Page 3319 - Business Finance
Gold moves up Rs 120 on global cues, silver climbs
Gold prices rose by Rs 120 to Rs 30,650 per 10 grams at the bullion market here today, taking positive lead from global market amid increased buying by local jewellers. Silver too rallied by Rs 365 per kg following increased demand from industrial units. Standard gold (99.5 purity) rose by Rs 120 to end at Rs 30,650 per 10 grams from last Friday's level of Rs 30,530. Pure gold (99.9 purity) also climbed by a similar margin to finish at Rs 30,800 per 10 grams against Rs 30,680 previously. Silver (.999 fineness) surged by Rs 365 per kg to settle at Rs 39,660 from Rs 39,295 earlier. Globally, gold extended its recovery, touching the strongest in nearly two weeks as the dollar weakened, the Chinese yuan rebounded and some investors reversed their bearish gold bets. Spot gold was up 0.7 per cent at USD 1,262.86 an ounce at early trade, its highest since June 26. Among other precious metals, silver rose 1.2 per cent to USD 16.18 an ounce.
TANGEDCO, Transport Corporations incur losses in FY16-17:CAG
Tamil Nadu Generation and Distribution Corporation Ltd and eight transport corporations in the state together recorded heavy losses totalling Rs 8,836.21 crore for fiscal 16-17, a CAG report said today. According to the report tabled in the Assembly, the state electricity board, TANGEDCO registered losses of Rs 5,786.82 crore while the eight transport corporations Rs 3,049.39 crore in 2016-17. Of the 68 working PSUs, 39 public sector undertakings earned profit of Rs 931.08 crore while 25 PSUs incurred loss of Rs 9,366.31 crore. The remaining neither reported profit nor loss, it said. The state PSUs in total registered a turnover of Rs 1,10,850.43 crore as of March 2017. On investments made by government, the report said 74 PSUs received investments of Rs 1,53,870.74 crore as on March 31, 2017. Power sector accounted for 92.95 per cent of total investment made while service sector 3.20 per cent. The state government contributed Rs 46,127.14 crore towards equity, loans and
Housing sales down 1% during Apr-June in nine major cities: PropEquity
Housing sales fell by 1 per cent to 49,945 units in April-June 2018 in nine major cities compared with the year-ago period, according to data analytics firm PropEquity. The launches fell by 25 per cent to 35,211 units during the second quarter of 2018 calendar year, leading to 9 per cent drop in unsold housing stock to 6.16 lakh units. Nine cities that were included for the study are Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai. "Real estate housing market across India continues to stabilise with developers in this quarter clearing their older inventories and launching several new projects. This trend is expected to continue in the following quarters with new launches to further pick up in 2018," said Samir Jasuja, founder and CEO at PropEquity. The increase in the carpet area in the affordable category is expected to also give a boost to this residential market segment which has already seen good traction, he added. In Bengaluru, housing sales dipped
TN's fiscal deficit up by 72.16% in FY2016-17: CAG
The Tamil Nadu government has recorded a fiscal deficit for fiscal 2016-17 at Rs 56,170 crore up by 72.16 per cent from Rs 32,627 crore in 2015-16, according to a Comptroller and Auditor General of India report. The report, which was tabled in the Assembly today, said Tamil Nadu had clocked revenue surplus during 2012-13 but it turned negative in succeeding years, the report said. "During 2016-17 the state failed to achieve revenue surplus as projected in the MTFP (Medium Term Fiscal Plan). Though the state could contain its revenue deficit within the target proposed in the budget, it could not contain the fiscal deficit to GSDP as envisaged," it said. The revenue receipts for 2016-17 stood at Rs 1,40,231 crore up by 8.70 per cent, the report said, adding the 8.70 per cent growth rate was much less than the growth rate of general category states which was at 11.52 per cent. Capital expenditure clocked in 2016-17 was up by 9.02 per cent from 6.70 per cent registered in ...
Oil prices climb on global demand and U.S. sanctions on Iran
LONDON (Reuters) - Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.
