Page 3589 - Business Finance
Gold slips below 31,000 on global cues; silver edges up
Gold prices slipped by Rs 180 to Rs 30,830 per 10 grams at the bullion market today following a reduced demand from stockists and retailers amid bearish global cues. Traders said weak demand from local jewellers and retailers at domestic spot market and weak trend overseas largely led to subdued sentiment. However, silver prices edged up by Rs 30 to Rs 40,255 per kg on mild offtake by industrial units and coin makers. Standard gold (99.5 per cent purity) fell by Rs 180 to end at Rs 30,830 per 10 grams from last Friday's closing level of Rs 31,010. Prices of pure gold (99.9 per cent purity) also moved down by a similar margin to finish at Rs 30,980 per 10 grams as against Rs 31,160, earlier. However, silver (.999 fineness) rose by Rs 30 to conclude at Rs 40,255 per kg as against Rs 40,225, previously. Globally, gold rates dipped, under-pressure due to a firmer dollar and worries that the US central bank will signal a tighter future monetary policy at a meeting this week. Spot gold was .
'Don't see more banks coming under RBI corrective action'
More banks are unlikely to be brought under the RBI's Prompt Corrective Action (PCA) framework as the situation pertaining to bad loans is expected to improve in the next couple of quarters, according to a finance ministry official. Currently, 11 banks including Bank of India, IDBI Bank, Dena Bank, and Allahabad Bank are under the PCA framework. As the debt resolution process under bankruptcy law is gaining strength, it is bound to bring down the non-performing assets (NPAs) or bad loans of the public sector banks (PSBs) in the next few quarters, the official said. The banks have already seen a surge in NPAs in the fourth quarter of 2017-18 and are likely to see sizeable decline in them in the coming months, the official said. Since there is clear pipeline for NPA resolution, the official said, the ministry does not expect more banks to come under the PCA. PSBs which are on the verge of coming under the PCA will improve their financial health within a quarter or two, the official ...
Avenue Supermarts m-cap briefly surges past Rs 1 lakh cr mark
The market valuation of Avenue Supermarts, the operator of retail chain D-Mart, surged past the Rs 1 lakh crore-mark in intra-day trade today. Shares of the company rose by 1.68 per cent to Rs 1,619.95 -- their 52-week high - in intra-day trade on BSE. However, later the stock trimmed most of its early gains and closed at Rs 1,593.80, up 0.05 per cent. Taking the intra-day high price in consideration, the company's market valuation rose to Rs 1,01,098 crore. But at close of the session, its market capitalisation (m-cap) slipped to Rs 99,466.59 crore. On NSE, shares of the company closed with 0.05 per cent gains at Rs 1,594.40. In terms of equity volume, 1.22 lakh shares of the company were traded on BSE and over 8 lakh shares changed hands on NSE during the day. The company stands at 29th position in the overall m-cap ranking on BSE. Shares of Avenue Supermarts got listed on bourses on March 21, 2017. Since listing, the stock has gained nearly 149 per cent.
Usha Martin plans to sell steel business
Steel wire maker Usha Martin today said it is planning to sell its steel business and has set up a committee to evaluate proposals in this regard. "The Board of Directors at its meeting held today 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. For this, the company said, its board has also reconstituted the committee of Independent Directors to appoint investment banks, consultants and advisors to help evaluate proposals and oversee the process for the sale of its steel business. However, "any actual sale of the business will only be undertaken by the company after due consideration and by following due process of law by obtaining appropriate approvals from the board, regulators, shareholders and lenders, as applicable," the company said. This is not the first time the company has made an announcement related to plans for selling its steel business. Last year in September, ..
