Page 3360 - Business Finance
Sainsbury's pins sales growth slowdown on price cuts, not Asda deal
LONDON (Reuters) - Sainsbury's, Britain's second biggest supermarket group, said sales growth slowed over the past three months because it pushed through price cuts, denying it had been distracted by its deal to take over rival Asda.
ICICI Pru AMC buys shares in NTPC; holding up over 5 pc
Total shareholding of ICICI Prudential AMC in NTPC has increased to more than 5 per cent following purchase of shares under the fund house's various schemes, according to a regulatory filing. "As a result of the said purchase, the shareholding of the above mentioned entity has exceeded five per cent of the paid- up capital of the company (NTPC)," the filing said. ICICI Prudential Bluechip Fund purchased 1,57,200 shares of NTPC and Bharat 22 ETF purchased 4,15,67,567 shares. ICICI Prudential India Recovery Fund-Series 5 bought 71,220 shares of the PSU and ICICI Prudential Nifty Index Fund purchased 1,125 shares. Besides, ICICI Prudential Multiple Yield Fund-Series 10 purchased 15,000 shares and ICICI Prudential Nifty Low Vol 30 ETF purchased 4,446 shares in the state-run firm, the filing said. The share-purchase is from an investment perspective and not with the objective of seeking any controlling stake, it added. NTPC has a total installed capacity of 53,651 MW from its 21 ...
Sensex, Nifty clock modest gains
Key benchmark indices settled with modest gains led by index heavyweights HDFC, HDFC Bank and Reliance Industries. The barometer index, the S&P BSE Sensex, rose 266.80 points or 0.75% to settle at 35,645.40. The Nifty 50 index rose 70 points or 0.65% to settle at 10,769.90. Shares from auto and pharma sectors gained. Upbeat June services PMI data boosted sentiment on the domestic bourses.
FPIs selling intensifies
Net outflow of Rs 1878.07 crore on 3 July 2018
Cabinet approves extension of Scheme of Recapitalization of Regional Rural Banks upto 2019-20
Impact:
China's HNA Group chairman dies in France
The chairman and co-founder of Chinese conglomerate HNA Group passed away following an accidental fall in Provence, France, the company said on Wednesday.Wang Jian, 57, was injured in a fall during a business trip, and died on Tuesday, South China Morning Post reported citing a brief official statement. No additional details were divulged by HNA.Wang's death comes at a time when the company continues to grapple with high debt.He played a vital role in the company's rise from a regional, state-controlled company to an enormous conglomerate. He along with co-founder Chen Feng transformed a regional airline based in China's Hainan province into a conglomerate with US$230 billion in assets.The company is said to have huge stakes in Deutsche Bank, hotel chain Hilton and skyscrapers in London.Two years ago, the company also bought an American technology distributor Ingram Micro for $6 billion, as per several media reports.The company published its website in monochrome as an apparent mark ..
Air India Stake sale: Govt on 'Wait and watch' mode: Gadkari
The government has decided to "wait and watch" for the next three-four months before taking a call on disinvestment of national carrier Air India due to prevalent market condition specially high fuel prices, Union Minister Nitin Gadkari said today. The government's proposed stake sale in Air India failed to attract any initial bidder when the deadline for bidding ended on May 31. "Market condition is not right for Air India disinvestment now. In view of this we are keeping a wait and watch policy for the next three to four months," Gadkari, who holds multiple portfolios such as road, transport, highways, shipping and water resources, told PTI here. The minister said given the high fuel prices at present, the viability of the move will be judged before going ahead with the disinvestment process. Under the Air India disinvestment plans, the government was to sell 76 per cent stake in the national carrier along with complete divestment of low-cost arm Air India Express and a 50 per cent .
