Page 3437 - Business Finance

State-run banks hopeful of getting out of RBI's watchlist by 2020

Eleven public sector banks that are under the RBI's watchlist for mounting bad loans today expressed confidence before a parliamentary committee that these would emerge out of the central bank's Prompt Corrective Action (PCA) framework by 2020, sources said. Concerns were also raised about the "stagnation in lending operations" of state-owned banks during the meeting of the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily. Sources said top officials of the 11-banks -- IDBI Bank, UCO Bank, Central Bank of India, Bank of India, Indian Overseas Bank, Dena Bank, Oriental Bank of Commerce, Bank of Maharashtra, United Bank of India, Corporation Bank and Allahabad Bank -- made presentations before the panel and responded to queries. "They (the banks under PCA) talked about the roadmap to deal with their NPAs and expressed confidence of coming out the RBI's Promot Corrective Action framework by 2020," sources said after the meeting. Under the PCA, banks face ..

FPIs turn net buyers

Net inflow of Rs 322.13 crore on 25 June 2018

Oil - Destabiliser for Macro; Resilience of Indian Economy to Limit Shock

However, India's current macroeconomic environment is far more robust than it was in 2013. While GDP growth and foreign currency assets are higher, current account deficit, retail inflation, interest rate and fiscal deficit are lower.

Kerala allots land to Nissan for digital innovation hub

The Kerala government on Tuesday allotted 70 acres of land at the Technocity campus and 25,000 sq feet space at the Technopark campus here to Japan's Nissan Motors to set up a digital innovation hub.

JMC Projects shares gain 3.5% on orders worth Rs 1,966 cr

Shares of engineering firm JMC Projects (India) today rose by 3.5 per cent after the company secured orders worth Rs 1,966 crore in the domestic market. The stock gained 3.20 per cent to settle at Rs 541.80 on BSE. During the day, it soared 10.28 per cent to Rs 579. On NSE, shares of the company went up by 3.48 per cent to close at Rs 542. "JMC-led consortium has secured two turnkey projects under the Micro Lift Irrigation Scheme worth Rs 2,650 crore from Narmada Valley Development Authority (NVDA) in Madhya Pradesh. The share of JMC in these projects is around Rs 1,600 crore," JMC Projects said in a regulatory filing. The company said it has also bagged an order for construction of township for National Mineral Development Corporation (NMDC) for approx Rs 366 crore in Chhattisgarh JMC Projects (India) is an arm of Kalpataru Power Transmission.

Domestic consolidation, portfolio realignment to boost M&A transactions: EY

Merger and acquisition activity in India is expected to be steady as corporates focus on domestic consolidation and look for assets to combat competition and complement their services portfolio, says a report. According to EY's 18th Global Capital Confidence Barometer, domestic consolidation and portfolio realignment are expected to foster merger and acquisition transactions in the country. Furthermore, corporates are expected to future-proof their businesses by divestment of non-core and disruption prone assets and this in turn will boost M&A activity. "Deal activity in the country would continue to be dominated by domestic M&A as Indian corporates increasingly look out for consolidating their position in their respective industry segments by rolling-up assets available at the right valuations," said Ajay Arora, Partner and Leader, Lead Advisory, EY. As per the survey, 66 per cent of the respondents said that they will buy and sell assets in next six months to reshape their ..

Vegoils: Palm oil falls most in a week on slower exports

KUALA LUMPUR (Reuters) - Malaysian palm oil futures saw their sharpest fall in a week on Tuesday evening, snapping two sessions of gains, due to slowing demand.

Oil steady as outages balance trade dispute, OPEC

LONDON (Reuters) - Oil prices steadied on Tuesday, supported by Canadian production losses and uncertainty over Libyan exports, but under pressure from climbing OPEC supply and escalating trade conflicts between the United States and other major economies.

Who is making money from struggling U.S. malls?

CHICAGO/NEW YORK (Reuters) - With its lonely hallways, half-shut food court and out-of-order restrooms, the River Oaks Center mall in suburban Chicago seems like an unlikely place to make money.

