Page 3261 - Business Finance

Global Markets: Stocks rise as earning expectations beat China growth fears

LONDON (Reuters) - European stock markets inched higher on Monday as expectations for a flurry of bumper corporate earnings and merger speculation outweighed fears about the escalating trade conflict between Beijing and Washington.

Pradhan slams Odisha CM on missing Jagannath temple keys

Union Minister Dharmendra Pradhan on Monday slammed Odisha Chief Minister Naveen Patnaik over the missing 'Ratna Bhandar' keys of the Jagannath temple.Pradhan questioned the Chief Minister's silence on the issue."The Chief Minister is the head of the Jagannath temple, his silence is painful for the citizen of Odisha," the Union Minister said.Earlier in June, Patnaik ordered a judicial inquiry into the disappearance of the keys of the 12-century Jagannath Temple's treasury storages that went missing 34 years ago.The one-man inquiry commission will submit its report after the annual Rath Yatra of Lord Jagannath, which started on July 14.There are a total of seven treasuries within the temple, out of which one remains open at all times.Around 34 years ago the keys to four treasuries went missing, but only two keys were there with the District Collector.Due to an increase in political pressure, two out of the seven treasuries were opened in April.

Indo Rama Synthetics (India) Ltd leads losers in 'B' group

3P Land Holdings Ltd, Zicom Electronic Security Systems Ltd, Bhagyanagar India Ltd and CIL Nova Petrochemicals Ltd are among the other losers in the BSE's 'B' group today, 16 July 2018.

Volumes jump at Indian Energy Exchange Ltd counter

Indian Energy Exchange Ltd witnessed volume of 66456 shares by 14:14 IST on NSE, a 16.28 times surge over two-week average daily volume of 4083 shares

FDI inflows in services drop 23% to $6.7 Billion in 2017-18

Foreign Direct Investment (FDI) inflows in India's services sector dropped by about 23% to $6.7 billion in 2017-18, according to the Department of Industrial Policy and Promotion (DIPP). The services sector is a key component of the economy. Services include finance, banking, insurance, outsourcing, R&D, courier, tech testing and analysis. The growth rate for overall FDI inflows recorded a five-year low of 3% at 44.85 billion in 2017-18.

Vegetable Oils Imports Fall 23% In June 2018

As per the latest release from Solvent Extractors' Association of India, the import of vegetable oils during June 2018 is reported at 1,042,003 tons compared to 1,344,868 tons in June 2017 consisting 1,007,563 tons of edible oils and 34,440 tons of non-edible oils i.e. down by 23%. The overall import of vegetable oils during November 2017 to June 2018 is reported at 9,646,538 tons compared to 9,867,572 tons i.e. down by 2.2%.

China's second-quarter GDP growth softens as trade row stirs concerns on outlook

BEIJING (Reuters) - China's economy expanded at a slower pace in the second quarter as Beijing's efforts to contain debt hurt activity, while June factory output growth weakened to a two-year low in a worrying sign for investment and exporters as a trade war with the United States intensified.

LIC board okays raising stake in IDBI Bank: government official

NEW DELHI (Reuters) - The Life Insurance Corporation of India's board has approved raising its stake in state-run IDBI Bank to 51 percent, Economic Affairs Secretary Subhash Chandra Garg told reporters on Monday.

Market hits fresh intraday low

Key barometers extended losses and hit fresh intraday low in mid-afternoon trade. At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 128.95 points or 0.35% at 36,412.68. The Nifty 50 index was down 59.65 points or 0.54% at 10,959.25. Mixed global cues spoiled investors sentiment.

India leads serverless computing adoption: Report

With 43 per cent developers deploying applications in a serverless environment compared to 33 per cent globally, India is leading the pack in serverless adoption, US-based Cloud infrastructure provider DigitalOcean said on Monday.

