Page 3284 - Business Finance
Mahindra & Mahindra to announce Quarterly Result
On 7 August 2018
Jaitley calls for more Centre-state cooperation in farm sector
Union minister Arun Jaitley today suggested a uniform set of policies for the agriculture sector across the country so that farmers benefit the most and their income doubles. The agriculture sector is an area that bothers both the Centre and the states with both the governments making policies for the sector, Jaitley said while addressing the 37th foundation day of farm-focused lender Nabard through a video link, and added the same approach that helped roll out GST can be adopted in the case of farm policies as well. "If there is any area in the economy where we can give an example to the world and to ourselves of co-operative federalism, it's the agriculture sector. It can benefit the people more than what GST has done," said Jaitley. He also said GST is the first example of the Centre and the states coming together to run a new tax regime on the basis of federal structure. If the states and the Centre support each other on the basis of this federal model, the farm ...
Karnataka Bank shares jump nearly 5% after Q1 results
Shares of Karnataka Bank today surged nearly 5 per cent after the company posted 22 per cent rise in net profit for the quarter ended June 30. The stock surged 4.81 per cent to settle at Rs 124.25 on BSE. During the day, it soared 7.25 per cent to Rs 127.15 At NSE, shares of the company jumped 4.50 per cent to close at Rs 124.10. In terms of equity volume, 12.71 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day. Karnataka Bank today posted 21.9 per cent rise in net profit to Rs 163.24 crore for the first quarter of 2018-19. The bank had reported a profit of Rs 133.85 crore in the April-June quarter of 2017-18. The total income increased to Rs 1,616.44 crore as against Rs 1,547.93 crore a year ago, it said in a BSE filing. In terms of asset quality, gross non-performing assets (NPAs) or bad loans rose to 4.72 per cent of gross loans as on June 30, 2018 from 4.34 per cent in the year-ago period.
'What the Hock?'; Broadcom shares sink on shock software deal
(Reuters) - Broadcom Inc's surprise bid to buy software company CA Inc knocked $11 billion off the value of the chipmaker in trading before the bell on Wall Street on Thursday, with analysts struggling to find a clear rationale behind the deal.
UK watchdog tells banks to show plans for ending Libor use
LONDON (Reuters) - Banks must show how they plan to shift from using Libor in financial contracts to "risk-free" interest rate benchmarks by the end of 2021, Britain's markets watchdog said on Thursday.
Expert Views: India's June retail inflation accelerates to five-month high
MUMBAI/BENGALURU (Reuters) - India's retail inflation rate accelerated to a five-month high of 5.0 percent in June, government data showed on Thursday, driven by higher fuel prices and a depreciating rupee.
India's falling rupee pushes retail inflation to five-month high in June
NEW DELHI (Reuters) - India's annual retail inflation accelerated to a five-month high in June, driven by a weakening rupee as well as surging oil prices, bolstering the chance the central bank will again raise interest rates in coming months.
Airline, OMC stocks spurt up to 4.7 pc after crude oil prices slide
Shares of oil marketing and airline companies gained up to 4.7 per cent today after crude oil prices posted their biggest one-day drop in two years. InterGlobe Aviation surged 4.70 per cent, SpiceJet rose 2.72 per cent and Jet Airways (India) gained 1.80 per cent on BSE. Shares of Bharat Petroleum Corporation Ltd gained 2.61 per cent, Hindustan Petroleum Corporation Ltd 1.53 per cent and Indian Oil Corporation 1.10 per cent. Brent crude futures rebounded to USD 74.46 a barrel after tanking 6.9 per cent overnight, its biggest one-day percentage drop since February 2016.
Industry growth slips to 7-month low of 3.2 pc in May
Industrial production growth slipped to a seven-month low of 3.2 per cent in May mainly due sluggish performance of manufacturing and power sectors coupled with poor offtake of fast moving consumer goods (FMCG). Factory output growth measured in terms of the Index of Industrial Production (IIP) was revised down to 4.8 per cent in April from previous estimates of 4.9 per cent, according to the data released by the Central Statistics Office (CSO) today. The IIP had expanded by 2.9 per cent in May last year. The previous low of industrial production growth was 1.8 per cent in October 2017. During April-May this fiscal, the IIP recorded a growth of 4.4 per cent as compared to 3.1 per cent in same period year ago. The manufacturing sector, which constitutes 77.63 per cent of the index, grew by just 2.8 per cent in May, marginally up from 2.6 per cent in the corresponding period last year. Power generation growth decelerated sharply to 4.2 per cent during the month as compared to a high of .
L&T firms up after winning orders
Larsen & Toubro rose 1.95% to Rs 1299.90 at 12:05 IST on BSE after the company said water and effluent treatment business of L&T Construction won orders worth Rs 2388 crore.
India's June core CPI inflation seen around 6.3 percent - analysts
MUMBAI (Reuters) - India's core annual consumer price inflation was seen around 6.3 percent in June, firming up slightly from 6.1 percent in the previous month, according to three analysts.
Rio Tinto sells $3.5 billion stake in Grasberg copper mine to Indonesian state miner
(Reuters) - Mining company Rio Tinto on Thursday confirmed the sale of its 40 percent stake in the world's second-biggest copper mine, Grasberg, for $3.5 billion to Indonesia's state mining company PT Inalum.
