Page 3323 - Business Finance
Hong Kong Market rises 1.32% as Wall Street's gains lift mood
The improvement in sentiment came in spite of Friday's developments on the trade front when U.S. tariffs on $34 billion in Chinese goods took effect, ramping up the country's ongoing trade spat with China. China followed up by promptly imposing duties of its own on the same value of U.S. products. China's Ministry of Commerce said it had no choice but to respond to the U.S. after the latter "launched the largest trade war in economic history." U.S. President Donald Trump said on Friday that an additional $16 billion of Chinese goods would be subject to tariffs in two weeks, and that he was considering further slapping duties on an additional $500 billion in Chinese products.
Kurlon targets 25-30% revenue growth in FY19
Mattress maker Kurlon today said it is targeting a revenue growth of 25-30 per cent in the current fiscal year, on the back of healthy demand. The company had reported over Rs 1,000 crore revenues last year, according to Kurlon managing director Sudhakar Pai. "This year we should be able to grow anywhere between 25 and 30 per cent," Pai told PTI. The Bengaluru-based company claims to enjoy over 40 per cent market share in the organised mattress industry. The total mattress industry is pegged at Rs 6,000 crore,of which the organised segment accounts for 25 per cent. Pai said the company has the ability to grow at 40-50 per cent in this segment. Kurlon, which introduced sofas two to three years ago in its own stores, is embarking on a pan-India rollout for the same and expects the segment to capture at least 5 per cent market share in the Rs 12,000-crore industry in two years. "Our revenue (from sofas) is less than 1 per cent of the turnover, but we feel this is a very strong
China tells banks to 'significantly cut' lending rates for small businesses -sources
BEIJING (Reuters) - China's financial regulator has told banks to "significantly cut" lending rates for small firms in the third quarter in comparison with the first quarter, two people with direct knowledge of the matter told Reuters on Monday.
Groww raises USD 1.6 mn funding from Insignia Ventures, others
Investment platform Groww today said it has raised USD 1.6 million (about Rs 11 crore) in funding from a clutch of investors including Insignia Ventures, Lightbridge, Kairos among others. The funding round also saw participation from previous investors Mukesh Bansal and Ankit Nagori. The company plans to utilise the funds for strengthening technology and building scalable growth channels, Groww said in a statement. Y Combinator is also an investor in the start up, the company added. Our long term goal is to make anything related to finance extremely simple and transparent for users while providing them the best user experience, Groww co-founder and CEO Lalit Keshre said. Launched in April 2017 by ex-Flipkart employees Lalit Keshre, Harsh Jain, Neeraj Singh and Ishan Bansal, Groww provides direct plans for mutual funds and a "transparent approach to investing via a mobile app and web platform". Groww, which partners with all 34 fund houses, said the company plans to come out with more .
Ease of biz: Ranking of states to be released tomorrow
The commerce and industry ministry will tomorrow release the ranking of states and union territories (UTs) in terms of ease of doing business. Andhra Pradesh and Telangana jointly topped the 2016 all-India State/Union Territory-wise Ease of Doing Business rankings. The move is aimed at triggering competition among states to attract investments and improve business climate. The ministry will release of ranking of states and UTs under the business reform action plan, 2017, an official said. State governments are taking several steps such as setting up of single window system for approvals to improve ease of doing business. In the last Budget, the government had identified 372 action points for states which they would carry out in a mission mode. The parameters include areas such as construction permit, labour regulation, environmental registration, access to information, land availability, and single window system. Improvement in ease of doing business will help attract more investment .
Bharat Electronics Ltd leads losers in 'A' group
Shipping Corporation of India Ltd, Mcleod Russel India Ltd, Avanti Feeds Ltd and P I Industries Ltd are among the other losers in the BSE's 'A' group today, 09 July 2018.
GVK Power hits the roof
GVK Power & Infrastructure hit an upper circuit limit of 5% at Rs 10.05 at 14:35 IST on BSE after the company announced the financial closure for construction of the first phase of the Navi Mumbai International Airport.
