Page 3559 - Business Finance
Nissan doubles down on emerging markets as U.S. sales slow
YOKOHAMA (Reuters) - Nissan Motor Co Ltd said on Wednesday it expects vehicle sales in some markets to beat industry growth, driven by countries including Saudi Arabia - crucial for the Japanese firm that is struggling with slowing sales in the United States.
TCS up over 2%; m-cap rises by Rs 16,539 cr on share buyback plan
The scrip of Tata Consultancy Services (TCS) ended with over 2 per cent gains today, adding Rs 16,539 crore to its market valuation, on the company's plan to buy back shares at its board meeting later this week. The stock gained 2.43 per cent to end at Rs 1,824.20 on BSE. During the day, it rose by 2.86 per cent to Rs 1,832. On NSE, shares of the company went up by 2.41 per cent to close at Rs 1,824. The company's market valuation surged Rs 16,539.68 crore to Rs 6,98,408.68 crore. In terms of equity volume, 3.54 lakh shares of the company were traded on BSE and over 53 lakh shares changed hands on NSE during the day. "...the board of directors will consider a proposal for buyback of equity shares of the company, at its meeting to be held on June 15, 2018," TCS said in a BSE filing late last night. The Mumbai-based company, however, did not disclose any further details about the buyback proposal. Share buybacks typically improve earnings per share and return surplus cash to ...
Jacqueline to endorse consumer tech lifestyle start-up
Actress Jacqueline Fernandez has been roped in as the brand ambassador of boAt - a lifestyle brand with consumer electronics products such as earphones, headphones, speakers, travel chargers and premium rugged cables.
Sensex ends higher for third session; TCS gains
(Reuters) - Indian shares ended higher for a third straight session on Wednesday, buoyed by gains in Tata Consultancy Services Ltd after the company said it would buy back stock, while robust monthly industrial growth data lifted sentiment.
Truecaller acquires payments app Chillr
Aiming to strengthen its business in India, Truecaller on Wednesday announced it has acquired Chillr -- the country's first multi-bank payments app.
Sensex logs modest gains in choppy trade
The BSE Sensex rose 47 points today to close at 35,739.16 in see-saw trade, led by gains in software exporters and healthcare stocks. Buying picked up after official data showed industrial output expanded by 4.9 per cent in April this year, spurred by higher growth in manufacturing and mining sectors. However, concern prevailed over retail inflation inching up to 4.87 per cent in May on increase in food prices. The 30-share index opened strong and hit a high of 35,877.41 on sustained buying by domestic institutional investors. However, it gave up much of the gains on late selling by participants and finally settled at 35,739.16, still up 46.64 points, or 0.13 per cent. In past two days, the index gained 248.85 points. Similarly, the broader 50-issue NSE Nifty ended higher by 13.85 points, or 0.13 per cent, at 10,856.70 after moving in the range of 10,893.25 and 10,842.65. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,327.45 crore, while foreign portfolio ...
IDFC announces cessation of director
With effect from 11 June
TCM announces change in directorate
On 13 June 2018
Reliance Communication transforms itself into pure B2B player
1. RCOM has exited its wireless B2C business on 31 January 2018.
Market ekes out small gains in volatile trade
Amid a divergent trend among various index constituents, the key benchmark indices provisionally settled with small gains amid volatility. The barometer index, the S&P BSE Sensex, rose 46.64 points or 0.13% at 35,739.16, as per provisional closing data. The Nifty 50 index rose 13.85 points or 0.13% at 10,856.70, as per provisional closing data.
Investors wipe $3 billion off China's ZTE as U.S. settlement sinks in
HONG KONG (Reuters) - Investors wiped about $3 billion off embattled Chinese telecommunications giant ZTE Corp's market value as it resumed trade on Wednesday after agreeing to pay up to $1.4 billion in penalties to the U.S. government.
World stocks slip as trade tensions and central bank expectations dampen mood
LONDON (Reuters) - World stocks retreated on Wednesday from one-month highs, with investor focus turning from the U.S.-North Korea summit to an expected U.S. interest rate rise and the risk of a fresh outbreak of trade tensions between China and the United States.
Oil prices drop as supplies increase
LONDON (Reuters) - Oil prices fell on Wednesday, hit by rising supplies in the United States and expectations that producer group OPEC could relax voluntary output cuts.
RCOM remains unaffected by intense competition in telecom sector
Reliance Communications (RCOM) on Wednesday said the company is now insulated from the hyper competition and tariff pressures in the telecom sector as it had exited the business-to-consumer (B2C) space in January 2018.