SDF plans cross-border e-commerce platform
Thimpu-based SAARC Development Fund (SDF) is in the process of developing an e-commerce platform for enabling seamless trade of goods and services across member states even as it would fund 'start-ups' , said its CEO Sunil Motiwal. Established in 2010 by heads of eight SAARC member states, the Thimpu-based SDF has so far completed financial closure of USD 73.75 million of which USD 47 million have already been disbursed. A proposal to develop a cross border e-commerce platform along with a SAARC money card for the common people across the region is under finalisation, he said. SDF recently organised a two-day SAARC Development Fund Partnership Conclave. Motiwal said that the initiatives like e-commerce platform along with funding the 'start-ups' found an instant support among international funding organisations. The Start-Up programme would include entrepreneurs well in areas like renewable energy, agriculture,health and micro-enterprises, especially in MSME segments," he ...
9th CGD bidding may fetch Rs 70,000 cr investments: Report
The ninth round of the city gas distribution (CGD) licences auction, beginning this week, may see funds worth Rs 70,000 crore from winning bidders, which is four times the cumulative Rs 15,000-18,000 crore invested till fiscal year 2018, said a report. "The ninth round of auction of city gas distribution licences is set to alter the industry landscape with the government expecting investments of Rs 70,000 crore from winning bidders, or four times more than what was invested so far," Crisil said in a note today. On offer are 86 geographical areas in 174 districts covering 29 per cent of the population, compared with a cumulative 56 geographical areas awarded in the previous eight rounds in the past 10 years. The new geographical areas on offer include Chennai, Coimbatore, Visakhapatnam, Aurangabad and Bhopal, which have good demand potential. "We expect the ninth round to receive way better response than before because of revised bidding norms, and the push from ...
Rupee advances 15 paise to 68.72 on weak dollar
The rupee today appreciated further by 15 paise against the US dollar to close at 68.72 on sustained dollar selling by exporters and banks amid a stellar rally in local equities and losses in the greenback. Heavy unwinding of long dollar positions built by speculative traders on the back of extreme weak overseas sentiment predominantly buoyed the home currency, a forex dealer said. Initially, the rupee extended Friday's rebound to hit a near one-week high before relinquishing early strong gains even as hedgers rushed to short. The rupee had recovered by 8 paise on Friday from all-time closing low of 68.95 on July 5. Maintaining its recovery trend, the domestic unit resumed sharply higher at 68.57 against previous close of 68.87 at the Interbank Foreign Exchange (forex) market. However, the domestic currency was unable to capitalise on strong early gains and gradually gave up towards the fag-end trade to hit a session low of 68.80 before ending at 68.72, showing a gain of 15 paise, or .
Starbucks' departing chairman backs China prospects, hints at Jack Ma tie-up
SHANGHAI (Reuters) - Starbucks Corp's outgoing Executive Chairman Howard Schultz said on Monday that a recent slowdown in China would be short-lived, seeking to salve investor concerns that the U.S. coffee chain is under pressure in the fast-growing market.
Analysis: Sea of red in Treasury market may signal bond boom is over
NEW YORK (Reuters) - The 10-year U.S. Treasury note that debuted in August 2016 when the bond market was near its peak has had a rough ride, its price falling ever since and no reprieve in sight.
German companies clinch Chinese deals at Merkel-Li meeting
BERLIN (Reuters) - German companies signed a raft of agreements with Chinese partners at a meeting of Chinese Prime Minister Li Keqiang and German Chancellor Angela Merkel in Berlin on Monday, according to a document seen by Reuters.
Honda Cars India hikes prices
Car maker Honda Cars India Ltd on Monday announced a price hike ranging from Rs 10,000 to Rs 35,000 on its various models.
Dr Reddy's Labs stock gains 3 pc on pact with UCB India
Shares of Dr Reddy's Laboratories today rose almost 3 per cent after the company inked a pact with UCB India for distribution and co-promotion of an epilepsy drug in the country. The Hyderabad-based company's share closed at Rs 2,329.80 after gaining 2.80 per cent. In intra day, it had surged over 3 per cent to touch a high of Rs 2,335. Similarly on NSE, the stock climbed as much as 2.69 per cent to end at Rs 2,330.10. During the trading session, the stock had touched a high Rs 2,335 and a low of Rs 2,281.95. In terms of volume, 61,000 shares were traded on BSE and nearly 7.30 lakh shares changed hands on NSE. In a BSE filling, Dr Reddy's Labs today said it has entered into an agreement with pharma firm UCB India for distribution and co-promotion of Briviact, used for treatment of epilepsy in India. Briviact (brivaracetam) is approved as an adjunctive therapy for the treatment of partial-onset seizures in epilepsy patients who are 16 years of age and older.
