Page 3564 - Business Finance
Extension of Special Refund Fortnight till 16 June 2018
All exporters whose refunds have been held up on account of short payment are required to make the payment of IGST equal to short payment and follow the instructions of Circular No.12/2018-Customs dated 29.5.2018.
Aluminium futures fall 0.38% on low demand, weak global cues
Aluminium prices drifted lower by 0.38 per cent to Rs 155.75 per kg in futures market today as speculators cut their positions amid easing demand in the spot markets and a weak trend overseas. At the Multi Commodity Exchange, aluminium for delivery in June month declined by 60 paise, or 0.38 per cent to Rs 155.75 per kg in business turnover of 199 lots. The metal for delivery in July contract was trading lower by a similar margin to Rs 155.95 per kg in 4 lots. Analysts said offloading of positions by traders owing to slackened demand from consuming industries in the physical market mainly weighed on aluminium prices at futures trade. Besides, there was a weak trend in base metals overseas as investors await outcome of the US Federal Reserve's policy meeting. At the Shanghai Futures Exchange, the most-traded August Aluminium contract was down 1.4 per cent at 14,675 yuan (USD 2,291) per tonne.
Oil prices drop on prospect of rising supplies
SINGAPORE (Reuters) - Oil prices fell on Wednesday, pulled down by rising supplies in the United States and expectations that voluntary output cuts led by producer cartel OPEC could be loosened.
NirogStreet raises USD 300k; to strengthen technology led Ayurveda platform
India's first technology-led Ayurveda platform, NirogStreet on Wednesday announced raising USD 300k from the Japanese venture fund Spiral Ventures, Subho Ray (President, IAMAI) and Samir Kumar (Director of Derivatives at Deutsche Bank, Singapore).With maximum focus on technological advancements, NirogStreet will work towards building back the trust and preference for Ayurveda treatment and practitioners across the world by encouraging evidence based practices.The funds will be utilized in spreading awareness and visibility about Ayurveda as the people are not appropriately aware of the benefits the ayurvedic treatment embodies and its rich medical knowledge."We are happy that we have found partners who have the same trust in Ayurveda as we have and are supporting the growth of our endeavors," said Ram N Kumar, founder and CEO, NirogStreet."NirogStreet is a platform where doctors can interact with each other, share knowledge and buy high-quality medicines. In Ayurveda ecosystem, ...
CPI inflation rises to 4.9% in May 2018
Among the CPI components, inflation of food and beverages increased to 3.37% in May 2018 from 3.00% in April 2018. Within the food items, the inflation fell for meat and fish to 3.53%, sugar and confectionery -8.12%, milk and products 3.20% and egg 5.78%. However, the inflation jumped for fruits 12.33%, vegetables 8.04%, cereals and products to 2.78%, pulses and products -11.57%, spices 1.54%, prepared meals, snacks, sweets etc 4.98% and oils and fats 2.46%, in May 2018.
Copper futures weaken by 0.44 pc
Copper prices fell 0.44 per cent in futures trade today amid a weak trend in the global market and subdued domestic demand. At the Multi Commodity Exchange, copper for delivery in far-month August shed Rs 2.15, or 0.44 per cent, to Rs 488.50 per kg, in a business turnover of 54 lots. On similar lines, metal for delivery in current month was down by Rs 2.05, or 0.42 per cent, to Rs 482.55 per kg in 1,413 Lots. Analysts attributed the fall in copper futures to offloading of positions by speculators following weak global cues as investors await outcome of a key Federal Reserve policy meeting at which it is expected to hike rates. Higher interest rates usually strengthen the dollar, making dollar-denominated metals more expensive for holders of other currencies. Globally, copper for delivery in three months on the London Metal Exchange fell 0.4 per cent to USD 7,197 a tonne, trading lower for a fourth straight session, while Shanghai copper shed 0.6 per cent to 53,670 yuan a tonne.