India should build its own aircraft: Ex-ISRO chief Kiran Kumar
A growing large economy like India with huge domestic market should build aircraft indigenously and make sure that it does not depend on international entities alone to meet its needs, says an eminent scientist. The former Chairman of Indian Space Research Organisation A S Kiran Kumar said India is now poised for a significant growth in the aircraft industry. The President-elect of Aeronautical Society of India said many of the Indian industries and private enterprises actually contribute to the global aircraft industry and provide some key components because of the "advantages" they have. These industries and enterprises are establishing newer capabilities within the country. "In the coming days and years, there is a tremendous opportunity, we need to build on the capabilities of the country," Kiran Kumar told PTI. Companies globally are realising there is a tremendous potential in India to make cost-effective components and sub-systems, and "gradually things are ...
BSE postpones launch of platform for startups
Leading stock exchange BSE has postponed the launch of its new platform for listing startups. The platform, scheduled for launch today, was aimed at facilitating the listing of companies in sectors such as IT, ITES, bio-technology and life sciences, 3D printing, space technology and e-commerce. Besides, it was targeted to aid the listing of companies from hi-tech defence, drones, nano technologies, artificial intelligence, big data, virtual reality, e-gaming, robotics, genetic engineering, among other sectors. "BSE has decided to postpone the split of the BSE startup sub-segment from BSE SME segment. Startups will continue to list on BSE SME segment as usual. These startups will have the option to migrate to BSE startup segment once BSE startup segment is launched," the exchange said in a circular. The exchange's spokesperson declined to give any reason for postponing the launch. In a June 21 circular, the exchange had announced BSE startup platform in its SME (small and medium ...
SIA to deploy Boeing 787-10 on Delhi-Singapore route from Oct
Singapore Airlines (SIA) today said it will deploy the latest wide-body Boeing 787-10 Dreamliner aircraft on the New Delhi-Singapore route from October this year. SIA was the world's first airline to take delivery of Boeing's newest Dreamliner variant in March and will also be the first to fly it to India, a release said. The Far-east Asian carrier currently operates two daily flights to the national capital. Of the two, one flight is operated by B787-9, while another service is catered by the Airbus A380. The inaugural Boeing 787-10 service will depart from the Indira Gandhi International Airport, New Delhi at 0955 hours on 28 October 2018, the release said. The airlines' winter schedule in India commences from the last week of October every year and goes up to the last week of March. The daily scheduled flight SQ401/402 will be served by B787-10, while the daily scheduled evening flight SQ403/406 will continue to operate on the Airbus A380 aircraft, it said. The SIA ...
I-T dept sells Cairn Energy shares to recover retro tax
The Income Tax department has sold about 40 per cent of British oil firm Cairn Energy plc's shares in Vedanta to recover a part of Rs 10,247-crore demanded as retrospective tax. Weeks before an international arbitration tribunal begins final hearing in Cairn's challenge to the retrospective tax, ?the Indian I-T department last month sold about 2 per cent of the firm's shares in Vedanta in at least five tranches totalling USD 216 million, and may sell remaining stake as well, the British firm said in a statement. The tax department had in January 2014 used a two-year-old retrospective tax law to raise a Rs 10,247-crore demand on alleged capital gains made by Cairn Energy on a decade-old internal reorganisation of India business. This was followed by attaching the company's residual 9.8 per cent shares in its erstwhile subsidiary, Cairn India. Cairn India was subsequently merged with its new parent Vedanta, in which Cairn Energy held about 4.95 per cent stake. These shares continued to .