Markets look for direction amid global headwinds

Benchmarks eked out modest gains in choppy trade today as investors booked profit ahead of expiry of June derivatives contracts amid lacklustre overseas cues. Global markets were mixed amid escalating trade tensions between the US and other leading economies, including the EU, China and India. The 30-share BSE Sensex, after rising over 145 points intra-day, surrendered most of the gains in the last 30 minutes of trade to end at 35,490.04, up just 19.69 points, or 0.06 per cent. In similar fashion, the 50-share NSE Nifty closed higher by mere 6.70 points, or 0.06 per cent at 10,769.15. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 198.68 crore, while domestic institutional investors (DIIs) sold shares worth Rs 86.22 crore yesterday, as per provisional data released by the stock exchanges. "Market was range-bound while mid and small caps continued to underperform amid tensions in global trade. "Investors were using every opportunity to book profits ahead of .

India urges AIIB to increase loan book tenfold to $40 billion by 2020

MUMBAI (Reuters) - The China-backed Asian Infrastructure Investment Bank (AIIB) should increase lending tenfold within two years to help the region meet its investment needs faster, Prime Minister Narendra Modi said at the third annual meeting of the multilateral lender in Mumbai.

Fintech startup IDAP starts fund raising to launch derivatives platform for Crypto Assets

Indian Fintech startup, IDAP Global has initiated raising capital for its pilot project, idap.io, the first complete derivatives ecosystem for crypto assets. IDAP is doing an Initial Coin Offering (ICO), joining startups that have bypassed traditional funding in favor of the Kickstarter style crowd-funding powered by cryptocurrencies and blockchain.With its diverse product offerings and a major focus on crypto-based derivatives, idap.io is on the cusp of tapping into a multi-billion-dollar market. At present, only a handful of exchanges across the world offer crypto derivatives for trading. Besides, the products offered are severely limited and available only for one or two major virtual coins like Bitcoin and Ethereum. However, idap.io will provide a consolidated marketplace for a wide variety of crypto derivatives for multiple top coins and tokens.The idap.io project is a global endeavor, powered by a team of founding members who are engineers turned traders who made the switch to ..

Nifty June futures at discount

Turnover on NSE's F&O segment rises

Gold hits more than six-month low as dollar, equities recover

LONDON (Reuters) - Gold hit its lowest in more than six months on Tuesday as a sell off in global risk assets eased and the precious metal remained under pressure from the prospect that rising U.S. interest rates will further support the dollar.

Equity indices end flat on mixed global cues; FMCG stocks rise

The key Indian equity indices ended volatile trade on Tuesday on a flat note, tracking mixed global markets.

Column: Creaking credit markets flash danger for stocks

LONDON (Reuters) - Credit markets lead equities, or so the maxim goes. If true, stock markets are in for a bumpy ride for the rest of the year.

Hudson's Bay CEO to brief Europe staff about Signa-Kaufhof plans - sources

DUESSELDORF (Reuters) - Hudson's Bay Chief Executive Helena Foulkes is expected to discuss a joint venture between Germany's Kaufhof and Austrian property group Signa Holding during a trip to Europe this week, people familiar with the matter said on Tuesday.

Outlet exclusively for products made by jail inmates coming up in Chandigarh

The Chandigarh Prisons Department has decided to open a showroom here for the sale of the wide range of products, including sweets and furniture, made by Burail jail inmates. Till now, the department has been marketing the sweets, snacks, sandwiches, herbal gulal and other products through an online platform. "We are coming up with a showroom at Sector 22 here within a month, wherein all products made by inmates will be displayed," Chandigarh Inspector General (Prisons) O P Mishra said here today. There will be separate sections for all each kind of product made by the prison inmates, he said, adding, "Once this showroom comes up, apart from the online platform, we will have physical display of goods." "If we get bulk orders and the demand picks up, then we can have some separate arrangements for delivery of the products," an official said. The IG (Prisons) said there was already a shopping complex near the jail where people can taste food items prepared by the inmates. Asserting that

Sensex, Nifty close little changed; HDFC, TCS gain

(Reuters) - Indian shares closed little changed on Tuesday amid weak global cues as gains in index heavyweights such as Housing Development Finance Corp and Tata Consultancy Services Ltd offset losses in blue-chip Reliance Industries Ltd.

Why target BoM chief, but no action against Amit Shah, asks Raj Thackeray

Maharashra Navnirman Sena (MNS) President Raj Thackeray on Tuesday attacked the ruling BJP-Shiv Sena combine for arresting Bank Of Maharashtra (BoM) Chairman and Managing Director Ravindra Marathe but taking no action against BJP chief Amit Shah and other bank officials.