Page 3572 - Business Finance
Promoters' pledged shares value falls 13 pc in May
The value of shares pledged by the promoters of BSE-listed companies dropped nearly 13 per cent to Rs 2.25 lakh crore at the end of May, according to exchange data. The worth of promoters' pledge holding stood at Rs 2.58 lakh crore as on April 30, 2018. Share-pledging is typically done by promoters to raise funds either for the same company or for financing other projects. Decline in the level of share-pledging may indicate scaling down in stress as high pledging levels are not considered a good sign by investors because a downturn in the market price can lead to invocation and change in management. The value of shares pledged by the promoters of BSE-listed companies came down to Rs 2,25,170 crore at the end of May this year from Rs 2,57,744 crore as on April-end, indicating a drop of 12.64 per cent, according to the exchange data. Till May 31, pledging of shares by promoters was seen in as many as 3,005 out of 4,851 BSE-listed companies with a market capitalisation of over Rs 147 ...
Retail inflation accelerates to 4.87 percent in May
NEW DELHI (Reuters) - India's retail inflation rate accelerated to a four-month high of 4.87 percent in May, government data showed on Tuesday, driven by higher fuel prices and a depreciating rupee.
India's retail inflation in May inches up close to 5% mark
The combined push of food and fuel prices continued to drive up retail inflation in India in May towards the 5 per cent mark, official data showed on Tuesday.
Retail inflation inches up to 4.87 pc in May on costlier food items
Retail inflation inched up to 4.87 in May on increase in prices of certain items in the food basket, as per the government data released today. Based on the Consumer Price Index (CPI), the inflation was at 4.58 per cent in the preceding month April. In May last year, it was 2.18 per cent. As per the data of the Central Statistics Office (CSO), food inflation rose to 3.10 per cent last month, as against 2.8 per cent in April. The price data is collected from selected towns by the Field Operations Division of NSSO and from selected villages by the Department of Posts. The data is received through web portals, maintained by the National Informatics Centre.
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Industrial growth rises by 4.9 pc in April
Industrial output expanded by 4.9 per cent in April this year, spurred by higher growth in manufacturing and mining sectors. The industrial growth, measured on the Index of Industrial Production (IIP), was 3.2 per cent in April last year. In March this year, industrial production had grown at 4.4 per cent. As per the data released by the Central Statistics Office (CSO), the manufacturing sector, which constitute more than 77 per cent of the index, recorded a growth of 5.2 per cent in April, up from 2.9 per cent in the year ago month. The mining sector too expanded by 5.1 per cent, up from 3 per cent in April 2017. The growth in power generation however slipped to 2.1 per cent in April this year, from 5.4 per cent in the year-ago month.
Industrial output grows 4.9 percent in April
NEW DELHI (Reuters) - India's industrial output grew 4.9 percent in April from a year earlier, driven by a pick up in manufacturing, government data showed on Tuesday.
Rupee drops 7 paise to end at 67.49 against US dollar
The rupee today dropped by 7 paise to close at 67.49/50 against the US dollar at the interbank foreign exchange market here. The pound sterling also finished higher at Rs 90.31/33 against the previous close of 90.03/04. Following are the Interbank forex and RBI rates : (In Rs per unit) Unit Interbank RBI Reference US Dollar 67.49/50 US Dollar Rs 67.4571 Pound Sterling 90.31/33 EURO Rs 79.3498 Euro 79.
Puravankara announces Home Exchange plan
Real estate conglomerate Puravankara Limited today announced its home exchange plan for the home sellers who are looking to upgrade their houses. The initiative, part of Puravankaras flagship expo - 'BIG 72Hrs', attempts to mimic consumer behaviour in the automobile industry-- to 'Exchange an old car for a new one'--, the company said. Billed as first-of-its-kind initiative, Purvankara will hold a three-day expo 'home exchange plan' here from June 15. It also intends to organise another event for the houses on resale sometime later. Purvankara Chief Operating Officer Anand Narayanan K B said there was a belief that developers were finding it difficult to sell their inventory while on the other hand there were customers who intended to upgrade their existing homes without knowing how to go about it. Thus, thecompany decided to have a resale programme. Narayanan said, "We cannot replicate the automobile exchange drive since real estate is a nascent industry. It takes lots ..
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Bharat Forge picks strategic stake in UK's Tevva Motors
Auto components major Bharat Forge Ltd today said it has picked up a strategic stake in UK-based Tevva Motors, a provider of electric powertrain solutions for commercial vehicles, for 10 million pounds (Rs 90.30 crore). By virtue of this investment, Bharat Forge has also acquired a license for commercialisation of the Tevva technology within India and for strengthening its research and development activities in the e-mobility space, the company said in a regulatory filing. Tevva provides electric powertrain solutions for commercial vehicles (CV) and buses in the 7.5-14 tonne weight category. "This is soon to be extended for the development of new CVs, especially trucks and buses," it added. These vehicles actively and autonomously manage the use of range extender by utilising Tevva's patented software, Predictive Range Extender Management System (PREMS), to ensure only electric drive is used in low carbon zones and other city centers, the company said. Bharat Forge Chairman and ...