Nickel futures fall 0.16 pc on low spot demand
Nickel prices drifted lower by 0.16 per cent to Rs 1,027.40 per kg in futures trading today as speculators trimmed their positions amid a weak trend at the physical markets on muted demand from alloy makers. At the Multi Commodity Exchange, nickel for delivery in current month declined by Rs 1.60, or 0.16 per cent to Rs 1,027.40 per kg in business turnover of 584 lots. Likewise, the metal for delivery in July contracts traded lower by Rs 1.50, or 0.15 per cent to Rs 1,031.60 per kg in 13 lots. Analysts said apart from subdued trend at the domestic spot markets, weakness in select base metals in global markets on a likely hike in interest rates by the US Federal Reserve, strengthening the dollar and eroding demand for commodities, weighed on nickel futures.
Blackstone raises more than $9 billion in new Asia funds
HONG KONG (Reuters) - Blackstone Group LP said it has raised about $9.4 billion in new Asia-focused funds, including its first private equity fund for the region, adding to a massive industry-wide pool of money for Asian acquisitions and investments.
Reliance Industries completes acquisition of majority stake in Embibe
With this transaction, RIL will hold 72.69% (on fully diluted basis) in Embibe. The founder and CEO of Embibe, Aditi Avasthi will continue in her leadership role and will drive the growth of the business.
Page Inds spurts after extending license agreement with Jockey
Page Industries rose 5.45% to Rs 26,021.95 at 10:35 IST on BSE after the company announced that its license agreement with Jockey International Inc., has been extended till 31 December 2040.
Carpet Area of Houses Eligible for Subsidy Under CLSS for MIG Increased to 160 Sq.MFor MIG -I and 200 Sq.M for MIG-II
Household Income (Rs. p.a.)
Pharma stocks gain
Stocks trimmed gains in morning trade after an initial upmove. At 10:18 IST, the barometer index, the S&P BSE Sensex, was up 74.31 points or 0.21% at 35,766.83. The Nifty 50 index was up 16.60 points or 0.15% at 10,859.45. Pharma shares gained.
Oil shortage or surplus? Floating storage swamps Europe
LONDON (Reuters) - OPEC is considering whether or not to raise its oil production to prevent the global market from becoming too squeezed, but there is one part of the world that is telling a very different story about the balance between supply and demand.
Crude oil futures slip 0.29 pc on global cues
Crude oil futures slipped 0.29 per cent to Rs 4,465 per barrel today, in step with a weak trend in Asia, as traders cut down their exposure. Crude oil for delivery in the current month fell by Rs 13, or 0.29 per cent, to Rs 4,465 per barrel, with a business volume of 1,551 lots at the Multi Commodity Exchange (MCX). Also, oil prices for July delivery moved down Rs 10, or 0.22 per cent, to trade at Rs 4,479 per barrel, with a business volume of 51 lots. Analysts said the fall in crude oil futures was mostly in tune with a weak trend in Asian trade, pulled down by rising supplies in the US and expectations that voluntary production cuts led by producer cartel OPEC could be loosened. The US benchmark West Texas Intermediate fell 44 cents, or 0.7 per cent to USD 65.92, while Brent, the international benchmark for oil prices, was 39 cents, or 0.5 per cent lower at USD 75.49 a barrel.
Sun Pharma rises after USFDA clears Halol plant
Sun Pharmaceutical Industries rose 2.85% to Rs 555.90 at 9:54 IST on BSE after the US drug regulator cleared the company's Halol manufacturing plant in Gujarat.
Toyota to invest $1 billion in Southeast Asian ride-hailing firm Grab
SINGAPORE (Reuters) - Toyota Motor Corp has agreed to invest $1 billion in Southeast Asian ride-hailing firm Grab as a lead investor in the company's ongoing financing round, which was launched after it bought the regional business of Uber Technologies Inc.
Indian Overseas Bank update on Hong Kong Branch
HKMA enhances supervisory arrangements on Hong Kong Branch
TCS gains on buyback plan
TCS rose 1.54% to Rs 1,808.45 at 9:44 IST on BSE after the company said that its board of directors will meet on 15 June 2018 to consider a proposal for buyback of equity shares of the company.
Market drifts higher in early trade
Domestic stocks drifted higher in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 131.46 points or 0.37% at 35,823.98. The Nifty 50 index was up 33.70 points or 0.31% at 10,876.55 .
Rupee to rebound but path rife with pitfalls: Reuters poll
BENGALURU (Reuters) - The Indian rupee will erase some of this year's losses against the dollar over the coming 12 months but high volatility in the run up to general elections in 2019 could send it off-piste, a Reuters poll found.