Page 3078 - Business Finance
'Dairy sector reeling under low prices, high SMP inventory'
The country's dairy sector will continue to reel under the pressure of high skimmed milk powder (SMP) inventories and low prices, till the global market for SMP and casein revive, according to India Ratings. The recent policy measures of increasing import duty on whey, offering subsidy to milk farmers and exemption from the goods and services tax (GST) for certain categories will provide a marginal relief to the sector, it added. Milk production in the country grew annually at 5.90 per cent during FY13-FY18 and the rating agency expects it to reach 186 million tonne in FY19, which will lead to a higher market surplus in the system. Due to limited growth in demand, the industry is forced to convert the highly perishable commodity into SMP, to be sold on business-to-business platform in the domestic and international markets. However, price growth in the international market has been slow since June 2017, after a brief recovery during April 2016-May 2017. "This has led to .
Fed set to hold rates steady, remain on track for more hikes
WASHINGTON (Reuters) - The Federal Reserve is expected to keep interest rates unchanged on Wednesday, but solid economic growth combined with rising inflation are likely to keep it on track for another two hikes this year even as President Donald Trump has ramped up criticism of its push to raise rates.
BMW to build 1 billion euro car factory in Hungary
FRANKFURT/BUDAPEST (Reuters) - BMW will invest 1 billion euros ($1.17 bln) to build a new plant in Hungary at a time when a rise in protectionism is forcing carmakers to curb inter-continental exports and to refocus production networks to serve regional trading blocs.
Sri Lanka aims at 2.4mn international tourists in FY19'
Sri Lanka is aiming for a growth of 20 per cent in international tourist arrivals to about 2.4 million in the current 2018-19 fiscal. "In FY18, the number of international travellers in Sri Lanka was two million and this year, we expect it to become 2.4 million," Sri Lanka Convention Bureau Chairman Kumar De Silva said here today. He said business travellers would account for just 10 per cent of the total number of visitors, but the country is now focusing on travellers for business purposes. Out of the two million visitors, India accounted for about three lakh tourists to the island nation, he said. Lalit Peris, Country Manager of Sri Lankan Airlines, which operates 122 direct flights per week from 14 Indian destinations to Colombo, said there are no plans for expansion even though the India business is a profitable one. However, during the festive season of Durga Puja, the airline plans to increase one more flight to four flights per week from Kolkata. A number of ...
VIP partners with Ace Turtle for omnichannel transformation in India
Luggage manufacturer VIP on Tuesday announced its partnership with Ace Turtle, Asia's leading omnichannel platform to strengthen its omnichannel offerings in India.With Ace Turtle's best in class technology and proprietary omnichannel platform, VIP will aim towards building a unified brand experience for its customers across multiple channels, however Ace Turtle will facilitate the eCommerce business of some of the leading brands of VIP such as VIP Bags, Caprese, Carlton bags, Skybags and Aristrocrat."Partnering with Ace Turtle, who are market leaders in this domain will help us achieve this and we are confident that its technology will play a critical role in accelerating our omnichannel capabilities," said CEO VIP Industries Ltd., Sudip Ghose.Being market leaders in the branded luggage segment, VIP Industries through the years has constantly evolved to give away category defining product ranges to its customer."We are confident that our platform with its strong implementation ...
Loans to differently abled to start self employment projects
: Chief Minister V Narayanasamy today distributed Rs 69.5 lakh asloans to 81 differently abled people to help them start self employment projects like grocery shops and textile shops. The loans were given under a scheme of the Puducherry Corporation for the Development of Women and Differently Abled people. Welfare Minister M Kandasamy and legislators were among those present. A release from the Corporation said it had received the amount from the National Handicapped Finance and Development Corporation, New Delhi.