OPEC sees 'considerable uncertainty' in oil market
After months of sharp oil price rises there is now considerable uncertainty as to the market's direction for the rest of the year, OPEC said today as a key meeting of oil producers looms. Question marks over global economic growth, and resulting oil demand, as well as over US producers' capacity to pump oil at an ever faster pace make forecasting difficult, the Organization of the Petroleum Exporting Countries said in its regular monthly oil market report. Various sources show that "considerable uncertainty as to world oil demand and non-OPEC supply prevails", OPEC said, leading to a wide range of estimates for the remainder of 2018. While economic growth is projected to be strong in the US, Europe and Japan, there is a chance of a slowdown in China and India, OPEC said. For now, global oil demand growth is expected at 1.61 millions of barrels per day (mb/d) in the second half of the year, with total oil demand projected to breach the 100 mb/d level. But uncertainty "warrants close ...
Tea exports to Pak during Jan to April 2018 rise
Provisional tea exports to Pakistan during the three-month period from January to April 2018 has increased to 5.03 million kilograms (mkgs) as compared to the actual figure of the previous corresponding period of 3.31 mkgs. Total provisional exports during the Jan-April period of 2018 stood at 79.72 mkgs, up from 74.89 mkgs during the previous corresponding period, according to Tea Board data. Total value of exports in rupee terms during the three month period of 2018 touched Rs 1525 crore as compared to Rs 1448 in 2018 crore with respective unit prices being Rs 191.28 per kilo and Rs 193.23 per kilo. Total exports to CIS countries during the three-month period of 2018 was lower at 20.46 mkgs from 22.28 mkgs in previous similar period. Other major importers included Iran, UAE and Egypt where the provisional exports data for the three-month period showed an increase, according to the data. Total tea production during April 2018 showed a decline at 85.74 mkgs as compared ..
FPIs turn net sellers
Net outflow of Rs 1104.11 crore on 11 June 2018
Tea production down 7.21%, exports up marginally in April (Roundup)
India's estimated tea production fell by 7.21 per cent to 85.74 million kg in April 2018 from 92.41 million kg produced in the year-ago month, according to data from the Tea Board of India.
Usha Martin shares surge 6% on plans to sell steel business
Shares of steel wire maker Usha Martin today jumped 6 per cent a day after the company said it is planning to sell its steel business. The stock soared 5.93 per cent to close at Rs 31.25 on BSE. Intra-day, it jumped 11.86 per cent to Rs 33 -- its 52-week high. At NSE, shares of the company rose by 4.39 per cent to end at Rs 30.90. In terms of equity volume, 9.73 lakh shares of the company were traded on BSE and over 54 lakh shares changed hands at NSE during the day. "The Board of Directors at its meeting has decided to explore the sale of its steel business in order to achieve the objective of deleveraging the company," Usha Martin said in a regulatory filing yesterday. This is not the first time the company has made an announcement related to plans for selling its steel business. Last year in September, Usha Martin had said it is contemplating to sell its wire rope or steel business for which it has appointed a consultant also.
Global Markets: Stocks, dollar retreat after U.S.-North Korea summit
LONDON (Reuters) - World stocks slipped on Tuesday and the dollar retreated from a three-week high after a U.S.-North Korea summit aimed at the denuclearisation of the Korean peninsula.
Farmers body demands sugar mills to pay 15% interest on delayed cane dues
A farmers' body today demanded that sugar mills should pay an interest of 15 per cent on delayed payment of sugarcane dues, which have crossed Rs 22,000 crore this year. The government's Rs 7,000 crore bailout package announced recently for the cash-starved sugar industry will benefit mills and not farmers, the Rashtriya Kisan Mazdoor Sangathan (RKMS) said. Sugar mills are incurring losses as prices have fallen below the production cost on account of record output of 31.5 million tonnes in 2017-18 season ending September as against the annual domestic demand of 25 million tonnes. "The crisis of payment is carrying on year after year irrespective of sugar prices being high or low. This is due to the fact the statutory penal clause of payment of interest of 15 per cent per annum for delay in payment beyond 15 days is not invoked by the states," RKMS convenor V M Singh told reporters here. The states have to invoke the clause and ensure the mills clear sugarcane dues to farmers at the ...
Sensex, Nifty gain as pivotals advance
Stocks logged modest gains in steady session of trade on sustained buying demand in index pivotals especially TCS, SBI and RIL. The barometer index, the S&P BSE Sensex, rose 209.05 points or 0.59% at 35,692.52, as per the provisional closing data. The Nifty 50 index rose 55.90 points or 0.52% at 10,842.85, as per the provisional closing data.
OPEC cautious on oil outlook, even though global glut is gone
LONDON (Reuters) - OPEC said the oil market outlook in the second half of the year is highly uncertain even though the oil producers group's figures show a global glut is gone, suggesting exporters will be in no rush to fully relax output curbs at a meeting next week.