Nifty July futures at discount
Turnover on NSE's F&O segment rises
Govt hikes annual maintenance cost of Air India's VVIP aircraft
In a relief to cash-strapped Air India, the government today approved a proposal to enhance the expenditure for operation and maintenance of the carrier's VVIP aircraft by nearly Rs 200 crore from Rs 336.24 crore. Air India engages the 'Special Extra Section Flights' (SESF) or VVIP aircraft such as the Boeing B747-400 for the President, the Vice President and the Prime Minister. The proposal was approved by the Cabinet Committee on Economic Affairs (CCEA) chaired by Prime Minister Narendra Modi to help ease some of the financial burden of the airline facing "serious" financial and liquidity position, an official statement said. "The CCEA has given its approval to enhance the expenditure for 'Special Extra Section Flights' (SESF) operations from Rs 336.24 crore plus applicable taxes to Rs 534.38 crore plus applicable taxes for 2016-17 with built-in annual escalation of 10 per cent to compensate the cost of living index and exchange fluctuation for the maintenance of B747-400 aircraft,"
Exclusive: Dubai investigates Abraaj over alleged mismanagement - sources
DUBAI (Reuters) - Dubai's financial regulator is investigating allegations of mismanagement at private equity firm Abraaj, which is on the verge of financial collapse after a scandal over its use of investor money, two sources familiar with the matter said.
Sensex rises for 2nd day; bank, auto stocks lead rally
The market benchmark Sensex today spurted by 266.80 points to close at 35,645.40, led by gains mainly in auto, bank and energy stocks despite weak global cues amid concerns related to trade war and macro conditions. Both key indices Sensex and Nifty posted gains for the second straight session, with consistent buying by domestic institutional investors and encouraging services PMI data for June lifting trading sentiment, said brokers. The services sector returned to growth during June and registered the fastest rate of expansion in a year, supported by robust increase in new business orders, said a monthly survey. Agri-linked stocks like kohinoor foods, LT foods, Chamanlal Setia Exports and KRBL rallied up to over 12 per cent after the the government today hiked the minimum support price for paddy. The paddy MSP was raised by a steep Rs 200 per quintal. The Cabinet Committee on Economic Affairs (CCEA) at its meeting today approved the MSP of 14 kharif (summer) crops. The BSE 30-share .
Anchanto raises USD 4 Mn by MDI Ventures in series C round
Singapore headquartered pan-Asia SaaS technology company Anchanto on Wednesday announced raising of funds worth USD 4 million in the first round of its ongoing Series C investment, led by MDI Ventures, Telkom Indonesia's corporate venture capital arm.The MDI funding comes after Series B funding from Transcosmos Inc Japan and Luxasia Group, Singapore in May 2017. The proceeds of the fund will be used to expand the market outreach and build stronger regional Southeast Asia presence.Anchanto's SaaS platforms connects eCommerce sellers, brands, retailers and warehousing and fulfillment service providers to 70+ eCommerce sales channels. Using Anchanto platforms, Enterprise businesses and SMEs manage core their ecommerce business operations such as - warehousing services, catalogue, pricing, multi-channel selling, logistics, and local and cross-border shipping."We aim to enable thousands of Indonesian SMEs, Micro-SMEs, and Enterprise businesses to join the eCommerce bandwagon, and ...
Oil prices seen as major risk to Indian economy: Moody's
Credit rating agency Moody's in a recent survey has predicted that oil prices, government's recapitalization package, financing conditions and competition in the telecom sector are amongst the major risk factors for the Indian economy.As per the Moody's Investors Service, the market participants, who responded to a Moody's poll in Singapore and Mumbai, see high oil prices as the main risk to India's economy."When asked about the top risks facing the Indian economy, most of the respondents highlighted high oil prices as the top risk, while 30.3 percent of those in Singapore picked rising interest rates as the next top risk, and 23.1 percent of those in Mumbai picked domestic political risks as the second top risk," said Joy Rankothge, a Moody's Vice President and Senior Analyst.Earlier in June 2018, Moody's held its 4th Annual India Credit Conference in Mumbai and Singapore with its Indian affiliate ICRA Ltd.In both locations, most attendees said they believed that India would not meet
UK economy picks up speed, raising chance of rate rise
LONDON (Reuters) - Britain's large services industry grew last month at its fastest rate since October, a survey showed on Wednesday, prompting investors to increase bets that the Bank of England will raise interest rates next month.