CIS: Sebi orders Touch Wood, directors to refund investors' money within 3 months
Markets regulator Sebi today ordered Touch Wood Ltd and its three directors to refund, within three months, investors' money that the company had illegally raised in the name of 'teak tree' investment schemes. The regulator has also barred these entities from the capital markets "till the directions for refund/repayment to investors are complied with... and for a further period of four years from the date of completion of the refund". According to Sebi, Touch Wood had collected funds towards the purchase of teak saplings or trees from public by promising them huge returns and the amounts so collected were pooled for the purpose of plantation and nurturing of teak trees. The plantation activity was carried out on behalf of investors of the scheme by the company and the investors were not having day to day control over the operation and management of scheme, it added. The company raised the money from investors through the scheme without securing Sebi's approval which is in violation ...
U.S. consumer spending increases; wage growth slows in second quarter
WASHINGTON (Reuters) - U.S. consumer spending increased solidly in June as households spent more at restaurants and on accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately.
Taiwan's CPC plans $6.6 billion investment in Paradip petchem plant
NEW DELHI (Reuters) - Taiwan's state-owned CPC Corp has proposed to invest $6.6 billion in a petrochemical project in Paradip, a seaport town in Odisha, the country's oil minister said on Tuesday.
Taiwan's CPC plans $6.6 billion investment in east India petchem plant
NEW DELHI (Reuters) - Taiwan's state-owned CPC Corp has proposed to invest $6.6 billion in a petrochemical project in Paradip, a seaport town in Odisha, the country's oil minister said on Tuesday.
BMW to build 1 bln euro car factory in Hungary
FRANKFURT/BUDAPEST (Reuters) - BMW will invest 1 billion euros ($1.17 bln) to build a new plant in Hungary at a time when a rise in protectionism is forcing carmakers to curb inter-continental exports and to refocus production networks to serve regional trading blocs.
Rupee rises 13p to 2-week high ahead of RBI policy outcome
Making a spirited comeback ahead of the RBI's policy announcement, the rupee gained 13 paise to close at a fresh two-week high of 68.54 against the dollar on expectations that the US Fed is likely to keep rates unchanged. Notwithstanding initial listlessness, the home currency staged a smart recovery towards the tail-end trade despite heavy month-end dollar demand from importers and corporates. A rally in domestic equities further supplemented the recovery momentum. The Reserve Bank of India's Monetary Policy Committee (MPC) for the third bi-monthly monetary policy statement will be unveiled tomorrow. A bearish dollar overseas also influenced the trading sentiment. The dollar index was down 0.10 per cent at 94.17. The US Fed was set to start its two-day policy meeting tonight but was widely expected to keep benchmark interest rate unchanged, experts said. On the energy front, crude prices softened over supply concerns after survey showed that OPEC production increased in July to its ..
OnePlus to triple offline presence by Dec with 9 more stores
Chinese handset maker OnePlus today said it plans to almost triple its offline presence in the country by the end of 2018 by opening nine more stores. The company's current exclusive store count in the country stands at five. "The reason why we are going offline is last year we experimented with experience centre in Bengaluru and today it is among the best performing retail stores and the good thing is that it has not cannibalised our online sales," OnePlus India general manager Vikas Agarwal told PTI. The firm has five offline outlets at present and plans to take the tally to 14 by the end of this year, he added. Agarwal also said that the company expects to keep its online contribution to revenues high. Meanwhile, the smartphone maker is planning to continue focusing only on the premium category, which comprise handsets priced over Rs 30,000. "The premium segment dominates the smartphone market globally with a 60 per cent share. So, I would rather chase the big premium .
Avenue Supermarts shares jump nearly 4 pc after June qtr earnings
Shares of Avenue Supermarts rose by nearly 4 per cent today after the company reported a growth of 43.4 per cent in profit after tax for the quarter ended June 30. The stock went up by 3.77 per cent to settle at Rs 1,652.75 on the BSE. During the day, it jumped 4.46 per cent to Rs 1,663.80 -- its 52-week high. On the NSE, shares of the company rose by 3.68 per cent to end at Rs 1,653.60. The company's market valuation rose by Rs 3,751.56 crore to surge past Rs 1,03,145.56 crore on the BSE. In terms of equity volume, 2.59 lakh shares of the company were traded on the BSE and over 16 lakh shares changed hands on the NSE during the day. The company reported a net profit of Rs 251 crore for the first quarter of FY19, as compared to Rs 175 crore in the corresponding quarter of last year, the company said in a BSE filing yesterday. Total revenue for the quarter ended June 30 stood at Rs 4,559 crore, as compared to Rs 3,598 crore in the same period of the last year. Avenue Supermarts owns ...
