Page 3320 - Business Finance
Dip in natural rubber availability hurting domestic tyre production, says ATMA
Tyre manufacturers' body ATMA today expressed concern over consistent decline in availability of natural rubber in the domestic market which has hit tyre units. In its communication to Ministry of Commerce & Industry, ATMA said that in such situation industry needs to take recourse to import of natural rubber, which is highly taxed, to meet the growing deficit. "While natural rubber import is imperative to meet the domestic demand, the policy environment is highly restrictive. Not only custom duty is steep 25 per cent, there are further challenges in accessing natural rubber," Automotive Tyre Manufacturers Association (ATMA) Director General Rajiv Budhraja said in a statement. Government has removed port restrictions on the import of natural rubber under advance authorisation, however industry was looking for removal of port restrictions for all natural rubber imports since import of NR is imperative to keep the factories running, he added. ATMA has also expressed concern over ...
Vegoils: Palm oil edges higher, snaps losing streak on U.S. soyoil
KUALA LUMPUR (Reuters) - Malaysian palm oil futures ended the trading day slightly higher on Monday, tracking gains in U.S. soyoil and snapping four previous sessions of losses.
'Disappointing', says Cyrus Mistry as NCLT upholds his 2016 sacking by Tata Sons (Intro Roundup)
In a significant ruling, the National Company Law Tribunal (NCLT) on Monday upheld the October 24, 2016 decision of the Tata Sons Board of Directors dismissing its then Chairman Cyrus Mistry.
Value of shares pledged by promoters of BSE-listed firms down 11%
The value of shares pledged by promoters of BSE-listed companies fell to Rs 2.14 lakh crore at the end of June quarter, a decline of almost 11 per cent from the preceding three months, according to exchange data. The value of pledged shares stood at Rs 2.4 lakh crore as of March-end. At the end of the April-June quarter, the first of current fiscal, pledging of shares by promoters was seen in as many as 3,018 out of 4,863 BSE-listed companies with a market capitalisation of over Rs 144 lakh crore. As many as 64 firms, part of top 500 companies listed on the BSE, witnessed pledging of shares by promoters during the period. Share pledging is typically done by promoters to raise funds either for the same company or for financing other projects. Decline in the level of share pledging may indicate scaling down of stress. High pledging levels are not considered a good sign by investors as a downturn in the market price can lead to invocation and change in management. According to the BSE ...
France's CMA CGM made merger approach to Germany's Hapag-Lloyd-sources
LONDON/FRANKFURT (Reuters) - The world's no. 3 container shipping line, CMA CGM of France, has made an exploratory approach to German rival Hapag-Lloyd over a possible merger as players in the sector hunt for tie-ups to beat depressed conditions, finance sources say.
Wall Street poised for gains as trade concerns take a back seat
(Reuters) - U.S. stock futures pointed to opening gains for Wall Street on Monday after healthy U.S. jobs data last week helped investors look past rising trade tensions between the United States and China.
One GST rate was a ridiculous suggestion: Goyal
Union Finance Minister Piyush Goyal on Monday said the demand for a single rate in Goods and Services Tax (GST) was a "ridiculous suggestion".
Exclusive: France's CMA CGM made merger approach to Germany's Hapag Lloyd - sources
LONDON/FRANKFURT (Reuters) - The world's no. 3 container shipping line CMA CGM of France has made an exploratory approach to German rival Hapag-Lloyd over a possible merger as players in the sector hunt for tie-ups to beat depressed conditions, finance sources say.
CARE upgrades Srei Equipment Finance long-term facilities
CARE Ratings has upgraded its rating on Srei Equipment Finance Ltd's (SEFL) long-term facilities to 'CARE AA' with stable outlook from 'CARE AA-' with positive outlook. The upgrade factors in the overall improvement in the financial risk profile of SEFL, marked by "significant growth in disbursements in the fiscal 2017-18, improvement in profitability, collection efficiency and asset quality indicators," the company said in a release. The rating upgrade also takes into consideration "continuous reduction" in net non-performing assets, it said. "This upgrade is a result of strong business fundamentals and will help us in diversification of resource base and reduce cost of funds," said Devendra Kumar Vyas, CEO of Srei Equipment Finance.
Non-edibles gain on sustained demand
Castor seed bold and castor oil commercial gained further at the Vashi oils and oilseeds wholesale market here today following sustained demand from soaps and shippers industries. Elsewhere, linseed oil also firmed up owing to rising demand from paint and allied industries. While, refined palmolein eased marginally due to sluggish demand from retailers. Meanwhile, groundnut oil ruled steady in the absence of any worthwhile buying activity. In the non-edible segment, castor seed bold rose by Rs 35 per 100 kg to Rs 4,350 from last Saturday's closing level of Rs 4,315 and castor oil commercial slid by Rs 7 per 10kg to Rs 900 as against Rs 893 previously. Linseed oil also moved up by Rs 5 per 10 kg to Rs 845 as compared Rs 840. Moving to edible section, refined palmolein softened by a rupee per 10 kg to Rs 700 and groundnut oil closed unchanged at Rs 830 per 10 kg.