India's May industrial output growth declines
India's industrial output in May grew at 3.2 per cent over the same month last year but declined as compared to rise of 4.9 per cent in April mainly on account of a decline in manufacturing, official data showed on Thursday.
Haryana to develop new global city in Gurugram district
The Haryana government is developing a global city over 1,000 acres area in Gurugram district, adjjoining the national capital, a minister said on Thursday.
'Over 40k Indians visited Israel from Jan-Jun'
After an all-time high of 60,000 Indian tourists travelling to Israel in 2017, the country has seen a 25.78 per cent growth in the first six months of this year with more than 40,000 Indian tourists. From January-June 2017, 31,800 Indian travellers visited Israel, according to data by Israel Ministry of Tourism (IMOT). In May alone Israel also witnessed 34.84 per cent growth with 17,800 Indian arrivals compared to 13,200 visitors in May, 2017. Further, the country expects to close the year with over a lakh tourist arrivals from India. "We have been witnessing a steady year-on-year growth in tourist arrivals to Israel from India and are extremely pleased with the consistent figures. India has been an important market for us and I am delighted to say that it has been one of the best performing markets in Asia, especially until June this year," IMOT director, India and Philippines, Hassan Madah said. "A lot of initiatives have contributed to this rise, and with the recent .
HPCL to automate all its pumping stations by December:ED
With an aim to ensure that right quantity and quality of fuel is dispensed at petrol stations, oil marketing company HPCL would automate all its petrol outlets by December, a top company official said here today. The company has about 15,000 outlets across the country and currently 9,000 pump stations have been automated, Hindustan Petroleum Corporation Ltd, Executive Director, TR Sundararaman said. "Our plan to automate (all the pumping stations) before this December. (By then) all the 15,000 retail outlets of HPCL will be automated. Benefits for the customer is that he gets assurance on the quality and quantity of fuel dispensed," he told PTI at the sidelines of an event here. Noting that the investments were "not that much" for automating the outlets, he said, "with automation customer will get system generated bill and the exact quantity of fuel dispensed." "A customer is assured that there is no cheating anywhere. Not that it is happening without automation. But, ..
Sensex ends at record closing level; RIL market-cap hits $100-bn mark(Roundup)
The BSE Sensex settled at the highest closing level of 36,548.41 points on Thursday, tracking firm global cues and an appreciation in the Indian rupee.
Retail inflation soars to 5% in June, IIP presides to 3.2% in May
India's retail inflation rose to a five-month high of 5 percent in the month of June as compared to 4.87 percent in May, as suggested by the data from the Central Statistics Office.The Index of Industrial Production (IIP) moderated to 3.2 percent in May as compared to 4.9 per cent in April.The slowdown in the industrial production comes on the back of a moderation in the growth of core sector industries which rose 3.6 percent.The Consumer Price Index (CPI), which remained as the main price gauge indicated June's data as an indication that inflation is inching towards Reserve Bank of India's tolerance level of six percent.Consumer food price inflation, in monthly kitchen costs, grew 2.91 percent in June from 3.10 percent in May.The indices of IIP for the Mining, Manufacturing and Electricity sectors for the month of May 2018 stand at 107.5, 129.1 and 164.7 respectively, with the corresponding growth rates of 5.7 percent, 2.8 percent and 4.2 percent as compared to May 2017 (Statement ...
Five highways will have installations of LNG stations by next year
Leading oil marketing companies such as Petronet LNG Ltd., Indian Oil Corporation, BPCL and the like have huddled together to put up close to twenty LNG stations on various national highways to provide for LNG fed truck transport movement following instruction from the government, said Director (Finance), Petronet LNG Ltd., V K Mishra adding that tenders would be issued for this purpose in next 15 days.Addressing a Conference on "City Gas Distribution in India" under aegis of PHD Chamber of Commerce and Industry here today, Mishra clarified that this association of oil marketing companies have fructified on a pilot project base to feed roughly 5,000 trucks with LNG on leading five national highways, beginning 2019."Following its successful experiment, this exercise would have a repeat in subsequent year of 2020 for another estimated 5,000 trucks that can run on national highways on LNG with a fuel cost saving of nearly 25 percent as well effectively addressing the issue of fuel ...
Ingram Micro strengthens alliance with Salesforce India
Ingram Micro on Thursday announced that it has deepened its relationship with Salesforce by becoming a Salesforce Reseller in India.Through this alliance, Ingram Micro will expand and foster the use of Salesforce's market-leading sales, service marketing solutions and platform to businesses of all sizes across India, empowering them to deliver even greater customer success.Present in more than 40 locations in India, Ingram Micro will focus, on Tier 2 and 3 cities, to deploy Salesforce capabilities to businesses of all sizes. The Salesforce Partner Program provides partners with the technology and go-to-market resources to deliver unparalleled customer success. Ingram Micro has invested in dedicated services and consulting practice through which it will enrich the experience of using Salesforce for enterprises and SMBs in India. This team will provide best-in-class training, innovative solutioning and continuous strategic engagements to enabling customers and driving true digital ...