Nifty ends 19 pts higher ahead of US-N Korea summit
The NSE Nifty erased most of its morning gains and ended marginally higher by 19 points to 10,786.95 amid gains in global stocks ahead of a summit between US President Donald Trump and North Korea's Kim Jong-un. Investors sentiment got a boost amid hopes that the US-North Korea summit will ease regional tensions. Traders and investors are closely awaiting a series of domestic and global events this week. Consumer price index (CPI)-inflation data industrial output numbers are due tomorrow, while the wholesale price index (WPI) inflation data will be announced on Thursday. Overseas, European shares were trading higher ahead of a historic meeting between the US President and the North Korean leader. Asian markets ended mostly higher even as investors looked to shrug off trade tensions as well as the landmark meet between Trump and Kim Jong-un. The Nifty 50 index rose 19.30 points or 0.18 per cent to end at 10,786.95, its highest closing level since May 15, 2018. The index rose 82.90 ...
'Developing leaders, retaining talents top concerns for cos'
Developing 'Next Gen' leaders and failure to attract and retain top talents were rated as the top challenges by the India Inc, according to a survey. Leaders indicated that top talent and effective leaders will be needed to address the myriad current challenges and to position their organisation for future success, according to the joint survey by global leadership company DDI and Ernst and Young. While in India, 68 per cent and 64 per cent respondents, respectively, rated developing 'Next Gen' leaders and failure to attract or retain top talent in the top five challenges; globally 64 per cent and 60 per cent, respectively, voted for the same. The survey is based on responses from 1,363 leaders and 161 HR professionals in India, and 25,812 leaders and 2,547 HR professionals across 2,488 organisations overall globally. The India survey revealed organisations with tech-savvy leaders are outperforming those with less digitally capable leaders. "Organisations are comparing .
Profit taking, global cues subdue equity indices to end flat (Roundup)
Profit booking and weak global markets subdued the key Indian equity indices to close Monday's volatile trade session on a flat-to-positive note.
Airtel's Kenyan unit abandons plan to merge with Telkom: sources
NAIROBI (Reuters) - The Kenyan unit of Bharti Airtel has abandoned plans to merge with Telkom Kenya to take on the market leading operator Safaricom, industry and government sources said on Monday.
Display info on deliverable supply, position limits for agri products: Sebi to commexes
With an aim to provide necessary information to the stakeholders, Sebi today asked commodity exchanges to "prominently" display details of deliverable supply of agricultural commodities on their websites in a prescribed format. The deliverable supply for an agricultural commodity is "production plus imports". This will come into effect immediately, the Securities and Exchange Board of India (Sebi) said in a circular. As per the Sebi, commodity bourses need to disclose about name and units of the commodities; source of data; average deliverable supply (production plus imports) during past five financial year; current year deliverable supply, classification of the agricultural commodities on the basis of -- sensitive, broad and narrow. Also, they also need to disseminate information about members as well as client limit along with position limits for each of the commodity traded on their exchanges. According to Sebi, the exchanges "shall prominently disseminate on their websites" such ..
Allahabad Bank referred 65 accounts to NCLT
State-run Allahabad Bank has refereed 65 accounts of stressed assets involving an amount of about Rs 12,566 crore to National Company Law Tribunal (NCLT) for resolution under Insolvency and Bankruptcy Code (IBC) during last fiscal. The bank said in its annual report that the it was focusing on recovery and rebalancing loan book with emphasis on small, micro, agriculture and retail advances. The number of wilful defaulters declared by the bank was 257. In the report, the bank said it would primarily focus on aggressive recovery drive, further build-up in CASA (current account and savings account), rebalancing of loan book with focus on small, micro, agriculture and retail loans. The Kolkata-headquartered lender would also look at different avenues to raise capital with simultaneous reduction in risk weighted assets. At the end of the 2017-18, gross NPA (non performing assets) of the bank stood at Rs 26,562 crore as compared to Rs 20,687 crore in 2016-17 and net NPA ...
Shoppers Stop closes store at Raipur Airport
During the last financial year 2017-18, sales from this store was Rs.354.8 lacs, which is 0.08% of the turnover of the Company. With this closure, the Company has now 83 'Shoppers Stop' stores (including five airport stores) under its operations.
