Page 3275 - Business Finance

Market provisionally settles with small losses

Key benchmark indices provisionally settled with small losses in a volatile session of trade. The barometer index, the S&P BSE Sensex, fell 6.78 points or 0.02% at 36,541.63, as per the provisional closing data. The Nifty 50 index was down 4.30 points or 0.04% at 11,018.90, as per the provisional closing data.

Andhra CM unveils State Credit Plan 2018-19

With an aim to improve banking services in the state, Andhra Pradesh Chief Minister N. Chandrababu Naidu on Friday unveiled the State Credit Plan (banking) 2018-19.Under this plan, which was announced at the 203rd meeting of State Level Bankers Committee (SLBC) here, the state has been allocated as much as Rs.1,94,220 crores for its development and modernisation.The Priority Sector, which includes agriculture and allied activities, micro and small enterprises, poor people for housing, students for education has been given Rs 1,44,220 crores.On the other hand, the non-priority sector, under which financial institutions lend credit to bank customers, has been allocated Rs 50,000 crores, while Rs 10,457 has been allotted to heavy industries, and Rs 28,261 crores to Micro, Small and Medium Enterprises (MSMEs).During the meeting, the issues pertaining to financial support, review of increasing rural banking, details of ATMs available to the public, review of PM Jan Shannon Yojana accounts,

Rohithari Rajan joins Zomato as Global Head for Ad Sales Business

Online food order and delivery platform Zomato on Friday announced appointment of Rohithari Rajan as the Global Head of Ad Sales Business."I worked with Rohit while I was at Bain, and learned a lot from him in my time there. Rohit has played an instrumental role in driving growth at all of the previous organisations he's been at, and we're thrilled to leverage his knowledge and experience to strengthen our Ad sales business globally," said founder and CEO, Zomato, Deepinder Goyal.Zomato, which recently turned 10, has increased its focus on strengthening leadership team to accelerate growth of the business.With a long-term vision of 'better food for more people', Zomato has been experimenting with products that solve for affordability, accessibility, assortment and quality of food for the users, within India, as well as globally."Zomato is arguably one of the most resilient and innovative companies in its space. I'm delighted to be a part of Zomato and look forward to working with this

Sesame, cottonseed oils rise on retailers' demand

Prices of sesame and cottonseed oils rose by up to Rs 200 per quintal at the wholesale oils and oilseeds market today on pick up in demand from retailers. However, other edible and non-edible oils moved in a narrow range in limited deals and pegged at the last levels. Traders said, up tick in demand from retailers against restricted arrivals from producing belts, mainly pushed up sesame and cottonseed oil prices. In the national capital, sesame and cottonseed mill delivery (Haryana) oils went up by Rs 200 and Rs 100 to Rs 10,000 and Rs 7,500 per quintal, respectively. Following are today's quotations (in Rs per quintal): Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900, Vanaspati ghee (15-litre tin) Rs 800-1,000. Edible oils: Groundnut mill delivery (Gujarat) Rs 8,350, Groundnut Solvent Refined (per tin) Rs 1,730-1,830, Mustard expeller (Dadri) Rs 7,900, Mustard Pakki Ghani (per tin) Rs 1,285-1,330, Mustard Kachi Ghani (per tin) Rs 1,335-1,435, Sesame mill ...

China June new loans jump to 1.84 trillion yuan, above forecasts

BEIJING (Reuters) - Chinese banks extended 1.84 trillion yuan ($274.91 billion) in net new yuan loans in June, up considerably from the previous month and beating analysts' expectations, as policymakers step up support for the economy.

Impact Of MSP On Inflation Largely Depends Upon Procurement

The impact of the recent increase in Minimum Support Price (MSP) on inflation would largely depend upon how the procurement will happen, noted the State Bank Of India in a latest update. Recently, Government hiked the minimum support price (MSP) of 14 Kharif (summer sown) crops by at least 1.5 times of the cost of production to address farmer's distress in India. Out of 14 crops, seven crops witnessed hike of more than 20% compared to last year.

EU markets watchdog intervenes in share trading ahead of Brexit

LONDON (Reuters) - The European Union's markets watchdog has proposed measures to stop share trading platforms based outside the bloc having an unfair advantage over EU rivals as Britain readies for Brexit.

Petrol price crosses Rs 84-mark in Mumbai, up in Delhi, Kolkata, Chennai

In the other major cities of Delhi, Kolkata and Chennai, petrol was sold at Rs 76.76, Rs 79.42 and Rs 79.67 per litre, up from Rs 76.59, Rs 79.26 and Rs 79.49 respectively on Thursday.

