Page 3299 - Business Finance
Sensex, Nifty hit day's high
Stocks extended gains and hit fresh intraday high in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 103.24 points or 0.28% at 36,342.86. The Nifty 50 index was up 19.15 points or 0.17% at 10,966.40. FMCG stocks saw mixed trend. Gains were capped due to weak global cues.
Intrasoft Technologies Ltd leads losers in 'B' group
Solara Active Pharma Sciences Ltd, CIL Nova Petrochemicals Ltd, Banaras Beads Ltd and Premier Ltd are among the other losers in the BSE's 'B' group today, 11 July 2018.
Ramco Systems climbs after winning contract
Ramco Systems rose 5.85% to Rs 372.85 at 14:35 IST on BSE after the company said it has secured an order for Ramco Aviation Suite from Hong Kong Aircraft Engineering Company.
Volumes spurt at Akzo Nobel India Ltd counter
Akzo Nobel India Ltd registered volume of 1.78 lakh shares by 14:11 IST on NSE, a 46.67 fold spurt over two-week average daily volume of 3816 shares
Michael Horn steps down as marketing head of Sony Pictures
Micheal Horn has stepped down as the president of international marketing at Sony Pictures.Horn, who had a four-year-stint with Sony, will be succeeded by Paul Noble, a British visual artist, confirmed The Hollywood Reporter.The rejig of the international marketing department of Sony studio was declared by Josh Greenstein, president of worldwide marketing and distribution, in a staff memorandum.Horn was earlier the Senior Vice President at Sony Pictures Releasing International in 2014 and was later promoted as president of international marketing.He was a part of international campaigns for movies like 'Blade Runner 2049', 'Spider-Man: Homecoming', Jumanji: Welcome to the Jungle', 'Peter Rabbit' and 'Hotel Transylvania 3'.Paul, on the other hand, has led Sony's international creative advertising since 2015, and lately, as an Executive Vice President.
Malaysia studying monopoly risk in ride-hailing market after Grab-Uber deal
KUALA LUMPUR (Reuters) - Malaysia is studying monopoly risk in the ride hailing market following the merger of Grab and Uber, the transport ministry said on Wednesday.
Repo market can deepen corporate bond market: Report
Repo platforms launched by leading bourses for tripartite repurchase of corporate bonds is expected to improve liquidity and investor appetite for these securities, which in turn will boost the corporate debt market, said a report. The domestic corporate bonds market is worth USD 287 billon, which is around 14 per cent of GDP only, way lower than the equity markets that is around 80 per cent of GDP. Recently, the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) launched an electronic platform for repos (repurchase agreements) which will provide much-needed liquidity, Crisil said in a report today. Investors like mutual funds, primary dealers, banks and insurers can use corporate bond repos to manage liquidity and asset-liability mismatches. Mutual funds can manage redemptions and secure short-term cash investments. Insurers can start investing more in corporate bonds as they will be able to optimise asset-liability management and duration better through .
Gold remains weak on global cues, muted demand
Gold prices fell further by Rs 30 to Rs 31,350 per 10 grams at the bullion market today largely due to a weak trend overseas amid tepid demand from local jewellers. Silver followed suit and lost another Rs 150 at Rs 40,500 per kg owing to reduced offtake by industrial units and coin makers. Marketmen said sentiment remained downbeat on the back of subdued global cues as the US dollar firmed amid an escalating trade spat between the United States and China. Globally, gold fell 0.36 per cent to USD 1,250.50 an ounce and silver by 0.75 per cent to USD 15.90 an ounce in Singapore. Furthermore, muted demand from local jewellers and retailers at the domestic spot market put pressure on prices. In the national capital, gold of 99.9 per cent and 99.5 per cent purity shed Rs 30 each to Rs 31,350 and Rs 31,200 per 10 grams, respectively. The precious metal had lost Rs 270 yesterday. Sovereign, however, held steady at Rs 24,800 per piece of eight grams in limited deals. In sync with gold, silver
India becomes world's sixth largest economy
India has become the world's sixth largest economy, surpassing France into seventh place, according to updated World Bank figures for the year 2017. India's gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France. The World Bank has projected India's GDP growth at 7.3% in FY2018-19. In a recent update, the bank noted that growth in India is projected to accelerate to 7.3% in FY2018-19 and 7.5% on an average in 2019-20.
Metal shares witness selling pressure
Shares of 10 metal and mining companies fell by 1.58% to 4.04% at 14:17 IST on BSE after copper price edged lower in the global commodities markets.
Vistara orders planes worth $3.1bn from Airbus, Boeing
Vistara Airlines has placed orders with Airbus and Boeing for a total of 19 aircraft against an investment of USD 3.1 billion.13 A320neo and A321neo aircrafts have been ordered by Vistara, with the deal including an option for the purchase of seven more aircrafts from the A320neo family.In addition, Vistara will also lease 37 new A320neo aircrafts from leasing companies, adding a total of 50 A320neo-family aircrafts into its existing fleet.The LEAP 1-A engines from CFM International have been chosen to power the A320neo and A321neo aircraft, which will be due for delivery between 2019 and 2023.Vistara will use these aircraft to ramp up its domestic network and to support its international operations later this year.On the other hand, the order placed with Boeing includes six 787-9 Dreamliners and Purchase Rights for four more aircrafts from the 787 Dreamliner family.Vistara has selected General Electric's GEnx-1B engines to power the aircraft, which are scheduled to be delivered ...