India's fuel demand rises 3.8% in May
India's fuel demand rose by 3.8 per cent in May as frequent price increases dented auto fuel consumption. Fuel consumption in May totalled 18.71 million tonnes as compared to 18.1 million tonnes in the same month last year, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed. The rise was lower than 4.4 per cent increase witnessed in April, 2018. During May, petrol sales was up by a meagre 2 per cent at 2.45 million tonnes while diesel consumption was flat at 7.54 million tonnes. The primary reason for this small growth was the increase in retail selling price after state-owned oil firms lifted pre-Karnataka poll hiatus to resume daily price revisions from May 14. In the following fortnight, petrol price was raised by Rs 3.8 a litre and diesel by Rs 3.38 a litre. Prices started to fall towards the month-end and are off-record highs now. Petrol price hit an all-time high of Rs 78.43 a litre and diesel peaked to Rs 69.31 on May 29 in Delhi. Today, petrol
Former Malaysia c.bank deputy frontrunner for governor job: sources
KUALA LUMPUR (Reuters) - A former Malaysian central bank official who was part of an investigating team into beleaguered state fund 1Malaysia Development Berhad (1MDB) is frontrunner to be picked as the next governor of the bank, people familiar with the matter said.
Traders to protest against Walmart-Flipkart deal on July 2
Traders' body CAIT today said it will hold protests at 1,000 places across the country on July 2 against US retail giant Walmart's proposed acquisition of 77 per cent stake in home-grown retailer Flipkart in a USD 16 billion deal. The Confederation of All India Traders (CAIT) took the decision today at its two-day National Governing Council meeting at Ahmedabad. The traders' body passed a resolution at the conference asking the government to reject the deal. It demanded formulation of an e-commerce policy and setting up of a Regulatory Authority for the country's e-commerce sector. In a statement, CAIT Secretary General Praveen Khandelwal said: "This time we shall be pursuing the matter with both ED (Enforcement Directorate) and Reserve Bank of India so that e-commerce companies including Flipkart and its new owner Walmart should not escape from the liability of mal-practices, predatory pricing and deep discounting." CAIT claimed that "e-commerce platforms are grossly and openly ...
Workday to buy Adaptive Insights for $1.55 billion
(Reuters) - Workday Inc said on Monday it would buy Adaptive Insights Inc in a deal valued at $1.55 billion, paying a hefty premium for the cloud-based company that was expected to go public this week.
Gold slips on uncertainty about Fed, U.S.-N.Korea summit
LONDON (Reuters) - Gold dipped on Monday, pressured by a firmer dollar and worries that the U.S. central bank will signal a tighter future monetary policy at a meeting this week that is expected to boost rates.
Lenovo India appoints new CMO for Asia Pacific
Lenovo India on Monday appointed Bhaskar Choudhuri as the new Chief Marketing Officer (CMO) of the Asia Pacific region.
Aegon Life appoints Saba Adil as COO
Aegon Life Insurance has appointed Saba Adil as the new chief operating officer, effective May 1. Along with this new responsibility, Adil will continue to serve as the chief people officer, a release said today. In the new role, Adil will be responsible for creating a differentiated and superior customer experience and will continue reporting to the managing director and chief executive officer, it added. ***************** Hyundai Motor rolls out eight millionth car * South Korean auto major Hyundai Motor today rolled out the eight millionth car - the latest version of Creta SUV - from its Tamil Nadu manufacturing facility. The second largest maker of passenger vehicles in the country achieved the milestone 20 years after it started producing vehicles here, according to a release. The company has so far sold 5,300,967 units in the domestic market and 2,703,581 units in exports globally. ***************** Sterling Holiday Resorts launches insurance for guests * Sterling
Infosys gets approval for delisting of its ADSs
From Euronext Paris and Euronext London exchanges
Arrow Greentech enters into collaboration with Versarien Plc
Through its subsidiary Cambridge Graphene