Page 3271 - Business Finance
Isuzu Motors rolls out 10,000th vehicle from Sri City plant
Tokyo-headquartered automobile major Isuzu Motors today rolled out its 10,000th vehicle from its facility at Sri City, about 110 km from here. The 'D-MAX V-Cross', the company's first Adventure Utility Vehicle, was the 10,000th rollout from the factory, which became operational in April 2016. The facility, spread across 107 acres, is one of the key manufacturing units for Isuzu globally, a company statement said. "The roll out of the 10,000th vehicle marks an important milestone in the journey of Isuzu in India", company Managing Director Naohiro Yamaguchi said. Besides serving the domestic market,Isuzu Motors exports vehicles to Nepal and Bhutan from this plant. In March, Isuzu Motors surpassed cumulative sales of 10,000 units. The company currently retails D-MAX V-Cross, premium seven seater SUV 'mu-X' and variants of D-MAX pick ups in the commercial segments, the statement added.
China's ZTE sees heavy losses in H1 due to U.S. penalty
HONG KONG (Reuters) - Chinese telecoms equipment group ZTE Corp said on Friday it expected to record a net loss in the first half of the year due to the hefty fine it agreed in order to lift a U.S. ban on component supplies.
Oil falls for second week as supply concerns ease
LONDON (Reuters) - Oil prices were set for a second straight week of decline on Friday after Libyan ports reopened and on the view that Iran might still export some crude despite U.S. sanctions.
Goldman sees 60 percent chance of more U.S. tariffs on China
NEW YORK (Reuters) - Goldman Sachs economists said on Friday they placed a 60 percent chance the Trump administration would impose duties on an additional $200 billion worth of Chinese imports that were recently targeted.
InterGlobe Aviation to seek shareholders' nod for additional borrowings
IndiGo's parent InterGlobe Aviation will seek shareholders' approval for borrowing additional Rs 10,000 crore as it will be taking deliveries of a significant number of aircraft, according to a filing. The company, which operates the country's largest airline by market share, would also be seeking nod for "creation of charges against borrowings". This would be to secure borrowings worth up to Rs 30,000 crore. These are among the proposals that would be put up for approval at the annual shareholders' meeting scheduled to be held on August 10 in the national capital. As per the notice for the annual meeting, the company would seek nod for "authorising the board to borrow, from time to time, an additional sum or sums of money, not exceeding Rs 10,000 crore". The amount would be only be utilised towards the requirements of issuing SBLCs (Standby Letters of Credit) in favour of the lessors in the ordinary course of business, it added. "The company securitises its supplementary rental ...
NCLT allows 16 days to examine Thriveni's revised offer for
The National Company Law Tribunal today extended the deadline by 16 days to facilitate the Committee of Creditors of Lanco Infratech to examine the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm. Lanco Infratech Limited is undergoing insolvency proceedings and the Hyderabad bench of the NCLT was hearing a petition filed by the Interim Resolution Professional seeking the benchs direction on the extension of the 270-day deadline to examine the Thriveni Earthmoverss revised plan. The CoC could not examine the revised plan from the Tamil Nadu-based firm it received it on May 2, just two days before the deadline to come up with a resolution expired on May 4. Lanco Infratech Limited is among 12 firms identified by the Reserve Bank with a combined debt of over Rs 1,50,000 crore, a quarter of the total NPAs, for proceedings under the newly enacted Insolvency and Bankruptcy Code, 2016. It owes an IDBI Bank-led lenders ...
Berger Paints upbeat on Russia unit after World Cup contracts
Buoyed by paint contracts for three World Cup venues and two airports in Russia, Berger Paints is hoping to double its topline in the Russian venture this year, a company official today said. "Berger Paints Russia was not getting much attention. In the last year, the Russian unit's topline was just Rs 7-8 crore. But, the order for the three world cup venues and two airports will help the turnover reach Rs 15-16 crore in the current fiscal," Berger Paints Managing Director Abhijit Roy said here today. He claimed that an in-house silicon based coating technology, developed some four years ago, was behind winning of the latest orders in Russia. "We are in the process of setting up a team for the Russian company and also scouting for acquisitions if the opportunity comes through," Roy said. In the ongoing FIFA World Cup held across 12 stadiums in Russia, Berger Paints won contracts for three venues -- Rostov Arena, Volgograd Arena and Kaliningrad. Berger's overseas business .
Travel searches this monsoon grow by 25%: Report
Travel searches this monsoon season have increased by 25 per cent over last year, with Dubai, Singapore and Bangkok being the most preferred destinations, a report said. The usual favourites like New York and London were also in the top 10 most searched list, a report by US-based travel portal KAYAK said. "In this year's monsoon season, travel searches have increased by 25 per cent than last monsoons. They (Indians) look at exploring different parts of the world during each holiday season, and this time, South Asian destinations are topping the list," said Abhijit Mishra, director - India and Middle East, KAYAK. South Asian destinations of Singapore, Dubai and Bangkok topped the list of most-searched destinations, with 113 per cent, 107 per cent and 57 per cent increase in flight searches, respectively. The report analysed data from searches conducted on KAYAK between January 1 and June 28 for travel dates between June 15 and August 31. Destinations like Paris and ...
