Page 3256 - Business Finance
Railways, MahaMetro ink pact to create MRTS in Nagpur
Indian Railways today signed an agreement with the Maharashtra Metro Rail Corporation (MahaMetro) to create a mass rapid transit system in the city. Speaking at the MoU signing event, which saw presence of road transport and highways minister Nitin Gadkari and chief minister Devendra Fadnavis, railway minister Piyush Goyal said his ministry is also trying to execute a plan for setting up railway line across the national highways, according to an official release. Under the MoU, the Railways and MahaMetro would work towards linking railway line to metro coaches on broad gauge network and creating a mass rapid transit system in Nagpur. "We have proposed to connect Nagpur-Mumbai Super Express Way (Samriddhi Mahamarg) to railway line connecting Nagpur and Mumbai. The construction of such a hi-speed rail corridor will make it feasible to cover distance between the two cities in just five hours," said Goyal. He further said his ministry has allocated Rs 67,000 crore for ...
Gold steadies, higher U.S. rates expected to weigh
LONDON (Reuters) - Gold steadied on Monday as the dollar slipped, but higher interest rates in the United States and a weak physical market are expected to weigh on prices of the precious metal.
US challenges is trading partners' retaliatory tariffs at WTO
The US today launched separate disputes at the WTO against its trading partners, including China and the European Union, challenging their hefty retaliatory tariffs against President Donald Trump's duties on steel and aluminum. After Trump announced 25 and 15 per cent import tariffs respectively on steel and aluminium, retaliatory duties on US imports have been imposed by China (April 2), Mexico (June 5), Turkey (June 21), and the European Union (June 22). China announced today that it filed a World Trade Organization (WTO) challenge to Trump's proposal for a tariff hike on USD 200 billion of Chinese goods. US Trade Representatives Robert Lighthizer said retaliatory duties on US exports imposed by China, the EU, Canada, Mexico and Turkey were completely without justification under international rules. "The actions taken by the President are wholly legitimate and fully justified as a matter of US law and international trade rules. Instead of working with us to address a common problem,
BEML, L&T ink pact to tap market for defence products
Government-run Bharat Earthmovers Ltd today signed a memorandum of understanding with the construction company Larsen and Toubro to capitalise on the opportunities in the domestic and export markets for defence products and systems. In a press release, BEML said the MoU was aimed at leveraging 'Make in India' initiative for increased value- addition within the country in development, manufacturing and long-term support for defence and export business in identified areas, projects and programmes and synergise their combined strength. Chairman and managing director of BEML Deepak Kumar Hota was quoted as saying in the release that the public-private partnership would meet the demands of the defence industry. "With the vast experience and expertise in defence sector, BEML and L&T can address the needs of the Indian defence market as well as explore export markets of various products/ systems of mutual interest," he said in the press release. Director (defence) and ...
High capex may boost Indian Oil's debt: Fitch
US agency Fitch Ratings on Monday said it expects state-run refiner Indian Oil Corporation's (IOC) net debt levels to increase due to its large capital expenditure and investment plans.
Special drive launched to process pending GST refunds
The government on Monday kicked off a special fortnight-long drive to facilitate pending GST refunds which will last till July 30.
Hindustan Unilever Q1 net profit rises 19% to Rs 1,529 cr
FMCG major Hindustan Unilever today reported a 19.17 per cent increase in standalone net profit at Rs 1,529 crore for the first quarter ended June 30, 2018, led by strong volume growth and sustained margin improvements. The company had posted a net profit of Rs 1,283 crore in the April-June quarter a year-ago, HUL said in a BSE filing. Its total income during the quarter under review stood at Rs 9,622 crore, up 3.07 per cent as against Rs 9,335 crore in the corresponding quarter a year ago. "During the quarter, our comparable domestic consumer growth was 16 per cent with underlying a volume growth at 12 per cent," HUL said in a statement. Commenting on the results, HUL Chairman and Managing Director Sanjiv Mehta said: "We have delivered another strong performance in the quarter, with double digit volume growth across all three divisions and further improvement in margins." Its total expenses were at Rs 9,622 crore as against Rs 9,335 crore, up 3.07 per cent. HUL has integrated its ...
Broader market registers steep losses
Shares ended the volatile session with steep losses as mixed global cues spoiled investors sentiment. The barometer index, the S&P BSE Sensex, fell 217.86 points or 0.60% to 36,323.77, as per the provisional closing data. The Nifty 50 index fell 82.05 points or 0.74% to 10,936.85, as per the provisional closing data.
Wall Street: Weak oil prices offset Bank of America-led earnings optimism
(Reuters) - U.S. stocks were trading flat on Monday as a sharp drop in crude oil prices weighed on energy companies, offsetting a rebound in financials stocks after Bank of America's strong results reinforced expectations of a strong earnings season.