Brahma Group to invest on projects worth Rs. 3,250 Cr in Gurugram
Brahma Group, a real estate centric private equity fund plans to invest on projects worth Rs. 3,250 crores in the real estate sector across a total of 28,66,000 sqft. in Gurugram. This investment will be made over the next 36-40 months in residential, retail and commercial space."We have adopted a systematic and strategy based investment process which is backed by facts and research. Our investments are made to develop residential and commercial properties worth Rs. 3,250 Cr. The investments are focused on the development of our residential project Samsara, Retail-cum-commercial project Athena, another retail and commercial project Miracle Mile, and Belvedere Club," said Puneet Khullar, VP, Brahma Center Development Pvt. Ltd.The current investment includes residential and commercial real estate projects within India. The Residential real estate portfolio includes Plotted development, villas, floors and apartments and the commercial real estate portfolio includes Grade A corporate ...
NSIC signs MOU with Small Business Corporation (South Korea)
NSIC signed an MOU with Small Business Corporation (SBC) of South Korea to facilitate, assist and provide necessary support to MSMEs of both the countries to identify and exchange latest technologies, share management expertise, Product development, technology applications for productive development coinciding with the inauguration of Indo Korea Technology Exchange Centre at NSIC campus, Okhla Industrial Estate, New Delhi.The MOU was signed by Ravindra Nath, CMD, NSIC and Lee Sang Jik, Chairman of Small Business Corporation (SBC), South Korea in the presence of Giriraj Singh, Minister of State (Independent Charge), Ministry of Micro, Small and Medium Enterprises and Hong Jong Haak, the Minister of SMEs and Start-ups of Republic of Korea. Dr.A.K. Panda, Secretary, MSME and Alka Nangia Arora, Joint Secretary, MSME, P. Udayakumar, Director (P&M), A.K. Mittal, Director (Fin), NSIC. The Senior Officers of Ministry of MSME and NSIC were also present on this occasion.
Sebi plans consultation paper on secondary bond market: Tyagi
As liquidity still continues to be a problem in the bond market, markets watchdog Sebi today said it will soon come out with a consultation paper on developing a robust secondary market for the debt market. The domestic corporate bonds market is worth USD 287 billon, which is around 14 per cent of GDP only, way lower than the equity markets that is around 80 per cent of GDP. There clearly is an opportunity and need to deepen the bond market given the crisis in the banking system due to the pile of bad loans, which is feared to cross 12.6 per cent by March. And this cannot be achieved without a robust secondary market, as liquidity is of paramount importance. "The bond market has a huge potential to grow, which will need a robust secondary market. We will soon come out with a consultation paper on developing a secondary market for the debt segment. The final guidelines will be drafter in consultation with all the stakeholders," Securities and Exchange Board of India ...
Palmolein, groundnut oils weaken on sluggish demand
Prices of palmolein and groundnut oil drifted lower by up to Rs 100 per quintal at the wholesale oils and oilseeds market today owing to slackened demand. However, castor and linseed oils in the non-edible section, traded higher due to increased offtake by consuming industries. Traders said subdued demand from retailers against ample stocks position, led to the decline in palmolein and groundnut oil prices. In the national capital, palmolein (RBD) and palmolein (Kandla) oils were down by Rs 50 each to Rs 6,950 and Rs 7,000 per quintal, respectively. Groundnut mill delivery (Gujarat) oil also eased to Rs 8,350 against last close of Rs 8,450 per quintal. On the other hand, in the non-edible section, castor and linseed oils went up by Rs 100 each to Rs 7,600-7,700 and Rs 9,200 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: ..
Thyssenkrupp to pick CFO Kerkhoff as interim CEO - Handelsblatt
FRANKFURT (Reuters) - Thyssenkrupp will likely agree on finance chief Guido Kerkhoff as interim chief executive this week, German newspaper Handelsblatt reported on Wednesday, citing company sources.
Bharat Financial Inclusion Ltd slips for fifth straight session
The stock is quoting at Rs 1170.15, down 0.52% on the day as on 13:19 IST on the NSE. Bharat Financial Inclusion Ltd jumped 52.94% in last one year as compared to a 11.53% rally in NIFTY and a 15.76% spurt in the Nifty Financial Services index.
IndusInd Bank Ltd drops for fifth straight session
The stock is quoting at Rs 1914.45, down 1.07% on the day as on 13:19 IST on the NSE. IndusInd Bank Ltd jumped 21.4% in last one year as compared to a 11.53% rally in NIFTY and a 13.11% spurt in the Nifty Bank index.
China's June exports seen solid as trade war with U.S. heats up: Reuters poll
BEIJING (Reuters) - China's exports growth is expected to have cooled only slightly in June, possibly further boosting a trade surplus with the United States in a test for Beijing as it tries to weather a volley of U.S. tariffs on its goods that many fear could harm its economy.
CoWrks on-boards Abhishek Goenka as CFO
Corporate finance veteran, Abhishek Goenka joins as Chief Financial Officer of CoWrks, India's fastest growing large-format shared office space provider.Bringing his deep expertise in finance and strategic planning, Goenka will also play the role of Chief Investment Officer at The CoWrks Foundry, an urban technology accelerator program launched with the vision to forge resilient and unsinkable businesses.With an experience spanning over 25 years, Abhishek Goenka has worked with leading consulting firms like PwC, EY, Andersen and BMR Advisors. A chartered accountant by profession, he has dabbled in the areas of financial planning, financial structuring, fund raising, investments, taxation and corporate re-organization."We have made significant headway since inception and with Abhishek's expertise, we believe we can drive forward and execute a transformational change in a speedier manner. We are in a very exciting phase of our business and together, we look forward to laying the ...