Office space leasing up 10% in Jan-June; co-working gaining momentum: CBRE

Among sectors, the share of tech companies declined from 33% to 28% during the period under review

Govt gives more time to 15 SEZ developers, units to complete projects

The government has granted more time to as many as 15 special economic zone developers and units, including HBS Pharma, Electronics Corporation of Tamil Nadu and DLF Info Park, to execute their projects. The decision was taken by the Board of Approval, chaired by Commerce Secretary Rita Teaotia, at its meeting on June 19. The board is the highest decision making body related to special economic zones (SEZs). HBS Pharma SEZ got one more year till June 2019 to complete its project in Gujarat. DLF Info Park too got additional time till June next year for its IT/ITeS project in Maharashtra. Similarly, the board also gave one more year till May 2019 to five projects of Electronics Corporation of Tamil Nadu in different states including Kerala. "The board after deliberations extended the validity of the formal approval," the minutes of the BoA meeting said. Tech Mahindra (Unit IV) in the Noida SEZ wants extension of validity period of its letter of permission (LoP) beyond April. "The board,

LIC board nod for acquisition of up to 51 pc stake in IDBI Bank

The LIC board today gave approval to the insurance behemoth for acquiring of up to 51 per cent stake in IDBI Bank, Economic Affairs Secretary S C Garg said today. Now the state-owned Life Insurance Corporation of India (LIC) will approach markets regulator Sebi. Insurance regulator Irdai has already given its approval to the insurer for the stake purchase. Garg said the board, which met here, approved LIC buying up to 51 per cent stake in IDBI Bank. LIC stake buy will help the debt-ridden state-owned bank get a capital support of Rs 10,000- 13,000 crore. LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet. It will get about 2,000 branches through which it can sell its products, while the bank would get massive funds of LIC. The bank would also get accounts of about 22 crore policy holders and subsequent flow of fund. Once the deal goes through, IDBI .

P C Jeweller stock plunges 30% on withdrawal of buyback plan

The P C Jeweller stock tumbled 30 per cent today after the company decided to withdraw the proposed buyback of shares worth Rs 424 crore because it did not get the approval from its bankers. The stock plummeted 24.17 per cent to Rs 90.95 -- its 52-week low -- on BSE. On NSE, it plunged 29.98 per cent to hit a one year low as well as the lower circuit limit at Rs 83.95. In a filing to BSE on Friday, the company said that "...in view of the non-receipt of the requisite NOC from the company's bankers, the board of directors has decided to withdraw the buyback offer with immediate effect". In May, P C Jeweller's board had approved buy-back of shares worth Rs 424 crore amid a sharp plunge in the stock price.

Bharat Forge Ltd slips for fifth straight session

The stock is quoting at Rs 600.35, down 0.9% on the day as on 13:19 IST on the NSE. Bharat Forge Ltd jumped 4.96% in last one year as compared to a 10.8% rally in NIFTY and a 0.07% spurt in the Nifty Auto index.

Federal Bank Ltd eases for fifth straight session

The stock is quoting at Rs 75.5, down 3.08% on the day as on 13:19 IST on the NSE. Federal Bank Ltd tumbled 33.83% in last one year as compared to a 10.8% rally in NIFTY and a 11.37% spurt in the Nifty Bank index.

Weak market breadth

Stocks hovered in negative zone in afternoon trade. At 13:21 IST, the barometer index, the S&P BSE Sensex, was down 44.86 points or 0.12% at 36,496.77. The Nifty 50 index was down 33.20 points or 0.30% at 10,985.70. Gains in index heavyweight and IT major Infosys helped cushion steep slide on the bourses.

Gold prices buoyed by weaker dollar, Asian stocks

BENGALURU (Reuters) - Gold prices recovered from a seven-month low on Monday, as the dollar traded below its recent highs and after sluggish GDP data from China weighed on Asian stocks.

Equity indices trade lower on weak Asian cues

The key Indian equity indices traded in the negative territory on Monday afternoon tracking weak Asian markets.

Renault sales hit new record on emerging-market demand

PARIS (Reuters) - Renault increased vehicle sales by 9.8 percent to a new record in the first half, the French carmaker said on Monday, helped by rebounding markets in Russia and South America as well as solid demand at home in Europe.