Keen to reignite long-term financing in India: Piyush Goyal
Union Finance Minister Piyush Goyal today said he was keen to reignite long-term financing in the country and had floated the idea with a large bank. "I am worried about long-term financing in India after the transformation of financial institutions like ICICI and IDBI into universal banks," Goyal, who is looking after the finance ministry owing to the indisposition of Arun Jaitley, said at an Indian Chamber of Commerce event here. He wondered why banks are not floating long-term infra bonds with fixed coupon rates to raise money. "Why the banks cannot float long-term infra bonds for a period of 25 years with a fixed coupon rate? It is a thought which is open for discussion," Goyal, who also looks after coal, railways and corporate affairs, said. Goyal said that such bonds would also provide a stable income flow to retired persons as well. Speaking on the lending activity of banks, he said "I had been focusing on the ability of the banking system to lend. We are trying to
IndiaLends raises $10 mn in funding
Credit score and analytics firm IndiaLends today said it has raised USD 10 million in funding led by London-based ACP Partners. The firm will use the funds to enhance its technology platform and marketing footprint across India and to hire more talent. The series B funding round also saw participation from existing investors American Express Ventures, DSG Consumer Partners and Advantage Partners along with the India-focussed Chinese fund, Ganesh Ventures, the company said. Started in March 2015 by Gaurav Chopra and Mayank Kachhwaha, IndiaLends operates an online marketplace that allows consumers to access unsecured credit products offered by various financial institutions based on the consumers' credit profile. The firm claims to have disbursed over Rs 500 crore in personal loans since its launch and helped nearly 2,00,000 consumers in securing approvals for credit cards. We have witnessed strong growth in the last financial year with our operational revenues growing 900 per cent to
VCK Capital Market Services reports standalone net loss of Rs 0.07 crore in the June 2018 quarter
Reported sales nil
G M Breweries standalone net profit rises 117.55% in the June 2018 quarter
Sales rise 16.81% to Rs 110.39 crore
ECB in 'wait and see' mode about rate hikes - Nowotny
ZURICH (Reuters) - The European Central Bank will take a "wait and see" approach to any tightening of monetary policy after it keeps negative rates on hold through the summer of 2019, ECB Governing Council member Ewald Nowotny said on Monday.
Final notice to Supertech firm for 'cheating home buyers': HRERA
The Haryana Real Estate Regulatory Authority (HRERA) on Monday issued a final notice to real estate developer Supertech Ltd for allegedly cheating customers for a non-existent residential project, an official said.
IBM Watson available as translation service in Hindi
IBM is ready to offer Watson language translator service in Hindi to individuals and businesses as its Artificial Intelligence (AI) platform Watson has learnt its first Indian language, a top company official said on Monday.
Gulabs inks pact with BigBasket.com
: City-based start up Gulabs, a manufacturer of food products today said it has inked a pact with online food and grocery store BigBasket.com. As per the partnership, the products offered by Gulabs would be available in BigBasket.com, allowing customers to purchase products at their convenience, a press release said. "BigBasket is a renowned player for online food and grocery shopping and the collaboration between Gulabs and BigBasket will let the consumers across different cities access our products", Gulabs Vice-President, Sales and Marketing, Ruchika Gupta said.
Hiring activity sees 9 pc rise in June : Report
Hiring activity registered nine per cent rise in June driven by significant growth in real estate, automobile and telecom sectors, says a report. Naukri JobSpeak Index for June 2018 stood at 2,047, registering 9 per cent rise compared to the previous year when it stood at 1,885. Non-IT sectors viz auto, auto ancillary, real estate, construction and BFSI continue to lead the growth. We can expect the job market to be cautiously optimistic and move further north in the months to come, Naukri.com chief sales officer V Suresh said. Hiring across auto and auto ancillary industry increased 26 per cent year-on-year in June 2018, followed by telecom (23 per cent). Heavy machinery and BPO sector stood at 22 per cent and 19 per cent respectively, the report added. Hiring for freshers (0-3 years) saw an increase of 12 per cent. For top management level (16+ years) hiring increased 11 per cent, a significant change from June and May 2018. In mid-level management (4-7 years) and sub-senior roles .
FPIs turn net sellers
Net outflow of Rs 1039.72 crore on 6 July 2018