Page 3461 - Business Finance
FICCI awarded at X International IT Forum, Russia
The Federation of Indian Chambers of Commerce & Industry (FICCI) along with several industry members and senior government officials and academia, recently participated in X International IT Forum at Khanty-Mansiysk, Russia.Organised by the Government of the Khanty-Mansiysk Autonomous Okrug-Ugra region, the forum brought together industry leaders from BRICS and SCO nations as well as other countries to a single platform to interact and discuss collaboration in the fields of information technology and digital transformation.FICCI received an award during the event, for its support and active participation at the forum, consecutively for two years. The 20-member Indian delegation, which was supported by Indian Embassy at Russia, actively participated in the sector specific seminars and several other B2G and B2B sessions organized by FICCI at the India pavilion.The prime objective of the visit was to leverage on the unique strengths of the Indian IT industry potential and Russia's ...
NDDB to strengthen cooperative societies to push growth in dairy sector
National Dairy Development Board today said it will focus on strengthening cooperative societies to push development and growth in the sector. The board's chairman Dilip Rath said that Rajasthan has registered a growth in milk production but there is a need to strengthen cooperative societies network in Rajasthan and other states also in order to make the growth sustainable. He informed that the board is promoting new income generating activities for dairy farmers. "Engaging milk producers in multiple streams of income through different alternative activities aimed at their livelihood diversification is important for building their economic resilience and well-being," he said here. Rath told reporters that bee-keeping, manure management, silage management are among other activities the board is pushing for dairy farmers.
Barclays puts two insiders in top roles as seeks to grow profit
LONDON (Reuters) - Britain's Barclays has promoted insiders to two of its most senior banking roles as it looks to boost its profit.
Zoomcar launches 25 Electric vehicles at Miyapur Metro station
: Self-driving car rental company Zoomcar today launched 25 electric vehicles at Miyapur metro station here for daily metro commuters. The company introduced 25 Mahindra e2oPlus cars. "This will help facilitate the travel of metro commuters looking to complete their last mile journey affordably with the convenience of self-drive", Hyderabad Metro Rail Limited (HMRL) Managing Director N V S Reddy said. The EV rental charges currently start at Rs 8.50 per km and it is a cost-effective and eco-friendly option for commuters. In the near future, Zoomcar plans to expand the service to enable one-way movement to Madhapur and Gachibowli for IT employees, who can use these services to commute between their office and metro stations. Along with this, Zoomcar's cycle sharing service PEDL, has deployed around 500 cycles across Hyderabad (in Gachibowli, Madhapur, Ameerpet, Begumpet etc) for people to cover last mile connectivity. The present charges are Rs 3 for 30 minutes. "Hyderabad
Forex reserves decline by USD 3.03 bn to USD 410.07 bn
India's foreign exchange reserves declined by USD 3.039 billion to USD 410.070 billion in the week to June 15, due to fall in foreign currency assets, Reserve Bank data showed. In the previous week, the reserves have risen by USD 879.5 million to USD 413.109 billion. The reserves had touched a record high of USD 426.028 billion in the week to April 13, 2018. It had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating. In the reporting week, the foreign currency assets, a major component of the overall reserves, dipped by USD 3.058 billion to USD 385.333 billion. Expressed in US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, pound and yen held in the reserves. Gold reserves rose marginally by USD 38.9 million to USD 21.228 billion in the reporting week, the data showed. The special drawing rights with the International Monetary Fund ...
JSW Steel proposes to invest $500 mn in US-based steel plant
JSW Steel on Friday said it has proposed an investment of up to $500 million to acquire and upgrade Acero Junction Inc, a US-based integrated steel manufacturing plant.
Bharat-22 ETF oversubscribed, investors put in bids worth Rs 12,500 cr so far
The second tranche of Bharat-22 ETF was oversubscribed on the final day of offering, with the issue garnering subscription to the tune of Rs 12,500 crore. Through the Bharat-22 Exchange Traded Fund (ETF), comprising shares of 22 companies, the government had targeted to mop up Rs 6,000 crore with a green-shoe option of another Rs 2,400 crore. Subscription has come in for over 2 times of the base issue size of Rs 6,000 crore. The total bids that has come in so far is for Rs 12,500 crore and one lakh applications have come in, market sources said. The government is likely to exercise the green-shoe option to retain the additional Rs 2,400 crore worth bids received. The government had on June 19 launched the follow-on fund offer (FFO) of Bharat-22 ETF, which is managed by ICICI Prudential Mutual Fund. On the first day of the issuance, anchor investors put in bids worth Rs 5,163 crore, which was 3.44 times the portion reserved for them. The state-owned companies that are part of the ETF ..
OPEC agrees ouput rise of 'about' 1 mln barrels: Saudi
OPEC members have agreed on a combined increase in crude oil output of one million barrels per day, the oil minister of the cartel's kingpin Saudi Arabia said today. "I am pleased that at the end of the day we reconciled around the one million figure that we have been talking about," said Khaled al-Faleh after a meeting of the Organisation of the Petroleum Exporting Countries, adding that support for the increase, which had been proposed by Saudi Arabia against objections from Iran, was unanimous.
Bombay Dyeing to wind up loss making JV in Indonesia
Textiles major Bombay Dyeing and Manufacturing Company today announced that it will wind up loss making joint venture PT. Five Star Textile Indonesia (PTFS) in due course. "With the acquisition of additional 3,409 shares in existing joint venture in Indonesia, the shareholding of the company will rise to 86 per cent from 33.89 per cent at present, thereby making it a subsidiary of the company. This is a strategic move to wind up the loss making joint venture in due course," a company statement said here. PTFS was incorporated at Jakarta in Indonesia in 1979 with an objective of manufacturing and selling of yarn, cloth and other textile products. PTFS has registered a turnover of USD 1.84 million and net loss of USD 1.54 million in December 2017. The company has been incurring losses for many years hence it has been decided to wind up the operations, the release said.
