Page 339 - Business Finance
USFDA classifies inspection of Aurobindo Pharma's API facilities as OAI
The Company has already submitted its initial response to USFDA. The Company is sending further updates on the committed corrective actions.
Rupee slips 29 paise to 70.32 vs USD in early trade
The rupee declined by 29 paise to 70.32 against the US dollar in opening trade Friday as crude oil prices firmed up and US-China trade related concerns weighed on investor community. Forex traders said, besides the US-China trade concerns, foreign fund outflows also kept pressure on the Indian rupee. The rupee opened weak at 70.22 at the interbank forex market and then fell further to 70.32, down 29 paise over its last close. The rupee had settled at 70.03 against the US dollar on Thursday. However, a positive opening in domestic equities supported the local unit and restricted the fall. Brent crude futures, the global oil benchmark, rose 0.30 per cent to USD 72.84 per barrel. Foreign institutional investors remained net sellers in the capital markets, pulling out Rs 953.23 crore Thursday, as per provisional data. Domestic bourses opened on a positive note Friday with benchmark indices Sensex trading 192.61 points up at 37,586.09 and Nifty rising 51.25 points to 11,308.35. Meanwhile, .
Shares trade modestly higher; breadth positive
Key benchmark indices were trading higher in early trade. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 202.52 points or 0.54% at 37,596. The Nifty 50 index was up 46.05 points or 0.41% at 11,303.15.
Sensex rises over 200 pts; Nifty reclaims 11,300
The benchmark BSE Sensex jumped over 200 points and the NSE Nifty reclaimed the 11,300 level in early trade Friday amid value-buying in banking, IT and metal stocks. The 30-share index was trading 201.24 points, or 0.54 per cent, higher at 37,594.72. The broader NSE Nifty was also trading 57.20 points, or 0.51 per cent, up at 11,314.30. In the previous session on Thursday, the BSE bourse closed 278.60 points, or 0.75 per cent, higher at 37,393.48; and the Nifty rose 100.10 points, or 0.90 per cent, to settle at 11,257.10. Top gainers in the Sensex pack include Yes Bank, Bajaj Finance, Coal India, HDFC, M&M, IndusInd Bank, HUL, TCS and Maruti, rising up to 3.96 per cent. On the other hand, Tata Motors, Infosys, NTPC, Tata Steel, ONGC and HCL Tech fell up to 0.91 per cent. According to traders, value buying in recently battered stocks lifted key indices. However, volatility may increase ahead of election results, amid continued tensions between the US and China and sustained foreign
Bajaj Finserv may gain after robust Q4 result
Bajaj Finserv's consolidated net profit rose 31.66% to Rs 838.74 crore on 43.5% rise in total income to Rs 12995.47 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours yesterday, 16 May 2019.
BSNL expects liquidity position to improve in Q2
After facing cash crunch for some months, state-run Bharat Sanchar Nigam Limited (BSNL) is expecting normalcy in cash flows in the second quarter (July-September) of FY20, according to the BSNL Director (Finance) who blamed the "predatory pricing" for the current crisis in the sector and in the BSNL.
'America will need better firefighters for next economic crisis'
It's not imminent but the US needs a "better prepared firehouse with better equipped firefighters" else the first responders to the next economic crisis, the fire that will "eventually" come, will react with even fewer and weaker tools, say three financial wizards who helped contain the fallout of the 2008 global meltdown - an event whose worldwide implications are being felt even now.
State of Economy-III: Auto sales to remain stuck in slow lane; as elections decelerate growth
Consumers sentiment is expected to remain stuck in the slow lane for the auto industry, as anxiety over general elections, financing constraints and farm distress dent the sector's sales.
Benchmarks may see flat opening
Market is seen opening almost flat tracking mixed leads from other Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 5.50 points at the opening bell.
Trump terminates designation of Turkey as GSP beneficiary nation
US President Donald Trump in a proclamation Thursday terminated the designation of Turkey as a beneficiary nation under its Generalized System of Preferences (GSP) while the suspense on India continued. GSP is the largest and oldest US trade preference programme and is designed to promote economic development by allowing duty-free entry for thousands of products from designated beneficiary countries. The termination of Turkey, a NATO ally, becomes effective May 17. On March 4, President Trump announced that the US intends to terminate India's designation as a beneficiary developing country under the GSP programme. The 60-day notice period ended on May 3. There was no word either from the White House or the US Trade Representative (USTR) on the fate of India's status as a GSP beneficiary nation. For all practical purposes, it can come any moment now, but some unconfirmed reports said that after the recent India visit of Commerce Secretary Wilbur Ross, the Trump Administration has ...
US stocks close higher on earnings
US stocks closed higher on Thursday as investors weigh strong earnings from Walmart and Cisco Systems against global trade prospects.