Insight: Post-Mugabe Zimbabwe set to frustrate eager investors

HARARE (Reuters) - A European investor's phone rings in a Harare restaurant and it's good news: an $80 million construction deal has been agreed with the Zimbabwean government. All that's needed now is a central bank guarantee letter. It never arrives.

China Stocks end mixed amid trade tensions

China has yet to give details on what kind of firm and forceful measures it would use to respond to the fresh round of potential tariff hikes on $200 billion of goods announced by the U.S. on Tuesday. But Beijing stepped up pressure on Washington by suggesting that U.S. companies lobby American leaders. The U.S. and China are yet to resume negotiations over the dispute that led to tariff hikes on each other's goods.

PVR Ltd leads losers in 'A' group

Inox Leisure Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Ltd, Karnataka Bank Ltd and NCC Ltd are among the other losers in the BSE's 'A' group today, 13 July 2018.

HDFC Bank Ltd gains for a fifth straight session

The stock is quoting at Rs 2182.75, up 0.78% on the day as on 12:44 IST on the NSE. HDFC Bank Ltd is up 29.93% in last one year as compared to a 11.61% jump in NIFTY and a 12.8% jump in the Nifty Bank.

Industrial production growth down; Chidambaram takes dig at govt

Former finance minister P Chidambaram today attacked the government for the slip in industrial production growth and said that retail inflation had hit a five-month high. The senior Congress leader's comments came in the wake of reports that industrial production growth slipped to a seven-month low of 3.2 per cent in May, mainly, due sluggish performance of the manufacturing and the power sectors coupled with poor offtake of fast moving consumer goods (FMCG). "Retail inflation hits 5-month high, industrial growth (IIP) slumps to 7-month low. 'Achhe Din' is around the corner. Outgoing CEA (chief economic advisor) says demonetisation certainly contributed to deceleration of the economy. As we had predicted, it cost 1.5% of GDP," he tweeted. Factory output growth, measured in terms of the Index of Industrial Production (IIP), was revised down to 4.8 per cent in April from the previous estimate of 4.9 per cent, according to the data released by the Central Statistics Office (CSO) ...

Accenture expands Touchless Testing Platform with AI technology

Accenture has acquired an artificial intelligence (AI) technology from Bay Area, California-based Real Time Analytics platform, which will integrate into the Accenture Touchless Testing platform, further strengthening its analytics and cognitive capabilities. Terms of the deal were not disclosed.Real Time Analytics platform leverages AI in the form of machine learning, neural networks and natural language processing (NLP) to analyze every stage of the software testing life cycle, enabling users to make data-driven decisions that reduce defects, optimize test case execution and enhance the power of human decision-making in this process.These capabilities complement the existing functionality of the Accenture Touchless Testing Platform to help enable extreme automation and usher in an era of AI-enabled services."With advances in AI and analytics we can find inefficiencies and eliminate them, improving business productivity by up to 50 percent. The integration of Real Time Analytics ...

Hong Kong Hang Seng extends gain

Consumer staples extended yesterday's rally. China Mengniu Dairy (02319) surged 5.1% to HK$26.7 becoming the top blue-chip winner. Hengan International (01044) jumped 3.6% to HK$75.65. WH Group (00288) rose 3.1% to HK$6.32. Want Want China (00151) added 1.4% to HK$7.11.

Japan Nikkei gains 1.85% on offshore lead, weaker yen

Shares of export-related players gained, thanks to yen depreciation against greenback. A weaker yen tends to help Japanese exporters' profits made abroad when repatriated. Advantest Corp and TDK Corp were up in the range of 1%-2%.

Market trading in small range

Key benchmark indices were hovering in a small range with positive bias in mid-afternoon trade. At 14:18 IST, the barometer index, the S&P BSE Sensex, was up 33 points or 0.09% at 36,581.41. The Nifty 50 index was down 16.30 points or 0.15% at 11,006.90. Positive global stocks supported domestic equity market. FMCG stocks saw mixed trend.

N K Industries Ltd leads losers in 'B' group

Surana Telecom and Power Ltd, Hisar Metal Industries Ltd, Banaras Beads Ltd and KNR Constructions Ltd are among the other losers in the BSE's 'B' group today, 13 July 2018.

Volumes spurt at AU Small Finance Bank Ltd counter

AU Small Finance Bank Ltd registered volume of 95.89 lakh shares by 14:14 IST on NSE, a 21.48 fold spurt over two-week average daily volume of 4.46 lakh shares

China fiscal policy 'has room to support the economy'

BEIJING (Reuters) - A Chinese central bank research head said on Friday China's fiscal policy has room to support the economy, adding that the central government's fiscal deficit ratio should be higher this year than in 2017.