rs 130 in the previous two sessions. Sovereign, however, remained flat at Rs 24,600 per piece of eight grams. On the other hand, silver ready ..
Rio Tinto shares sink after first-half profit miss; adds $1 billion to share buyback
MELBOURNE (Reuters) - Global miner Rio Tinto said on Wednesday its first half profit grew 12 percent, missing estimates and sending shares lower even though it earmarked an additional $1 billion to buy back London-listed stock.
Global business helps BNP Paribas weather investment bank weakness
PARIS (Reuters) - BNP Paribas, France's largest listed bank, beat second-quarter profit forecasts on Wednesday as its global business offset a sharp fixed income trading fall and domestic weakness.
Euro zone factory growth subdued on trade fears, rising prices - PMI
Euro zone manufacturing growth remained subdued in July as worries about trade tensions, tariffs and rising prices kept optimism in check, a survey showed on Wednesday.
India benchmark for creating successful global products: OnePlus CEO
India has become the benchmark for creating successful global products for Chinese smartphone maker OnePlus, the company's Founder and CEO Pete Lau has said.
Mahindra sales up 13 pc to 47,199 units in July
Auto major Mahindra and Mahindra (M&M) today reported 13 per cent increase in total sales at 47,199 units in July. It had sold 41,819 units in the same month previous year, M&M said in a statement. In the domestic market, sales were up 12 per cent to 44,605 units last month compared with 39,834 units in July 2017. Exports rose by 31 per cent to 2,594 units as against 1,985 units in the year-ago month. Sales of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, were down 6 per cent at 19,781 units compared with 21,034 units in July 2017. Commercial vehicle sales were up 28 per cent at 19,284 units last month against 15,023 units in the year-ago period, it said. M&M President Automotive Sector Rajan Wadhera said: "The auto industry has been subject to certain uncertainties with the truckers strike and sluggishness on the retail front which has impacted the passenger vehicle segment." Demand for the commercial vehicles continues to be strong and the newly