Adani Logistics,NYK arm form rail logistics JV for auto sector
Adani Logistics, an arm of Adani Ports and SEZ, today signed an agreement with NYK Auto Logistics India to form a joint venture that will specialise in transportation of finished vehicles using freight trains. Adani Logistics already has category 1 licence from the railway ministry which allows it to operate container trains on the broad-gauge network of the Railways throughout the country. The joint venture aims at strengthening the finished vehicles transportation service network in the country, a statement from Adani Logistics said. Karan Adani, chief executive, Adani Ports, said this association combines the strengths of individual companies and will utilise these available assets and expertise to deliver end-to-end value driven, asset and service based, supply chain solutions to the domestic automobile industry. NYK Auto Logistics managing director Naotaka Ishizawa said the partnership will allow them to strengthen their inland capabilities in the country with a ...
Strong U.S. retail sales brighten economic outlook
WASHINGTON (Reuters) - U.S. retail sales rose solidly in June as households boosted purchases of automobiles and a range of other goods, cementing expectations for robust economic growth in the second quarter.
Office space leasing in January-June up in metros: Report
Office leasing activity across India's nine major cities crossed 20 million square feet in the first half of 2018, recording an over 10 per cent growth compared to the same period of 2017, a CBRE report said on Monday.
IMF warns of rising risks to global growth amid trade tensions
The global economy is still expected to grow at a solid pace this year, but worsening trade confrontations pose serious risks to the outlook, the International Monetary Fund said today. The IMF's updated World Economic Outlook (WEO) forecast global growth of 3.9 per cent this year and next, despite sharp downgrades to estimates for Germany, France and Japan. The US economy is still seen growing by 2.9 per cent this year, and the estimate for China remains 6.6 per cent, with little impact expected near term from the tariffs on tens of billions of dollars in exports the countries have imposed on each other so far. "But the risk that current trade tensions escalate further - with adverse effects on confidence, asset prices, and investment - is the greatest near-term threat to global growth," IMF Chief Economist Maurice Obstfeld said. The fund warns growth could be cut by a half point by 2020 if tariff threats are carried out. Although the global recovery is in its second year, growth has
Rise in inflation to subside on good monsoon: Industry
As inflation based on wholesale prices rose to over 4-year high of 5.77 per cent in June, India Inc today said the spike was temporary as it is caused by disruptions in supply chain, and inflation is expected to be benign on the back of a good monsoon in the near future. However, according to the industry, rise in the price of essential commodities will curtail chances of a rate cut by the RBI. "Inflation should not be a worry at this juncture as it is caused by disruptions in supply chain and not due to supply shortages. "We are hopeful that headline inflation will be under the target of RBI 4% +- 2 per cent in the coming times," PHD Chamber President Anil Khaitan said. Assocham said wholesale price inflation is expected to fall in coming months as the risks to the Indian economy continue to prevail in the forms of continued uncertainties in the global environment due to rising global protectionism, trade crisis and they could further delay a meaningful recovery of external ...
ICICI Bank postpones AGM by over a month
Controversy-hit private lender ICICI Bank has postponed its annual general meeting (AGM) to September 12, 2018 from the earlier scheduled August 10.
Oil prices fall but market wary over supply outages
LONDON (Reuters) - Oil prices fell sharply on Monday as concerns about supply disruptions eased and Libyan ports reopened while traders eyed potential supply increases by Russia and other producers.
Wall Street opens flat as weak oil prices offset earnings enthusiasm
(Reuters) - U.S. stocks opened flat on Monday as losses in energy shares due to lower oil prices offset gains in the financial sector after a robust quarterly report from Bank of America.
BSNL to roll out 5G service with global launch: Anil Jain
The state-owned telecom firm BSNL expects to start 5G services in the country together with its global launch, a senior official said today. "The moment 5G is launched anywhere in the world, most probably 5G will be launched in India also. I can use the word "nobody before BSNL will launch (5G services) in the country", BSNL Chief General Manager Anil Jain told reporters here. Asked on the timeline, he said "we can't give any timeline. Though, world over people are talking to launch 5G by June 2020. But, there aresome expectations that we may see 5G (launch) in 2019 itself," he said. "We have missed the 4G bus.. BSNL doesn't want to miss the 5G bus in the entire country," he said. As far as 5G is concerned, Jain said BSNL has taken a lead in this and pointed out that "to do the learning and testing on the ground and making our system compatible with 5G, BSNL has signed agreement with several international operators including Nokia, NTT Advance Technology." He further ...
Adani Logistics to form JV with NYK Auto Logistics
To provide Automobile Freight Trains for transportation of finished vehicles
Volvo Cars drives in two more variants of XC40 in India
Swedish automaker Volvo Cars today opened bookings for two more variants of its recently launched compact SUV XC40, priced up to Rs 43.9 lakh (ex-showroom). The deliveries of XC40 D4 Momentum and D4 Inscription variants, that are priced at Rs 39.9 lakh and Rs 43.9 lakh respectively, will begin later this month, Volvo Cars India said in a statement. The company has also increased the price of R-Design variant to Rs 42.9 lakh after receiving orders for the first 200 units. Volvo Cars India had launched the variant at an introductory price of Rs 39.9 lakh on July 4. "It's a great beginning for us and we expect it to contribute considerably in achieving 10 per cent segment share by 2020," Volvo Cars India Managing Director Charles Frump said. Volvo Cars recorded the best ever half yearly sales in India (January-June) with 33 per cent growth in volumes at 1,242 units as compared with last year last year.