Page 3257 - Business Finance
BEML, L&T sign MoU to explore opportunities in defence products
State-owned BEML Ltd and Larsen & Toubro today entered into a pact to jointly capitalise on emerging opportunities in domestic and export markets for defence products and systems. The cooperation between the two organisations is aimed to leverage on Make in India' initiative for increased value addition within the country in manufacturing and long-term support for defence and export business in identified areas, thus synergising their combined strengths, the companies said in a statement. "PPP model is the way forward to meet the growing demands of the Defence Industry. With the vast experience and expertise in defence sector of BEML and L&T, I am confident that together we can address the needs of the Indian defence market as well as explore export markets of various products/ systems of mutual interest," BEML Chairman and Managing Director Deepak Kumar Hota said. This memorandum of understanding (MoU) paves the way for public-private sector partnership between two industry ..
ZTE stock up after US lifts crippling ban
Badly hit by American sanctions, Chinese multinational telecommunications equipment and systems giant ZTE on Monday saw its stock surging nearly 17 per cent after it deposited $400 million in an escrow account in the US.
Foundation stone of skill training institute laid in Odisha
Union Minister Dharmendra Pradhan on Monday laid the foundation stone of India's first National Skill Training Institute (NSTI) here.
Domestic tractor sales expected to grow by 7-9% this fiscal: ICRA
Domestic tractors sales are expected to grow in the range of 7-9 per cent in the current fiscal, according to ratings agency Icra. Normal monsoon however, remains critical for sustaining domestic tractor volumes during the financial year, it added. "Even though the demand drivers continue to remain robust, ICRA expects industry growth to moderate in the current fiscal (expected growth of 7-9 per cent in the current fiscal), with the domestic volumes already touching a new peak of 7.1 lakhs in the previous fiscal," ICRA said. However, as the profitability of OEMS in the tractor industry remains linked to industry demand, the operating margins for the various manufacturers are expected to remain at healthy levels, it added. While the OEMs are expected to incur capital expenditure towards new product developments and upgradation of existing product portfolio to meet stringent emission norms over the medium term, the credit profile of the entities in the industry are also expected to ...
Rajnath to inaugurate National Traders Conclave on Jul 23
Union Home Minister Rajnath Singh will inaugurate the three-day National Traders Conclave here on July 23, where trade leaders will discuss wide-ranging issues, including implications of the Walmart-Flipkart deal on the country's retail trade, CAIT said today. As many as 1,500 trade leaders will participate in the summit to discuss trade and business related issues. Several senior ministers, including Defence Minister Nirmala Sitharaman, Textile Minister Smriti Irani, Commerce Minister Suresh Prabhu, HRD Minister Prakash Javedkar and Urban Development Minister Hardeep Puri will attend the conclave and talk to the trade leaders, Confederation of All India Traders (CAIT) said in a statement. CAIT Secretary General Praveen Khandelwal said the trade leaders will deliberate upon issues, including simplification of GST, implications of the Walmart-Flipkart deal on retail trade, need for a policy on e-Commerce, FDI in retail trade, sealing of shops in Delhi, need of amendments in Food ...
Jetmakers see brisk start to air show as UK tries to soothe Brexit worries
FARNBOROUGH, England (Reuters) - Planemakers racked up more than $20 billion of deals on the opening day of the Farnborough Airshow on Monday, suggesting demand for new passenger jets remains in rude health despite worries over trade tensions and Brexit.
India seeks investments from Oman
Commerce and Industry Minister Suresh Prabhu highlighted several steps taken by the government to promote an investment-friendly environment with a view to attracting investments from Oman, an official release said. During the India-Oman Joint Commission Meeting here, the minister invited Omani companies to build on their success in India and make investments to benefit from Make in India' which are aimed to encourage manufacturing, the commerce ministry said in a statement. "India has launched several investment friendly programmes like Make in India' with a trillion dollar business opportunity in the country," it said. Both the sides increase cooperation in areas including energy, health, finance, infrastructure, tourism, space, renewable energy, start-up, SMEs, food security and services sector. The bilateral tarde between India and Oman has increased to USD 6.7 billion 2017-18 from USD 4.13 billion in 2014-15. Indian financial institutions such as State Bank of India, Bank of ...
