Page 3575 - Business Finance
Sensex hits over four-month closing high
(Reuters) - Indian shares rose on Tuesday, in line with broader Asian peers, as sentiment turned upbeat after U.S. President Donald Trump and North Korean leader Kim Jong Un pledged to work towards complete denuclearisation of the Korean peninsula.
India's gold imports may fall 18 percent in 2018 as price rise cuts demand: Reuters poll
MUMBAI (Reuters) - Gold imports into India, the world's second biggest buyer of the metal, could drop by 18 percent in 2018 from a year ago as rising prices and a falling rupee have dented demand from retail jewellery buyers, according to a Reuters poll.
OPIC gives $5 mn loan to Grameen Impact via IndusInd Bank
The US government arm Overseas Private Investment Corporation (OPIC) has given USD 5 million loan to Grameen Impact Investments to support domestic small and medium enterprises. The financing to Grameen Impact, a non-banking financial company, comes through IndusInd Bank in the form of a loan guarantee agreement. The loan is to be deployed through the bank's Impact Investing division, which will support Grameen Impact's lending to local small and medium enterprises. The OPIC guarantee enabled the bank to disburse an equivalent of Rs 33.5 crore (USD 5 million) loan to Grameen Impact, IndusInd Bank said in a statement. "This is significant as it eliminates foreign exchange rate fluctuation risk from the balance sheet of Grameen Impact, a major challenge faced by borrowers in emerging markets," it added. Grameen Impact will use the financing to give loans to high impact social enterprises in India in sectors including financial services, affordable healthcare, affordable education, ...
Construction sector's share in India's gross value added down
The construction sector's share in India's overall gross value added (GVA) declined to 7.4 per cent in the financial year 2017-18 (FY18) from 9.6 per cent in FY12 owing to poor demand in the real estate sector and lower capital expenditure, said a report on Tuesday.
China to conduct training programmes for Indian pharma cos on regulatory system
China has agreed to conduct specific training programmes for domestic pharmaceutical companies to understand their regulatory system, which will promote India's exports from the sector, a senior government official said. The move assumes significance as it takes years for Indian pharmaceutical companies to obtain regulatory clearances for their products in China. "China has assured us that they would provide a platform for Indian exports of pharmaceutical products and would also impart specific training to our companies to understand the Chinese regulatory system and processes," the official said. India has time and again made strong pitch to push its pharma exports in the neighbouring country. On the other hand, India imports about 60 per cent of its requirement of raw material for the sector from China. India's import of active pharmaceutical ingredients (API) from China stood at Rs 12,254.97 crore in 2016-17. India's pharmaceutical exports increased by about 3 per cent to USD 7.27 .
Sensex climbs 209 pts on global cues; macro data eyed
The BSE Sensex surged 209 points to close at an over four-month high of 35,692.524 today, taking positive leads from the global markets as investors largely welcomed a historic summit between the US and North Korea. The broader NSE Nifty too closed above the key 10,800-mark. Building up of positions by participants ahead of release of IIP and inflation data also influenced trading sentiments, brokers said. The BSE Sensex stayed in the positive terrain throughout the session and hit a high of 35,743.08 before ending at 35,692.52, higher by 209.05 points, or 0.59 per cent. This is its highest closing since February 1, when the index had closed at 35,906.66. The broader NSE Nifty scaled a high of 10,856.55 before closing up by 55.90 points, or 0.52 per cent, at 10,842.85. Sentiment got a boost on the back of a firming trend in overseas markets after US President Donald Trump signed a deal with North Korean leader Kim Jong-Un on denuclearisation of the Korean peninsula. Meanwhile, ...
Bharat Forge makes strategic investment in Electric Vehicle company, Tevva Motors (Jersey)
Tevva provides electric powertrain solutions for Commercial Vehicles & buses in the 7.5 -14 T weight category. This is soon to be extended for the development of new Commercial Vehicles, especially trucks and buses.
Board of Sakthi Sugars approves change in directorate
At meeting held on 12 June 2018
Mobikwik appoints Vinayak N to head its lending business
Digital financial services platform MobiKwik on Tuesday announced the appointment of Vinayak N as the Head of the Lending Business.At MobiKwik, Vinayak will be responsible for kick-starting the lending business. His role will include designing relevant products to cater to the credit requirements of millions of Indians, forging relevant partnerships, launching the products in the market and ensuring a profitable and sustainable business.MobiKwik is in the process of conceptualizing a portfolio of lending solutions, in partnership with leading banking institutions and NBFCs.With over 15 years of experience with reputed Multinational and Indian Banking & Financial Services companies, Vinayak has joined Mobikwik from Fullerton India Credit Company Limited where he was Head of Alliances and was focusing on both digital and non-digital partnerships."We are extremely delighted to welcome Vinayak as a part of the MobiKwik family. Digital financial services in India will disrupt the ...