Wall Street opens higher as financials lead
(Reuters) - U.S. stocks opened higher on Friday with the Dow ending its 8-day losing streak as bank stocks gained after passing the Federal Reserve's annual regulatory stress test.
Mongolia builds first refinery to ease Russian fuel dependence
Mongolia broke ground today for the construction of the country's first oil refinery with the help of a USD 1 billion loan from India to ease its dependence on Russian fuel. India's Home Minister Rajnath Singh attended the ceremony along with Mongolian Prime Minister Khurelsukh Ukhnaa in a remote corner of the Gobi Desert. Mongolia hopes the project will boost the economy and reduce its dependence on foreign gasoline imports. Nearly all of its petroleum products come from Russia. The refinery and associated pipelines and power plant are being funded with a 20-year USD billion loan from India's export-import bank. The project could boost Mongolia's gross domestic product by up to 10 per cent, according to a government statement. The economy of the landlocked country sandwiched between Russia and China has struggled in recent years and has been propped up by a $5.5 billion IMF bailout. The refinery will have capacity to process 1.5 million tonnes of oil annually, according to Mongol ...
APADCL extends deadline till July 10 for submission of bids
Flights to Singapore from Vijayawada airport here will not commence in the first week of July since no airline has responded to the state governments Request For Proposal (RFP) to operate the services when the original deadline ended today. Consequently, the Andhra Pradesh Airports Development Corporation Limited has extended the deadline till July 10 for submission of bids. The actual plan was to start the operations from July 1 but the APADCL has now relaxed the norms. "Airlines may submit their proposal with indicative date for commencement of flight operations by quoting required VGF (Viability Gap Funding) on per seat/per flight basis and also monthly cost," an amendment to the RFP today said. On June 7, Chief Minister Chandrababdu Naidu had announced in the presence of Singapores Minister for Information and Communications S Iswaran that direct flight services from the states's capital Amaravati (Vijaywada airport) to Singapore would commence within 30 days. He ...
Board of Sumeet Industries approves bonus issue of 1:4
At meeting held on 22 June 2018
Banking, healthcare stocks, strong rupee lift equity indices (Roundup)
Healthy buying in banking, healthcare and auto stocks during the late-afternoon session lifted the key equity indices after a largely choppy trade on Friday.
Wall Street set to open in black as oil prices surge
(Reuters) - Wall Street was set to open higher on Friday with the Dow on track to snap an 8-day losing streak, helped by a surge in oil prices as OPEC neared a deal to boost output, while there were no significant developments in the China-U.S. trade rhetoric.
Greece 'turning a page' as eurozone declares crisis over
Greek Prime Minister Alexis Tsipras today said the country was "turning a page" after eurozone ministers declared its crisis over as they granted Athens debt relief under a bailout exit strategy. The eurozone ministers' agreement comes nearly a decade after Athens finances spun out of control, sparking three bailouts and threatening the country's euro membership. "Yesterday we reached a historic agreement on Greece's debt with the Eurogroup," Tsipras told the country's president, Prokopis Pavlopoulos. "We are turning a page," he said, adding that Greece had to remain on the path of reform. Following the eurozone ministers' hard-fought agreement declared earlier Friday, Greece is slated to leave its third financial rescue since 2010 on August 20. "The Greek crisis ends here tonight," said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg. The deal was expected to be an easy one, but last-minute resistance by Germany -- Greece's long bailout nemesis ..
Gold, silver recover on jeweller buying, global cues
After a two-day falling streak, gold prices recovered by Rs 50 per 10 grams at the bullion market here today, in tandem with a firming global trend amid increased buying by traders and stockists. Silver prices also rebounded by Rs 280 to Rs 39,735 per kg, backed by increased offtake from the industrial units. Standard gold (99.5 per cent purity) rose by Rs 50 to close at Rs 30,470 per 10 grams from Thursday's closing level of Rs 30,420. Pure gold (99.9 per cent purity) also moved up by a similar margin to conclude at Rs 30,620 per 10 grams from Rs 30,570. Silver (.999 fineness) shot-up by Rs 280 to end at Rs 39,735 per kg as against Rs 39,455 yesterday. Globally, gold prices edged up from six-month lows, as the dollar slipped, but the modest nature of the recovery suggested speculators might still be poised to punish the metal further. Spot gold was up by 0.2 per cent at USD 1,268.65 an ounce, at early trade. Silver gained 0.7 per cent at USD 16.43 an ounce after falling to its lowest
Rupee logs 3rd straight gain, up 14 paise against dollar
The rupee continued its rally for a third straight session today, strengthening by another 14 paise to end at 67.84 against the US dollar amid sustained unwinding of American currency by exporters. Fresh capital inflows and an encouraging rally in domestic equities revived forex market sentiment. Foreign funds and investors turned net buyers after a long selling spell and bought shares worth a net Rs 1,126.75 crore, provisional data showed. Additionally, expectations with regard to relaxation in the current oil supply quotas ahead of the crucial OPEC meeting on the output policy also weighed on the trading front. The Indian unit oscillated between 67.70 and 67.88 most part of the day. However, the rupee retreated against British pound, euro and Japansese yen. Both oil kingpins Saudi Arabia and Russia look to maintain market stability amid possible supply shocks from rapidly declining production from Venezuela and potential production losses from Iran. The recent spike in crude prices .
Nifty June futures at premium
Turnover on NSE's F&O segment drops
RITES IPO subscribed 66.91 times
Receives bids for 168.60 crore shares