Sebi orders attachment of 7 land parcels of Sunshine Global Agro
Markets regulator Sebi has ordered attachment of seven properties of Sunshine Global Agro and its five directors to recover investors' money amounting to over Rs 21 crore in an illegal fund raising case. The properties being attached are land parcels located in Araria district of Bihar, according to a Sebi order dated July 30. Earlier this month, the Securities and Exchange Board of India (Sebi) had ordered attachment of two other properties of Sunshine Global in the same case. In October 2016, the regulator had initiated recovery proceedings against the firm and its five directors to recover dues amounting to Rs 21.49 crore along with interest. The regulator has already attached the demat and bank accounts, and mutual fund portfolios of the entities after directives asking them to refund the investors were not complied with. As per an earlier order, Sunshine Global had mobilised funds from investors under its schemes -- 'sale of Jhatropha Bush Group and sale of plant/trees' -- which .
JSPL gets part of Rs 2.5-cr railway tender; to supply 1 LT rail
Jindal Steel and Power Ltd has bagged "20 per cent" of the Rs 2,500 crore order to supply long rails to Indian Railways which had floated a global tender for it, JSPL Chairman Naveen Jindal said today. The Railways had invited the global tender for procuring around 4.87 lakh tonnes of rails to meet the supply shortfall from the state-run Steel Authority of India Limited (SAIL). This is the first time in three decades that rail procurement has been opened for the private sector. Sources said that the value of the order bagged by JSPL comes to about Rs 536 crore. "We got the order for the rail.... We have been in business since 2003. After 15 years, for the first time, we are amongst the one...," Jindal said. "As only the second Indian producer (after SAIL), we have got 20 per cent of the order," he said at a conference on the steel sector. At the conference, Steel Minister Chaudhary Birender Singh stressed on the need for participation of Indian companies in major infrastructure ...
Send IBC bill to standing committee: Oppn in LS
The Opposition today attacked the government for trying to benefit a particular corporate by seeking to amend the insolvency and bankruptcy code, dubbing the bill on the issue as "tainted" and demanding that it be referred to a Standing Committee. However, the government said the amendments to the Insolvency and Bankruptcy Code (IBC) is intended to provide relief to homebuyers and the MSME sector. Moving the Insolvency and Bankruptcy Code (Second Amendment) Bill 2018, Finance Minister Piyush Goyal said "we want to address concerns expressed by the MSME sector and homebuyers. We have learnt from two years of implementation of IBC, and through the amendments, we want to strengthen IBC bill." Participating in the debate on the measure, Congress member Veerappa Moily said the National Company Law Tribunal (NCLT) has become "an instrument for siphoning off funds" of the treasury as banks were taking huge haircuts and corporates were buying out insolvent companies for paltry .
Shopify's cost surge clouds surprise profit, shares fall
(Reuters) - Canada's Shopify Inc reported a big jump in quarterly costs and slowing growth in gross merchandising volume (GMV) that overshadowed a surprise adjusted profit, sending its shares down about 10 percent in premarket trading.
U.S. consumer spending increases solidly in June
U.S. consumer spending increased solidly in June as households spent more on restaurants and accommodation, building a strong base for the economy heading into the third quarter, while inflation rose moderately.
Wall Street set to open higher on tech rebound, positive data
(Reuters) - Wall Street was set to open higher on Tuesday as technology stocks looked to rebound after a widespread sell-off in the prior session and as economic data showed U.S. consumer spending rose solidly in June.