Satya MicroCapital raises Rs.11cr towards expansion
Satya MicroCapital Limited, a domestic microfinance company, raised funds in the form of share capital worth Rs. 11, 47, 95,000, from its existing investors through a rights issue of new shares.The non-banking finance company (NBFC) plans to utilise the latest capital infusion towards expanding its presence and building its portfolio of assets under management in both its existing, as well as new geographies.The Delhi-based company serves low-income entrepreneurs in India's rural and urban areas. It provides prompt, convenient, and affordable collateral-free credit to people at the bottom of the pyramid through a strong credit assessment and centralised approval system.The company started its microfinance operations by adopting the Joint Liability Group (JLG) Model with the use of technology and new adaptations. The firm's JLG lending operation mainly focuses on women, with their husbands acting as co-borrowers through a credit product that allows them to start a new business or build
The Crepe Cafe enters India; envisions 50 stores by 2020
World Iconic Brands (WIC) and Franchise India - a franchise solution company announced the launch of Australian Brand 'The Crepe Cafe' in India, with an aim to commence about 50 stores in the next three years and around 100 stores in the next five years.Part of the BFC Retail Group, this brand focuses on fresh, healthy ingredients for made-to-order traditional savoury and sweet crepes, waffles, pancakes, omelettes and other fat-free delicacies.With an initial investment of Rs. 100 crores, WIC aims to establish the Australian brand across India, with key focus on Delhi, Mumbai and Bengaluru."Our key focus is on Delhi, Mumbai and Bengaluru. We see great opportunity in all three cities and for the first year will focus on developing the brand in these markets. We are targeting 10 stores for the first year leading to 50 stores by 2020," said Utkrisht Sahai, General Manager-World Iconic Brands.Each store of The Crepe Cafe entails an earmarked investment of Rs. 45- 50 lakhs, with store ...
Rubique appoints Manish Ahuja as CFO
Rubique on Wednesday announced the appointment of Manish Ahuja as its Chief Financial Officer.Manish will play a key role in the company's group level financial strategy and growth opportunities across its various marketplaces. He will be managing Rubique's overall financial control and reporting along with aiding in strategic planning, forecasting and legal.He will also oversee strengthening governance process for audits and ensure best practices are implemented organisation wide.With a versatile and successful track record of over 15 years, Manish brings across experience in corporate finance, business finance partnering, treasury operations, implementation of financial systems and control framework implementation."I'm very pleased that we have an accomplished financial leader like Manish joining us in the role of CFO. He joins us at a time when our strategy of building transactional marketplaces focused on large fintech verticals has been strongly validated and our competitive ...
Lateral hiring move aimed at saffronising bureaucracy: Moily
The BJP-led NDA government's move on lateral recruitment is part its roadmap to saffronise the civil service, alleged M Veerappa Moily, who had served as Chairman of the second Administrative Reforms Commission. The former Union Law Minister also faulted the timing of the recruitment announcement, questioning how such a "major decision" can be taken when Lok Sabha elections are less than a year away. Moily today also alleged that 25 per cent of the bureaucracy is already "saffronised", claiming that the BJP is running institutes to train IAS aspirants. The NDA government is "preferring" civil servants "purely on their ideology-orientation," he further alleged. "With this (lateral recruitment) another 25 per cent (of bureaucracy) will be saffronised", the former Karnataka Chief Minister told PTI today. "This is a part a roadmap to saffronise the civil service," he alleged. The government has opened up senior level bureaucratic posts in several departments to people, even from the ..
Brexit could make UK car sector 'extinct': business lobby
The president of Britain's main business lobby today warned that the country's car industry risked "becoming extinct" outside the EU's customs union. "If we do not have a customs union, there are sectors of manufacturing society in the UK which risk becoming extinct," Confederation of British Industry (CBI) president Paul Dreschler told BBC Radio 4's Today programme. He highlighted the car industry as being particularly threatened by any deal that did not secure "real frictionless trade" with the European Union post-Brexit. Prime Minister Theresa May is under pressure to commit to some kind of customs partnership as she pushes key Brexit legislation through parliament, despite promising that Britain would make a clean break with the EU in order to strike trade deals with the rest of the world. The CBI president claimed there was "zero evidence" that such deals would provide any economic benefit to Britain. "There's zero evidence that independent trade deals will provide any economic ..
RBI may hike rates again in Aug on rise in inflation: Analysts
Headline inflation surging to a four-month high of 4.87 per cent in May is likely to force the Reserve Bank of India (RBI) to hike rates once again at its August monetary policy review, analysts said. The commentary comes a day after industry body Confederation of Indian Industry (CII) said that monetary policy tightening will increase the cost of doing business and force India Inc to slowdown on investments, which are critical for pushing the growth agenda. "With both core and headline inflation only likely to face greater upside pressure from various factors in the coming months, we continue to expect one more 0.25 per cent rate hike from the RBI. This could occur as soon as the July 31-August 1 meeting," analysts at the French brokerage BNP Paribas said in a note. UBS Securities said a hike is "likely in August". "If global crude prices remain at current levels and core inflation remains elevated, the next rate hike could be announced sooner (likely in August) than ...