U.S. import prices drop the most in over two years
WASHINGTON (Reuters) - U.S. import prices fell the most in more than two years in June as prices for petroleum products fell and a strong dollar weighed on the costs of other goods, pointing to benign import inflation pressures.
Fortis shares up 4 pc, m-cap rises by Rs 293 cr
Shares of Fortis Healthcare rose by 4 per cent after its board approved Rs 4,000-crore offer from Malaysia's IHH Healthcare for 31.1 per cent stake in the healthcare company. The stock jumped 3.97 per cent to close at Rs 147.80 on the BSE. Intra-day, it soared 5.10 per cent to Rs 149.40. On the NSE, shares of the company surged 3.93 per cent to end at Rs 147.80. The company's market valuation rose by Rs 293.13 crore to Rs 7,666.13 crore. In terms of equity volume, 16.35 lakh shares of the company were traded on the BSE and over 2 crore shares changed hands on the NSE during the day. Fortis Healthcare board today approved Rs 4,000-crore offer from Malaysia's IHH Healthcare for 31.1 per cent stake in it, valuing the cash-strapped firm at Rs 8,880 crore thus ending months of takeover battle. "The transaction is expected to be completed within seven business days of receipt of shareholders' and CCI's approval, which will be obtained concurrently with shareholders' approval and can take ...
'Navi Mumbai Airport's phase I construction may cost 50% more'
The construction cost of phase I of Navi Mumbai Airport is expected to go up by nearly 50 per cent to Rs 13,562 crore from earlier projected cost of Rs 9,600 crore. In 2013, then Maharashtra chief minister Prithviraj Chavan had said that phase I of the Navi Mumbai International Airport was expected to be completed at a projected cost of Rs 9,600 crore. Navi Mumbai International Airport "Phase I is expected to be implemented at a cost of Rs 13,562 crore, and will have a capacity of one crore passengers per annum," ratings agency Crisil said in a report. GVK group spokesperson was not available for a comment when contacted. The second airport in the Mumbai Metropolitan Region is planned for a minimum capacity of 60 million passengers per annum (MPPA), with the first phase capacity pegged at 10 million passengers per annum. GVK, which is developing the Navi Mumbai Airport, had announced last week it has achieved financial closure for the construction of the first phase of
Air France-KLM chairman blames Accor over CEO search delay
PARIS (Reuters) - Anne-Marie Couderc, the interim chairman of Air France KLM, has blamed AccorHotels for complicating and delaying the airline's search for a new chief executive, according to an internal memo seen by Reuters.
Trade deficit widens to over 5-year high in June
NEW DELHI (Reuters) - India's trade deficit widened to its highest in more than five years in June, the trade ministry said on Friday, driven largely by a surge in oil imports.
India's trade deficit widens to over 5-year high in June
NEW DELHI (Reuters) - India's trade deficit widened to its highest in more than five years in June, the trade ministry said on Friday, driven largely by a surge in oil imports.
Erasing gains equity indices end flat; Sensex retreats from fresh benchmark (Roundup)
From the BSE Sensex hitting a new record high earlier in the day, to closing on a flat-to-negative note, the key Indian equity indices saw a very volatile trade on Friday.
Afghanistans eyes $2 billion dollar trade with India by 2020
Afghanistan wants to double its volume of trade with India to two billion dollars by 2020, its envoy Shaida Mohammad Abdali said on Friday.
RBI to go for another 0.25% rate hike in August: BNP Paribas
Brokerage BNP Paribas today said the Reserve Bank of India (RBI) will go for another 0.25 per cent hike in key policy rates at its August monetary policy review, a day after an official data showed retail inflation rising to a five-month high of 5 per cent in June. "Consumer price inflation points out to a hike in August," the French Brokerage said in a note, adding it expects the RBI to hike the repo rate by 0.25 per cent to 6.5 per cent. It said the price is higher than the RBI's medium term target of 4 per cent and the risks to inflation going forward are tilted on the "upside". The upside risks to the price rise come primarily from the hike in minimum support prices (MSP) for food grains procurement and also the hike in wages, it added. "Even though the hike in MSP came in lower than what the brokerage initially expected, it will fan the inflation print," the brokerage said, estimating that the headline inflation will come at 4.5 per cent for March 2019. Apart from ..
PNC Financial profit tops estimates on higher interest rates
(Reuters) - PNC Financial Services Group Inc on Friday posted a quarterly profit that beat analysts' estimates, driven by higher net interest income and improved fee income, sending shares of the regional lender up more than 1 percent in premarket trade.
Citigroup profit beats on consumer banking strength
(Reuters) - Citigroup Inc's quarterly profit topped Wall Street estimates on Friday, helped by strength in its consumer banking business in Mexico, North America and Asia.
Forex reserves dip by $248.20 mn to $405.81 bn
The country's foreign exchange reserves declined by USD 248.20 million to USD 405.81 billion in the week to July 6, despite a rise in the foreign currency assets, RBI data showed. In the previous week, the forex reserves had declined by USD 1.76 billion to USD 406.06 billion. Forex reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. Reserves had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but have since been fluctuating. In the week under review, foreign currency assets, a major component of the overall reserves, rose marginally by USD 73.9 million to USD 380.792 billion, the RBI data showed. Expressed in the US dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen held in the reserves. Gold reserves dropped by USD 329.9 million to USD 21.039 billion in the reporting week. The special drawing rights with the ...