Schindler India appoints Ashok Ramachandran as CEO
Elevator and escalator maker Schindler India today said it has appointed Ashok Ramachandran as its chief executive officer. He will be the youngest chief executive officer at Schindler India and will be responsible for the overall sales, marketing and operations of the company, a release said. He joined the company in 2006 and was appointed as managing director of Schindler Vietnam in 2012 and was later assigned the role of managing director of Schindler Malaysia in 2016. ****************** Anchor Electricals appoints Vivek Sharma as MD * Anchor Electricals, a wholly-owned subsidiary of Japan-based Panasonic Corporation, today said it has appointed Vivek Sharma as its managing director to spearhead its electricals business. Sharma will be responsible for driving the electricals arm of the organisation and oversee growth of all businesses comprising wiring devices, switchgears, wires, cables and tapes, conduit pipes, lighting, solar, housing, power tools and indoor air .
Sidbi profit rises 27.5% to Rs 1,429 cr in FY18
Small Industries Development Bank of India (Sidbi) today said it has posted 27.5 per cent surge in net profit to Rs 1,429 crore for 2017-18. The principal institution for financing and development of the Micro, Small and Medium Enterprise (MSME) sector had a profit of Rs 1,120 crore in the previous financial year. "The top line of the bank grew from Rs 6,346 crore in 2016-17 to Rs 6,600 crore in 2017-18, reflecting 4 per cent growth over the previous year. Income growth picked up considerably from September 2017," Sidbi said in a statement after the Annual General Meeting. Total assets of the bank have grown by 37 per cent to Rs 1,08,869 crore, as compared to Rs 79,682 crore as on March 31, 2017. "The strong asset growth in the bank was achieved in a challenging banking environment, with average yields declining from 9.1 per cent in March 2014 to 7.2 per cent in March 2018," it said. Despite the banking sector in India been plagued recently with asset quality deterioration, Sidbi has .
ECB's Draghi pleads with Parliament for euro area deposit insurance
FRANKFURT (Reuters) - European Central Bank President Mario Draghi renewed his call for a common bank deposit insurance scheme for the euro area on Monday, arguing that sharing a risk helps reduce it.
ADB grants $12.5m to boost women entrepreneurs in Sri Lanka
The Asian Development Bank (ADB) has granted $12.5 million to help women entrepreneurs in Sri Lanka who have difficulty in accessing finance.
Global cues, appreciation in rupee boost equity indices (Roundup)
Firm global cues coupled with an appreciation in the Indian rupee lifted the key Indian equity indices on Monday.
BMW: Tariffs mean higher prices in China for US-made SUVs
Automaker BMW says it will have to raise prices on the US-built SUVs it sells in China due to higher tariffs. China raised the import tax on cars from the United States to 40 per cent in retaliation for higher tariffs on Chinese goods imposed by President Donald Trump. The DPA news agency reported that the Munich-based company said today it is "not in a position to completely absorb the tariff increases". BMW builds key SUV models in Spartanburg, South Carolina, where it employs 10,000 people. Those vehicles are exported to 140 countries, making BMW the largest US auto exporter. Trump has imposed tariffs to counter what he says are unfair trading practices that include Chinese requirements that US firms transfer key technology as the price of doing business.
Expansion of bilateral trade with India in mutual interest: Korean Prez
South Korean President Moon Jae-in today called for expansion of bilateral trade with India, saying it was in the interest of both nations. Addressing the India-Korea Business Forum here, Moon hoped that upgrade of the Comprehensive Economic Partnership Agreement (CEPA) and Regional Comprehensive Economic Partnership (RCEP) Agreement negotiations can be concluded as early as possible. "India and South Korea are the world's 7th and 11th largest economies. However, trade between the two countries came to USD 20 billion last year, which is not small but far short of our expectations," Moon said at the forum attended by around 400 top business leaders from both countries. Commerce and Industry Minister Suresh Prabhu said he has held discussion on the Early Harvest' under CEPA with his Korean counterpart Kim Hyun-Chong. Prabhu said the two nations are taking forward the discussion and have decided to take their relationship to the new level. The two ministers today signed the joint ...