ICICI-Videocon loan case: ED calls Chanda Kochhar, her husband for questioning on Friday
Former ICICI Bank CEO and MD Chanda Kochhar and her husband Deepak Kocchar have been summoned by the Enforcement Directorate (ED) for questioning on Friday in connection with ICICI Bank-Videocon loan case.Earlier in the day, ED questioned Chanda and her husband for the fourth consecutive day, for about 9 hrs.The ED is recording statements of the duo in connection with the investigation into alleged irregularities and corrupt practices in the sanction of Rs 1,875 crore loan disbursed by ICICI Bank to Videocon Group in 2009 and 2011.On Tuesday, Chanda and Deepak were grilled were over eight hours by the ED in connection with the aforesaid case.In March, the ED had conducted raids at locations linked to the Kochhars, following which the duo was called for questioning to the probe agency's Mumbai office.It had also questioned Deepak's brother Rajiv Kochhar from April 30 to May 2, stating that he withheld crucial information pertaining to the case. Videocon Group promoter Venugopal Dhoot ..
Infosys COO Pravin Rao gets shares worth Rs 4 cr
Software major Infosys on Thursday granted blue-chip shares valued at Rs 4 crore at market price to its Chief Operating Officer U.B. Pravin Rao as an incentive.
Infosys to allot shares to its performing techies
Global software major Infosys board on Thursday approved allotting performance-based shares to its techies, linking employee incentives with shareholder value creation.
Rs 2,500 cr marked as working capital: Essar Steel creditors
Essar Steel creditors on Thursday informed the NCLAT that the Rs 2,500 crore of the Rs 42,000 crore coming from the resolution plan of Arcelor Mittal has been marked as working capital of the debt-laden company.
PNB to remain PNB Housing Finance's sole promoter
Lending major Punjab National Bank (PNB) will remain as the sole promoter of PNB Housing Finance (PNBHF), after stake sale agreements with Varde Holdings and General Atlantic Group were terminated.
T Rowe Price buys Blue Star shares worth Rs 176 crore via open market
US-based investment firm T Rowe Price International Thursday bought shares of air-conditioner maker Blue Star Ltd worth over Rs 176 crore through an open market transaction. According to bulk deal data available with the NSE, T Rowe Price bought over 23.54 lakh shares for Rs 176.54 crore, with the average price being Rs 750 per scrip. Meanwhile, Aditya Birla Sun Life Mutual Fund sold a total of 23.60 lakh shares of Blue Star in two transactions for Rs 750 apiece. Blue Star had reported over two-fold jump in its consolidated net profit at Rs 79.84 crore for the fourth quarter ended March 2019 from Rs 31.71 crore a year ago, driven by its electro-mechanical projects business. Shares of Blue Star settled at Rs 723.40 apiece on the BSE, down 3.73 per cent from previous close.
Strategic investments after sectorial analysis to boost economic growth: Prabhu
Strategic investments based on a clear sectorial analysis will further strengthen India's economic growth, Union Commerce Minister Suresh Prabhu said Thursday. He also emphasised on focussing on district-development led growth to drive inclusivity in the society. "To increase economic growth, we need to facilitate strategic investments, based on clear sectorial analysis," said Prabhu at the 'Policy Round Table' organised by industry body CII in Mumbai. "At a time when the global economy is reeling under uncertainty due to the ongoing trade war between the US and China, India has seen its exports grow and will benefit further due to this," a statement said quoting the minister. Prabhu said that for inclusive and holistic development of the economy, it is key to focus on district development. Experts from the financial sector opined that re-routing is good for Google Maps, but not for the financial sector. They suggested that the regulators and non-banking financial companies (NBFCs) ...
Lakshmi Vilas Bank misappropriated RFL's 4 FDs worth Rs 791 cr: Religare Enterprise
Religare Enterprises Thursday said Lakshmi Vilas Bank (LVB) misappropriated four fixed deposits of Religare Finvest (RFL) worth Rs 791 crore, which was one of the major reasons for the group entity's terrible financial health. "The new management discovered that one of the major reasons for RFL's terrible financial condition was the misappropriation by LVB of monies due to RFL on account of four fixed deposits placed by it with LVB amounting to approx Rs 791 crores (including interest accrued on Rs 750 crores of principal amount)," Religare Enterprises said in a BSE filing. Such misappropriation caused a massive unlawful loss to RFL and consequently to all its stakeholders, including the public shareholders, it added. The filing also said the commercial suit for recovery pending adjudication before the Delhi High Court is reserved for order on interim application filed by RFL against LVB.
BMW launches new X5 SUV, to roll out more models this year
German car maker BMW launched the new generation X5 SUV in the domestic market Thursday and said its focus is on growing the luxury car segment in India, which currently stands at around 40,000 units. Buoyed by a healthy 13 per cent growth in sales at 11,105 units as against 9,800 units in 2017, the group plans to roll out some 11 models in the current year, of which it has already launched three so far, including the X5 SUV. "The high-end luxury car market in India is about 40,000 vehicles. From 2018 onward, we are focused on growing the size of this market in India. We strongly believe that the growth of the segment is more important than getting volumes," said Hans-Christian Baertels, acting president, BMW Group India. Stating that BMW was into "volume game," Baertels said, "We need the market to make it attractive for the customers to invest in the luxury car as such." Asked whether the company was looking at higher sales number this year, particularly after record sales in the ...