Anthill Ventures gets SEBI approval for its VC Fund
Anthill Ventures, an investment and scaling platform for early-stage startups, today announced it has received approval from the Securities and Exchange Board of India (SEBI) for its Category 1 Venture Capital Fund. The Fund will invest in early stage technology companies at the Pre-A and Series A stage of the investing cycle with a primary focus on four verticals: health and life Sciences, media and entertainment, smart cities and financial technologies. "All the investee companies will receive significant mentoring, market access and infrastructure support to catalyse growth in key areas," it said in a statement. "Getting SEBI approval is an important milestone in our continued march towards becoming a premier speed scaling ecosystem" said Devang Mehta, Partner at Anthill. "The formal go-ahead from SEBI, along with robust support from premier Corporate partners and industry leaders, is propelling our VC Fund towards a first close around end-August," he said.
Board of Sayaji Industries decides to sell 40% of its stake in JV
At meeting held on 03 July 2018
Amway India targets revenues of Rs 6,000 cr by 2025
Bullish on the growth prospects, direct selling FMCG company Amway India today said it is targeting a revenue of Rs 6000 crore by 2025 and expects the country to feature among top 3 markets for Amway globally. "We have registered a CAGR of 20 per cent over the last 20 years which is testimony to the robustness of our business model and importance of the Indian market, which ranks among the top markets for us. We are eyeing a three-fold growth in our business by 2025, fuelled by innovations and digital penetration along with our strong direct sellers network and focus on engaging young consumers," Amway India chief executive officer Anshu Budhraja said in a statement. Globally, US-based Amway is over 59 years old, with a turnover of USD 8.6 billion. Amway plans to invest around Rs 100 crore over the next 2-3 years in India, which includes Rs 70 crore investment in R&D, Rs 10 crore in manufacturing and Rs 20-30 crore in digital initiatives. Amway has also invested Rs .
Prabhu expects 20 pc growth in exports
Commerce Minister Suresh Prabhu today said he is expecting around 20 per cent growth in exports in June. In May, exports recorded over 20 per cent growth and it looks like June will also be the same, he said. The minister was addressing exporters on preparing strategy to add 100 billion dollar to India's exports. The official figures for June will be released by Commerce Ministry on July 15. Prabhu also said banks should lend exporters as part of priority sector lending so that they do not face credit-related issues. He said the government is providing support to boost exports and India will not be affected by the headwinds at global trade level. Exports grew 20.18 per cent to USD 28.86 billion in May - the highest in six months. The previous high growth of exports was recorded at 30.55 per cent in November 2017.
Shares end with modest gains
Key benchmark indices shrugged off mixed Asian cues and ended with modest gains. The barometer index, the S&P BSE Sensex, rose 263.09 points or 0.74% to settle at 35,641.69. The Nifty 50 index rose 70 points or 0.65% to settle at 10,769.90. Positive economic data boosted investors sentiment.
Cabinet approves extension of RRBs' recapitalisation scheme
The government today approved extension of recapitalisation scheme for Regional Rural Banks (RRBs) for next three years up to 2019-20 with an aim to strengthen their lending capacity. The scheme started in 2010-11 and was extended twice in 2012-13 and 2015-16. The last extension was up to March, 2017. A total of Rs 1,107.20 crore, as government's share, out of Rs 1,450 crore, has been released to RRBs till March last year. The remaining Rs 342.80 crore will be utilised to provide recapitalisation support to RRBs whose Capital to Risk Weighted Assets Ratio (CRAR) is below 9 per cent, during 2017-18, 2018-19 and 2019-20, an official statement said after the Cabinet meeting. "This (the approval) will enable the RRBs to maintain the minimum prescribed CRAR of 9 per cent," it said, and added that the identification of RRBs requiring recapitalisation and the amount of capital will be decided in consultation with NABARD. There were 56 functioning RRBs as of March, 2017. They had extended ...