Working on lithium-ion technology for EVs: Exide
Battery maker Exide Industries is working on lithium-ion technology to meet demands of electric vehicle (EV) industry though it believes that traditional lead acid batteries would remain relevant even when EVs become popular. The company said lithium-ion technology is penetrating into market, and reduction in its price is making it viable in many segments, which could pose challenges to traditional batteries. "Your company has also been pursuing the development of appropriate lithium-ion technology for applications in the country particularly for the emerging demands of EVs," the company directors informed shareholders in the Annual Report for 2017-18. Prototypes have been assembled and are undergoing laboratory and field tests to be followed by submission for certification by regulatory authorities, it added. "The work is closely being done under the technical collaboration and guidance of IIT Madras and associated organisation," the report said. The company said it has the licence ..
Lakshmi Precision Screws Ltd leads losers in 'B' group
Ultracab (India) Ltd, Ujaas Energy Ltd, Khaitan (India) Ltd and Ducon Infratechnologies Ltd are among the other losers in the BSE's 'B' group today, 09 July 2018.
Volumes soar at Manappuram Finance Ltd counter
Manappuram Finance Ltd clocked volume of 311.98 lakh shares by 14:14 IST on NSE, a 10.62 times surge over two-week average daily volume of 29.37 lakh shares
Sensex, Nifty hit fresh intraday high
Stocks extended gains and hit fresh intraday high in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 285.51 points or 0.8% at 35,943.37. The Nifty 50 index was up 76.75 points or 0.71% at 10,849.40. Most capital goods stocks rose. Power generation stocks rose. Upbeat global stocks boosted sentiment on the domestic bourses.
Euro zone investor morale bounces but outlook uncertain - Sentix
BERLIN (Reuters) - Investor morale in the euro zone rose in July to end a five-month run of declines, a survey showed on Monday, but research group Sentix said the spectre of escalating trade tensions with the United States risked depressing sentiment again.
Chinese exporters scramble to cope with US tariffs
Chinese exporters are scrambling to cope with a plunge in U.S. orders while China's state press shrugged off the impact of Washington's tariff hikes in a spiraling technology dispute. The overall blow from 's tariff hikes to the world's second-largest economy should be limited, according to private sector analysts. But President Donald Trump's measures targeting Chinese medical, construction and factory equipment hit small exporters that say price-conscious American customers have stopped buying. The general manager of Wuxi Yushou Medical Devices Co., Ltd. in Wuxi, west of Shanghai, which sells syringes and other medical equipment, said he plans to fly to the United States next week to negotiate with customers who stopped placing orders even before the tariffs took effect.
Silver rises on increased offtake, global cues, gold ends flat
Silver prices went up by Rs 250 to Rs 40,750 per kg at the bullion market today following increased offtake by industrial units and coin makers coupled with firm global cues. Gold, on the other hand, held steady at Rs 31,650 per 10 grams in scattered deals. Traders said besides increased offtake by industrial units and coin makers at the local spot market, a firm trend overseas, mainly led to the rise in silver prices. Globally, silver rose by 0.69 per cent to USD 16.12 an ounce and gold by 0.45 per cent to USD 1,260.20 an ounce in Singapore. In the national capital, silver ready rose by Rs 250 to Rs 40,750 per kg while weekly-based delivery by Rs 205 to Rs 39,995 per kg. Silver coins, however, continued to be traded at the previous levels of Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces. On the other hand, gold of 99.9 per cent and 99.5 per cent purity, ruled steady at Rs 31,650 and Rs 31,500 per 10 grams, respectively. Sovereign, however, shed Rs 50 at Rs 24,750 per ..
PSP Projects gains after winning orders
PSP Projects rose 2.89% to Rs 493 at 14:03 IST on BSE after the company said it won orders worth Rs 52.07 crore from various clients for industrial, institutional and residential projects.
China Market rises 2.47% on bottom fishing
The Shanghai Composite Index traded at 1.5 times net assets Thursday, the cheapest since 2014, after shares sank more than 20% from a January high. Some investors saw the rout as an opportunity to pick up cheap shares, with Australia's UniSuper Management Pty and Chinese hedge fund Shanghai Chongyang Investment Management Co. saying they were adding to positions.