OPEC will squeeze oil buffer to historic lows with an output hike
LONDON (Reuters) - The oil industry will face the biggest squeeze on its spare production capacity in more than three decades if OPEC and its allies agree next week to hike crude output, leaving the world more at risk of a price spike from any supply disruption.
TCS expands partnership with M&G Prudential
To cover additional 1.8 million customer policies
JSW Cement inaugurates railway siding at Salboni for cargo
JSW Cement has inaugurated a railway siding to cater to the incoming and outgoing cargo of its 2.4 MTPA cement manufacturing unit at Salboni in West Bengal. The 6.5 km-long railway siding will connect the manufacturing unit to the main railway line between Godapiasal and Salboni, the company said in a statement today. "In cement business, logistics accounts for 30-35 per cent of the cement cost and to be cost effective, we are continuously working on various levers to reduce this cost. "This railway siding is a step in this direction. Access to markets in the east would be economically feasible," JSW Cement managing director Parth Jindal said in the statement. The state-of-the-art manufacturing unit produces eco-friendly PSC cement for the eastern markets including West Bengal, Jharkhand, Bihar and northern Orissa.
Century Metal Recycling files IPO papers with Sebi
Century Metal Recycling has filed draft papers with markets regulator Securities and Exchange Board of India for an initial public offering (IPO). The offer comprises of a fresh issue of equity shares aggregating up to Rs 150 crore and an offer for sale of up to 6,402,650 equity shares of Century Metal Recycling by the promoters including Gauri Shankar Agarwala (up to 793,243 equity shares), Mohan Agarwal (up to 788,955 shares). The public issue will see sale of up to 2,550,386 equity shares by Global Scrap Processors, up to 527,484 shares by Sanjivani Non Ferrous Trading Private Limited and up to 573,520 by Grand Metal Recycling private Limited, according to draft red herring prospectus (DRHP). The company intends to utilise the net proceeds from the fresh issue towards the prepayment or repayment of all or a portion of certain borrowings availed by the company and general corporate purposes. The equity shares offered through the red herring prospectus are proposed to be listed on ...
Company's accounts mismatch with creditors claims: IVRCL
IVRCL Limited which is undergoing insolvency process has said there is mismatch of the company's accounts when compared to the claims made by its creditors. The beleaguered company also said it could not file its fourth quarter results in time as some of its subsidiaries did not complete their audit. The Bombay Stock Exchange (BSE) has levied fine on IVRCL for not filing the fourth quarter results. However, thedebt-riddencompany requested themarket regulatorSEBIand theexchangeto extend time for filing the results as "the Company is under Corporate Insolvency Resolution Process (CIRP) and number of variances are being looked into since the date of commencement of CIRP on February 23, 2018." "There are mismatches in liabilities, Bank interest etc in comparison to claims submitted by creditors under ClRP process vis-a-vis books of accounts. Audit of subsidiaries have not been completed and Resolution Professional has no control on that,"IVRCL has said in regulatory ...
Kwality Ltd leads losers in 'A' group
Deepak Fertilizers & Petrochemicals Corp Ltd, Coromandel International Ltd, Fortis Healthcare Ltd and Jet Airways (India) Ltd are among the other losers in the BSE's 'A' group today, 12 June 2018.
Asia fuel oil margins to be supported through mid-year on strong demand
SINGAPORE (Reuters) - Asian refining margins for fuel oil are set to hold near their current strong levels through the summer as increased use of the fuel by utilities to power air conditioners for cooling and disruptions to trade flows shrink global supplies.
Oil edges up, but bulls remain wary ahead of OPEC meeting
LONDON (Reuters) - Oil prices rose for a second day on Tuesday and volatility subsided to its lowest in three weeks, as investors prepared for a key meeting of the OPEC producer group next week.
JSW Steel output grows 3 pc to 14 LT in May
JSW Steel today said its crude steel output grew 3 per cent to 13.99 lakh tonne (LT) during May 2018. The Sajjan Jindal-led company had produced 13.57 LT crude steel in May 2017, it said in a statement. During the month, there was a rise of 2 per cent in production of flat rolled products at 9.56 LT as against 9.39 LT in May 2017, it said. The company also registered 6 per cent growth in the output of its long rolled products at 3.29 LT as compared to the year-ago month, it added. JSW Steel is a leading integrated steel company in India with an installed steel-making capacity of 18 MTPA. The company's plant at Vijayanagar in Karnataka is the largest single location steel producing facility in the country with a capacity of 12 MTPA.
BGR Energy soars after winning orders
BGR Energy Systems rose 17.16% to Rs 107.20 at 14:53 IST on BSE after the company said it won two orders worth Rs 431 crore from Nuclear Power Corporation of India.
S E Power Ltd leads losers in 'B' group
SMS Lifesciences India Ltd, Kesar Enterprises Ltd, Prajay Engineers Syndicate Ltd and 3P Land Holdings Ltd are among the other losers in the BSE's 'B' group today, 12 June 2018.