Unacademy raises $21 mn from Sequoia India, others
Online learning platform Unacademy today said it has raised USD 21 million (about Rs 144 crore) in funding from Sequoia India, SAIF Partners and Nexus Venture Partners. The series C round also saw participation from Blume Ventures. With the latest round, Unacademy has raised USD 38.6 million in funding so far. "The funds raised will be utilised to onboard new educators on the platform, penetrate deeper in categories including pre-medical, GATE and CAT, and further strengthen the core product and technology team," Unacademy co-founder and CEO Gaurav Munjal told PTI. He added that the company has seen strong growth in business over the last many months. "We have grown tremendously since our inception, and just last month, more than 3,000 educators were active on the platform and lessons created by them were watched more than 40 million times by learners. We will utilise these funds to invest heavily in our product and technology," he said. Unacademy was founded by Gaurav Munjal, Roman ..
Three senior execs quit Apple India
Three senior executives of Apple India, including heads of national sales and distribution, and iPhone sales, have put in their papers, according to sources. The exits come at a time when Apple is betting heavily on the Indian market to drive growth. The US-based company is also pushing for local manufacturing in India, which is among the largest smartphone markets globally. The sources said the executives who have quit include Rahul Puri, who was head of national sales, distribution and operator business; Jayant Gupta (head of iPhone sales, modern trade and Apple Premium Retail stores); and Manish Sharma (national sales head for telecom). When contacted, an Apple India spokesperson declined to comment on personnel-related issues. Apple is extremely bullish on India and plans to launch all its initiatives, including retail, its chief executive Tim Cook had said earlier this year. While he acknowledged that Apple has an "extremely low" overall market share in India, Cook said the ...
JSW energy seeks shareholders nod to raise Rs 15K Cr
JSW Energy said it will seek shareholders' approval to raise Rs 15,000 crore through issuance of debentures, shares and bonds at its annual general meeting on August 6. A special resolution to raise up to Rs 5,000 crore of secured/unsecured redeemable convertible debentures in one or more tranche on private placement basis in listed on the agenda of the company's annual general meeting on August 6, a BSE filing said. The shareholders had passed this resolution on July 13, 2017, but raised Rs 500 crore. Since the resolution was valid for one year. Besides the company has also sought shareholders nod to raise USD 750 million (about Rs 5,000 crore) through issuance of non-convertible foreign currency denominated bonds or Masala bonds dominated in equivalent Indian currency in aggregate in the capital market. The resolution was also passed in the annual general meeting held on July 13, 2017. But the company did not raise funds. Therefore it is listed again for approval of shareholders ..
U.S. retail sales increase solidly on automobiles
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.
India's inflation mounts to 54-month high (Roundup)
Rise in the prices of manufactured products along with that of food articles and fuel types accelerated India's wholesale inflation rate to 5.77 per cent compared to 4.43 per cent in the previous month, official data showed on Monday.
Board of Regaliaa Realty approves change in directorate
At meeting held on 16 July 2018
Wall Street set to open flat as weak oil prices offset earnings enthusiasm
(Reuters) - U.S. stocks were set for a muted opening on Monday as a sharp drop in crude oil prices weighed on energy companies, while a robust report from Bank of America reinforced expectations of a strong earnings season.
Rupee snaps 3-day rise as rising inflation fans rate hike fears
The rupee retreated from a near two-week high and ended lower by 4 paise at 68.57 against the US currency, snapping a three-session recovery trend due to renewed dollar demand. A combination of declining domestic macro stability and growing prospects of interest rate hike largely weighed on trade during the day. The home currency, however, managed to survive the initial sharp volatility and uneasy momentum. It initially plunged to hit a low of 68.72 in morning deals before recouping most its losses towards the tail-end. Falling global crude prices predominantly provide some support to the rupee at lower levels, a forex dealer said. Overall, forex market sentiment turned highly fragile after data showed inflation based on wholesale prices shot up to more than four-year high of 5.77 per cent in June even as expectations of another rate hike from the RBI rose further in its upcoming policy meet. Also, weekend data released by the CSO showed retail inflation spiked to a five-month high .
LIC Board approves 51% stake purchase in IDBI Bank, seeks more due diligence
The board of state-run Life Insurance Corporation (LIC) on Monday approved the acquisition of up to 51 per cent stake in the government-owned IDBI Bank, Economic Affairs Secretary S.C. Garg said.
Oil prices fall but supply tight with focus on 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 oil producers.
Inflation, global cues depress equity indices; metal stocks slump (Roundup)
Rise in wholesale inflation rate and broadly weak global cues subdued the key Indian equity indices on Monday, with the Nifty50 on the National Stock Exchange (NSE) closing below the 11,000-mark.
Russia may borrow $1 billion from BRICS development bank - minister
MOSCOW (Reuters) - Russia is in talks with the New Development Bank, set up by the BRICS group of major emerging economies, about raising more than $1 billion, Deputy Finance Minister Sergey Storchak told reporters on Monday.